Opendoor(NASDAQ:OPEN) 
Opendoor Technologies Inc. operates a digital platform for residential real estate in the United States. Its platform enables consumers to buy and sell a home online. The company was founded in 2014 and is headquartered in San Francisco, California.
Website: https://www.opendoor.com/
Founded: 2014
Full Time Employees: 2,570 (Dec 2022)
Co-Founder: Eric Wu
CEO: Kaz Nejatian
Sector: Real Estate
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At a glance:
- Demand and Volume Highly Sensitive to Mortgage Rates and Housing Affordability: Opendoor’s transaction volumes and revenue can swing materially with changes in interest rates, home prices, and buyer demand, making near-term performance tightly linked to broader housing conditions.
- Shift Toward Lower Inventory Risk via Marketplace/Asset-Light Initiatives: The company has emphasized reducing balance-sheet exposure by moving toward a more marketplace-driven model and tighter inventory holds, aiming to lower capital intensity and volatility versus classic iBuying.
- Profitability Hinges on Tight Pricing, Faster Turns, and Lower Unit Costs: Improved contribution margins depend on accurate home pricing, reducing time-to-sale, minimizing repair/holding costs, and limiting markdowns—small forecast errors can significantly impact per-home economics.
- Liquidity and Funding Capacity Remain Central to Strategy: Because the model historically relies on financing to acquire homes, access to warehouse lines/securitization capacity and strong liquidity management are critical to sustaining operations through housing downturns.
- Execution Risk in Scaling Offers While Managing Credit and Market Risk: Scaling purchase offers requires balancing growth with disciplined risk controls (location mix, price bands, renovation scope) to avoid concentrated exposure during rapid local market shifts.
Bull Thesis:
- Increasing iBuying Adoption & Market Share: Opendoor is a pioneer and leader in the iBuying space. As consumer preferences shift towards convenience and certainty in home sales, the iBuying model is expected to gain broader adoption. Opendoor's established brand, technology, and operational footprint position it to capture a significant share of this growing market, expanding its transaction volume.
- Operational Efficiencies & Margin Improvement: As Opendoor scales its operations and refines its proprietary algorithms, it can achieve greater efficiencies in home acquisition, renovation, and disposition. Improved data analytics, supply chain optimization, and reduced holding periods are expected to lead to lower costs per transaction and ultimately expand gross and net margins over time, driving towards sustainable profitability.
- Strategic Expansion & Ecosystem Development: Opendoor is expanding beyond just buying and selling homes by integrating or partnering for adjacent services like mortgage, title, and escrow. This ecosystem approach can increase revenue per transaction, enhance customer lifetime value, and create a more seamless, sticky experience, further differentiating its offering from traditional real estate models.
- Resilience & Market Recovery Positioning: Following periods of market volatility and operational adjustments, Opendoor has focused on strengthening its balance sheet and optimizing its cost structure. This leaner operation, combined with its deep market insights, positions the company to capitalize effectively when the housing market stabilizes and recovers, allowing for more profitable inventory turns and growth.
Bear Thesis:
- High Sensitivity to Housing Market & Interest Rates: Opendoor's business model is inherently sensitive to fluctuations in the housing market, particularly interest rate changes. Rising rates increase the cost of capital for Opendoor's inventory, reduce buyer affordability, and slow down transaction velocity, directly impacting its ability to sell homes quickly and profitably, leading to inventory write-downs and reduced margins.
- Persistent Profitability Challenges & Thin Margins: Despite significant transaction volumes, Opendoor has struggled to achieve consistent net profitability. The iBuying model operates on thin margins, where high acquisition costs, renovation expenses, holding costs, and selling fees can easily erode profits, especially in competitive or volatile markets. Sustained profitability remains an unproven challenge.
- Capital Intensive Business Model & Funding Risk: Acquiring and holding a large inventory of homes requires substantial capital. Opendoor relies heavily on debt financing and equity raises to fund its operations. In periods of tight credit markets or investor skepticism, securing affordable and sufficient capital can become challenging, limiting growth and increasing financial risk.
- Algorithmic Pricing & Inventory Risk: Opendoor's core relies on its proprietary algorithms to accurately price homes. Mispricing, either by overpaying for acquisitions or underpricing for quick sales, can lead to significant losses. Rapid shifts in local market conditions or unforeseen property issues can expose the company to substantial inventory risk and write-downs, especially with a large portfolio of homes.
Main Competitors:
- Offerpad ($OPAD) (iBuying Service), Offerpad is a direct iBuyer competitor to Opendoor, also providing cash offers for homes with a focus on speed and convenience for sellers. They compete directly on offer price, service fees, geographic coverage, and the overall seller experience.
- Redfin ($RDFN) (RedfinNow (iBuying) & Redfin Agents (discount brokerage)), Redfin operates a hybrid model, offering both a discount brokerage service with salaried agents and its own iBuying program, RedfinNow. They compete with Opendoor by providing sellers with alternatives: either a streamlined, lower-commission agent experience or a direct cash offer through RedfinNow, appealing to different seller needs for speed versus maximizing sale price.
- Zillow Group ($ZG) (Zillow Premier Agent, Zillow Home Loans, Zillow marketplace), While Zillow exited its direct iBuying program (Zillow Offers), it remains a significant competitor in the broader real estate market. Its platform connects sellers with agents (Premier Agent), offers mortgage services, and provides extensive data and tools for home valuation (Zestimates), which sellers might use before considering an iBuyer. They compete for seller attention and transaction volume through different models that influence seller decisions.
- Traditional Real Estate Agents/Brokerages (Full-service agent representation), This category represents the conventional method of selling a home. While not a single entity, the collective market share of traditional agents (e.g., RE/MAX, Keller Williams, Coldwell Banker) is Opendoor's primary competition. They compete by offering personalized service, local market expertise, negotiation skills, and the potential to achieve a higher sale price (albeit with more time and commission fees) compared to an iBuyer's cash offer.
