$OPAD
Offerpad Solutions Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022014313 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $1.080B $1.374B $867.5M
YoY Change 185.1% 383.79% 288.63%
Cost Of Revenue $986.6M $1.242B $797.2M
YoY Change 200.98% 395.82%
Gross Profit $92.98M $132.1M $70.29M
YoY Change 82.8% 294.02% 178.33%
Gross Profit Margin 8.61% 9.62% 8.1%
Selling, General & Admin $81.36M $84.55M $63.76M
YoY Change 121.5% 183.61% 23925.02%
% of Gross Profit 87.5% 63.98% 90.71%
Research & Development $3.243M $3.182M $3.197M
YoY Change 24.59% 39.38%
% of Gross Profit 3.49% 2.41% 4.55%
Depreciation & Amortization $130.0K $100.0K $90.00K
YoY Change 0.0%
% of Gross Profit 0.14% 0.08% 0.13%
Operating Expenses $84.60M $87.73M $66.96M
YoY Change 115.08% 173.35% 25129.66%
Operating Profit $8.378M $44.42M $3.335M
YoY Change -27.33% 2975.83% 686.56%
Interest Expense $7.771M $7.196M -$6.178M
YoY Change 244.31% 275.18% -75.37%
% of Operating Profit 92.75% 16.2% -185.25%
Other Income/Expense, Net $4.790M -$1.528M $15.65M
YoY Change -312.89% -8.88%
Pretax Income $13.17M $42.89M $12.81M
YoY Change 41.91% -18506.44% -150.52%
Income Tax $1.610M $1.899M $0.00
% Of Pretax Income 12.23% 4.43% 0.0%
Net Earnings $11.56M $40.99M $12.81M
YoY Change 25.77% -17691.42% -1070.89%
Net Earnings / Revenue 1.07% 2.98% 1.48%
Basic Earnings Per Share $0.05 $0.17 $0.05
Diluted Earnings Per Share $0.04 $0.16 $0.05
COMMON SHARES
Basic Shares Outstanding 245.8M 240.1M
Diluted Shares Outstanding 260.7M 259.6M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $155.5M $198.2M $169.8M
YoY Change 54820.69% 25956.09% 15629.18%
Cash & Equivalents $155.5M $198.2M $169.8M
Short-Term Investments
Other Short-Term Assets $57.44M $47.60M $34.42M
YoY Change 19874.96% 13187.27% 8388.85%
Inventory $1.289B $871.5M $1.133B
Prepaid Expenses
Receivables $12.93M $21.80M $6.165M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.515B $1.139B $1.343B
YoY Change 265441.88% 101717.13% 490.86%
LONG-TERM ASSETS
Property, Plant & Equipment $5.622M $5.408M $5.146M
YoY Change -37.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.914M $5.918M $4.959M
YoY Change 1308.81%
Total Long-Term Assets $11.54M $11.33M $10.11M
YoY Change -97.14% -97.19% 17.73%
TOTAL ASSETS
Total Short-Term Assets $1.515B $1.139B $1.343B
Total Long-Term Assets $11.54M $11.33M $10.11M
Total Assets $1.527B $1.150B $1.353B
YoY Change 278.62% 184.9% 473.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.71M $8.637M $6.399M
YoY Change 5602.64% 10412.41% 197.77%
Accrued Expenses $45.41M $20.47M $35.03M
YoY Change 841.94% 548.25% 213.27%
Deferred Revenue
YoY Change
Short-Term Debt $1.142B $785.6M $1.026B
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.198B $824.1M $1.068B
YoY Change 23338.43% 24815.75% 461.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.226M $4.466M $3.830M
YoY Change -91.09% -91.94% -94.0%
Total Long-Term Liabilities $4.226M $4.466M $3.830M
YoY Change -91.09% -91.94% -94.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.198B $824.1M $1.068B
Total Long-Term Liabilities $4.226M $4.466M $3.830M
Total Liabilities $1.208B $847.0M $1.096B
YoY Change 2198.43% 1341.72% 461.78%
SHAREHOLDERS EQUITY
Retained Earnings -$79.51M -$91.07M -$132.1M
YoY Change 445.72% 350.47% -4.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares
Shareholders Equity $318.7M $303.4M $257.6M
YoY Change
Total Liabilities & Shareholders Equity $1.527B $1.150B $1.353B
YoY Change 278.62% 184.9% 473.65%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $11.56M $40.99M $12.81M
YoY Change 25.77% -17691.42% -1070.89%
Depreciation, Depletion And Amortization $130.0K $100.0K $90.00K
YoY Change 0.0%
Cash From Operating Activities -$392.3M $279.8M -$217.1M
YoY Change 82061.77% -681.62% 44057.26%
INVESTING ACTIVITIES
Capital Expenditures -$344.0K $381.0K -$78.00K
YoY Change -61.52%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$344.0K -$381.0K -$78.00K
YoY Change -136.56% -99.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 356.8M -238.1M 275.0M
YoY Change -1037.93% -31.95%
NET CHANGE
Cash From Operating Activities -392.3M 279.8M -217.1M
Cash From Investing Activities -344.0K -381.0K -78.00K
Cash From Financing Activities 356.8M -238.1M 275.0M
Net Change In Cash -35.82M 41.33M 57.78M
YoY Change 7401.88% -290.6% 5251.37%
FREE CASH FLOW
Cash From Operating Activities -$392.3M $279.8M -$217.1M
Capital Expenditures -$344.0K $381.0K -$78.00K
Free Cash Flow -$392.0M $279.4M -$217.0M
YoY Change -669.11%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashAndCashEquivalentsAtCarryingValue
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RestrictedCashAndCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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<p style="margin-left:2.667%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.667%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="margin-left:2.667%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.667%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant estimates include those related to the net realizable value of inventory and warrant liabilities, among others. Actual results could differ from those estimates.</span></p>
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CY2021Q2 us-gaap Inventory Write Down
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ShortTermLeaseCost
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ShortTermLeaseCost
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us-gaap Short Term Lease Cost
ShortTermLeaseCost
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us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000
