<p>Opendoor Technologies Inc ((OPEN)) 已召開其第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<p>以槓桿交易 OPEN</p>
<p>Opendoor Technologies 最近的財報電話會議語氣顯得格外樂觀，管理層強調了利潤率、庫存健康和運營效率的可衡量提升。高管們在這種樂觀情緒中保持謹慎，承認住房市場的艱難背景、早期產品的挑戰，以及需要證明近期改善能夠在更多羣體中持續。</p>
<h2>羣體利潤率保持穩定，交易速度改善</h2>
<p>最近的十月至一月的羣體顯示出顯著更強的利潤率穩定性，核心現金產品的利潤率從售出 10% 到售出超過 80% 僅下降約 90 個基點，而一年前則下降了約 260 個基點。管理層稱 2025 年第四季度和 2026 年一月的產品組合是公司歷史上除疫情外利潤率、穩定性和轉售速度的最佳組合。</p>
<h2>收購和合同量急劇反彈</h2>
<p>Opendoor 報告稱需求急劇上升，第一季度簽訂了超過 5,000 套房屋合同，是前一季度的兩倍，是第三季度的三倍。實際購買達 2,474 套房屋，環比增長 45%，標誌着自 2022 年中期住房繁榮以來最強的簽約季度。</p>
<h2>貢獻利潤率朝目標區間攀升</h2>
<p>轉售貢獻利潤率自 2025 年九月以來每月改善，季度末達到 4.4%，比第四季度提高了 3.4 個百分點。管理層表示，第二季度的貢獻利潤率將落在公司 5% 到 7% 的目標區間中間。</p>
<h2>庫存變得更年輕、更精簡</h2>
<p>公司的資產負債表不再受到過時房屋的負擔，庫存中超過 120 天的房屋比例從 51% 降至僅 10%，僅用兩季度時間。Opendoor 目前持有 3,420 套房屋，代表約 11 億美元的淨庫存，並稱這一庫存是近四年來最為新鮮的。</p>
<h2>調整後盈利能力逐步接近</h2>
<p>截至 4 月 1 日，管理層表示，業務在未來 12 個月的調整後 EBITDA 盈利，標誌着這家公司在長期虧損的背景下取得的里程碑。展望未來，他們預計第二季度的調整後 EBITDA 將接近盈虧平衡，並計劃到 2026 年底實現滾動 12 個月的調整後淨收入盈利。</p>
<h2>強勁的流動性和充足的融資能力</h2>
<p>Opendoor 強調其財務靈活性，季度末擁有 9.99 億美元的無限制現金，為多年來的最高現金餘額。公司還保持 71 億美元的無追索權資產支持借款能力，其中 15 億美元已承諾，使其在不過度依賴股權的情況下有空間擴大收購。</p>
<h2>人工智能投資推動效率和成本節約</h2>
<p>管理層強調了多種人工智能驅動的工具，這些工具正在減少摩擦和費用，包括將標題處理時間從長達五小時縮短至約 15 分鐘。人工智能輔助的維修談判將買家流失率降低了兩位數的百分比，而新推出的裝修範圍試點將上市前的裝修支出減少了每套房屋約 10% 到 20%。</p>
<h2>產品組合隨着早期採用的快速增長而擴展</h2>
<p>新產品正在獲得關注，尤其是 “立即現金，稍後更多” 計劃，從一年前的零增長到第一季度收購合同的三分之一以上。賣方主導的評估現在超過一半的交易，而最近在科羅拉多州推出的 Opendoor Mortgage 的附加率超出預期，定價大約低於市場平均水平 100 個基點。</p>
<h2>宏觀逆風減緩復甦故事</h2>
<p>儘管公司在特定方面取得了進展，管理層強調更廣泛的住房環境仍然困難，抵押貸款利率仍然高企，上市房源處於歷史高位。這些條件，加上典型的季節性模式，如第四季度利潤率較弱，可能會影響轉售速度，並迫使 Opendoor 調整其購買節奏。</p>
<h2>新產品在規模上仍未得到驗證</h2>
<p>高管們警告説，許多最有前景的舉措仍處於早期階段，限制了它們最終影響的可見性。Opendoor Mortgage 目前僅限於科羅拉多州，尚未在多樣化市場中經過考驗，而 “立即現金，稍後更多” 仍在調整中，以平衡吸引賣方的條款與公司紀律性的回報。</p>
<h2>執行記錄需要更多數據</h2>
<p>管理層強調，到目前為止的故事基於四個令人鼓舞的數據羣體，他們認為這些數據是有意義的，但並不確定。他們列出了明確的失敗指標，例如羣體利潤率急劇下降、合同增長停滯或庫存老化上升，這些都表明他們當前的操作手冊未能按預期工作。</p>
<h2>合同到成交的漏斗存在風險</h2>
<p>根據公司的更新模型，並非每個簽署的合同都會轉化為購買，這為漏斗引入了新的執行風險。管理層強調，保持嚴格的承保標準至關重要，因為追求數量而犧牲紀律可能會迅速侵蝕來之不易的利潤改善。</p>
<h2>運營紀律仍然是關鍵槓桿</h2>
<p>實現持續盈利的路徑依賴於保持高交易速度的產品和人工智能的推出節奏，以及嚴格的運營控制。任何發貨變化的放緩或成本紀律的鬆動，都可能削弱轉售，削弱利潤率，並推遲公司的盈利時間表。</p>
<h2>指引指向第二季度的拐點</h2>
<p>對於 2026 年第二季度，Opendoor 指導調整後的 EBITDA 大致持平，並預計從本季度開始在未來 12 個月內實現調整後 EBITDA 盈利。預計收入將環比增長約 25%，因為第一季度的收購增加以及超過 5000 份簽署合同的流入，貢獻利潤率預計在 5% 到 7% 的目標中點，流動性保持強勁。</p>
