LIVE: Opendoor CEO Eric Wu stepping down - Discussion & AMA

We've been waiting for this for like a week now. We've been like, what the hell is happening? Yeah. You know, we didn't know that Eric was stepping down, but we knew something was up at OpenDore HQ.

我们已经等待了将近一个星期了。我们一直在想，到底出了什么事？是的。你知道的，我们不知道Eric要辞职，但是我们知道OpenDore总部出了点问题。

All right. Maybe that's good started. Yeah. If you have any questions, please rest speaking permission, and we will take them after a quick summary of today's events.

好的，也许这是个好的开始。如果你有任何问题，请先休息一下，我们在今天的事件快速总结之后会回答你。

I have to press release open here. Let me take a look. All right. So OpenDore appoints CFO, CarriWilla to CEO, co-founder and CEO Eric Wu transitions to a new role as president marketplace. That was the first role change. So CarriWilla, CFO, becomes CEO, CEO Eric becomes president, marketplace, then we have president Andrew Loweke is resigning from his role to pursue other opportunities and we remain strategic advisor to the company through Q1, 2020, so quite a short time. And then we have obviously we need a new CFO. So we have Chris T Schwartz, who was Chief Accounting Officer becoming the interim CFO. So we will probably also see a new CFO higher in the next few months. And then there are also some changes in the board. Carri is obviously joining the board and OpenDore board lead independent director is also changing to John Rice. A lot of leadership changes.

我这里得看一下新闻发布会。好的，OpenDore任命CFO CarriWilla为首席执行官，联合创始人兼CEO Eric Wu过渡到新职位担任市场总裁。这是首次职位变动。CFO CarriWilla成为了CEO，CEO Eric变成了总裁，市场部，接着我们的总裁Andrew Loweke辞去了他的职位去追求其他机会，并将通过2020年第一季度继续担任公司的战略顾问，时间相当短。我们显然需要一个新的CFO。目前，我们有首席会计官Chris T Schwartz担任临时CFO。因此，在未来几个月内，我们可能还会看到一位新的CFO的任命。此外，董事会也有一些变动。Carri显然加入董事会，而OpenDore董事会独立主席也更换为John Rice。有很多领导层变动。

Can I have some words in that? Yeah. So I think kind of a kind of a huge announcement all around, especially since you know this is not a young company. They've been around since 2013 and Eric has been the CEO the whole time and he was really the last of the founders, the original founders of the company to remain in a leadership role. So I think in the one hand, if you're following this company for a while and you believe in what they're building, it's sad to see Eric step away as CEO. But that being said, functionally it seems like he's still remaining exactly where he needs to be for the company, which is focused on building great products and specifically this marketplace, which is the most sustainable expression of the iBying platform.

我可以用一些话来解释一下吗？ 对的，我认为这是一个非常重要的宣布，尤其是因为这不是一家年轻的公司。自2013年以来，埃里克一直担任首席执行官，他实际上是公司的最后一个创始人，仍然担任领导角色。因此，如果您一直关注这家公司并且相信他们正在建立的事情，那么看到埃里克离开CEO的职位确实很遗憾。但话说回来，从功能上来看，他似乎仍然在公司需要他的地方，专注于打造出色的产品，尤其是这个市场，这是iBying平台最可持续的表达方式。

So taking it in that perspective, I think that's potentially good because it means that he doesn't have to deal with some of the more day-to-day administrative functions and tasks at the company. I think if we look at over the past year what a lot of people have been frustrated with is an absence of really sharing what's going on or what's under the hood, what the vision is for the company and recently we got a nice interview between Eric and Ben Thompson. But at the end of the day, I think we do need someone to be, someone at the company to be a little bit more vocal and share a little bit more about what's being done so that we don't have to make these inferences ourselves.

从这个角度来看，我认为这是一件好事，因为这意味着他不必处理公司更多日常行政职能和任务。我认为，如果我们回顾过去一年，很多人对公司在底层背景、公司愿景等方面缺乏透明度感到失望，最近我们看到了埃里克和本·汤普森之间的一次很好的采访。但是说到底，我认为我们需要有人在公司里更加直言不讳、分享更多关于公司正在做什么的信息，这样我们就不必自己去做这些猜测了。

So for me, if I had to kind of grade how I'm feeling about this change, I think in one way it's neutral because we keep Eric's fantastic product, focus and vision. And at its heart, OpenDore is really a financial company. It's a capital markets company. And Carrie had 21 years at TPG. She has a fantastic resume if not a track record of being a CEO. And I think in that regard, I don't take it as a big loss for the company. But it's really her game to lose at this point. I really like to see some of the changes that she makes and that this shake up kind of reenergizes the company. But we'll see how that shakes out.

对于我来说，如果我必须对我对这个变化的感受打分，我认为在某种程度上是中性的，因为我们保留了Eric出色的产品、重点和愿景。而OpenDore本质上是一家金融公司。它是一家资本市场公司。Carrie在TPG有21年的经验。她有一个很棒的简历，如果不是CEO的记录。在这方面，我认为对公司来说并不是一个很大的损失。但现在真正的游戏是她的游戏。我真的很希望看到她做出的一些改变，这种动荡能够重新激发公司的活力。但我们将看看情况如何。

Can people still hear me? Yes, there was a chair. I hope there's a genius. All right. Dan Elon, we spoke to Sonan with technical issues. Yeah, space is the most broken technology. Okay. Yeah.

人们还能听到我的声音吗？是的，有一把椅子。我希望有个天才。好的。丹·伊隆，我们和索南讨论了技术问题。是的，太空技术是最容易出故障的。好的。

So that's kind of where I'm at with all this. I think it's a lot to unpack. And we've been noticing some strange things on our end and in our discord over the past maybe week, feeling like there was something brewing, some some iron meetings were canceled. Eric canceled his investor presentation at the Credit Suisse 26th Annual Technology Conference. Just some sort of strange red flags coming up. And so we knew that something was going to be announced either today or tomorrow. Based on Eric's recent interview, we knew that he wasn't stepping down and stepping away from the company. But we did think that maybe he could be stepping down. We weren't sure who would be taking his place. But I mean, obviously, this is a very interesting development.

