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Jun 30, 2024
Offerpad Q2 2024 Earnings Report
Reported revenue within guidance and improved Adjusted EBITDA sequentially.
Key Takeaways
Offerpad delivered revenue within its guidance, with sequential improvement in Adjusted EBITDA. Focus on expense management and growth in asset-light platform services drove improvements in gross margin, contribution margin, and Adjusted EBITDA. The company is adjusting its buy box to focus more on wider margins per home and less on volume, positioning it well for sustained profitability.
Net Loss and Adjusted EBITDA improved 38% and 74%, respectively, from the prior year.
Gross margin increased to 8.7%, up 80bps from 7.9% in the prior quarter.
Gross profit per home sold increased to $29.5k, up 10% from the prior quarter.
Contribution profit after interest per home sold increased to $14.5k, up 22% from the prior quarter.
Forward Guidance
Offerpad is providing its third quarter outlook for 2024 as follows: Homes Sold 550 to 650, Revenue $185M to $225M, Adjusted EBITDA Sequential Improvement
Historical Earnings Impact
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Avg. Return Before/After Earnings
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