-- 99% of legacy inventory under contract or
sold -- -- Sequential improvement in operating metrics
--
Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading
tech-enabled platform for residential real estate, today released
financial results for the three months ended March 31, 2023.
“We are pleased to see the expected sequential improvement in
our quarterly results materialize,” said Brian Bair, Chairman and
CEO of Offerpad. “Net Loss improved 51% and Adjusted EBITDA
improved 57% over the fourth quarter 2022. Acquisition volume has
also steadily increased each month in 2023, with homes acquired
after the market shift showing positive performance.”
“During the last three quarters we have acted decisively to
responsibly sell through our legacy inventory. We are now focused
entirely on our go forward plans to simplify residential real
estate and build an extensive suite of solutions,” said Bair.
First Quarter 2023 Financial Results – compared with the prior
quarter:
- Revenue was $609.6 million compared to $677.2 million
- Gross Profit (Loss) was $7.3 million compared to ($44.9)
million
- Net Loss was ($59.4) million compared to ($121.1) million
- Adjusted EBITDA was ($44.8) million compared to ($103.7)
million
- Diluted Loss Per Share was ($0.17) compared to ($0.49)
Q1 2023 Financial Results (Quarter over
quarter)
Q1 2023
Q4 2022
Percentage Change
Homes acquired
364
539
(32%)
Homes sold
1,609
1,865
(14%)
Revenue
$609.6M
$677.2M
(10%)
Gross profit (loss)1
$7.3M
($44.9M)
n.a.
Net loss1, 2
($59.4M)
($121.1M)
51%
Adjusted net loss1
($59.1M)
($124.5M)
53%
Adjusted EBITDA1
($44.8M)
($103.7M)
57%
Gross profit (loss) per home
sold
$4,500
($24,100)
n.a.
Contribution loss after interest per
home sold
($46,900)
($32,800)
(43%)
Cash and cash equivalents
$107.7M
$97.2M
11%
1 Includes $7.3 million charge in Q1 2023
and $44.1 million charge in Q4 2022 for an inventory valuation
adjustment.
2 Includes $0.4 million non-cash charge in
Q1 2023 and a $3.4 million non-cash credit in Q4 2022 to mark to
market the Warrant Liability.
Q1 2023 Financial Results (Year over
year)
Q1 2023
Q1 2022
Percentage Change
Homes acquired
364
2,856
(87%)
Homes sold
1,609
3,602
(55%)
Revenue
$609.6M
$1.37B
(56%)
Gross profit1
$7.3M
$132.1M
(94%)
Net (loss) income1, 2
($59.4M)
$41.0M
n.a.
Adjusted net (loss) income1
($59.1M)
$35.3M
n.a.
Adjusted EBITDA1
($44.8M)
$50.4M
n.a.
Gross profit per home sold
$4,500
$36,700
(88%)
Contribution (loss) profit after
interest per home sold
($46,900)
$24,400
n.a.
Cash and cash equivalents
$107.7M
$198.2M
(46%)
1 Includes $7.3 million charge in Q1 2023
for an inventory valuation adjustment.
2 Includes $0.4 million non-cash charge in
Q1 2023 and a $5.7 million non-cash credit in Q1 2022 to mark to
market the Warrant Liability.
Additional information regarding Offerpad’s first quarter 2023
financial results and management commentary can be found by
accessing the Company’s Quarterly Letter to Shareholders on the
Offerpad investor relations website.
Second Quarter 2023 Outlook
“With the business being rightsized to reflect current
transaction volumes, we expect to achieve positive Adjusted EBITDA
again in the fourth quarter of this year,” said Mike Burnett, CFO
of Offerpad. “We also expect Q2 to reflect quarter over quarter
increases in acquisitions, inventory and contribution margin and
improvement in our time from acquisition to sale,” said
Burnett.
