Q2 year-over-year revenue increased 185% to
$1.1 billion
Offerpad Solutions Inc. (NYSE: OPAD), a leading tech-enabled
platform for residential real estate, today released financial
results for the second quarter ended June 30, 2022.
Second Quarter 2022 Financial Results – compared with the
prior-year second quarter:
- Net Income increased 26% to $11.6 million, or $0.04 per
share*
- Adjusted Net Loss was $1.0 million, or $0.00 per share*,
compared to $9.2 million
- Adjusted EBITDA increased 5% to $13.7 million*
- Gross Profit increased 83% to $93 million*
- Contribution Margin After Interest per home sold was $28,500,
compared to $31,500
* Reported amounts include an inventory
impairment charge of $21.2 million, or $0.08 per share.
“I’m incredibly proud of the team. In the first half of this
year, Offerpad already generated nearly $2.5 billion in Revenue and
Net Income of $52.5 million,” said Brian Bair, Chairman and CEO of
Offerpad. Bair commented, “We are entering this temporary
transition period from a position of strength. As the market moves
from a sellers’ to a buyers’ market, we expect to have greater
access to inventory and new opportunities as one of the largest
home buyers in the country.”
Bair noted, “It’s in difficult markets like today where the
speed and certainty we provide are welcomed by home sellers. Our
high customer satisfaction rates make it clear home buyers and
sellers value the simplicity of our solutions. Increasing customer
awareness and interest in our products gives me confidence in our
ability to drive profitable growth over the long term.”
During the second quarter, Offerpad continued executing its 2022
expansion plan by opening three new markets. As a result, the
Company now offers a simpler way to buy and sell a home to
customers in 28 markets across the country.
Operational Highlights for the Second Quarter 2022 include:
- Completing over 3,500 renovation projects
- Maintaining an average time from home acquisition to sale below
100 days for the 8th consecutive quarter
- Developing an Offerpad Home Loans mobile app that launched in
July, providing a completely digital mortgage experience
- Earning a 94% year to date customer satisfaction rating1
Q2 2022 Financial Results
Q2 2022
Q2 2021
Percentage Change
Homes acquired
3,792
2,025
87%
Homes sold
2,888
1,259
129%
Revenue
$1.1B
$378.6M
185%
Gross profit2
$93.0M
$50.9M
83%
Net income (reported) 2, 3
$11.6M
$9.2M
26%
Adjusted net (loss) income 2
($1.0)M
$9.2M
n.a.
Adjusted EBITDA2
$13.7M
$13.1M
5%
Contribution profit after interest per
home sold
$28,500
$31,500
(10%)
2 Includes $21.2 million, or $0.08 per share charge in Q2 2022 for
inventory impairments.
3 Includes $12.6 million non-cash credit
in Q2 2022 to mark to market the Warrant Liability.
“We are making prudent and informed adjustments to our
operational and underwriting strategy to manage our inventory
through the changing market conditions,” said Mike Burnett, CFO of
Offerpad. “With less than 2% of our inventory aged over 180 days as
of June 30, we have ample room to navigate through the softening
environment.”
Additional information regarding Offerpad’s second quarter 2022
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 2022 Outlook
“Our guidance for the third quarter reflects the expected
short-term volatility present during market transition periods. We
are proactively making the operational adjustments to sell existing
inventory and to acquire homes underwritten to perform in the
current market conditions. We remain confident in our ability to
navigate the short-term challenges of this market shift and deliver
on our long-term goals of disciplined growth and achieving
sustainable profitability,” said Bair.
Offerpad is providing its third quarter outlook for 2022 as
follows:
Q3 2022 Outlook
Homes Sold
1,700 – 2,200
Revenue
$600M – $800M
Adjusted EBITDA4
($40)M – ($20)M
4 See Non-GAAP financial measures below
for an explanation of why a reconciliation of this guidance cannot
be provided.
_________________________ 1 Based on survey of nearly 2,500
Offerpad customers.
