Opendoor Technologies Inc
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(In millions, excepts hare data)
| December 31, | |||
|---|---|---|---|
| 2023 · 2022 | |||
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $999 | $1,137 | |
| Restricted cash | 541 | 654 | |
| Marketable securities | 69 | 144 | |
| Escrow receivable | 9 | 30 | |
| Real estate inventory, net | 1,775 | 4,460 | |
| Other current assets ($0 and $1 carried at fair value) | 52 | 41 | |
| Total current assets | 3,445 | 6,466 | |
| PROPERTY AND EQUIPMENT – Net | 66 | 58 | |
| RIGHT OF USE ASSETS | 25 | 41 | |
| GOODWILL | 4 | 4 | |
| INTANGIBLES – Net | 5 | 12 | |
| OTHER ASSETS | 22 | 27 | |
| TOTAL ASSETS | (1) | $3,567 | $6,608 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| CURRENT LIABILITIES: | |||
| Accounts payable and other accrued liabilities | $64 | $110 | |
| Non-recourse asset-backed debt - current portion | — | 1,376 | |
| Interest payable | 1 | 12 | |
| Lease liabilities – current portion | 5 | 7 | |
| Total current liabilities | 70 | 1,505 | |
| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | 2,134 | 3,020 | |
| CONVERTIBLE SENIOR NOTES | 376 | 959 | |
| LEASE LIABILITIES – Net of current portion | 19 | 38 | |
| OTHER LIABILITIES | 1 | — | |
| Total liabilities | (2) | 2,600 | 5,522 |
| COMMITMENTS AND CONTINGENCIES (See Note 17) | |||
| SHAREHOLDERS’ EQUITY: | |||
| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 677,636,163 and 637,387,025 shares issued, respectively; 677,636,163 and 637,387,025 shares outstanding, respectively | — | — | |
| Additional paid-in capital | 4,301 | 4,148 | |
| Accumulated deficit | (3,333) | (3,058) | |
| Accumulated other comprehensive loss | (1) | (4) | |
| Total shareholders’ equity | 967 | 1,086 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $3,567 | $6,608 | |
(1)The Company’s consolidated assets at December 31, 2023 and 2022 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $530 and $636; Real estate inventory, net, $1,735 and $4,408; Escrow receivable, $8 and $29; Other current assets, $10 and $9; and Total assets of $2,283 and $5,082, respectively.
(2)The Company’s consolidated liabilities at December 31, 2023 and 2022 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $28 and $61; Interest payable, $1 and $11; Current portion of non-recourse asset-backed debt, $— and $1,376; Non-recourse asset-backed debt, net of current portion, $2,134 and $3,020; and Total liabilities, $2,163 and $4,468, respectively.
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