Revenue of $234.2 million up from the second
quarter and in line with guidance
Company expects to achieve sustainable Adj
EBITDA profitability in 2024
Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading
tech-enabled platform for residential real estate, today released
financial results for the three months ended September 30,
2023.
“We are pleased that we met both top and bottom-line
expectations in the third quarter, despite a continued difficult
macro environment. We are particularly proud of our expanding
contribution margin,” said Brian Bair, Offerpad’s chairman and CEO.
“We have proven we can perform in a difficult market, and we have
exciting opportunities ahead of us. We are well positioned for
further solid performance in 2024 as we take the friction out of
real estate.”
“The third quarter marked my first full quarter with Offerpad.
I’m very impressed with the team and pleased with our progress,”
said Jawad Ahsan, Offerpad’s chief financial officer. “We have
further refined our path to sustainable Adjusted EBITDA
profitability in 2024 and beyond, while optimizing three key
priorities. These include ensuring the business is on a path to
become profitable and self-sustaining; future proofing to mitigate
against macro volatility; and, better aligning our marketing
strategy with our customer behavior. I look forward to sharing our
progress over the coming quarters.”
Third quarter highlights include:
- Attained a customer satisfaction score of 91% and NPS of 63%,
reflecting Offerpad’s commitment to delighting its customers.
- Reported our highest Gross Margin since Q2 2021, which rose 57
basis points quarter over quarter from 9.7% to 10.2%.
- Contribution margin after interest rose nearly 900 basis points
quarter over quarter from (0.8%) to 8.2%, of which one third was
driven by asset-light products.
- Announced a program with Anywhere Real Estate, the largest
franchisor of real estate brands in the world, to expand our giant
network of agent partners with thousands of additional certified
agents nationwide.
- Refined the Offerpad roadmap and optimized the organization to
move toward sustainable Adjusted EBITDA profitability in 2024.
Third Quarter 2023 Financial Results – compared with the prior
quarter:
- Revenue was $234 million compared to $230 million
- Gross Profit increased to $24 million from $22 million
- Net Loss improved to ($20.0) million from ($22.3) million
- Adjusted EBITDA improved to ($13.3) million from ($17.3)
million
- Diluted Loss Per Share improved to ($0.73) from ($0.82)
Q3 2023 Financial Results (quarter over quarter)
Q3 2023
Q2 2023
Percentage Change
Homes acquired
930
840
11%
Homes sold
703
650
8%
Revenue
$234.2M
$230.1M
2%
Gross profit
$24.0M
$22.2M
8%
Net loss
($20.0M)
($22.3M)
11%
Adjusted EBITDA
($13.3M)
($17.3M)
23%
Gross profit per home sold
$34,100
$34,200
0%
Contribution profit (loss) after
interest per home sold
$27,200
($2,900)
n.a.
Cash and cash equivalents
$106.0M
$115.6M
(8%)
Q3 2023 Financial Results (year over year)
Q3 2023
Q3 2022
Percentage Change
Homes acquired
930
1,847
(50%)
Homes sold
703
2,280
(69%)
Revenue
$234.2M
$821.7M
(71%)
Gross profit
$24.0M
$2.2M
1010%
Net loss
($20.0M)
($80.0M)
75%
Adjusted EBITDA
($13.3M)
($64.3M)
79%
Gross profit per home sold
$34,100
$900
3501%
Contribution profit (loss) after
interest per home sold
$27,200
($4,500)
n.a.
Cash and cash equivalents
$106.0M
$196.8M
(46%)
Additional information regarding Offerpad’s third quarter 2023
financial results and management commentary can be found by
accessing the Company’s Quarterly Letter to Shareholders on the
Offerpad investor relations website.
Fourth Quarter 2023 Outlook
Offerpad is providing its fourth quarter outlook for 2023 as
follows:
Q4 2023 Outlook
Homes Sold
700 – 800
Revenue
$230M – $270M
Adjusted EBITDA1
($10)M – $0M
1 See Non-GAAP financial measures below for an explanation of
why a reconciliation of this guidance cannot be provided.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Jawad Ahsan will
host a conference call and accompanying webcast on November 1,
2023, at 4:30 p.m. ET. The webcast can be accessed on Offerpad’s
Investor Relations website. Those interested can register here.