Offerpad is providing its second quarter outlook for 2023 as
follows:
Q2 2023 Outlook
Homes Sold
400 – 550
Revenue
$140M – $200M
Adjusted EBITDA3
($25)M – ($40)M
3 See Non-GAAP financial measures below
for an explanation of why a reconciliation of this guidance cannot
be provided
Conference Call and Webcast Details
Offerpad Chairman and CEO Brian Bair and CFO Mike Burnett will
host a conference call and accompanying webcast on May 3, 2023, at
5 p.m. ET. The webcast can be accessed on Offerpad’s Investor
Relations website. Participants can register here to receive a
personalized dial in number and PIN. Access to a replay of the
webcast will be available from the same website address shortly
after the live webcast concludes.
About Offerpad
Offerpad’s mission is to deliver the best home buying and
selling experience. From cash offers and flexible listing options
to mortgages and buyer services, Offerpad has been helping
homeowners since 2015. We pair our local expertise in residential
real estate with proprietary technology to put you in control of
the process and help find the right solution that fits your needs.
Visit Offerpad.com for more information.
#OPAD_IR
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or Offerpad’s future
financial or operating performance. For example, statements
regarding the anticipated quarter-over-quarter improvement in
Offerpad’s time from acquisition to sale and increase in Offerpad’s
acquisition volume, inventory and contribution margin for the
second quarter 2023, Offerpad’s financial outlook for the second
quarter 2023, and expectations regarding profitability are
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “pro forma,”
“may,” “should,” “could,” “might,” “plan,” “possible,” “project,”
“strive,” “budget,” “forecast,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict,” “potential” or
“continue,” or the negatives of these terms or variations of them
or similar terminology. Such forward-looking statements are subject
to risks, uncertainties, and other important factors that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. Factors that may impact
such forward-looking statements include, but are not limited to,
Offerpad’s ability to respond to general economic conditions; the
health of the U.S. residential real estate industry; Offerpad’s
ability to grow market share in its existing markets or any new
markets it may enter; Offerpad’s ability to manage its growth
effectively; Offerpad’s ability to accurately value and manage
inventory, and to maintain an adequate and desirable supply of
inventory; Offerpad’s ability to successfully launch new product
and service offerings, and to manage, develop and refine its
technology platform; Offerpad’s ability to maintain and enhance its
products and brand, and to attract customers; Offerpad’s ability to
achieve and maintain profitability in the future; the success of
strategic relationships with third parties; and Offerpad’s failure
to meet the New York Stock Exchange’s continued listing standards.
These and other important factors discussed under the caption "Risk
Factors" in Offerpad’s Annual Report on Form 10-K for the year
ended December 31, 2022 filed with the Securities and Exchange
Commission on February 28, 2023, and Offerpad’s other reports filed
with the Securities and Exchange Commission could cause actual
results to differ materially from those indicated by the
forward-looking statements made in this press release. These
forward-looking statements are based upon estimates and assumptions
that, while considered reasonable by Offerpad and its management,
are inherently uncertain. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Offerpad
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated
Statements of Operations
Three Months Ended
March 31,
(in thousands, except per share data)
(Unaudited)
2023
2022
Revenue
$
609,579
$
1,373,837
Cost of revenue
602,294
1,241,695
Gross profit
7,285
132,142
Operating expenses:
Sales, marketing and operating
42,351
69,888
General and administrative
14,479
14,657
Technology and development
2,241
3,182
Total operating expenses
59,071
87,727
(Loss) income from operations
(51,786
)
44,415
Other income (expense):
Change in fair value of warrant
liabilities
(389
)
5,664
Interest expense
(7,432
)
(7,196
)
Other income, net
282
4
Total other expense
(7,539
)
(1,528
)
(Loss) income before income
taxes
(59,325
)
42,887
Income tax expense
