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| | | | 126 | | | |
| | | | 126 | | | |
| | | | 126 | | | |
| | | | F-1 | | | |
| | | | F-34 | | |
(in thousands, except for share and per share amounts)
|
| | | | | | |
Shares transferred at Closing(1)
|
| | | | 500,000,000 | | |
Value per share(2)
|
| | | | 10.00 | | |
Total Share Consideration
|
| | | $ | 5,000,000 | | |
| | |
# New Entity Shares
|
| |
%
|
| ||||||
Opendoor stockholders(1)
|
| | | | 503,980,000 | | | | | | 82.4% | | |
SCH’s public shareholders
|
| | | | 41,387,632 | | | | | | 6.8% | | |
Sponsor & related parties(2)
|
| | | | 26,375,000 | | | | | | 4.3% | | |
Third Party PIPE Investors
|
| | | | 40,000,000 | | | | | | 6.5% | | |
Pro Forma Common Stock at Closing
|
| | | | 611,742,632 | | | | | | 100.0% | | |
| | |
Opendoor
(Historical) |
| |
Social Capital
(Historical)(1) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue
|
| | | | 2,583,121 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,583,121 | | |
Cost of revenue
|
| | | | 2,363,324 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,363,324 | | |
Gross profit
|
| | | | 219,797 | | | | | | — | | | | | | — | | | | | | | | | | | | 219,797 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Formation and operating costs
|
| | | | — | | | | | | (6,363) | | | | | | 5,849 | | | | |
|
AA
|
| | | | | (514) | | |
Sales, marketing and operations
|
| | | | (194,721) | | | | | | — | | | | | | — | | | | | | | | | | | | (194,721) | | |
General and administrative
|
| | | | (152,769) | | | | | | — | | | | | | — | | | | | | | | | | | | (152,769) | | |
Technology and development
|
| | | | (58,172) | | | | | | — | | | | | | — | | | | | | | | | | | | (58,172) | | |
Total operating costs and expenses
|
| | | | (405,662) | | | | | | (6,363) | | | | | | 5,849 | | | | | | | | | | | | (406,176) | | |
Net operating loss
|
| | | | (185,865) | | | | | | (6,363) | | | | | | 5,849 | | | | | | | | | | | | (186,379) | | |
Derivative and warrant fair value adjustment
|
| | | | (25,941) | | | | | | — | | | | | | — | | | | | | | | | | | | (25,941) | | |
Loss on extinguishment on debt
|
| | | | (11,356) | | | | | | — | | | | | | — | | | | | | | | | | | | (11,356) | | |
Interest expense
|
| | | | (67,806) | | | | | | — | | | | | | 7,837 | | | | |
|
BB
|
| | | | | (59,969) | | |
Interest income
|
| | | | — | | | | | | 42 | | | | | | (42) | | | | |
|
CC
|
| | | | | — | | |
Other income, net
|
| | | | 4,271 | | | | | | — | | | | | | — | | | | | | | | | | | | 4,271 | | |
Loss before income taxes
|
| | | | (286,697) | | | | | | (6,321) | | | | | | 13,644 | | | | | | | | | | | | (279,374) | | |
Income tax expense
|
| | | | (63) | | | | | | — | | | | | | — | | | | |
|
DD
|
| | | | | (63) | | |
Net loss
|
| | | | (286,760) | | | | | | (6,321) | | | | | | 13,644 | | | | | | | | | | | | (279,437) | | |
Less net income attributable noncontrolling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Net loss
|
| | | | (286,760) | | | | | | (6,321) | | | | | | 13,644 | | | | | | | | | | | | (279,437) | | |
Weighted average shares outstanding of common stock — basic
|
| | | | 109,301 | | | | | | 10,112 | | | | | | | | | | | | | | | | | | 540,715 | | |
Weighted average shares outstanding of common stock — diluted
|
| | | | 109,301 | | | | | | 10,112 | | | | | | | | | | | | | | | | | | 540,715 | | |
Basic net income (loss) per share
|
| | | $ | (2.62) | | | | | $ | (0.63) | | | | | | | | | | | | | | | | | $ | (0.52) | | |
Diluted net income (loss) per share
|
| | | $ | (2.62) | | | | | $ | (0.63) | | | | | | | | | | | | | | | | | $ | (0.52) | | |
(in thousands, except per share data)
|
| |
For the Year ended
December 31, 2020 |
| |||
Pro forma net loss
|
| | | | 279,437 | | |
Weighted average shares outstanding of common stock(1)
|
| | | | 540,715 | | |
Net loss per share (Basic and Diluted) attributable to common stockholders(1)(2)
|
| | | $ | (0.52) | | |
Location
|
| |
Purpose
|
| |
Approximate
Square Feet |
| |
Principal Lease
Expiration Dates |
| ||||||
Tempe, Arizona
|
| |
General Office Space, Corporate Mailing
Address |
| | | | 100,807 | | | | | | 2030 | | |
San Francisco,
California |
| | General Office Space | | | | | 80,088 | | | | | | 2021 | | |
Duluth, Georgia
|
| | General Office Space | | | | | 71,085 | | | | | | 2029 | | |
Statement of
Operations Data |
| |
For The Year
Ended December 31, 2020 |
| |
For The Year
Ended December 31, 2019 |
| |
For The Year
Ended December 31, 2018 |
| |
For The Year
Ended December 31, 2017 |
| |
For The Year
Ended December 31, 2016 |
| | |||||||||||||||||
Revenue:
|
| | | | 2,583,121 | | | | | | 4,740,583 | | | | | | 1,838,066 | | | | | | 711,066 | | | | | | 338,742 | | | | ||
Cost of revenue
|
| | | | 2,363,324 | | | | | | 4,439,333 | | | | | | 1,704,638 | | | | | | 644,719 | | | | | | 321,934 | | | | ||
Gross profit
|
| | | | 219,797 | | | | | | 301,250 | | | | | | 133,428 | | | | | | 66,347 | | | | | | 16,808 | | | | ||
Operating expenses
|
| | | | (405,662) | | | | | | (549,084) | | | | | | (297,100) | | | | | | (127,989) | | | | | | (50,214) | | | | ||
Net operating loss
|
| | | | (185,865) | | | | | | (247,834) | | | | | | (163,672) | | | | | | (61,642) | | | | | | (33,406) | | | | ||
Interest expense
|
| | | | (67,806) | | | | | | (109,728) | | | | | | (60,456) | | | | | | (23,342) | | | | | | (10,792) | | | | ||
Other income / (expense) – Net
|
| | | | (33,026) | | | | | | 18,644 | | | | | | (15,424) | | | | | | 217 | | | | | | (2,094) | | | | ||
Loss before income taxes
|
| | | | (286,697) | | | | | | (338,918) | | | | | | (239,552) | | | | | | (84,767) | | | | | | (46,292) | | | | ||
Income tax expense
|
| | | | (63) | | | | | | (252) | | | | | | (377) | | | | | | — | | | | | | — | | | | ||
Net loss
|
| | | | (286,760) | | | | | | (339,170) | | | | | | (239,929) | | | | | | (84,767) | | | | | | (46,292) | | | | ||
Less net income attributable to noncontrolling interests
|
| | | | — | | | | | | 1,847 | | | | | | 1,362 | | | | | | 62 | | | | | | — | | | | ||
Net loss attributable to Opendoor Labs, Inc
|
| | | | (286,760) | | | | | | (341,017) | | | | | | (241,291) | | | | | | (84,829) | | | | | | (46,292) | | | | ||
Weighted average shares outstanding basic
|
| | | | 109,301 | | | | | | 79,977 | | | | | | 78,564 | | | | | | 64,588 | | | | | | N/M(1) | | | | | |
Weighted average shares outstanding diluted
|
| | | | 109,301 | | | | | | 79,977 | | | | | | 78,564 | | | | | | 64,588 | | | | | | N/M(1) | | | | | |
Basic net loss per ordinary share
|
| | | $ | (2.62) | | | | | $ | (4.26) | | | | | $ | (3.16) | | | | | $ | (1.31) | | | | | | N/M(1) | | | | | |
Diluted net loss per ordinary share
|
| | | $ | (2.62) | | | | | $ | (4.37) | | | | | $ | (3.16) | | | | | $ | (1.31) | | | | | | N/M(1) | | | | | |
Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Operating activities . . .
|
| | | $ | 681,911 | | | | | $ | (272,050) | | | | | $ | (1,179,637) | | | | | $ | (218,553) | | | | | $ | (197,359) | | | | ||
Investing activities . . . .
|
| | | | (21,866) | | | | | | (95,078) | | | | | | (7,432) | | | | | | (29,942) | | | | | | (1,026) | | | | ||
Financing activities . . .
|
| | | | 160.661 | | | | | | 646,179 | | | | | | 1,496,494 | | | | | | 161,177 | | | | | | 334,255 | | | |
Balance Sheet Data
|
| |
December 31,
2020 |
| |
December 31,
2019 |
| |
December 31,
2018 |
| |
December 31,
2017 |
| |
December 31,
2016 |
| |||||||||||||||
Total assets
|
| | | $ | 2,175,582 | | | | | $ | 2,231,684 | | | | | $ | 1,842,295 | | | | | | 514,406 | | | | | | 423,249 | | |
Total current liabilities.
|
| | | | 393,389 | | | | | | 1,126,382 | | | | | | 1,068,191 | | | | | | 224,755 | | | | | | 113,999 | | |
Total liabilities
|
| | | | 575,575 | | | | | | 1,583,285 | | | | | | 1,191,797 | | | | | | 330,960 | | | | | | 164,368 | | |
Working capital
|
| | | | 1,659,722 | | | | | | 961,262 | | | | | | 739,980 | | | | | | 285,944 | | | | | | 307,395 | | |
Total stockholders’ equity (deficit)
|
| | | | 1,600,007 | | | | | | (733,103) | | | | | | (413,366) | | | | | | 320,786 | | | | | | 315,855 | | |
Total temporary Equity
|
| | | | — | | | | | | 1,381,502 | | | | | | 1,063,864 | | | | | | (137,340) | | | | | | (56,974) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in whole numbers)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Number of markets (at period end)
|
| | | | 21 | | | | | | 21 | | | | | | 18 | | |
| | |
Year Ended December 31,
|
| | | |||||||||||||||||||
(in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
2018
|
| | | |||||||||||||
Gross profit (GAAP)
|
| | | $ | 219,797 | | | | | $ | 301,250 | | | | | $ | 133,428 | | | | | ||||
Gross Margin
|
| | | | 8.5% | | | | | | 6.4% | | | | | | 7.3% | | | | | ||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | ||
Inventory impairment – Current Period(1)
|
| | | | 119 | | | | | | 10,363 | | | | | | 15,103 | | | | | ||||
Inventory impairment – Prior Periods(2)
|
| | | | (10,544) | | | | | | (14,941) | | | | | | (2,419) | | | | | ||||
Restructuring in cost of revenue(3)
|
| | | | 1,902 | | | | | | — | | | | | | — | | | | | ||||
Adjusted Gross Profit
|
| | | | 211,274 | | | | | | 296,672 | | | | | | 146,112 | | | | | ||||
Adjusted Gross Margin
|
| | | | 8.2% | | | | | | 6.3% | | | | | | 7.9% | | | | | ||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | ||||
Direct selling costs(4)
|
| | | | (72,928) | | | | | | (149,221) | | | | | | (62,396) | | | | | ||||
Holding costs on sales – Current Period(5)(6)
|
| | | | (16,787) | | | | | | (42,837) | | | | | | (15,881) | | | | | ||||
Holding costs on sales – Prior Periods(5)(7)
|
| | | | (11,436) | | | | | | (12,561) | | | | | | (3,192) | | | | | ||||
Contribution Profit
|
| | | | 110,123 | | | | | | 92,053 | | | | | | 64,643 | | | | | ||||
Contribution Margin
|
| | | | 4.3% | | | | | | 1.9% | | | | | | 3.5% | | | | | ||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on homes sold – Current Period(8)(9)
|
| | | | (17,946) | | | | | | (51,388) | | | | | | (18,309) | | | | | ||||
Interest on homes sold – Prior Periods(8)(10)
|
| | | | (10,488) | | | | | | (13,179) | | | | | | (3,091) | | | | | ||||
Contribution Profit After
Interest |
| | | | 81,689 | | | | | | 27,486 | | | | | | 43,243 | | | | | ||||
Contribution Margin After Interest
|
| | | | 3.2% | | | | | | 0.6% | | | | | | 2.4% | | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net loss (GAAP)
|
| | | $ | (286,760) | | | | | $ | (339,170) | | | | | $ | (239,929) | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Stock-based compensation
|
| | | | 38,005 | | | | | | 13,196 | | | | | | 14,966 | | |
Derivative and warrant fair value adjustment(1)
|
| | | | 25,940 | | | | | | (6,243) | | | | | | 18,022 | | |
Intangibles amortization expense(2)
|
| | | | 3,714 | | | | | | 2,945 | | | | | | 613 | | |
Inventory impairment – Current Period(3)
|
| | | | 119 | | | | | | 10,363 | | | | | | 15,103 | | |
Inventory impairment — Prior Periods(4)
|
| | | | (10,544) | | | | | | (14,941) | | | | | | (2,419) | | |
Restructuring(5)
|
| | | | 30,752 | | | | | | 3,428 | | | | | | — | | |
Convertible note PIK interest, amortization and derivative fair value adjustment(6)
|
| | | | 7,838 | | | | | | 4,102 | | | | | | 478 | | |
Loss on extinguishment on debt
|
| | | | 11,356 | | | | | | — | | | | | | — | | |
Other(7)
|
| | | | 4,515 | | | | | | (498) | | | | | | 1,271 | | |
Adjusted Net Loss
|
| | | | (175,065) | | | | | | (326,818) | | | | | | (191,895) | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization, excluding intangibles amortization expense
|
| | | | 21,755 | | | | | | 15,043 | | | | | | 4,572 | | |
Property financing(8)
|
| | | | 37,571 | | | | | | 84,314 | | | | | | 47,725 | | |
Other interest expense(9)
|
| | | | 22,398 | | | | | | 21,312 | | | | | | 12,253 | | |
Interest income(10)
|
| | | | (4,732) | | | | | | (11,999) | | | | | | (3,869) | | |
Income tax expense
|
| | | | 63 | | | | | | 252 | | | | | | 377 | | |
Adjusted EBITDA
|
| | | | (98,010) | | | | | | (217,896) | | | | | | (130,837) | | |
Adjusted EBITDA Margin
|
| | | | (3.8)% | | | | | | (4.6)% | | | | | | (7.1)% | | |
| | |
Year Ended December 31,
|
| |
Change in
|
| |||||||||||||||
(in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| |||||||||
Revenue
|
| | | $ | 2,583,121 | | | | | $ | 4,740,583 | | | | | $ | (2,157,462) | | | |
(46)%
|
|
Cost of revenue
|
| | | | 2,363,324 | | | | | | 4,439,333 | | | | | | (2,076,009) | | | |
(47)%
|
|
Gross profit
|
| | | | 219,797 | | | | | | 301,250 | | | | | | (81,453) | | | |
(27)%
|
|
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | |
Sales, marketing and operations
|
| | | | 194,721 | | | | | | 384,416 | | | | | | (189,695) | | | |
(49)%
|
|
General and administrative
|
| | | | 152,769 | | | | | | 113,446 | | | | | | 39,323 | | | |
35%
|
|
Technology and development
|
| | | | 58,172 | | | | | | 51,222 | | | | | | 6,950 | | | |
14%
|
|
Total operating expenses
|
| | | | 405,662 | | | | | | 549,084 | | | | | | (143,422) | | | |
(26)%
|
|
Net operating loss
|
| | | | (185,865) | | | | | | (247,834) | | | | | | 61,969 | | | |
(25)%
|
|
Derivative and warrant fair value adjustment
|
| | | | (25,941) | | | | | | 6,243 | | | | | | (32,184) | | | |
(516)%
|
|
Loss on extinguishment of debt
|
| | | | (11,356) | | | | | | — | | | | | | (11,356) | | | |
N/M
|
|
Interest expense
|
| | | | (67,806) | | | | | | (109,728) | | | | | | 41,922 | | | |
(38)%
|
|
Other income-net
|
| | | | 4,271 | | | | | | 12,401 | | | | | | (8,130) | | | |
(66)%
|
|
Loss before income taxes
|
| | | | (286,697) | | | | | | (338,918) | | | | | | 52,221 | | | |
(15)%
|
|
Income tax expense
|
| | | | (63) | | | | | | (252) | | | | | | 189 | | | |
(75)%
|
|
Net loss
|
| | | | (286,760) | | | | | | (339,170) | | | | | | 52,410 | | | |
(15)%
|
|
Less net income attributable to noncontrolling interest
|
| | | | — | | | | | | 1,847 | | | | | | (1,847) | | | |
(100)%
|
|
Net loss attributable to Opendoor Technologies Inc.