这就是我对这一切的看法。我认为有很多东西需要解决。在过去的一周里，我们在我们的Discord和端上都注意到了一些奇怪的事情，感觉有些事情正在酝酿，一些重要的会议被取消了。Eric也取消了他在信贷瑞士第26届技术会议上的投资者演示。一些奇怪的信号出现了。我们知道会有一些公告会在今天或明天发布。根据Eric最近的采访，我们知道他没有辞职或离开公司。但我们认为他可能会辞职，并且我们也不知道会由谁接任他的职位。但显然，这是一个非常有趣的发展。

I think what's really worth reading is his email that he sent to the company to open door. It's published in a blog. He reflects a little bit on his early time at open door. And also how he met Kerry. And her history at the company. And most importantly, he says, to my teammates and shareholders, I'm not going anywhere. I'll be working on marketplace full time and bringing the relentless force required to build an industry defining startup. Over the past few years, it crystallized in my head that a third party business leveraging our platform was the future of the consumer experience and major part of our potential opportunity.

我认为真正值得一读的是他给公司开门的邮件，这封邮件被发布在博客上。他在邮件里反思了一下他在开门早期的时光，描述了他和Kerry是怎么认识的以及她在公司的历史。最重要的是，他说，“对于我的队友和股东们，我不会离开。我将全职负责市场，为打造这个行业标杆性的创业公司提供不懈的动力。”在过去的几年里，我逐渐意识到，利用我们平台的第三方业务是消费者体验的未来和我们潜在机会的重要组成部分。

Paragraph 1: So if you want to take the bullish view here, Eric can now clear off his schedule to focus 100% on building what is needed for open door to succeed. And Kerry will do more of the work she already was doing. Yeah, if there's any questions, please feel free to request speaking permissions.

如果你想采取乐观的观点，那么艾瑞克现在可以清空他的日程表，全心致力于构建开放门成功所需的东西。而凯瑞将会做更多她已经在做的工作。是的，如果有任何问题，请随时请求发言权限。

Paragraph 2: One important thing to say, Tyler mentioned that we saw some signs, but those signs were mainly because of the canceled attendance at the conference and generally planned meetings that were moved to next week. So we knew some announcement was coming, but it's nothing in the actual business data is showing that anything is changing. Like whatever we expected that the beginning of the quarter that will happen is happening. And we have a big update on that that released last week on data door if you want to read up on it. So open door is not a step closer to bankruptcy. I think it's quite opposite. We're seeing that everything is going really well.

泰勒提到了我们看到了一些迹象，但这些迹象主要是由于会议被取消和计划中的会议被推迟到下周。因此我们知道会有一些宣布，但实际业务数据并没有表明有什么变化。就像我们原本期望的那样，季度初会发生的事情正在发生。如果你想了解更多，上周我们在data door上发布了一次重大更新。门户网站并不接近破产，相反，我们看到一切都进展得非常顺利。

Paragraph 3: I don't think this was a decision because something changed from where the business was at last or next call. Yeah, maybe this is a good point to kind of dovetail on because when I first posted about both this and Eric cancelling the conference, people were like, the iBire model is officially dead and they're going bankrupt and that is not the case at all. So yeah, we posted an update last week. We're posting the November update in two weeks.

我认为这不是因为上次会议或下次会议的情况有所改变而作出的决定。是的，也许这是一个好的转折点，因为当我第一次发布关于Eric取消会议和iBire模型被宣布死亡并破产的消息时，有人认为这就是情况，但事实并非如此。因此，上周我们发布了一条更新信息，两周后我们将发布11月份的更新。

Paragraph 4: I guess 10 days now, but we've seen a material trend reversal in open doors business and I think their conservative positioning has really helped them navigate out of this terrible, terrible housing cycle. And so yeah, there's nothing in the data that's showing that the company is doing worse certainly than they guided for. Palmas actually pointed out that this might actually be for him a positive sign that Kerry took the job from CEO to CEO and she pointed out their open doors strong financial position. Yeah, I mean, we have been talking about this for weeks now, but we don't see a risk to open doors solvency. There's not even close to getting bankrupt. So that's all.

我猜现在已经过去了10天，但我们已经看到开门生意的重大趋势逆转，我认为他们保守的立场确实帮助他们走出这个可怕的、可怕的住房周期。所以，从数据上看，公司并没有表现得比他们预计的更糟糕。帕尔马斯实际上指出，这对他来说可能是一个积极的迹象，因为凯丽从CEO到CEO接任这一职位，并指出他们的开门强大的财务状况。是的，我们已经谈论这个问题几个星期了，但我们没有看到开门公司破产的风险。他们远远没有破产的可能。就是这样。

Paragraph 5: Hello, James. Hi, oh, I just have a question. Do you guys have any guess if Eric will still be on the earnings call and we will be still getting his shareholder ladder? Yeah, so basically Eric is becoming president with the additional kind of president of marketplace, but usually presidents are on the earnings call. I mean, Andrew was on the earnings call as well. So we should expect him on the earnings call. Shareholder letters should likely be coming from Kerry, but I mean, there are companies where shareholder letters are coming from the president. So I would be surprised if Eric still takes care of that. Agreed.

你好，詹姆斯。嗨，我有一个问题。你们知道埃里克还会不会参加盈利电话，并且我们还会收到他的股东信吗？基本上，埃里克将成为市场的总裁，但通常总裁会参加盈利电话。安德鲁也参加了盈利电话。所以我们应该期望他出现在盈利电话上。股东信可能会由凯丽发送，但有些公司的股东信会由总裁发送。如果埃里克仍然负责这方面的工作，我会感到惊讶。同意。

Paragraph 6: Yeah, one more thing we can go into the details because there was an SC filing about compensation and basically Eric had a bunch of agreements with the company on milestones where he would invest additional shares. He forfeited all of his upcoming sharevests. So there will be so all of the SPC that would be going to Eric is now cleared and I assume in the next earnings call, we will hear more about the details of Eric's compensation, but everything that was agreed on in the past doesn't apply anymore. Kerry is taking $750,000 salary. I think almost doubled in what Eric was taking.