(122
)
(1,899
)
Net (loss) income
$
(59,447
)
$
40,988
Net (loss) income per share, basic
$
(0.17
)
$
0.17
Net (loss) income per share, diluted
$
(0.17
)
$
0.16
Weighted average common shares
outstanding, basic
354,936
240,120
Weighted average common shares
outstanding, diluted
354,936
259,607
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated Balance
Sheets
March 31,
December 31,
(in thousands, except par value
per share) (Unaudited)
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
107,733
$
97,241
Restricted cash
35,214
43,058
Accounts receivable
2,404
2,350
Inventory
172,651
664,697
Prepaid expenses and other current
assets
9,712
6,833
Total current assets
327,714
814,179
Property and equipment, net
5,067
5,194
Other non-current assets
5,171
5,696
TOTAL ASSETS
$
337,952
$
825,069
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
4,419
$
4,647
Accrued and other current liabilities
20,771
28,252
Secured credit facilities and other debt,
net
128,843
605,889
Secured credit facilities and other debt -
related party
26,380
60,176
Total current liabilities
180,413
698,964
Warrant liabilities
928
539
Other long-term liabilities
3,110
3,689
Total liabilities
184,451
703,192
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.0001 par value;
2,000,000 shares authorized; 382,798 and 232,379 shares issued and
outstanding as of March 31, 2023 and December 31, 2022,
respectively
38
23
Class B common stock, $0.0001 par value;
20,000 shares authorized; 14,816 shares issued and outstanding as
of March 31, 2023 and December 31, 2022
2
2
Additional paid in capital
493,577
402,521
Accumulated deficit
(340,116
)
(280,669
)
Total stockholders’ equity
153,501
121,877
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
337,952
$
825,069
OFFERPAD SOLUTIONS
INC.
Condensed Consolidated
Statements of Cash Flows
Three Months Ended
March 31,
($ in thousands) (Unaudited)
2023
2022
Cash flows from operating
activities:
Net (loss) income
$
(59,447
)
$
40,988
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Depreciation
202
119
Amortization of debt financing costs
894
717
Inventory valuation adjustment
7,285
981
Stock-based compensation
1,843
1,628
Change in fair value of warrant
liabilities
389
(5,664
)
Change in fair value of derivative
instrument
568
—
Changes in operating assets and
liabilities:
Accounts receivable
(54
)
(15,631
)
Inventory
484,761
260,079
Prepaid expenses and other assets
(1,710
)
(2,488
)
Accounts payable
(228
)
2,238
Accrued and other liabilities
(8,060
)
(3,140
)
Net cash provided by operating
activities
426,443
279,827
Cash flows from investing
activities:
Purchases of property and equipment
(75
)
(381
)
Purchase of derivative instrument
(1,212
)
—
Net cash used in investing
activities
(1,287
)
(381
)
Cash flows from financing
activities:
Borrowings from credit facilities and
other debt
186,391
892,836
Repayments of credit facilities and other
debt
(700,635
)
(1,134,164
)
Payment of debt financing costs
(23
)
(35
)
Borrowings from warehouse lending
facility
8,188
—
Repayments of warehouse lending
facility
(5,657
)
—
Proceeds from issuance of pre-funded
warrants
90,000
—
Proceeds from exercise of pre-funded
warrants
11
—
Issuance cost of pre-funded warrants
(784
)
—
Proceeds from exercise of stock
options
49
3,242
Payments for taxes related to stock-based
awards
(48
)
—
Net cash used in financing
activities
(422,508
)
(238,121
)
Net change in cash, cash equivalents
and restricted cash
2,648
41,325
Cash, cash equivalents and restricted
cash, beginning of period
140,299
194,433
Cash, cash equivalents and restricted
cash, end of period
$
142,947
$
235,758
Reconciliation of cash, cash
equivalents and restricted cash to the condensed consolidated
balance sheet:
Cash and cash equivalents
$
107,733
$
198,167
Restricted cash
35,214
37,591
Total cash, cash equivalents and
restricted cash
$
142,947
$
235,758
Supplemental disclosure of cash flow
information:
Cash payments for interest
$
11,064
$
10,537
Non-GAAP Financial Measures
In addition to Offerpad’s results of operations above, Offerpad
reports certain financial measures that are not required by, or
presented in accordance with, U.S. generally accepted accounting
principles (“GAAP”). These measures have limitations as analytical
tools when assessing Offerpad’s operating performance and should
not be considered in isolation or as a substitute for GAAP
measures, including gross profit and net income.
