Offerpad Solutions Inc. (NYSE:OPAD) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET

Company Participants

Stefanie Layton - SVP-IR and ESG

Brian Bair - Chairman and CEO

Michael Burnett - CFO

Conference Call Participants

Nick Jones - JMP

Ryan Tomasello - KBW

Operator

Good afternoon. Thank you for attending today's Offerpad First Quarter 2023 Earnings Call. My name is Bethany, and I will be the moderator for today's call. [Operator Instructions]

I'd now like to pass the conference over to our host Stefanie Layton, Senior Vice President of Investor Relations and ESG at Offerpad. Stefanie?

Stefanie Layton

Thank you, and good afternoon, everyone. Welcome to Offerpad Solutions' first quarter 2023 earnings call. Our Chairman and Chief Executive Officer, Brian Bair; and Chief Financial Officer, Mike Burnett, 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 reconciliation of Offerpad's non-GAAP measures to the comparable GAAP measures are available on the financial tables of the first quarter earnings release on Offerpad's website.

I'll now turn the call over to Brian.

Brian Bair

Thanks, Stephanie. Hi, everyone. Appreciate you joining us today.

I'll cover our priorities, a Q1 summary, market trends and operational updates. Mike will share our first quarter 2023 financial results and our second quarter outlook. The extraordinary increase in interest rates last year and the resulting impact on home values and sales volume required us to adjust our plans, revise near-term objectives and execute decisively. In the fourth quarter 2022 and the first quarter 2023, we focused on the following top priorities.

First, renovating and selling homes acquired prior to September of last year. As of last week, 99% of those homes have sold are under contract to sell. This allows us to focus entirely on our go-forward plans.