Access to a replay of the webcast will be available from the same
website address shortly after the live webcast concludes.
About Offerpad
Offerpad’s mission is to deliver the best home buying and
selling experience. From cash offers and flexible listing options
to mortgages and buyer services, Offerpad has been helping
homeowners since 2015. We pair our local expertise in residential
real estate with proprietary technology to put you in control of
the process and help find the right solution that fits your needs.
Visit Offerpad.com for more information.
#OPAD_IR
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or Offerpad’s future
financial or operating performance. For example, statements
regarding Offerpad’s financial outlook, including homes sold and
Adjusted EBITDA, for the fourth quarter 2023, and expectations
regarding profitability, including the timing of reaching
sustainable positive Adjusted EBITDA, are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as “pro forma,” “may,” “should,”
“could,” “might,” “plan,” “possible,” “project,” “strive,”
“budget,” “forecast,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “potential” or “continue,” or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other important factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. Factors that may impact such
forward-looking statements include, but are not limited to,
Offerpad’s ability to respond to general economic conditions; the
health of the U.S. residential real estate industry; Offerpad’s
ability to grow market share in its existing markets or any new
markets it may enter; Offerpad’s ability to manage its growth
effectively; Offerpad’s ability to accurately value and manage
inventory, and to maintain an adequate and desirable supply of
inventory; Offerpad’s ability to successfully launch new product
and service offerings, and to manage, develop and refine its
technology platform; Offerpad’s ability to maintain and enhance its
products and brand, and to attract customers; Offerpad’s ability to
achieve and maintain profitability in the future; the success of
strategic relationships with third parties; and Offerpad’s failure
to meet the New York Stock Exchange’s continued listing standards.
These and other important factors discussed under the caption "Risk
Factors" in Offerpad’s Annual Report on Form 10-K for the year
ended December 31, 2022 filed with the Securities and Exchange
Commission on February 28, 2023, and Offerpad’s other reports filed
with the Securities and Exchange Commission could cause actual
results to differ materially from those indicated by the
forward-looking statements made in this press release. These
forward-looking statements are based upon estimates and assumptions
that, while considered reasonable by Offerpad and its management,
are inherently uncertain. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Offerpad
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated
Statements of Operations
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except per share data)
(Unaudited)
2023
2022
2023
2022
Revenue
$
234,228
$
821,732
$
1,073,954
$
3,275,100
Cost of revenue
210,255
819,573
1,020,465
3,047,818
Gross profit
23,973
2,159
53,489
227,282
Operating expenses:
Sales, marketing and operating
27,235
55,043
98,626
190,170
General and administrative
14,124
14,640
41,316
45,418
Technology and development
2,156
2,687
6,709
9,112
Total operating expenses
43,515
72,370
146,651
244,700
Loss from operations
(19,542
)
(70,211
)
(93,162
)
(17,418
)
Other income (expense):
Change in fair value of warrant
liabilities
131
1,961
177
20,162
Interest expense
(4,406
)
(15,889
)
(13,705
)
(30,856
)
Other income, net
3,837
643
5,084
671
Total other expense
(438
)
(13,285
)
(8,444
)
(10,023
)
Loss before income taxes
(19,980
)
(83,496
)
(101,606
)
(27,441
)
Income tax (expense) benefit
(6
)
3,474
(171
)
(35
)
Net loss
$
(19,986
)
$
(80,022
)
$
(101,777
)
$
(27,476
)
Net loss per share, basic
$
(0.73
)
$
(4.86
)
$
(3.90
)
$
(1.69
)
Net loss per share, diluted
$
(0.73
)
$
(4.86
)
$
(3.90
)
$
(1.69
)
Weighted average common shares
outstanding, basic
27,276
16,477
26,079
16,293
Weighted average common shares
outstanding, diluted
27,276
16,477
26,079
16,293
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated Balance
Sheets
September 30,
