OpenDoor 2023 Q1 Earnings Call

Good day and thank you for standing by. Welcome to the Open Door Technologies First Quarter 2023 earnings conference call. At this time, all participants are in a list-none mode. After the speaker's presentation, there will be a question to answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded.

大家好，感谢您的到来。欢迎参加Open Door Technologies 2023财年第一季度收益电话会议。现在，所有参与者都处于无声模式。在演讲结束后，将进行问答环节。如果您想在会议期间提问，请按您电话上的星号和11。您会听到自动信息提示您的问题已被提出。如果您要撤回问题，请再次按星号和11。请注意，今天的会议将被记录下来。

I would now like to hand the conference over to you, Speaker Day, Ely Swain, Vice President and Vestal Relations. Please go ahead. Thank you and good afternoon. Details of our results and additional management commentary are available in our earnings release and shareholder letter, which can be found on the investor relations section of our website at investor.opendoor.com. Please note that this call will be simultaneously webcast on the investor relations section of the company's corporate website.

我现在想将会议交给您，Speaker Day、Ely Swain副总裁和Vestal Relations。请开始。谢谢，下午好。我们的成果细节和额外的管理评论可以在我们的盈利报告和股东信函中找到，这些可以在我们网站的投资者关系部分投资者.opendoor.com找到。请注意，本次通话将同时在公司企业网站的投资者关系部分进行网络直播。

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts are statements that could be deemed forward-looking, including, but not limited to, statements regarding Open Door financial conditions and anticipated financial performance, business strategy and plans, market opportunity and expansion, and management objectives for future operations. These statements are neither promises nor guarantees, and undue reliance should not be placed on them. Such forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those discussed here.

在我们开始之前，我想提醒您，以下讨论包含符合联邦证券法意义的前瞻性声明。除了历史事实的陈述之外，所有其他陈述都可能被视为前瞻性声明，包括但不限于有关开放房门的财务状况和预期财务业绩、业务战略和计划、市场机会和扩张以及未来经营管理目标的陈述。这些声明既不是承诺也不是保证，不应过度依赖它们。此类前瞻性声明涉及的风险和不确定性可能会导致实际结果与此处讨论的结果有质的差异。

Additional information that could cause actual results to differ from forward-looking statements can be found in the risk factor section of Open Door's most recent annual report on form 10K for the year-end of December 31st, 2022, as updated by periodic reports filed after that 10K. Any forward-looking statements made on this conference call, including responses to your questions, are based on management's reasonable current expectations and assumptions as of today, and Open Door assumes no obligation to update or revise them, whether as a result of new information, future events, or otherwise, except as required by law.

这句话的意思是：如果有其他信息会导致实际结果与前瞻性陈述不同，可以在Open Door最近一年的年度报告10K中的风险因素部分找到，其中包括更新的10K后提交的定期报告。本次电话会议所做的任何前瞻性陈述，包括对您的问题的回答，都是基于管理层今天的合理当前预期和假设，Open Door假设不承担更新或修订它们的责任，除非法律要求。

The following discussion contains references to certain non-gap financial measures. The company believes these non-gap financial measures are useful to investors as supplemental operational measurements to evaluate the company's financial performance. For a reconciliation of each of these non-gap financial measures to the most directly comparable GAP metric, please see our website at investor.opendoor.com.

下面的讨论涉及某些非遗孔财务措施。公司认为这些非遗孔财务措施有助于投资者补充运营方面的衡量，以评估公司的财务业绩。有关每个这些非遗孔财务措施与最直接可比遗孔指标之间的调节，请访问我们网站上的投资者.opendoor.com。

I will now turn the call over to Kerry Wheeler, Chief Executive Officer of Open Door. Good afternoon. Also on the call with me today is Christie Schwartz, our Interim Chief Financial Officer and Dodd Frazier, President of Capital Markets and our Enterprise Business.

我现在将电话转交给开放之门的首席执行官Kerry Wheeler。下午好。今天与我一同参加电话会议的还有我们的临时首席财务官Christie Schwartz和资本市场总裁以及企业业务总裁Dodd Frazier。

At Open Door, our vision is to build the most trusted e-commerce platform for residential real estate. It trillion dollar industry remains static and broken. The process of buying and selling a home today remains complicated, time consuming, stressful, and offline. We are at the forefront of transforming this status quo so consumers can buy, sell, and move between homes with simplicity and confidence.

在Open Door，我们的愿景是要建立最值得信赖的住宅房地产电子商务平台。这个万亿美元的行业仍然处于静止和破碎的状态。如今，购买和出售住房的过程仍然复杂、耗时、压力重重，并且线下进行。我们处于改变这种现状的前沿，让消费者可以以简单和自信的方式购买、出售和迁移房屋。

Over the last nine years, we developed a magical product that home sellers want and need. Our conversion rates continue to exceed our expectations and past performance on a spread-adjusted basis, and we've built unique pricing and operations capabilities to become one of the largest buyers and sellers at home in the country. These are the things that differentiate us, particularly in times of macro uncertainty.

