<p>Opendoor Technologies Inc ((OPEN)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<p>以杠杆交易 OPEN</p>
<p>Opendoor Technologies 最近的财报电话会议语气显得格外乐观，管理层强调了利润率、库存健康和运营效率的可衡量提升。高管们在这种乐观情绪中保持谨慎，承认住房市场的艰难背景、早期产品的挑战，以及需要证明近期改善能够在更多群体中持续。</p>
<h2>群体利润率保持稳定，交易速度改善</h2>
<p>最近的十月至一月的群体显示出显著更强的利润率稳定性，核心现金产品的利润率从售出 10% 到售出超过 80% 仅下降约 90 个基点，而一年前则下降了约 260 个基点。管理层称 2025 年第四季度和 2026 年一月的产品组合是公司历史上除疫情外利润率、稳定性和转售速度的最佳组合。</p>
<h2>收购和合同量急剧反弹</h2>
<p>Opendoor 报告称需求急剧上升，第一季度签订了超过 5,000 套房屋合同，是前一季度的两倍，是第三季度的三倍。实际购买达 2,474 套房屋，环比增长 45%，标志着自 2022 年中期住房繁荣以来最强的签约季度。</p>
<h2>贡献利润率朝目标区间攀升</h2>
<p>转售贡献利润率自 2025 年九月以来每月改善，季度末达到 4.4%，比第四季度提高了 3.4 个百分点。管理层表示，第二季度的贡献利润率将落在公司 5% 到 7% 的目标区间中间。</p>
<h2>库存变得更年轻、更精简</h2>
<p>公司的资产负债表不再受到过时房屋的负担，库存中超过 120 天的房屋比例从 51% 降至仅 10%，仅用两季度时间。Opendoor 目前持有 3,420 套房屋，代表约 11 亿美元的净库存，并称这一库存是近四年来最为新鲜的。</p>
<h2>调整后盈利能力逐步接近</h2>
<p>截至 4 月 1 日，管理层表示，业务在未来 12 个月的调整后 EBITDA 盈利，标志着这家公司在长期亏损的背景下取得的里程碑。展望未来，他们预计第二季度的调整后 EBITDA 将接近盈亏平衡，并计划到 2026 年底实现滚动 12 个月的调整后净收入盈利。</p>
<h2>强劲的流动性和充足的融资能力</h2>
<p>Opendoor 强调其财务灵活性，季度末拥有 9.99 亿美元的无限制现金，为多年来的最高现金余额。公司还保持 71 亿美元的无追索权资产支持借款能力，其中 15 亿美元已承诺，使其在不过度依赖股权的情况下有空间扩大收购。</p>
<h2>人工智能投资推动效率和成本节约</h2>
<p>管理层强调了多种人工智能驱动的工具，这些工具正在减少摩擦和费用，包括将标题处理时间从长达五小时缩短至约 15 分钟。人工智能辅助的维修谈判将买家流失率降低了两位数的百分比，而新推出的装修范围试点将上市前的装修支出减少了每套房屋约 10% 到 20%。</p>
<h2>产品组合随着早期采用的快速增长而扩展</h2>
<p>新产品正在获得关注，尤其是 “立即现金，稍后更多” 计划，从一年前的零增长到第一季度收购合同的三分之一以上。卖方主导的评估现在超过一半的交易，而最近在科罗拉多州推出的 Opendoor Mortgage 的附加率超出预期，定价大约低于市场平均水平 100 个基点。</p>
<h2>宏观逆风减缓复苏故事</h2>
<p>尽管公司在特定方面取得了进展，管理层强调更广泛的住房环境仍然困难，抵押贷款利率仍然高企，上市房源处于历史高位。这些条件，加上典型的季节性模式，如第四季度利润率较弱，可能会影响转售速度，并迫使 Opendoor 调整其购买节奏。</p>
<h2>新产品在规模上仍未得到验证</h2>
<p>高管们警告说，许多最有前景的举措仍处于早期阶段，限制了它们最终影响的可见性。Opendoor Mortgage 目前仅限于科罗拉多州，尚未在多样化市场中经过考验，而 “立即现金，稍后更多” 仍在调整中，以平衡吸引卖方的条款与公司纪律性的回报。</p>
<h2>执行记录需要更多数据</h2>
<p>管理层强调，到目前为止的故事基于四个令人鼓舞的数据群体，他们认为这些数据是有意义的，但并不确定。他们列出了明确的失败指标，例如群体利润率急剧下降、合同增长停滞或库存老化上升，这些都表明他们当前的操作手册未能按预期工作。</p>
<h2>合同到成交的漏斗存在风险</h2>
<p>根据公司的更新模型，并非每个签署的合同都会转化为购买，这为漏斗引入了新的执行风险。管理层强调，保持严格的承保标准至关重要，因为追求数量而牺牲纪律可能会迅速侵蚀来之不易的利润改善。</p>
<h2>运营纪律仍然是关键杠杆</h2>
<p>实现持续盈利的路径依赖于保持高交易速度的产品和人工智能的推出节奏，以及严格的运营控制。任何发货变化的放缓或成本纪律的松动，都可能削弱转售，削弱利润率，并推迟公司的盈利时间表。</p>
<h2>指引指向第二季度的拐点</h2>
<p>对于 2026 年第二季度，Opendoor 指导调整后的 EBITDA 大致持平，并预计从本季度开始在未来 12 个月内实现调整后 EBITDA 盈利。预计收入将环比增长约 25%，因为第一季度的收购增加以及超过 5000 份签署合同的流入，贡献利润率预计在 5% 到 7% 的目标中点，流动性保持强劲。</p>
<p>Opendoor 的电话会议描绘了一个业务正在摆脱紧急状态并朝着稳健增长迈进的图景，更新的库存、更强的利润率和扩展的产品支撑了谨慎乐观的前景。对于投资者来说，关键问题是管理层能否维持这种运营纪律，并证明近期的客户群增长在仍然不友好的房地产周期中是可持续的。</p>

OPEN

抵押贷款支持证券 ETF - iShares

房地产指数 ETF - iShares 道琼斯

