Gross Margin Improves for Third Consecutive
Quarter
Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading
tech-enabled platform for residential real estate, today released
financial results for the three months ended June 30, 2024.
“During the second quarter, we delivered revenue within our
guidance and sequential improvement in Adjusted EBITDA. Our focus
on expense management, and the continued growth in our asset light
platform services, drove improvement in gross margin, contribution
margin, and Adjusted EBITDA,” said Brian Bair, Offerpad’s chief
executive officer. “We intend to remain flexible to adapt quickly
to market shifts and have adjusted our buy box, focusing more on
wider margins per home and less on volume. We are pleased that our
approach to strategic operations and disciplined expense management
is positioning us well on the path to sustained profitability, in
any real estate market.”
Highlights include:
- Improved Net Loss and Adjusted EBITDA 38% and 74%,
respectively, from the prior year
- Gross margin of 8.7%, up 80bps from 7.9% in the prior
quarter
- Gross profit per home sold of $29.5k, up 10% from the prior
quarter
- Contribution profit after interest per home sold of $14.5k, up
22% from the prior quarter
- Time to Cash for homes sold in the quarter of 106 days, down
from 138 the prior year
- Inventory owned 180+ days ended the quarter at 5.1% down from
8.5% the prior quarter
- Strong quarter for Renovate, with closed renovation projects
growing 306% versus the prior year, generating $4.9M in revenue.
Began working on projects for new customers including Freddie Mac
and Fannie Mae
- Requests from Offerpad’s Agent Partnership Program grew to 25%
of total, driving most efficient Customer Acquisition Cost (CAC)
since Q2’22
“As we look at the back-half of 2024 and beyond, we are
continuing to push hard on cost management and profitability with a
focus on building long-term value, regardless of the macro real
estate environment,” said Peter Knag, Offerpad’s chief financial
officer. “Offerpad’s business is uniquely positioned in this
shifting real estate landscape with significant opportunities
ahead, and I am excited to be a part of this organization.”
Q2 2024 Financial Results (quarter over quarter)
Q2 2024
Q1 2024
Percentage Change
Homes acquired
831
806
3%
Homes sold
742
847
(12%)
Revenue
$251.1M
$285.4M
(12%)
Gross profit
$21.9M
$22.6M
(3%)
Net loss
($13.8M)
($17.5M)
21%
Adjusted EBITDA
($4.4M)
($7.1M)
38%
Diluted Net Loss per Share
($0.50)
($0.64)
22%
Gross profit per home sold
$29,500
$26,700
10%
Contribution profit after interest per
home sold
$14,500
$11,900
22%
Cash and cash equivalents
$56.9M
$68.6M
(17%)
Q2 2024 Financial Results (year over year)
Q2 2024
Q2 2023
Percentage Change
Homes acquired
831
840
(1%)
Homes sold
742
650
14%
Revenue
$251.1M
$230.1M
9%
Gross profit
$21.9M
$22.2M
(2%)
Net loss
($13.8M)
($22.3M)
38%
Adjusted EBITDA
($4.4M)
($17.3M)
74%
Diluted Net Loss per Share
($0.50)
($0.82)
39%
Gross profit per home sold
$29,500
$34,200
(14%)
Contribution profit (loss) after
interest per home sold
$14,500
($2,900)
n.a.
Cash and cash equivalents
$56.9M
$115.6M
(51%)
Additional information regarding Offerpad’s second quarter 2024
financial results and management commentary can be found by
accessing the Company’s Quarterly Letter to Shareholders on the
Offerpad investor relations website.
Third Quarter 2024 Outlook
Offerpad is providing its third quarter outlook for 2024 as
follows:
Q3 2024 Outlook
Homes Sold
550 to 650
Revenue
$185M to $225M
Adjusted EBITDA1
Sequential Improvement
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
Brian Bair, Chairman and CEO, and Peter Knag, CFO, will host a
conference call and accompanying webcast on August 5, 2024, 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, dedicated to simplifying the process of buying and
selling homes, is a publicly traded company committed to providing
comprehensive solutions that removes the friction from real estate.
Our advanced real estate platform offers a range of services, from
consumer cash offers to B2B renovation solutions and industry
partnership programs, all tailored to meet the unique needs of our
clients. Since 2015, we've leveraged local expertise in residential
real estate alongside proprietary technology to guide homeowners at
every step. Learn more at www.offerpad.com.