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P3Y1M6D
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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0
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6562000
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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OperatingLeaseLiabilityNoncurrent
3830000
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OperatingLeaseLiability
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9117000
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3537000
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1945000
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25576000
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P6Y9M25D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
137170000
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16200000
CY2021Q2 us-gaap Advertising Expense
AdvertisingExpense
11500000
us-gaap Advertising Expense
AdvertisingExpense
30900000
us-gaap Advertising Expense
AdvertisingExpense
18900000
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0
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33320000
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5411000
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6923000
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CY2022Q2 us-gaap Notes And Loans Payable
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1141911000
CY2021Q4 us-gaap Notes And Loans Payable
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1026196000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2022Q2 opad Shares Authorized
SharesAuthorized
2370000000
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1094000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
224630000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
260192000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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5.07
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7993000
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0.57
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
330000
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WeightedAverageNumberOfDilutedSharesOutstanding
224264000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
11558000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
9190000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18347000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M24D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
24259000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
13090000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.69
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M20D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
19488000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
18347000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y4M24D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
24259000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5200000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2021Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1887000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2400000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
649000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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4028000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1263000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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1887000
us-gaap Net Income Loss
NetIncomeLoss
52546000
us-gaap Net Income Loss
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8957000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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245845000
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WeightedAverageNumberOfSharesOutstandingBasic
59391000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
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0.04
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242998000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
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EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
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58981000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
14901000
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
24740000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
17194000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
24784000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0
CY2021Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
138612000
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
138612000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
260746000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.122
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.010
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.063
us-gaap Effective Income Tax Rate Continuing Operations
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0.010
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
33300000
CY2022Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
255000
CY2021Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
291000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
874000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
789000
CY2022Q2 opad Contractual Obligation To Purchase Home
ContractualObligationToPurchaseHome
2483
CY2022Q2 us-gaap Contractual Obligation
ContractualObligation
869600000

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