<p>Opendoor Technologies Inc (OPEN) 举行了第一季度财报电话会议，强调了在艰难的房地产市场中，利润率、库存健康和运营效率的提升。公司报告了合同量的显著增加，超过 5,000 套房屋签订了合同，并且贡献利润率有所改善。Opendoor 的库存现在更加年轻和精简，现金储备强劲，达到 9.99 亿美元。然而，管理层对宏观经济逆风表示谨慎，并指出需要运营纪律以维持盈利能力。新产品仍处于早期阶段，执行风险依然存在，因为并非所有合同都能转化为购买</p>

<p>Opendoor Technologies Inc ((OPEN)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Opendoor Technologies Inc ((OPEN)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><p>Trade OPEN with leverage</p>
<div class="lb-trans"><p>以杠杆交易 OPEN</p>
</div><p>Opendoor Technologies’ latest earnings call struck a notably upbeat tone, with management highlighting measurable gains in margins, inventory health, and operating efficiency. Executives balanced this optimism with caution, acknowledging a tough housing backdrop, early‑stage products, and the need to prove that recent improvements can be sustained over more cohorts.</p>
<div class="lb-trans"><p>Opendoor Technologies 最近的财报电话会议语气显得格外乐观，管理层强调了利润率、库存健康和运营效率的可衡量提升。高管们在这种乐观情绪中保持谨慎，承认住房市场的艰难背景、早期产品的挑战，以及需要证明近期改善能够在更多群体中持续。</p>
</div><h2>Cohort Margins Hold Steady as Velocity Improves</h2>
<div class="lb-trans"><h2>群体利润率保持稳定，交易速度改善</h2>
</div><p>Recent October through January cohorts showed materially stronger margin stability, with core cash product margins slipping only about 90 basis points from 10% sold to more than 80% sold versus roughly 260 basis points a year earlier. Management called the Q4 2025 and January 2026 vintages the best mix of margin, stability, and resale speed in the company’s history outside the pandemic.</p>
<div class="lb-trans"><p>最近的十月至一月的群体显示出显著更强的利润率稳定性，核心现金产品的利润率从售出 10% 到售出超过 80% 仅下降约 90 个基点，而一年前则下降了约 260 个基点。管理层称 2025 年第四季度和 2026 年一月的产品组合是公司历史上除疫情外利润率、稳定性和转售速度的最佳组合。</p>
</div><h2>Acquisition and Contract Volumes Rebound Sharply</h2>
<div class="lb-trans"><h2>收购和合同量急剧反弹</h2>
</div><p>Opendoor reported a sharp pickup in demand, entering contracts on more than 5,000 homes in the first quarter, double the prior quarter and triple the third quarter. Actual purchases reached 2,474 homes, up 45% sequentially, marking the strongest signed‑contract quarter since the housing boom of mid‑2022.</p>
<div class="lb-trans"><p>Opendoor 报告称需求急剧上升，第一季度签订了超过 5,000 套房屋合同，是前一季度的两倍，是第三季度的三倍。实际购买达 2,474 套房屋，环比增长 45%，标志着自 2022 年中期住房繁荣以来最强的签约季度。</p>
</div><h2>Contribution Margins Climb Toward Target Range</h2>
<div class="lb-trans"><h2>贡献利润率朝目标区间攀升</h2>
</div><p>Resale contribution margin improved every month since September 2025 and finished the quarter at 4.4%, a 3.4‑percentage‑point jump from Q4. Management signaled confidence that second‑quarter contribution margins will land in the middle of the company’s 5% to 7% target band.</p>