Offerpad may calculate or present its non-GAAP financial
measures differently than other companies who report measures with
similar titles and, as a result, the non-GAAP financial measures
Offerpad reports may not be comparable with those of companies in
Offerpad’s industry or in other industries. Offerpad has not
provided a quantitative reconciliation of forecasted Adjusted
EBITDA to forecasted net income (loss) within this press release
because Offerpad is unable to calculate certain reconciling items
without making unreasonable efforts. These items, which include,
but are not limited to, stock-based compensation with respect to
future grants and forfeitures, could materially affect the
computation of forward-looking net income (loss), are inherently
uncertain and depend on various factors, some of which are outside
of Offerpad’s control.
Adjusted Gross Profit, Contribution Profit, and Contribution
Profit After Interest (and related margins)
To provide investors with additional information regarding
Offerpad’s margins, Offerpad has included Adjusted Gross Profit,
Contribution Profit, and Contribution Profit After Interest (and
related margins), which are non-GAAP financial measures. Offerpad
believes that Adjusted Gross Profit, Contribution Profit, and
Contribution Profit After Interest are useful financial measures
for investors as they are used by management in evaluating unit
level economics and operating performance across Offerpad’s
markets. Each of these measures is intended to present the
economics related to homes sold during a given period. Offerpad
does so by including revenue generated from homes sold (and
ancillary services) in the period and only the expenses that are
directly attributable to such home sales, even if such expenses
were recognized in prior periods, and excluding expenses related to
homes that remain in inventory as of the end of the period
presented. Contribution Profit provides investors a measure to
assess Offerpad’s ability to generate returns on homes sold during
a reporting period after considering home acquisition costs,
renovation and repair costs, and adjusting for holding costs and
selling costs. Contribution Profit After Interest further impacts
gross profit by including interest costs (including senior and
mezzanine secured credit facilities) attributable to homes sold
during a reporting period. Offerpad believes these measures
facilitate meaningful period over period comparisons and illustrate
Offerpad’s ability to generate returns on assets sold after
considering the costs directly related to the assets sold in a
presented period.
Adjusted Gross Profit, Contribution Profit and Contribution
Profit After Interest (and related margins) are supplemental
measures of Offerpad’s operating performance and have limitations
as analytical tools. For example, these measures include costs that
were recorded in prior periods under GAAP and exclude, in
connection with homes held in inventory at the end of the period,
costs required to be recorded under GAAP in the same period.
Accordingly, these measures should not be considered in
isolation or as a substitute for analysis of Offerpad’s results as
reported under GAAP. Offerpad includes a reconciliation of these
measures to the most directly comparable GAAP financial measure,
which is gross profit.
Adjusted Gross Profit / Margin
Offerpad calculates Adjusted Gross Profit as gross profit under
GAAP adjusted for (1) net inventory valuation adjustment plus (2)
interest expense associated with homes sold in the presented period
and recorded in cost of revenue. Net inventory valuation adjustment
is calculated by adding back the inventory valuation adjustment
charges recorded during the period on homes that remain in
inventory at period end and subtracting the inventory valuation
adjustment charges recorded in prior periods on homes sold in the
current period. Offerpad defines Adjusted Gross Margin as Adjusted
Gross Profit as a percentage of revenue.
Offerpad views this metric as an important measure of business
performance, as it captures gross margin performance isolated to
homes sold in a given period and provides comparability across
reporting periods. Adjusted Gross Profit helps management assess
performance across the key phases of processing a home
(acquisitions, renovations, and resale) for a specific resale
cohort.
Contribution Profit / Margin
Offerpad calculates Contribution Profit as Adjusted Gross
Profit, minus (1) direct selling costs incurred on homes sold
during the presented period, minus (2) holding costs incurred in
the current period on homes sold during the period recorded in
sales, marketing, and operating, minus (3) holding costs incurred
in prior periods on homes sold in the current period recorded in
sales, marketing, and operating, plus (4) other income, net which
is primarily comprised of interest income earned on our cash and
cash equivalents and fair value adjustments of derivative financial
instruments. The composition of Offerpad’s holding costs is
described in the footnotes to the reconciliation table below.
