{
  "docId": "019de517-77a6-722b-b2e4-13e1f8ce09c2",
  "docSlug": "3f7b1ba0a8354a7f9a0caf8fae864684",
  "documentTitle": "Opendoor | Investor Presentation Deck | 42 slides",
  "authorId": "opendoor",
  "authorName": "Opendoor",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 32,
  "pageCount": 42,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "business_model",
  "function": "present_framework",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de517-77a6-722b-b2e4-13e1f8ce09c2/32",
  "deckHref": "/decks/019de517-77a6-722b-b2e4-13e1f8ce09c2",
  "deckJsonHref": "/decks/019de517-77a6-722b-b2e4-13e1f8ce09c2.json",
  "deckAnchorHref": "/decks/019de517-77a6-722b-b2e4-13e1f8ce09c2#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.22,
        "x": 0.617,
        "y": 0.786
      },
      "kind": "list",
      "text": "Capital structure\nWell capitalized to achieve our\ngrowth targets with $2.3B of\nfixed-rate debt and $3.9B in\nundrawn revolving capacity",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ca38f12-7689-4079-80e5-fe43d008d3ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.179,
        "x": 0.239,
        "y": 0.786
      },
      "kind": "list",
      "text": "Interest income\nOur cash and restricted\ncash generate interest\nincome, which offsets\ngross interest expense",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a12e9b4a-1813-4f59-88ad-42e6b884f810",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.179,
        "x": 0.428,
        "y": 0.786
      },
      "kind": "list",
      "text": "Spread adjustment\nAbility to offset\nchanges in financing\ncosts with changes in\nour spreads",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3a4f1b8-8518-4a34-8c91-69d0c228486a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.179,
        "x": 0.05,
        "y": 0.786
      },
      "kind": "list",
      "text": "Inventory turns\nIncreasing the number of\nturns per year reduces risk,\ninterest costs, and capital\nrequirements",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8154065-1605-4f6c-8a03-464d1324fa73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.14,
        "x": 0.826,
        "y": 0.275
      },
      "kind": "list",
      "text": "Annualized Revenue $10B\nContribution Margin 5-7%\nAdj. Operating Expenses 4-5%\nNet Interest Expense 2-3%\nAdj. Net Income breakeven",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f53a0659-cb70-4c06-8041-56280bcf8b6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.026,
        "w": 0.776,
        "x": 0.048,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Note: Weighted average interest rates shown are annual; rate of 6.2% on $2.3 billion in outstanding term debt as of 9/30/23. To the extent Opendoor sells for more than their cost basis, interest as % of\nrevenue will be lower than interest as % of cost",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b536f192-46e5-4e00-b5a4-31ce44149017",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.349,
        "w": 0.35,
        "x": 0.399,
        "y": 0.243
      },
      "kind": "table",
      "text": "Weighted average interest rate 6.2% 6.7% 7.2% 7.7%\nImplied gross interest expense (% of cost):\n2.5x turns 2.5% 2.7% 2.9% 3.1%\n3.0x turns 2.1% 2.2% 2.4% 2.6%\n3.5x turns 1.8% 1.9% 2.1% 2.2%\n4.0x turns 1.6% 1.7% 1.8% 1.9%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2283034-3336-43d9-9043-1e96d9b478f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.601,
        "x": 0.048,
        "y": 0.734
      },
      "kind": "title",
      "text": "We have a robust and dynamic capital structure, built to adapt for growth",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f949c891-acb1-4b73-bb5e-42d1f41fcf68",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "d81757f4-9f47-46c8-837b-49bfe6ca0c9e",
      "evidence": "table/data: Weighted average interest rate 6.2% 6.7% 7.2% 7.7%",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}