<p>Opendoor 的電話會議描繪了一個業務正在擺脱緊急狀態並朝着穩健增長邁進的圖景，更新的庫存、更強的利潤率和擴展的產品支撐了謹慎樂觀的前景。對於投資者來説，關鍵問題是管理層能否維持這種運營紀律，並證明近期的客户羣增長在仍然不友好的房地產週期中是可持續的。</p>

OPEN

抵押貸款支持證券 ETF - iShares

房地產指數 ETF - iShares 道瓊斯

<p>Opendoor Technologies Inc (OPEN) 舉行了第一季度財報電話會議，強調了在艱難的房地產市場中，利潤率、庫存健康和運營效率的提升。公司報告了合同量的顯著增加，超過 5,000 套房屋簽訂了合同，並且貢獻利潤率有所改善。Opendoor 的庫存現在更加年輕和精簡，現金儲備強勁，達到 9.99 億美元。然而，管理層對宏觀經濟逆風表示謹慎，並指出需要運營紀律以維持盈利能力。新產品仍處於早期階段，執行風險依然存在，因為並非所有合同都能轉化為購買</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)) 已召開其第一季度財報電話會議。請繼續閲讀會議的主要亮點。</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>以槓桿交易 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 最近的財報電話會議語氣顯得格外樂觀，管理層強調了利潤率、庫存健康和運營效率的可衡量提升。高管們在這種樂觀情緒中保持謹慎，承認住房市場的艱難背景、早期產品的挑戰，以及需要證明近期改善能夠在更多羣體中持續。</p>
</div><h2>Cohort Margins Hold Steady as Velocity Improves</h2>
<div class="lb-trans"><h2>羣體利潤率保持穩定，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羣體顯示出顯著更強的利潤率穩定性，核心現金產品的利潤率從售出 10% 到售出超過 80% 僅下降約 90 個基點，而一年前則下降了約 260 個基點。管理層稱 2025 年第四季度和 2026 年一月的產品組合是公司歷史上除疫情外利潤率、穩定性和轉售速度的最佳組合。</p>
</div><h2>Acquisition and Contract Volumes Rebound Sharply</h2>
<div class="lb-trans"><h2>收購和合同量急劇反彈</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 報告稱需求急劇上升，第一季度簽訂了超過 5,000 套房屋合同，是前一季度的兩倍，是第三季度的三倍。實際購買達 2,474 套房屋，環比增長 45%，標誌着自 2022 年中期住房繁榮以來最強的簽約季度。</p>
</div><h2>Contribution Margins Climb Toward Target Range</h2>
<div class="lb-trans"><h2>貢獻利潤率朝目標區間攀升</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>轉售貢獻利潤率自 2025 年九月以來每月改善，季度末達到 4.4%，比第四季度提高了 3.4 個百分點。管理層表示，第二季度的貢獻利潤率將落在公司 5% 到 7% 的目標區間中間。</p>
</div><h2>Inventory Gets Younger and Leaner</h2>
<div class="lb-trans"><h2>庫存變得更年輕、更精簡</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>公司的資產負債表不再受到過時房屋的負擔，庫存中超過 120 天的房屋比例從 51% 降至僅 10%，僅用兩季度時間。Opendoor 目前持有 3,420 套房屋，代表約 11 億美元的淨庫存，並稱這一庫存是近四年來最為新鮮的。</p>
</div><h2>Profitability Edges Closer on Adjusted Basis</h2>
<div class="lb-trans"><h2>調整後盈利能力逐步接近</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，管理層表示，業務在未來 12 個月的調整後 EBITDA 盈利，標誌着這家公司在長期虧損的背景下取得的里程碑。展望未來，他們預計第二季度的調整後 EBITDA 將接近盈虧平衡，並計劃到 2026 年底實現滾動 12 個月的調整後淨收入盈利。</p>
</div><h2>Robust Liquidity and Ample Funding Capacity</h2>
<div class="lb-trans"><h2>強勁的流動性和充足的融資能力</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 強調其財務靈活性，季度末擁有 9.99 億美元的無限制現金，為多年來的最高現金餘額。公司還保持 71 億美元的無追索權資產支持借款能力，其中 15 億美元已承諾，使其在不過度依賴股權的情況下有空間擴大收購。</p>
