<p><strong>Opendoor Technologies</strong>（OPEN -12.80%）本月对其高管团队和董事会进行了重大调整。公司宣布聘请 Kaz Nejatian 担任首席执行官，任职将于十月开始。联合创始人 Keith Rabois 将成为董事会主席，另一位联合创始人 Eric Wu 将重新加入董事会。</p>
<p>在 9 月 10 日的公告后，股价从 5.86 美元飙升至当天收盘的 10.52 美元。到 9 月 18 日收盘时，股价上涨了 70%。</p>
<p>市场是否反应过度，还是领导层的变动代表着转机的开始？是时候退一步分析一下业务及其长期前景了。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTIvZ2V0dHlpbWFnZXMtMTMwNTk0ODc0OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTIvZ2V0dHlpbWFnZXMtMTMwNTk0ODc0OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>业务概况</h2>
<p>Opendoor Technologies 于 2014 年在一个有趣的前提下开始运营。它旨在利用技术使买卖房屋的过程更加高效。正如任何进行过此类交易的人所知，这个过程可能会耗时很长，并伴随着许多令人痛苦的时刻。</p>
<p>该公司试图通过直接从卖家那里购买房屋来解决这个问题。卖家在线获得初步估算，随后进行评估并给出最终报价。Opendoor 收取费用，进行必要的维修，然后出售该物业。这是其核心业务，尽管公司还提供卖家与代理合作的挂牌服务。</p>
<p>任何使房屋销售变得更轻松、更快捷的方式都是积极的。然而，即使在经营超过十年后，Opendoor 去年仅售出了约 13,600 套房屋。管理层将传统代理视为其最大的竞争对手，而其销售额仅占去年美国超过 400 万套房屋销售的一个小部分。</p>
<h2>业绩不佳</h2>
<p>该公司售出的房屋数量在过去几年中有所下降。从 2022 年的约 39,200 套降至去年的 13,600 套。在此期间，收入下降了 67%，降至 52 亿美元。</p>
<p>公司的业绩与影响房屋销售的经济因素密切相关。这些因素无疑在过去几年中发挥了作用，因为现有房屋销售受到高抵押贷款利率等因素的影响而下降。</p>
<p>尽管如此，管理层采取了谨慎的态度。它暂停了扩张计划，在过去几年中保持在 50 个市场。考虑到在公认会计原则下持续的亏损，增长机会可能会面临挑战。去年，该公司亏损 3.92 亿美元。</p>
<p>最近的业绩显示出一些进展。在第二季度，它售出了 4,299 套房屋，比一年前的 4,078 套增长了约 5%。收入同比增长 5.3%，达到 16 亿美元。</p>
<p>然而，投资者不应过于兴奋，因为管理层预计第三季度收入将降至 8 亿至 8.75 亿美元。这与去年同期的 14 亿美元相比，降幅相当大。</p>
<h2>管理层能否扭转业务？</h2>
<p>即将上任的首席执行官 Nejatian 在电子商务公司 <strong>Shopify</strong> 工作了六年，虽然取得了一定成功，但他和 Opendoor 的两位联合创始人在当前的扭转项目中面临不同的挑战。</p>
<p>公司谈到引入 “创始人的思维”，以及 Nejatian 在削减成本和领导 “以 AI 为先” 的公司的能力。它还提到 Rabois 和 Wu 为董事会带来了 “创始人基因”。</p>
<p>根据公司的一般声明，目前很难看清愿景。与此同时，股价可能已经超前。在领导层公告之前，它已经是一只迷因股，今年（截至 9 月 18 日）股价上涨超过 44%，而 <strong>标准普尔 500</strong> 指数仅上涨 13.3%。</p>
<p>鉴于 Opendoor 面临的挑战，我会在购买股票之前暂停一下。毕竟，听听新任首席执行官讨论他和他的团队计划采取的具体步骤是明智的。然后，你可以在投入资金之前衡量进展。</p>

OPEN

<p>Opendoor Technologies 宣布了重要的领导层变动，任命 Kaz Nejatian 为首席执行官，并提升联合创始人 Keith Rabois 为董事会主席。此消息发布后，股票上涨了 70%，收于 10.52 美元。尽管近期房屋销售和收入有所上升，但公司面临挑战，包括过去一年收入下降 67% 和 3.92 亿美元的亏损。投资者被建议保持谨慎，等待新首席执行官的具体战略再做投资决策</p>

<p><strong>Opendoor Technologies</strong>(OPEN -12.80%) made major changes to its executive ranks and board of directors this month. The company announced it hired Kaz Nejatian as CEO, starting in October. Co-founder Keith Rabois will become board chairman, and another co-founder, Eric Wu, will rejoin the board.</p>
<div class="lb-trans"><p><strong>Opendoor Technologies</strong>（OPEN -12.80%）本月对其高管团队和董事会进行了重大调整。公司宣布聘请 Kaz Nejatian 担任首席执行官，任职将于十月开始。联合创始人 Keith Rabois 将成为董事会主席，另一位联合创始人 Eric Wu 将重新加入董事会。</p>
</div><p>Following the Sept. 10 announcement, the shares skyrocketed from $5.86 to close at $10.52 that day. Through the Sept. 18 close, the stock gained 70%.</p>
<div class="lb-trans"><p>在 9 月 10 日的公告后，股价从 5.86 美元飙升至当天收盘的 10.52 美元。到 9 月 18 日收盘时，股价上涨了 70%。</p>
