Offerpad Solutions Inc. [OPAD] Filings

10-Q 1 opad-20230331.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-39641

Offerpad Solutions Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	85-2800538
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2150 E. Germann Road, Suite 1, Chandler, Arizona	85286
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (844) 388-4539

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.0001 par value per share	OPAD	The New York Stock Exchange
Warrants to purchase Class A common stock, at an exercise price of $11.50 per share	OPADWS	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 26, 2023, there were 384,587,015 shares of Offerpad’s Class A common stock outstanding and 14,816,236 shares of Offerpad’s Class B common stock outstanding.

OFFERPAD SOLUTIONS INC.

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2023

TABLE OF CONTENTS


		Page
Cautionary Note Regarding Forward-Looking Statements		3

PART I.	FINANCIAL INFORMATION	4
Item 1.	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	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37

PART II.	OTHER INFORMATION	38
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3.	Defaults Upon Senior Securities	38
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	39

SIGNATURES		40

Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to “Offerpad,” the “Company,” “we,” “us,” and “our,” and similar references refer to the business and operations of Offerpad Solutions Inc. and its consolidated subsidiaries following the consummation of the business combination (the “Business Combination”) with Supernova Partners Acquisition Company, Inc. (“Supernova”) and to OfferPad, Inc. (“Old OfferPad”) and its consolidated subsidiaries prior to the Business Combination.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes statements that express Offerpad’s 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, growth, strategies, macroeconomic trends 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 condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:

•

our ability to respond to general economic conditions;

•

the health of the U.S. residential real estate industry;

•

our ability to grow market share in our existing markets or any new markets we may enter;

•

our ability to manage our growth effectively;

•

our ability to accurately value and manage inventory, and to maintain an adequate and desirable supply of inventory;

•

our ability to successfully launch new product and service offerings, and to manage, develop and refine our technology platform;

•

our ability to maintain and enhance our products and brand, and to attract customers;

•

our ability to achieve and maintain profitability in the future; and

•

the success of strategic relationships with third parties.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and other risks and uncertainties discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q.

Offerpad Solutions Inc. | First Quarter 2023 Form 10-Q | 3

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

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	(1)	$	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	(2)		184,451			703,192
Commitments and contingencies (Note 17)
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

________________

(1)

Our consolidated assets as of March 31, 2023 and December 31, 2022 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $35,114 and $42,958; Accounts receivable, $1,867 and $1,841; Inventory, $172,651 and $664,697; Prepaid expenses and other current assets, $177 and $212; Total assets of $209,809 and $709,708, respectively.

(2)

Our consolidated liabilities as of March 31, 2023 and December 31, 2022 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $665 and $1,976; Accrued and other current liabilities, $1,349 and $4,408; Secured credit facilities and other debt, net, $152,692 and $666,065; Total liabilities, $154,706 and $672,449, respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Offerpad Solutions Inc. | First Quarter 2023 Form 10-Q | 4

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

The accompanying notes are an integral part of these condensed consolidated financial statements.

Offerpad Solutions Inc. | First Quarter 2023 Form 10-Q | 5

OFFERPAD SOLUTIONS INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity


	Common Stock				Additional Paid in			Accumulated			Total Stockholders’
(in thousands) (Unaudited)	Shares		Amount		Capital			Deficit			Equity
Balance at December 31, 2022		247,195	$	25	$	402,521		$	(280,669	)	$	121,877
Issuance of common stock upon exercise of stock options		194		—		49			—			49
Issuance of common stock upon vesting of restricted stock units		206		—		(48	)		—			(48	)
Issuance of pre-funded warrants, net		—		—		89,216			—			89,216
Exercise of pre-funded warrants		150,019		15		(4	)		—			11
Stock-based compensation expense		—		—		1,843			—			1,843
Net loss		—		—		—			(59,447	)		(59,447	)
Balance at March 31, 2023		397,614	$	40	$	493,577		$	(340,116	)	$	153,501


	Common Stock				Additional Paid in		Accumulated			Total Stockholders’
(in thousands) (Unaudited)	Shares		Amount		Capital		Deficit			Equity
Balance at December 31, 2021		238,970	$	24	$	389,601	$	(132,056	)	$	257,569
Issuance of common stock upon exercise of stock options		5,823		1		3,241		—			3,242
Stock-based compensation expense		—		—		1,628		—			1,628
Net income		—		—		—		40,988			40,988
Balance at March 31, 2022		244,793	$	25	$	394,470	$	(91,068	)	$	303,427

The accompanying notes are an integral part of these condensed consolidated financial statements.

