Offerpad Solutions Inc

Good afternoon, and thank you for attending today's OfferPad first quarter 2025 earnings conference call. My name is Jayla, and I'll be your moderator for today. All lines will be muted in the presentation portion of the call with an opportunity for questions and answers at the end. I'd now like to turn the conference over to our host, Courtney Reed. Courtney, you may proceed.

Good afternoon, and welcome to OfferPad's first quarter 2025 earnings call. I'm joined today by OfferPeds Chairman and Chief Executive Officer Brian Baer 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 first quarter earnings release on OfferPad's website. With that, I'll turn the call over to Brian.

Thank you, Courtney. Let's start with a quick look at Q1 results, then I'll share how our continued efforts are laying the foundation. So we're built for today's environment and ready to accelerate as volume returns to more typical levels. In Q1, we met the midpoint of our revenue guidance. driven by a balanced mix of offerings. Our cash offer program performed as expected while our asset light services, including the B2B renovate business, direct plus buyer program, and agent partnership program contributed significantly to the top and bottom line. Highlighting the strength of our renovate business, we delivered a record quarter generating 5.3 million in revenue, representing an annualized run rate of approximately 20 million. This marks the highest quarterly total since the launch of the product and further solidifies Renovate as a key driver of growth going forward. And today, we're excited to announce a new partnership with Auction.com. Offerpad Renovate will become a preferred provider of renovation services for buyers on their platform, from local community developers to large institutions. It's a meaningful step forward as we help buyers transform properties into move-in-ready homes, expand our renovation business, and deliver greater value to buyers, sellers, and communities across the country. As we scale, renovate, and strengthen our core offerings, we're also prioritizing diversification through high margin revenue streams, streamlining operations, and managing resources with discipline. Together, these efforts are positioned as well to reach positive adjusted EBITDA and drive sustainable long-term growth. The housing market continues to be shaped by sustained macroeconomic pressures that have been building for some time. Elevated mortgage rates and persistent affordability challenges have kept transaction volumes near historic lows, and new tariff developments are adding a fresh uncertainty and anxiety for consumers weighing major financial decisions. These headwinds are not new. They've been unfolding over an extended period, but their impact is becoming even more visible across the housing sector. Higher borrowing costs, limited affordable inventory, and broader economic uncertainty are all contributing to greater caution among buyers and sellers. Although the environment is directly impacting overall transaction flow, we've maintained a strong focus on managing our top of funnel, and demand for the cash offer continues to grow. Offer requests rose 33% quarter over quarter, and website traffic steadily increased month over month, showing that homeowners are actively seeking out this certainty and control we provide. The rise in organic consumer activity also helped lower our cost per lead, reinforcing the strength of our model and brand. Our commitment to providing the best way to buy and sell a home has never wavered, regardless of market conditions. Since 2015, we've built our business around the strength of our foundational cash offer, while continually introducing new solutions that give customers more control, clarity, and confidence. That mission continues today, driving a series of purposeful updates aimed to enhancing the customer experience and expanding the value we deliver alongside our agent partners. It starts with how we send our offers. Powered by proprietary data, machine learning, and real-time market trends, our Citrus Value technology generates offer ranges in minutes and allows sellers to schedule inspections on their terms, reducing friction and creating a smoother experience. We've also made the inspection process faster and more efficient. And once the contract is signed, price lock kicks in. Our commitment that the offer won't change giving sellers added confidence. After rolling out these improvements in Q4, we saw immediate traction. That momentum continued into Q1 with thousands of living room appointments, a strong sign our approach is working. While this process has been deployed through direct channels, It's laying the groundwork to extend the same experience to our agent partners, building a framework for better performance, stronger conversion, and product expansion. This is just the beginning, and we're energized by what's ahead. As we enhance our solutions, we're unlocking new ways for customers to take control of their journey and creating even more opportunities for agent partners to thrive alongside us. Before I turn the call over to Peter to cover the financials, I want to take a moment to highlight a recent announcement we're excited about. We welcome Donna Corley to OfferPad's Board of Directors. Donna brings nearly 30 years of housing finance experience, most recently serving as Executive Vice President and Head of the Single Family Business at Freddie Mac. She will serve as the Chair of the Audit Committee and as a member of the Nominating and Governance Committee. Her strategic insight and deep financial expertise will be instrumental as we continue to strengthen our foundation and execute on our long-term vision. In summary, we're executing with focus and intention by strengthening our cash offer customer journey, expanding high-margin services, and laying a strong foundation so we're not only operating for today's market, but positioned to accelerate as transaction volumes normalize. With a disciplined approach to operations and a growing set of flexible customer-first solutions built around our cash offer, we're positioning OfferPad to capture future demand, deliver stronger performance, and drive sustainable long-term growth. With that, I'll turn it over to Peter.