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TABLE OF CONTENTS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ____________.
Commission file number 001-39253
Opendoor Technologies Inc.
(Exact name of registrant as specified in its charter)
Delaware30-1318214
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
410 N. Scottsdale Road,Suite 1600
Tempe,AZ85281
(Address of Principal Executive Offices)(Zip Code)
(480) 618-6760
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par value per shareOPENThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of registrant’s common stock outstanding as of October 27, 2022 was approximately 634,202,431.

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OPENDOOR TECHNOLOGIES INC.
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OPENDOOR TECHNOLOGIES INC.
As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “Opendoor,” the “Company,” “we,” “us,” and “our,” and similar references refer to Opendoor Technologies Inc. and its wholly owned subsidiaries following the Business Combination (as defined herein) and to Opendoor Labs Inc. prior to the Business Combination.

FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition; business strategy and plans; market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products, or technology; expected diversification of funding sources, are forward-looking statements. When used in this Quarterly Report on Form 10-Q, words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast”, “future”, “intend,” “may,” “might”, “opportunity”, “plan,” “possible”, “potential,” “predict,” “project,” “should,” “strategy”, “strive”, “target,” “will,” or “would”, including their antonyms or other similar terms or expressions may identify forward-looking statements. The absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and current expectations, forecasts and assumptions, which involve a number of judgments, risks and uncertainties, including without limitation, risks related to:
•our public securities’ potential liquidity and trading;
•our ability to raise financing in the future;
•our success in retaining or recruiting, or changes required in, our officers, key employees or directors;
•the impact of the regulatory environment and complexities with compliance related to such environment;
•factors relating to our business, operations and financial performance, including:
▪our ability to respond to general economic conditions;
▪the health of the U.S. residential real estate industry;
▪risks associated with our real estate assets and increased competition in the U.S. residential real estate industry;
▪our ability to maintain profitability;
▪our ability to grow market share in our existing markets or any new markets we may enter;
▪our ability to manage our growth effectively;
▪our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth;
▪our ability to maintain and enhance our products and brand, and to attract customers;
▪our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology;
▪the impact of the COVID-19 pandemic;
▪our ability to maintain an effective system of internal controls over financial reporting; and
▪the success of our strategic relationships with third parties.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, including without limitation the important factors described in the “Risk Factors” section of this Quarterly Report on Form 10-Q and on Part I. Item 1A “ Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Annual Report”), our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.
1
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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
September 30,
2022		December 31,
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$1,327 $1,731 
Restricted cash1,752 847 
Marketable securities178 484 
Escrow receivable154 84 
Mortgage loans held for sale pledged under agreements to repurchase— 7 
Real estate inventory, net6,093 6,096 
Other current assets ($1 and $4 carried at fair value)
80 91 
Total current assets9,584 9,340 
PROPERTY AND EQUIPMENT – Net62 45 
RIGHT OF USE ASSETS43 42 
GOODWILL62 60 
INTANGIBLES – Net7 12 
OTHER ASSETS26 7 
TOTAL ASSETS
(1)
$9,784 $9,506 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and other accrued liabilities$209 $137 
Non-recourse asset-backed debt - current portion3,372 4,240 
Other secured borrowings— 7 
Interest payable14 12 
Lease liabilities - current portion6 4 
Total current liabilities3,601 4,400 
NON-RECOURSE ASSET-BACKED DEBT – Net of current portion3,699 1,862 
CONVERTIBLE SENIOR NOTES957 954 
LEASE LIABILITIES – Net of current portion39 42 
Total liabilities
(2)
8,296 7,258 
COMMITMENTS AND CONTINGENCIES (See Note 16)
SHAREHOLDERS’ EQUITY:
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 632,513,135 and 616,026,565 shares issued, respectively; 632,513,135 and 616,026,565 shares outstanding, respectively
— — 
Additional paid-in capital4,152 3,955 
Accumulated deficit(2,659)(1,705)
Accumulated other comprehensive loss(5)(2)
Total shareholders’ equity 1,488 2,248 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$9,784 $9,506 
________________
(1)The Company’s consolidated assets at September 30, 2022 and December 31, 2021 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Cash and cash equivalents, $2 and $9; Restricted cash, $1,744 and $838; Real estate inventory, net, $5,817 and $6,046; Escrow receivable, $114 and $78; Other current assets, $33 and $35; and Total assets of $7,710 and $7,006, respectively.
