Replies to post #441 on Opendoor Technologies Inc (OPEN)

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Opendoor Announces First Quarter of 2022 Financial Results
SAN FRANCISCO, California - May 5, 2022 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading digital platform for residential real estate transactions, today reported financial results for its quarter ended March 31, 2022. Opendoor’s first quarter of 2022 financial results and management commentary can be accessed through the Company’s shareholder letter on the quarterly results page of Opendoor’s investor relations website at https://investor.opendoor.com.
“We are proud to report our first quarter of positive net income as we exceeded our expectations across all of our key metrics,” said Eric Wu, Co-founder and CEO of Opendoor. “For the past eight years, we have been working on the rare opportunity to transform the $2.3 trillion housing industry. We have made significant progress toward reshaping a broken, offline process into a digital, seamless experience for our customers.”

Wu continued: “We have also focused on building a durable, generational company. This means we align our goals and teams against both growing customers and driving sustainable margin expansion, operating with a focus on building the lowest cost structure, and having a culture of discipline around pricing and risk management across periods of uncertainty. The result of this hard work is the capability to grow and protect margins across economic cycles.”
First Quarter 2022 Key Highlights
•Highest quarterly revenue of $5.2 billion, up 590% versus 1Q21; with 12,669 total homes sold, up 415% versus 1Q21, demonstrating rapid consumer adoption of our product offerings
•Record gross profit of $535 million, versus $97 million in 1Q21, up 452% versus prior year; gross margin of 10.4%, versus 13.0% in 1Q21
•First quarter of positive net income of $28 million, versus $(270) million in 1Q21
•Adjusted Net Income of $99 million, versus $(21) million in 1Q21
•Record Contribution Profit of $332 million, versus $76 million in 1Q21, up 337% versus prior year; 21st consecutive quarter of positive Contribution Margin which was 6.4%, versus 10.2% in 1Q21
•Adjusted EBITDA of $176 million versus $(2) million in 1Q21; fourth consecutive quarter of positive Adjusted EBITDA and three times higher than what was generated in all of 2021; Adjusted EBITDA Margin of 3.4% versus (0.3)% in 1Q21
•Inventory balance of 13,360 homes, representing $4.7 billion in value, up 455% versus 1Q21
•Purchased 9,020 homes, up 151% versus 1Q21
•Launched San Francisco Bay Area, bringing us to 45 markets at the end of 1Q22
Outlook
•2Q22 revenue guidance of $4.1 billion - $4.3 billion, up 254% YoY at the midpoint of range