Offerpad Solutions Inc
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 4, 2024
OPAD$2.11-1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) (Unaudited) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net loss | $(44,834) | $(101,777) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
| Depreciation | 464 | 556 |
| Amortization of debt financing costs | 1,466 | 3,080 |
| Real estate inventory valuation adjustment | 2,016 | 8,372 |
| Stock-based compensation | 7,831 | 5,915 |
| Change in fair value of warrant liabilities | (349) | (177) |
| Change in fair value of derivative instruments | — | (1,994) |
| Loss on disposal of property and equipment | 62 | 30 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 4,346 | (1,524) |
| Real estate inventory | 18,012 | 366,728 |
| Prepaid expenses and other assets | 3,920 | 3,541 |
| Accounts payable | (2,382) | 1,712 |
| Accrued and other liabilities | (2,956) | (7,507) |
| Net cash (used in) provided by operating activities | (12,404) | 276,955 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (1,245) | (90) |
| Proceeds from sale of property and equipment | 46 | — |
| Purchases of derivative instruments | — | (2,569) |
| Proceeds from sale of derivative instruments | — | 2,981 |
| Net cash (used in) provided by investing activities | (1,199) | 322 |
| Cash flows from financing activities: | ||
| Borrowings from credit facilities and other debt | 628,105 | 687,715 |
| Repayments of credit facilities and other debt | (635,877) | (1,080,821) |
| Payment of debt financing costs | (73) | (264) |
| Proceeds from exercise of stock options | 17 | 53 |
| Payments for taxes related to stock-based awards | (77) | (78) |
| Borrowings from warehouse lending facility | — | 21,951 |
| Repayments of warehouse lending facility | — | (21,951) |
| Proceeds from issuance of pre-funded warrants | — | 90,000 |
| Proceeds from exercise of pre-funded warrants | — | 11 |
| Issuance cost of pre-funded warrants | — | (784) |
| Net cash used in financing activities | (7,905) | (304,168) |
| Net change in cash, cash equivalents and restricted cash | (21,508) | (26,891) |
| Cash, cash equivalents and restricted cash, beginning of period | 79,934 | 140,299 |
| Cash, cash equivalents and restricted cash, end of period | $58,426 | $113,408 |
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet: | ||
| Cash and cash equivalents | $48,504 | $105,999 |
| Restricted cash | 9,922 | 7,409 |
| Total cash, cash equivalents and restricted cash | $58,426 | $113,408 |
| Supplemental disclosure of cash flow information: | ||
| Cash payments for interest | $19,204 | $23,406 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.