Opendoor Technologies Inc
For the period ended Mar 31, 2024. Filed May 2, 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.
Mar 31, 2024 · Filed May 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
(In millions, excepts hare data)
| March 31,2024 · December 31, 2023 | |||
|---|---|---|---|
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $953 | $999 | |
| Restricted cash | 333 | 541 | |
| Marketable securities | 37 | 69 | |
| Escrow receivable | 15 | 9 | |
| Real estate inventory, net | 1,881 | 1,775 | |
| Other current assets | 65 | 52 | |
| Total current assets | 3,284 | 3,445 | |
| PROPERTY AND EQUIPMENT – Net | 66 | 66 | |
| RIGHT OF USE ASSETS | 23 | 25 | |
| GOODWILL | 4 | 4 | |
| INTANGIBLES – Net | 4 | 5 | |
| OTHER ASSETS | 23 | 22 | |
| TOTAL ASSETS | (1) | $3,404 | $3,567 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| CURRENT LIABILITIES: | |||
| Accounts payable and other accrued liabilities | $69 | $64 | |
| Interest payable | 1 | 1 | |
| Lease liabilities - current portion | 4 | 5 | |
| Total current liabilities | 74 | 70 | |
| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | 2,036 | 2,134 | |
| CONVERTIBLE SENIOR NOTES | 376 | 376 | |
| LEASE LIABILITIES – Net of current portion | 18 | 19 | |
| OTHER LIABILITIES | 1 | 1 | |
| Total liabilities | (2) | 2,505 | 2,600 |
| COMMITMENTS AND CONTINGENCIES (See Note 13) | |||
| SHAREHOLDERS’ EQUITY: | |||
| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 688,560,794 and 677,636,163 shares issued, respectively; 688,560,794 and 677,636,163 shares outstanding, respectively | — | — | |
| Additional paid-in capital | 4,341 | 4,301 | |
| Accumulated deficit | (3,442) | (3,333) | |
| Accumulated other comprehensive loss | — | (1) | |
| Total shareholders’ equity | 899 | 967 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $3,404 | $3,567 | |
(1)The Company’s consolidated assets at March 31, 2024 and December 31, 2023 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $322 and $530; Real estate inventory, net, $1,848 and $1,735; Escrow receivable, $14 and $8; Other current assets, $27 and $10; and Total assets of $2,211 and $2,283, respectively.
(2)The Company’s consolidated liabilities at March 31, 2024 and December 31, 2023 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $27 and $28; Interest payable, $1 and $1; Non-recourse asset-backed debt, net of current portion, $2,036 and $2,134; and Total liabilities, $2,064 and $2,163, respectively.
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