|
| | | $ | (286,760) | | | | | $ | (341,017) | | | | | $ | 54,257 | | | |
(16)%
|
|
| | |
Year Ended December 31,
|
| |
Change in
|
| |||||||||||||||
(in thousands, except percentages)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
%
|
| |||||||||
Revenue
|
| | | $ | 4,740,583 | | | | | $ | 1,838,066 | | | | | $ | 2,902,517 | | | |
158%
|
|
Cost of revenue
|
| | | | 4,439,333 | | | | | | 1,704,638 | | | | | | 2,734,695 | | | |
160%
|
|
Gross profit
|
| | | | 301,250 | | | | | | 133,428 | | | | | | 167,822 | | | |
126%
|
|
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | |
Sales, marketing and operations
|
| | | | 384,416 | | | | | | 196,292 | | | | | | 188,124 | | | |
96%
|
|
General and administrative
|
| | | | 113,446 | | | | | | 72,350 | | | | | | 41,096 | | | |
57%
|
|
Technology and development
|
| | | | 51,222 | | | | | | 28,458 | | | | | | 22,764 | | | |
80%
|
|
Total operating expenses
|
| | | | 549,084 | | | | | | 297,100 | | | | | | 251,984 | | | |
85%
|
|
Net operating loss
|
| | | | (247,834) | | | | | | (163,672) | | | | | | (84,162) | | | |
51%
|
|
Warrant fair value adjustment
|
| | | | 6,243 | | | | | | (18,022) | | | | | | 24,265 | | | |
(135)%
|
|
Interest expense
|
| | | | (109,728) | | | | | | (60,456) | | | | | | (49,272) | | | |
82%
|
|
Other income-net
|
| | | | 12,401 | | | | | | 2,598 | | | | | | 9,803 | | | |
377%
|
|
Loss before income taxes
|
| | | | (338,918) | | | | | | (239,552) | | | | | | (99,366) | | | |
(41)%
|
|
Income tax expense
|
| | | | (252) | | | | | | (377) | | | | | | 125 | | | |
(33)%
|
|
Net loss
|
| | | | (339,170) | | | | | | (239,929) | | | | | | (99,241) | | | |
(41)%
|
|
Less net income attributable to noncontrolling interest
|
| | | | 1,847 | | | | | | 1,362 | | | | | | 485 | | | |
36%
|
|
Net loss attributable to Opendoor Technologies Inc.
|
| | | $ | (341,017) | | | | | $ | (241,291) | | | | | $ | (99,726) | | | |
(41)%
|
|
As of December 31, 2020
|
| |
Borrowing
Capacity |
| |
Outstanding
Amount |
| |
Weighted
Average Interest Rate |
| |
End of
Revolving Period |
| |
Final
Maturity Date |
| |||||||||
Revolving Facility 2018-1
|
| | | $ | 250,000 | | | | | $ | — | | | | | | 4.28% | | | |
February 10, 2021
|
| |
May 10, 2021
|
|
Revolving Facility 2018-2
|
| | | | 750,000 | | | | | | — | | | | | | 4.36% | | | |
September 23, 2022
|
| |
December 23, 2022
|
|
Revolving Facility 2018-3
|
| | | | 100,000 | | | | | | 25,385 | | | | | | 4.19% | | | |
June 1, 2023
|
| |
June 1, 2023
|
|
Revolving Facility 2019-1
|
| | | | 300,000 | | | | | | 32,535 | | | | | | 3.58% | | | |
March 4, 2022
|
| |
March 4, 2022
|
|
Revolving Facility 2019-2
|
| | | | 1,030,000 | | | | | | 230,352 | | | | | | 3.08% | | | |
July 8, 2021
|
| |
July 7, 2022
|
|
Revolving Facility 2019-3
|
| | | | 475,000 | | | | | | 50,901 | | | | | | 3.60% | | | |
August 22, 2022
|
| |
August 21, 2023
|
|
Total
|
| | |
$
|
2,905,000
|
| | | |
$
|
339,173
|
| | | | | | | | | | | | | |
As of December 31, 2020
|
| |
Borrowing
Capacity |
| |
Outstanding
Amount |
| |
Interest
Rate |
| |
End of
Draw Period |
| |
Final
Maturity Date |
| |||||||||
Term Debt Facility 2016-M1
|
| | | $ | 149,000 | | | | | $ | 40,000 | | | | | | 10.00% | | | |
October 31, 2022
|
| |
April 30, 2024
|
|
Term Debt Facility 2020-M1
|
| | | | 300,000 | | | | | | 100,000 | | | | | | 10.00% | | | |
January 23, 2023
|
| |
January 23, 2026
|
|
Total | | | | $ | 449,000 | | | | | $ | 140,000 | | | | | | | | | | | | | | |
| | |
Issuance Costs
|
| | | | (4,533) | | | | | | | | | | | | | | | |||
| | |
Carrying Value
|
| | | $ | 135,467 | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net cash provided by (used in) operating activities
|
| | | $ | 681,911 | | | | | $ | (272,050) | | | | | $ | (1,179,637) | | |
Net cash used in investing activities
|
| | | $ | (21,866) | | | | | $ | (95,078) | | | | | $ | (7,432) | | |
Net cash provided by (used in) financing activities
|
| | | $ | 160,661 | | | | | $ | 646,179 | | | | | $ | 1,496,494 | | |
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
| | | $ | 820,706 | | | | | $ | 279,051 | | | | | $ | 309,425 | | |
| | |
Payment Due by Year
|
| |||||||||||||||||||||||||||
(in thousands)
|
| |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
Senior revolving credit facilities(1)
|
| | | $ | 341,221 | | | | | $ | 341,221 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Mezzanine term debt facilities(2)
|
| | | | 203,984 | | | | | | 14,000 | | | | | | 28,000 | | | | | | 61,326 | | | | | | 100,658 | | |
Mortgage financing(3)
|
| | | | 7,154 | | | | | | 7,154 | | | | | | — | | | | | | — | | | | | | — | | |
Operating leases(4)
|
| | | | 93,530 | | | | | | 25,536 | | | | | | 17,655 | | | | | | 16,475 | | | | | | 33,864 | | |
Purchase commitments(5)
|
| | | | 466,410 | | | | | | 466,410 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 1,112,299 | | | | | | 854,321 | | | | | | 45,655 | | | | | | 77,801 | | | | | | 134,522 | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Executive Officers: | | | | |||||||
Eric Wu | | | | | 38 | | | |
Chairman, Co-Founder and Chief Executive Officer
|
|
Carrie Wheeler | | | | | 49 | | | | Chief Financial Officer | |
Andrew Low Ah Kee | | | | | 40 | | | | President | |
Ian Wong | | | | | 34 | | | | Chief Technology Officer | |
Tom Willerer | | | | | 43 | | | | Chief Product Officer | |
Daniel Morillo | | | | | 47 | | | | Chief Investment Officer | |
Elizabeth Stevens | | | | | 42 | | | | Head of Legal | |
Non-Employee Directors: | | | | |||||||
Adam Bain | | | | | 47 | | | | Director | |
Cipora Herman | | | | | 47 | | | | Director | |
Jonathan Jaffe | | | | | 61 | | | | Director | |
Pueo Keffer | | | | | 39 | | | | Director | |
Jason Kilar | | | | | 49 | | | | Director | |
Glenn Solomon | | | | | 52 | | | | Director | |
|
Compensation Element
|
| |
Compensation Purpose
|
|
| Base Salary | | | Recognize performance of job responsibilities and attract and retain individuals with superior talent | |
| Long-Term Equity Compensation | | | Promote an employee ownership culture and the maximization of stockholder value by aligning the interests of employees and stockholders | |
Named Executive Officer
|
| |
2020 Annual Base Salary
Rate |
| |||
Eric Wu
|
| | | $ | 325,000(1) | | |
Carrie Wheeler
|
| | | $ | 350,000(2) | | |
Gautam Gupta
|
| | | $ | 350,000 | | |
Julie Todaro
|
| | | $ | 350,000 | | |
Tom Willerer
|
| | | $ | 350,000 | | |
Elizabeth Stevens
|
| | | $ | 300,000 | | |
Named Executive Officer
|
| |
RSUs Granted in 2020
(#)(1) |
| |||
Eric Wu
|
| | | | 17,093,009(1) | | |
Carrie Wheeler
|
| | | | 4,433,699(2) | | |
Gautam Gupta
|
| | | | — | | |
Julie Todaro
|
| | | | — | | |
Tom Willerer
|
| | | | — | | |
Elizabeth Stevens
|
| | | | — | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(2) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Eric Wu
Chief Executive Officer |
| | | | 2020 | | | | | | 189,584(3) | | | | | | — | | | | | | 370,051,408(4) | | | | | | — | | | | | | — | | | | | | 370,240,992 | | |
| | | 2019 | | | | | | 275,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 275,000 | | | ||
Carrie Wheeler
Chief Financial Officer |
| | | | 2020 | | | | | | 114,722 | | | | | | 100,000 | | | | | | 50,060,723(5) | | | | | | — | | | | | | — | | | | | | 50,275,445 | | |
Gautam Gupta
Former Chief Financial Officer |
| | | | 2020 | | | | | | 231,625 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 231,625 | | |
| | | 2019 | | | | | | 337,500 | | | | | | 275,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 612,500 | | | ||
Julie Todaro
President of Homes and Services |
| | | | 2020 | | | | | | 350,000 | | | | | | 75,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 425,000 | | |
| | | 2019 | | | | | | 87,500 | | | | | | 75,000 | | | | | | 5,980,857 | | | | | | 1,970,949 | | | | | | 234,667 | | | | | | 8,348,973 | | | ||
Tom Willerer
Chief Product Officer |
| | | | 2020 | | | | | | 350,000 | | | | | | 95,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 445,000 | | |
| | | 2019 | | | | | | 118,490 | | | | | | 95,000 | | | | | | 5,418,620 | | | | | | 1,331,280 | | | | | | — | | | | | | 6,963,390 | | | ||
Elizabeth Stevens
Head of Legal |
| | | | 2020 | | | | | | 300,000 | | | | | | 75,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 375,000 | | |
Name
|
| |
Grant Date
|
| |
Stock Awards:
Number of Shares of Stock or Units (#) |
| |
Grant Date Fair
Value Stock Awards ($)(1) |
| |||||||||
Eric Wu
|
| | | | 02/06/2020 | | | | | | 1,193,020 | | | | | | 5,811,902 | | |
| | | | | 09/03/2020 | | | | | | 1,014,215 | | | | | | 10,063,511 | | |
| | | | | 12/17/2020 | | | | | | 14,885,774 | | | | | | 354,175,995(2) | | |
Carrie Wheeler
|
| | | | 02/06/2020 | | | | | | 50,160 | | | | | | 244,359 | | |
| | | | | 09/03/2020 | | | | | | 3,493,892 | | | | | | 34,668,000 | | |
| | | | | 09/03/2020 | | | | | | 485,262 | | | | | | 3,243,247(3) | | |
| | | | | 12/17/2020 | | | | | | 404,385 | | | | | | 11,905,117 | | |
| | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market Value
of Shares or Units of Stock That Have Not Vested ($)(1) |
| |||||||||||||||||||||
Eric Wu
|
| | | | 02/06/2020(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,193,020 | | | | | | 27,117,345 | | |
| | | | | 09/03/2020(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,014,215 | | | | | | 23,053,107 | | |
| | | | | 12/17/2020(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,885,774 | | | | | | 338,353,643 | | |
Carrie Wheeler
|
| | | | 02/06/2020(4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50,160 | | | | | | 1,140,137 | | |
| | | | | 09/03/2020(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,493,892 | | | | | | 79,416,165 | | |
| | | | | 09/03/2020(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 485,262 | | | | | | 11,030,005 | | |
| | | | | 12/17/2020(7) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 404,385 | | | | | | 9,191,671 | | |
Gautam Gupta
|
| | | | 09/29/2017(8) | | | | | | 2,069,026(9) | | | | | | — | | | | | | 1.02 | | | | | | 09/28/2027 | | | | | | — | | | | | | — | | |
Julie Todaro
|
| | | | 12/18/2019(8) | | | | | | 23,307 | | | | | | 69,921 | | | | | | 4.30 | | | | | | 12/17/2029 | | | | | | — | | | | | | — | | |
| | | | | 12/18/2019(8) | | | | | | 253,559 | | | | | | 602,473 | | | | | | 4.30 | | | | | | 12/17/2029 | | | | | | — | | | | | | — | | |
| | | | | 11/03/2019(10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,847 | | | | | | 655,692 | | |
| | | | | 12/18/2019(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,365,143 | | | | | | 31,029,700 | | |
Tom Willerer
|
| | | | 11/03/2019(8) | | | | | | 23,307 | | | | | | 69,921 | | | | | | 4.30 | | | | | | 11/02/2029 | | | | | | — | | | | | | — | | |
| | | | | 11/03/2019(8) | | | | | | 192,364 | | | | | | 361,423 | | | | | | 4.30 | | | | | | 11/02/2029 | | | | | | — | | | | | | — | | |
| | | | | 11/03/2019(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,262,946 | | | | | | 28,706,763 | | |
Elizabeth Stevens
|
| | | | 06/12/2017(8) | | | | | | 85,678 | | | | | | 10,784 | | | | | | 1.02 | | | | | | 06/11/2027 | | | | | | — | | | | | | — | | |
| | | | | 09/29/2017(8) | | | | | | 1 | | | | | | — | | | | | | 1.02 | | | | | | 09/28/2027 | | | | | | — | | | | | | — | | |
| | | | | 09/29/2017(8) | | | | | | 113,226 | | | | | | — | | | | | | 1.02 | | | | | | 09/28/2027 | | | | | | — | | | | | | — | | |
| | | | | 03/13/2018(8) | | | | | | 60,657 | | | | | | 20,219 | | | | | | 1.43 | | | | | | 03/12/2028 | | | | | | — | | | | | | — | | |
| | | | | 03/21/2019(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 242,631 | | | | | | 5,515,003 | | |
| | | | | 11/03/2019(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 242,874 | | | | | | 5,520,526 | | |
Named Executive Officer
|
| |
Termination Scenario
|
| |
Severance
($) |
| |
Value of
Accelerated Options ($)(1) |
| |
Value of
Accelerated RSUs ($)(1) |
| |
Total ($)(1)
|
| ||||||||||||
Eric Wu
|
| |
Termination without Cause or
