Offerpad Solutions Inc. (NYSE:OPAD) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET

Company Participants

Stefanie Layton - VP-IR and ESG

Brian Bair - Chairman and CEO

Michael Burnett - CFO

Conference Call Participants

Dae Lee - JPMorgan

Nick Jones - JMP Securities

Ryan Tomasello - Stifel

Mike Ng - Goldman Sachs

Jay McCanless - Wedbush

Operator

Good afternoon. Thank you for attending today's Offerpad Fourth Quarter 2022 Earnings Call. My name is Hannah, and I will be your moderator for today's call. [Operator Instructions]

I'll now turn the call over to Stefanie Layton, Vice President of Investor Relations and ESG at Offerpad. Stefanie?

Stefanie Layton

Thank you, and good afternoon, everyone. Welcome to Offerpad Solutions' fourth quarter and full year 2022 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 US 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 fourth quarter and full year 2022 earnings release on Offerpad's website.

I'll now turn the call over to Brian.

Brian Bair

Thanks, Stefanie. Hi everyone, appreciate you joining us today.

I'll cover some company highlights, operational updates, market trends and our 2023 strategy. Mike will share our fourth quarter 2022 financial results and our first quarter expectations. Last year was truly a tale of two halves with the striking difference in market conditions from the first to the second half of the year. Still, we had some remarkable accomplishments in 2022.

Last year, we sold over 10,000 homes in the year for the first time in Offerpad's history, completed 9,985 renovation projects, increased our cash offer request from the Agent Partnership Program by 90% year-over-year and increased our asset-light FLEX transactions, including listing, buying and mortgages by 90% year-over-year.