是的，还有一件事情我们可以详细讨论一下，因为有一份SC申请文件关于补偿，基本上Eric与公司就一些里程碑达成了协议，他将投资额外的股份。他放弃了他即将获得的所有股份。这意味着都将去给Eric的SPC现在被清除了，我认为在下一次收益电话会议中，我们会听到更多有关Eric补偿的细节，但过去达成的所有协议现在已经不适用了。Kerry的工资是750,000美元。我认为几乎是Eric所得薪水的两倍。

Paragraph 7: Big base salary and she's getting a grant of $25 million dollars invested over four years. So if she stays at the company for the next four years, she will invest $25 million in today's share price. I think there was a clause in there that the share price has to stay between $1.60 and $2 until the end of the year for this to take effect. So if for some reason the stock price drops below $1.60, there might be a different arrangement, but that's to her compensation. She doesn't have milestones like Eric had that can be concerning to some people. I'm a big fan of this CEO having skin in the game. Elon Musk is famous for that, had some really aggressive stock price targets that unlocked more equity. Right now, Kerry is just taking $25 million over four years. That can change, right? $25 million is not a lot over four years. I think she got, she invested like $50 million last year alone.

她的基本工资很高，而且她还获得了一笔2500万美元的资助，将在四年内投资。因此，如果她在未来四年内继续留在公司，她将以今天的股价投资2500万美元。我认为其中有一条规定，即股价必须保持在1.60美元至2美元之间，直到年底才能生效。因此，如果出现股价低于1.60美元的情况，可能会有不同的安排，但这是她的补偿。她没有像Eric那样的业绩里程碑，这可能会让一些人感到担忧。我非常支持这位CEO参与其中。埃隆·马斯克就以此出名，他设立了一些非常激进的股价目标，解锁了更多的股权。目前，凯利只是在四年内获得2500万美元。但这可能会改变，对吧？2500万美元在四年内并不算多。我认为她去年单独投资了5000万美元。

Paragraph 8: So this will probably change as she proves that she's actually successful. Any other questions? I'm just checking if we missed anything. Kind of short and sweet.

因此，随着她证明自己确实成功，这种情况很可能会发生变化。还有其他问题吗？我只是检查一下是否漏掉了什么。简洁明了。

Paragraph 9: So sort of to sum up, unless someone else raises their hand, I think one more question from Space Invader emoji. Whoever did this. Hi. Hey. I think you could, yeah, great. Okay. So I want to make sure you could hear me. So like the rest of the folks on this call, I think I'm aggressively bullish on Open Door. But kind of like looking at this whole scenario and taking this from like a bullish stance, it's great that he's focusing on the marketplace. What likelihood do you give it that Eric ends up leaving the company within five years? And then kind of the trajectory of the company changing? Would you say that's like 5% odds of happening 10%?

简单地来说，除非其他人举手提问，否则我认为Space Invader表情符号还有一个问题，无论谁提问的，你好，嘿。你可以提问，太好了。好的，我想确保你能听到我。和这个电话上的其他人一样，我认为我对Open Door的前景非常乐观。但是从一个乐观的角度来看这整个情况，专注于市场是很好的。你认为Eric在五年内会离开公司的可能性有多大？公司的发展方向有没有可能改变？你认为发生这种情况的几率是5%还是10%？

Paragraph 1: I feel like I'm not as well versed in Open Door as most of the folks in this call suit. Would love to hear your thoughts on that.

我感觉我对 Open Door 的了解没有参加这次电话会议的大部分人那么深入。很想听听你们的想法。

Paragraph 2: Yeah, I think I think it's not going to go first, Tyler. Sure. Yeah, I'll just kick us off and then maybe follow up. I think Eric feels very deeply like a lot of founders who've been at their company for a long period of time. That Open Door is an expression of him. And I think that comes through in his blog post when he's talking about he sees Open Door as a child.

是的，我觉得Tyler，它不会是第一个。没错，我来开头，然后可能会跟进。我认为Eric深刻地感受到了像许多创始人一样，在公司长期工作的经历。Open Door是他的表达。我认为他在博客文章中表达了这一点，当他谈到他把Open Door看作是一个孩子时，这一点就体现出来了。

Paragraph 3: And so in that regard, I feel like he has you know a strong sense that he needs to continue at Open Door until it's self-sufficient. Right? Until it can sort of run itself. And he identified someone that he really trusts in someone that he values and admires and carry to lead the company and give the control over to her, which I imagine was no small feat. And really took a long time. She's been with Open Door for three years, right?

因此，在这方面，我觉得他有强烈的意识，需要继续在Open Door工作，直到它变得自给自足。对吧？直到公司能够自行运转。他找到了一个他非常信任、珍视和敬佩的人来领导公司，并将控制权交给她，我想这绝非易事，并花费了很长时间。她已经在Open Door工作了三年，对吧？

Paragraph 4: One year as a board member in the two years as CFO, but throughout the entire time that Open Door has been a public company, which is a tumultuous time. And so my expectation would be if Eric leads Open Door within the next five years, it would be because he solved the problem, right? Like he solved for the marketplace, the business is sustainable, and it's becoming what he always wanted it to be. But I think, you know, until they reach that point, I can't imagine that Eric would abandon the company. I just feel like he has too much sense of responsibility there.

在担任CFO两年并担任董事会成员一年的时间里，Open Door所处的整个时期都是动荡不安。因此，我的期望是五年内如果埃里克领导Open Door，那一定是因为他解决了问题，正确地解决了市场问题，使业务变得可持续，并且成为他一直想要的样子。但是在他们达到这个目标之前，我想象不到埃里克会放弃这家公司。我觉得他对公司有太多责任感了。

Paragraph 5: Yeah. And I think it really depends on the success of the third party marketplace, right? I feel like Eric wouldn't give up on the company unless he can make this successful. Another option is that he comes back as a CEO. Like I don't think that's off the table. There is a lot of companies where in a really hard time, you need a wartime CEO, you need somebody that is there, maybe micromanages to some extent, is on top of the whole business. And Kerry might fit that role perfectly right now. Maybe things are getting better, and we need another product focused lead of the company. Maybe he steps back in as a CEO. That option is also there.

是的。我认为这真的取决于第三方市场的成功，对吧？我觉得Eric不会放弃公司，除非他能让它成功。另一个选项是他回来当CEO。我认为这并不是不可能的。在很多公司中，当公司处于困境时，你需要一个战时CEO，需要有人在那里，或许在某种程度上进行微管理，掌控整个业务。现在Kerry可能非常适合担任这个角色。也许情况正在好转，我们需要另一个以产品为重心的领导者来领导公司。也许他可以回来当CEO。这个选项也是存在的。

Paragraph 6: Any other questions? We have someone coming up. Hey, there. Do you have a question for us?