Resignation for Good Reason |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Change of Control(2) | | | | | — | | | | | | — | | | | | | 68,934,887 | | | | | | 68,934,887 | | |
| | | Termination without Cause or Resignation for Good Reason following a Change of Control(2) | | | | | — | | | | | | — | | | | | | 106,562,725 | | | | | | 106,562,725 | | |
Carrie Wheeler
|
| |
Termination without Cause or
Resignation for Good Reason |
| | | | — | | | | | | — | | | | | | 19,854,041 | | | | | | 19,854,041 | | |
| | | Change of Control(2) | | | | | — | | | | | | — | | | | | | 12,170,142 | | | | | | 12,170,142 | | |
| | | Termination without Cause or Resignation for Good Reason following a Change of Control(2) | | | | | — | | | | | | — | | | | | | 100,777,978 | | | | | | 100,777,978 | | |
Gautam Gupta(3)
|
| |
Termination without Cause or
Resignation for Good Reason |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Change of Control | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Termination without Cause or Resignation for Good Reason following a Change of Control | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Julie Todaro
|
| |
Termination without Cause or
Resignation for Good Reason |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Change of Control | | | | | — | | | | | | — | | | | | | 8,413,117 | | | | | | 8,413,117 | | |
| | | Termination without Cause or Resignation for Good Reason following a Change of Control | | | | | — | | | | | | 6,196,111 | | | | | | 15,842,696 | | | | | | 22,038,475 | | |
Tom Willerer
|
| |
Termination without Cause or
Resignation for Good Reason |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Change of Control | | | | | — | | | | | | — | | | | | | 8,970,863 | | | | | | 8,970,863 | | |
| | | Termination without Cause or Resignation for Good Reason following a Change of Control | | | | | — | | | | | | 3,974,835 | | | | | | 14,353,381 | | | | | | 18,328,216 | | |
Elizabeth Stevens
|
| |
Termination without Cause or
Resignation for Good Reason |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Change of Control | | | | | — | | | | | | — | | | | | | 5,516,729 | | | | | | 5,516,729 | | |
| | | Termination without Cause or Resignation for Good Reason following a Change of Control | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Fees Earned or Paid in
Cash ($) |
| |
Stock Awards
($)(1) |
| |
Total
($) |
| |||||||||
Adam Bain
|
| | | | — | | | | | | — | | | | | | — | | |
Jeff Crowe
|
| | | | — | | | | | | — | | | | | | — | | |
Cipora Herman
|
| | | | — | | | | | | — | | | | | | — | | |
Jeff Housenbold
|
| | | | — | | | | | | — | | | | | | — | | |
Jonathan Jaffe
|
| | | | — | | | | | | — | | | | | | — | | |
Pueo Keffer
|
| | | | — | | | | | | — | | | | | | — | | |
Jason Kilar
|
| | | | — | | | | | | 492,595 | | | | | | 492,595 | | |
Glenn Solomon
|
| | | | — | | | | | | — | | | | | | — | | |
David Weiden
|
| | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
RSUs Outstanding as of
December 31, 2020 (#) |
| |||
Adam Bain
|
| | | | — | | |
Jeff Crowe
|
| | | | — | | |
Cipora Herman
|
| | | | — | | |
Jeff Housenbold
|
| | | | — | | |
Jonathan Jaffe
|
| | | | — | | |
Pueo Keffer
|
| | | | — | | |
Jason Kilar
|
| | | | 101,114 | | |
Glenn Solomon
|
| | | | — | | |
David Weiden
|
| | | | — | | |
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares |
| |
% of
Ownership |
| ||||||
5% Holders | | | | ||||||||||
SVF Excalibur (Cayman) Limited(2)
|
| | | | 73,620,282 | | | | | | 12.8% | | |
Entities affiliated with Khosla Ventures(3)
|
| | | | 46,120,934 | | | | | | 8.0% | | |
AI LiquidRE LLC(4)
|
| | | | 34,639,442 | | | | | | 6.0% | | |
Directors and Executive Officers
|
| | | | | | | | | | | | |
Eric Wu(5)
|
| | | | 32,407,840 | | | | | | 5.6% | | |
Carrie Wheeler
|
| | | | 150,000 | | | | | | * | | |
Ian Wong(6)
|
| | | | 6,417,294 | | | | | | 1.1% | | |
Daniel Morillo
|
| | | | — | | | | | | — | | |
Tom Willerer(7)
|
| | | | 269,589 | | | | | | * | | |
Andrew Low Ah Kee
|
| | | | — | | | | | | — | | |
Elizabeth Stevens(8)
|
| | | | 307,331 | | | | | | * | | |
Adam Bain(9)
|
| | | | 250,610 | | | | | | * | | |
Cipora Herman
|
| | | | 100,000 | | | | | | * | | |
Pueo Keffer
|
| | | | — | | | | | | — | | |
Glenn Solomon(10)
|
| | | | — | | | | | | — | | |
Jason Kilar(11)
|
| | | | 24,263 | | | | | | * | | |
Jonathan Jaffe
|
| | | | — | | | | | | — | | |
All directors and executive officers as a group (13 individuals)
|
| | | | 39,926,927 | | | | | | 6.9% | | |
| | |
Before the Offering
|
| |
After the Offering
|
| ||||||||||||||||||||||||||||||||||||
Name of Selling Shareholder
|
| |
Number of
Shares of Common Stock |
| |
Number of
Warrants |
| |
Number of
Shares of Common Stock Being Offered |
| |
Number of
Warrants Being Offered |
| |
Number of
Shares of Common Stock |
| |
Percentage of
Outstanding Shares of Common Stock |
| |
Number of
Warrants |
| |||||||||||||||||||||
SVF Excalibur (Cayman) Limited(1)
|
| | | | 73,620,282 | | | | | | — | | | | | | 73,620,282 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Khosla Ventures(2)
|
| | | | 46,120,934 | | | | | | — | | | | | | 46,120,934 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
AI LiquidRE LLC(3)
|
| | | | 34,639,442 | | | | | | — | | | | | | 34,639,442 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
GGV(4) | | | | | 27,422,875 | | | | | | — | | | | | | 27,422,875 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Wu(5)
|
| | | | 49,500,849 | | | | | | — | | | | | | 49,500,849 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Carrie Wheeler(6)
|
| | | | 4,583,699 | | | | | | — | | | | | | 4,583,699 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Elizabeth Stevens(7)
|
| | | | 809,012 | | | | | | — | | | | | | 809,012 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adam Bain(8)
|
| | | | 250,610 | | | | | | — | | | | | | 250,610 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cipora Herman(9)
|
| | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David Spillane(10)
|
| | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gautam Gupta(11)
|
| | | | 3,568,486 | | | | | | — | | | | | | 3,568,486 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ian Wong(12)
|
| | | | 8,823,608 | | | | | | — | | | | | | 8,823,608 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Keith Rabois(13)
|
| | | | 125,000 | | | | | | — | | | | | | 125,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rajiv Krishnarao(14)
|
| | | | 868,306 | | | | | | — | | | | | | 868,306 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Daniel Morillo(15)
|
| | | | 2,588,067 | | | | | | — | | | | | | 2,588,067 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Tom Willerer(16)
|
| | | | 1,909,962 | | | | | | — | | | | | | 1,909,962 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jason Kilar(17)
|
| | | | 125,377 | | | | | | — | | | | | | 125,377 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Altimeter Partners Fund, LP(18)
|
| | | | 4,000,000 | | | | | | — | | | | | | 4,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alyeska Master Fund, LP(19)
|
| | | | 1,750,000 | | | | | | 231,944 | | | | | | 1,750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 231,944 | | |
Baron Funds(20)
|
| | | | 6,000,000 | | | | | | — | | | | | | 6,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BlackRock, Inc(21)
|
| | | | 5,500,000 | | | | | | — | | | | | | 5,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ChaChaCha SPAC B, LLC(22)
|
| | | | 10,000,000 | | | | | | | | | | | | 10,000,000 | | | | | | — | | | | | | | | | | | | | | | | | | | | |
DK Funds(23)
|
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Founders Fund(24)
|
| | | | 125,000 | | | | | | — | | | | | | 125,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Healthcare of Ontario Pension Plan Trust Fund(25)
|
| | | | 4,000,000 | | | | | | — | | | | | | 4,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hedosophia entities(26)
|
| | | | 5,800,000 | | | | | | — | | | | | | 5,800,000 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lennar(27) | | | | | 20,690,620 | | | | | | — | | | | | | 20,690,620 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Linden Capital LP(28)
|
| | | | 500,000 | | | | | | 793,956 | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 793,956 | | |
Magnetar Financial Limited(29)
|
| | | | 23,960,399 | | | | | | 281,516 | | | | | | 2,500,000 | | | | | | — | | | | | | 21,460,399 | | | | | | 3.72% | | | | | | 281,516 | | |
Millais Limited(30)
|
| | | | 750,000 | | | | | | — | | | | | | 750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Millennium International Management(31)
|
| | | | 2,086,292 | | | | | | 227,866 | | | | | | 1,750,000 | | | | | | — | | | | | | 336,292 | | | | | | * | | | | | | 227,866 | | |
Moore Global Investments, LLC(32)
|
| | | | 500,000 | | | | | | 300,000 | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 300,000 | | |
Park West Funds(33)
|
| | | | 1,750,000 | | | | | | — | | | | | | 1,750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SCH Sponsor II LLC(34)
|
| | | | 10,150,000 | | | | | | 6,133,333 | | | | | | 10,150,000 | | | | | | 6,133,333 | | | | | | — | | | | | | — | | | | | | — | | |
Schonfeld Strategic 460 Fund LLC(35)
|
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Senator Global Opportunity Master Fund LP(36)
|
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Suvretta Funds(37)
|
| | | | 7,565,688 | | | | | | 667,924 | | | | | | 3,500,000 | | | | | | — | | | | | | 4,065,688 | | | | | | * | | | | | | 667,924 | | |
T Rowe(38)
|
| | | | 5,000,000 | | | | | | — | | | | | | 5,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
UBS O’Connor(39)
|
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Shares of
Series E Preferred Stock |
| |
Total Purchase
Price |
| ||||||
AI LiquidRE LLC(1)
|
| | | | 8,444,053 | | | | | $ | 49,999,995 | | |
Khosla Ventures IV, LP and its affiliates(2)
|
| | | | 16,887 | | | | | $ | 99,994 | | |
GGV Capital Select L P(3)
|
| | | | 1,688,810 | | | | | $ | 9,999,997 | | |
SVF Excalibur (Cayman) Limited(4)
|
| | | | 67,552,433 | | | | | $ | 399,999,999 | | |
LV Opendoor JV, LLC(5)
|
| | | | 8,444,053 | | | | | $ | 49,999,995 | | |
Norwest Venture Partners XIV, LP(6)
|
| | | | 4,222,026 | | | | | $ | 24,999,998 | | |
Total
|
| | | | 90,368,262 | | | | | $ | 535,099,978 | | |
Name
|
| |
Shares of
Series E-2 Preferred Stock |
| |
Total Purchase
Price |
| ||||||
AI LiquidRE LLC(1)
|
| | | | 2,625,616 | | | | | $ | 21,635,481 | | |
Khosla Ventures IV, LP and its affiliates(2)
|
| | | | 60,677 | | | | | $ | 499,990 | | |
GGV Capital Select L.P.(3)
|
| | | | 121,356 | | | | | $ | 999,993 | | |
SVF Excalibur (Cayman) Limited(4)
|
| | | | 6,067,848 | | | | | $ | 49,999,994 | | |
LV Opendoor JV, LLC(5)
|
| | | | 485,427 | | | | | $ | 4,000,000 | | |
Norwest Venture Partners XIV, LP(6)
|
| | | | 242,713 | | | | | $ | 2,000,000 | | |
Total
|
| | | | 9,603,637 | | | | | $ | 79,135,458 | | |
Redemption Date
|
| |
Fair Market Value of Shares of Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
(period to expiration of warrants)
|
| |
≤10.00
|
| |
11.00
|
| |
12.00
|
| |
13.00
|
| |
14.00
|
| |
15.00
|
| |
16.00
|
| |
17.00
|
| |
≥18.00
|
| |||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | |
Page
|
| |||
Unaudited Condensed Financial Statements as of September 30, 2020 and December 31, 2019, and for
the Nine Months Ended September 30, 2020 |
| | |||||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
Financial Statements (Audited) as of December 31, 2019 and for the period from October 18, 2019 (inception) to December 31, 2019
|
| | |||||
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 250,461 | | | | | $ | — | | |
Prepaid expenses
|
| | | | 383,761 | | | | | | — | | |
Total Current Assets
|
| | | | 634,222 | | | | | | — | | |
Deferred offering costs
|
| | | | — | | | | | | 52,673 | | |
Cash and Marketable securities held in Trust Account