Offerpad defines Contribution Margin as Contribution Profit as a
percentage of revenue.
Offerpad views this metric as an important measure of business
performance as it captures the unit level performance isolated to
homes sold in a given period and provides comparability across
reporting periods. Contribution Profit helps management assess
inflows and outflow directly associated with a specific resale
cohort.
Contribution Profit / Margin After Interest
Offerpad defines Contribution Profit After Interest as
Contribution Profit, minus (1) interest expense associated with
homes sold in the presented period and recorded in cost of revenue,
minus (2) interest expense associated with homes sold in the
presented period, recorded in costs of sales, and previously
excluded from Adjusted Gross Profit, and minus (3) interest expense
under Offerpad’s senior and mezzanine secured credit facilities
incurred on homes sold during the period. This includes interest
expense recorded in prior periods in which the sale occurred.
Offerpad’s senior and mezzanine secured credit facilities are
secured by their homes in inventory and drawdowns are made on a
per-home basis at the time of purchase and are required to be
repaid at the time the homes are sold. Offerpad defines
Contribution Margin After Interest as Contribution Profit After
Interest as a percentage of revenue.
Offerpad views this metric as an important measure of business
performance. Contribution Profit After Interest helps management
assess Contribution Margin performance, per above, when fully
burdened with costs of financing.
The following table presents a reconciliation of Offerpad’s
Adjusted Gross Profit, Contribution Profit and Contribution Profit
After Interest to Offerpad’s gross profit, which is the most
directly comparable GAAP measure, for the periods indicated:
Three Months Ended (in thousands, except percentages and
homes sold, unaudited)
March 31, 2023 December 31,
2022 March 31, 2022 Gross (loss) profit
$
7,285
$
(44,860
)
$
132,142
Gross margin
1.2
%
-6.6
%
9.6
%
Homes sold
1,609
1,865
3,602
Gross (loss) profit per home sold
4.5
(24.1
)
36.7
Adjustments: Inventory valuation adjustment - current period(1)
7,285
44,075
434
Inventory valuation adjustment - prior period(2)
(51,515
)
(25,469
)
(1,114
)
Interest expense capitalized(3)
4,677
3,081
4,278
Adjusted gross (loss) profit
(32,268
)
(23,173
)
135,740
Adjusted gross margin
-5.3
%
-3.4
%
9.9
%
Adjustments: Direct selling costs(4)
(18,061
)
(20,584
)
(31,854
)
Holding costs on sales - current period(5)(6)
(1,248
)
(1,251
)
(1,991
)
Holding costs on sales - prior period(5)(7)
(1,886
)
(1,209
)
(819
)
Other income, net(8)
282
861
4
Contribution (loss) profit
(53,181
)
(45,356
)
101,080
Contribution margin
-8.7
%
-6.7
%
7.4
%
Homes sold
1,609
1,865
3,602
Contribution (loss) profit per home sold
(33.1
)
(24.3
)
28.1
Adjustments: Interest expense capitalized(3)
(4,677
)
(3,081
)
(4,278
)
Interest expense on homes sold - current period(9)
(5,498
)
(5,858
)
(5,312
)
Interest expense on homes sold - prior period(10)
(12,032
)
(6,943
)
(3,443
)
Contribution (loss) profit after interest
(75,388
)
(61,238
)
88,047
Contribution margin after interest
-12.4
%
-9.0
%
6.4
%
Homes sold
1,609
1,865
3,602
Contribution (loss) profit after interest per home sold
(46.9
)
(32.8
)
24.4
(1) Inventory valuation adjustment –
current period is the inventory valuation adjustments recorded
during the period presented associated with homes that remain in
inventory at period end.