Moat:
Opendoor's competitive landscape is characterized by a mix of direct iBuyer rivals, hybrid models that offer both instant cash offers and traditional agent services, and the vast, entrenched market of traditional real estate agents. Its moat primarily lies in its technology for rapid home valuation, operational efficiency in renovations and resales, and brand recognition in the iBuying space. However, the capital-intensive nature of iBuying, market volatility, and the inherent desire of many sellers to maximize their home's value through traditional channels present significant competitive challenges, requiring Opendoor to continuously refine its value proposition and operational efficiency.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 736,000,000 | 915,000,000 | 1,567,000,000 | 1,153,000,000 | 1,084,000,000 | 1,377,000,000 | 1,511,000,000 | 1,181,000,000 | 870,000,000 | 980,000,000 | 1,976,000,000 | 3,120,000,000 | 2,857,000,000 | 3,361,000,000 | 4,198,000,000 | 5,151,000,000 | 3,821,986,000 | 2,266,354,000 | 1,185,386,000 | 747,274,000 | |
yoy | -32.10% | -33.55% | 3.71% | -2.37% | 24.60% | 40.51% | -23.53% | -62.15% | -69.55% | -70.84% | -52.93% | -39.43% | -25.25% | 48.30% | 254.15% | 589.31% | |||||
qoq | -19.56% | -41.61% | 35.91% | 6.37% | -21.28% | -8.87% | 27.94% | 35.75% | -11.22% | -50.40% | -36.67% | 9.21% | -15.00% | -19.94% | -18.50% | 34.77% | 68.64% | 91.19% | 58.63% | ||
cost of revenue | 679,000,000 | 849,000,000 | 1,439,000,000 | 1,054,000,000 | 999,000,000 | 1,272,000,000 | 1,382,000,000 | 1,067,000,000 | 798,000,000 | 884,000,000 | 1,827,000,000 | 2,950,000,000 | 2,786,000,000 | 3,786,000,000 | 3,712,000,000 | 4,616,000,000 | 3,550,378,000 | 2,063,865,000 | 1,026,615,000 | 650,142,000 | |
gross profit | 57,000,000 | 66,000,000 | 128,000,000 | 99,000,000 | 85,000,000 | 105,000,000 | 129,000,000 | 114,000,000 | 72,000,000 | 96,000,000 | 149,000,000 | 170,000,000 | 71,000,000 | -425,000,000 | 486,000,000 | 535,000,000 | 271,608,000 | 202,489,000 | 158,771,000 | 97,132,000 | |
yoy | -32.94% | -37.14% | -0.78% | -13.16% | 18.06% | 9.38% | -13.42% | -32.94% | 1.41% | -122.59% | -69.34% | -68.22% | -73.86% | -309.89% | 206.10% | 450.80% | |||||
qoq | -13.64% | -48.44% | 29.29% | 16.47% | -19.05% | -18.60% | 13.16% | 58.33% | -25.00% | -35.57% | -12.35% | 139.44% | -116.71% | -187.45% | -9.16% | 96.98% | 34.13% | 27.54% | 63.46% | ||
gross margin % | 7.74% | 7.21% | 8.17% | 8.59% | 7.84% | 7.63% | 8.54% | 9.65% | 8.28% | 9.80% | 7.54% | 5.45% | 2.49% | -12.65% | 11.58% | 10.39% | 7.11% | 8.93% | 13.39% | 13.00% | |
operating expenses: | |||||||||||||||||||||
sales, marketing and operations | 60,000,000 | 66,000,000 | 86,000,000 | 98,000,000 | 88,000,000 | 96,000,000 | 116,000,000 | 113,000,000 | 89,000,000 | 85,000,000 | 124,000,000 | 188,000,000 | 194,000,000 | 260,000,000 | 276,000,000 | 276,000,000 | 224,913,000 | 153,496,000 | 96,525,000 | 69,066,000 | |
general and administrative | 129,000,000 | 48,000,000 | 28,000,000 | 33,000,000 | 41,000,000 | 46,000,000 | 48,000,000 | 47,000,000 | 48,000,000 | 48,000,000 | 44,000,000 | 66,000,000 | 23,000,000 | 85,000,000 | 137,000,000 | 101,000,000 | 117,200,000 | 90,105,000 | 190,611,000 | 222,084,000 | |
technology and development | 18,000,000 | 19,000,000 | 21,000,000 | 21,000,000 | 33,000,000 | 30,000,000 | 37,000,000 | 41,000,000 | 46,000,000 | 42,000,000 | 39,000,000 | 40,000,000 | 48,000,000 | 40,000,000 | 41,000,000 | 40,000,000 | 31,640,000 | 27,295,000 | 24,388,000 | 50,677,000 | |
restructuring | 1,000,000 | 6,000,000 | 3,000,000 | 4,000,000 | 10,000,000 | ||||||||||||||||
total operating expenses | 207,000,000 | 134,000,000 | 141,000,000 | 155,000,000 | 179,000,000 | 172,000,000 | 201,000,000 | 201,000,000 | 187,000,000 | 175,000,000 | 217,000,000 | 294,000,000 | 342,000,000 | 385,000,000 | 454,000,000 | 417,000,000 | 373,753,000 | 270,896,000 | 311,524,000 | 341,827,000 | |
income from operations | -150,000,000 | -68,000,000 | -13,000,000 | -56,000,000 | -94,000,000 | -67,000,000 | -72,000,000 | -87,000,000 | -115,000,000 | -79,000,000 | -68,000,000 | -124,000,000 | -271,000,000 | -810,000,000 | 32,000,000 | 118,000,000 | -102,145,000 | -68,407,000 | -152,753,000 | -244,695,000 | |
yoy | 59.57% | 1.49% | -81.94% | -35.63% | -18.26% | -15.19% | 5.88% | -29.84% | -57.56% | -90.25% | -312.50% | -205.08% | 165.31% | 1084.09% | -120.95% | -148.22% | |||||
qoq | 120.59% | 423.08% | -76.79% | -40.43% | 40.30% | -6.94% | -17.24% | -24.35% | 45.57% | 16.18% | -45.16% | -54.24% | -66.54% | -2631.25% | -72.88% | -215.52% | 49.32% | -55.22% | -37.57% | ||
operating margin % | -20.38% | -7.43% | -0.83% | -4.86% | -8.67% | -4.87% | -4.77% | -7.37% | -13.22% | -8.06% | -3.44% | -3.97% | -9.49% | -24.10% | 0.76% | 2.29% | -2.67% | -3.02% | -12.89% | -32.75% | |
gain on extinguishment of debt | -933,000,000 | -1,000,000 | 10,000,000 | -1,000,000 | -1,000,000 | 34,000,000 | 104,000,000 | 78,000,000 | |||||||||||||
interest expense | -28,000,000 | -34,000,000 | -36,000,000 | -33,000,000 | -32,000,000 | -34,000,000 | -30,000,000 | -37,000,000 | -37,000,000 | -47,000,000 | -53,000,000 | -74,000,000 | -113,000,000 | -115,000,000 | -89,000,000 | -68,000,000 | -72,625,000 | -43,550,000 | -15,826,000 | -10,999,000 | |
