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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents $ 1,137 $ 1,731
Restricted cash 654 847
Marketable securities 144 484
Escrow receivable 30 84
Real estate inventory, net 4,460 6,096
Other current assets ($1 and $4 carried at fair value) 41 91
Total current assets 6,466 9,340
PROPERTY AND EQUIPMENT – Net 58 45
RIGHT OF USE ASSETS 41 42
GOODWILL 4 60
INTANGIBLES – Net 12 12
OTHER ASSETS 27 7
TOTAL ASSETS [1] 6,608 9,506
CURRENT LIABILITIES:    
Accounts payable and other accrued liabilities 110 137
Non-recourse asset-backed debt - current portion 1,376 4,240
Other secured borrowings 0 7
Interest payable 12 12
Lease liabilities – current portion 7 4
Total current liabilities 1,505 4,400
NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 3,020 1,862
CONVERTIBLE SENIOR NOTES 959 954
LEASE LIABILITIES – Net of current portion 38 42
Total liabilities [2] 5,522 7,258
COMMITMENTS AND CONTINGENCIES (See Note 19)
SHAREHOLDERS’ EQUITY:    
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 637,387,025 and 616,026,565 shares issued, respectively; 637,387,025 and 616,026,565 shares outstanding, respectively 0 0
Additional paid-in capital 4,148 3,955
Accumulated deficit (3,058) (1,705)
Accumulated other comprehensive loss (4) (2)
Total shareholders’ equity 1,086 2,248
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 6,608 9,506
Asset Pledged as Collateral with Right    
CURRENT ASSETS:    
Mortgage loans held for sale pledged under agreements to repurchase $ 0 $ 7
[1] The Company’s consolidated assets at December 31, 2022 and 2021 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Cash and cash equivalents, $— and $9; Restricted cash, $636 and $838; Real estate inventory, net, $4,408 and $6,046; Escrow receivable, $29 and $78; Other current assets, $9 and $35; and Total assets of $5,082 and $7,006, respectively.
[2] The Company’s consolidated liabilities at December 31, 2022 and 2021 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $61 and $59; Interest payable, $11 and $11; Current portion of non-recourse asset-backed debt, $1,376 and $4,240; Non-recourse asset-backed debt, net of current portion, $3,020 and $1,862; and Total liabilities, $4,468 and $6,172, respectively.