<div class="lb-trans"><p>转售贡献利润率自 2025 年九月以来每月改善，季度末达到 4.4%，比第四季度提高了 3.4 个百分点。管理层表示，第二季度的贡献利润率将落在公司 5% 到 7% 的目标区间中间。</p>
</div><h2>Inventory Gets Younger and Leaner</h2>
<div class="lb-trans"><h2>库存变得更年轻、更精简</h2>
</div><p>The company’s balance sheet is less burdened by stale homes, with inventory aged more than 120 days dropping from 51% to 10% in just two quarters. Opendoor now holds 3,420 homes, representing about $1.1 billion in net inventory, and describes this book as the freshest it has had in nearly four years.</p>
<div class="lb-trans"><p>公司的资产负债表不再受到过时房屋的负担，库存中超过 120 天的房屋比例从 51% 降至仅 10%，仅用两季度时间。Opendoor 目前持有 3,420 套房屋，代表约 11 亿美元的净库存，并称这一库存是近四年来最为新鲜的。</p>
</div><h2>Profitability Edges Closer on Adjusted Basis</h2>
<div class="lb-trans"><h2>调整后盈利能力逐步接近</h2>
</div><p>As of April 1, management says the business is adjusted EBITDA profitable on a forward 12‑month view, a milestone for a company long judged on its losses. Looking ahead, they expect second‑quarter adjusted EBITDA to hover around breakeven and aim to reach adjusted net income profitability on a rolling 12‑month basis by the end of 2026.</p>
<div class="lb-trans"><p>截至 4 月 1 日，管理层表示，业务在未来 12 个月的调整后 EBITDA 盈利，标志着这家公司在长期亏损的背景下取得的里程碑。展望未来，他们预计第二季度的调整后 EBITDA 将接近盈亏平衡，并计划到 2026 年底实现滚动 12 个月的调整后净收入盈利。</p>
</div><h2>Robust Liquidity and Ample Funding Capacity</h2>
<div class="lb-trans"><h2>强劲的流动性和充足的融资能力</h2>
</div><p>Opendoor underscored its financial flexibility, ending the quarter with $999 million in unrestricted cash, its highest cash balance in years. The company also maintains $7.1 billion in nonrecourse asset‑backed borrowing capacity, including $1.5 billion committed, giving it room to scale acquisitions without over‑relying on equity.</p>
<div class="lb-trans"><p>Opendoor 强调其财务灵活性，季度末拥有 9.99 亿美元的无限制现金，为多年来的最高现金余额。公司还保持 71 亿美元的无追索权资产支持借款能力，其中 15 亿美元已承诺，使其在不过度依赖股权的情况下有空间扩大收购。</p>
</div><h2>AI Investments Drive Efficiency and Cost Savings</h2>
<div class="lb-trans"><h2>人工智能投资推动效率和成本节约</h2>
</div><p>Management highlighted multiple AI‑driven tools that are cutting friction and expense, including shrinking title intake from as long as five hours to about 15 minutes. AI‑assisted repair negotiations reduced buyer fall‑through rates by double‑digit percentages, while new renovation scoping pilots trimmed pre‑listing renovation spend by roughly 10% to 20% per home.</p>
