Offerpad Solutions Inc

NYSE:OPADUnited States

Nov 4, 2024

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• -- Earnings Flash (OPAD) OFFERPAD Reports Q3 Revenue $208.1M, from 4:39PM ET on Monday Nov 04, 2024 by MT Newswires

  4:39PM ET on Monday Nov 04, 2024 by MT Newswires
  Companies Mentioned: OPAD
  04:39 PM EST, 11/04/2024 (MT Newswires) -- ...

• Press Release: Offerpad Reports Third Quarter 2024 Results, from 4:15PM ET on Monday Nov 04, 2024 by Dow Jones

  4:15PM ET on Monday Nov 04, 2024 by Dow Jones
  Companies Mentioned: OPAD
  valuation adjustment - prior period (2) (535) (540) (318) (765) (58,125) Interest expense capitalized (3) 1,367 1,420 235 4,456 6,270 --------- ------- -------- --------- -------- Adjusted gross profit $ 18,820 $ 23,295 $ 24,808 $ 66,357 $ 2,619 Adjusted gross margin 9.0% 9.3% 10.6% 8.9% 0.2% Adjustments: Direct selling costs (4) (5,767) (6,461) (5,593) (19,197) (29,396) Holding costs on sales - current period (5)(6) (693) (622) (453) (2,892) (2,328) Holding costs on sales - prior period (5)(7) (341) (443) (72) (577) (2,166) Other income, net (8) 512 615 3,837 1,881 5,084 --------- ------- -------- --------- -------- Contribution profit (loss) $ 12,531 $ 16,384 $ 22,527 $ 45,572 $(26,187) Contribution margin 6.0% 6.5% 9.6% 6.1% (2.4%) Homes sold 615 742 703 2,204 2,962 Contribution profit (loss) per home sold $ 20.4 $ 22.1 $ 32.0 $ 20.7 $ (8.8) Adjustments: Interest expense capitalized (3) (1,367) (1,420) (235) (4,456) (6,270) Interest expense on homes sold - current period (9) (1,865) (2,103) (2,622) (9,787) (11,782) Interest expense on homes sold - prior period (10) (1,687) (2,133) (554) (2,948) (13,924) --------- ------- -------- --------- -------- Contribution profit (loss) after interest $ 7,612 $ 10,728 $(19,116) $ 28,381 $(58,163) Contribution margin after interest 3.7% 4.3% 8.2% 3.8% (5.4%) Homes sold 615 742 703 2,204 2,962 Contribution profit (loss) after interest per home sold $ 12.4 $ 14.5 $ 27.2 $ 12.9 $ (19.6) (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.
  

• Offerpad Reports Third Quarter 2024 Results, from 4:15PM ET on Monday Nov 04, 2024 by Dow Jones

  4:15PM ET on Monday Nov 04, 2024 by Dow Jones
  Companies Mentioned: OPAD
  valuation adjustment - prior period (2) (535) (540) (318) (765) (58,125) Interest expense capitalized (3) 1,367 1,420 235 4,456 6,270 --------- ------- -------- --------- -------- Adjusted gross profit $ 18,820 $ 23,295 $ 24,808 $ 66,357 $ 2,619 Adjusted gross margin 9.0% 9.3% 10.6% 8.9% 0.2% Adjustments: Direct selling costs (4) (5,767) (6,461) (5,593) (19,197) (29,396) Holding costs on sales - current period (5)(6) (693) (622) (453) (2,892) (2,328) Holding costs on sales - prior period (5)(7) (341) (443) (72) (577) (2,166) Other income, net (8) 512 615 3,837 1,881 5,084 --------- ------- -------- --------- -------- Contribution profit (loss) $ 12,531 $ 16,384 $ 22,527 $ 45,572 $(26,187) Contribution margin 6.0% 6.5% 9.6% 6.1% (2.4%) Homes sold 615 742 703 2,204 2,962 Contribution profit (loss) per home sold $ 20.4 $ 22.1 $ 32.0 $ 20.7 $ (8.8) Adjustments: Interest expense capitalized (3) (1,367) (1,420) (235) (4,456) (6,270) Interest expense on homes sold - current period (9) (1,865) (2,103) (2,622) (9,787) (11,782) Interest expense on homes sold - prior period (10) (1,687) (2,133) (554) (2,948) (13,924) --------- ------- -------- --------- -------- Contribution profit (loss) after interest $ 7,612 $ 10,728 $(19,116) $ 28,381 $(58,163) Contribution margin after interest 3.7% 4.3% 8.2% 3.8% (5.4%) Homes sold 615 742 703 2,204 2,962 Contribution profit (loss) after interest per home sold $ 12.4 $ 14.5 $ 27.2 $ 12.9 $ (19.6) (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.