other income – net | 14,000,000 | 14,000,000 | 10,000,000 | 4,000,000 | 14,000,000 | 23,000,000 | 12,000,000 | 15,000,000 | 27,000,000 | 20,000,000 | 41,000,000 | 19,000,000 | 10,000,000 | -2,000,000 | 4,000,000 | -22,000,000 | -15,601,000 | 51,965,000 | 1,012,000 | 624,000 | |
income before income taxes | -1,097,000,000 | -89,000,000 | -29,000,000 | -85,000,000 | -113,000,000 | -78,000,000 | -91,000,000 | -109,000,000 | -91,000,000 | -106,000,000 | 24,000,000 | -101,000,000 | -399,000,000 | -927,000,000 | -53,000,000 | 28,000,000 | -190,550,000 | -56,493,000 | -143,615,000 | -270,342,000 | |
income tax expense | -250,000 | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -390,000 | -326,000 | -190,000 | -94,000 | |||||||||||
net income | -1,096,000,000 | -90,000,000 | -29,000,000 | -85,000,000 | -113,000,000 | -78,000,000 | -92,000,000 | -109,000,000 | -91,000,000 | -106,000,000 | 23,000,000 | -101,000,000 | -399,000,000 | -928,000,000 | -54,000,000 | 28,000,000 | -190,940,000 | -56,819,000 | -143,805,000 | -270,436,000 | |
yoy | 869.91% | 15.38% | -68.48% | -22.02% | 24.18% | -26.42% | -500.00% | 7.92% | -77.19% | -88.58% | -142.59% | -460.71% | 108.97% | 1533.26% | -62.45% | -110.35% | |||||
qoq | 1117.78% | 210.34% | -65.88% | -24.78% | 44.87% | -15.22% | -15.60% | 19.78% | -14.15% | -560.87% | -122.77% | -74.69% | -57.00% | 1618.52% | -292.86% | -114.66% | 236.05% | -60.49% | -46.82% | ||
net income margin % | -148.91% | -9.84% | -1.85% | -7.37% | -10.42% | -5.66% | -6.09% | -9.23% | -10.46% | -10.82% | 1.16% | -3.24% | -13.97% | -27.61% | -1.29% | 0.54% | -5.00% | -2.51% | -12.13% | -36.19% | |
net income per share | |||||||||||||||||||||
basic | -1.42 | -0.12 | -0.04 | -0.12 | -0.16 | -0.11 | -0.13 | -0.16 | -0.14 | -0.16 | 0.04 | -0.16 | -0.63 | -1.47 | -0.09 | 0.05 | -0.32 | -0.09 | -0.24 | -0.48 | |
diluted | -1.42 | -0.12 | -0.04 | -0.12 | -0.16 | -0.11 | -0.13 | -0.16 | -0.14 | -0.16 | 0.03 | -0.16 | -0.63 | -1.47 | -0.09 | 0.04 | -0.32 | -0.09 | -0.24 | -0.48 | |
weighted-average shares outstanding: | |||||||||||||||||||||
basic | 766,531 | 741,939 | 729,484 | 723,542 | 699,457 | 705,359 | 693,445 | 682,457 | 657,111 | 662,149 | 646,062 | 641,916 | 627,105 | 629,535 | 624,958 | 619,137 | 592,574 | 603,389 | 588,374 | 565,381 | |
diluted | 766,531 | 741,939 | 729,484 | 723,542 | 699,457 | 705,359 | 693,445 | 682,457 | 657,111 | 662,149 | 667,159 | 641,916 | 627,105 | 629,535 | 624,958 | 640,785 | 592,574 | 603,389 | 588,374 | 565,381 | |
warrant fair value adjustment | |||||||||||||||||||||
derivative and warrant fair value adjustment | -179,000 | 3,499,000 | 23,952,000 | -15,272,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
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assets | ||||||||||||||||||||||
current assets: | ||||||||||||||||||||||
cash and cash equivalents | 962,000,000 | 962,000,000 | 789,000,000 | 559,000,000 | 671,000,000 | 829,000,000 | 790,000,000 | 953,000,000 | 999,000,000 | 1,154,000,000 | 1,120,000,000 | 1,143,000,000 | 1,137,000,000 | 1,327,000,000 | 2,239,000,000 | 2,312,000,000 | 1,731,000,000 | 1,358,775,000 | 1,557,815,000 | 2,039,876,000 | 1,412,665,000 | |
restricted cash | 339,000,000 | 490,000,000 | 396,000,000 | 134,000,000 | 92,000,000 | 225,000,000 | 121,000,000 | 333,000,000 | 541,000,000 | 1,224,000,000 | 1,684,000,000 | 1,515,000,000 | 654,000,000 | 1,752,000,000 | 615,000,000 | 444,000,000 | 847,000,000 | 484,476,000 | 131,652,000 | 143,311,000 | 92,863,000 | |
marketable securities | 8,000,000 | 8,000,000 | 19,000,000 | 37,000,000 | 69,000,000 | 72,000,000 | 90,000,000 | 108,000,000 | 144,000,000 | 178,000,000 | 233,000,000 | 464,000,000 | 484,000,000 | 481,051,000 | 200,143,000 | 58,619,000 | 47,637,000 | |||||
escrow receivable | 4,000,000 | 9,000,000 | 10,000,000 | 20,000,000 | 6,000,000 | 15,000,000 | 24,000,000 | 15,000,000 | 9,000,000 | 11,000,000 | 13,000,000 | 42,000,000 | 30,000,000 | 154,000,000 | 56,000,000 | 58,000,000 | 84,000,000 | 121,394,000 | 32,848,000 | 19,264,000 | 1,494,000 | |
real estate inventory | 925,000,000 | 1,053,000,000 | 1,530,000,000 | 2,362,000,000 | 2,159,000,000 | 2,145,000,000 | 2,234,000,000 | 1,881,000,000 | 1,775,000,000 | 1,311,000,000 | 1,149,000,000 | 2,118,000,000 | 4,460,000,000 | 6,093,000,000 | 6,628,000,000 | 4,664,000,000 | 6,096,000,000 | 6,268,081,000 | 2,723,648,000 | 840,632,000 | 465,936,000 | |
other current assets | 69,000,000 | 73,000,000 | 72,000,000 | 77,000,000 | 61,000,000 | 41,000,000 | 61,000,000 | 65,000,000 | 52,000,000 | 37,000,000 | 46,000,000 | 41,000,000 | 80,000,000 | 162,000,000 | 126,000,000 | 91,000,000 | 84,365,000 | 67,149,000 | 33,292,000 | 24,987,000 | ||
total current assets | 2,299,000,000 | 2,587,000,000 | 2,797,000,000 | 3,152,000,000 | 2,997,000,000 | 3,263,000,000 | 3,249,000,000 | 3,284,000,000 | 3,445,000,000 | 3,819,000,000 | 4,093,000,000 | 4,972,000,000 | 6,466,000,000 | 9,584,000,000 | 9,945,000,000 | 8,079,000,000 | 9,340,000,000 | 8,821,000,000 | 4,738,623,000 | 3,143,301,000 | 2,053,111,000 | 634,222 |
property and equipment – net | 27,000,000 | 31,000,000 | 37,000,000 | 44,000,000 | 48,000,000 | 59,000,000 | 71,000,000 | 66,000,000 | 66,000,000 | 68,000,000 | 62,000,000 | 59,000,000 | 58,000,000 | 62,000,000 | 54,000,000 | 49,000,000 | 45,000,000 | 38,321,000 | 33,962,000 | 31,042,000 | 29,228,000 | |