(2)The Company’s consolidated liabilities at September 30, 2022 and December 31, 2021 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $71 and $59; Interest payable, $14 and $11; Current portion of non-recourse asset-backed debt, $3,372 and $4,240; Non-recourse asset-backed debt, net of current portion, $3,699 and $1,862; and Total liabilities, $7,156 and $6,172, respectively.
See accompanying notes to condensed consolidated financial statements.
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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are presented in thousands, and per share amounts)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
REVENUE$3,361 $2,266 $12,710 $4,199 
COST OF REVENUE3,786 2,064 12,114 3,741 
GROSS (LOSS) PROFIT(425)202 596 458 
OPERATING EXPENSES:
Sales, marketing and operations260 153 812 319 
General and administrative85 91 323 503 
Technology and development40 27 121 102 
Total operating expenses385 271 1,256 924 
LOSS FROM OPERATIONS(810)(69)(660)(466)
WARRANT FAIR VALUE ADJUSTMENT— 3 — 12 
INTEREST EXPENSE(115)(43)(272)(70)
OTHER (LOSS) INCOME – Net(2)53 (20)54 
LOSS BEFORE INCOME TAXES(927)(56)(952)(470)
INCOME TAX EXPENSE(1)(1)(2)(1)
NET LOSS$(928)$(57)$(954)$(471)
Net loss per share attributable to common shareholders:
Basic$(1.47)$(0.09)$(1.53)$(0.80)
Diluted$(1.47)$(0.09)$(1.53)$(0.80)
Weighted-average shares outstanding:
Basic629,535 603,389 624,581 585,854 
Diluted629,535 603,389 624,581 585,854 

















See accompanying notes to condensed consolidated financial statements.
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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In millions)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
NET LOSS$(928)$(57)$(954)$(471)
OTHER COMPREHENSIVE LOSS:
Unrealized loss on marketable securities— — (3)— 
COMPREHENSIVE LOSS$(928)$(57)$(957)$(471)
See accompanying notes to condensed consolidated financial statements.
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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except number of shares)
(Unaudited)

Shareholders’ Equity
Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
SharesAmount
BALANCE-June 30, 2022627,033,133 $— $4,092 $(1,731)$(5)$2,356 
Vesting of restricted shares316 — — — — — 
Vesting of restricted stock units4,414,922 — — — — — 
Exercise of stock options570,974 — 1 — — 1 
Employee stock purchase plan493,790 — 2 — — 2 
Stock-based compensation— — 57 — — 57 
Other comprehensive loss— — — — — — 
Net loss— — — (928)— (928)
BALANCE–September 30, 2022632,513,135 $— $4,152 $(2,659)$(5)$1,488 
BALANCE–
Shareholders’ Equity
Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
SharesAmount
BALANCE-December 31, 2021616,026,565 $— $3,955 $(1,705)$(2)$2,248 
Vesting of restricted shares142,445 — — — — — 
Vesting of restricted stock units12,957,946 — — — — — 
Exercise of stock options2,892,389 — 4 — — 4 
Employee stock purchase plan493,790 — 2 — — 2 
Stock-based compensation— — 191 — — 191 
Other comprehensive loss— — — — (3)(3)
Net loss— — — (954)— (954)
BALANCE–September 30, 2022632,513,135 $— $4,152 $(2,659)$(5)$1,488 
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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except number of shares)
(Unaudited)
Shareholders’ Equity
Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
SharesAmount
BALANCE-June 30, 2021593,838,919 $— $3,875 $(1,457)$— $2,418 
Issuance of common stock in connection with the February 2021 Offering— — — — — — 
Vesting of restricted shares318,929 — — — — — 
Vesting of restricted stock units2,812,297 — — — — — 
Common stock issued upon exercise of warrants7,695,674 — 52 — — 52 
Exercise of stock options2,549,414 — 4 — — 4 
Purchases of Capped Calls related to the 2026 Notes— — (119)— — (119)
