Offerpad Solutions, Inc. (NYSE:OPAD) Q3 2024 Earnings Conference Call November 4, 2024 4:30 PM ET

Company Participants

Cortney Read - Chief, Staff
Brian Bair - Chairman & CEO
Peter Knag - CFO

Conference Call Participants

Dae Kyu Lee - J.P. Morgan
Ryan Tomasello - Stifel
Luke Meindl - JMP Securities
John Colantuoni - Jefferies

Operator

Hello, and welcome to the Offerpad Third Quarter 2024 Earnings Conference Call. My name is Harry, and I will be your operator today. All lines are currently in a listen-only mode, and there will be an opportunity for Q&A after management's prepared remarks. [Operator Instructions].

I would now hand the call over to Cortney Read, Offerpad's Chief of Staff to begin. Please go ahead.

Cortney Read

Good afternoon, and welcome to Offerpad's third quarter 2024 earnings call. I’m joined today by Offerpad's Chairman and Chief Executive Officer, Brian Bair; and Chief Financial Officer, Peter Knag.

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 non-GAAP measures to the comparable GAAP measures are available in the financial tables of the third quarter earnings release on Offerpad's website.

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

Brian Bair

Thank you, Cortney, and thanks to everyone for joining today.

In the third quarter, we delivered revenue at the top of our guidance, driven by a healthy mix of our products, including our cash offer, our B2B Renovate business, our Direct Plus institutional buyer program, and our Agent Partnership Program.

This occurred in a quarter, which the country continued to see residential resale transaction volumes at historic lows, persistent affordability issues, abnormal seasonality, and the implementation of the most significant change in the industry commission practices in our lifetime. That meant that during the past quarter consumers not only had to contend with volatility and uncertainty in mortgage rates and access to affordable inventory, but also in how much they should pay their agents.