right of use assets | 8,000,000 | 9,000,000 | 9,000,000 | 17,000,000 | 18,000,000 | 25,000,000 | 23,000,000 | 23,000,000 | 25,000,000 | 27,000,000 | 28,000,000 | 39,000,000 | 41,000,000 | 43,000,000 | 43,000,000 | 45,000,000 | 42,000,000 | 43,800,000 | 45,581,000 | 47,114,000 | 49,517,000 | |
goodwill | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 62,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 47,158,000 | 30,945,000 | 30,945,000 | 30,945,000 | |
other assets | 70,000,000 | 70,000,000 | 61,000,000 | 61,000,000 | 60,000,000 | 61,000,000 | 23,000,000 | 23,000,000 | 22,000,000 | 22,000,000 | 27,000,000 | 27,000,000 | 27,000,000 | 26,000,000 | 27,000,000 | 29,000,000 | 7,000,000 | 6,842,000 | 11,396,000 | 11,206,000 | 4,097,000 | |
total assets | 2,407,000,000 | 2,700,000,000 | 2,907,000,000 | 3,277,000,000 | 3,126,000,000 | 3,411,000,000 | 3,372,000,000 | 3,404,000,000 | 3,567,000,000 | 3,947,000,000 | 4,223,000,000 | 5,112,000,000 | 6,608,000,000 | 9,784,000,000 | 10,136,000,000 | 8,272,000,000 | 9,506,000,000 | 8,968,615,000 | 4,868,261,000 | 3,271,712,000 | 2,175,582,000 | 414,676,429 |
liabilities and shareholders’ equity | ||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||
accounts payable and other accrued liabilities | 80,000,000 | 91,000,000 | 86,000,000 | 102,000,000 | 92,000,000 | 71,000,000 | 73,000,000 | 69,000,000 | 64,000,000 | 67,000,000 | 65,000,000 | 77,000,000 | 110,000,000 | 209,000,000 | 215,000,000 | 132,000,000 | 137,000,000 | 156,030,000 | 70,900,000 | 41,413,000 | 25,270,000 | |
non-recourse asset-backed debt - current portion | 52,000,000 | 432,000,000 | 15,000,000 | 355,000,000 | 1,376,000,000 | 3,372,000,000 | 3,362,000,000 | 2,660,000,000 | 4,240,000,000 | 4,049,812,000 | ||||||||||||
convertible senior notes - current portion | 193,000,000 | |||||||||||||||||||||
interest payable | 1,000,000 | 9,000,000 | 5,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 4,000,000 | 12,000,000 | 14,000,000 | 10,000,000 | 6,000,000 | 12,000,000 | 9,746,000 | 4,605,000 | 1,228,000 | 1,081,000 | |
lease liabilities – current portion | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 4,000,000 | 4,000,000 | 5,000,000 | 7,000,000 | 4,000,000 | ||||||||||||
total current liabilities | 327,000,000 | 914,000,000 | 643,000,000 | 1,053,000,000 | 529,000,000 | 721,000,000 | 393,000,000 | 74,000,000 | 70,000,000 | 74,000,000 | 88,000,000 | 443,000,000 | 1,505,000,000 | 3,601,000,000 | 3,606,000,000 | 2,814,000,000 | 4,400,000,000 | 4,239,953,000 | 1,810,051,000 | 643,694,000 | 393,389,000 | 5,500,813 |
non-recourse asset-backed debt – net of current portion | 1,068,000,000 | 966,000,000 | 1,189,000,000 | 1,187,000,000 | 1,492,000,000 | 1,491,000,000 | 1,739,000,000 | 2,036,000,000 | 2,134,000,000 | 2,330,000,000 | 2,527,000,000 | 2,824,000,000 | 3,020,000,000 | 3,699,000,000 | 3,176,000,000 | 2,113,000,000 | 1,862,000,000 | 1,367,989,000 | ||||
convertible senior notes - net of current portion | ||||||||||||||||||||||
lease liabilities – net of current portion | 6,000,000 | 7,000,000 | 6,000,000 | 13,000,000 | 13,000,000 | 19,000,000 | 18,000,000 | 18,000,000 | 19,000,000 | 20,000,000 | 21,000,000 | 35,000,000 | 38,000,000 | 39,000,000 | 42,000,000 | 43,000,000 | 42,000,000 | 43,073,000 | 44,593,000 | 45,241,000 | 46,625,000 | |
other liabilities | 1,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,324,000 | 117,000 | 122,000 | 94,000 | |||||||||
total liabilities | 1,402,000,000 | 1,889,000,000 | 2,276,000,000 | 2,632,000,000 | 2,413,000,000 | 2,610,000,000 | 2,527,000,000 | 2,505,000,000 | 2,600,000,000 | 2,927,000,000 | 3,137,000,000 | 4,076,000,000 | 5,522,000,000 | 8,296,000,000 | 7,780,000,000 | 5,925,000,000 | 7,258,000,000 | 6,605,754,000 | 2,450,340,000 | 888,151,000 | 575,575,000 | 19,990,813 |
commitments and contingencies | ||||||||||||||||||||||
shareholders’ equity: | ||||||||||||||||||||||
common stock, 0.0001 par value... | 60,000 | 59,000 | 58,000 | |||||||||||||||||||
additional paid-in capital | 6,038,000,000 | 4,740,000,000 | 4,470,000,000 | 4,455,000,000 | 4,438,000,000 | 4,413,000,000 | 4,379,000,000 | 4,341,000,000 | 4,301,000,000 | 4,263,000,000 | 4,224,000,000 | 4,198,000,000 | 4,148,000,000 | 4,152,000,000 | 4,092,000,000 | 4,028,000,000 | 3,955,000,000 | 3,877,418,000 | 3,875,552,000 | 3,697,382,000 | 2,677,155,000 | 11,341,549 |
accumulated deficit | -5,033,000,000 | -3,929,000,000 | -3,839,000,000 | -3,810,000,000 | -3,725,000,000 | -3,612,000,000 | -3,534,000,000 | -3,442,000,000 | -3,333,000,000 | -3,242,000,000 | -3,136,000,000 | -3,159,000,000 | -3,058,000,000 | -2,659,000,000 | -1,731,000,000 | -1,677,000,000 | -1,705,000,000 | -1,514,509,000 | -1,457,690,000 | -1,313,885,000 | -1,077,243,000 | -6,342,826 |
accumulated other comprehensive loss | -1,000,000 | -1,000,000 | -2,000,000 | -3,000,000 | -4,000,000 | -5,000,000 | ||||||||||||||||
total shareholders’ equity | 1,005,000,000 | 811,000,000 | 631,000,000 | 645,000,000 | 713,000,000 | 801,000,000 | 845,000,000 | 899,000,000 | 967,000,000 | 1,020,000,000 | 1,086,000,000 | 1,036,000,000 | 1,086,000,000 | 1,488,000,000 | 2,356,000,000 | 2,347,000,000 | 2,248,000,000 | 2,362,861,000 | 2,417,921,000 | 2,383,561,000 | 1,600,007,000 | 5,000,002 |