在过去的九年中，我们开发了一个家庭销售者想要和需要的神奇产品。我们的转化率继续超出我们的预期，并在考虑价差的基础上超越了过去的表现，我们已经建立了独特的定价和运营能力，成为全国最大的房屋买家和卖家之一。这些是区别我们的事情，尤其是在宏观不确定时期。

While we are seeing some stabilization following what has been the steepest transition in housing in 40 years, home sellers continue to be on the sidelines. The number of new listings within our buy box were down almost 25% in the first quarter, versus prior year. Market clearance is turning higher than expected as a result of this lack of supply, but the outlook for home prices continues to be uncertain.

虽然我们正在看到一些稳定化的迹象，但房屋市场经历了40年来最陡峭的转变，房屋卖家仍然处于观望状态。第一季度我们所购买范围内新房源的数量较去年同期减少了近25%。由于供应不足，市场结算正在高于预期，但房价前景仍然不确定。

In light of this macro backdrop, it's imperative that we continue to operate with caution and discipline. Specifically, we expect to maintain devil-digit spreads for the rest of 2023 as we grow a new book of inventory that comfortably meets our margin targets. Given the impact it will continue to have on conversion, we are focused on expanding our low-cost partnership channels, including home builders, agents, and online real estate platforms, to attract more sellers.

考虑到宏观背景，我们必须继续谨慎和有纪律地运作。具体而言，我们预计在2023年余下的时间里保持“小恶魔”式的差价，因为我们正在扩大新的库存，以满足我们的利润目标。考虑到这将继续对转化率产生影响，我们专注于扩大我们的低成本合作渠道，包括房屋建筑商、经纪人和在线房地产平台，以吸引更多的卖家。

We expect these channels to be highly scalable and allow us to reach more customers in a cost-effective way. We've partnered with over 90 home builders across the country, where we’ve facilitated trade-in for customers at new build homes, enabling a simple and seamless move when they're existing home. We've also partnered with thousands of agents to give them another option, the toolkit, to sell their clients' homes with speed and ease. We are seeing a growing number of agents make open door a regular part of their service offering. Over 50% of contract source via an agent relationship in the past 12 months came from agents who had previously done business with us. We are continuing to deepen these partnerships through our improved agent access rewards program that incentivizes repeat transactions and referral offerings that agents utilize to introduce sellers directly to us. And finally, we now have partnerships with the top three online real estate platforms by visitor traffic in the country, zillow, redfin, and realtor.com. We expect to grow acquisition volumes via these platforms as we get to market parity over time, enabling us to reach the hundreds of millions of homeowners that visit these portals every month.

我们预计这些渠道具有高度的可扩展性，并能以成本效益的方式让我们接触更多的客户。我们与全国90多家房屋建筑商合作，为客户在新建房屋中提供交易，让他们能够在原有房屋中轻松顺畅地搬家。我们还与数千名经纪人合作，为他们提供另一种选择，即工具包，以便快速轻松地出售客户的房屋。我们看到越来越多的经纪人将Open Door作为他们服务的一部分。在过去的12个月中，50%以上的合同来源于此前与我们做过生意的经纪人。我们通过改进的经纪人接入奖励计划继续加深这些伙伴关系，这激励重复交易和推荐奖励的经纪人将卖家直接介绍给我们。最后，我们现在与全国访问流量最高的前三个在线房地产平台Zillow、Redfin和Realtor.com建立了合作关系。随着我们随时间到达市场同步，我们预计通过这些平台增加收购量，从而能够接触数以百万计每个月访问这些门户的房主。

Furthermore, we are continuing to iterate on our marketplace offering exclusive. In our pilot market of Plano, almost 60% of sellers we pitched in Q1 agreed to enroll into open door exclusive. Amongst these sellers, we're tapping into a category of customers we're calling semi-serious. They are those who are interested in selling at some point, depending on price, but are not yet ready to commit to listing their home on the MLS. We believe these are largely incremental to the customers we serve with our current cash offering. We're encouraged by these early signals and will continue to iterate on this product offering this year to hone the customer experience and drive liquidity in that market.

此外，我们正在继续改进我们市场提供的独家服务。在我们的试点市场普莱诺，几乎60％的卖家在第一季度接受了加入OpenDoor独家服务。在这些卖家中，我们正在接触一类我们称之为“半认真”的客户。他们有兴趣出售房屋，但是否愿意出售取决于价格，但他们还没有准备好列出在MLS上。我们认为这些客户在我们目前的现金交易客户中大部分都是增量的。我们对这些早期迹象感到鼓舞，并将继续在今年改进此产品，以完善客户体验并推动市场流动性。

Another focus area for us in 2023 is the strengthening of our operating pricing platforms so that we can deliver greater efficiencies and higher-even economics over time. In Q1, we evolved our in-person home assessment process to gather additional home condition and home feature data. We also implemented technology to better capture an action on the home condition feedback that we collect for home across multiple sources throughout our ownership cycle. Together, these improvements enable us to better understand home condition with pre-acquisition and for own homes and optimize acquisition and resale pricing at a per-home level.