Offerpad Solutions Inc. | First Quarter 2023 Form 10-Q | 6

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

The accompanying notes are an integral part of these condensed consolidated financial statements.

Offerpad Solutions Inc. | First Quarter 2022 Form 10-Q | 7

OFFERPAD SOLUTIONS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1. Nature of Operations and Significant Accounting Policies

Description of Business

Offerpad was founded in 2015 and together with its subsidiaries, is a customer-centric, home buying and selling platform that provides customers with the ultimate home transaction experience, offering convenience, control, certainty, and value. The Company is headquartered in Chandler, Arizona and operated in over 1,700 cities and towns in 25 metropolitan markets across 15 states as of March 31, 2023.

Basis of Presentation and Interim Financial Information

The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to GAAP and SEC rules and regulations. Accordingly, the unaudited interim condensed consolidated financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. Therefore, this information should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company’s 2022 Annual Report on Form 10-K as filed with the SEC on February 28, 2023.

The accompanying financial information reflects all adjustments which are, in the opinion of the Company’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant estimates include those related to the net realizable value of inventory, among others. Actual results could differ from those estimates.

Principles of Consolidation

The Company’s condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company, its wholly owned operating subsidiaries and variable interest entities where the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.

Inventory

Inventory consists of acquired homes and is stated at the lower of cost or net realizable value, with cost and net realizable value determined by the specific identification of each home. Costs include initial purchase costs and renovation costs, as well as holding costs and interest incurred during the renovation period, prior to the listing date. Selling costs, including commissions and holding costs incurred after the listing date, are expensed as incurred and included in sales, marketing and operating expenses.

The Company reviews inventory for valuation adjustments on a quarterly basis, or more frequently if events or changes in circumstances indicate that the carrying value of inventory may not be recoverable. The Company evaluates inventory for indicators that net realizable value is lower than cost at the individual home level. The Company generally considers multiple factors in determining net realizable value for each home, including recent comparable home sale transactions in the specific area where the home is located, the residential real estate market conditions in both the local market in which the home is located and in the U.S. in general, the impact of national, regional or local economic conditions and expected selling costs. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as an inventory valuation adjustment in cost of revenue and the related inventory is adjusted to its net realizable value.

For individual homes or portfolios of homes under contract to sell as of the inventory valuation assessment date, if the carrying value exceeds the contract price less expected selling costs, the carrying value of these homes are adjusted to the contract price less expected selling costs. For all other homes, if the carrying value exceeds the expected sale price less expected selling costs, the carrying value of these homes are adjusted to the expected sale price less expected selling costs. Changes in the Company’s

Offerpad Solutions Inc. | First Quarter 2023 Form 10-Q | 8

OFFERPAD SOLUTIONS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

pricing assumptions may lead to a change in the outcome of the inventory valuation analysis, and actual results may differ from the Company’s assumptions.

During the three months ended March 31, 2023 and 2022, the Company recorded inventory valuation adjustments of $7.3 million and $1.0 million, respectively, the majority of which is associated with homes under contract to sell as of the respective period end dates. Refer to Note 3. Inventory, for further details.

Derivative Financial Instruments

From time to time, the Company uses derivative financial instruments to manage risks related to its ongoing business operations. The Company’s derivative financial instruments are not designated as hedging instruments, but rather, are used as economic hedges to manage risks that are principally associated with interest rate fluctuations. The Company records these derivatives that are not designated as accounting hedges at fair value in Prepaid expenses and other current assets in the condensed consolidated balance sheets, and changes in fair value are recognized in Other income, net in the condensed consolidated statements of operations.

Refer to Note 4. Derivative Financial Instruments, for further details.

Recent Accounting Standards

The Company has adopted all applicable accounting standards that are in effect as of March 31, 2023. The Company does not believe that there are any other new accounting standards that have been issued, but not yet adopted that might have a material impact on its condensed consolidated financial statements.

Note 2. Business Combination

On September 1, 2021, the Company was formed through a business combination (the “Business Combination”) with Supernova Partners Acquisition Company, Inc. (“Supernova”). In connection with the closing of the Business Combination, Supernova changed its name to Offerpad Solutions Inc.

At the closing of the Business Combination, each share of common stock and preferred stock of Old Offerpad that was issued and outstanding immediately prior to the effective time of the Business Combination (other than excluded shares as contemplated by the merger agreement) was cancelled and converted into the right to receive approximately 7.533 shares (the “Exchange Ratio”) of Offerpad Solutions Inc. common stock.