December 31,
(in thousands, except par value per share)
(Unaudited)
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
105,999
$
97,241
Restricted cash
7,409
43,058
Accounts receivable
3,874
2,350
Real estate inventory
289,597
664,697
Prepaid expenses and other current
assets
6,464
6,833
Total current assets
413,343
814,179
Property and equipment, net
4,698
5,194
Other non-current assets
4,106
5,696
TOTAL ASSETS
$
422,147
$
825,069
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
6,359
$
4,647
Accrued and other current liabilities
22,465
28,252
Secured credit facilities and other debt,
net
237,921
605,889
Secured credit facilities and other debt -
related party
37,854
60,176
Total current liabilities
304,599
698,964
Warrant liabilities
362
539
Other long-term liabilities
1,969
3,689
Total liabilities
306,930
703,192
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.0001 par value;
2,000,000 shares authorized; 27,233 and 15,491 shares issued and
outstanding as of September 30, 2023 and December 31, 2022,
respectively
3
2
Class B common stock, zero shares
authorized, issued and outstanding as of September 30, 2023; and
$0.0001 par value, 20,000 shares authorized; 988 shares issued and
outstanding as of December 31, 2022
—
—
Additional paid in capital
497,660
402,544
Accumulated deficit
(382,446
)
(280,669
)
Total stockholders’ equity
115,217
121,877
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
422,147
$
825,069
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated
Statements of Cash Flows
Nine Months Ended
September 30,
($ in thousands) (Unaudited)
2023
2022
Cash flows from operating
activities:
Net loss
$
(101,777
)
$
(27,476
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation
556
764
Amortization of debt financing costs
3,080
2,160
Real estate inventory valuation
adjustment
8,372
49,734
Stock-based compensation
5,915
6,293
Change in fair value of warrant
liabilities
(177
)
(20,162
)
Change in fair value of derivative
instruments
(1,994
)
—
Loss on disposal of property and
equipment
30
—
Changes in operating assets and
liabilities:
Accounts receivable
(1,524
)
(2,956
)
Real estate inventory
366,728
(101,208
)
Prepaid expenses and other assets
3,541
(2,988
)
Accounts payable
1,712
1,444
Accrued and other liabilities
(7,507
)
2,471
Net cash provided by (used in)
operating activities
276,955
(91,924
)
Cash flows from investing
activities:
Purchases of property and equipment
(90
)
(917
)
Purchases of derivative instruments
(2,569
)
—
Proceeds from sale of derivative
instruments
2,981
—
Net cash provided by (used in)
investing activities
322
(917
)
Cash flows from financing
activities:
Borrowings from credit facilities and
other debt
687,715
2,889,790
Repayments of credit facilities and other
debt
(1,080,821
)
(2,771,861
)
Payment of debt financing costs
(264
)
(466
)
Borrowings from warehouse lending
facility
21,951
—
Repayments of warehouse lending
facility
(21,951
)
—
Proceeds from issuance of pre-funded
warrants
90,000
—
Proceeds from exercise of pre-funded
warrants
11
—
Issuance cost of pre-funded warrants
(784
)
—
Proceeds from exercise of stock
options
53
4,898
Payments for taxes related to stock-based
awards
(78
)
(285
)
Net cash (used in) provided by
financing activities
(304,168
)
122,076
Net change in cash, cash equivalents
and restricted cash
(26,891
)
29,235
Cash, cash equivalents and restricted
cash, beginning of period
140,299
194,433
Cash, cash equivalents and restricted
cash, end of period
$
113,408
$
223,668
Reconciliation of cash, cash
equivalents and restricted cash to the condensed consolidated
balance sheet:
Cash and cash equivalents
$
105,999
$
196,838
Restricted cash
7,409
26,830
Total cash, cash equivalents and
restricted cash
$
113,408
$
223,668
Supplemental disclosure of cash flow
information:
Cash payments for interest
$
23,406
$
36,536
Non-GAAP Financial Measures
In addition to Offerpad’s results of operations above, Offerpad
reports certain financial measures that are not required by, or
presented in accordance with, U.S. generally accepted accounting
principles (“GAAP”). These measures have limitations as analytical
tools when assessing Offerpad’s operating performance and should
not be considered in isolation or as a substitute for GAAP
measures, including gross profit and net income.