<div class="lb-trans"><p>管理层强调了多种人工智能驱动的工具，这些工具正在减少摩擦和费用，包括将标题处理时间从长达五小时缩短至约 15 分钟。人工智能辅助的维修谈判将买家流失率降低了两位数的百分比，而新推出的装修范围试点将上市前的装修支出减少了每套房屋约 10% 到 20%。</p>
</div><h2>Product Suite Expands With Rapid Early Adoption</h2>
<div class="lb-trans"><h2>产品组合随着早期采用的快速增长而扩展</h2>
</div><p>New offerings are gaining traction, led by the Cash Now, More Later program, which climbed from zero a year ago to more than one‑third of first‑quarter acquisition contracts. Seller‑led assessments now exceed half of transactions, and the recently launched Opendoor Mortgage in Colorado is posting better‑than‑expected attach rates with pricing roughly 100 basis points below market averages.</p>
<div class="lb-trans"><p>新产品正在获得关注，尤其是 “立即现金，稍后更多” 计划，从一年前的零增长到第一季度收购合同的三分之一以上。卖方主导的评估现在超过一半的交易，而最近在科罗拉多州推出的 Opendoor Mortgage 的附加率超出预期，定价大约低于市场平均水平 100 个基点。</p>
</div><h2>Macro Headwinds Temper the Recovery Story</h2>
<div class="lb-trans"><h2>宏观逆风减缓复苏故事</h2>
</div><p>Despite company‑specific progress, management stressed that the broader housing environment remains difficult, with mortgage rates still elevated and listings at record levels. These conditions, combined with typical seasonal patterns like weaker fourth‑quarter margins, could weigh on resale velocity and force Opendoor to adjust its buying cadence.</p>
<div class="lb-trans"><p>尽管公司在特定方面取得了进展，管理层强调更广泛的住房环境仍然困难，抵押贷款利率仍然高企，上市房源处于历史高位。这些条件，加上典型的季节性模式，如第四季度利润率较弱，可能会影响转售速度，并迫使 Opendoor 调整其购买节奏。</p>
</div><h2>New Products Still Unproven at Scale</h2>
<div class="lb-trans"><h2>新产品在规模上仍未得到验证</h2>
</div><p>Executives cautioned that many of the most promising initiatives remain in early innings, limiting visibility on their ultimate impact. Opendoor Mortgage is currently confined to Colorado and has yet to be battle‑tested across diverse markets, while Cash Now, More Later is still being refined to balance attractive seller terms with disciplined company returns.</p>
<div class="lb-trans"><p>高管们警告说，许多最有前景的举措仍处于早期阶段，限制了它们最终影响的可见性。Opendoor Mortgage 目前仅限于科罗拉多州，尚未在多样化市场中经过考验，而 “立即现金，稍后更多” 仍在调整中，以平衡吸引卖方的条款与公司纪律性的回报。</p>
</div><h2>Execution Track Record Needs More Data</h2>
<div class="lb-trans"><h2>执行记录需要更多数据</h2>
</div><p>Management emphasized that the story so far is based on four cohorts of encouraging data, which they argue is meaningful but not definitive. They outlined clear failure indicators, such as steeper margin erosion by cohort, stalled contract growth, or rising aged inventory, that would show their current playbook is not working as intended.</p>