total liabilities and shareholders’ equity | 2,407,000,000 | 2,700,000,000 | 2,907,000,000 | 3,277,000,000 | 3,126,000,000 | 3,411,000,000 | 3,372,000,000 | 3,404,000,000 | 3,567,000,000 | 3,947,000,000 | 4,223,000,000 | 5,112,000,000 | 6,608,000,000 | 9,784,000,000 | 10,136,000,000 | 8,272,000,000 | 9,506,000,000 | 8,968,615,000 | 4,868,261,000 | 3,271,712,000 | 414,676,429 | |
non-recourse asset-backed debt – current portion | 374,000,000 | 550,000,000 | 946,000,000 | 643,000,000 | 315,000,000 | |||||||||||||||||
convertible senior notes – current portion | 439,000,000 | |||||||||||||||||||||
convertible senior notes – net of current portion | ||||||||||||||||||||||
convertible senior notes | 437,000,000 | 378,000,000 | 378,000,000 | 377,000,000 | 377,000,000 | 376,000,000 | 376,000,000 | 502,000,000 | 501,000,000 | 774,000,000 | 959,000,000 | 957,000,000 | 956,000,000 | 955,000,000 | 954,000,000 | 952,415,000 | ||||||
intangibles – net | 2,000,000 | 4,000,000 | 5,000,000 | 7,000,000 | 9,000,000 | 11,000,000 | 12,000,000 | 7,000,000 | 7,000,000 | 10,000,000 | 12,000,000 | 11,494,000 | 7,754,000 | 8,104,000 | 8,684,000 | |||||||
lease liabilities - current portion | 4,000,000 | 6,000,000 | 7,000,000 | 7,000,000 | 6,000,000 | 7,000,000 | 6,000,000 | 4,637,000 | 4,999,000 | |||||||||||||
other current assets 0 and 1 carried at fair value) | 47,000,000 | |||||||||||||||||||||
mortgage loans held for sale pledged under agreements to repurchase | 12,000,000 | 11,000,000 | 7,000,000 | 22,858,000 | 25,368,000 | 8,307,000 | 7,529,000 | |||||||||||||||
other secured borrowings | 12,000,000 | 10,000,000 | 7,000,000 | 19,728,000 | ||||||||||||||||||
accumulated other comprehensive income | -5,000,000 | -4,000,000 | -2,000,000 | -108,000 | 6,000 | 41,000 | ||||||||||||||||
warrant liabilities | 62,621,000 | |||||||||||||||||||||
current portion of credit facilities and other secured borrowings | 1,690,878,000 | 596,563,000 | 346,322,000 | |||||||||||||||||||
warrant liabilities - current | 38,669,000 | |||||||||||||||||||||
credit facilities – net of current portion | 595,579,000 | 136,473,000 | 135,467,000 | |||||||||||||||||||
lease liabilities, current portion | 4,490,000 | 20,716,000 | ||||||||||||||||||||
liabilities, temporary equity, and shareholders’ deficit | ||||||||||||||||||||||
convertible notes | ||||||||||||||||||||||
derivative and warrant liabilities | ||||||||||||||||||||||
temporary equity: | ||||||||||||||||||||||
series a convertible preferred stock, zero and 40,089,513 shares authorized, respectively; zero and 40,089,513 shares issued and outstanding, respectively; liquidation preference of 0 and 9,807, respectively | ||||||||||||||||||||||
series b convertible preferred stock, zero and 23,840,816 shares authorized, respectively; zero and 23,840,816 shares issued and outstanding, respectively; liquidation preference of 0 and 20,182, respectively | ||||||||||||||||||||||
series c convertible preferred stock, zero and 29,070,700 shares authorized, respectively; zero and 29,070,700 shares issued and outstanding, respectively; liquidation preference of 0 and 77,160, respectively | ||||||||||||||||||||||
series d convertible preferred stock, zero and 63,956,147 shares authorized, respectively; zero and 63,470,884 shares issued and outstanding, respectively; liquidation preference of 0 and 248,333, respectively | ||||||||||||||||||||||
series e convertible preferred stock, zero and 165,941,619 shares authorized, respectively; zero and 157,952,523 shares issued and outstanding, respectively; liquidation preference of 0 and 1,011,319, respectively | ||||||||||||||||||||||
total temporary equity | ||||||||||||||||||||||
shareholders’ equity | ||||||||||||||||||||||
common stock, 0.0001 and 0.00001 par value... | 54,000 | |||||||||||||||||||||
total liabilities, temporary equity, and shareholders’ equity | 2,175,582,000 | |||||||||||||||||||||
current assets | ||||||||||||||||||||||
cash | 250,461 | |||||||||||||||||||||
prepaid expenses | 383,761 | |||||||||||||||||||||
deferred offering costs | ||||||||||||||||||||||
cash and marketable securities held in trust account | 414,042,207 | |||||||||||||||||||||
current liabilities | ||||||||||||||||||||||
accrued expenses | 4,362,316 | |||||||||||||||||||||
accrued offering costs | ||||||||||||||||||||||
advance from related party | ||||||||||||||||||||||
promissory note – related party | 1,138,497 | |||||||||||||||||||||
deferred underwriting fee payable | 14,490,000 | |||||||||||||||||||||
commitments | ||||||||||||||||||||||
class a ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at september 30, 2020 and december 31, 2019, respectively | 389,685,614 | |||||||||||||||||||||
preferred shares, 0.0001 par value... | ||||||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 244 | |||||||||||||||||||||
class b ordinary shares, 0.0001 par value... | 1,035 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||||
net loss | -1,096,000,000 | -90,000,000 | -29,000,000 | -85,000,000 | -113,000,000 | -78,000,000 | -92,000,000 | -109,000,000 | -91,000,000 | -106,000,000 | -399,000,000 | -928,000,000 | -190,940,000 | -56,819,000 | -143,805,000 | -270,436,000 | ||||||