我们在2023年的另一个重点领域，是加强我们的运营定价平台，以便为我们带来更高效和更高经济效益。在第一季度，我们改进了我们的现场家庭评估过程，收集了额外的住宅状况和住宅特征数据。我们还实施了技术，以更好地捕捉我们在所有权周期内从多个来源收集到的住宅状况反馈的行动。这些改进使我们能够更好地理解房屋状况，包括在收购之前和自持房屋，并优化每个房屋的收购和转售定价。

We've also expanded our repair and renovation capabilities through platform and process investments, enabling us to perform targeted renovations. Beginning in the fourth quarter of last year, we applied selective home condition improvements and almost 2,500 of our longest-selt homes, which is internal out as to drive faster cell-true rates on these homes and plant. These are just some examples of platform improvements we are executing against, with the goal of delivering at least a hundred basis points of contribution margin improvements next year, incremental to our current annual target range of 4 to 6%.

我们通过投资平台和流程来扩展我们的修复和翻新能力，以便我们能够执行有针对性的翻新。从去年第四季度开始，我们对将近2,500个最长销售的房屋进行了有选择性的家居改善，旨在提高这些房屋的销售率和产量。这些只是我们正在实施的平台改进的一些例子，目标是在明年实现至少100个基础点的贡献利润率提升，比我们当前年度目标范围4%至6%的增量更高。

And finally, we have further right-size our operating capacity to reflect the overall decline in market transaction volumes and our reduced-paste of acquisitions. In April, we announced the workforce reduction of approximately 22% or 516 employees, primarily focused on volume-based roles across operations, transactions, and G&A groups. We expect this to deliver savings of approximately $50 million in annualized expenses. Well, this was a difficult decision. It was necessary to ensure that we can continue to deliver on our long-term vision and serve customers for years to come.

最后，我们进一步调整了运营能力，以反映市场交易量的总体下降和我们对收购活动的减少。在四月份，我们宣布了裁员约22％或516名员工，主要集中在运营、交易和G&A团队的基于交易量的角色上。我们预计这将为我们带来约5000万美元的年度节约。这是一个艰难的决定，但却是必要的以确保我们能够继续实现长期愿景并服务客户多年。

As we look forward to next quarter and beyond, we remain as focused as ever on improving the lives of customers and building a durable generational company. We know we have the right products, unique capabilities, the capital, and the best team that not only weathered this cycle, but emerged stronger and more resilient than we've ever been. With that, we'll pass the call over to Chris to discuss our financial highlights.

我们展望未来的下一个季度及以后，我们仍然像以往一样专注于改善客户的生活和建立一个持久的代际公司。我们知道我们拥有正确的产品、独特的能力、充足的资金以及最好的团队，他们不仅经历了这个周期，而且比以往任何时候都更强大和更具弹性。因此，我们将把电话转给克里斯，让他讨论我们的财务亮点。

Thank you, Carrie. Our first quarter results reflect the progress we've made in selling through our old book of home while building into a new book of healthy inventory, the continued reduction of our cost structure, and our focus on capital and book value preservation.

谢谢你，Carrie。我们公司第一季度的业绩反映了我们在清理旧房屋存货并建立新的健康存货清单，持续降低成本结构并专注于维护资本和账面价值方面所取得的进展。

We delivered $3.1 billion of revenue, which exceeded our guidance as overall market sell-through rates outperformed our expectations due to a significant decline in new listing volumes and therefore limited supply. These macrodynamics coupled with our success in completing targeted home condition improvements allowed us to pull forward sales of old book home.

我们的收入达到了31亿美元，超过了我们的预期，因为整体市场的销售速度表现出色，这是由于新上市房屋数量显著下降，供应受限所致。这些宏观动态与我们成功完成定向房屋状况改善相结合，使我们能够提前销售旧书房屋。

In particular, 92% of the Q2 cohort, which is home we made offers on between March and June of last year, is sold or in contract as a quarter end.

特别是在去年3月至6月间，我们向92%的Q2批次房屋提出了出价，截至本季度结束时已经销售或签订了合同。

On the acquisition front, we purchased 1,747 homes in the first quarter, down 81% versus the first quarter of 2022. The reduction in acquisition has been driven by two primary factors. First, with sellers in a holding pattern, we observed it increasing decline in new market listings versus last year, from a 17% decline in January to a 27% decline by March. Second, we saw decline in offer to contract true sellers in version due to higher spreads year over year.

在收购方面，我们在第一季度购买了1,747个住房，较2022年的第一季度下降了81%。这种收购减少的原因主要有两个方面。首先，由于卖家暂停出售，我们观察到新市场房源数量与去年相比下降增加，从1月的17%下降到3月的27%。第二，我们看到有更高的价差，使得卖方拒绝了高于去年的购房要约。

Although, it is worth noting that conversion has improved from approximately 10% going into the first quarter to 15% as of March as a result of a modest reduction in spread. In response to these two factors, we pulled back on market spending by 45% versus prior year.