</div><p>Has the market overreacted, or do the leadership changes represent the start of a turnaround? It's time to take a step back and analyze the business and its long-term prospects.</p>
<div class="lb-trans"><p>市场是否反应过度，还是领导层的变动代表着转机的开始？是时候退一步分析一下业务及其长期前景了。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTIvZ2V0dHlpbWFnZXMtMTMwNTk0ODc0OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833412%2Fgettyimages-1305948749-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The business</h2>
<div class="lb-trans"><h2>业务概况</h2>
</div><p>Opendoor Technologies began operations in 2014 under an interesting premise. It seeks to use technology to make buying and selling homes more efficient. As anyone who has made such transactions knows, the process can take a long time with lots of agonizing moments.</p>
<div class="lb-trans"><p>Opendoor Technologies 于 2014 年在一个有趣的前提下开始运营。它旨在利用技术使买卖房屋的过程更加高效。正如任何进行过此类交易的人所知，这个过程可能会耗时很长，并伴随着许多令人痛苦的时刻。</p>
</div><p>The company seeks to solve this problem by buying homes directly from sellers. They receive an initial estimate online, followed by an appraisal and final offer. Opendoor takes a fee, does any necessary repairs, and sells the property. That's its core business, although the company also offers listing services where sellers work with agents.</p>
<div class="lb-trans"><p>该公司试图通过直接从卖家那里购买房屋来解决这个问题。卖家在线获得初步估算，随后进行评估并给出最终报价。Opendoor 收取费用，进行必要的维修，然后出售该物业。这是其核心业务，尽管公司还提供卖家与代理合作的挂牌服务。</p>
</div><p>Anything that makes home selling less cumbersome and quicker is a positive. However, even after more than a decade in business, Opendoor sold only about 13,600 homes last year. Management views traditional agents as its biggest competition, and its sales represent a fraction of the more than 4 million homes sold in the U.S. last year.</p>
<div class="lb-trans"><p>任何使房屋销售变得更轻松、更快捷的方式都是积极的。然而，即使在经营超过十年后，Opendoor 去年仅售出了约 13,600 套房屋。管理层将传统代理视为其最大的竞争对手，而其销售额仅占去年美国超过 400 万套房屋销售的一个小部分。</p>
</div><h2>Poor results</h2>
<div class="lb-trans"><h2>业绩不佳</h2>
</div><p>The number of homes the company has sold has dropped over the last few years. It fell from about 39,200 in 2022 to 13,600 last year. During this time, revenue dropped 67% to $5.2 billion.</p>
<div class="lb-trans"><p>该公司售出的房屋数量在过去几年中有所下降。从 2022 年的约 39,200 套降至去年的 13,600 套。在此期间，收入下降了 67%，降至 52 亿美元。</p>
</div><p>The company's results are tied to economic factors that affect home sales. These undoubtedly played a role as existing-home sales -- hurt by high mortgage rates, among other things -- declined over the last few years.</p>
<div class="lb-trans"><p>公司的业绩与影响房屋销售的经济因素密切相关。这些因素无疑在过去几年中发挥了作用，因为现有房屋销售受到高抵押贷款利率等因素的影响而下降。</p>
