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Opendoor Technologies | 10-Q: Q2 2024 Earnings Report

Opendoor Technologies | 10-Q: Q2 2024 Earnings Report

Opendoor Technologies | 10-Q：2024財年二季報
美股SEC公告 ·  2024/08/02 04:27

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Opendoor Technologies reported Q2 2024 revenue of $1.51 billion, down 24% year-over-year, with a net loss of $92 million compared to a net income of $23 million in Q2 2023. The company sold 4,078 homes during the quarter, a 24% decrease from 5,383 homes in the prior year period, while gross margin improved to 8.5% from 7.5%.The company's financial position remained stable with $790 million in cash and cash equivalents, though total cash and restricted cash decreased by $629 million during the first half of 2024. Real estate inventory stood at $2.23 billion as of June 30, with 6,399 homes in inventory. The company maintained $4.9 billion in undrawn borrowing capacity under its non-recourse asset-backed debt facilities.Management noted that the housing market remains challenging due to elevated mortgage rates and low listing volumes. The company has focused on optimizing performance through dynamic spread setting and risk management, while expanding reach through partnerships with major platforms like Zillow and Redfin. Contribution margin improved significantly to 6.3% from -4.6% year-over-year, reflecting higher spreads and relative home price stabilization.
Opendoor Technologies reported Q2 2024 revenue of $1.51 billion, down 24% year-over-year, with a net loss of $92 million compared to a net income of $23 million in Q2 2023. The company sold 4,078 homes during the quarter, a 24% decrease from 5,383 homes in the prior year period, while gross margin improved to 8.5% from 7.5%.The company's financial position remained stable with $790 million in cash and cash equivalents, though total cash and restricted cash decreased by $629 million during the first half of 2024. Real estate inventory stood at $2.23 billion as of June 30, with 6,399 homes in inventory. The company maintained $4.9 billion in undrawn borrowing capacity under its non-recourse asset-backed debt facilities.Management noted that the housing market remains challenging due to elevated mortgage rates and low listing volumes. The company has focused on optimizing performance through dynamic spread setting and risk management, while expanding reach through partnerships with major platforms like Zillow and Redfin. Contribution margin improved significantly to 6.3% from -4.6% year-over-year, reflecting higher spreads and relative home price stabilization.
Opendoor Technologies報告2024年第二季度營業收入爲15.1億美元，同比下降24%，淨虧損爲9200萬美元，而2023年第二季度的凈利潤爲2300萬美元。該公司在本季度售出了4,078套房屋，比去年同期的5,383套下降了24%，毛利率從7.5%提高至8.5%。公司的財務狀況保持穩定，現金及現金等價物爲79000萬美元，儘管2024年上半年總現金和受限現金減少了62900萬美元。截止6月30日，房地產業庫存爲22.3億美元，庫存中有6,399套房屋。該公司在非追索資產擔保債務工具下保持了49億美元的未提取借款能力。管理層指出，由於抵押貸款利率高企和上市數量低，住房市場仍然面臨挑戰。該公司專注於通過動態利差設定和風險管理來優化業績，同時通過與Zillow和Redfin等主要平台的合作擴展市場。貢獻毛利率顯著改善，從同比-4.6%提高至6.3%，反映出更高的利差和相對房價的穩定。
Opendoor Technologies報告2024年第二季度營業收入爲15.1億美元，同比下降24%，淨虧損爲9200萬美元，而2023年第二季度的凈利潤爲2300萬美元。該公司在本季度售出了4,078套房屋，比去年同期的5,383套下降了24%，毛利率從7.5%提高至8.5%。公司的財務狀況保持穩定，現金及現金等價物爲79000萬美元，儘管2024年上半年總現金和受限現金減少了62900萬美元。截止6月30日，房地產業庫存爲22.3億美元，庫存中有6,399套房屋。該公司在非追索資產擔保債務工具下保持了49億美元的未提取借款能力。管理層指出，由於抵押貸款利率高企和上市數量低，住房市場仍然面臨挑戰。該公司專注於通過動態利差設定和風險管理來優化業績，同時通過與Zillow和Redfin等主要平台的合作擴展市場。貢獻毛利率顯著改善，從同比-4.6%提高至6.3%，反映出更高的利差和相對房價的穩定。
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