Opendoor Technologies Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
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 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Balance Sheets
(In millions, excepts hare data)
| September 30,2024 · December 31, 2023 | |||
|---|---|---|---|
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $829 | $999 | |
| Restricted cash | 225 | 541 | |
| Marketable securities | 8 | 69 | |
| Escrow receivable | 15 | 9 | |
| Real estate inventory, net | 2,145 | 1,775 | |
| Other current assets | 41 | 52 | |
| Total current assets | 3,263 | 3,445 | |
| PROPERTY AND EQUIPMENT – Net | 59 | 66 | |
| RIGHT OF USE ASSETS | 25 | 25 | |
| GOODWILL | 3 | 4 | |
| INTANGIBLES – Net | — | 5 | |
| OTHER ASSETS | 61 | 22 | |
| TOTAL ASSETS | (1) | $3,411 | $3,567 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| CURRENT LIABILITIES: | |||
| Accounts payable and other accrued liabilities | $71 | $64 | |
| Non-recourse asset-backed debt – current portion | 643 | — | |
| Interest payable | 3 | 1 | |
| Lease liabilities – current portion | 4 | 5 | |
| Total current liabilities | 721 | 70 | |
| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | 1,491 | 2,134 | |
| CONVERTIBLE SENIOR NOTES | 377 | 376 | |
| LEASE LIABILITIES – Net of current portion | 19 | 19 | |
| OTHER LIABILITIES | 2 | 1 | |
| Total liabilities | (2) | 2,610 | 2,600 |
| COMMITMENTS AND CONTINGENCIES (See Note 15) | |||
| SHAREHOLDERS’ EQUITY: | |||
| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 711,660,871 and 677,636,163 shares issued, respectively; 711,660,871 and 677,636,163 shares outstanding, respectively | — | — | |
| Additional paid-in capital | 4,413 | 4,301 | |
| Accumulated deficit | (3,612) | (3,333) | |
| Accumulated other comprehensive loss | — | (1) | |
| Total shareholders’ equity | 801 | 967 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $3,411 | $3,567 | |
(1)The Company’s consolidated assets at September 30, 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, $214 and $530; Real estate inventory, net, $2,088 and $1,735; Escrow receivable, $14 and $8; Other current assets, $14 and $10; and Total assets of $2,330 and $2,283, respectively.
(2)The Company’s consolidated liabilities at September 30, 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, $34 and $28; Current portion of non-recourse asset-backed debt, $643 and $—; Interest payable, $2 and $1; Non-recourse asset-backed debt, net of current portion, $1,491 and $2,134; and Total liabilities, $2,170 and $2,163, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.