然而，值得注意的是，由于差价略微降低，我们的转换率从第一季度大约为10%提高到了3月的15%。针对这两个因素，我们将市场支出比去年减少了45%。

Our contribution margin was negative 7.7% in the first quarter, which is a reflection of the resale performance of our old book of inventory. These longer-dated, lower margin homes comprise 75% of our resales in the quarter. In contrast, sales from our new book of homes generated a contribution margin of 8.5% in the quarter. We continue to expect these newer acquisition cohorts to deliver margins and excess of our annual contribution margin target of 4% to 6% once fully sold through.

我们在第一季度的贡献率为负7.7%，这反映了我们老库存书的再销售表现。这些保留时间较长且利润率较低的房屋在该季度中占我们再销售的75%。相比之下，我们新房屋的销售在季度中产生了8.5%的贡献率。我们继续期望这些新的收购队列在全部销售后可以达到超过我们年度贡献率目标4%-6%的利润率。

Adjusted Yvdalala was 341 million in the first quarter, which is inclusive of previously recorded inventory valuation adjustments of 295 million on home sold in the period. As a reminder, over the last nine months, we've been reducing our operational capacity, marketing spend, and fixed expenses in response to the macro environment and the intentional slowdown in our purchasing activity.

调整后的 Yvdalala 在第一季度达到了 3.41 亿美元，其中包括了在该时期售出的房屋之前记录的 2.95 亿美元的库存估值调整。提醒一下，在过去的九个月中，我们在应对宏观环境和有意放缓购买活动的情况下，一直在减少我们的运营能力、营销支出和固定支出。

As such, our adjusted operating expenses, which we define as the delta between contribution profit or loss and the justity visa, totaled 100 million for the quarter, down from 166 million in the first quarter of 2022, and a peak of 204 million in the second quarter of 2022.

因此，我们所定义的调整营运费用，即贡献利润或损失与justity签证之间的差额，本季度累计为1亿美元，较2022年第一季度的1.66亿美元和2022年第二季度的2.04亿美元有所下降。

Turning to our balance sheet, we ended the quarter with 1.3 billion in unre-stricted cash, cash equivalence, and marketable securities, and 459 million of equity invested in our homes. We also had 10.7 billion in non-recourse asset-backed facilities. Additionally, in March, we invested $101 million to repurchase 189 million of our outstanding convertible notes at a substantial discount, reducing our total futures at obligation.

转向我们的资产负债表，该季度我们以13亿美元的未限制现金、现金等价物和可市场交易证券，以及4.59亿美元在我们的住房中投资的股权来结束。我们还拥有107亿美元的非追索资产支持设施。此外，在三月份，我们投资了1.01亿美元以大幅折扣回购了1.89亿美元的转可转换债券，从而减少了我们未来的义务总额。 意思是该公司拥有大量现金、市场证券和住房资产的股权，以及许多非追索资产支持设施。该公司还购买了优惠的转换债券，以减少未来的负债。

Looking ahead, we plan to continue to operate with a cautious approach via home pricing, expense management, and capital discipline given the uncertainty of the near-sure macro environment. Given typical housing seasonality, we expect threads to remain relatively elevated throughout the remainder of the year.

展望未来，我们计划继续采用谨慎的方法通过房价、费用管理和资本纪律运营，考虑到宏观环境的不确定性。考虑到典型的房屋季节性，我们预计贴数在今年的余下时间内将保持相对高水平。

Turning to guidance, we expect our Q2 revenue to be between 1.75 and 1.85 billion, and adjusted evites our loss to be between 180 and 200 million. Adjusted asset is expected to be around 90 million, which generally reflects savings from the April reduction in force. Consistent with this guidance, we expect the second quarter to mark the last quarter of negative contribution margin, with positive contribution margin levels beginning in Q3 when our fresh Book of Inventory comprises the majority of our refills.

转向指导，我们预计我们的第二季度收入将在17.5亿到18.5亿之间，并且调整后的资产亏损将在1.8亿到2亿之间。预计调整后的资产约为9,000万美元，这一般反映了四月份裁员带来的节约。与此指导一致，我们预计第二季度将是贡献边际为负的最后一个季度，在我们的新鲜库存簿卷中构成绝大部分的情况下，正的贡献边际水平将从第三季度开始。

With that, I will now open the call for questions. Thank you. As a reminder to ask a question, please press star 11 or your telephone, and wait for your thing to be announced. To withdraw your question, please press star 11 again.

现在，我将开放问题环节。谢谢大家。提问时，请按*11键或电话上的相应键，并等待您的姓名宣布。如果您想要撤回您的问题，请再次按*11键。

Please stand by when we compile the Q&A roster. Our first question comes from the line of Nick Jones with GMP Security. Please, your line is now open.

在我们编制问答名单时，请稍等。我们的第一个问题来自GMP Security的Nick Jones。请问，你现在可以提问了。

Great. Thank you for taking the question. There will be one just on our own outlook. It's contribution profit improved after Q2. Should we expect this to sequentially improve through the remainder of the year, and then I guess does that kind of trickle down to EBITDA as well? Because it looks like there's a pretty good step up from kind of one Q, results at QQ guide on EBITDA. So how should we think about that, I guess, as we kind of get through the rest of 23?

