$OPAD
Offerpad Solutions Inc

2024 Q3 Form 10-Q Financial Statement

#000095017024090951 Filed on August 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $251.1M
YoY Change 9.11%
Cost Of Revenue $229.3M
YoY Change 10.26%
Gross Profit $21.87M
YoY Change -1.62%
Gross Profit Margin 8.71%
Selling, General & Admin $30.77M
YoY Change -26.31%
% of Gross Profit 140.68%
Research & Development $964.0K
YoY Change -58.3%
% of Gross Profit 4.41%
Depreciation & Amortization $100.0K
YoY Change -50.0%
% of Gross Profit 0.46%
Operating Expenses $31.73M
YoY Change -27.99%
Operating Profit -$9.861M
YoY Change -54.84%
Interest Expense $4.581M
YoY Change 145.37%
% of Operating Profit
Other Income/Expense, Net -$3.975M
YoY Change 751.18%
Pretax Income -$13.84M
YoY Change -37.96%
Income Tax -$54.00K
% Of Pretax Income
Net Earnings -$13.78M
YoY Change -38.32%
Net Earnings / Revenue -5.49%
Basic Earnings Per Share -$0.50
Diluted Earnings Per Share -$0.50
COMMON SHARES
Basic Shares Outstanding 27.35M 27.30M
Diluted Shares Outstanding 27.39M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.91M
YoY Change -50.77%
Cash & Equivalents $56.91M
Short-Term Investments
Other Short-Term Assets $19.64M
YoY Change 27.6%
Inventory $307.8M
Prepaid Expenses
Receivables $6.745M
Other Receivables $0.00
Total Short-Term Assets $391.0M
YoY Change 13.81%
LONG-TERM ASSETS
Property, Plant & Equipment $4.492M
YoY Change -7.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.10M
YoY Change 139.06%
Total Long-Term Assets $15.59M
YoY Change 63.82%
TOTAL ASSETS
Total Short-Term Assets $391.0M
Total Long-Term Assets $15.59M
Total Assets $406.6M
YoY Change 15.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.838M
YoY Change -55.24%
Accrued Expenses $13.10M
YoY Change -32.05%
Deferred Revenue
YoY Change
Short-Term Debt $303.8M
YoY Change 58.85%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $319.7M
YoY Change 47.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $9.203M
YoY Change 261.9%
Total Long-Term Liabilities $9.203M
YoY Change 261.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $319.7M
Total Long-Term Liabilities $9.203M
Total Liabilities $329.1M
YoY Change 49.65%
SHAREHOLDERS EQUITY
Retained Earnings -$429.2M
YoY Change 18.41%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $77.57M
YoY Change
Total Liabilities & Shareholders Equity $406.6M
YoY Change 15.16%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$13.78M
YoY Change -38.32%
Depreciation, Depletion And Amortization $100.0K
YoY Change -50.0%
Cash From Operating Activities -$54.39M
YoY Change -1.02%
INVESTING ACTIVITIES
Capital Expenditures $9.000K
YoY Change -40.0%
Acquisitions
YoY Change
Other Investing Activities $14.00K
YoY Change -102.12%
Cash From Investing Activities $5.000K
YoY Change -100.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 48.85M
YoY Change 39.82%
NET CHANGE
Cash From Operating Activities -54.39M
Cash From Investing Activities 5.000K
Cash From Financing Activities 48.85M
Net Change In Cash -5.535M
YoY Change -73.25%
FREE CASH FLOW
Cash From Operating Activities -$54.39M
Capital Expenditures $9.000K
Free Cash Flow -$54.39M
YoY Change -1.04%

Facts In Submission

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<p style="margin-left:2.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;margin-right:2.667%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="margin-left:2.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;margin-right:2.667%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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 real estate inventory, among others. Actual results could differ from those estimates.</span></p>
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us-gaap Dilutive Securities
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