Q1 2024 revenue of $285 million at the high
end of guidance, up sequentially for third consecutive quarter with
gross profit up 210% annually
Record-breaking quarter for Offerpad
Renovate
Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading
tech-enabled platform for residential real estate, today released
financial results for the three months ended March 31, 2024.
“The first quarter of 2024 continued the positive trajectory we
experienced exiting 2023. While the macro is still volatile, the
first quarter was one of increasing stability and we believe this
trend will continue through 2024,” said Brian Bair, Offerpad’s
chairman and chief executive officer. “We are making steady
progress against our key strategic imperatives. We are focused on
expanding our asset light platform services, particularly Renovate,
which grew 78% in the quarter; increasing our buy box; growing our
partner ecosystem; and achieving adjusted EBITDA
profitability.”
Highlights include:
- Improved Net Loss 71% from the prior year and delivered
sequential improvement in key metrics of Homes Sold, Revenue, and
Adjusted EBITDA
- Time to Cash for homes sold in the quarter of 113 days, down
from 185 the prior year
- Inventory owned 180+ days ended the quarter at 8.5% down from
32.3% the prior year
- Increased asset light platform services, representing 43% of
unit transactions in the quarter, versus 34% the prior year
- Record quarter for Renovate, with closed renovation projects
growing 78% versus the prior year, generating more than $5M in
revenue
- Continued progress on Offerpad’s Agent Partnership Program,
growing acquisitions from that channel more than 50% versus the
prior quarter
“Renovate completed approximately 400 projects, generating over
$5 million in revenue, setting us on a trajectory for significant
annual revenue growth compared to 2023,” continued Bair. “We’re
building a roster of diverse customers, and I couldn’t be more
excited about what the future holds.”
Q1 2024 Financial Results (quarter over quarter)
Q1 2024
Q4 2023
Percentage
Change
Homes acquired
806
678
19%
Homes sold
847
712
19%
Revenue
$285.4M
$240.5M
19%
Gross profit
$22.6M
$16.7M
35%
Net loss
($17.5M)
($15.4M)
(13%)
Adjusted EBITDA
($7.1M)
($7.0M)
(1%)
Diluted Net Loss per Share
($0.64)
($0.57)
(12%)
Gross profit per home sold
$26,700
$23,400
14%
Contribution profit (loss) after
interest per home sold
$11,900
$10,200
16%
Cash and cash equivalents
$68.6M
$76.0M
(10%)
Q1 2024 Financial Results (year over year)
Q1 2024
Q1 2023
Percentage
Change
Homes acquired
806
364
121%
Homes sold
847
1,609
(47%)
Revenue
$285.4M
$609.6M
(53%)
Gross profit
$22.6M
$7.3M
210%
Net loss
($17.5M)
($59.4M)
71%
Adjusted EBITDA
($7.1M)
($44.8M)
84%
Diluted Net Loss per Share
($0.64)
($2.51)
75%
Gross profit per home sold
$26,700
$4,500
489%
Contribution profit (loss) after
interest per home sold
$11,900
($46,900)
n.a.
Cash and cash equivalents
$68.6M
$107.7M
(36%)
Additional information regarding Offerpad’s first 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.
Second Quarter 2024 Outlook
Offerpad is providing its second quarter outlook for 2024 as
follows:
Q2 2024 Outlook
Homes Sold
750 – 875
Revenue
$250M – $300M
Adjusted EBITDA1
Approx. breakeven
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 James Grout, Interim Principal
Financial Officer, will host a conference call and accompanying
webcast on May 6, 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’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,
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, 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; 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, 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
March 31,
(in thousands, except per share data)
(Unaudited)
2024
2023
Revenue
$
285,358
$
609,579
Cost of revenue
262,763
602,294
Gross profit
22,595
7,285
Operating expenses:
Sales, marketing and operating
22,452
42,351
General and administrative
11,955
14,479
Technology and development
1,773
2,241
Total operating expenses
36,180
59,071
Loss from operations
(13,585
)
(51,786
)
Other income (expense):
Change in fair value of warrant
liabilities
344
(389
)
Interest expense
(4,905
)
(7,432
)
Other income, net
754
282
Total other expense
(3,807
)
(7,539
)
Loss before income taxes
(17,392
)
(59,325
)
Income tax expense
(123
)
(122
)
Net loss
$
(17,515
)
$
(59,447
)
Net loss per share, basic
$
(0.64
)
$
(2.51
)
Net loss per share, diluted
$
(0.64
)
$
(2.51
)
Weighted average common shares
outstanding, basic
27,339
23,661
Weighted average common shares
outstanding, diluted
27,339
23,661
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated Balance
Sheets
As of
(in thousands, except par value per share)
(Unaudited)
March 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
68,550
$
75,967
Restricted cash
9,983
3,967
Accounts receivable
4,347
9,935
Real estate inventory
266,107
276,500
Prepaid expenses and other current
assets
4,353
5,236
Total current assets
353,340
371,605
Property and equipment, net
4,679
4,517
Other non-current assets
11,707
3,572
TOTAL ASSETS
$
369,726
$
379,694
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
4,378
$
4,946
Accrued and other current liabilities
13,166
13,859