|
| | | | 414,042,207 | | | | | | — | | |
TOTAL ASSETS
|
| | | $ | 414,676,429 | | | | | $ | 52,673 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accrued expenses
|
| | | $ | 4,362,316 | | | | | $ | — | | |
Accrued offering costs
|
| | | | — | | | | | | 52,673 | | |
Advance from related party
|
| | | | — | | | | | | 21,631 | | |
Promissory note – related party
|
| | | | 1,138,497 | | | | | | — | | |
Total Current Liabilities
|
| | | | 5,500,813 | | | | | | 74,304 | | |
Deferred underwriting fee payable
|
| | | | 14,490,000 | | | | | | — | | |
TOTAL LIABILITIES
|
| | | | 19,990,813 | | | | | | 74,304 | | |
Commitments | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at September 30, 2020 and December 31, 2019, respectively
|
| | | | 389,685,614 | | | | | | — | | |
Shareholders’ Equity (Deficit) | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,435,411 and none issued and outstanding (excluding 38,964,589 and no shares subject to possible redemption) at September 30, 2020 and December 31, 2019, respectively
|
| | | | 244 | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized;
10,350,000 and one shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively |
| | | | 1,035 | | | | | | — | | |
Additional paid-in capital
|
| | | | 11,341,549 | | | | | | — | | |
Accumulated deficit
|
| | | | (6,342,826) | | | | | | (21,631) | | |
Total Shareholders’ Equity (Deficit)
|
| | | | 5,000,002 | | | | | | (21,631) | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
|
| | | $ | 414,676,429 | | | | | $ | 52,673 | | |
| | |
Three Months
Ended September 30, 2020 |
| |
Nine Months
Ended September 30, 2020 |
| ||||||
Formation and operating costs
|
| | | $ | 6,059,583 | | | | | $ | 6,363,402 | | |
Loss from operations
|
| | | | (6,059,583) | | | | | | (6,363,402) | | |
Other income: | | | | | | | | | | | | | |
Interest income
|
| | | | 16,290 | | | | | | 42,207 | | |
Net Loss
|
| | | $ | (6,043,293) | | | | | $ | (6,321,195) | | |
Weighted average shares outstanding, basic and diluted(1)
|
| | | | 12,179,587 | | | | | | 10,111,790 | | |
Basic and diluted net loss per ordinary share(2)
|
| | | $ | (0.50) | | | | | $ | (0.63) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ (Deficit) Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1,
2020 |
| | | | — | | | | | $ | — | | | | | | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | (21,631) | | | | | $ | (21,631) | | |
Cancellation of Class B ordinary share
|
| | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Class B ordinary shares to Sponsor (1)
|
| | | | — | | | | | | — | | | | | | 10,350,000 | | | | | | 1,035 | | | | | | 23,965 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance – March 31,
2020 |
| | | | — | | | | | | — | | | | | | 10,350,000 | | | | | | 1,035 | | | | | | 23,965 | | | | | | (21,631) | | | | | | 3,369 | | |
Sale of 41,400,000 Units, net of underwriting discount and offering expenses
|
| | | | 41,400,000 | | | | | | 4,140 | | | | | | — | | | | | | — | | | | | | 391,799,302 | | | | | | — | | | | | | 391,803,442 | | |
Sale of 6,133,333 Private Placement Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,200,000 | | | | | | — | | | | | | 9,200,000 | | |
Ordinary shares subject to
redemption |
| | | | (39,570,413) | | | | | | (3,957) | | | | | | — | | | | | | — | | | | | | (395,724,945) | | | | | | — | | | | | | (395,728,902) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (277,902) | | | | | | (277,902) | | |
Balance – June 30, 2020
|
| | | | 1,829,587 | | | | | | 183 | | | | | | 10,350,000 | | | | | | 1,035 | | | | | | 5,298,322 | | | | | | (299,533) | | | | | | 5,000,007 | | |
Change in value of
ordinary shares subject to redemption |
| | | | 605,824 | | | | | | 61 | | | | | | — | | | | | | — | | | | | | 6,043,227 | | | | | | — | | | | | | 6,043,288 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,043,293) | | | | | | (6,043,293) | | |
Balance – September 30, 2020
|
| | | | 2,435,411 | | | | | $ | 244 | | | | | | 10,350,000 | | | | | $ | 1,035 | | | | | $ | 11,341,549 | | | | | $ | (6,342,826) | | | | | $ | 5,000,002 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (6,321,195) | | |
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |
|
Interest earned on cash and marketable securities held in Trust Account
|
| | | | (42,207) | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expenses
|
| | | | (383,761) | | |
|
Accrued expenses
|
| | | | 4,362,316 | | |
|
Net cash used in operating activities
|
| | | | (2,384,847) | | |
| Cash Flows from Investing Activities: | | | | | | | |
|
Investment of cash in Trust Account
|
| | | | (414,000,000) | | |
|
Net cash used in investing activities
|
| | | | (414,000,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class B ordinary shares to Sponsor
|
| | | | 25,000 | | |
|
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 406,800,000 | | |
|
Proceeds from sale of Private Placement Warrants
|
| | | | 9,200,000 | | |
|
Repayment of advances from related parties
|
| | | | (21,631) | | |
|
Proceeds from promissory note – related party
|
| | | | 1,438,497 | | |
|
Repayment of promissory note – related party
|
| | | | (300,000) | | |
|
Payment of offering costs
|
| | | | (506,558) | | |
|
Net cash provided by financing activities
|
| | | | 416,635,308 | | |
|
Net Change in Cash
|
| | | | 250,461 | | |
|
Cash – Beginning
|
| | | | — | | |
| Cash – Ending | | | | $ | 250,461 | | |
| Non-cash investing and financing activities: | | | | | | | |
|
Initial classification of ordinary shares subject to possible redemption
|
| | | $ | 396,006,810 | | |
|
Change in value of ordinary shares subject to possible redemption
|
| | | $ | (6,321,196) | | |
|
Deferred underwriting fee
|
| | | $ | 14,490,000 | | |
|
Offering costs included in accrued offering costs
|
| | | $ | 264,285 | | |
| | |
Three Months
Ended September 30, 2020 |
| |
Nine Months
Ended September 30, 2020 |
| ||||||
Net loss
|
| | | $ | (6,043,293) | | | | | $ | (6,321,195) | | |
Less: Income attributable to ordinary shares subject to possible redemption
|
| | | | (15,332) | | | | | | (39,725) | | |
Adjusted net loss
|
| | | $ | (6,058,625) | | | | | $ | (6,360,920) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 12,179,587 | | | | | | 10,111,790 | | |
Basic and diluted net loss per ordinary share
|
| | | $ | (0.50) | | | | | $ | (0.63) | | |
Description
|
| |
Level
|
| |
September 30, 2020
|
| ||||||
Assets: | | | | | | | | | | | | | |
Cash and Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 414,042,207 | | |
| ASSETS | | | | | | | |
|
Current asset – cash
|
| | | $ | — | | |
|
Deferred offering costs
|
| | | | 52,673 | | |
|
Total Assets
|
| | | $ | 52,673 | | |
| LIABILITIES AND SHAREHOLDER’S DEFICIT | | | | | | | |
| Current Liabilities | | | | | | | |
|
Accrued offering costs
|
| | | $ | 52,673 | | |
|
Advance from related party
|
| | | | 21,631 | | |
|
Promissory note – related party
|
| | | | — | | |
|
Total Current Liabilities
|
| | | | 74,304 | | |
| Commitments | | | | | | | |
| Shareholder’s Deficit | | | | | | | |
|
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none outstanding as of December 31, 2019
|
| | | | — | | |
|
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none outstanding as of December 31, 2019
|
| | | | — | | |
|
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 1 share issued and outstanding as of December 31, 2019
|
| | | | — | | |
|
Additional paid in capital
|
| | | | — | | |
|
Accumulated deficit
|
| | | | (21,631) | | |
|
Total Shareholder’s Deficit
|
| | | | (21,631) | | |
|
TOTAL LIABILITIES AND SHAREHOLDER’S DEFICIT
|
| | | $ | 52,673 | | |
|
Formation costs
|
| | | $ | 21,631 | | |
|
Net Loss
|
| | | $ | (21,631) | | |
|
Weighted average shares outstanding, basic and diluted
|
| | | | 1 | | |
|
Basic and diluted net loss per ordinary share
|
| | | $ | (21,631) | | |
| | |
Class B Ordinary Shares
|
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholder’s Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance – October 18, 2019 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary share
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (21,631) | | | | | | (21,631) | | |
Balance – December 31, 2019
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | (21,631) | | | | | | (21,631) | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (21,631) | | |
|
Net cash used in operating activities
|
| | | | (21,631) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from sale of Class B ordinary shares to Sponsor
|
| | | | — | | |
|
Advances from related party
|
| | | | 21,631 | | |
|
Proceeds from promissory note
|
| | | | — | | |
|
Net cash provided by financing activities
|
| | | | 21,631 | | |
|
Net Change in Cash
|
| | | | — | | |
|
Cash – Beginning of period
|
| | | | — | | |
|
Cash – End of period
|
| | | $ | — | | |
| Non-cash investing and financing activities: | | | | | | | |
|
Deferred offering costs included in accrued offering costs
|
| | | $ | 52,673 | | |
| | |
Page
|
| |||
| | | | F-35 | | | |
| | | | F-38 | | | |
| | | | F-40 | | | |
| | | | F-41 | | | |
| | | | F-42 | | | |
| | | | F-45 | | | |
| | | | F-47 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,412,665 | | | | | $ | 405,080 | | |
Restricted cash
|
| | | | 92,863 | | | | | | 279,742 | | |
Marketable securities
|
| | | | 47,637 | | | | | | 43,576 | | |
Mortgage loans held for sale pledged under agreements to repurchase
|
| | | | 7,529 | | | | | | 2,116 | | |
Escrow receivable
|
| | | | 1,494 | | | | | | 13,882 | | |
Real estate inventory, net
|
| | | | 465,936 | | | | | | 1,312,369 | | |
Other current assets ($373 and $100 carried at fair value)
|
| | | | 24,987 | | | | | | 30,879 | | |
Total current assets
|
| | | | 2,053,111 | | | | | | 2,087,644 | | |
PROPERTY AND EQUIPMENT – Net
|
| | | | 29,228 | | | | | | 34,606 | | |
RIGHT OF USE ASSETS
|
| | | | 49,517 | | | | | | 60,681 | | |
GOODWILL
|
| | | | 30,945 | | | | | | 30,945 | | |
INTANGIBLES – Net
|
| | | | 8,684 | | | | | | 12,414 | | |
OTHER ASSETS
|
| | | | 4,097 | | | | | | 5,394 | | |
TOTAL ASSETS(1)
|
| | | $ | 2,175,582 | | | | | $ | 2,231,684 | | |
LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | |
Accounts payable and other accrued liabilities
|
| | | $ | 25,270 | | | | | $ | 32,977 | | |
Current portion of credit facilities and other secured borrowings
|
| | | | 346,322 | | | | | | 1,074,125 | | |
Interest payable
|
| | | | 1,081 | | | | | | 5,808 | | |
Lease liabilities, current portion
|
| | | | 20,716 | | | | | | 13,472 | | |
Total current liabilities
|
| | | | 393,389 | | | | | | 1,126,382 | | |
CREDIT FACILITIES – Net of current portion
|
| | | | 135,467 | | | | | | 221,929 | | |
CONVERTIBLE NOTES
|
| | | | — | | | | | | 140,096 | | |
DERIVATIVE AND WARRANT LIABILITIES
|
| | | | — | | | | | | 46,235 | | |
LEASE LIABILITIES – Net of current portion
|
| | | | 46,625 | | | | | | 48,435 | | |
OTHER LIABILITIES
|
| | | | 94 | | | | | | 208 | | |
Total liabilities(2)
|
| | | | 575,575 | | | | | | 1,583,285 | | |
COMMITMENTS AND CONTINGENCIES (See Note 19) | | | | | | | | | | | | | |
TEMPORARY EQUITY: | | | | | | | | | | | | | |
Series A convertible preferred stock, zero and 40,089,513 shares authorized,
respectively; zero and 40,089,513 shares issued and outstanding, respectively; liquidation preference of $0 and $9,807, respectively |
| | | | — | | | | | | 9,763 | | |
Series B convertible preferred stock, zero and 23,840,816 shares authorized,
respectively; zero and 23,840,816 shares issued and outstanding, respectively; liquidation preference of $0 and $20,182, respectively |
| | | | — | | | | | | 20,049 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Series C convertible preferred stock, zero and 29,070,700 shares authorized,
respectively; zero and 29,070,700 shares issued and outstanding, respectively; liquidation preference of $0 and $77,160, respectively |
| | | | — | | | | | | 80,519 | | |