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Mike Burnett will
host a conference call and accompanying webcast on August 3, 2022,
at 5 p.m. ET. The webcast can be accessed on Offerpad’s Investor
Relations website. Participants can register here to receive a
personalized dial in number and PIN. 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 so you can spend less time ‘real estat-ing’ and
more time living. 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 for the third quarter 2022,
expectations regarding profitability and anticipated growth in the
industry in which Offerpad operates 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; the impact of
the COVID-19 pandemic; 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; 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, 2021 filed with the Securities and Exchange Commission on March
7, 2022, 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)
2022
2021
2022
2021
Revenue
$
1,079,531
$
378,647
$
2,453,368
$
662,619
Cost of revenue
986,550
327,783
2,228,245
578,218
Gross profit
92,981
50,864
225,123
84,401
Operating expenses:
Sales, marketing and operating
65,239
31,595
135,127
56,671
General and administrative
16,121
5,137
30,778
9,871
Technology and development
3,243
2,603
6,425
4,886
Total operating expenses
84,603
39,335
172,330
71,428
Income from operations
8,378
11,529
52,793
12,973
Other income (expense):
Change in fair value of warrant
liabilities
12,537
—
18,201
—
Interest expense
(7,771
)
(2,257
)
(14,967
)
(4,175
)
Other income, net
24
7
28
248
Total other income (expense)
4,790
(2,250
)
3,262
(3,927
)
Income before income taxes
13,168
9,279
56,055
9,046
Income tax expense
(1,610
)
(89
)
(3,509
)
(89
)
Net income
$
11,558
$
9,190
$
52,546
$
8,957
Net income per share, basic
$
0.05
$
0.15
$
0.22
$
0.15
Net income per share, diluted
$
0.04
$
0.04
$
0.20
$
0.04
Weighted average common shares
outstanding, basic
245,845
59,391
242,998
58,981
Weighted average common shares
outstanding, diluted
260,746
224,630
260,192
224,264
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated Balance
Sheets
June 30,
December 31,
(in thousands, except par value per share)
(Unaudited)
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
155,464
$
169,817
Restricted cash
44,474
24,616
Accounts receivable
12,929
6,165
Inventory
1,289,426
1,132,571
Prepaid expenses and other current
assets
12,966
9,808
Total current assets
1,515,259
1,342,977
Property and equipment, net
5,622
5,146
Other non-current assets
5,914
4,959
TOTAL ASSETS
$
1,526,795
$
1,353,082
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
10,705
$
6,399
Accrued and other current liabilities
45,412
35,027
Secured credit facilities and notes
payable, net
1,054,455
861,762
Secured credit facilities and notes
payable - related party
87,456
164,434
Total current liabilities
1,198,028
1,067,622
Warrant liabilities
5,860
24,061
Other long-term liabilities
4,226
3,830
Total liabilities
1,208,114
1,095,513
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.0001 par value;
2,000,000 shares authorized; 232,150 and 224,154 shares issued and
outstanding as of June 30, 2022 and December 31, 2021,
respectively
23
22
Class B common stock, $0.0001 par value;
20,000 shares authorized; 14,816 shares issued and outstanding as
of June 30, 2022 and December 31, 2021
2
2
Additional paid in capital
398,166
389,601
Accumulated deficit
(79,510
)
(132,056
)
Total stockholders’ equity
318,681
257,569
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
1,526,795
$
1,353,082
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated
Statements of Cash Flows
Six Months Ended
June 30,
($ in thousands) (Unaudited)
2022
2021
Cash flows from operating
activities:
Net income
$
52,546
$
8,957
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation
249
277
Gain on sale of property and equipment
—
(246
)
Amortization of debt financing costs
1,546
209
Impairment of inventory
22,205
339
Stock-based compensation
4,028
1,263
Change in fair value of warrant
liabilities
(18,201
)
—
Changes in operating assets and
liabilities:
Accounts receivable
(6,764
)
(4,808
)
Inventory
(179,060
)
(311,840
)
Prepaid expenses and other assets
(5,847
)
(10,108
)
Accounts payable
4,306
3,153
Accrued and other liabilities
12,513
15,274
Net cash used in operating
activities
(112,479
)
(297,530
)
Cash flows from investing
activities:
Purchases of property and equipment
(725
)
(5,942
)
Proceeds from sales of property and
equipment
—
2,032
Net cash used in investing
activities
(725
)
(3,910
)
Cash flows from financing
activities:
Borrowings from credit facilities and
notes payable
2,132,189
888,970
Repayments of credit facilities and notes
payable
(2,017,985
)
(580,819
)
Payment of debt financing costs
(35
)
(185
)
Proceeds from exercise of stock