adjustments to reconcile net loss to cash, cash equivalents, and restricted cash from operating activities: | ||||||||||||||||||||||
depreciation and amortization | 11,000,000 | 11,000,000 | 12,000,000 | 10,000,000 | 11,000,000 | 11,000,000 | 12,000,000 | 14,000,000 | 15,000,000 | 11,000,000 | 17,000,000 | 22,000,000 | 24,000,000 | 21,000,000 | 20,000,000 | 18,000,000 | ||||||
amortization of right of use asset | 0 | 1,000,000 | 0 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 1,945,000 | 1,795,000 | 1,803,000 | 2,457,000 | ||
stock-based compensation | 105,000,000 | 27,000,000 | 13,000,000 | 14,000,000 | 23,000,000 | 25,000,000 | 33,000,000 | 33,000,000 | 32,000,000 | 31,000,000 | 21,000,000 | 42,000,000 | -7,000,000 | 52,000,000 | 59,000,000 | 67,000,000 | 70,941,000 | 62,011,000 | 164,216,000 | 238,832,000 | ||
inventory valuation adjustment | 9,000,000 | 14,000,000 | 21,000,000 | 13,000,000 | 6,000,000 | 10,000,000 | 34,000,000 | 7,000,000 | 11,000,000 | 17,000,000 | 14,000,000 | 23,000,000 | 74,000,000 | 573,000,000 | 82,000,000 | 8,000,000 | 23,398,000 | 31,660,000 | 922,000 | 20,000 | ||
changes in fair value of equity securities | 0 | 0 | 0 | 3,000,000 | 0 | 3,000,000 | 2,000,000 | 2,000,000 | -3,000,000 | 11,000,000 | -6,000,000 | -1,000,000 | -1,000,000 | 11,000,000 | 3,000,000 | 22,000,000 | ||||||
other | -2,000,000 | 3,000,000 | 1,000,000 | 3,000,000 | 1,000,000 | 2,000,000 | 7,000,000 | |||||||||||||||
proceeds from sale and principal collections of mortgage loans held for sale | 0 | 0 | 0 | 1,000,000 | 0 | 22,000,000 | 63,000,000 | 43,000,000 | 55,376,000 | 74,058,000 | 35,285,000 | 32,281,000 | ||||||||||
loss on early extinguishment of debt | ||||||||||||||||||||||
gain on deconsolidation | 0 | |||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||
escrow receivable | 5,000,000 | 1,000,000 | 10,000,000 | -14,000,000 | 9,000,000 | 9,000,000 | -9,000,000 | -6,000,000 | 2,000,000 | 2,000,000 | 29,000,000 | -12,000,000 | 124,000,000 | -98,000,000 | 2,000,000 | 26,000,000 | 36,900,000 | -88,546,000 | -13,584,000 | -17,770,000 | ||
real estate inventory | 118,000,000 | 461,000,000 | 805,000,000 | -212,000,000 | -27,000,000 | 76,000,000 | -384,000,000 | -114,000,000 | -469,000,000 | -177,000,000 | 953,000,000 | 2,306,000,000 | 1,559,000,000 | -41,000,000 | -2,038,000,000 | 1,416,000,000 | ||||||
other assets | 6,000,000 | -4,000,000 | 5,000,000 | -16,000,000 | -19,000,000 | 19,000,000 | 3,000,000 | -13,000,000 | -4,000,000 | -12,000,000 | 7,000,000 | -10,000,000 | -52,000,000 | -28,000,000 | -1,798,000 | -13,145,000 | -27,929,000 | -9,128,000 | ||||
accounts payable and other accrued liabilities | -11,000,000 | 6,000,000 | -10,000,000 | 8,000,000 | 27,000,000 | -3,000,000 | 1,000,000 | 6,000,000 | -9,000,000 | 2,000,000 | -9,000,000 | -22,000,000 | -98,000,000 | -6,000,000 | 77,000,000 | 2,000,000 | -26,310,000 | 67,741,000 | 18,889,000 | 15,680,000 | ||
interest payable | -8,000,000 | 4,000,000 | 1,000,000 | 0 | 0 | -2,000,000 | -8,000,000 | -2,000,000 | -5,000,000 | 817,000 | 3,087,000 | -248,000 | 344,000 | |||||||||
lease liabilities | 0 | 0 | 0 | -1,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | -2,000,000 | -1,000,000 | -3,000,000 | -4,000,000 | -2,000,000 | -2,000,000 | -4,000,000 | 0 | -2,000,000 | -1,136,000 | -1,896,000 | -409,000 | -9,559,000 | ||
net cash from operating activities | 70,000,000 | 435,000,000 | 823,000,000 | -279,000,000 | -80,000,000 | 62,000,000 | -399,000,000 | -178,000,000 | -542,000,000 | -216,000,000 | 940,000,000 | 2,162,000,000 | 1,395,000,000 | -322,000,000 | -1,893,000,000 | 1,550,000,000 | 109,558,000 | -3,591,450,000 | -1,907,401,000 | -404,707,000 | ||
capital expenditures | -3,000,000 | -3,000,000 | -2,000,000 | -4,000,000 | -3,000,000 | -6,000,000 | -8,000,000 | -8,000,000 | -9,000,000 | -11,000,000 | -9,000,000 | -8,000,000 | -4,000,000 | -13,000,000 | -10,000,000 | -10,000,000 | -10,122,000 | -11,921,000 | -6,816,000 | -4,141,000 | ||
free cash flows | 67,000,000 | 432,000,000 | 821,000,000 | -283,000,000 | -83,000,000 | 56,000,000 | -407,000,000 | -186,000,000 | -551,000,000 | -227,000,000 | 931,000,000 | 2,154,000,000 | 1,391,000,000 | -335,000,000 | -1,903,000,000 | 1,540,000,000 | 99,436,000 | -3,603,371,000 | -1,914,217,000 | -408,848,000 | ||
cash flows from investing activities: | ||||||||||||||||||||||
purchase of property and equipment | -3,000,000 | -3,000,000 | -2,000,000 | -4,000,000 | -3,000,000 | -6,000,000 | -8,000,000 | -8,000,000 | -9,000,000 | -11,000,000 | -9,000,000 | -8,000,000 | -4,000,000 | -13,000,000 | -10,000,000 | -10,000,000 | -10,122,000 | -11,921,000 | -6,816,000 | -4,141,000 | ||
proceeds from sales, maturities, redemptions and paydowns of marketable securities | 0 | 0 | 0 | 6,000,000 | 0 | 8,000,000 | 17,000,000 | 30,000,000 | 5,000,000 | 14,000,000 | 23,000,000 | 38,000,000 | 35,000,000 | 43,000,000 | 228,000,000 | 22,000,000 | 6,362,000 | 0 | 62,201,000 | 23,437,000 | ||
purchase of non-marketable equity securities | 0 | 0 | 0 | -25,000,000 | 100,000 | -5,100,000 | 0 | -10,000,000 | ||||||||||||||
proceeds from sale of non-marketable equity securities | 0 | 0 | 0 | 0 | ||||||||||||||||||
cash impact of deconsolidation of subsidiaries | 0 | |||||||||||||||||||||
