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CONDENSED FINANCIAL INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONDENSED FINANCIAL INFORMATION | CONDENSED FINANCIAL INFORMATION CONDENSED BALANCE SHEETS (In millions, except share data)
|  | December 31,
|  | 2023 |  | 2022
ASSETS |  |  |  |
Intangibles - net |  | $ | 1 |  |  | $ | 1 |
Investment in subsidiaries |  | 1,342 |  |  | 2,046 |
TOTAL ASSETS |  | $ | 1,343 |  |  | $ | 2,047 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Accounts payable and other accrued liabilities |  | $ | — |  |  | $ | 1 |
Interest payable |  | — |  |  | 1 |
Convertible senior notes |  | 376 |  |  | 959 |
Total liabilities |  | 376 |  |  | 961 |
Shareholders’ equity: |  |  |  |
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 677,636,163 and 637,387,025 shares issued, respectively; 677,636,163 and 637,387,025 shares outstanding, respectively |  | — |  |  | — |
Additional paid-in capital |  | 4,301 |  |  | 4,148 |
Accumulated deficit |  | (3,333) |  |  | (3,058) |
Accumulated other comprehensive income (loss) |  | (1) |  |  | (4) |
Total shareholders’ equity |  | 967 |  |  | 1,086 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 1,343 |  |  | $ | 2,047 |
CONDENSED STATEMENTS OF OPERATIONS (In millions)
| Year Ended December 31, |
| 2023 |  | 2022 |  | 2021 |
Operating expenses: |  |  |  |  |  |
General and administrative | $ | 8 |  |  | $ | 7 |  |  | $ | 7 |  |
Total operating expenses | 8 |  |  | 7 |  |  | 7 |  |
Loss from operations | (8) |  |  | (7) |  |  | (7) |  |
Warrant fair value adjustment | — |  |  | — |  |  | 12 |  |
Gain on extinguishment of debt | 225 |  |  | — |  |  | — |  |
Interest expense | (5) |  |  | (8) |  |  | (2) |  |
Income (loss) before income taxes | 212 |  |  | (15) |  |  | 3 |  |
Income tax expense | — |  |  | — |  |  | — |  |
Earnings of subsidiaries | (487) |  |  | (1,338) |  |  | (665) |  |
Net loss | $ | (275) |  |  | $ | (1,353) |  |  | $ | (662) |  |
See accompanying note to condensed financial statements. CONDENSED STATEMENTS OF CASH FLOWS (In millions)
| Year Ended December 31, |
| 2023 |  | 2022 |  | 2021 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net loss | $ | (275) |  |  | $ | (1,353) |  |  | $ | (662) |  |
Adjustments to reconcile net loss to cash, cash equivalents used in operating activities: |  |  |  |  |  |
Earnings of subsidiaries | 487 |  |  | 1,338 |  |  | 665 |  |
Depreciation and amortization, net of accretion | 3 |  |  | 7 |  |  | 2 |  |
Warrant fair value adjustment | — |  |  | — |  |  | (12) |  |
Gain on early extinguishment of debt | (225) |  |  | — |  |  | — |  |
Interest payable | (1) |  |  | — |  |  | 1 |  |
Other | 2 |  |  | (2) |  |  | — |  |
Net cash used in operating activities | (9) |  |  | (10) |  |  | (6) |  |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Purchase of intangible assets | — |  |  | — |  |  | (1) |  |
Investment in subsidiary | (4) |  |  | (6) |  |  | (1,860) |  |
Distribution from subsidiary | 370 |  |  | 10 |  |  | 139 |  |
Net cash provided by (used in) investing activities | 366 |  |  | 4 |  |  | (1,722) |  |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
Proceeds from issuance of convertible senior notes | — |  |  | — |  |  | 953 |  |
Repurchase of convertible senior notes | (362) |  |  | — |  |  | — |  |
Purchase of capped calls related to convertible senior notes | — |  |  | — |  |  | (119) |  |
Proceeds from exercise of stock options | 3 |  |  | 4 |  |  | 15 |  |
Proceeds from issuance of common stock for ESPP | 2 |  |  | 2 |  |  | — |  |
Proceeds from warrant exercises | — |  |  | — |  |  | 22 |  |
Proceeds from February 2021 Offering | — |  |  | — |  |  | 886 |  |
Issuance of common stock | — |  |  | — |  |  | (29) |  |
Net cash (used in) provided by financing activities | (357) |  |  | 6 |  |  | 1,728 |  |
NET INCREASE IN CASH AND CASH EQUIVALENTS | — |  |  | — |  |  | — |  |
CASH AND CASH EQUIVALENTS - Beginning of year | — |  |  | — |  |  | — |  |
CASH AND CASH EQUIVALENTS - End of year | $ | — |  |  | $ | — |  |  | $ | — |  |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 3 |  |  | $ | 2 |  |  | $ | — |  |
DISCLOSURES OF NONCASH FINANCING ACTIVITIES: |  |  |  |  |  |
Recognition of warrant liability | $ | — |  |  | $ | — |  |  | $ | — |  |
Issuance of common stock in extinguishment of warrant liabilities | $ | — |  |  | $ | — |  |  | $ | (35) |  |
See accompanying note to condensed financial statements. INTRODUCTION AND BASIS OF PRESENTATION The accompanying condensed financial statements, including the note thereto, should be read in conjunction with the consolidated financial statements and notes thereto of Opendoor Technologies Inc. found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. For purposes of these condensed financial statements, the Company’s wholly-owned subsidiaries are accounted for using the equity method of accounting.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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