还有其他问题吗？我们有人要提问了。嘿，你好。你有问题要问我们吗？

Paragraph 7: Yeah. What do you think about Andrew's departure? Can I do an opinion or should I go first to step? I missed the start of the question. Was the question about how we feel about Andrew's departure?

是的。你觉得安德鲁的离开怎么样？我能发表一下意见，还是需要先按照步骤进行？我错过了问题的开头。问题是关于我们对安德鲁的离开感觉如何吗？

Paragraph 8: Yeah. Yes. So, yeah, I mean, I think Andrew was a great teammate and leader for the company. I mean, he's been here for a long time. And so I think that's a hit because he's had to lead and manage a challenging, challenging business. So I'm not sure exactly the details there. Or what really motivated that or what his other opportunities are that he's pursuing.

是的。是的。所以，我觉得安德鲁是公司一个伟大的队友和领袖。他在这里已经很长时间了。所以我认为这是一个打击，因为他必须领导和管理一个具有挑战性的业务。因此，我不确定具体的细节或是他的其他机会是什么，他追求的是什么。

Paragraph 9: On the other hand, the person who's filling his shoes is Eric. He's the founder and he's going to be laser focused on marketplace with very little distractions. So I think in that regard, the blow is softened somewhat. But by all accounts, Andrew was an excellent leader and I'm sure he's going to be missed. Yeah. We also heard some rumors that you never know how much is to that that Andrew might have been one of the people that were leaning towards accelerating and taking a little bit more risk this year. And that might have resulted in where we are today. I'm sure somebody had to make that call. And in the end, obviously, Eric, as he was responsible, that might be also part of why Kerry's replacing him for now. But it might also have something to do with Andrew. We don't really know.

另一方面，接替他的人是Eric。他是创始人，将会专注于市场，并且没有太多的干扰。所以在这方面，打击有所缓解。但根据所有人的说法，Andrew是一位优秀的领袖，我相信他会被想念的。我们也听到了一些谣言，因为你永远不知道Andrew可能是今年倾向于加速和冒更多风险的人之一。这可能导致了我们今天的局面。我相信有人必须做出这个决定。最后，显然，Eric作为负责人，也可能是为什么Kerry现在代替他的一部分原因，但也可能与Andrew有关。我们并不真正知道。

Paragraph 10: We have another speaker and another question. Yes, I was just wondering what your thoughts were on Powell's comments about the that he expects the housing market to well, I mean, he said the bubble formed or at least increased during the pandemic. And he says we're on the other side of that bubble now. So he sees housing prices falling further. And how do you think that's going to affect the open door at the same time? Actually, like you also said that they're probably going to ease up on the rate height. So I guess that would be a positive. But I don't know. What do you think things are overall?

我们有另一个演讲者和另一个问题。我想知道 Powell 对房地产市场的看法是什么？因为他说房地产泡沫在疫情期间形成或加剧，现在我们已经走出了那个泡沫。所以他认为房价会进一步下跌。您认为这会对 Open Door 产生怎样的影响？其实，您也说他们可能会放缓升息。所以可能会是好消息。但我不知道，您认为总体情况怎么样呢？

Paragraph 1: I think this is a good question about macro backdrop for for open door. And at the end of the day, the thesis for open door has changed somewhat this year. And then in a lot of ways, it hasn't really changed at all. But I'll say that open door should be fine in a down market. What it shouldn't be fine for is a rapidly declining market. And so I think we've seen, we've already seen the U-turn, right? We've already seen us go from record home appreciation to record home depreciation.

我认为这是一个关于“敞开门”的宏观背景的好问题。到最后，“敞开门”的论点有些变化了，但在很多方面，它并没有真正改变。但我可以说，在下行市场中，“敞开门”应该会表现得不错。但如果市场迅速下跌，那么“敞开门”可能就不太好了。所以我认为我们已经看到了一个大转折，对吧？我们已经从创纪录的房屋升值到创纪录的房屋贬值。

Paragraph 2: Like the velocity of his downturn outstrips even the 2008 financial crisis. And so that's the type of market that open doors can really struggle in. So if rates continue to rise at this gradual pace, I expect them to be navigatable by i-buyers. If rates were to suddenly change in a negative direction, that would be where open door would struggle. And anything else is gravy.

他的下滑速度甚至超过了2008年的金融危机。这是开放式房地产市场面临的真正挑战所在。因此，如果利率按照这个缓慢的速度上升，我认为i-buyers应该能够应对。如果利率突然向不利的方向变化，那就是开放房门会遇到困难的地方。其他情况都是额外的好处。

Paragraph 3: If rate hikes are slowed or we get a little home price appreciation while open door is conservatively positioned, then they get to add HPA into their resale margins. And so that's obviously a positive for the company. But what we're seeing in our data is that the company is rebounding because it's able to buy homes at much wider spreads, even though home prices are still depreciating. And so I think they're showing that this is an environment that they can navigate.

如果加息减缓或者开放门的经营保守，我们能够看到一些房价上涨，那么公司就能将这些增值加入他们的再度销售利润中。对于公司来说，这无疑是积极的。但是从我们的数据中，我们发现公司正经历复苏期，因为他们能够以更加宽松的差价购买房屋，尽管房价仍在下跌。因此，我认为他们展示出这是他们可以应对的环境。

Paragraph 4: What they did wrong was they bought far too many homes in the middle of summer, which I still think was a terrible strategy and has never really been fully fleshed out or answered by the company. And yet at the same time that that miscue was coupled with you know, housing doing some things that it's never really done before.

他们的错误在于在夏季购买了过多的房屋，我仍然认为这是一个糟糕的策略，并且公司从未完全解释或回答过这个问题。然而，与此同时，房地产市场也进行了一些以前未曾有过的变化。

Paragraph 5: And so you add that together and open door has egg on its face. And it's been a tough couple quarters and will be you know, at least a couple more quarters negatively impacted. So I think as long as we're not seeing a sharp downturn from here on out really fast, open door should be okay. But also the same time it seems like we've already made the most substantial part of that move.

因此，您把这些加在一起，开门公司难堪之余也度过了几个困难的季度，未来至少还会受到几个季度的负面影响。所以，只要我们不看到下降速度非常快的急剧下降，开门公司应该会好起来。但同时，看起来我们已经完成了这次最重要的部分。

Paragraph 6: What's really important for our open doors for home transaction to happen right? Right now we're uh the volume of home transactions is quite low. I mean it's part part of the seasonality we're in the winter. But obviously mortgage rates are not helping. The uncertainty of where mortgage rates are going is not helping.