(2) Inventory valuation adjustment – prior period is the inventory
valuation adjustments recorded in prior periods associated with
homes that sold in the period presented. (3) Interest expense
capitalized represents all interest related costs, including senior
and mezzanine secured credit facilities, incurred on homes sold in
the period presented that were capitalized and expensed in cost of
sales at the time of sale. (4) Direct selling costs represents
selling costs incurred related to homes sold in the period
presented. This primarily includes broker commissions and title and
escrow closing fees. (5) Holding costs primarily include insurance,
utilities, homeowners association dues, property taxes, cleaning,
and maintenance costs. (6) Represents holding costs incurred on
homes sold in the period presented and expensed to Sales,
marketing, and operating on the Condensed Consolidated Statements
of Operations. (7) Represents holding costs incurred in prior
periods on homes sold in the period presented and expensed to
Sales, marketing, and operating on the Condensed Consolidated
Statements of Operations. (8) Other income, net principally
represents interest income earned on our cash and cash equivalents
and fair value adjustments of derivative financial instruments. (9)
Represents both senior and mezzanine interest expense incurred on
homes sold in the period presented and expensed to interest expense
on the Condensed Consolidated Statements of Operations. (10)
Represents both senior and mezzanine secured credit facilities
interest expense incurred in prior periods on homes sold in the
period presented and expensed to Interest expense on the Condensed
Consolidated Statements of Operations.
Adjusted Net Income (Loss) and Adjusted EBITDA
Offerpad also presents Adjusted Net Income (Loss) and Adjusted
EBITDA, which are non-GAAP financial measures, which the management
team uses to assess Offerpad’s underlying financial performance.
Offerpad believes these measures provide insight into period over
period performance, adjusted for non-recurring or non-cash
items.
Offerpad calculates Adjusted Net Income (Loss) as GAAP Net
Income (Loss) adjusted for the change in fair value of warrant
liabilities. Offerpad defines Adjusted Net Income (Loss) Margin as
Adjusted Net Income (Loss) as a percentage of revenue.
Offerpad calculates Adjusted EBITDA as Adjusted Net Income
(Loss) adjusted for interest expense, amortization of capitalized
interest, taxes, depreciation and amortization and stock-based
compensation expense. Offerpad defines Adjusted EBITDA Margin as
Adjusted EBITDA as a percentage of revenue.
Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental
to Offerpad’s operating performance measures calculated in
accordance with GAAP and have important limitations. For example,
Adjusted Net Income (Loss) and Adjusted EBITDA exclude the impact
of certain costs required to be recorded under GAAP and could
differ substantially from similarly titled measures presented by
other companies in Offerpad’s industry or companies in other
industries. Accordingly, these measures should not be considered in
isolation or as a substitute for analysis of Offerpad’s results as
reported under GAAP.
The following table presents a reconciliation of Offerpad’s
Adjusted Net Income (Loss) and Adjusted EBITDA to their GAAP Net
Income (Loss), which is the most directly comparable GAAP measure,
for the periods indicated:
Three Months Ended (in thousands, except percentages,
unaudited)
March 31, 2023 December 31, 2022 March
31, 2022 Net (loss) income (GAAP)
$
(59,447
)
$
(121,137
)
$
40,988
Change in fair value of warrant liabilities
389
(3,360
)
(5,664
)
Adjusted net (loss) income
$
(59,058
)
$
(124,497
)
$
35,324
Adjusted net (loss) income margin
(9.7
%)
(18.4
%)
2.6
%
Adjustments: Interest expense
7,432
15,135
7,196
Amortization of capitalized interest (1)
4,677
3,081
4,278
Income tax expense
122
324
1,899
Depreciation and amortization
202
258
119
Amortization of stock-based compensation
1,843
2,014
1,628
Adjusted EBITDA
(44,782
)
(103,685
)
50,444
Adjusted EBITDA margin
(7.3
%)
(15.3
%)
3.7
%
(1) Amortization of capitalized interest
represents all interest related costs, including senior and
mezzanine interest related costs, incurred on homes sold in the
period presented that were capitalized and expensed in cost of
sales at the time of sale.
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version on businesswire.com: https://www.businesswire.com/news/home/20230503005178/en/
Investors Stefanie Layton Investors@offerpad.com
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Offerpad Solutions (NYSE:OPAD)
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