Series D convertible preferred stock, zero and 63,956,147 shares authorized,
respectively; zero and 63,470,884 shares issued and outstanding, respectively; liquidation preference of $0 and $248,333, respectively |
| | | | — | | | | | | 257,951 | | |
Series E convertible preferred stock, zero and 165,941,619 shares authorized, respectively; zero and 157,952,523 shares issued and outstanding, respectively; liquidation preference of $0 and $1,011,319, respectively
|
| | | | — | | | | | | 1,013,220 | | |
Total temporary equity
|
| | | | — | | | | | | 1,381,502 | | |
SHAREHOLDERS’ EQUITY (DEFICIT): | | | | | | | | | | | | | |
Common stock, $0.0001 and $0.00001 par value, respectively; 3,000,000,000
and 485,262,910 shares authorized, respectively; 540,714,692 and 83,748,443 shares issued and outstanding, respectively |
| | | | 54 | | | | | | — | | |
Additional paid-in capital
|
| | | | 2,677,155 | | | | | | 57,362 | | |
Accumulated deficit
|
| | | | (1,077,243) | | | | | | (790,483) | | |
Accumulated other comprehensive income
|
| | | | 41 | | | | | | 18 | | |
Total shareholders’ equity (deficit)
|
| | | | 1,600,007 | | | | | | (733,103) | | |
TOTAL LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS’ EQUITY (DEFICIT)
|
| | | $ | 2,175,582 | | | | | $ | 2,231,684 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
REVENUE
|
| | | $ | 2,583,121 | | | | | $ | 4,740,583 | | | | | $ | 1,838,066 | | |
COST OF REVENUE
|
| | | | 2,363,324 | | | | | | 4,439,333 | | | | | | 1,704,638 | | |
GROSS PROFIT
|
| | | | 219,797 | | | | | | 301,250 | | | | | | 133,428 | | |
OPERATING EXPENSES: | | | | | | | | | | | | | | | | | | | |
Sales, marketing and operations
|
| | | | 194,721 | | | | | | 384,416 | | | | | | 196,292 | | |
General and administrative
|
| | | | 152,769 | | | | | | 113,446 | | | | | | 72,350 | | |
Technology and development
|
| | | | 58,172 | | | | | | 51,222 | | | | | | 28,458 | | |
Total operating expenses
|
| | | | 405,662 | | | | | | 549,084 | | | | | | 297,100 | | |
LOSS FROM OPERATIONS
|
| | | | (185,865) | | | | | | (247,834) | | | | | | (163,672) | | |
DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT
|
| | | | (25,941) | | | | | | 6,243 | | | | | | (18,022) | | |
LOSS ON EXTINGUISHMENT OF DEBT
|
| | | | (11,356) | | | | | | — | | | | | | — | | |
INTEREST EXPENSE
|
| | | | (67,806) | | | | | | (109,728) | | | | | | (60,456) | | |
OTHER INCOME – Net
|
| | | | 4,271 | | | | | | 12,401 | | | | | | 2,598 | | |
LOSS BEFORE INCOME TAXES
|
| | | | (286,697) | | | | | | (338,918) | | | | | | (239,552) | | |
INCOME TAX EXPENSE
|
| | | | (63) | | | | | | (252) | | | | | | (377) | | |
NET LOSS
|
| | | | (286,760) | | | | | | (339,170) | | | | | | (239,929) | | |
LESS NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS |
| | | | — | | | | | | 1,847 | | | | | | 1,362 | | |
NET LOSS ATTRIBUTABLE TO OPENDOOR TECHNOLOGIES INC.
|
| | | $ | (286,760) | | | | | $ | (341,017) | | | | | $ | (241,291) | | |
Net loss per share attributable to common shareholders: | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (2.62) | | | | | $ | (4.26) | | | | | $ | (3.16) | | |
Diluted
|
| | | $ | (2.62) | | | | | $ | (4.37) | | | | | $ | (3.16) | | |
Weighted-average shares outstanding: | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 109,301 | | | | | | 79,977 | | | | | | 78,564 | | |
Diluted
|
| | | | 109,301 | | | | | | 79,977 | | | | | | 78,564 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
NET LOSS
|
| | | $ | (286,760) | | | | | $ | (339,170) | | | | | $ | (239,929) | | |
OTHER COMPREHENSIVE INCOME: | | | | | | | | | | | | | | | | | | | |
Unrealized gains on marketable securities
|
| | | | 23 | | | | | | 20 | | | | | | 25 | | |
COMPREHENSIVE LOSS
|
| | | | (286,737) | | | | | | (339,150) | | | | | | (239,904) | | |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
| | | | — | | | | | | 1,847 | | | | | | 1,362 | | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO | | | | | | | | | | | | | | | | | | | |
OPENDOOR TECHNOLOGIES INC.
|
| | | $ | (286,737) | | | | | $ | (340,997) | | | | | $ | (241,266) | | |
| | |
Temporary Equity
|
| | |
Shareholders’ Deficit
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred Stock |
| |
Series D
Convertible Preferred Stock |
| |
Series E
Convertible Preferred Stock |
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Non-
controlling Interests |
| |
Total
Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE – December 31,
2017 |
| | | | 25,477,056 | | | | | $ | 10,037 | | | | | | 15,029,846 | | | | | $ | 20,448 | | | | | | 17,972,134 | | | | | $ | 80,519 | | | | | | 33,937,556 | | | | | $ | 223,072 | | | | | | — | | | | | $ | — | | | | | | | 44,694,066 | | | | | $ | — | | | | | $ | 10,702 | | | | | $ | (161,434) | | | | | | (27) | | | | | | 129 | | | | | $ | (150,630) | | |
Retroactive Conversion
of shares due to Business Combination |
| | | | 15,733,178 | | | | | | — | | | | | | 9,281,576 | | | | | | — | | | | | | 11,098,566 | | | | | | — | | | | | | 20,957,901 | | | | | | — | | | | | | — | | | | | | — | | | | | | | 27,600,509 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BALANCE – December 31,
2017, as converted |
| | | | 41,210,234 | | | | | | 10,037 | | | | | | 24,311,422 | | | | | | 20,448 | | | | | | 29,070,700 | | | | | | 80,519 | | | | | | 54,895,457 | | | | | | 223,072 | | | | | | — | | | | | | — | | | | | | | 72,294,575 | | | | | | — | | | | | | 10,702 | | | | | | (161,434) | | | | | | (27) | | | | | | 129 | | | | | | (150,630) | | |
Issuance of Series E preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 119,601,567 | | | | | | 706,766 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series E-1 preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,022,117 | | | | | | 23,816 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock in connection with acquisition
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 2,666,809 | | | | | | — | | | | | | 7,922 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,922 | | |
Vesting of restricted stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 4,133,158 | | | | | | — | | | | | | 2,388 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,388 | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 8,366,487 | | | | | | — | | | | | | 5,201 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,201 | | |
Repurchase of common
stock |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (9,597,173) | | | | | | — | | | | | | (9,986) | | | | | | (36,106) | | | | | | — | | | | | | — | | | | | | (46,092) | | |
Repurchase of Series A preferred stock
|
| | | | (1,120,721) | | | | | | (274) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,269) | | | | | | — | | | | | | — | | | | | | (5,269) | | |
Repurchase of Series B preferred stock
|
| | | | — | | | | | | — | | | | | | (470,606) | | | | | | (399) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,930) | | | | | | — | | | | | | — | | | | | | (1,930) | | |
Repurchase of Series D preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,963) | | | | | | (121) | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (26) | | | | | | — | | | | | | — | | | | | | (26) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 14,974 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,974 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25 | | | | | | — | | | | | | 25 | | |
Net income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (241,291) | | | | | | — | | | | | | 1,362 | | | | | | (239,929) | | |
BALANCE – December 31,
2018 |
| | | | 40,089,513 | | | | | $ | 9,763 | | | | | | 23,840,816 | | | | | $ | 20,049 | | | | | | 29,070,700 | | | | | $ | 80,519 | | | | | | 54,865,494 | | | | | $ | 222,951 | | | | | | 123,623,684 | | | | | | 730,582 | | | | | | | 77,863,856 | | | | | $ | — | | | | | $ | 31,201 | | | | | $ | (446,056) | | | | | $ | (2) | | | | | $ | 1,491 | | | | | $ | (413,366) | | |
Issuance of Series E-2 preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34,328,839 | | | | | | 282,638 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Temporary Equity
|
| | |
Shareholders’ Deficit
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred Stock |
| |
Series D
Convertible Preferred Stock |
| |
Series E
Convertible Preferred Stock |
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Non-
controlling Interests |
| |
Total
Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,605,390 | | | | | | 35,000 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 7,241 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,241 | | |
Issuance of common stock in stock in connection with acquisition
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 1,550,059 | | | | | | — | | | | | | 6,650 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,650 | | |
Vesting of restricted stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 2,106,144 | | | | | | — | | | | | | 1,061 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,061 | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 3,037,155 | | | | | | — | | | | | | 3,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,450 | | |
Repurchase of common
Stock |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (808,771) | | | | | | — | | | | | | (590) | | | | | | (3,410) | | | | | | — | | | | | | — | | | | | | (4,000) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 13,196 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,196 | | |
Purchase of non- controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (4,847) | | | | | | — | | | | | | — | | | | | | (62) | | | | | | (4,909) | | |
Capital distribution of non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,276) | | | | | | (3,276) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20 | | | | | | — | | | | | | 20 | | |
Net income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (341,017) | | | | | | — | | | | | | 1,847 | | | | | | (339,170) | | |
BALANCE – December 31,
2019 |
| | | | 40,089,513 | | | | | $ | 9,763 | | | | | | 23,840,816 | | | | | $ | 20,049 | | | | | | 29,070,700 | | | | | $ | 80,519 | | | | | | 63,470,884 | | | | | $ | 257,951 | | | | | | 157,952,523 | | | | | $ | 1,013,220 | | | | | | | 83,748,443 | | | | | | — | | | | | $ | 57,362 | | | | | $ | (790,483) | | | | | $ | 18 | | | | | $ | — | | | | | $ | (733,103) | | |
Issuance of Series D preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 485,262 | | | | | | 1,974 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,841 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,841 | | |
Issuance of Series E preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 364,070 | | | | | | 2,156 | | | | | | | — | | | | | | — | | | | | | 1,460 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,460 | | |
Issuance of issuer stock
rights in extinguishment of convertible notes |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 212,940 | | | | | | — | | | | | | — | | | | | | — | | | | | | 212,940 | | |
Issuance of common stock in exchange for issuer stock rights
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 21,460,401 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Temporary Equity
|
| | |
Shareholders’ Deficit
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred Stock |
| |
Series D
Convertible Preferred Stock |
| |
Series E
Convertible Preferred Stock |
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Non-
controlling Interests |
| |
Total
Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 1,389,585 | | | | | | — | | | | | | 889 | | | | | | — | | | | | | — | | | | | | — | | | | | | 889 | | |
Vesting of restricted stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 1,461,844 | | | | | | — | | | | | | 133 | | | | | | — | | | | | | — | | | | | | — | | | | | | 133 | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 5,638,019 | | | | | | — | | | | | | 7,652 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,652 | | |
Conversion of preferred
stock to common stock |