Stock-based compensation— — 65 — — 65 
Net loss— — — (57)— (57)
BALANCE–September 30, 2021607,215,233 $— $3,877 $(1,514)$— $2,363 
Shareholders’ Equity
Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
SharesAmount
BALANCE-December 31, 2020540,714,692 $— $2,596 $(1,043)$— $1,553 
Issuance of common stock in connection with the February 2021 Offering32,817,421 — 857 — — 857 
Vesting of restricted shares979,198 — — — — — 
Vesting of restricted stock units17,712,282 — — — — — 
Common stock issued upon exercise of warrants8,200,151 — 58 — — 58 
Exercise of stock options6,791,489 — 11 — — 11 
Purchases of Capped Calls related to the 2026 Notes— — (119)— — (119)
Stock-based compensation— — 474 — — 474 
Net loss— — — (471)— (471)
BALANCE–September 30, 2021607,215,233 $— $3,877 $(1,514)$— $2,363 











See accompanying notes to condensed consolidated financial statements.
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OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(954)$(471)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities:
Depreciation and amortization 59 30 
Amortization of right of use asset6 6 
Stock-based compensation178 465 
Warrant fair value adjustment— (12)
Gain on settlement of lease liabilities— (5)
Inventory valuation adjustment663 32 
Changes in fair value of equity securities36 (51)
Net fair value adjustments and loss on sale of mortgage loans held for sale(1)(3)
Origination of mortgage loans held for sale(118)(154)
Proceeds from sale and principal collections of mortgage loans held for sale128 142 
Changes in operating assets and liabilities:
Escrow receivable(70)(120)
Real estate inventory(663)(5,806)
Other assets— (50)
Accounts payable and other accrued liabilities73 102 
Interest payable4 3 
Lease liabilities(6)(12)
Net cash used in operating activities(665)(5,904)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment(33)(23)
Purchase of intangible assets— (1)
Purchase of marketable securities(28)(459)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities293 86 
Purchase of non-marketable equity securities(25)(15)
Proceeds from sale of non-marketable equity securities3 — 
Capital returns from non-marketable equity securities3 — 
Acquisitions, net of cash acquired(3)(20)
Net cash provided by (used in) investing activities210 (432)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of issuance costs— 953 
Purchase of capped calls related to the convertible senior notes— (119)
Proceeds from exercise of stock options4 11 
Proceeds from issuance of common stock for ESPP2 — 
Proceeds from warrant exercise— 22 
Proceeds from the February 2021 Offering— 886 
Issuance cost of common stock— (29)
Proceeds from non-recourse asset-backed debt9,160 7,782 
Principal payments on non-recourse asset-backed debt(8,179)(2,837)
Proceeds from other secured borrowings114 151 
Principal payments on other secured borrowings(121)(138)
Payment of loan origination fees and debt issuance costs(24)(9)
Net cash provided by financing activities956 6,673 
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH501 337 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period2,578 1,506 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period$3,079 $1,843 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest$248 $57 
DISCLOSURES OF NONCASH ACTIVITIES:
Stock-based compensation expense capitalized for internally developed software$13 $9 
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Issuance of common stock in extinguishment of warrant liabilities$— $(35)
RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents$1,327 $1,359 
Restricted cash1,752 484 
Cash, cash equivalents, and restricted cash$3,079 $1,843 
See accompanying notes to condensed consolidated financial statements.