#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,
revenue and Adjusted EBITDA, for the second quarter 2024, and
expectations regarding market conditions, strategic imperatives and
profitability, including the timing of reaching sustainable
positive Adjusted EBITDA and cash flow, 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 and
its costs structure effectively; Offerpad’s ability to accurately
value and manage real estate inventory, maintain an adequate and
desirable supply of real estate inventory, and manage renovations;
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; and the success of
strategic relationships with third parties. 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, 2023 filed with the Securities and Exchange Commission on
February 27, 2024, 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
Six Months Ended
June 30,
June 30,
(in thousands, except per share data)
(Unaudited)
2024
2023
2024
2023
Revenue
$
251,122
$
230,147
$
536,480
$
839,726
Cost of revenue
229,251
207,916
492,014
810,210
Gross profit
21,871
22,231
44,466
29,516
Operating expenses:
Sales, marketing and operating
20,230
29,040
42,682
71,391
General and administrative
10,538
12,713
22,493
27,192
Technology and development
964
2,312
2,737
4,553
Total operating expenses
31,732
44,065
67,912
103,136
Loss from operations
(9,861
)
(21,834
)
(23,446
)
(73,620
)
Other income (expense):
Change in fair value of warrant
liabilities
(9
)
435
335
46
Interest expense
(4,581
)
(1,867
)
(9,486
)
(9,299
)
Other income, net
615
965
1,369
1,247
Total other expense
(3,975
)
(467
)
(7,782
)
(8,006
)
Loss before income taxes
(13,836
)
(22,301
)
(31,228
)
(81,626
)
Income tax benefit (expense)
54
(43
)
(69
)
(165
)
Net loss
$
(13,782
)
$
(22,344
)
$
(31,297
)
$
(81,791
)
Net loss per share, basic
$
(0.50
)
$
(0.82
)
$
(1.14
)
$
(3.21
)
Net loss per share, diluted
$
(0.50
)
$
(0.82
)
$
(1.14
)
$
(3.21
)
Weighted average common shares
outstanding, basic
27,385
27,258
27,362
25,470
Weighted average common shares
outstanding, diluted
27,385
27,258
27,362
25,470
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated Balance
Sheets
June 30,
December 31,
(in thousands, except par value per share)
(Unaudited)
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
56,906
$
75,967
Restricted cash
16,092
3,967
Accounts receivable
6,745
9,935
Real estate inventory
307,750
276,500
Prepaid expenses and other current
assets
3,545
5,236
Total current assets
391,038
371,605
Property and equipment, net
4,492
4,517
Other non-current assets
11,095
3,572
TOTAL ASSETS
$
406,625
$
379,694
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
2,838
$
4,946
Accrued and other current liabilities
13,095
13,859
Secured credit facilities and other debt,
net
271,887
227,132
Secured credit facilities and other debt -
related party
31,899
30,092
Total current liabilities
319,719
276,029
Warrant liabilities
136
471
Other long-term liabilities
9,203
1,418
Total liabilities
329,058
277,918
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.0001 par value;
2,000,000 shares authorized; 27,329 and 27,233 shares issued and
outstanding as of June 30, 2024 and December 31, 2023,
respectively
3
3
Additional paid in capital
506,748
499,660
Accumulated deficit
(429,184
)
(397,887
)
Total stockholders’ equity
77,567
101,776
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
406,625
$
379,694
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated
Statements of Cash Flows
Six Months Ended
June 30,
($ in thousands) (Unaudited)
2024
2023
Cash flows from operating
activities:
Net loss
$
(31,297
)
$
(81,791
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation
314
380
Amortization of debt financing costs
1,153
1,980
Real estate inventory valuation
adjustment
1,168
7,454
Stock-based compensation
7,116
3,898
Change in fair value of warrant
liabilities
(335
)
(46
)
Change in fair value of derivative
instruments
—
715
Loss on disposal of property and
equipment
29
30
Changes in operating assets and
liabilities:
Accounts receivable
3,190
871
Real estate inventory
(32,418
)
446,124
Prepaid expenses and other assets
2,091
313
Accounts payable
(2,108
)
1,693
Accrued and other liabilities
(902
)
(10,126
)
Net cash (used in) provided by
operating activities
(51,999
)
371,495
Cash flows from investing
activities:
Purchases of property and equipment
(362
)
(90
)
Proceeds from sale of property and
equipment
44
—
Purchases of derivative instruments
—
(1,872