| | | | (40,089,513) | | | | | | (9,763) | | | | | | (23,840,816) | | | | | | (20,049) | | | | | | (29,070,700) | | | | | | (80,519) | | | | | | (63,956,146) | | | | | | (259,925) | | | | | | (158,316,593) | | | | | | (1,015,376) | | | | | | | 315,273,768 | | | | | | 2 | | | | | | 1,385,630 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,385,632 | | |
Issuance of common stock in connection with Business Combination and PIPE offering
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 111,742,632 | | | | | | 52 | | | | | | 970,243 | | | | | | — | | | | | | — | | | | | | — | | | | | | 970,295 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 38,005 | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,005 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | | | | | — | | | | | | 23 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (286,760) | | | | | | — | | | | | | — | | | | | | (286,760) | | |
BALANCE – December 31,
2020 |
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | | 540,714,692 | | | | | $ | 54 | | | | | $ | 2,677,155 | | | | | $ | (1,077,243) | | | | | $ | 41 | | | | | $ | — | | | | | $ | 1,600,007 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (286,760) | | | | | $ | (339,170) | | | | | $ | (239,929) | | |
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization – net of accretion
|
| | | | 38,604 | | | | | | 27,372 | | | | | | 12,781 | | |
Amortization of right of use asset
|
| | | | 23,744 | | | | | | 11,940 | | | | | | — | | |
Stock-based compensation
|
| | | | 38,005 | | | | | | 12,606 | | | | | | 8,422 | | |
Warrant fair value adjustment
|
| | | | 2,622 | | | | | | (6,243) | | | | | | 18,022 | | |
Inventory valuation adjustment
|
| | | | 7,596 | | | | | | 31,885 | | | | | | 20,523 | | |
Changes in fair value of derivative instruments
|
| | | | 23,043 | | | | | | 1,102 | | | | | | 2,996 | | |
Payment-in-kind interest
|
| | | | 3,910 | | | | | | 2,052 | | | | | | — | | |
Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale
|
| | | | (3,390) | | | | | | (447) | | | | | | — | | |
Origination of mortgage loans held for sale
|
| | | | (127,658) | | | | | | (23,194) | | | | | | — | | |
Proceeds from sale and principal collections of mortgage loans held for sale
|
| | | | 125,635 | | | | | | 21,525 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Escrow receivable
|
| | | | 12,388 | | | | | | (3,110) | | | | | | 4,474 | | |
Real estate inventories
|
| | | | 834,143 | | | | | | 16,951 | | | | | | (1,015,207) | | |
Other assets
|
| | | | 4,315 | | | | | | (7,518) | | | | | | (11,723) | | |
Accounts payable and other accrued liabilities
|
| | | | (3,995) | | | | | | (4,331) | | | | | | 16,375 | | |
Interest payable
|
| | | | (3,145) | | | | | | 475 | | | | | | 3,629 | | |
Lease liabilities
|
| | | | (7,146) | | | | | | (13,945) | | | | | | — | | |
Net cash provided by (used in) operating activities
|
| | | | 681,911 | | | | | | (272,050) | | | | | | (1,179,637) | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (17,341) | | | | | | (27,972) | | | | | | (20,022) | | |
Purchase of marketable securities
|
| | | | (174,530) | | | | | | (79,319) | | | | | | (22,926) | | |
Proceeds from sales, maturities, redemptions and paydowns of marketable securities
|
| | | | 170,005 | | | | | | 45,025 | | | | | | 40,373 | | |
Acquisitions, net of cash acquired
|
| | | | — | | | | | | (32,812) | | | | | | (4,857) | | |
Net cash used in investing activities
|
| | | | (21,866) | | | | | | (95,078) | | | | | | (7,432) | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | |||||
Proceeds from issuance of Series D preferred stock
|
| | | | 3 | | | | | | 35,000 | | | | | | — | | |
Proceeds from issuance of Series E preferred stock
|
| | | | 2,156 | | | | | | — | | | | | | 708,200 | | |
Issuance cost of Series E preferred stock
|
| | | | — | | | | | | — | | | | | | (1,434) | | |
Proceeds from issuance of Series E-2 preferred stock
|
| | | | — | | | | | | 282,875 | | | | | | — | | |
Issuance cost of Series E-2 preferred stock
|
| | | | — | | | | | | (237) | | | | | | — | | |
Proceeds from issuance of common stock
|
| | | | 82 | | | | | | — | | | | | | — | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Proceeds from issuance of convertible notes
|
| | | | — | | | | | | 178,200 | | | | | | 20,000 | | |
Proceeds from exercise of stock options
|
| | | | 7,557 | | | | | | 3,358 | | | | | | 6,888 | | |
Proceeds from Business Combination and PIPE offering
|
| | | | 1,013,926 | | | | | | — | | | | | | — | | |
Issuance cost of common stock
|
| | | | (43,449) | | | | | | — | | | | | | — | | |
Capital distributions of non-controlling interest
|
| | | | — | | | | | | (3,276) | | | | | | — | | |
Proceeds from credit facilities and other secured borrowings
|
| | | | 1,433,798 | | | | | | 3,664,217 | | | | | | 1,994,088 | | |
Principal payments on credit facilities and other secured borrowings
|
| | | | (2,250,192) | | | | | | (3,495,411) | | | | | | (1,176,541) | | |
Payment of loan origination fees and debt issuance costs
|
| | | | (3,220) | | | | | | (15,137) | | | | | | (8,911) | | |
Repurchase of common stock at fair value
|
| | | | — | | | | | | (3,410) | | | | | | (37,777) | | |
Repurchase of Series A preferred stock
|
| | | | — | | | | | | — | | | | | | (5,543) | | |
Repurchase of Series B preferred stock
|
| | | | — | | | | | | — | | | | | | (2,329) | | |
Repurchase of Series D preferred stock
|
| | | | — | | | | | | — | | | | | | (147) | | |
Net cash provided by financing activities
|
| | | | 160,661 | | | | | | 646,179 | | | | | | 1,496,494 | | |
NET INCREASE IN CASH, CASH EQUIVALENTS, AND
RESTRICTED CASH |
| | | | 820,706 | | | | | | 279,051 | | | | | | 309,425 | | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of year
|
| | | | 684,822 | | | | | | 405,771 | | | | | | 96,346 | | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of year
|
| | | $ | 1,505,528 | | | | | $ | 684,822 | | | | | $ | 405,771 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION – Cash paid during the period for interest |
| | | $ | 56,937 | | | | | $ | 85,910 | | | | | $ | 44,574 | | |
DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
|
| | | | | | | | | | | | | | | | | | |
Conversion of preferred stock to common stock
|
| | | $ | 1,385,632 | | | | | $ | — | | | | | $ | — | | |
Issuance of issuer stock rights in extinguishment convertible notes
|
| | | | 212,940 | | | | | | — | | | | | | — | | |
Vesting of early exercised stock options
|
| | | | 124 | | | | | $ | 1,060 | | | | | $ | 2,388 | | |
Conversion of convertible notes to Series E-1 preferred stock
|
| | | | — | | | | | | — | | | | | | 23,816 | | |
Noncash financing, issuance of common stock for
acquisition |
| | | | — | | | | | | 6,650 | | | | | | (6,152) | | |
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:
|
| | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,412,665 | | | | | $ | 405,080 | | | | | $ | 262,368 | | |
Restricted cash
|
| | | | 92,863 | | | | | | 279,742 | | | | | | 143,403 | | |
Cash, cash equivalents, and restricted cash
|
| | | $ | 1,505,528 | | | | | $ | 684,822 | | | | | $ | 405,771 | | |
|
|
Internally developed software
|
| | 2 years | |
|
Software implementation costs
|
| |
Lesser of 3 years or contract term
|
|
|
Computers
|
| | 2 years | |
|
Security systems
|
| | 1 year | |
|
Furniture and fixtures
|
| | 5 years | |
|
Leasehold improvements
|
| |
Lesser of useful life or lease term
|
|
|
Office equipment
|
| | 3 years | |
|
Cash consideration
|
| | | $ | 34,300 | | |
|
Equity consideration – common stock
|
| | | | 6,700 | | |
|
Total consideration transferred
|
| | | $ | 41,000 | | |
|
Cash consideration
|
| | | $ | 9,370 | | |
|
Equity consideration
|
| | | | 6,150 | | |
|
Total consideration transferred
|
| | | $ | 15,520 | | |
| | |
Year Ended December 31,
|
| |||||||||
(unaudited)
|
| |
2019
|
| |
2018
|
| ||||||
Revenue
|
| | | $ | 4,763,716 | | | | | $ | 1,883,129 | | |
Net loss
|
| | | | (340,667) | | | | | | (231,865) | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Work-in-process
|
| | | $ | 183,004 | | | | | $ | 179,419 | | |
Finished goods
|
| | | | 282,932 | | | | | | 1,132,950 | | |
Total real estate inventory
|
| | | $ | 465,936 | | | | | $ | 1,312,369 | | |
| | |
December 31, 2020
|
| | |||||||||||||||||||||||||||||||||||
| | |
Cost
Basis |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Cash and Cash
Equivalents |
| |
Marketable
Securities |
| | ||||||||||||||||||||
Cash
|
| | | $ | 709,924 | | | | | $ | — | | | | | $ | — | | | | | $ | 709,924 | | | | | $ | 709,924 | | | | | $ | — | | | | ||
Money market funds
|
| | | | 618,197 | | | | | | — | | | | | | — | | | | | | 618,197 | | | | | | 618,197 | | | | | | — | | | | ||
Commercial paper
|
| | | | 81,037 | | | | | | 1 | | | | | | — | | | | | | 81,038 | | | | | | 81,038 | | | | | | — | | | | ||
Corporate debt securities
|
| | | | 29,891 | | | | | | 26 | | | | | | (2) | | | | | | 29,915 | | | | | | 3,506 | | | | | | 26,409 | | | | | |
Asset-backed securities
|
| | | | 12,518 | | | | | | 19 | | | | | | (4) | | | | | | 12,533 | | | | | | — | | | | | | 12,533 | | | | | |
U.S. agency securities
|
| | | | 6,993 | | | | | | 2 | | | | | | — | | | | | | 6,995 | | | | | | — | | | | | | 6,995 | | | | ||
U.S. Treasury securities
|
| | | | 1,700 | | | | | | — | | | | | | — | | | | | | 1,700 | | | | | | — | | | | | | 1,700 | | | | ||
Total
|
| | | $ | 1,460,260 | | | | | $ | 48 | | | | | $ | (6) | | | | | $ | 1,460,302 | | | | | $ | 1,412,665 | | | | | $ | 47,637 | | | |
| | |
December 31, 2019
|
| | |||||||||||||||||||||||||||||||||||
| | |
Cost
Basis |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Cash and Cash
Equivalents |
| |
Marketable
Securities |
| | ||||||||||||||||||||
Cash
|
| | | $ | 366,358 | | | | | $ | — | | | | | $ | — | | | | | $ | 366,358 | | | | | $ | 366,358 | | | | | $ | — | | | | ||
Money market funds
|
| | | | 30,935 | | | | | | — | | | | | | — | | | | | | 30,935 | | | | | | 30,935 | | | | | | — | | | | ||
Commercial paper
|
| | | | 19,997 | | | | | | 1 | | | | | | (4) | | | | | | 19,994 | | | | | | 7,038 | | | | | | 12,956 | | | | | |
Corporate debt securities
|
| | | | 16,417 | | | | | | 12 | | | | | | (1) | | | | | | 16,428 | | | | | | — | | | | | | 16,428 | | | | | |
Asset-backed securities
|
| | | | 12,482 | | | | | | 12 | | | | | | (2) | | | | | | 12,492 | | | | | | — | | | | | | 12,492 | | | | | |
U.S. agency securities
|
| | | | 749 | | | | | | — | | | | | | — | | | | | | 749 | | | | | | 749 | | | | | | — | | | | ||
U.S. Treasury securities
|
| | | | 1,000 | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | 1,000 | | | | ||
Non-U.S. securities
|
| | | | 700 | | | | | | — | | | | | | — | | | | | | 700 | | | | | | — | | | | | | 700 | | | | ||
Total
|
| | | $ | 448,638 | | | | | $ | 25 | | | | | $ | (7) | | | | | $ | 448,656 | | | | | $ | 405,080 | | | | | $ | 43,576 | | | |
| | |
Less than 12 Months
|
| |
12 Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
December 31, 2020
|
| |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| ||||||||||||||||||
Commercial paper
|
| | | $ | 19,296 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 19,296 | | | | | $ | — | | |
Corporate debt securities
|
| | | | 7,538 | | | | | | (2) | | | | | | — | | | | | | — | | | | | | 7,538 | | | | | | (2) | | |
Asset-backed securities
|
| | | | 4,611 | | | | | | (4) | | | | | | — | | | | | | — | | | | | | 4,611 | | | | | | (4) | | |
Total
|
| | | $ | 31,445 | | | | | $ | (6) | | | | | $ | — | | | | | $ | — | | | | | $ | 31,445 | | | | | $ | (6) | | |
| | |
Less than 12 Months
|
| |
12 Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
December 31, 2019
|
| |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| ||||||||||||||||||
Commercial paper
|
| | | $ | 15,059 | | | | | $ | (4) | | | | | $ | — | | | | | $ | — | | | | | $ | 15,059 | | | | | $ | (4) | | |
Corporate debt securities
|
| | | | 3,166 | | | | | | (1) | | | | | | — | | | | | | — | | | | | | 3,166 | | | | | | (1) | | |