options
4,775
633
Payments for taxes related to stock-based
awards
(235
)
—
Net cash provided by financing
activities
118,709
308,599
Net change in cash, cash equivalents
and restricted cash
5,505
7,159
Cash, cash equivalents and restricted
cash, beginning of period
194,433
50,742
Cash, cash equivalents and restricted
cash, end of period
$
199,938
$
57,901
Reconciliation of cash, cash
equivalents and restricted cash to the condensed consolidated
balance sheet:
Cash and cash equivalents
$
155,464
$
44,560
Restricted cash
44,474
13,341
Total cash, cash equivalents and
restricted cash
$
199,938
$
57,901
Supplemental disclosure of cash flow
information:
Cash payments for interest
$
19,941
$
5,537
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 their 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 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 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 inventory impairment plus (2) interest
expense associated with homes sold in the presented period and
recorded in cost of revenue. Net inventory impairment is calculated
by adding back the inventory impairment charges recorded during the
period on homes that remain in inventory at period end and
subtracting the inventory impairment 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 which
historically is primarily comprised of net income to us from the
investment related to Offerpad Home Loans “OPHL” operations. 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 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 table presents a reconciliation of Offerpad’s
Adjusted Gross Profit, Contribution Profit and Contribution Profit
After Interest to Offerpad’s gross profit, which is the most
directly comparable GAAP measure, for the periods indicated:
Three Months EndedJune 30, Six Months EndedJune 30,
(in thousands, except percentages and homes sold, unaudited)
2022
2021
2022
2021
Gross profit (GAAP)
$
92,981
$
50,864
$
225,123
$
84,401
Gross margin
8.6
%
13.4
%
9.2
%
12.7
%
Homes sold
2,888
1,259
6,490
2,277
Gross profit per home sold
$
32.2
$
40.4
$
34.7
$
37.1
Adjustments: Inventory impairment - current period (1)
20,995
177
21,233
189
Inventory impairment - prior period (2)
(287
)
(95
)
(1,205
)
(142
)
Interest expense capitalized (3)
2,793
767
7,071
1,373
Adjusted gross profit
$
116,482
$
51,713
$
252,222
$
85,821
Adjusted gross margin
10.8
%
13.7
%
10.3
%
13.0
%
Adjustments: Direct selling costs (4)
(23,524
)
(8,787
)
(55,378
)
(16,823
)
Holding costs on sales - current period (5)(6)
(1,293
)
(533
)
(3,723
)
(1,161
)
Holding costs on sales - prior period (5)(7)
(526
)
(188
)
(907
)
(214
)
Other income (8)
24
7
28
248
Contribution profit
$
91,163
$
42,212
$
192,242
$
67,871
Contribution margin
8.4
%
11.1
%
7.8
%
10.2
%
Homes sold
2,888
1,259
6,490
2,277
Contribution profit per home sold
$
31.6
$
33.5
$
29.6
$
29.8
Adjustments: Interest expense capitalized (3)
(2,793
)
(767
)
(7,071
)
(1,373
)
Interest expense on homes sold - current period (9)
(4,115
)
(1,345
)
(11,149
)
(2,826
)
Interest expense on homes sold - prior period (10)
(1,999
)
(386
)
(3,721
)
(468
)
Contribution profit after interest
$
82,256
$
39,714
$
170,301
$
63,204
Contribution margin after interest
7.6
%
10.5
%
6.9
%
9.5
%
Homes sold
2,888
1,259
6,490
2,277
Contribution profit after interest per home sold
$
28.5
$
31.5
$
26.2
$
27.8
(1) Inventory impairment – current period is the inventory
valuation adjustments recorded during the period presented
associated with homes that remain in inventory at period end. (2)
Inventory impairment – prior period is the 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 earned from the sale of
certain fixed assets. (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 EndedJune 30, Six Months EndedJune 30,
(in thousands, except percentages, unaudited)
2022
2021
2022
2021
Net income (loss) (GAAP)
$
11,558
$
9,190
$
52,546
$
8,957
Change in fair value of warrant liabilities
(12,537
)
-
(18,201
)
-
Adjusted net (loss) income
$
(979
)
$
9,190
$
34,345
$
8,957
Adjusted net (loss) income margin
(0.1
%)
2.4
%
1.4
%
1.4
%
Adjustments: Interest expense
7,771
2,257
14,967
4,175
Amortization of capitalized interest (1)
2,793
767
7,071
1,373
Income tax expense
1,610
89
3,509
89
Depreciation and amortization
130
146
249
277
Amortization of stock based compensation
2,400
649
4,028
1,263
Adjusted EBITDA
13,725
13,098
64,169
16,134
Adjusted EBITDA margin
1.3
%
3.5
%
2.6
%
2.4
%
(1) Amortization of capitalized interest represents all interest
related costs, including senior and mezzanine 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/20220803005263/en/
Investors Stefanie Layton Investors@offerpad.com
602-706-4905
Media Press@Offerpad.com
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