Opendoor Market Leadership and Valuation
Summary financials
2017
2018
2019
2020P
2021P
2022P
2023P
Homes Sold
3,127
7,470
18,799
9,673
13,458
24,030
37,689
% YoY Growth
113%
139%
152%
(49%)
39%
79%
57%
Total Revenue ($B)
$0.7
$1.8
$4.7
$2.5
$3.5
$6.2
$9.8
% YoY Growth
109%
159%
158%
(48%)
41%
79%
58%
Adjusted Gross Profit ($M)
$66
$146
$297
$172
$269
$521
$892
% Revenue
9.3%
7.9%
6.3%
7.0%
7.8%
8.4%
9.1%
Contribution Margin ($M)
$31
$65
$92
$72
$142
$290
$539
% Revenue
4.4%
3.5%
1.9%
3.0%
4.1%
4.7%
5.5%
% YoY Growth
107%
42%
(21%)
97%
104%
86%
Contribution Margin After Interest ($M)
$24
$43
$27
$44
$116
$239
$458
% Revenue
3.4%
2.4%
0.6%
1.8%
3.3%
3.9%
4.7%
% YoY Growth
82%
(36)%
61%
161%
106%
92%
0/
Adjusted EBITDA ($M)
% Revenue
($57)
(8.0%)
($131)
(7.1%)
($218)
($141)
($185)
($123)
$9
(4.6%)
(5.7%)
(5.4%)
(2.0%)
0.1%
Note: Adjusted Gross Profit, Contribution Margin, Contribution Margin After Interest and Adjusted EBITDA are non-GAAP metrics, see reconciliation in Appendix for historical numbers
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