我们如何让网上房产交易真正顺利？目前，住房交易量相当低。这可能是因为我们正处于冬季，此时交易量通常会下降。但是，显然，抵押贷款利率并没有起到帮助作用。我们不确定抵押贷款利率的走势也不会起到帮助作用。

Paragraph 7: I think the faster we get to a place where mortgage rates see more stable. If it's in the 6% or the 5% or somewhere in between it, it doesn't really matter for home buyers and sellers or home movers. It's just important that they're stable. So that nobody is waiting on the side meds for something to happen. And hopefully we'll get there in the beginning of next year.

我认为我们越快达到抵押贷款利率更稳定的状态越好。对于购房者、卖房者或搬家者而言，其利率是否在6%或5%之间并不重要。重要的是它们保持稳定。这样，就不会有人在等待某些事情发生。希望我们在明年年初就能实现这个目标。

Paragraph 8: We have one more question here from Dave. Hey Dave. Hey Dave. Hey guys. Um yeah so just to can you hear me? Yes. Yeah so I just wanted to I guess talk when we talk about the macro and when we talk about the events for me today with Kerry stepping in you know I mean I've always liked her tone and the way she kind of articulates and speaks to the numbers on the calls.

这里有来自戴夫的另一个问题。嘿，戴夫。嘿，戴夫。嘿，伙计们。嗯，你们能听到我说话吗？好的。嗯，我想在谈到大宏观经济以及今天凯瑞接手的事件时，我想说我一直很喜欢她的音调和她在电话交谈中表达数字的方式。

Paragraph 9: And I think that if she's out in front a little bit more that that'll be a great benefit. But you saw part of her statement in the press release. It's really talking about solid financial foundation. It's talking about having a solid balance sheet. And she talks about focusing on unity economics. That's part of her quote right. So so when we talk about that and we kind of frame this in terms of what she's really saying in that press release you know unity economics is a is a focus.

我认为如果她能更加领先一些，那将是一个很大的好处。但是你在新闻发布会上看到了她声明的一部分。她在谈论稳健的财务基础，谈论具有稳健资产负债表的情况。她还谈到了专注于“统一经济学”。这也是她的引用之一。所以，当我们讨论这个问题，而且通过她在新闻发布会上所说的来理解这个问题时，我们可以看到，她是在专注于“统一经济学”。

Paragraph 10: It is the focus right for her. And now she's the CEO. She's the one in charge right. So I kind of look at that and I think you know I've been thinking maybe more layoffs in Q1 and then I almost wonder if this is kind of like also not the whole reason but one of the maybe three four or five reasons why Eric thought I need to get it you know it's time right it's time for me to step aside partly because there could be more laughs coming there could be you know it's just let's shake things up and the new leaders gonna decide that new path I'm just gonna focus on three p marketplace and that's it.

这对她来说是关注度最高的事情。现在，她是CEO。她是负责人。所以，我有些想法：也许在第一季度我们需要进行更多的裁员，而这也许不是全部原因之一，但可能是Eric认为我需要理顺局面的三四五个原因之一，是他觉得是时候让我离开了。部分原因是因为可能会有更多的裁员，也可能是我们需要摇晃一下局面，让新领导人决定新的方向。而我只会专注于三方市场。

Paragraph 1: And I think maybe it opens the door for that but I just wanted to make that comment and see if there's any other comments around that or or if there's a different opinion than that on like could there be more layoffs or does that you know if they're just simply looking to really get me really mean and lean in Q1.

我认为这可能会为此打开大门，但我只是想发表这个评论，看看是否有其他意见或者对于公司是否会有更多员工裁员的不同看法，或者纯粹是在一季度中试图变得铁面无私。

Paragraph 2: Hey man sounds like you've got some fun going on in the in the background it's good to hear from you. I think I think it's a good point I think Sebastian kind of touched on this as well but Kerry is a brass stacks very analytical type of person and Eric is where he's 99th percentile right is zero to one he's a he's a product guy and I think those are two really unique skill sets for leaders and technology companies and Eric skill set was incredibly important to to galvanize the company in the early days and to to bring on exceptional teammates right to build the company to to inspire them with his vision and his clarity and you know even investors as well right because he was able to raise capital he he was able to convince people like me and you know you all that that open door you know would build something great but at the same time he he doesn't like doing that he doesn't like doing interviews he doesn't like talking to investors he really just wants to be in this perpetual build stage and the current stage of the life cycle that open doors in due to sort of extraneous circumstances is one of not building but sustaining and and Eric might not be the right leader in open doors life cycle for that and Kerry on the other hand you have this analytical brass tax type of leader who understands capital markets understands you know how to finance how to raise and she might be the kind of more wartime ruthless type of leader that open door needs to sustain and and in the meantime Eric can focus on doing what he does best which is build product build you know build something that consumers adore and if if the marketplace doesn't work the whole thing is on him right like this is everything is sort of been on him from the beginning but but at least now he gets all of his focus really just on on building this thing that he believes is is the final form of his of his baby and so I think in that way Kerry and Eric are now more aligned with the roles that probably suit them best but obviously you know anytime there's a shake up in leadership it raises some eyebrows and it's like what's what's going on right we're going to take one more question we have a Martinez here do you have a question for us and what's up ladies and gentlemen

嘿，伙计，听起来你在背景里有些有趣的事情发生，很高兴收到你的来信。我认为这是个好观点，塞巴斯蒂安也有所涉及。凯里是一位极有分析力的人，而埃里克在从0到1的过程中已经达到了99个百分点。他是一个产品专家，我认为这两种独特的领导技能对于科技公司来说非常重要。在早期，埃里克的技能非常重要，他能够激励公司，吸引优秀的团队合作，在清晰的愿景下进行建设，甚至能够让投资者相信，open door能够构建出一些伟大的东西。但他不喜欢做那些事情，他不喜欢接受采访，不喜欢和投资者交流，他真的只想一直处于建设阶段。现在，open door的生命周期是维持而非建设，Eric也许不是open doors现阶段的正确领导者，而凯里则是一位极具分析力的财务型领袖，懂得资本市场、融资等技能，她可能是open door需要的“战时无情”类型的领袖。而埃里克则能够集中精力做他最擅长的事情，即构建产品，构建消费者喜爱的东西。如果市场行不通，那么所有的责任也就落在他身上了，但至少现在，他可以专注于构建自己一直相信的东西。因此，我认为凯里和埃里克现在更符合他们最擅长的角色。但是，每当领导层发生改变时，总是会引起一些关注，人们会想知道发生了什么，这是可以理解的。我们还有马丁内斯，你有问题想问吗？