)
Net cash used in investing
activities
(318
)
(1,962
)
Cash flows from financing
activities:
Borrowings from credit facilities and
other debt
495,955
411,990
Repayments of credit facilities and other
debt
(450,546
)
(889,773
)
Payment of debt financing costs
—
(172
)
Proceeds from exercise of stock
options
16
53
Payments for taxes related to stock-based
awards
(44
)
(52
)
Borrowings from warehouse lending
facility
—
18,488
Repayments of warehouse lending
facility
—
(17,336
)
Proceeds from issuance of pre-funded
warrants
—
90,000
Proceeds from exercise of pre-funded
warrants
—
11
Issuance cost of pre-funded warrants
—
(784
)
Net cash provided by (used in)
financing activities
45,381
(387,575
)
Net change in cash, cash equivalents
and restricted cash
(6,936
)
(18,042
)
Cash, cash equivalents and restricted
cash, beginning of period
79,934
140,299
Cash, cash equivalents and restricted
cash, end of period
$
72,998
$
122,257
Reconciliation of cash, cash
equivalents and restricted cash to the condensed consolidated
balance sheet:
Cash and cash equivalents
$
56,906
$
115,599
Restricted cash
16,092
6,658
Total cash, cash equivalents and
restricted cash
$
72,998
$
122,257
Supplemental disclosure of cash flow
information:
Cash payments for interest
$
12,624
$
13,932
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
Six Months Ended
(in thousands, except percentages and
homes sold, unaudited)
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Gross profit (GAAP)
$
21,871
$
22,595
$
22,231
$
44,466
$
29,516
Gross margin
8.7
%
7.9
%
9.7
%
8.3
%
3.5
%
Homes sold
742
847
650
1,589
2,259
Gross profit per home sold
$
29.5
$
26.7
$
34.2
$
28.0
$
13.1
Adjustments:
Real estate inventory valuation adjustment
- current period (1)
544
623
169
683
290
Real estate inventory valuation adjustment
- prior period (2)
(540
)
(645
)
(13,679
)
(701
)
(58,030
)
Interest expense capitalized (3)
1,420
1,669
1,358
3,089
6,035
Adjusted gross profit (loss)
$
23,295
$
24,242
$
10,079
$
47,537
$
(22,189
)
Adjusted gross margin
9.3
%
8.5
%
4.4
%
8.9
%
-2.6
%
Adjustments:
Direct selling costs (4)
(6,461
)
(6,969
)
(5,743
)
(13,430
)
(23,804
)
Holding costs on sales - current period
(5)(6)
(622
)
(887
)
(269
)
(1,869
)
(1,811
)
Holding costs on sales - prior period
(5)(7)
(443
)
(483
)
(567
)
(566
)
(2,158
)
Other income, net (8)
615
754
965
1,369
1,247
Contribution profit (loss)
$
16,384
$
16,657
$
4,465
$
33,041
$
(48,715
)
Contribution margin
6.5
%
5.8
%
1.9
%
6.2
%
-5.8
%
Homes sold
742
847
650
1,589
2,259
Contribution profit (loss) per home
sold
$
22.1
$
19.7
$
6.9
$
20.8
$
(21.6
)
Adjustments:
Interest expense capitalized (3)
(1,420
)
(1,669
)
(1,358
)
(3,089
)
(6,035
)
Interest expense on homes sold - current
period (9)
(2,103
)
(2,521
)
(1,292
)
(6,313
)
(8,631
)
Interest expense on homes sold - prior
period (10)
(2,133
)
(2,426
)
(3,708
)
(2,870
)
(13,899
)
Contribution profit (loss) after
interest
$
10,728
$
10,041
$
(1,893
)
$
20,769
$
(77,280
)
Contribution margin after interest
4.3
%
3.5
%
-0.8
%
3.9
%
-9.2
%
Homes sold
742
847
650
1,589
2,259
Contribution profit (loss) after
interest per home sold
$
14.5
$
11.9
$
(2.9
)
$
13.1
$
(34.2
)
(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
Six Months Ended
(in thousands, except percentages,
unaudited)
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Net loss (GAAP)
$
(13,782
)
$
(17,515
)
$
(22,344
)
$
(31,297
)
$
(81,791
)
Net loss margin
-5.5
%
-6.1
%
-9.7
%
-5.8
%
-9.7
%
Change in fair value of warrant
liabilities
9
(344
)
(435
)
(335
)
(46
)
Adjusted net loss
$
(13,773
)
$
(17,859
)
$
(22,779
)
$
(31,632
)
$
(81,837
)
Adjusted net loss margin
(5.5
%)
(6.3
%)
(9.9
%)
(5.9
%)
(9.7
%)
Adjustments:
Interest expense
4,581
4,905
1,867
9,486
9,299
Amortization of capitalized interest
(1)
1,420
1,669
1,358
3,089
6,035
Income tax (benefit) expense
(54
)
123
43
69
165
Depreciation and amortization
148
166
178
314
380
Amortization of stock-based
compensation
3,249
3,867
2,055
7,116
3,898
Adjusted EBITDA
$
(4,429
)
$
(7,129
)
$
(17,278
)
$
(11,558
)
$
(62,060
)
Adjusted EBITDA margin
(1.8
%)
(2.5
%)
(7.5
%)
(2.2
%)
(7.4
%)
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240805226566/en/
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Offerpad Solutions (NYSE:OPAD)
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부터 9월(9) 2024 으로 10월(10) 2024
Offerpad Solutions (NYSE:OPAD)
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부터 10월(10) 2023 으로 10월(10) 2024