Offerpad Solutions Inc. (NYSE:OPAD) Q3 2023 Earnings Conference Call November 1, 2023 4:30 PM ET
Company Participants
Taylor Giles - Investor Relations
Brian Bair - Chairman and Chief Executive Officer
Jawad Ahsan - Chief Financial Officer
James Grout - SVP, Finance
Conference Call Participants
Ryan Tomasello - Stifel
Operator
Good afternoon. Thank you for attending the Offerpad Third Quarter 2023 Earnings Conference Call. My name is Hanna, and I'll be the moderator for today's call. [Operator Instructions]
I'd now turn the call over to our host Taylor Giles, Investor Relations. You may go ahead.
Taylor Giles
Good afternoon, and welcome to Offerpad’s third quarter 2023 earnings call. I’m joined today by Offerpad’s Chairman and Chief Executive Officer, Brian Bair; Chief Financial Officer, Jawad Ahsan; and Senior Vice President, Finance, James Grout, are here with me today.
During the call today, management will make forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain, and events could differ significantly from management's expectations. Please refer to the risks, uncertainties and other factors relating to the company's business described in our filings with the U.S. Securities and Exchange Commission. Except as required by applicable law, Offerpad does not intend to update or alter forward-looking statements, whether as a result of new information, future events or otherwise.
On today's call, management will refer to certain non-GAAP financial measures. These metrics exclude certain items discussed in our earnings release under the heading non-GAAP financial measures. The reconciliations of Offerpad non-GAAP measures to the comparable GAAP measures are available in the financial tables of the third quarter earnings release on Offerpad's website.
With that I'll turn the call over to Brian.
Brian Bair
Good afternoon and thank you for joining today's call. We are pleased to deliver both top and bottom line results within our expectations. Despite the difficult macro environment, we are exceptionally proud of our expanding contribution margin as we expect to move towards sustainable, positive adjusted EBITDA in 2024. I am truly grateful to our employees, strategic partners and Offerpad customers who enabled us to meet our guidance and nimbly respond to these historic market conditions.
During moments like this, our vast real estate experience is more important than ever. Before Jawad shares numbers and his insights, I will update you on our perspective on the real estate market and our strategic imperatives. At a high level buyer affordability, rising mortgage rates and sellers with existing low mortgage rate loans continues to stress real estate markets on all fronts. However, although inventory levels are down over 20% in most markets. We are focused on the 80% of the buyers and sellers that are transacting.