Paragraph 3: well I do agree with Tyler I think he's right on with our cf o moving and stepping up to the CEO role because honestly she was taking that role in up to a degree already if I mean I would consider most of you guys invested in the company and for sure you guys you went through the cycle that we're going through at the moment with the federal research and all that so so I too feel confident that a cf o to her degree is going to be better positioning for the company overall and then we can have a performer CEO pretty much take charge of the actual product and create more value for the company well he knows how to wear a bow pretty much giving that feedback to the investor so right on Tyler I'm with you on that and I mean I don't remember when I was looking into this company I don't really want to hear out that my CEO that I'm investing in right I believe in the product I believe the transaction of purchasing at home is way over done like we have to evolve but I couldn't get my hands in any good material that I could somewhat analyze then obviously I'm not in close proximity of him to see him as okay who's running this company is because I mean at the end of the day you know we're invested so I guess my question would be to whomever would be able to answer is uh do you believe we have the capital pretty much to take us through this tunnel to where will shift or economy back up to growth because at the end of the day we are down and uh very few companies are gonna survive and that's just the cycle of money so I guess that would be my question do you guys believe this position is really going to enable us to get to the other growth cycle which yes like Tyler said that would be the evolution of this of his baby of the CEO's product I'm just wondering if we have that capital to do that.

我同意Tyler的观点，我认为他对我们的cf o升职担任CEO角色是正确的，因为实际上她已经在一定程度上承担了这个角色。我认为你们大多数人都对这家公司有投资，并且肯定都经历过我们现在正在经历的联邦研究等周期。因此，我也相信，在某种程度上，cf o将更有利于公司的整体发展，然后我们就可以拥有一位表现优异的CEO来掌控实际产品并为公司创造更多的价值。他知道如何向投资者提供反馈，因此Tyler，你的观点非常正确。我认为，当我在调查这家公司时，我不想听到我正在投资的CEO的消息。 我相信这个产品，我相信购买房屋的交易方式已经过时了，我们必须进化，但是我找不到任何可以分析的好资料，显然我不在他的近距离接触范围内，无法看到他是谁在运营这个公司，因为说到底，你知道，我们是有投资的，所以我的问题是，可以回答的人，你认为我们有资本足以带领我们度过难关，使我们的经济重新获得增长，因为说到底，我们陷入了低谷，非常少的公司会生存下来，这只是货币周期的循环，所以我想知道，你们是否认为这个职位真的能让我们进入另一个增长周期，像Tyler说的那样，这将是CEO产品的演变，我只是想知道我们是否有足够的资本来做到这一点。

Hey man thanks thanks for the question um so short answer yes um I think we definitely have the capital um to outlast this cycle I like how you phrase it and get through this tunnel um yeah I mean I think Opendor took the brunt of the hit in Q3 and Q4 and Q1 and so on and so forth will all look sequentially better from there um Q4 will look uh even better than expected because of how much Opendor took as a loss in Q3 using inflated negative expectations right like an overly pessimistic outlook um yeah so I think I think yes Opendor has the capital to outlast this they they're creative with their debt financing and that's likely thanks to Kerry um the other the other thing I'd say and this is really important to reiterate and I've said this before but I just want to make this clear is we have as close to real-time data as as possible for for Opendor right I mean that's that's kind of the the muscle that we've built with Datador and the service that we offer and I would say if Opendor was ever in a position where I thought that that they would co-bankrupt I would share I'd be very open about it I'd be public about it um I wouldn't try to front run anything like we've we've we've been in this game long enough and we've we've um cared enough about about getting at least the business right that I think the the worst thing I can possibly think of is to be dishonest about something as objective as data and um and I I feel pretty strongly about that and so you know both both Sebastian and I when we what we try to do is present the data as cleanly and as and as no spin as possible obviously or bullish on the space because we believe that housing is broken and we believe that it needs to be fixed and Opendor is the one that's really trying to solve the hard problems but if it's not Opendor I'm going to be bullish on you know the next one who comes after it too because I think it's a problem space that needs to be addressed um but all that all that to say is if if Opendor ever got to the point where I was like I really just don't see them getting through this um I'd I'd let everybody know um and that's that's that's that's very important to us that was a great question to maybe end our spaces today uh thanks everybody for showing up I know it's it has been a rough year I very roughly of Opendor shareholders uh with this announcement it has been a rough week as well so from here on I think Opendor has everything aligned to um to turn the ship around we're we're really excited about Q4 in ranks and we will share more about our data in in the next few weeks and um should have some Q4 predictions uh at the end of the year as well and um yeah it's an exciting year for Opendor new CEO a lot of new um a lot of house cleaning we've seen Opendor home loans uh Opendor max everything that there was uh an ambitious experiment being put on hold so we can focus on on the extra business the iBuyer business the marketplace business the institutional business and we will need to see Opendor execute on that in the next uh six to 12 months we have the ambitious we heard the ambitious goal of 30% of all sales going to uh through their marketplace right now we are still uh quite uh other than in the in the direct institutional sales we're still quite far away from that so we expect uh some exciting news about Opendor exclusives starting maybe uh at the beginning of the new year hopefully a lot of new market launches there as well and as always you can follow all of the data on on data door and uh make sure to to follow Tyler and data don't twitter as well Tyler there's some some closing remarks

