Offerpad Solutions Inc. Q2 2024 10-Q Filing

TL;DR

Offerpad's Q2 10-Q shows debt details, including a related party credit facility and lease liabilities.

AI Summary

Offerpad Solutions Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial condition, including details on its credit facilities and liabilities. Notably, the filing references a "Two Thousand And Twenty Five September Mezzanine Credit Facility With Related Party" as of June 30, 2024, and mentions "Acquired Operating Lease Liabilities" for the period ending June 30, 2023.

Why It Matters

This filing provides insight into Offerpad's financial structure and debt obligations, which can impact its operational capacity and future growth prospects.

Risk Assessment

Risk Level: medium — The filing details various credit facilities and liabilities, which can indicate financial leverage and potential risks associated with debt repayment.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2023-06-30 — Prior Period End Date (Used for comparative financial reporting, showing 'Acquired Operating Lease Liabilities'.)

Key Players & Entities

• Offerpad Solutions Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• Two Thousand And Twenty Five September Mezzanine Credit Facility With Related Party (dollar_amount) — Specific credit facility mentioned
• Acquired Operating Lease Liabilities (dollar_amount) — Liabilities reported for prior period
• Supernova Partners Acquisition Company, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A common stock, $0.0001 par value per share OPAD The New Yo
• $16,092 — ilities of those VIEs: Restricted cash, $16,092 and $3,867; Accounts receivable, $3,203
• $3,867 — hose VIEs: Restricted cash, $16,092 and $3,867; Accounts receivable, $3,203 and $6,782
• $3,203 — 16,092 and $3,867; Accounts receivable, $3,203 and $6,782; Real estate inventory, $307
• $6,782 — $3,867; Accounts receivable, $3,203 and $6,782; Real estate inventory, $307,750 and $2
• $307,750 — ,203 and $6,782; Real estate inventory, $307,750 and $276,500; Prepaid expenses and othe
• $276,500 — 82; Real estate inventory, $307,750 and $276,500; Prepaid expenses and other current ass
• $407 — paid expenses and other current assets, $407 and $1,588; Total assets of $327,452 an
• $1,588 — nses and other current assets, $407 and $1,588; Total assets of $327,452 and $288,737
• $327,452 — ssets, $407 and $1,588; Total assets of $327,452 and $288,737 , respectively. (2) Our
• $288,737 — nd $1,588; Total assets of $327,452 and $288,737 , respectively. (2) Our consolidated
• $1,903 — recourse to Offerpad: Accounts payable, $1,903 and $1,798; Accrued and other current l
• $1,798 — Offerpad: Accounts payable, $1,903 and $1,798; Accrued and other current liabilities,
• $1,757 — Accrued and other current liabilities, $1,757 and $2,027; Secured credit facilities a
• $2,027 — d other current liabilities, $1,757 and $2,027; Secured credit facilities and other de

Filing Documents

• opad-20240630.htm (10-Q) — 2200KB
• opad-ex10_3.htm (EX-10.3) — 46KB
• opad-ex31_1.htm (EX-31.1) — 16KB
• opad-ex31_2.htm (EX-31.2) — 15KB
• opad-ex32_1.htm (EX-32.1) — 9KB
• opad-ex32_2.htm (EX-32.2) — 9KB
• img223556044_0.jpg (GRAPHIC) — 178KB
• 0000950170-24-090951.txt ( ) — 10174KB
• opad-20240630.xsd (EX-101.SCH) — 1659KB
• opad-20240630_htm.xml (XML) — 1748KB

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Changes in Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 Cautionary No te Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q includes statements that express Offerpad Solutions Inc.'s ("Offerpad," the "Company," "we," "us," and "our," and similar references) opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They may appear in a number of places throughout this Quarterly Report on Form 10-Q, including Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our future results of operations, financial condition and liquidity, our prospects, potential growth or expansion evaluations, strategies, including product and service offerings, macroeconomic trends, geopolitical concerns, and the markets in which Offerpad operates. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condi

Fin ancial Statements

Item 1. Fin ancial Statements. OFFERPAD SOLUTIONS INC. Con densed Consolidated Balance Sheets June 30, December 31, (in thousands, except par value per share) (Unaudited) 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 56,906 $ 75,967 Restricted cash 16,092 3,967 Accounts receivable 6,745 9,935 Real estate inventory 307,750 276,500 Prepaid expenses and other current assets 3,545 5,236 Total current assets 391,038 371,605 Property and equipment, net 4,492 4,517 Other non-current assets 11,095 3,572 TOTAL ASSETS (1) $ 406,625 $ 379,694 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,838 $ 4,946 Accrued and other current liabilities 13,095 13,859 Secured credit facilities and other debt, net 271,887 227,132 Secured credit facilities and other debt - related party 31,899 30,092 Total current liabilities 319,719 276,029 Warrant liabilities 136 471 Other long-term liabilities 9,203 1,418 Total liabilities (2) 329,058 277,918 Commitments and contingencies (Note 16) Stockholders' equity: Class A common stock, $ 0.0001 par value; 2,000,000 shares authorized; 27,329 and 27,233 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 3 3 Additional paid in capital 506,748 499,660 Accumulated deficit ( 429,184 ) ( 397,887 ) Total stockholders' equity 77,567 101,776 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 406,625 $ 379,694 ________________ (1) Our consolidat ed assets as of June 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, $16,092 and $3,867; Accounts receivable, $3,203 and $6,782; Real estate inventory, $307,750 and $276,500; Prepaid expenses and other current assets, $407 and $1

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View this 10-Q filing on SEC EDGAR