Offerpad may calculate or present its non-GAAP financial
measures differently than other companies who report measures with
similar titles and, as a result, the non-GAAP financial measures
Offerpad reports may not be comparable with those of companies in
Offerpad’s industry or in other industries. Offerpad has not
provided a quantitative reconciliation of forecasted Adjusted
EBITDA to forecasted net income (loss) within this press release
because Offerpad is unable to calculate certain reconciling items
without making unreasonable efforts. These items, which include,
but are not limited to, stock-based compensation with respect to
future grants and forfeitures, could materially affect the
computation of forward-looking net income (loss), are inherently
uncertain and depend on various factors, some of which are outside
of Offerpad’s control.
Adjusted Gross Profit, Contribution Profit, and Contribution
Profit After Interest (and related margins)
To provide investors with additional information regarding
Offerpad’s margins, Offerpad has included Adjusted Gross Profit,
Contribution Profit, and Contribution Profit After Interest (and
related margins), which are non-GAAP financial measures. Offerpad
believes that Adjusted Gross Profit, Contribution Profit, and
Contribution Profit After Interest are useful financial measures
for investors as they are used by management in evaluating unit
level economics and operating performance across Offerpad’s
markets. Each of these measures is intended to present the
economics related to homes sold during a given period. Offerpad
does so by including revenue generated from homes sold (and
ancillary services) in the period and only the expenses that are
directly attributable to such home sales, even if such expenses
were recognized in prior periods, and excluding expenses related to
homes that remain in real estate inventory as of the end of the
period presented. Contribution Profit provides investors a measure
to assess Offerpad’s ability to generate returns on homes sold
during a reporting period after considering home acquisition costs,
renovation and repair costs, and adjusting for holding costs and
selling costs. Contribution Profit After Interest further impacts
gross profit by including interest costs (including senior and
mezzanine secured credit facilities) attributable to homes sold
during a reporting period. Offerpad believes these measures
facilitate meaningful period over period comparisons and illustrate
Offerpad’s ability to generate returns on assets sold after
considering the costs directly related to the assets sold in a
presented period.
Adjusted Gross Profit, Contribution Profit and Contribution
Profit After Interest (and related margins) are supplemental
measures of Offerpad’s operating performance and have limitations
as analytical tools. For example, these measures include costs that
were recorded in prior periods under GAAP and exclude, in
connection with homes held in real estate inventory at the end of
the period, costs required to be recorded under GAAP in the same
period.
Accordingly, these measures should not be considered in
isolation or as a substitute for analysis of Offerpad’s results as
reported under GAAP. Offerpad includes a reconciliation of these
measures to the most directly comparable GAAP financial measure,
which is gross profit.
Adjusted Gross Profit / Margin
Offerpad calculates Adjusted Gross Profit as gross profit under
GAAP adjusted for (1) net real estate inventory valuation
adjustment plus (2) interest expense associated with homes sold in
the presented period and recorded in cost of revenue. Net real
estate inventory valuation adjustment is calculated by adding back
the real estate inventory valuation adjustment charges recorded
during the period on homes that remain in real estate inventory at
period end and subtracting the real estate inventory valuation
adjustment charges recorded in prior periods on homes sold in the
current period. Offerpad defines Adjusted Gross Margin as Adjusted
Gross Profit as a percentage of revenue.
Offerpad views this metric as an important measure of business
performance, as it captures gross margin performance isolated to
homes sold in a given period and provides comparability across
reporting periods. Adjusted Gross Profit helps management assess
performance across the key phases of processing a home
(acquisitions, renovations, and resale) for a specific resale
cohort.
Contribution Profit / Margin
Offerpad calculates Contribution Profit as Adjusted Gross
Profit, minus (1) direct selling costs incurred on homes sold
during the presented period, minus (2) holding costs incurred in
the current period on homes sold during the period recorded in
sales, marketing, and operating, minus (3) holding costs incurred
in prior periods on homes sold in the current period recorded in
sales, marketing, and operating, plus (4) other income, net which
is primarily comprised of interest income earned on our cash and
cash equivalents and fair value adjustments of derivative financial
instruments. The composition of Offerpad’s holding costs is
described in the footnotes to the reconciliation table below.
Offerpad defines Contribution Margin as Contribution Profit as a
percentage of revenue.
Offerpad views this metric as an important measure of business
performance as it captures the unit level performance isolated to
homes sold in a given period and provides comparability across
reporting periods. Contribution Profit helps management assess
inflows and outflow directly associated with a specific resale
cohort.
