Opendoor Investor Presentation Deck

Non-GAAP references Key Metric Total Revenue Adjusted Gross Profit Adjusted EBITDA Adjusted Net Income Less: Net purchase price Less: Acquisition transaction costs Less: Net repairs Less: Ancillary product COGS Less: Less: Total Contribution Profit Less: Less: Key Component Less: Less: Inventory valuation adjustment (adjusted for non-gaap) Less: Marketing spend Less: Operations spend Holding costs (adjusted for non-gaap) Selling costs (adjusted for non-gaap) Fixed opex (adjusted for non-gaap) Holding costs (adjusted for non-gaap) and other Financing costs / D&A / taxes interest income / other GAAP P&L Reference Cost of revenue Cost of revenue Cost of revenue Cost of revenue Cost of revenue Sales, marketing and operations Sales, marketing and operations Sales, marketing and operations Sales, marketing and operations General and administrative Technology and development Sales, marketing and operations Sales, marketing and operations Description Transaction revenue (net resale price x homes sold) + ancillary product revenue Headline purchase price net of service charge Transaction costs related to the purchase of the property Reno / repair spend net of any repair charges to seller COGS related to ancillary products such as Title & Escrow Inventory valuation adjustment recorded during the current period and prior period on homes sold in the relevant period ("Resale Cohort") Gross Profit related to homes sold in a specific period Property taxes, utilities, insurance, cleaning, and HOA dues recorded during the current period and prior period for the Resale Cohort Buyer broker commission, other transaction costs for the Resale Cohort Contribution Profit related to homes sold in a specific period Online, offline, and brand spend Primarily related to customer sales, support, and home operations Appendix G&A, T&D, SM&O, and other overhead costs excluding Stock-based compensation, Intangibles amortization expense, Legal contingency accrual, and related expenses Primarily related to holding costs for homes in inventory. These costs move to Contribution Profit as homes are sold Adjusted EBITDA excludes non-cash / non-recurring costs / costs not directly related to our revenue-generating operations Depreciation and amortization, property financing, interest, tax expenses, and interest income Adjusted Net Income is a proxy for operating free cash flow 37

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