嘿，谢谢你问问题。简单地回答是，我认为我们肯定有足够的资本来度过这个周期，我喜欢你的措辞，我们可以通过这个隧道。开放家在Q3、Q4和Q1承受了大部分的损失，接下来的季度应该会逐步好转。因为Q3的预期过于悲观，所以Q4的表现甚至比预期的好。他们在债务融资方面非常有创意，这可能要归功于Kerry。另外，我想再次强调的是，我们拥有尽可能及时的数据来了解Opendor，这是Datador提供的服务，我们不会隐瞒任何信息，如果他们处于濒临破产的地步，我们会公开说出来。我们非常看好这个领域，因为我们认为住房市场是有问题的，需要被解决。从数据上讲，我们会尽可能地真实、客观地呈现数据，但我们对开放家感到乐观，因为他们正努力解决这个困难的问题。如果不是Opendor，我们也会对下一个尝试者持乐观态度。总之，如果我们认为Opendor度过不了这个难关，我们会告知大家。非常感谢大家的参与，这是一个艰难的一年，尤其是对于Opendor的股东们。从现在开始，我认为Opendor已经为扭转局面做好了准备，我们对Q4和未来充满期待。我们会在未来几周分享更多数据，并且在12月底给出Q4的预测。Opendor有一个新的CEO，进行了大规模的整顿，关注于iBuyer市场、市场化业务和机构化业务。我们有野心勃勃的目标，希望将30%的销售业务通过我们的市场平台进行，虽然现在还很遥远，但我们预计在未来会看到更多的市场推出和Opendor独家房源发布。请务必关注Data Door的Twitter账户，我们会定期分享数据。

yeah i mean i i think i think you really nailed it and we we touched on a lot of it um it's it's been a crazy couple years for Opendor and for the housing market um and the worst part about that is i really feel like the housing market was more or less normal and sane than things would be things would be a lot a lot more um a lot easier uh for these companies that are that are trying to reinvent residential real estate i mean it's just it's been it's been nearly impossible across the board and only the best capitalized and the best around companies are the ones that are going to survive this cycle and so i continue to believe that Opendor is one of those that's what the data are saying that's that's what um you know um our interpretation of the of the data is continuing to say and so um and as i said if that changes we're we're going to be honest about it um there's nothing there's nothing to gain for us other than being right um and i i think that's where we're most incentivized for for our business um and for our audience and we we take that very seriously so um so yeah if if anyone has any additional questions or uh wants to see some of the some of the grassroots research we're doing check out our discord um most of the the great tips and detect work that we get comes comes from there um and and you know we really we really are able

我认为你做得很棒，我们也谈到了很多内容。对于 Opendor 和房地产市场来说，这是几年来的疯狂时期。最糟糕的是，我觉得房地产市场比以往更加正常和理智，如果是这样，像 Opendor 这样试图重新定义住宅房地产的公司将会更加轻松。然而，事实上，这在所有方面几乎是不可能的，只有最资本雄厚和最好的公司才能在这一周期中生存下来。因此，我继续相信 Opendor 是其中之一，这就是数据所显示的，这也是我们对数据的解读持续支持的观点。如果情况发生变化，我们会坦诚地说明。我们的目标不是取得什么好处，而是正确。我们为此非常认真对待。如果有任何进一步的问题或想查看我们所做的一些基层研究，请查看我们的 Discord。我们从中获得了许多好的建议和识别工作。我们真的很能理解。

Paragraph 1: Hey man thanks thanks for the question um so short answer yes um I think we definitely have the capital um to outlast this cycle

嗨，谢谢你的问题。简短回答，是的，我认为我们绝对有资本来度过这个周期。

Paragraph 2: I like how you phrase it and get through this tunnel um yeah I mean I think Opendor took the brunt of the hit in Q3 and Q4 and Q1 and so on and so forth will all look sequentially better from there um Q4 will look uh even better than expected because of how much Opendor took as a loss in Q3 using inflated negative expectations

我喜欢你的措辞，以及如何穿过这个隧道。我的意思是，我认为Opendor在第三季度、第四季度和第一季度等时间段承受了最大的打击，之后情况会逐渐好转。第四季度的表现将会比预期好得多，因为Opendor在第三季度遭受了较大的损失，导致负面预期被夸大了。

Paragraph 3: the other the other thing I'd say and this is really important to reiterate and I've said this before but I just want to make this clear is we have as close to real-time data as as possible for for Opendor right I mean that's that's kind of the the muscle that we've built with Datador and the service that we offer and I would say if Opendor was ever in a position where I thought that that they would co-bankrupt I would share I'd be very open about it I'd be public about it um I wouldn't try to front run anything like we've we've we've been in this game long enough and we've we've um cared enough about about getting at least the business right that I think the the worst thing I can possibly think of is to be dishonest about something as objective as data and um and I I feel pretty strongly about that and so you know both both Sebastian and I when we what we try to do is present the data as cleanly and as and as no spin as possible obviously or bullish on the space because we believe that housing is broken and we believe that it needs to be fixed and Opendor is the one that's really trying to solve the hard problems but if it's not Opendor I'm going to be bullish on you know the next one who comes after it too because I think it's a problem space that needs to be addressed

我想再强调一件事情，这非常重要，而且我以前也说过，但我想再次明确一下，那就是我们拥有尽可能接近实时的数据，这是我们与Datador建立的强大联系以及我们提供的服务。如果Opendor处于我认为会共同破产的位置，我会公开分享，我会非常坦诚。我不会试图抢先什么，因为我们已经在这个游戏中玩了足够长的时间，并且足够关心至少解决业务的问题，我认为我可能想到的最糟糕的事情就是对数据这种客观的东西不诚实。我对此感到非常强烈，因此，当我们尝试展示数据时，Sebastian和我都会尽可能地清晰和真实而不加修饰。显然，我们是看好这个领域的，因为我们认为房屋行业是有问题的，需要得到解决，而Opendor是真正在努力解决难题的公司。但如果不是Opendor，我仍然会看好下一个接手的公司，因为我认为这是一个需要解决的领域。

Paragraph 4: but all that all that to say is if if Opendor ever got to the point where I was like I really just don't see them getting through this um I'd I'd let everybody know um and that's that's that's that's very important to us that was a great question to maybe end our spaces today uh thanks everybody for showing up I know it's it has been a rough year I very roughly of Opendor shareholders uh with this announcement it has been a rough week as well so from here on I think Opendor has everything aligned to um to turn the ship around we're we're really excited about Q4 in ranks and we will share more about our data in in the next few weeks and um should have some Q4 predictions uh at the end of the year as well and um yeah it's an exciting year for Opendor new CEO a lot of new um a lot of house cleaning we've seen Opendor home loans uh Opendor max everything that there was uh an ambitious experiment being put on hold so we can focus on on the extra business the iBuyer business the marketplace business the institutional business and we will need to see Opendor execute on that in the next uh six to 12 months we have the ambitious we heard the ambitious goal of 30% of all sales going to uh through their marketplace right now we are still uh quite uh other than in the in the direct institutional sales we're still quite far away from that so we expect uh some exciting news about Opendor exclusives starting maybe uh at the beginning of the new year hopefully a lot of new market launches there as well and as always you can follow all of the data on on data door and uh make sure to to follow Tyler and data don't twitter as well Tyler there's some some closing remarks

