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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,
20232022
ASSETS
Intangibles - net$1 $1 
Investment in subsidiaries1,342 2,046 
TOTAL ASSETS$1,343 $2,047 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other accrued liabilities$— $1 
Interest payable— 1 
Convertible senior notes376 959 
Total liabilities376 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 capital4,301 4,148 
Accumulated deficit(3,333)(3,058)
Accumulated other comprehensive income (loss)(1)(4)
Total shareholders’ equity967 1,086 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,343 $2,047 
CONDENSED STATEMENTS OF OPERATIONS
(In millions)

Year Ended December 31,
202320222021
Operating expenses:
General and administrative$8 $7 $7 
Total operating expenses8 7 7 
Loss from operations(8)(7)(7)
Warrant fair value adjustment— — 12 
Gain on extinguishment of debt
225 — — 
Interest expense(5)(8)(2)
Income (loss) before income taxes
212 (15)3 
Income tax expense— — — 
Earnings of subsidiaries(487)(1,338)(665)
Net loss$(275)$(1,353)$(662)



See accompanying note to condensed financial statements.
CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
202320222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$(275)$(1,353)$(662)
Adjustments to reconcile net loss to cash, cash equivalents used in operating activities:
Earnings of subsidiaries487 1,338 665 
Depreciation and amortization, net of accretion3 7 2 
Warrant fair value adjustment— — (12)
Gain on early extinguishment of debt
(225)— — 
Interest payable(1)— 1 
Other2 (2)— 
Net cash used in operating activities(9)(10)(6)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of intangible assets— — (1)
Investment in subsidiary(4)(6)(1,860)
Distribution from subsidiary370 10 139 
Net cash provided by (used in) investing activities366 4 (1,722)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes— — 953 
Repurchase of convertible senior notes
(362)— — 
Purchase of capped calls related to convertible senior notes— — (119)
Proceeds from exercise of stock options3 4 15 
Proceeds from issuance of common stock for ESPP2 2 — 
Proceeds from warrant exercises— — 22 
Proceeds from February 2021 Offering— — 886 
Issuance of common stock— — (29)
Net cash (used in) provided by financing activities
(357)6 1,728 
NET INCREASE IN CASH AND CASH EQUIVALENTS— — — 
CASH AND CASH EQUIVALENTS - Beginning of year— — — 
CASH AND CASH EQUIVALENTS - End of year$— $— $— 
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.