Contribution Profit / Margin After Interest
Offerpad defines Contribution Profit After Interest as
Contribution Profit, minus (1) interest expense associated with
homes sold in the presented period and recorded in cost of revenue,
minus (2) interest expense associated with homes sold in the
presented period, recorded in costs of sales, and previously
excluded from Adjusted Gross Profit, and minus (3) interest expense
under Offerpad’s senior and mezzanine secured credit facilities
incurred on homes sold during the period. This includes interest
expense recorded in prior periods in which the sale occurred.
Offerpad’s senior and mezzanine secured credit facilities are
secured by their homes in real estate inventory and drawdowns are
made on a per-home basis at the time of purchase and are required
to be repaid at the time the homes are sold. Offerpad defines
Contribution Margin After Interest as Contribution Profit After
Interest as a percentage of revenue.
Offerpad views this metric as an important measure of business
performance. Contribution Profit After Interest helps management
assess Contribution Margin performance, per above, when fully
burdened with costs of financing.
The following tables present a reconciliation of Offerpad’s
Adjusted Gross (Loss) Profit, Contribution (Loss) Profit and
Contribution (Loss) Profit After Interest to Offerpad’s Gross
(Loss) Profit, which is the most directly comparable GAAP measure,
and Contribution (Loss) Profit Per Home Sold and Contribution
(Loss) Profit After Interest Per Home Sold to Offerpad’s Gross
(Loss) Profit Per Home Sold, which is the most directly comparable
GAAP measure, for the periods indicated:
Three Months Ended September
30,
Nine Months Ended September
30,
(in thousands, except percentages and
homes sold, unaudited)
2023
2022
2023
2022
Gross profit (GAAP)
$
23,973
$
2,159
$
53,489
$
227,282
Gross margin
10.2
%
0.3
%
5.0
%
6.9
%
Homes sold
703
2,280
2,962
8,770
Gross profit per home sold
$
34.1
$
0.9
$
18.1
$
25.9
Adjustments:
Real estate inventory valuation adjustment
- current period (1)
918
27,529
985
39,807
Real estate inventory valuation adjustment
- prior period (2)
(318
)
(8,955
)
(58,125
)
(1,205
)
Interest expense capitalized (3)
235
2,508
6,270
9,579
Adjusted gross profit
$
24,808
$
23,241
$
2,619
$
275,463
Adjusted gross margin
10.6
%
2.8
%
0.2
%
8.4
%
Adjustments:
Direct selling costs (4)
(5,593
)
(21,419
)
(29,396
)
(76,797
)
Holding costs on sales - current period
(5)(6)
(453
)
(1,765
)
(2,328
)
(5,884
)
Holding costs on sales - prior period
(5)(7)
(72
)
(405
)
(2,166
)
(916
)
Other income, net (8)
3,837
643
5,084
671
Contribution profit (loss)
$
22,527
$
295
$
(26,187
)
$
192,537
Contribution margin
9.6
%
0.0
%
(2.4
)%
5.9
%
Homes sold
703
2,280
2,962
8,770
Contribution profit (loss) per home
sold
$
32.0
$
0.1
$
(8.8
)
$
22.0
Adjustments:
Interest expense capitalized (3)
(235
)
(2,508
)
(6,270
)
(9,579
)
Interest expense on homes sold - current
period (9)
(2,622
)
(5,707
)
(11,782
)
(19,225
)
Interest expense on homes sold - prior
period (10)
(554
)
(2,382
)
(13,924
)
(3,733
)
Contribution profit (loss) after
interest
$
19,116
$
(10,301
)
$
(58,163
)
$
160,000
Contribution margin after interest
8.2
%
(1.3
)%
(5.4
)%
4.9
%
Homes sold
703
2,280
2,962
8,770
Contribution profit (loss) after
interest per home sold
$
27.2
$
(4.5
)
$
(19.6
)
$
18.2
(1)
Real estate inventory valuation adjustment
– current period is the real estate inventory valuation adjustments
recorded during the period presented associated with homes that
remain in real estate inventory at period end.
(2)
Real estate inventory valuation adjustment
– prior period is the real estate inventory valuation adjustments
recorded in prior periods associated with homes that sold in the
period presented.