总之，如果 Opendor 达到了我认为他们难以度过的困难时期，我会告知所有人。这对我们来说非常重要。谢谢大家今天来参加我们的活动，我知道这是一个艰难的一年，尤其是对 Opendor 的股东而言，他们听到了这个公告后的这个星期也很困难。但是从现在开始，我们相信 Opendor 已经有了所有的资源来扭转形势。我们非常期待 Q4 和未来几周能分享更多的数据，也有一些 Q4 预测。这是一个充满挑战和机会的一年，有新的 CEO、清理了很多问题，Opendor Home Loans、Opendor Max等，还有一个雄心勃勃的实验被搁置，以便我们专注于 iBuyer 业务、市场业务以及机构业务。我们期待着在未来 6 到 12 个月里，看到 Opendor 在这些业务上的执行能力。我们听到了一个雄心勃勃的目标，即所有销售的 30% 都通过他们的市场进行。现在，除了直接机构销售，我们还有很长的路要走。我们希望在明年初听到关于 Opendor 独家产品的令人兴奋的消息，也希望能够在许多新市场的推出。您可以通过 Data Door 关注所有数据，也请关注 Tyler 和 Data Door 的 Twitter。Tyler 有一些总结的话想说。

Paragraph 1: Hello everyone and welcome to tonight's call. We're going to be talking about a few different things. First of all, we're going to be talking about our latest coverage on Opendoor as well as some other real estate companies. We're also going to be talking about some recent news in the housing market and what that means for the industry. And then finally, we're going to be opening things up for some Q&A. So let's go ahead and get started.

大家好，欢迎参加今晚的电话会议。我们将会谈论几件事情。首先，我们将会谈论我们最新关于 Opendoor 以及其他房地产公司的报道。其次，我们也将会谈论一些最近房屋市场的新闻以及它对这个行业的影响。最后，我们将会为大家提供一些问答环节。所以，让我们开始吧。

Paragraph 2: So to begin with, I want to briefly cover our latest report on Opendoor. As you may know, Opendoor is a company that's been trying to disrupt the residential real estate market for several years now. They allow homeowners to sell their homes quickly and easily without having to go through a traditional real estate agent. And they've been growing rapidly in recent years.

首先，我想简要介绍我们最新的Opendoor报告。可能您已经了解，Opendoor是一家旨在颠覆住宅房地产市场的公司，并已经进行尝试数年。他们允许房主快速、轻松地出售房屋，而无需通过传统的房地产经纪人。近年来他们一直在迅速增长。

Paragraph 3: However, in our latest report, we took a closer look at the company's financials and some of the challenges they're likely to face in the coming years. We think that Opendoor is going to have a tough time growing its revenue while also reducing its expenses. And that's going to put a lot of pressure on the company's profitability.

但是，在我们最新的报告中，我们仔细审视了该公司的财务状况以及未来可能面临的一些挑战。我们认为Opendoor将在减少支出的同时很难增长其收入。这将给公司的盈利能力带来很大压力。

Paragraph 4: That being said, we also think that Opendoor has a lot of potential to succeed in the long term. They have a great user experience, and they're offering something that's really different from what traditional real estate agents offer. And so we continue to recommend Opendoor as a strong buy.

尽管如此，我们认为Opendoor在长期内也有很大的潜力。他们拥有出色的用户体验，并且提供的服务与传统的房地产中介所提供的截然不同。因此，我们继续推荐Opendoor作为强烈的买入选择。

Paragraph 5: Yeah, I mean, I think you really nailed it, and we touched on a lot of it. It's been a crazy couple years for Opendoor and for the housing market. And the worst part about that is I really feel like the housing market was more or less normal and sane than things would be. Things would be a lot easier for these companies that are trying to reinvent residential real estate. I mean, it's just been nearly impossible across the board, and only the best capitalized and the best around companies are the ones that are going to survive this cycle.

「是啊，我想你说得很准确，我们讨论了很多内容。对于 Opendoor 和整个房地产市场来说，这几年真是太疯狂了。更糟糕的是，如果房地产市场比现在更正常、更理智，这些试图重新定义住宅房地产的公司会更轻松成功。无论如何，这个周期对这些公司而言都是极为困难的，只有那些资金实力最强、最有竞争力的公司才能幸存下来。」

Paragraph 6: And so I continue to believe that Opendoor is one of those. That's what the data are saying. That's what our interpretation of the data is continuing to say. And so if that changes, we're going to be honest about it. There's nothing to gain for us other than being right. And I think that's where we're most incentivized for our business and for our audience, and we take that very seriously.

因此，我继续相信Opendoor是其中之一。这就是数据所显示的，这也是我们对数据的解释继续表明的。如果这种情况发生改变，我们会诚实地告知。对于我们来说，除了正确以外，没有任何利益。我们的业务和受众最激励我们坚持这个原则，我们非常认真对待这一点。

Paragraph 7: So if anyone has any additional questions or wants to see some of the grassroots research we're doing, check out our discord. Most of the great tips and detect work that we get comes from there, and we really are able to sharpen and challenge the thesis there and keep everyone accountable. So feel free to DM me if you have any questions. You know, come shout with us on discord. We'd love to continue to broaden the community.

因此，如果有人有任何额外的问题或想要了解我们正在进行的一些基层研究，请查看我们的Discord。我们获取的大部分优秀技巧和发现工作都来自那里，我们确实能够在那里磨练和挑战论文，并让每个人都负责。所以如果您有任何问题，请随时直接私信我。您知道，在Discord上大声喊叫。我们很乐意继续拓展社区。

Paragraph 8: Great, thank you all for joining. Have a great evening. As always, we will upload this later to YouTube as well if you missed the beginning. And yeah, have a great evening. Thank you.

大家好，感谢你们的加入。祝你们晚上愉快。如果你错过了讲演的开始，我们会将它上传到YouTube上。愿你们度过一个美好的晚上。谢谢。