$OPEN
Opendoor Technologies Inc.

2023 Q4 Form 10-Q Financial Statement

#000180116923000138 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $870.0M $980.0M
YoY Change -69.55% -70.84%
Cost Of Revenue $798.0M $884.0M
YoY Change -71.36% -76.65%
Gross Profit $72.00M $96.00M
YoY Change 1.41% -122.59%
Gross Profit Margin 8.28% 9.8%
Selling, General & Admin $137.0M $133.0M
YoY Change -36.87% -61.45%
% of Gross Profit 190.28% 138.54%
Research & Development $41.00M $42.00M
YoY Change -10.87% 5.0%
% of Gross Profit 56.94% 43.75%
Depreciation & Amortization $15.00M $8.000M
YoY Change -37.5% -20.0%
% of Gross Profit 20.83% 8.33%
Operating Expenses $178.0M $175.0M
YoY Change -32.32% -54.55%
Operating Profit -$106.0M -$79.00M
YoY Change -44.79% -90.25%
Interest Expense -$37.00M $47.00M
YoY Change -67.26% -59.13%
% of Operating Profit
Other Income/Expense, Net $27.00M $20.00M
YoY Change 170.0% -1100.0%
Pretax Income -$91.00M -$106.0M
YoY Change -77.19% -88.57%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$91.00M -$106.0M
YoY Change -77.19% -88.58%
Net Earnings / Revenue -10.46% -10.82%
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$0.14 -$0.16
COMMON SHARES
Basic Shares Outstanding 670.0M shares 659.2M shares
Diluted Shares Outstanding 662.1M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.068B $1.226B
YoY Change -16.63% -18.54%
Cash & Equivalents $999.0M $1.154B
Short-Term Investments $69.00M $72.00M
Other Short-Term Assets $52.00M $47.00M
YoY Change 26.83% -41.25%
Inventory $1.775B $1.311B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.445B $3.819B
YoY Change -46.72% -60.15%
LONG-TERM ASSETS
Property, Plant & Equipment $66.00M $68.00M
YoY Change 13.79% 9.68%
Goodwill $4.000M $4.000M
YoY Change 0.0% -93.55%
Intangibles $5.000M $7.000M
YoY Change -58.33% 0.0%
Long-Term Investments
YoY Change
Other Assets $22.00M $22.00M
YoY Change -18.52% -15.38%
Total Long-Term Assets $122.0M $128.0M
YoY Change -14.08% -36.0%
TOTAL ASSETS
Total Short-Term Assets $3.445B $3.819B
Total Long-Term Assets $122.0M $128.0M
Total Assets $3.567B $3.947B
YoY Change -46.02% -59.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000M $67.00M
YoY Change -98.18% -67.94%
Accrued Expenses $34.00M $7.000M
YoY Change -27.66% -65.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $70.00M $74.00M
YoY Change -95.35% -97.95%
LONG-TERM LIABILITIES
Long-Term Debt $2.510B $2.832B
YoY Change -36.92% -39.18%
Other Long-Term Liabilities $1.000M $1.000M
YoY Change -97.37% -97.44%
Total Long-Term Liabilities $1.000M $1.000M
YoY Change -99.98% -99.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.00M $74.00M
Total Long-Term Liabilities $1.000M $1.000M
Total Liabilities $2.600B $2.927B
YoY Change -52.92% -64.72%
SHAREHOLDERS EQUITY
Retained Earnings -$3.333B -$3.242B
YoY Change 8.99% 21.93%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $967.0M $1.020B
YoY Change
Total Liabilities & Shareholders Equity $3.567B $3.947B
YoY Change -46.02% -59.66%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$91.00M -$106.0M
YoY Change -77.19% -88.58%
Depreciation, Depletion And Amortization $15.00M $8.000M
YoY Change -37.5% -20.0%
Cash From Operating Activities -$542.0M -$216.0M
YoY Change -138.85% -32.92%
INVESTING ACTIVITIES
Capital Expenditures $9.000M $11.00M
YoY Change 125.0% -184.62%
Acquisitions
YoY Change
Other Investing Activities $5.000M $14.00M
YoY Change -82.14% -65.0%
Cash From Investing Activities -$4.000M $3.000M
YoY Change -116.67% -88.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -292.0M -213.0M
YoY Change -89.21% -140.96%
NET CHANGE
Cash From Operating Activities -542.0M -216.0M
Cash From Investing Activities -4.000M 3.000M
Cash From Financing Activities -292.0M -213.0M
Net Change In Cash -838.0M -426.0M
YoY Change -34.94% -289.33%
FREE CASH FLOW
Cash From Operating Activities -$542.0M -$216.0M
Capital Expenditures $9.000M $11.00M
Free Cash Flow -$551.0M -$227.0M
YoY Change -139.61% -26.54%

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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that have a material impact on the amounts reported in the financial statements and accompanying notes. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, and inventory valuation adjustment. Management believes that the estimates and judgments upon which management relies are reasonable based upon information available to management at the time that these estimates and judgments are made. To the extent there are material differences between these estimates, assumptions and judgments and actual results, the carrying values of the Company's assets and liabilities and the results of operations will be affected. The health of the residential housing market and interest rate environment have introduced additional uncertainty with respect to judgments, estimates and assumptions, which may materially impact the estimates previously listed, among others.</span></div>
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, and investments in marketable securities. The Company places cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of the Company’s investments.</span></div>
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Files In Submission

Name View Source Status
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FilingSummary.xml Edgar Link unprocessable
open-20230930_lab.xml Edgar Link unprocessable
open-20230930_cal.xml Edgar Link unprocessable
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0001801169-23-000138-index.html Edgar Link pending
0001801169-23-000138.txt Edgar Link pending
0001801169-23-000138-xbrl.zip Edgar Link pending
a101odtnon-employeedirecto.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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