(3)
Interest expense capitalized represents
all interest related costs, including senior and mezzanine secured
credit facilities, incurred on homes sold in the period presented
that were capitalized and expensed in cost of sales at the time of
sale.
(4)
Direct selling costs represents selling
costs incurred related to homes sold in the period presented. This
primarily includes broker commissions and title and escrow closing
fees.
(5)
Holding costs primarily include insurance, utilities, homeowners
association dues, property taxes, cleaning, and maintenance costs.
(6)
Represents holding costs incurred on homes
sold in the period presented and expensed to Sales, marketing, and
operating on the Condensed Consolidated Statements of
Operations.
(7)
Represents holding costs incurred in prior
periods on homes sold in the period presented and expensed to
Sales, marketing, and operating on the Condensed Consolidated
Statements of Operations.
(8)
Other income, net principally represents interest income earned on
our cash and cash equivalents and fair value adjustments of
derivative financial instruments.
(9)
Represents both senior and mezzanine
interest expense incurred on homes sold in the period presented and
expensed to interest expense on the Condensed Consolidated
Statements of Operations.
(10)
Represents both senior and mezzanine
secured credit facilities interest expense incurred in prior
periods on homes sold in the period presented and expensed to
interest expense on the Condensed Consolidated Statements of
Operations.
Adjusted Net Income (Loss) and Adjusted EBITDA
Offerpad also presents Adjusted Net Income (Loss) and Adjusted
EBITDA, which are non-GAAP financial measures, which the management
team uses to assess Offerpad’s underlying financial performance.
Offerpad believes these measures provide insight into period over
period performance, adjusted for non-recurring or non-cash
items.
Offerpad calculates Adjusted Net Income (Loss) as GAAP Net
Income (Loss) adjusted for the change in fair value of warrant
liabilities. Offerpad defines Adjusted Net Income (Loss) Margin as
Adjusted Net Income (Loss) as a percentage of revenue.
Offerpad calculates Adjusted EBITDA as Adjusted Net Income
(Loss) adjusted for interest expense, amortization of capitalized
interest, taxes, depreciation and amortization and stock-based
compensation expense. Offerpad defines Adjusted EBITDA Margin as
Adjusted EBITDA as a percentage of revenue.
Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental
to Offerpad’s operating performance measures calculated in
accordance with GAAP and have important limitations. For example,
Adjusted Net Income (Loss) and Adjusted EBITDA exclude the impact
of certain costs required to be recorded under GAAP and could
differ substantially from similarly titled measures presented by
other companies in Offerpad’s industry or companies in other
industries. Accordingly, these measures should not be considered in
isolation or as a substitute for analysis of Offerpad’s results as
reported under GAAP.
The following table presents a reconciliation of Offerpad’s
Adjusted Net Income (Loss) and Adjusted EBITDA to their GAAP Net
Income (Loss), which is the most directly comparable GAAP measure,
for the periods indicated:
Three Months Ended September
30,
Nine Months Ended September
30,
(in thousands, except percentages,
unaudited)
2023
2022
2023
2022
Net loss (GAAP)
$
(19,986
)
$
(80,022
)
$
(101,777
)
$
(27,476
)
Change in fair value of warrant
liabilities
(131
)
(1,961
)
(177
)
(20,162
)
Adjusted net loss
$
(20,117
)
$
(81,983
)
$
(101,954
)
$
(47,638
)
Adjusted net loss margin
(8.6
)%
(10.0
)%
(9.5
)%
(1.5
)%
Adjustments:
Interest expense
4,406
15,889
13,705
30,856
Amortization of capitalized interest
(1)
235
2,508
6,270
9,579
Income tax expense (benefit)
6
(3,474
)
171
35
Depreciation and amortization
175
515
556
764
Amortization of stock-based
compensation
2,017
2,265
5,915
6,293
Adjusted EBITDA
$
(13,278
)
$
(64,280
)
$
(75,337
)
$
(111
)
Adjusted EBITDA margin
(5.7
)%
(7.8
)%
(7.0
)%
(0.0
)%
(1)
Amortization of capitalized interest
represents all interest related costs, including senior and
mezzanine secured interest related costs, incurred on homes sold in
the period presented that were capitalized and expensed in cost of
sales at the time of sale.
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version on businesswire.com: https://www.businesswire.com/news/home/20231101359114/en/
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