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Notes to Condensed Consolidated Financial Statements
(Tabular amounts in millions, except share and per share amounts, ratios, or as noted)
(Unaudited)

1.DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES
Description of Business
Opendoor Technologies Inc. (the “Company” and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a leading digital platform for residential real estate. By leveraging software, data science, product design and operations, Opendoor has rebuilt the service model for real estate and has made buying and selling possible on a mobile device. The Company was incorporated in Delaware on December 30, 2013.
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements as of September 30, 2022 and December 31, 2021 and for the three and nine month periods ended September 30, 2022 and 2021 include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where the Company is the primary beneficiary. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements herein. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation.
The Company was formed through a business combination with Social Capital Hedosophia Holdings Corp. II (“SCH”), a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Business Combination, pursuant to which Opendoor Labs Inc. became a wholly owned subsidiary of SCH and SCH changed its name from “Social Capital Hedosophia Holdings Corp. II” to “Opendoor Technologies Inc.”, was completed on December 18, 2020, and was accounted for as a reverse recapitalization, in accordance with GAAP.
The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”) filed on February 24, 2022.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that have a material impact on the amounts reported in the financial statements and accompanying notes. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, and inventory valuation adjustment. Management believes that the estimates and judgments upon which management relies are reasonable based upon information available to management at the time that these estimates and judgments are made. To the extent there are material differences between these estimates, assumptions and judgments and actual results, the carrying values of the Company's assets and liabilities and the results of operations will be affected. The health of the residential housing market and interest rate environment have introduced additional uncertainty with respect to judgments, estimates and assumptions, which may materially impact the estimates previously listed, among others.
Significant Risks and Uncertainties
The Company operates in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, the Company believes that changes in any of the following areas could have a significant negative effect on the Company in terms of its future financial position, results of operations or cash flows: public health crises, like the COVID-19 pandemic; its rates of revenue growth; its ability to manage inventory; engagement and usage of its products; the effectiveness of its investment of resources to pursue strategies; competition in its market; the stability of the residential real estate market; the impact of interest rate changes on demand for and pricing of its products and on the cost of capital; changes in technology, products, markets or services by the Company or its competitors; its ability to maintain or establish relationships with listings and data providers; its
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Notes to Condensed Consolidated Financial Statements
(Tabular amounts in millions, except share and per share amounts, ratios, or as noted)
(Unaudited)
ability to obtain or maintain licenses and permits to support its current and future businesses; actual or anticipated changes to its products and services; changes in government regulation affecting its business; the outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; its management of its growth; its ability to attract and retain qualified employees and key personnel; its ability to successfully integrate and realize the benefits of its past or future strategic acquisitions or investments; the protection of customers’ information and other privacy concerns; the protection of its brand and intellectual property; and intellectual property infringement and other claims, among other things.
Concentrations of Credit Risk
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, and investments in marketable securities. The Company places cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of the Company’s investments.
The Company’s significant accounting policies are discussed in “Part II – Item 8 – Financial Statements and Supplementary Data – Note 1. Description of Business and Accounting Policies” in the Annual Report. There have been no changes to these significant accounting policies for the nine month period ended September 30, 2022, except as noted below.
Investments
The Company’s investments in marketable securities consist of debt securities classified as available-for-sale as well as marketable equity securities. The Company's available-for-sale debt securities are measured at fair value with unrealized gains and losses included in Accumulated other comprehensive loss in shareholders' equity and realized gains and losses included in Other (loss) income-net.
The Company’s strategic investments consist of a marketable equity security, which is publicly traded, and non-marketable equity securities, which are investments in privately held companies. Marketable equity securities have readily determinable fair values with changes in fair value recorded in Other (loss) income-net. Non-marketable equity securities and equity method investments do not have readily determinable fair values. These securities are accounted for under one of the following accounting methods:
•Equity method: This method is applied when the Company has the ability to exert significant influence over the investee. The securities are recorded at cost and adjusted for the Company’s share of the investee’s earnings or losses, less any dividends received and/or impairments.
•Measurement alternative: This method is followed for all remaining non-marketable equity securities. These securities are recorded at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer.