太好了，谢谢您回答我的问题。我想问我们的前景。我们的贡献利润在第二季度后有所改善。我们是否应该期望这种改善在接下来的一年中持续发展，并且这是否会影响EBITDA？因为从一个季度到下一个季度，EBITDA看起来有一个相当大的增长。所以，当我们进入未来的23年时，我们应该怎么考虑这个问题？

Hi, Nick. It's Kristi here, and thank you for the question. For contribution margin, as you know right now and in Q2, we're still selling through the old Book of Homes. But once those clear out, you will see improved margins. And as we said, we expect them to be positive starting in Q3. There is a slight tail. We expect to be mostly sold or in contract by the end of Q2, but the ones that are in contract will sell through in Q3 and be a little bit of a drag on contribution margin. So I think it's correct for you to think about it as increasing in the second half of the year. And then that will flow down to EBITDA. It's also important to note that EBITDA contains the release of our impairment adjustments, our inventory evaluation adjustments that we recorded in prior periods. And so as those homes that have those inventory evaluation adjustments self-through, which is the old Book of inventory, you won't see those in EBITDA anymore.

嗨，尼克。我是克里斯蒂，谢谢你的问题。关于贡献边际，目前我们仍在销售旧房屋的书籍，包括第二季度。但一旦这些清理干净，你将会看到利润率提高。正如我们所说，我们预计从第三季度开始实现正利润。还有一点要注意，我们预计到第二季度末大部分将销售或签订合同，但那些签订合同的房屋将在第三季度内出售，稍微拖累贡献边际。所以我认为，你可以把它看作是在下半年增长。这将导致EBITDA上升。此外，值得注意的是，EBITDA包括我们在以前的周期中记录的资产减值调整和库存评估调整的释放。因此，随着那些有这些库存评估调整的房屋的销售，也就是旧的存货，你将不再在EBITDA中看到它们。

Got it. Makes sense. And then maybe one on a balance sheet. As inventory has come down, Resurty Cache has remained relatively high. Can you remind us of the dynamic between the Resurty Cache position and the inventory position? Thanks. Yep. The restriction cache has gone up. The majority of the restricted cache increase relates to our term debt facilities, so they don't revolve. So either they're collateralized by inventory or they're collateralized by restricted cache. In our 10Q, there's a good breakdown that shows those entities, but it's really just collateralizing the asset back debt. And on that cache, we do earn interest income. So you can think about that excess cache as earning interest income to offset the interest expense. Great. Thank you for taking the questions.

明白了。很有道理。接下来可能会谈到资产负债表。由于存货减少，环保缓存仍然相对较高。你能否提醒我们环保缓存和存货之间的关系是怎样的呢？谢谢。是的，环保缓存增加了。大部分环保缓存的增加与我们的固定债务有关，因此它们不会循环。它们要么抵押存货，要么抵押环保缓存。在我们的10Q中，有一个很好的细分显示这些实体，但实际上它只是用资产负债表来抵押债务。在那个缓存上，我们确实会获得利息收入。因此，您可以将超额缓存视为获得利息收入以抵消利息支出。非常感谢您回答问题。

Thank you. Our next question comes from the line of daily with JP Morgan. Your line is now open. Great. Thanks for taking the question. In the following days, I think I missed this on the recovery mark, but how should we think about your own home acquisition piece going forward? Should that follow the normal days and on the day, or do you expect that to accelerate as you go into the back half? Yeah, I mean, it's carried by the way. Thanks for the question. I would guide you to a couple of things. One is what we tried indicating our remarks is we've seen our spreads come down meaningfully from the back half of the year into the first part of this year. And conversion has followed. I.e. conversion has improved and we have been able to increase our pace of acquisitions. Sitting here today, I would think about us being on a pace of around a thousand acquisitions per month. And that's a pretty good baseline for you think about for the bounds of the year. And that's under the assumption that as we indicated our remarks, we expect right now our spread to be pretty much at this level for the back half. And I guess the follow-up, we've all to need to see for that acquisition pace to pick up higher. I mean, for us acquisition pace has a lot to do with where we are in spreads because that tries conversion for us. And for us to decrease spreads, what we're really looking for is stabilization. Or said another way, we need a lot less volatility in the system. In addition, in our spreads right now, we're baking in as a modest amount of home price appreciation for the back half of the year. So we want mortgage rates to stabilize. We think that'll lead to volume stabilization. In turn, that'll lead to a little more stabilization on pricing. And that'll allow us to compress spreads. But for the bounds of the year, just given the range of uncertainty around how, you know, Q3, Q4 to play out, we're going to continue to hold spreads pretty high.