Asset-backed securities
|
| | | | 4,258 | | | | | | (2) | | | | | | — | | | | | | — | | | | | | 4,258 | | | | | | (2) | | |
Non-U.S. securities
|
| | | | 700 | | | | | | — | | | | | | — | | | | | | — | | | | | | 700 | | | | | | — | | |
Total
|
| | | $ | 23,183 | | | | | $ | (7) | | | | | $ | — | | | | | $ | — | | | | | $ | 23,183 | | | | | $ | (7) | | |
December 31, 2020
|
| |
Fair Value
|
| |
Within
1 Year |
| |
After
1 Year through 5 Years |
| |||||||||
Commercial paper
|
| | | $ | 81,038 | | | | | $ | 81,038 | | | | | $ | — | | |
Corporate-debt securities
|
| | | | 29,915 | | | | | | 29,915 | | | | | | — | | |
Asset-backed securities
|
| | | | 12,533 | | | | | | 12,533 | | | | | | — | | |
U.S. agency securities
|
| | | | 6,995 | | | | | | 6,995 | | | | | | — | | |
U.S. Treasury securities
|
| | | | 1,700 | | | | | | 1,700 | | | | | | — | | |
Total
|
| | | $ | 132,181 | | | | | $ | 132,181 | | | | | $ | — | | |
| | |
Notional
Amount |
| |
Fair Value Derivatives
|
| ||||||||||||
As of December 31, 2020
|
| |
Asset
|
| |
Liability
|
| ||||||||||||
Interest rate lock commitments
|
| | | $ | 15,130 | | | | | $ | 373 | | | | | $ | — | | |
| | |
Notional
Amount |
| |
Fair Value Derivatives
|
| ||||||||||||
As of December 31, 2019
|
| |
Asset
|
| |
Liability
|
| ||||||||||||
Interest rate caps
|
| | | $ | 100,000 | | | | | $ | 4 | | | | | $ | — | | |
Interest rate lock commitments
|
| | | $ | 3,429 | | | | | $ | 95 | | | | | $ | — | | |
Embedded conversion options
|
| | | $ | 180,252 | | | | | $ | — | | | | | $ | 41,697 | | |
| | |
Years Ended
December 31, |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Revenue
|
| | | $ | 278 | | | | | $ | 95 | | | | | $ | — | | |
Derivative and warrant fair value adjustment
|
| | | $ | (23,317) | | | | | $ | — | | | | | $ | — | | |
Other income, net
|
| | | $ | (4) | | | | | $ | (773) | | | | | $ | 420 | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 15,849 | | | | | $ | 86,526 | | |
Restricted cash
|
| | | | 81,408 | | | | | | 268,368 | | |
Real estate inventory
|
| | | | 460,680 | | | | | | 1,312,194 | | |
Other(1) | | | | | 6,729 | | | | | | 25,793 | | |
Total assets
|
| | | $ | 564,666 | | | | | $ | 1,692,881 | | |
Liabilities | | | | | | | | | | | | | |
Credit facilities
|
| | | $ | 474,640 | | | | | $ | 1,264,913 | | |
Other(2) | | | | | 3,394 | | | | | | 14,983 | | |
Total liabilities
|
| | | $ | 478,034 | | | | | $ | 1,279,896 | | |
As of December 31, 2020
|
| |
Borrowing
Capacity |
| |
Outstanding
Amount |
| |
Weighted
Average Interest Rate |
| |
End of
Revolving Period |
| |
Final
Maturity Date |
| |||||||||
| | | | | | | |||||||||||||||||||
Revolving Facility 2018-1
|
| | | $ | 250,000 | | | | | $ | — | | | | | | 4.28% | | | |
February 10, 2021
|
| |
May 10, 2021
|
|
Revolving Facility 2018-2
|
| | | | 750,000 | | | | | | — | | | | | | 4.36% | | | |
September 23, 2022
|
| |
December 23, 2022
|
|
Revolving Facility 2018-3
|
| | | | 100,000 | | | | | | 25,385 | | | | | | 4.19% | | | |
June 1, 2023
|
| |
June 1, 2023
|
|
Revolving Facility 2019-1
|
| | | | 300,000 | | | | | | 32,535 | | | | | | 3.58% | | | |
March 4, 2022
|
| |
March 4, 2022
|
|
Revolving Facility 2019-2
|
| | | | 1,030,000 | | | | | | 230,352 | | | | | | 3.08% | | | |
July 8, 2021
|
| |
July 7, 2022
|
|
Revolving Facility 2019-3
|
| | | | 475,000 | | | | | | 50,901 | | | | | | 3.60% | | | |
August 22, 2022
|
| |
August 21, 2023
|
|
Total
|
| | | $ | 2,905,000 | | | | | $ | 339,173 | | | | | | | | | | | | | | |
As of December 31, 2019
|
| |
Outstanding
Amount |
| |
Weighted
Average Interest Rate |
| ||||||
Revolving Facility 2016-1
|
| | | $ | 39,346 | | | | | | 6.17% | | |
Revolving Facility 2017-1
|
| | | | 25,758 | | | | | | 7.00% | | |
Revolving Facility 2018-1
|
| | | | 126,450 | | | | | | 5.62% | | |
Revolving Facility 2018-2
|
| | | | 194,293 | | | | | | 6.00% | | |
Revolving Facility 2018-3
|
| | | | 111,411 | | | | | | 4.65% | | |
Revolving Facility 2019-1
|
| | | | 206,399 | | | | | | 3.81% | | |
As of December 31, 2019
|
| |
Outstanding
Amount |
| |
Weighted
Average Interest Rate |
| ||||||
Revolving Facility 2019-2
|
| | | | 327,226 | | | | | | 3.41% | | |
Revolving Facility 2019-3
|
| | | | 42,812 | | | | | | 3.02% | | |
Total
|
| | | $ | 1,073,695 | | | | | | | | |
|
As of December 31, 2020
|
| |
Borrowing
Capacity |
| |
Outstanding
Amount |
| |
Interest
Rate |
| |
End of Draw
Period |
| |
Final
Maturity Date |
| |||||||||
Term Debt Facility 2016-M1
|
| | | $ | 149,000 | | | | | $ | 40,000 | | | | | | 10.00% | | | |
October 31, 2022
|
| |
April 30, 2024
|
|
Term Debt Facility 2020-M1
|
| | | | 300,000 | | | | | | 100,000 | | | | | | 10.00% | | | |
January 23, 2023
|
| |
January 23, 2026
|
|
Total
|
| | | $ | 449,000 | | | | | $ | 140,000 | | | | | | | | | | | | | | |
Issuance Costs
|
| | | | (4,533) | | | | | | | | | | | | | | | ||||||
Carrying Value
|
| | | $ | 135,467 | | | | | | | | | | | | | | |
As of December 31, 2020
|
| |
Borrowing
Capacity |
| |
Outstanding
Amount |
| |
Weighted Average
Interest Rate |
| |
End of
Revolving Period |
| |
Final
Maturity Date |
| |||||||||
Repo Facility 2019-R1
|
| | | $ | 50,000 | | | | | $ | 7,149 | | | | | | 1.94% | | | |
April 29, 2021
|
| |
April 29, 2021
|
|
As of December 31, 2019
|
| |
Outstanding
Amount |
| |
Weighted Average
Interest Rate |
| ||||||
Repo Facility 2019-R1
|
| | | $ | 2,021 | | | | | | 3.98% | | |
Asset/Liability Class
|
| |
Valuation Methodology, Inputs and
Assumptions |
| |
Classification
|
|
Cash and cash equivalents
|
| | Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments. | | | Estimated fair value classified as Level 1 | |
Restricted cash
|
| | Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments. | | | Estimated fair value classified as Level 1 | |
Marketable securities
|
| | Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable. | | | Level 2 recurring fair value measurement | |
Other current assets | | | | | | | |
Interest rate caps | | | Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available. | | | Level 2 recurring fair value measurement | |
Mortgage loans held for sale pledged under agreements to repurchase | | | Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments. | | | Level 2 recurring fair value measurement | |
Asset/Liability Class
|
| |
Valuation Methodology, Inputs and
Assumptions |
| |
Classification
|
|
Credit facilities and other secured borrowings | | | | | | | |
Credit facilities | | | Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity. | | |
Carried at amortized cost.
Estimated fair value classified as Level 2.
|
|
Loans sold under agreements to repurchase
|
| | Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity. | | |
Carried at amortized cost.
Estimated fair value classified as Level 2.
|
|
Convertible notes | | | Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity. | | | Carried at amortized cost. Estimated fair value classified as Level 2 | |
Derivative and warrant liabilities | | | | | | | |
Warrant liabilities | | | Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate. | | | Level 3 recurring fair value measurement | |
Embedded conversion options | | | Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes. | | |
Level 3 recurring fair value measurement
|
|
| | |
Fair Value as of
December 31, 2020 |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Marketable securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate debt securities
|
| | | $ | 26,409 | | | | | $ | — | | | | | | 26,409 | | | | | $ | — | | |
Asset-backed securities
|
| | | | 12,533 | | | | | | — | | | | | | 12,533 | | | | | | — | | |
U.S. agency securities
|
| | | | 6,995 | | | | | | — | | | | | | 6,995 | | | | | | — | | |
U.S. Treasury securities
|
| | | | 1,700 | | | | | | — | | | | | | 1,700 | | | | | | — | | |
Mortgage loans held for sale pledged under agreements to
repurchase |
| | | | 7,529 | | | | | | — | | | | | | 7,529 | | | | | | — | | |
Other current assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate lock commitments
|
| | | | 373 | | | | | | | | | | | | 373 | | | | | | | | |
Total assets
|
| | | $ | 55,539 | | | | | $ | — | | | | | $ | — | | | | | | 55,539 | | |
| | |
Fair Value as of
December 31, 2019 |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Marketable securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate debt securities
|
| | | $ | 16,428 | | | | | $ | — | | | | | $ | 16,428 | | | | | $ | — | | |
Asset-backed securities
|
| | | | 12,492 | | | | | | — | | | | | | 12,492 | | | | | | — | | |
Commercial paper
|
| | | | 12,956 | | | | | | — | | | | | | 12,956 | | | | | | — | | |
Non-U.S. securities
|
| | | | 700 | | | | | | — | | | | | | 700 | | | | | | — | | |
U.S. Treasury securities
|
| | | | 1,000 | | | | | | — | | | | | | 1,000 | | | | | | — | | |
Mortgage loans held for sale pledged under agreements to repurchase
|
| | | | 2,116 | | | | | | — | | | | | | 2,116 | | | | | | — | | |
Other current assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate caps
|
| | | | 4 | | | | | | — | | | | | | 4 | | | | | | — | | |
Interest rate lock commitments
|
| | | | 95 | | | | | | — | | | | | | 95 | | | | | | — | | |
Total assets
|
| | | $ | 45,791 | | | | | $ | — | | | | | $ | 45,791 | | | | | $ | — | | |
Derivative and warrant liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrants
|
| | | | 4,538 | | | | | | — | | | | | | — | | | | | | 4,538 | | |
Embedded conversion options
|
| | | | 41,697 | | | | | | — | | | | | | — | | | | | | 41,697 | | |
Total liabilities
|
| | | $ | 46,235 | | | | | $ | — | | | | | $ | — | | | | | $ | 46,235 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Carrying
Value |
| |
Fair Value
|
| |
Level 1
|
| |
Level 2
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,412,665 | | | | | $ | 1,412,665 | | | | | $ | 1,412,665 | | | | | $ | — | | |
Restricted cash
|
| | | | 92,863 | | | | | | 92,863 | | | | | | 92,863 | | | | | | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Credit facilities and other secured borrowings
|
| | | $ | 481,789 | | | | | $ | 486,322 | | | | | $ | — | | | | | $ | 486,322 | | |
| | |
As of December 31, 2019
|
| |||||||||||||||||||||
| | |
Carrying
Value |
| |
Fair Value
|
| |
Level 1
|
| |
Level 2
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 405,080 | | | | | $ | 405,080 | | | | | $ | 405,080 | | | | | $ | — | | |
Restricted cash
|
| | | | 279,742 | | | | | | 279,742 | | | | | | 279,742 | | | | | | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Credit facilities and other secured borrowings
|
| | | $ | 1,296,054 | | | | | $ | 1,296,054 | | | | | $ | — | | | | | $ | 1,296,054 | | |
Convertible notes
|
| | | | 140,096 | | | | | | 180,252 | | | | | | — | | | | | | 180,252 | | |
| | |
Warrants
|
| |
Embedded
Conversion Option |
| ||||||
Balance as of December 31, 2018
|
| | | $ | 18,022 | | | | | $ | — | | |
Net change in fair value
|
| | | | (7,413) | | | | | | — | | |
Issuances | | | | | 1,170 | | | | | | 41,697 | | |
Exercise of warrants
|
| | | | (7,241) | | | | | | — | | |
Balance as of December 31, 2019
|
| | | | 4,538 | | | | | | 41,697 | | |
Net change in fair value
|
| | | | 2,623 | | | | | | 23,317 | | |
Issuances
|
| | | | — | | | | | | — | | |
Settlement of convertible notes
|
| | | | — | | | | | | (65,014) | | |
Exercise of warrants
|
| | | | (7,161) | | | | | | — | | |
Balance as of December 31, 2020
|
| | | $ | — | | | | | $ | — | | |
| | |
2020
|
| |
2019
|
| ||||||
Internally developed software
|
| | | $ | 47,823 | | | | | $ | 33,765 | | |
Computers
|
| | | | 5,511 | | | | | | 7,777 | | |
Furniture and fixtures
|
| | | | 3,279 | | | | | | 2,843 | | |
Leasehold improvements
|
| | | | 2,456 | | | | | | 2,748 | | |
Office equipment
|
| | | | 2,056 | | | | | | 1,794 | | |
Software implementation costs
|
| | | | 1,680 | | | | | | 1,214 | | |
| | |
2020
|
| |
2019
|
| ||||||
Security systems
|
| | | | 681 | | | | | | 4,927 | | |
Total
|