</div><p>Still, management took a cautious approach. It paused its expansion plan, remaining in 50 markets over the last couple of years. Growth opportunities may prove challenging given the persistent losses under generally accepted accounting principles. Last year, the company lost $392 million.</p>
<div class="lb-trans"><p>尽管如此，管理层采取了谨慎的态度。它暂停了扩张计划，在过去几年中保持在 50 个市场。考虑到在公认会计原则下持续的亏损，增长机会可能会面临挑战。去年，该公司亏损 3.92 亿美元。</p>
</div><p>Recent results showed some progress. During the second quarter, it sold 4,299 homes, up about 5% from a year ago, when it sold 4,078. Revenue grew 5.3% year over year to $1.6 billion.</p>
<div class="lb-trans"><p>最近的业绩显示出一些进展。在第二季度，它售出了 4,299 套房屋，比一年前的 4,078 套增长了约 5%。收入同比增长 5.3%，达到 16 亿美元。</p>
</div><p>However, investors shouldn't get too excited since management expects third-quarter revenue to fall to a range of $800 million to $875 million. That's quite a drop from the corresponding year-ago figure of $1.4 billion.</p>
<div class="lb-trans"><p>然而，投资者不应过于兴奋，因为管理层预计第三季度收入将降至 8 亿至 8.75 亿美元。这与去年同期的 14 亿美元相比，降幅相当大。</p>
</div><h2>Can management turn around the business?</h2>
<div class="lb-trans"><h2>管理层能否扭转业务？</h2>
</div><p>Nejatian, the incoming CEO, spent the last six years at the e-commerce company <strong>Shopify</strong>, which had success, but he and Opendoor's two co-founders face different challenges in their current turnaround project.</p>
<div class="lb-trans"><p>即将上任的首席执行官 Nejatian 在电子商务公司 <strong>Shopify</strong> 工作了六年，虽然取得了一定成功，但他和 Opendoor 的两位联合创始人在当前的扭转项目中面临不同的挑战。</p>
</div><p>The company talked about bringing in a &#34;founder's brain&#34; and Nejatian's experience cutting costs and ability to lead the &#34;AI-first&#34; company. It also mentioned Rabois and Wu bringing &#34;founder DNA&#34; to the board of directors.</p>
<div class="lb-trans"><p>公司谈到引入 “创始人的思维”，以及 Nejatian 在削减成本和领导 “以 AI 为先” 的公司的能力。它还提到 Rabois 和 Wu 为董事会带来了 “创始人基因”。</p>
</div><p>It's hard to see the vision right now based on the company's general statements. Meanwhile, the stock may have gotten ahead of itself. Already a meme stock before the leadership announcements, the price gained more than 44% this year (through Sept. 18) compared to 13.3% for the <strong>S&amp;P 500</strong> index.</p>
<div class="lb-trans"><p>根据公司的一般声明，目前很难看清愿景。与此同时，股价可能已经超前。在领导层公告之前，它已经是一只迷因股，今年（截至 9 月 18 日）股价上涨超过 44%，而 <strong>标准普尔 500</strong> 指数仅上涨 13.3%。</p>
</div><p>Given the challenges facing Opendoor, I would pause before buying the shares. After all, it's prudent to hear the new CEO discuss specific steps he and his team plan to take. Then, you can measure the progress before committing your money.</p>
<div class="lb-trans"><p>鉴于 Opendoor 面临的挑战，我会在购买股票之前暂停一下。毕竟，听听新任首席执行官讨论他和他的团队计划采取的具体步骤是明智的。然后，你可以在投入资金之前衡量进展。</p>
</div>

Opendoor 股票在宣布新的领导层后上涨了 70%：这是一个转机的故事还是暂时的高点？