谢谢您。下一个问题来自JP摩根的代表。请问您有问题吗？非常感谢您回答问题。近日来，我可能没有在恢复标志上认真注意，但我们如何看待您的房屋收购情况未来的发展？是否应该遵循正常方式以及当天进行，或者您是否预计在后半年加快？是的，顺便说一句，感谢您的问题。关于您的问题，我想向您指出两点。首先，我们在演讲中试图说明的是，我们从去年下半年到今年年初已经显著降低了贷款利差。而整体收购转化率也随之提高，并且我们已经成功加快了收购速度。目前我们的收购速度约为每月1000户，这可作为今年的预测参考。其次，我们预计贷款利差在今年下半年仍将保持当前水平。所以我们想要看到持续的稳定，少些波动才能加快收购速度。此外，我们也预测房价在后半年会有适度上涨。我们希望抵押贷款利率稳定下来，这将导致收购数量稳定增加。这反过来将导致价格趋于稳定，我们就能压缩贷款利差。不过，鉴于全年Q3和Q4的不确定性，我们将继续保持较高的贷款利差。

Understood. Thank you. Thank you. As a reminder, to ask a question at this time, please press star 11 on your touch tone telephone.

明白了，谢谢。再次提醒，如果您现在有问题，请按您的触摸电话上的星号11键提问。

Our next question comes from the line of Ryan Tomasello with KBW. Your line is now open.

我们的下一个问题来自KBW公司的Ryan Tomasello。请问你有问题吗？

Hi everyone. Thanks for taking the questions. Just on the expense efficiency, sounds like the 90 million of op-EX in the quarter is what you're thinking about as a full run rate of the 50 million of expense savings. Just wanted to clarify that piece. And then as you ramp volumes into 2024 to the 10 million break even level, do you feel like you can achieve that with the same level of op-EX or, you know, should we be modeling some additional investment in marketing, spending, and just general overhead to support that volume increase?

大家好。感谢回答问题。就费用效益而言，听起来在这个季度的9000万经营支出是您认为的5000万节省费用的全部运行率。只是想澄清一下这部分。然后，当您将2024年的销量提高到1000万的盈亏平衡水平时，您是否认为可以以相同的经营支出水平实现这一目标，或者应该为支持该销量增长而进行一些额外的市场营销投资、支出和一般企业开支的建模？

Ryan, this is Chris. Do you thank you for the question? On the 90 million for operating expense, I think that does contemplate the reduction in force that we just had in April. And so that is a relatively safe amount to models forward. To get to 10 billion, I would expect some increase in marketing probably more in the first half of the year. But yeah, that's a good place to start.

翻译：Ryan，我是Chris。感谢你的提问！关于9千万的营业费用，我认为这包括了我们四月份刚刚进行的裁员。所以，这是一个比较稳妥的数值来预测未来。要达到100亿，我认为需要增加一些营销费用，可能是在年初更多一些。但是，现在这已经是一个不错的起点了。 表达意思：Chris回答Ryan提问，解释了9千万的营业费用是包括了公司在四月份进行的裁员费用，因此这个数值比较可靠。要达到100亿的目标，可能需要增加一些营销费用。但是，现在这个数值已经是一个不错的起点了。 尽量易读的翻译：Ryan，我是Chris。谢谢你的提问！关于九千万的营业费用，我觉得这个数字已经计算了四月份我们进行的裁员费用，所以相对来说比较稳妥。要想达到一百亿的目标，我觉得营销费用可能需要增加，特别是在年初时需要更多。总而言之，现在这个数字已经是开始的不错选择了。

Yeah, I mean, the thing I want to point you to is we try to provide a little more color in our letter. Ryan, around partnerships and the fact that we are leaning heavily into the fact that we have a number of low cost channels, low-cost channels, online real estate. We're in the very early days of our Zillow partnership. We're now across all our markets with Redstone and Reel.com. And we have a lot of optimism for how those are going to play out over time. We're also very enthusiastic about what we're seeing out of the 18th channel right now. Again, it's a low-cost, highly scalable channel for us.

嗯，我的意思是，在我们的信中，我们试图为您提供更多的细节。Ryan就合作伙伴关系和我们依靠低成本渠道，这一点我们非常重视，低成本的渠道包括在线房地产。我们的Zillow合作伙伴关系还处于早期阶段。现在，我们已经进入了Redstone和Reel.com的所有市场。对于这些合作伙伴关系未来的发展，我们非常有信心。我们还对我们现在看到的第18个渠道的前景感到非常兴奋。同样，这是一条对我们来说成本低廉且高度可扩展的渠道。

And we're seeing lots of activity in the homebuilder side where we're partnered with, you know, 8 to the 10 big ones, 90 plus homebuilders. And as you know, new builds right now is a pretty active part of the home category.

我们与8到10个大型的、90多个住宅建筑商合作，目前在住宅建筑商方面看到了大量的活动。正如您所知，新建筑现在是住宅类别中一个相当活跃的部分。

So I will Chris, you're totally right. And then to get back to 10 billion dollars, we're going to spend a little bit more money on marketing. But we're also leaning into these channels that we think are quite scalable. And again, come to us with very attractive CAC economic status to them. Okay, God, thanks for that color.

