Opendoor Technologies Inc

Good day and thank you for standing by. Welcome to the Open Door Second Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. I would not like to hand the conference over to your speaker today. Michael Judd, Capital Markets and Investor Relations.

Thank you and good afternoon. Details of our results and additional management commentary are available in our earnings release and shareholder letter, which can be found on the investor relations section of our website at investor.opendoor.com. Please note that this call will be simultaneously webcast on the investor relations section of the company's corporate website. Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are statements that could be deemed forward-looking, including, but not limited to, statements regarding Opendoor's financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion, and management objectives for future operations. These statements are neither promises nor guarantees, and undue reliance should not be placed on them. Such forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those discussed here. Additional information that could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Opendoor's most recent annual report on Form 10-K for the year ended December 31, 2024, as updated by our quarterly report on Form 10-Q for the quarter ended June 30, 2025, and other filings with the SEC. Any forward-looking statements made on this conference call, including responses to your questions, are based on management's reasonable current expectations and assumptions as of today, and Open Door assumes no obligation to update or revise them, whether as a result of new information, future events, or otherwise, except as required by law. The following discussion contains references to certain non-GAAP financial measures. The company believes these non-GAAP financial measures are useful to investors as supplemental operational measurements to evaluate the company's financial performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric, please see our website at investor.opendoor.com. I will now turn the call over to Carrie Wheeler, Chief Executive Officer of Opendoor.

Thank you for joining us. At Opendoor, our mission is straightforward but bold, to make selling your home simple, certain, and fast. For most people, selling a home is one of the biggest financial transactions of their lives, and too often, it's also one of the most stressful. We believe it doesn't have to be that way. Over the past 10 years, we've built deep infrastructure in real estate, pricing intelligence, operational capabilities, and a marketing engine that reaches high-intent sellers. In doing so, we've amassed an unparalleled data set, photos, videos, agent notes, and customer interactions from millions of home visits. This proprietary data fuels our AI, and that AI powers our flagship product, the cash offer, which delivers what traditional sales cannot, speed, certainty, and control. Our customers understand this. Over the past four years, our net promoter score has been near 80, exceptional in any industry. And increasingly agents understand it too. In fact, one in four of our acquisitions already come from an agent bringing us their client for a cash offer. We are now making the most important strategic shift in our history, moving from a single product to a distributed platform with multiple offerings delivered through agents. Agents already come to us every single day for a cash offer. We're simply changing the direction of traffic. putting the power of open door into their hands so they can bring our product straight to the seller. We have two things no one else can give an agent. One, unparalleled lead quality. We are not giving agents cold names from a spreadsheet. We're putting them in the home with a motivated seller. Two, a differentiated product suite, more selling options powered by a trusted local advisor. Sellers can choose the certainty of a cash offer the upside potential of a market listing or a hybrid of both. This means sellers get more choice, more speed, and more certainty. Sellers win, agents win, and Opendoor wins because we can serve far more sellers, monetize more leads, and expand high margin, capital-light revenue streams. We began piloting this new approach in select markets last quarter. The early proof points were compelling. Two times more customers are reaching a final underwritten cash offer relative to our traditional flow. We're delivering offers faster with streamlined in-home agent assessments. Listing conversion rates are five times higher. And we're unlocking more capitalized earnings through our share of listing commissions. On the strength of these results, we've gone from pilot to full rollout in record time. Today, partner agents are live in every market we operate, Our next phase is optimization, more agents, better tools, better training, and more products. We've launched our key agent iOS app so agents can do high fidelity home assessments right from their phone, enriching our AI and deepening the customer connection. Being in the home gives agents the chance to guide the seller through every option. And we believe that face-to-face trust will be a powerful driver of conversion. We've also launched Cash Plus, a hybrid product designed for sellers who want the convenience of a cash offer but hope to maximize upside by going to market. Open Door provides immediate cash to the seller, gets the home list ready, and works with a partner agent to list the home. Upon resale, the seller can receive additional proceeds after expenses. For sellers, it's the best of both worlds. For agents, it's another competitive tool and keeps them engaged with the customer throughout the sales process. For Opendoor, it's a better risk-adjusted product that uses less capital, protects our downside, and aligns our incentives even more closely with the customers. We are building a vibrant distributed ecosystem. Agents come into us for cash offers. We're bringing sellers to partner agents. Sellers gain more choice, more speed, more certainty, and Opendoor gains more opportunities to monetize leads, serve customers, and expand high-margin revenue streams. This is a flywheel. The more agents we enable, the more sellers we serve. The more transactions we handle, the stronger our platform gets. Our marketing dollars become more efficient as we monetize more of the sellers who come to us. And as we grow transactions, we further leverage our cost structure. Value compounds for customers, agents, and shareholders alike. We are making these changes amidst a very challenging housing market. The second half of 2025 will reflect lower acquisition and resale volumes due to the macro environment and continued high spreads, seasonality, and the fact that we are early in our transition. Our near two-minute look, however, does not reflect what we're building towards, durability, relevance, and scale for the next decade. We know exactly where we're going, and we're taking decisive steps to get there. With that, I'll hand it over to Celine for the financials.