| | | | 63,486 | | | | | | 55,068 | | |
Accumulated depreciation and amortization
|
| | | | (34,258) | | | | | | (20,462) | | |
Property and equipment – net
|
| | | $ | 29,228 | | | | | $ | 34,606 | | |
|
| 2021 | | | | $ | 25,536 | | |
|
2022
|
| | | | 9,151 | | |
|
2023
|
| | | | 8,504 | | |
|
2024
|
| | | | 8,920 | | |
| 2025 | | | | | 7,555 | | |
|
Thereafter
|
| | | | 33,864 | | |
|
Total undiscounted future cash flows
|
| | | $ | 93,530 | | |
|
Less: Imputed interest
|
| | | | 26,189 | | |
|
Total lease liabilities
|
| | | $ | 67,341 | | |
As of December 31, 2020
|
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Amount |
| |
Remaining
Weighted Average Useful Life (Years) |
| ||||||||||||
Developed technology
|
| | | $ | 2,921 | | | | | $ | (2,921) | | | | | $ | — | | | | | | 0 | | |
Customer relationships
|
| | | | 7,400 | | | | | | (2,622) | | | | | | 4,778 | | | | | | 3.7 | | |
Trademarks
|
| | | | 5,400 | | | | | | (1,652) | | | | | | 3,748 | | | | | | 3.7 | | |
Non-competition agreements
|
| | | | 100 | | | | | | (100) | | | | | | — | | | | | | 0 | | |
Intangible assets – net
|
| | | $ | 15,821 | | | | | $ | (7,295) | | | | | $ | 8,526 | | | | | | | | |
As of December 31, 2019
|
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Amount |
| |
Remaining
Weighted Average Useful Life (Years) |
| ||||||||||||
Developed technology
|
| | | $ | 2,921 | | | | | $ | (1,879) | | | | | $ | 1,042 | | | | | | 0.7 | | |
Customer relationships
|
| | | | 7,400 | | | | | | (990) | | | | | | 6,410 | | | | | | 4.2 | | |
Trademarks
|
| | | | 5,400 | | | | | | (631) | | | | | | 4,769 | | | | | | 4.7 | | |
Non-competition agreements
|
| | | | 100 | | | | | | (65) | | | | | | 35 | | | | | | 0.7 | | |
Intangible assets – net
|
| | | $ | 15,821 | | | | | $ | (3,565) | | | | | $ | 12,256 | | | | | | | | |
Fiscal Years
|
| |
(In thousands)
|
| |||
2021 | | | | $ | 2,320 | | |
2022 | | | | | 2,320 | | |
2023 | | | | | 2,320 | | |
2024
|
| | | | 1,566 | | |
Total
|
| | | $ | 8,526 | | |
| | |
2020
|
| |
2019
|
| ||||||
Accrued expenses due to vendors
|
| | | $ | 11,002 | | | | | $ | 16,342 | | |
Accrued payroll and other employee related expenses
|
| | | | 5,758 | | | | | | 3,328 | | |
Accounts payable due to vendors
|
| | | | 2,756 | | | | | | 6,453 | | |
Accrued property and franchise taxes
|
| | | | 733 | | | | | | 5,739 | | |
Other
|
| | | | 5,021 | | | | | | 1,115 | | |
Total accounts payable and other accrued liabilities
|
| | | $ | 25,270 | | | | | $ | 32,977 | | |
| | |
Number of
Options (in thousands) |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (in years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Balance – December 31, 2019
|
| | | | 22,633 | | | | | $ | 3.00 | | | | | | 6.9 | | | | | $ | 110,481 | | |
Retroactive conversion of shares due to Business Combination
|
| | | | 13,976 | | | | | | (1.15) | | | | | | | | | | | | | | |
Balance – December 31, 2019, as converted
|
| | | | 36,609 | | | | | $ | 1.85 | | | | | | 6.9 | | | | | $ | 110,481 | | |
Granted
|
| | | | — | | | | | | | | | | | | | | | | | | | | |
Exercised
|
| | | | (5,649) | | | | | | 1.33 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (5,513) | | | | | | 2.04 | | | | | | | | | | | | | | |
Expired
|
| | | | (1,289) | | | | | | 2.22 | | | | | | | | | | | | | | |
Balance – December 31, 2020
|
| | | | 24,158 | | | | | | 1.91 | | | | | | 5.4 | | | | | $ | 502,767 | | |
Exercisable – December 31, 2020
|
| | | | 18,961 | | | | | | 1.55 | | | | | | 4.6 | | | | | $ | 401,436 | | |
| | |
Number of
RSUs (in thousands) |
| |
Weighted-
Average Grant-Date Fair Value |
| ||||||
Unvested and outstanding – December 31, 2019
|
| | | | 14,070 | | | | | | 6.79 | | |
Retroactive conversion of shares due to Business Combination
|
| | | | 8,689 | | | | | | (2.59) | | |
Unvested and outstanding – December 31, 2019, as converted
|
| | | | 22,759 | | | | | $ | 4.20 | | |
Granted | | | | | 29,189 | | | | | | 15.67 | | |
Forfeited | | | | | (5,423) | | | | | | 4.33 | | |
Unvested and outstanding – December 31, 2020
|
| | | | 46,525 | | | | | $ | 10.88 | | |
Vested and outstanding – December 31, 2020
|
| | | | — | | | | | | — | | |
| | |
Number of
Restricted Shares (in thousands) |
| |
Average
Grant-Date Fair Value |
| ||||||
Unvested – December 31, 2019
|
| | | | 2,156 | | | | | $ | 5.98 | | |
Retroactive conversion of shares due to Business Combination
|
| | | | 1,331 | | | | | $ | (2.28) | | |
Unvested – December 31, 2019, as converted
|
| | | | 3,487 | | | | | $ | 3.70 | | |
Granted
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (1,339) | | | | | | 3.63 | | |
Unvested – December 31, 2020
|
| | | | 2,148 | | | | | $ | 3.74 | | |
Vested and outstanding – December 31, 2020
|
| | | | — | | | | | | — | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
General and administrative
|
| | | $ | 33,020 | | | | | $ | 6,456 | | | | | $ | 8,424 | | |
Sales, marketing and operations
|
| | | | 1,203 | | | | | | 1,767 | | | | | | 1,905 | | |
Technology and development
|
| | | | 3,782 | | | | | | 4,973 | | | | | | 4,645 | | |
Total stock-based compensation expense
|
| | | $ | 38,005 | | | | | $ | 13,196 | | | | | $ | 14,974 | | |
| | |
2019 Range
|
| |
2018 Range
|
|
Fair value
|
| |
$4.22 – $4.29
|
| |
$1.42 – $3.02
|
|
Volatility
|
| |
32% – 45%
|
| |
32% – 34%
|
|
Risk-free rate
|
| |
1.63% – 2.34%
|
| |
2.68% – 3.17%
|
|
Expected life (in years)
|
| |
5 – 7
|
| |
5 – 7
|
|
Expected dividend
|
| |
$—
|
| |
$—
|
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Current income tax expense: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | 63 | | | | | | 252 | | | | | | 377 | | |
Total current income tax expense
|
| | | | 63 | | | | | | 252 | | | | | | 377 | | |
Deferred income tax benefit: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | — | | | | | | — | | | | | | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Total deferred income tax benefit
|
| | | | — | | | | | | — | | | | | | — | | |
Income Tax Provision
|
| | | $ | 63 | | | | | $ | 252 | | | | | $ | 377 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
U. S. Federal tax benefit at statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 21.0% | | |
State income taxes, net of federal benefit
|
| | | | 3.0 | | | | | | 3.2 | | | | | | 2.6 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Non-deductible expenses and other
|
| | | | 0.3 | | | | | | (0.1) | | | | | | (0.9) | | |
Non-deductible warrant expenses
|
| | | | — | | | | | | 0.4 | | | | | | (1.6) | | |
Loss on convertible note exchange
|
| | | | (2.0) | | | | | | — | | | | | | — | | |
Share-based compensation
|
| | | | 0.3 | | | | | | (0.4) | | | | | | 0.4 | | |
Deduction limitation on executive compensation
|
| | | | (1.8) | | | | | | — | | | | | | — | | |
Change in valuation allowance, net
|
| | | | (21.0) | | | | | | (25.2) | | | | | | (22.6) | | |
Research and development credits
|
| | | | 0.1 | | | | | | 1.0 | | | | | | 0.9 | | |
Effective tax rate
|
| | | | (0.1)% | | | | | | (0.1)% | | | | | | (0.2)% | | |
|
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Accrued and reserves
|
| | | $ | 4,008 | | | | | $ | 4,231 | | |
Inventory
|
| | | | 10,554 | | | | | | 15,181 | | |
Tax credits
|
| | | | 12,953 | | | | | | 10,880 | | |
Lease Liabilities
|
| | | | 16,262 | | | | | | 14,800 | | |
Net operating loss
|
| | | | 205,995 | | | | | | 149,141 | | |
Total gross deferred tax assets
|
| | | | 249,772 | | | | | | 194,233 | | |
Depreciation and amortization
|
| | | | (2,746) | | | | | | (4,749) | | |
Goodwill
|
| | | | (290) | | | | | | (114) | | |
Right-of-use assets
|
| | | | (11,562) | | | | | | (14,507) | | |
Valuation allowance
|
| | | | (235,174) | | | | | | (174,863) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Unrecognized tax benefits as of the beginning of the year
|
| | | $ | 5,033 | | | | | $ | 2,433 | | | | | $ | 862 | | |
Increases related to prior year tax provisions
|
| | | | 182 | | | | | | 383 | | | | | | 197 | | |
Decrease related to prior year tax provisions
|
| | | | (888) | | | | | | (247) | | | | | | — | | |
Increase related to current year tax provisions
|
| | | | 1,812 | | | | | | 2,464 | | | | | | 1,374 | | |
Unrecognized tax benefits as of the end of the year
|
| | | $ | 6,139 | | | | | $ | 5,033 | | | | | $ | 2,433 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Basic net loss per share: | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (286,760) | | | | | $ | (339,170) | | | | | $ | (239,929) | | |
Minus: Deemed dividend
|
| | | | — | | | | | $ | — | | | | | | 7,224 | | |
Minus: Net income attributable to noncontrolling interests
|
| | | $ | — | | | | | $ | 1,847 | | | | | $ | 1,362 | | |
Net loss attributable to common shareholders – basic
|
| | | $ | (286,760) | | | | | $ | (341,017) | | | | | $ | (248,515) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding – basic and diluted
|
| | | | 109,301 | | | | | | 79,977 | | | | | | 78,564 | | |
Basic net loss per share
|
| | | $ | (2.62) | | | | | $ | (4.26) | | | | | $ | (3.16) | | |
Diluted net loss per share: | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (286,760) | | | | | $ | (339,170) | | | | | $ | (239,929) | | |
Minus: Deemed dividend
|
| | | | — | | | | | $ | — | | | | | | 7,224 | | |
Minus: Net income attributable to noncontrolling interests
|
| | | $ | — | | | | | $ | 1,847 | | | | | $ | 1,362 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Minus: Gain on liability-classified warrants
|
| | | $ | — | | | | | | 8,132 | | | | | | — | | |
Net loss attributable to common shareholders – diluted
|
| | | $ | (286,760) | | | | | $ | (349,149) | | | | | $ | (248,515) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding – basic and diluted
|
| | | | 109,301 | | | | | | 79,977 | | | | | | 78,564 | | |
Diluted net loss per share
|
| | | $ | (2.62) | | | | | $ | (4.37) | | | | | $ | (3.16) | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Common Stock Warrants
|
| | | | 19,933 | | | | | | 3,370 | | | | | | 3,366 | | |
Series D Preferred Stock Warrants
|
| | | | — | | | | | | 485 | | | | | | 9,090 | | |
Series E Preferred Stock Warrants
|
| | | | — | | | | | | 121 | | | | | | — | | |
RSUs
|
| | | | 46,525 | | | | | | 22,758 | | | | | | 912 | | |
Options
|
| | | | 24,158 | | | | | | 36,609 | | | | | | 44,066 | | |
Unvested Shares from Early Exercise
|
| | | | 57 | | | | | | 187 | | | | | | 1,120 | | |
Restricted Shares
|
| | | | 2,148 | | | | | | 3,689 | | | | | | 2,994 | | |
Redeemable convertible preferred stock
|
| | | | — | | | | | | 314,424 | | | | | | 271,490 | | |
Total anti-dilutive securities
|
| | | | 92,821 | | | | | | 381,643 | | | | | | 333,038 | | |
Quarter Ended
|
| |
December 31, 2020
|
| |
September 30, 2020
|
| |
June 30, 2020
|
| |
March 31, 2020
|
| ||||||||||||
Revenue | | | | $ | 248,886 | | | | | $ | 338,613 | | | | | $ | 739,827 | | | | | $ | 1,255,795 | | |
Gross profit
|
| | | $ | 38,365 | | | | | $ | 35,811 | | | | | $ | 54,574 | | | | | $ | 91,047 | | |
Net loss
|
| | | $ | (87,792) | | | | | $ | (80,853) | | | | | $ | (55,919) | | | | | $ | (62,196) | | |
Net loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (0.49) | | | | | $ | (0.91) | | | | | $ | (0.66) | | | | | $ | (0.74) | | |
Diluted
|
| | | $ | (0.49) | | | | | $ | (0.91) | | | | | $ | (0.66) | | | | | $ | (0.74) | | |
Quarter Ended
|
| |
December 31, 2019
|
| |
September 30, 2019
|
| |
June 30, 2019
|
| |
March 31, 2019
|
| ||||||||||||
Revenue | | | | $ | 1,255,654 | | | | | $ | 1,210,645 | | | | | $ | 1,260,312 | | | | | $ | 1,013,972 | | |
Gross profit
|
| | | $ | 73,961 | | | | | $ | 77,160 | | | | | $ | 81,547 | | | | | $ | 68,582 | | |
Net loss
|
| | | $ | (91,722) | | | | | $ | (89,736) | | | | | $ | (75,139) | | | | | $ | (82,573) | | |
Net loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (1.10) | | | | | $ | (1.12) | | | | | $ | (0.96) | | | | | $ | (1.07) | | |
Diluted
|
| | | $ | (1.11) | | | | | $ | (1.15) | | | | | $ | (1.03) | | | | | $ | (1.08) | | |