Secured credit facilities and other debt,
net
230,083
227,132
Secured credit facilities and other debt -
related party
24,522
30,092
Total current liabilities
272,149
276,029
Warrant liabilities
127
471
Other long-term liabilities
9,349
1,418
Total liabilities
281,625
277,918
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.0001 par value;
2,000,000 shares authorized; 27,300 and 27,233 shares issued and
outstanding as of March 31, 2024 and December 31, 2023,
respectively
3
3
Additional paid in capital
503,500
499,660
Accumulated deficit
(415,402
)
(397,887
)
Total stockholders’ equity
88,101
101,776
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
369,726
$
379,694
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated
Statements of Cash Flows
Three Months Ended March
31,
($ in thousands) (Unaudited)
2024
2023
Cash flows from operating
activities:
Net loss
$
(17,515
)
$
(59,447
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation
166
202
Amortization of debt financing costs
818
894
Real estate inventory valuation
adjustment
624
7,285
Stock-based compensation
3,867
1,843
Change in fair value of warrant
liabilities
(344
)
389
Change in fair value of derivative
instruments
—
568
Gain on disposal of property and
equipment
(5
)
—
Changes in operating assets and
liabilities:
Accounts receivable
5,588
(54
)
Real estate inventory
9,769
484,761
Prepaid expenses and other assets
670
(1,710
)
Accounts payable
(568
)
(228
)
Accrued and other liabilities
(684
)
(8,060
)
Net cash provided by operating
activities
2,386
426,443
Cash flows from investing
activities:
Purchases of property and equipment
(353
)
(75
)
Proceeds from sale of property and
equipment
30
—
Purchases of derivative instruments
—
(1,212
)
Net cash used in investing
activities
(323
)
(1,287
)
Cash flows from financing
activities:
Borrowings from credit facilities and
other debt
242,142
186,391
Repayments of credit facilities and other
debt
(245,579
)
(700,635
)
Payment of debt financing costs
—
(23
)
Proceeds from exercise of stock
options
16
49
Payments for taxes related to stock-based
awards
(43
)
(48
)
Borrowings from warehouse lending
facility
—
8,188
Repayments of warehouse lending
facility
—
(5,657
)
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 used in by financing
activities
(3,464
)
(422,508
)
Net change in cash, cash equivalents
and restricted cash
(1,401
)
2,648
Cash, cash equivalents and restricted
cash, beginning of period
79,934
140,299
Cash, cash equivalents and restricted
cash, end of period
$
78,533
$
142,947
Reconciliation of cash, cash
equivalents and restricted cash to the condensed consolidated
balance sheet:
Cash and cash equivalents
$
68,550
$
107,733
Restricted cash
9,983
35,214
Total cash, cash equivalents and
restricted cash
$
78,533
$
142,947
Supplemental disclosure of cash flow
information:
Cash payments for interest
$
6,427
$
11,064
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
March 31,
December 31,
March 31,
(in thousands, except percentages and
homes sold, unaudited)
2024
2023
2023
Gross profit (GAAP)
$
22,595
$
16,692
$
7,285
Gross margin
7.9
%
6.9
%
1.2
%
Homes sold
847
712
1,609
Gross profit per home sold
$
26.7
$
23.4
$
4.5
Adjustments:
Real estate inventory valuation adjustment
- current period (1)
623
565
7,285
Real estate inventory valuation adjustment
- prior period (2)
(645
)
(713
)
(51,515
)
Interest expense capitalized (3)
1,669
964
4,677
Adjusted gross profit (loss)
$
24,242
$
17,508
$
(32,268
)
Adjusted gross margin
8.5
%
7.3
%
(5.3
%)
Adjustments:
Direct selling costs (4)
(6,969
)
(5,829
)
(18,061
)
Holding costs on sales - current period
(5)(6)
(887
)
(742
)
(1,248
)
Holding costs on sales - prior period
(5)(7)
(483
)
(285
)
(1,886
)
Other income, net (8)
754
1,065
282
Contribution profit (loss)
$
16,657
$
11,717
$
(53,181
)
Contribution margin
5.8
%
4.9
%
(8.7
%)
Homes sold
847
712
1,609
Contribution profit (loss) per home
sold
$
19.7
$
16.5
$
(33.1
)
Adjustments:
Interest expense capitalized (3)
(1,669
)
(964
)
(4,677
)
Interest expense on homes sold - current
period (9)
(2,521
)
(2,041
)
(5,498
)
Interest expense on homes sold - prior
period (10)
(2,426
)
(1,466
)
(12,032
)
Contribution profit (loss) after
interest
$
10,041
$
7,246
$
(75,388
)
Contribution margin after interest
3.5
%
3.0
%
(12.4
%)
Homes sold
847
712
1,609
Contribution profit (loss) after
interest per home sold
$
11.9
$
10.2
$
(46.9
)
(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
March 31,
December 31,
March 31,
(in thousands, except percentages,
unaudited)
2024
2023
2023
Net loss (GAAP)
$
(17,515
)
$
(15,441
)
$
(59,447
)
Change in fair value of warrant
liabilities
(344
)
109
389
Adjusted net loss
$
(17,859
)
$
(15,332
)
$
(59,058
)
Adjusted net loss margin
(6.3
%)
(6.4
%)
(9.7
%)
Adjustments:
Interest expense
4,905
5,154
7,432
Amortization of capitalized interest
(1)
1,669
964
4,677
Income tax expense (benefit)
123
(8
)
122
Depreciation and amortization
166
172
202
Amortization of stock-based
compensation
3,867
2,000
1,843
Adjusted EBITDA
$
(7,129
)
$
(7,050
)
$
(44,782
)
Adjusted EBITDA margin
(2.5
%)
(2.9
%)
(7.3
%)
(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/20240506538383/en/
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