Offerpad Solutions, Inc. (NYSE:OPAD) Q2 2022 Earnings Conference Call August 3, 2022 5:00 PM ET

Company Participants

Brian Bair - Chairman, CEO

Michael Burnett - CFO

Stefanie Layton - VP of IR, ESG

Conference Call Participants

Dae Lee - J.P Morgan

Ryan Tomasello - KBW

Jason Weaver - Compass Point LLC

Nick Jones - JMP Securities

Justin Ages - Berenberg Capital Markets

Mike Ng - Goldman Sachs

Jay McCanless - Wedbush

Operator

Good afternoon. And welcome to the Offerpad Second Quarter 2022 Earnings Call. My name is Sam, and I will be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. [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 Second 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 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's non-GAAP measures to the comparable GAAP measures are available in 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, Stefanie. Hey everyone. I appreciate you joining us today. I'll cover some company highlights, market trends, and our focus for the remainder of the year. Michael will share our second quarter 2022 financial results and our third quarter 2022 expectations. Highlights for the first half of the year includes we generated nearly $2.5 billion in revenue and $52 million of net income. We filled more homes in the first half of 2022 than we did during all of 2021. We completed more than 6500 renovation projects with an average timeline of 21 days. We maintained an average timing from home acquisition to sale below 100 days, everyone fix new markets. We also continue to see increasing customer interest in our solutions. More people visited our website during the second quarter than ever before.