</div><h2>AI Investments Drive Efficiency and Cost Savings</h2>
<div class="lb-trans"><h2>人工智能投資推動效率和成本節約</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>管理層強調了多種人工智能驅動的工具，這些工具正在減少摩擦和費用，包括將標題處理時間從長達五小時縮短至約 15 分鐘。人工智能輔助的維修談判將買家流失率降低了兩位數的百分比，而新推出的裝修範圍試點將上市前的裝修支出減少了每套房屋約 10% 到 20%。</p>
</div><h2>Product Suite Expands With Rapid Early Adoption</h2>
<div class="lb-trans"><h2>產品組合隨着早期採用的快速增長而擴展</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>新產品正在獲得關注，尤其是 “立即現金，稍後更多” 計劃，從一年前的零增長到第一季度收購合同的三分之一以上。賣方主導的評估現在超過一半的交易，而最近在科羅拉多州推出的 Opendoor Mortgage 的附加率超出預期，定價大約低於市場平均水平 100 個基點。</p>
</div><h2>Macro Headwinds Temper the Recovery Story</h2>
<div class="lb-trans"><h2>宏觀逆風減緩復甦故事</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>儘管公司在特定方面取得了進展，管理層強調更廣泛的住房環境仍然困難，抵押貸款利率仍然高企，上市房源處於歷史高位。這些條件，加上典型的季節性模式，如第四季度利潤率較弱，可能會影響轉售速度，並迫使 Opendoor 調整其購買節奏。</p>
</div><h2>New Products Still Unproven at Scale</h2>
<div class="lb-trans"><h2>新產品在規模上仍未得到驗證</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>高管們警告説，許多最有前景的舉措仍處於早期階段，限制了它們最終影響的可見性。Opendoor Mortgage 目前僅限於科羅拉多州，尚未在多樣化市場中經過考驗，而 “立即現金，稍後更多” 仍在調整中，以平衡吸引賣方的條款與公司紀律性的回報。</p>
</div><h2>Execution Track Record Needs More Data</h2>
<div class="lb-trans"><h2>執行記錄需要更多數據</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>管理層強調，到目前為止的故事基於四個令人鼓舞的數據羣體，他們認為這些數據是有意義的，但並不確定。他們列出了明確的失敗指標，例如羣體利潤率急劇下降、合同增長停滯或庫存老化上升，這些都表明他們當前的操作手冊未能按預期工作。</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風險</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>根據公司的更新模型，並非每個簽署的合同都會轉化為購買，這為漏斗引入了新的執行風險。管理層強調，保持嚴格的承保標準至關重要，因為追求數量而犧牲紀律可能會迅速侵蝕來之不易的利潤改善。</p>
</div><h2>Operational Discipline Remains a Critical Lever</h2>
<div class="lb-trans"><h2>運營紀律仍然是關鍵槓桿</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>實現持續盈利的路徑依賴於保持高交易速度的產品和人工智能的推出節奏，以及嚴格的運營控制。任何發貨變化的放緩或成本紀律的鬆動，都可能削弱轉售，削弱利潤率，並推遲公司的盈利時間表。</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點</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>對於 2026 年第二季度，Opendoor 指導調整後的 EBITDA 大致持平，並預計從本季度開始在未來 12 個月內實現調整後 EBITDA 盈利。預計收入將環比增長約 25%，因為第一季度的收購增加以及超過 5000 份簽署合同的流入，貢獻利潤率預計在 5% 到 7% 的目標中點，流動性保持強勁。</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 的電話會議描繪了一個業務正在擺脱緊急狀態並朝着穩健增長邁進的圖景，更新的庫存、更強的利潤率和擴展的產品支撐了謹慎樂觀的前景。對於投資者來説，關鍵問題是管理層能否維持這種運營紀律，並證明近期的客户羣增長在仍然不友好的房地產週期中是可持續的。</p>
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Opendoor (OPEN) 的財報電話會議顯示出初步的轉機跡象