Offerpad Solutions Inc. (NYSE:OPAD) Q1 2022 Earnings Conference Call May 4, 2022 5:00 PM ET

Company Participants

Brian Bair – Chairman and Chief Executive Officer

Michael Burnett – Chief Financial Officer

Stefanie Layton – Senior Director of Investor Relations

Conference Call Participants

Mike Ng – Goldman Sachs

Dae Lee – J.P Morgan

Andrew Boone – JMP Securities LLC

Ryan Tomasello – Keefe, Bruyette & Woods

Ben Sherlund – Cantor Fitzgerald

Operator

Good afternoon. Thank you for attending today's Offerpad First Quarter 2022 Earnings Call. My name is Bethany, and I will be your moderator for today's call. 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, Senior Director of Investor Relations at Offerpad. Stefanie?

Stefanie Layton

Thank you. And good afternoon, everyone. Welcome to Offerpad Solutions First 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 website. I'll now turn the call over to Brian.

Brian Bair

Thank you. I'm excited you could all join us today. This is our third earnings call since going public, and we keep building upon our track record of delivering exceptional results. Today, I will share details about our progress in 2022, future plans, and market trends. Mike will cover our first quarter 2022 financial results, and second quarter 2022 expectations. I will start with a few highlights before we dive into details. I'm proud to share that Q1 was our best quarter in Offerpad's history. We set a new company record with $41 million of net income in Q1.