Offerpad Solutions, Inc. (NYSE:OPAD) Q1 2024 Earnings Conference Call May 6, 2024 4:30 PM ET

Company Participants

Taylor Giles - Investor Relations
Brian Bair - Chairman and Chief Executive Officer
James Grout - Interim Principal Financial Officer and Senior Vice President of Finance

Conference Call Participants

Nick Jones - JMP Securities
Ryan Tomasello - Stifel
Dae Lee - JP Morgan
John Colantuoni - Jefferies

Operator

Good afternoon. Thank you for attending today’s Offerpad First Quarter 2024 Earnings Call. My name is Tamiya, 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 would now like to pass the conference over to your host, Taylor Giles. You may proceed.

Taylor Giles

Good afternoon and welcome to Offerpad’s first quarter 2024 earnings call. I’m joined today by Offerpad’s Chairman and Chief Executive Officer, Brian Bair; and Interim Principal Financial Officer and Senior Vice President of Finance, James Grout.

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 first quarter earnings release on Offerpad’s website.

With that, I’ll turn the call over to Brian.

Brian Bair

Thanks, Taylor and thanks to those who joined the call. The first quarter of 2024 continued the positive trajectory I discussed in our last earnings call. With $285 million in revenue, we met the high end of our revenue guidance, reflecting a 19% increase versus Q4 of 2023 and marking our third consecutive quarter of topline growth.

We also met the high end of our guidance for homes sold coming in at 847, up 19% quarter-over-quarter. Adjusted EBITDA was also in line with expectations. Importantly, we remain confident in our ability to reach sustainable positive adjusted EBITDA in 2024.