克里斯，你说得对。为了达到100亿美元的目标，我们会在市场营销方面花费更多的资金。但我们也会发掘那些我们认为很有潜力的渠道。此外，这些渠道的CAC经济状况也很有吸引力。谢谢你提供的这些信息。

And then I believe on the last call you talked about exclusives continuing to ramp through next year and targeting more material volume, potentially in 2025. Is that still the timeline that you think is achievable here as you continue to iterate the platform? Just any updates around your, you know, expansion targets there beyond your initial test markets? Thanks.

然后我相信在最后一次通话中，您谈到了独家产品将继续在明年不断增长，可能在2025年针对更多材料量的目标。作为您继续迭代平台的时间表，您认为这仍然是可以实现的时间表吗？除了您最初的测试市场之外，您对扩张目标有任何更新吗？谢谢。

Yeah, and I think the most failing update on exclusives we could give right now is that we're really encouraged by the early signs we're seeing. If you think about what we're doing right now, which is focusing on a single market, iterating, learning and testing, we've had some incredibly good signal. We're capping into this customer segment called the latent seller, which is a seller that wants to sell at some point, timeline to be determined, but they don't want to list it, right? But they do want to sell it and if it's easy, they'd love the offers and they want to do it the way it is seamless.

嗯，我认为我们现在可以给出的最失败的独家更新是，我们非常鼓舞人心地看到了早期迹象。如果你想想我们现在正在做什么，那就是专注于单一市场，不断迭代，学习和测试，我们已经收到了一些非常好的信号。我们正在利用这个被称为“潜在卖家”的客户细分，即那些想在某个时候出售物品，但不想进行列表。但是如果出售变得简单，他们会喜欢收到报价，并希望以无缝方式进行交易。

And what's interesting about that to us is those customers are incremental to what we're seeing on the sale direct side. That's number one. And two, we believe we're unearthing a category of supply that we wouldn't access otherwise. So that's encouraging. And then we're seeing buyers engage with the platform because they're getting these homes. They can't get anywhere else. They're not sitting on MLS.

对我们来说，有趣的是这些客户对我们直接销售方面的增量非常重要。这是第一点。第二点，我们认为我们正在发掘一类否则无法获得的供应。这是令人鼓舞的。然后我们看到买家使用平台，因为他们可以获得其他地方无法得到的房屋。它们不在 MLS 上。

And in a very short period of time within the quarter, you know, we're driving to, I think North is 3% listing share in Plano alone. So that's not the 2025 metric. I know you want, but I'd say, well, the numbers are small on absolute basis, what's really encouraging are the growth that we're seeing and the number of sellers and buyers coming to platform. We're going to stay focused on making sure that we are perfecting the customer experience. We're going to drive for liquidity in that market and then we're going to look to expand it over time.

在本季度内的非常短的时间内，我们正在努力实现在普莱诺市场3%的房源比例，虽然还未达到您所期望的2025年的指标，但在绝对基础上，这个数字仍然很小，最鼓舞人心的是我们正在看到业务增长和越来越多的卖家和买家加入平台。我们将继续专注于完善客户体验，争取市场流动性，并在以后的时间里扩大我们的市场范围。

Great. Thanks for taking the questions.

太好了，谢谢您回答这些问题。

Great. Thank you. As a reminder to ask the question at this time, please press star 11 or your touch phone telephone.

很好。谢谢。提醒大家，在此时提出问题，请按*11或您的触摸电话电话。 意思是，如果您想在这个时间问问题，请按*11或您的触摸电话的加号键。

Our next question comes from the line of Jay McCannless with Wet Bush. Your line is open.

我们的下一个问题来自于 Jay McCannless，来自 Wet Bush。请提问。

Thanks for taking the questions. The first one I had, a little surprise to hear that you're starting to bring the spreads down already. Could you talk about maybe, I know you don't like the percentage, but maybe the magnitude of how much the spreads have come down since the fall of 22?

谢谢您回答问题。我有一个问题，听到您已经开始降低利差有点惊讶。您能谈谈利差下降的程度吗？虽然我知道您不喜欢百分比，但是能否谈一下自去年秋天以来利差下降了多少？

Yeah. So since the fall, they're down approximately 500 basis points. So basically off of peak, we're down about 500 basis points. I think we, part of that was done this year. On the back of seeing the stabilization in half prices.

是的，自从秋季以来，他们已经下降了大约500个基点。基本上从峰值下降了约500个基点。我认为我们的部分工作是在今年完成的。基于饲料价格的稳定。

So one of my favorite charts that's in the back of the shareholder letter is our month-over-month home price appreciation. We talked about this a bit last quarter, but we saw an improvement there and that's carried through the full first quarter. So we actually sell positive home prices in the first quarter.

我最喜欢股东信中的一张图表是我们每月房价升值率。上一季度我们谈到过这个问题，但我们在那里看到了改善，而且这种改善一直延续到整个第一季度。因此，在第一季度，我们实际上卖掉了房价上涨的房屋。

That said, in the back half, normal seasonality is basically flat to slightly negative home prices. And so given the uncertainty on rates, we have continued to maintain high above average spreads for this time of year.