<div class="lb-trans"><p>管理层强调，到目前为止的故事基于四个令人鼓舞的数据群体，他们认为这些数据是有意义的，但并不确定。他们列出了明确的失败指标，例如群体利润率急剧下降、合同增长停滞或库存老化上升，这些都表明他们当前的操作手册未能按预期工作。</p>
</div><h2>Contract‑to‑Close Funnel Poses Risk</h2>
<div class="lb-trans"><h2>合同到成交的漏斗存在风险</h2>
</div><p>Under the company’s updated model, not every signed contract converts into a purchase, introducing new execution risk into the funnel. Management stressed that maintaining strict underwriting standards is essential, since chasing volume at the expense of discipline could quickly erode the hard‑won margin improvements.</p>
<div class="lb-trans"><p>根据公司的更新模型，并非每个签署的合同都会转化为购买，这为漏斗引入了新的执行风险。管理层强调，保持严格的承保标准至关重要，因为追求数量而牺牲纪律可能会迅速侵蚀来之不易的利润改善。</p>
</div><h2>Operational Discipline Remains a Critical Lever</h2>
<div class="lb-trans"><h2>运营纪律仍然是关键杠杆</h2>
</div><p>The path to sustained profitability hinges on keeping a high‑velocity product and AI rollout cadence, alongside tight operational controls. Any slowdown in shipping changes, or slippage in cost discipline, could undermine resales, weaken margins, and push out the company’s profitability timeline.</p>
<div class="lb-trans"><p>实现持续盈利的路径依赖于保持高交易速度的产品和人工智能的推出节奏，以及严格的运营控制。任何发货变化的放缓或成本纪律的松动，都可能削弱转售，削弱利润率，并推迟公司的盈利时间表。</p>
</div><h2>Guidance Points to a Second‑Quarter Inflection</h2>
<div class="lb-trans"><h2>指引指向第二季度的拐点</h2>
</div><p>For the second quarter of 2026, Opendoor guided to roughly breakeven adjusted EBITDA and expects to be adjusted EBITDA profitable on a 12‑month forward basis starting this quarter. Revenue is projected to climb about 25% sequentially as higher first‑quarter acquisitions and over 5,000 signed contracts flow through, with contribution margins guided to the mid‑point of the 5% to 7% goal and liquidity remaining strong.</p>
<div class="lb-trans"><p>对于 2026 年第二季度，Opendoor 指导调整后的 EBITDA 大致持平，并预计从本季度开始在未来 12 个月内实现调整后 EBITDA 盈利。预计收入将环比增长约 25%，因为第一季度的收购增加以及超过 5000 份签署合同的流入，贡献利润率预计在 5% 到 7% 的目标中点，流动性保持强劲。</p>
</div><p>Opendoor’s call painted a picture of a business exiting triage and moving toward measured growth, with fresher inventory, stronger margins, and expanding products underpinning a cautiously optimistic outlook. For investors, the key question is whether management can sustain this operational discipline and prove that recent cohort gains are durable through a still‑unfriendly housing cycle.</p>
<div class="lb-trans"><p>Opendoor 的电话会议描绘了一个业务正在摆脱紧急状态并朝着稳健增长迈进的图景，更新的库存、更强的利润率和扩展的产品支撑了谨慎乐观的前景。对于投资者来说，关键问题是管理层能否维持这种运营纪律，并证明近期的客户群增长在仍然不友好的房地产周期中是可持续的。</p>
</div>

Opendoor (OPEN) 的财报电话会议显示出初步的转机迹象