Offerpad Solutions Inc. (NYSE:OPAD) Q3 2022 Earnings Conference Call November 2, 2022 5:00 PM ET

Company Participants

Stefanie Layton - Vice President-Investor Relations & ESG

Brian Bair - Chairman & Chief Executive Officer

Michael Burnett - Chief Financial Officer

Conference Call Participants

Dae Lee - JPMorgan Chase

Ryan Tomasello - Stifel

Nick Jones - JMP

Justin Ages - Berenberg

Brett Knoblauch - Cantor Fitzgerald

Jay McCanless - Wedbush

Operator

Good evening. Thank you for attending today's Offerpad Third Quarter 2022 Earnings Call. My name is Megan, and I will be your moderator today.

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 Third Quarter 2022 Earnings Call. Our Chairman and Chief Executive Officer, Brian Bair, and Chief Financial Officer, Michael 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 reconciliations of Offerpad's non-GAAP measures to the comparable GAAP measures are available in the financial tables of the third quarter earnings release on Offerpad’s website.

I'll now turn the call over to Brian.

Brian Bair

Thanks, Stefanie. Hey everyone. I appreciate you joining us today. I'll cover some company highlights, market trends, operational updates and our focus for the remainder of the year. Michael will share our third quarter 2022 financial results and our fourth quarter expectations.

In the third quarter, we maintained an average timing from home acquisition to sale below 100 days, kept inventory aged over 180 days or 5% or 150 homes, earned a 93% customer satisfaction rating and grew our listing and buyer closings by 100% year-over-year. Given the macro and real estate market conditions in the third quarter, these accomplishments really speak to the flexibility of our model and the value our products offer to homeowners.