All realized and unrealized gains and losses or the Company's share of the investee's earnings or losses, including impairment losses, are recognized in Other (loss) income-net. Any dividends on equity method investments are recognized as a reduction of the investment's carrying value. Non-marketable equity securities are reported in Other assets.
The Company assesses whether an impairment loss on its non-marketable equity securities has occurred due to declines in fair value or other market conditions. When the fair value of an equity method investment is less than its carrying value, the Company writes down the investment to fair value when the decline in value is considered to be other than temporary. When the fair value of an investment accounted for using the measurement alternative is less than its carrying value, the Company writes down the investment to its fair value, without the consideration of recovery. See “Note 4 — Cash, Cash Equivalents, and Investments” for further discussion.
Real Estate Inventory
Real estate inventory is carried at the lower of cost or net realizable value and the Company applies the specific identification method whereby each property constitutes the unit of account. Real estate inventory cost includes but is not limited to the property purchase price, acquisition costs and direct costs to renovate or repair the home, less inventory valuation adjustments, if any. Work in progress inventory includes homes undergoing repairs and finished goods inventory includes
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Notes to Condensed Consolidated Financial Statements
(Tabular amounts in millions, except share and per share amounts, ratios, or as noted)
(Unaudited)
homes that are listed for sale, including homes ready for listing, and homes under contract for sale. Real estate inventory is reviewed for valuation adjustments at least quarterly. If the carrying amount or cost basis is not expected to be recovered, an inventory valuation adjustment is recorded to Cost of revenue and the related assets are adjusted to their net realizable value.
Impairment of Long-Lived Assets
Long-lived assets, such as property and equipment and definite-lived intangible assets, among other long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. The impairment loss recognized for the three and nine months ended September 30, 2022 is related to impairment of certain internally developed software projects. The impairment loss recognized for the three and nine months ended September 30, 2021 is related to abandonment of property and equipment, impairment and abandonment of certain internally developed software projects, and sublease of certain right of use assets. The impairment loss recognized during the periods presented is as follows (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
General and administrative$— $— $— $1 
Technology and development1 1 1 3 
Total impairment loss$1 $1 $1 $4 
Stock-Based Compensation
Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), shares of restricted stock (“Restricted Shares”), and shares issued pursuant the 2020 Employee Stock Purchase Plan ("ESPP").
Stock Options
The Company has granted stock options with a service condition to vest, which is generally four years. The Company records stock-based compensation expense for service-based stock options on a straight-line basis over the requisite service period. These amounts are reduced by forfeitures as they occur. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value as of the grant date for stock options.
RSUs
Prior to its listing, the Company granted RSUs with a performance condition, based on a liquidity event, as defined by the share agreement, as well as a service condition to vest, which was generally four years. The Company determined the fair value of RSUs based on the valuation of the Company’s common stock as of the grant date. No compensation expense was recognized for performance-based awards until the liquidity event occurred in February 2021. Subsequent to the occurrence of the liquidity event, compensation expense was recognized on an accelerated attribution basis over the requisite service period of the awards. After the Company became listed, the RSUs granted are generally only subject to a service condition to vest and typically vest over one to four years. Compensation expense is recognized on a straight-line basis subject to a floor of the vested number of shares for each award.
Market Condition RSUs
The Company has granted RSUs with a performance condition, based on a liquidity event, as defined by the share agreement, as well as a market condition to vest. Subject to the employee’s continued services to the Company, the market-based conditions are satisfied upon the Company’s achievement of certain share price milestones calculated based on 60-day volume weighted average.
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Notes to Condensed Consolidated Financial Statements
(Tabular amounts in millions, except share and per share amounts, ratios, or as noted)
(Unaudited)
For market-based RSUs, the Company determines the grant-date fair value utilizing Monte Carlo simulations, which incorporates various assumptions, including expected stock price volatility, contractual term, dividend yield, and stock price at grant date. The Company estimates the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly-traded companies. As the Company had no history of dividend payments and had not declared any prospective dividends, a 0% dividend yield was assumed.