net cash from investing activities | -3,000,000 | 2,000,000 | -3,000,000 | 0 | 9,000,000 | 22,000,000 | -4,000,000 | 3,000,000 | 15,000,000 | 30,000,000 | 24,000,000 | 27,000,000 | 221,000,000 | -38,000,000 | -44,175,000 | -257,802,000 | -148,736,000 | -25,287,000 | ||||
cash flows from financing activities: | ||||||||||||||||||||||
proceeds from issuance of convertible senior notes, net of discount | 0 | 0 | ||||||||||||||||||||
repurchase of convertible senior notes | -92,000,000 | 0 | -169,000,000 | -101,000,000 | ||||||||||||||||||
settlement of capped calls related to convertible senior notes | ||||||||||||||||||||||
proceeds from exercise of stock options | 0 | 1,000,000 | 0 | 1,000,000 | 1,000,000 | 0 | 1,000,000 | 1,000,000 | 2,000,000 | 3,732,000 | 4,529,000 | 6,489,000 | 250,000 | |||||||||
proceeds from issuance of common stock for espp | 0 | 1,000,000 | 0 | 1,000,000 | 0 | 3,000,000 | 0 | 2,000,000 | 0 | 1,000,000 | 0 | 1,000,000 | 0 | |||||||||
proceeds from pipe offering | 0 | |||||||||||||||||||||
proceeds from the issuance of common stock under at-the-market offering | 0 | |||||||||||||||||||||
issuance of common stock in connection with the repurchase of convertible notes | ||||||||||||||||||||||
proceeds from non-recourse asset-backed debt | 0 | 13,000,000 | 95,000,000 | 576,000,000 | 81,000,000 | 200,000,000 | 0 | 2,000,000 | 12,000,000 | 224,000,000 | 948,000,000 | 2,552,000,000 | 4,316,000,000 | 2,292,000,000 | 3,716,924,000 | |||||||
principal payments on non-recourse asset-backed debt | -221,000,000 | -415,000,000 | -491,000,000 | -362,000,000 | -291,000,000 | -122,000,000 | -202,000,000 | -100,000,000 | -200,000,000 | -216,000,000 | -653,000,000 | -1,446,000,000 | -3,643,000,000 | -2,017,000,000 | -2,540,000,000 | -3,622,000,000 | -3,000,564,000 | |||||
payment of loan origination fees and debt issuance costs | -1,000,000 | 0 | -8,000,000 | -8,000,000 | -2,000,000 | -6,000,000 | -8,000,000 | -10,000,000 | -37,726,000 | -7,035,000 | -2,182,000 | -57,000 | ||||||||||
payment for early extinguishment of debt | 0 | 0 | 0 | -4,000,000 | ||||||||||||||||||
other financing activities | 0 | |||||||||||||||||||||
net cash from financing activities | -218,000,000 | -159,000,000 | -329,000,000 | 207,000,000 | -208,000,000 | 81,000,000 | 15,000,000 | -98,000,000 | -292,000,000 | -213,000,000 | -809,000,000 | -1,325,000,000 | -2,707,000,000 | 520,000,000 | 1,770,000,000 | -1,334,000,000 | 668,894,000 | 4,003,036,000 | 1,562,417,000 | 1,107,653,000 | ||
net increase in cash, cash equivalents, and restricted cash | -151,000,000 | 267,000,000 | 143,000,000 | -375,000,000 | -254,000,000 | -838,000,000 | -426,000,000 | 146,000,000 | 867,000,000 | -1,288,000,000 | 225,000,000 | 98,000,000 | 178,000,000 | 734,277,000 | 153,784,000 | -493,720,000 | 677,659,000 | |||||
cash, cash equivalents, and restricted cash – beginning of year | ||||||||||||||||||||||
cash, cash equivalents, and restricted cash – end of year | ||||||||||||||||||||||
supplemental disclosure of cash flow information – cash paid during the period for interest | 32,000,000 | 26,000,000 | 31,000,000 | 31,000,000 | 28,000,000 | 31,000,000 | 28,000,000 | 34,000,000 | 34,000,000 | 43,000,000 | 52,000,000 | 74,000,000 | 107,000,000 | 103,000,000 | 77,000,000 | 68,000,000 | 36,625,000 | 11,435,000 | 9,091,000 | |||
disclosures of noncash investing and financing activities: | ||||||||||||||||||||||
stock-based compensation expense capitalized for internally developed software | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 0 | 5,000,000 | 5,000,000 | 5,000,000 | 7,000,000 | 4,000,000 | 6,000,000 | 3,000,000 | 5,000,000 | |||||||||
principal value of 2026 notes extinguished in debt exchange | 0 | 0 | ||||||||||||||||||||
principal value of 2030 notes issued in debt exchange | 0 | 0 | ||||||||||||||||||||
investment in non-marketable equity securities due to deconsolidation | 0 | |||||||||||||||||||||
loss on extinguishment of debt | 1,000,000 | 0 | ||||||||||||||||||||
purchase of equity investments | ||||||||||||||||||||||
settlement of capped calls related to the convertible senior notes | ||||||||||||||||||||||
cash, cash equivalents, and restricted cash – beginning of period | 0 | 0 | 763,000,000 | 0 | 0 | 1,540,000,000 | 0 | 0 | 1,791,000,000 | 0 | 0 | 2,578,000,000 | 0 | 0 | 1,505,528,000 | |||||||
cash, cash equivalents, and restricted cash – end of period | 267,000,000 | 492,000,000 | 693,000,000 | 143,000,000 | -375,000,000 | 1,286,000,000 | -426,000,000 | 146,000,000 | 2,658,000,000 | 225,000,000 | 98,000,000 | 2,756,000,000 | 153,784,000 | -493,720,000 | 2,183,187,000 | |||||||
investment in non-marketable equity securities of deconsolidated entities | ||||||||||||||||||||||
reconciliation to condensed consolidated balance sheets: | ||||||||||||||||||||||
cash and cash equivalents | 173,000,000 | 230,000,000 | 559,000,000 | 39,000,000 | -163,000,000 | 953,000,000 | 34,000,000 | -23,000,000 | 1,143,000,000 | -73,000,000 | 2,312,000,000 | -482,061,000 | 2,039,876,000 | |||||||||
restricted cash | 94,000,000 | 262,000,000 | 134,000,000 | 104,000,000 | -212,000,000 | 333,000,000 | -460,000,000 | 169,000,000 | 1,515,000,000 | 171,000,000 | 444,000,000 | -11,659,000 | 143,311,000 | |||||||||