We accounted for the Business Combination as a reverse recapitalization whereby Old Offerpad was determined as the accounting acquirer and Supernova as the accounting acquiree. Accordingly, the Business Combination was treated as the equivalent of Old Offerpad issuing stock for the net assets of Supernova, accompanied by a recapitalization. The net assets of Supernova are stated at historical cost, with no goodwill or other intangible assets recorded.

Upon the closing of the Business Combination, Offerpad Solutions received total gross proceeds of $284.0 million. Total transaction costs were $51.2 million, which principally consisted of advisory, legal and other professional fees.

Note 3. Inventory

The components of inventory, net of applicable lower of cost or net realizable value adjustments, consist of the following as of the respective period ends:


	March 31,		December 31,
($ in thousands)	2023		2022
Homes preparing for and under renovation	$	38,870	$	54,499
Homes listed for sale		40,703		440,862
Homes under contract to sell		93,078		169,336
Inventory	$	172,651	$	664,697

Note 4. Derivative Financial Instruments

During March 2023, the Company entered into a derivative arrangement pursuant to which the Company paid $1.2 million to acquire options on U.S. Treasury futures. These options provide the Company with the right, but not the obligation, to purchase U.S. Treasury futures at a predetermined notional amount and stated term in the future. The majority of the options mature in June 2023, with the remainder of the options maturing in September 2023.

Offerpad Solutions Inc. | First Quarter 2023 Form 10-Q | 9

OFFERPAD SOLUTIONS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Company recorded the $1.2 million premium paid for the derivative instrument as a derivative asset on the date the derivative arrangement was executed. As of March 31, 2023, the fair value of the derivative instrument was $0.6 million. The $0.6 million change in fair value of the derivative instrument between the initial recognition date and March 31, 2023 is recorded in Other income, net in the condensed consolidated statements of operations during the three months ended March 31, 2023. As of March 31, 2023, the gross notional amount of the outstanding derivative instrument was $176.3 million.

Note 5. Property and Equipment

Property and equipment consist of the following as of the respective period ends:


	March 31,			December 31,
($ in thousands)	2023			2022
Rooftop solar panel systems	$	5,075		$	5,075
Leasehold improvements		1,130			1,087
Office equipment and furniture		877			736
Software systems		386			386
Computers and equipment		265			265
Construction in progress		27			136
Property and equipment, gross		7,760			7,685
Less: accumulated depreciation		(2,693	)		(2,491	)
Property and equipment, net	$	5,067		$	5,194

Depreciation expense totaled $0.2 million and $0.1 million during the three months ended March 31, 2023 and 2022, respectively.

Note 6. Leases

The Company’s operating lease arrangements consist of its corporate headquarters in Chandler, Arizona and field office facilities in most of the metropolitan markets in which the Company operates in the United States. These leases typically have original lease terms of 1 year to 6 years, and some leases contain multiyear renewal options. The Company does not have any finance lease arrangements.

The Company’s operating lease costs are included in operating expenses in the accompanying condensed consolidated statements of operations. During the three months ended March 31, 2023 and 2022, operating lease costs were $0.6 million and $0.4 million, respectively, and variable and short-term lease costs were less than $0.1 million and $0.1 million, respectively.

During the three months ended March 31, 2023 and 2022, cash payments for amounts included in the measurement of operating lease liabilities were $0.6 million and $0.4 million, respectively. There were no right-of-use assets obtained in exchange for new or acquired operating lease liabilities during the three months ended March 31, 2023, and $1.3 million during the three months ended March 31, 2022.

As of March 31, 2023 and December 31, 2022, the Company’s operating leases had a weighted-average remaining lease term of 2.5 years and 2.7 years, respectively, and a weighted-average discount rate of 4.3% and 4.2%, respectively.

The Company’s operating lease liability maturities as of March 31, 2023 are as follows:


($ in thousands)
Remainder of 2023	$	1,851
2024		2,373
2025		1,103
2026		269
2027		79
2028		—
Thereafter		—
Total future lease payments		5,675
Less: Imputed interest		(274	)
Total lease liabilities	$	5,401

Offerpad Solutions Inc. [OPAD] Filings
Offerpad Solutions Inc. [OPAD-WT] Filings
10-Q	[2023-05-03]
10-K	[2023-02-28]
10-Q	[2022-11-02]
10-Q	[2022-08-03]
10-Q	[2022-05-04]
10-K	[2022-03-07]
10-Q	[2021-11-10]
S-1	[2021-09-24]
10-Q	[2021-08-16]
10-Q	[2021-05-28]
10-K	[2021-03-31]
10-Q	[2020-12-04]
S-1	[2020-09-25]

Offerpad Solutions Inc. [OPAD] Filings

Offerpad Solutions Inc. [OPAD-WT] Filings