话说，在后半部分，正常的季节性基本上是房价持平或稍微下降。鉴于利率的不确定性，我们继续保持高于平均水平的差额来应对。

Okay. And then when you talked about the home building channel, I mean, I know you've been in LaNarrer's sales offices for a long time, Horton, etc. I guess maybe what have you done this quarter or recently that's above and beyond what we've seen out in the field previously? And maybe talk to the economic subit if you can.

好的。当你谈到房屋建造渠道时，我知道你已经在LaNarrer的销售办公室，霍顿等地待了很长时间。我猜想，这个季度或最近你做了什么超出我们之前在现场所见的事情吗？如果可以，请谈谈经济情况。

So I can't comment on the economics specifically, but that is as Kerry alluded to a very low-cost CAQ channel for us. I think the piece there is really the trading product, which has been a staple of ours for six years now. At your point, we started with the largest and we continue to have an on-the-ground marketing team that is out there in the field, helping new home sale consultants explain the product to customers and really help what create and allow for that trading product that makes it so seamless for every customer.

我无法具体评论经济学，但正如Kerry所提到的，这对我们来说是一条非常低成本的CAQ渠道。我认为其中关键是交易产品，这已经成为我们的主打产品六年了。在您的这个点上，我们从最大的开始，我们在现场拥有营销团队，帮助新家庭销售顾问向客户解释产品，并真正帮助创建和允许每个客户无缝使用的交易产品。

And then just one other question, why not print the contribution margin after interesting words there? The reason that's been removed from some of the disclosures?

还有一个问题，为什么不在有趣的词语后打印出利润贡献？这个原因已经被移除一些披露文件中了？ 为什么不在有趣的词语后面列出利润贡献？这个做法已经在一些披露文件中被删除了。

Yeah, J. This is Christie. So we removed it last quarter and that's because we've really kind of changed the way that we're financing our homes. A lot has changed to be senior term loans and we have some items that are not fully utilized right now. And so it kind of reflects our current capital market structure.

嗨，J。我是克里斯蒂。所以，上一季度我们将其撤销了，因为我们真的改变了我们融资房屋的方式。很多东西都变了，变成了高级期限贷款，我们现在有一些未充分利用的项目。因此，它反映了我们当前的资本市场结构。

Todd, do you want to add anything? Yeah, I think, like as a good example, is what I alluded to earlier, which is we have senior term facilities today where we have positive interest expense and interesting come-off settings, other because of that restricted cash balance we're carrying. And so allocating to a home level to load it into contribution margin was something that we could be, it's not a clean mapping of that. So that's where we did remove that discloser. I think one of the things that is helpful if you're trying to understand the interest cost, though, is given where our inventory balances are now and given that those are fixed rate lending facilities.

托德，你有什么想补充的吗？是的，我认为，比如一个好的例子，就是我之前提到的我们今天拥有的高级期限设施，在那里我们有正的利息费用和有趣的贡献辅助设置，其他的可能由于我们所携带的受限制现金余额。因此，将其分配到一个家庭水平以将其载入贡献边际是我们可以做的事情，但这并不是一个清晰的映射。所以这就是我们删除该披露的原因。我认为，如果你试图理解利息成本，其中一件有用的事情是鉴于我们现在的库存余额和这些是固定利率借贷设施。

We have 2.9 billion in fixed rate term facilities. Those are very modellable from a cash interest perspective, interest expense perspective because there's no live or attachment, no volatility.

我们有29亿美元的固定费率期限贷款。从现金利息和利息支出的角度来看，这些贷款非常易于建模，因为没有流动或附加物，没有波动性。

Okay, sounds good. Thanks, Shigmy, questions. Thank you. I'll now turn the conference back over to Carrie Wheeler for those new remarks.

好的，听起来不错。谢谢你，Shigmy，有问题。谢谢。现在我将把会议交还给Carrie Wheeler发表新的言论。

Thanks. I just want to thank everyone for joining us today. And I want to underscore that we are remained extremely focused on operating with a ton of excellence and discipline in this moment. Macro aside, there's just, there's no day that real estate is going to continue to move online and that customers want the certainty, convenience of our product. So we're focused on continuing to innovate, make investments that position us to come through this with greater resilience, and on the path to market leadership and building a profitable business.

谢谢大家今天加入我们。我想强调的是，我们在目前时刻仍然极为专注于以优秀和纪律的方式运营。除了宏观因素外，房地产不会停止向在线转移，客户希望我们的产品能够提供确定性和便利。因此，我们致力于持续创新、进行投资，使自己更具弹性，并走上市场领导和盈利业务的道路。

So that's it. Thank you, shout out by the way, to all our open door teammates who are making this happen every day. And we look forward to talking with you next quarter. This concludes today's conference call. Thank you for participating. You may now disconnect.

所以就是这样了，谢谢。顺便向我们所有致力于实现这一切的开放团队成员喊话。我们期待着下一季度与您的交流。今天的电话会议到此结束。感谢您的参与。您现在可以挂断电话了。