For stock-based compensation, each market-based condition is treated as an accounting unit and expense is recognized over the requisite service period with respect to each unit and only if performance-based conditions are considered probable to be satisfied. The Company determines the requisite service period by comparing the derived service period to achieve the market-based condition and the explicit service-based period, if any, using the longer of the two service periods as the requisite service period.
Restricted Shares
The fair value of the Restricted Shares is equal to the estimated fair value of the Company’s common stock on the grant date. The Company recognizes compensation expense for the shares on a straight-line basis over the requisite service period of the awards. The fair value of these shares will be recognized into common stock and additional paid-in-capital as the shares vest.
ESPP
The Company recognizes stock-based compensation expense related to purchase rights granted pursuant to the 2020 ESPP on a straight-line basis over the offering period. The Company estimates the fair value of purchase rights granted under the ESPP using the Black-Scholes option-pricing model.
2.BUSINESS COMBINATIONS
On September 3, 2021, the Company acquired 100% of the outstanding equity of Services Labs, Inc., including its consolidated subsidiaries (“Pro.com”), in exchange for $22 million in cash consideration. The Company acquired Pro.com, a construction project platform, for its technology and talent. Acquired intangible assets consisted of developed technology valued at $4 million and were amortized over one year. Goodwill attributed to the Pro.com acquisition was $16 million.
On November 3, 2021, the Company acquired the assets of RedDoor HQ Inc. (“RedDoor”) as part of a business combination in exchange for $15 million in cash consideration, of which $2 million is to be paid out one year following the date of closing. The Company acquired the processes, systems and talent of RedDoor, which previously operated an online mortgage brokerage platform. Acquired intangible assets consist of developed technology valued at $3 million and are being amortized over one year. Goodwill attributed to the RedDoor acquisition was $13 million.
3.REAL ESTATE INVENTORY
The following table presents the components of inventory, net of applicable inventory valuation adjustments of $622 million and $40 million, as of September 30, 2022 and December 31, 2021, respectively (in millions):
September 30,
2022		December 31,
2021
Work in progress$642 $1,971 
Finished goods:
Listed for sale4,209 2,325 
Under contract for sale1,242 1,800 
Total real estate inventory$6,093 $6,096 
As of September 30, 2022, the Company was in contract to purchase 2,259 homes for an aggregate purchase price of $802 million.
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Notes to Condensed Consolidated Financial Statements
(Tabular amounts in millions, except share and per share amounts, ratios, or as noted)
(Unaudited)
During the three and nine months ended September 30, 2022, the Company recorded inventory valuation adjustments for real estate inventory of $573 million and $663 million, respectively, in Cost of revenue in the condensed consolidated statements of operations. During the three and nine months ended September 30, 2021, the Company recorded inventory valuation adjustments for real estate inventory of $31 million and $32 million, respectively, in Cost of revenue in the condensed consolidated statements of operations.
4.CASH, CASH EQUIVALENTS, AND INVESTMENTS
The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of September 30, 2022 and December 31, 2021, are as follows (in millions):
September 30, 2022
Cost
Basis
Unrealized
Gains
Unrealized
Losses
Fair Value
Cash and Cash
Equivalents
Marketable
Securities
Cash$174 $— $— $174 $174 $— 
Time deposit201 — — 201 201 — 
Money market funds952 — — 952 952 — 
Corporate debt securities145 — (5)140 — 140 
Commercial paper15 — — 15 — 15 
Equity securities11 — — 11 — 11 
Certificates of deposit9 — — 9 — 9 
Asset-backed securities3 — — 3 — 3 
Total$1,510 $— $(5)$1,505 $1,327 $178 
December 31, 2021
Cost
Basis
Unrealized
Gains
Unrealized
Losses
Fair Value
Cash and Cash
Equivalents
Marketable
Securities
Cash$81 $— $— $81 $81 $— 
Money market funds1,350 — —