Opendoor SPAC Presentation Deck
Non-GAAP reconciliations
GAAP Gross Profit ($M)
Adjustments:
Net Impairment
Restructuring in Cost of Revenue
Adjusted Gross Profit
Adjusted Gross Margin
Direct Selling Costs
Holding Costs on Sales - Current Period
Holding Costs on Sales - Prior Period
Contribution Profit
Contribution Margin
Interest on Homes Sold - Current Period
Interest on Homes Sold - Prior Periods
Contribution Profit After Interest
Contribution Margin After Interest
2017
$66
$0
$0
$66
9.3%
($26)
($7)
($2)
$31
4.4%
($6)
($2)
$24
3.3%
Annual
2018
$133
$13
$0
$146
7.9%
($62)
($16)
($3)
$65
3.5%
($18)
($3)
$43
2.4%
2019
$301
($5)
$0
$297
6.3%
($149)
($43)
($13)
$92
1.9%
($51)
($13)
$27
0.6%
9 Months Ended
9/30/2019 9/30/2020
$227
($1)
$0
$226
6.5%
($111)
($29)
($13)
$74
2.1%
($35)
($13)
$25
0.7%
$181
($10)
$2
$173
7.4%
($68)
($15)
($11)
$79
3.4%
($17)
($10)
$51
2.2%
1Q20
$91
($2)
$0
$89
7.1%
($37)
($5)
($9)
$39
3.1%
($7)
($9)
$23
1.9%
Quarterly
2Q20
$55
($5)
$2
$51
6.9%
($22)
($7)
($2)
$20
2.8%
($7)
($2)
$12
1.6%
Note: Financials may not sum due to rounding
Net Impairment reflects inventory valuation adjustments recorded during the period on homes remaining in inventory at period end net of inventory valuation adjustments recorded in prior periods related to homes sold in the period presented
YTD refers to year to date ending in September
3Q20
$36
($3)
$0
$33
9.8%
($9)
($4)
$0
$20
5.8%
($3)
$0
$16
4.8%
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