cash, cash equivalents, and restricted cash | 267,000,000 | 492,000,000 | 693,000,000 | 143,000,000 | -375,000,000 | 1,286,000,000 | -426,000,000 | 146,000,000 | 2,658,000,000 | 98,000,000 | 2,756,000,000 | -493,720,000 | 2,183,187,000 | |||||||||
net decrease in cash, cash equivalents, and restricted cash | -70,000,000 | |||||||||||||||||||||
goodwill impairment | ||||||||||||||||||||||
origination of mortgage loans held for sale | 0 | -10,000,000 | -62,000,000 | -46,000,000 | -42,211,000 | -70,429,000 | -51,278,000 | -32,082,000 | ||||||||||||||
purchase of marketable securities | 0 | 0 | 0 | -28,000,000 | -27,415,000 | -220,121,000 | -203,881,000 | -34,583,000 | ||||||||||||||
capital returns from non-marketable equity securities | 0 | 0 | 0 | 3,000,000 | ||||||||||||||||||
acquisitions, net of cash acquired | -7,000,000 | -12,890,000 | ||||||||||||||||||||
proceeds from other secured borrowings | 0 | 9,000,000 | 60,000,000 | 45,000,000 | 41,252,000 | |||||||||||||||||
principal payments on other secured borrowings | 0 | -21,000,000 | -59,000,000 | -41,000,000 | ||||||||||||||||||
disclosures of noncash activities: | ||||||||||||||||||||||
gain on extinguishment of debt | 0 | -104,000,000 | -78,000,000 | |||||||||||||||||||
warrant fair value adjustment | ||||||||||||||||||||||
purchase of intangible assets | -210,000 | -550,000 | ||||||||||||||||||||
proceeds from issuance of convertible senior notes, net of issuance costs | -66,000 | |||||||||||||||||||||
purchase of capped calls related to the convertible senior notes | ||||||||||||||||||||||
proceeds from warrant exercise | -402,000 | 17,579,000 | ||||||||||||||||||||
proceeds from the february 2021 offering | 0 | 0 | 886,067,000 | |||||||||||||||||||
issuance cost of common stock | -124,000 | 0 | -28,000 | -28,848,000 | ||||||||||||||||||
gain on settlement of lease liabilities | 237,000 | 0 | 0 | -5,237,000 | ||||||||||||||||||
net fair value adjustments and loss on sale of mortgage loans held for sale | 0 | |||||||||||||||||||||
net income | -101,000,000 | 28,000,000 | -5,765,391 | |||||||||||||||||||
adjustments to reconcile net income to cash, cash equivalents, and restricted cash from operating activities: | ||||||||||||||||||||||
changes in fair value of derivative instruments | 195,000 | -397,000 | -41,000 | |||||||||||||||||||
payment-in-kind interest | ||||||||||||||||||||||
proceeds from issuance of series e preferred stock | ||||||||||||||||||||||
proceeds from business combination and pipe offering | ||||||||||||||||||||||
disclosures of noncash financing activities: | ||||||||||||||||||||||
conversion of preferred stock to common stock | ||||||||||||||||||||||
issuance of issuer stock rights in extinguishment of the 2019 convertible notes | ||||||||||||||||||||||
recognition of warrant liability | ||||||||||||||||||||||
issuance of common stock in extinguishment of warrant liabilities | ||||||||||||||||||||||
reconciliation to consolidated balance sheets: | ||||||||||||||||||||||
net fair value adjustments and gain on sale of mortgage loans held for sale | 0 | -1,000,000 | -856,000 | -1,112,000 | -1,055,000 | -977,000 | ||||||||||||||||
stock based compensation capitalized to internally developed software | 4,000,000 | |||||||||||||||||||||
real estate inventories | 149,802,000 | -3,556,314,000 | -1,874,823,000 | -374,665,000 | ||||||||||||||||||
proceeds from issuance of series d preferred stock | ||||||||||||||||||||||
proceeds from issuance of series e-2 preferred stock | ||||||||||||||||||||||
purchase of capped calls related to convertible senior notes | ||||||||||||||||||||||
proceeds from february 2021 offering | ||||||||||||||||||||||
capital distributions of non-controlling interest | ||||||||||||||||||||||
principal payment on other secured borrowings | ||||||||||||||||||||||
repurchase of common stock at fair value | ||||||||||||||||||||||
depreciation and amortization – net of accretion | 9,943,000 | 6,306,000 | 10,302,000 | |||||||||||||||||||
impairment of software development costs | 712,000 | |||||||||||||||||||||
derivative and warrant fair value adjustment | -3,499,000 | -23,952,000 | 15,272,000 | |||||||||||||||||||
changes in fair value of marketable equity securities | ||||||||||||||||||||||
dividend-in-kind | 121,000 | |||||||||||||||||||||
proceeds from credit facilities and other secured borrowings | 2,537,645,000 | 704,047,000 | ||||||||||||||||||||
principal payments on credit facilities and other secured borrowings | -984,330,000 | -453,806,000 | ||||||||||||||||||||
issuance cost of series e preferred stock | ||||||||||||||||||||||
issuance cost of series e-2 preferred stock | ||||||||||||||||||||||
proceeds from issuance of common stock | ||||||||||||||||||||||
proceeds from issuance of convertible notes | ||||||||||||||||||||||
repurchase of series a preferred stock | ||||||||||||||||||||||
repurchase of series b preferred stock | ||||||||||||||||||||||
repurchase of series d preferred stock | ||||||||||||||||||||||
less: income attributable to ordinary shares subject to possible redemption | 9,439 | |||||||||||||||||||||
adjusted net income | -5,755,952 | |||||||||||||||||||||
weighted-average shares outstanding, basic and diluted | 1,068,505 | |||||||||||||||||||||
basic and diluted net income per ordinary share | -0.47 |