AGNT, Inc. (AGNT) 2025 Q4 法說會逐字稿

-- Please see our filings with the SEC, including our most recently filed annual report on Form 10-K, and quarterly reports on Form 10-Q for a discussion of specific risks that may affect our business performance and financial condition. We assume no obligation to update or revise any forward-looking statements or information.

-- 請參閱我們向美國證券交易委員會（SEC）提交的申報文件，包括我們最近提交的 Form 10-K 年度報告以及 Form 10-Q 季度報告，以了解可能影響我們業務表現與財務狀況的特定風險之討論。我們不承擔更新或修訂任何前瞻性陳述或資訊的義務。

As a reminder, today's call is being recorded, and a replay will also be made available on expworldholdings.com. Now for a few logistics and we'll get started. For those of you joining in Frame today, welcome to our Metaverse on the web. (Operator Instructions)

提醒各位，今天的電話會議將被錄音，並且也會在 expworldholdings.com 提供重播。現在先說明幾項會議流程，我們就開始。今天透過 Frame 加入的各位，歡迎來到我們在網路上的元宇宙。(接線員指示)

Now I'll turn the fireside chat over to our speakers before opening up the call to questions.

現在我將把爐邊談話交給我們的講者，之後再開放提問。

Leo, you may begin.

Leo，你可以開始了。

Thanks, Denise. We've always been focused on driving eXp across every area of our business, and 2025 has been no different. This year, we expanded into seven countries, increasing our international revenue 67% year-over-year to $147 million as our technology-driven model continues to disrupt the real estate industry and resonate with agents around the world.

謝謝你，Denise。我們一直專注於在業務的各個面向推動 eXp 的發展，2025 年也不例外。今年我們擴展至七個國家，隨著我們以科技驅動的模式持續顛覆房地產產業並引起全球經紀人的共鳴，我們的國際營收年增 67% 至 1.47 億美元。

We're constantly improving and iterating on our value stack, and we've launched four significant programs this year, starting with co-sponsorship, which has been a tremendous success, elevated agent attraction to another level. The program helps drive growth and deepen collaboration between agents, offering agents the option to have two sponsors.

我們持續改進並迭代我們的價值體系，今年已推出四項重要計畫，首先是共同贊助（co-sponsorship），該計畫非常成功，將經紀人招募提升到另一個層次。此計畫有助於推動成長並深化經紀人之間的協作，讓經紀人可選擇擁有兩位贊助人。

Since launching the program, we've seen co-sponsorship happen across 28 countries globally, showing great collaboration amongst our agents in countries all over the globe. In our US and Canadian markets, 14% of the agents have joined eXp since we rolled out co-sponsorship joining with a cosponsor, and agents that have joined with a cosponsor are 64% more productive than those without.

自推出該計畫以來，我們已在全球 28 個國家看到共同贊助的發生，展現出遍及全球各國經紀人之間的高度協作。在美國與加拿大市場，自我們推出共同贊助以來，加入 eXp 的經紀人中有 14% 是與共同贊助人一同加入；而與共同贊助人加入的經紀人，其生產力比沒有共同贊助人的高出 64%。

And agents with a cosponsor have a 19% lower attrition rate. We've also introduced a commercial division in the UK and two programs to help agents differentiate their brands in specialization markets like land and ranch and sports and entertainment in addition to luxury, which has had a tremendous success. These programs have seen a combined membership increase of 48% year-over-year in 2025.

此外，擁有共同贊助人的經紀人，其流失率低 19%。我們也在英國推出商用不動產部門，並新增兩項計畫，協助經紀人在專業化市場（如土地與牧場、運動與娛樂）以及奢華市場中打造差異化品牌，且成效非常顯著。這些計畫在 2025 年的合計會員數年增 48%。

Education is one of our priorities at eXp. Given our scale, we're one of the few brokerages to be able to offer best-in-quality education and access for agents to top-rated trainers and industry leaders throughout -- through eXp University, giving us a huge competitive advantage that other brokers simply cannot replicate.

教育是 eXp 的優先事項之一。憑藉我們的規模，我們是少數能透過 eXp University 提供頂尖品質教育、並讓經紀人接觸到高評價講師與業界領袖的房仲公司之一，這為我們帶來巨大的競爭優勢，是其他經紀商根本無法複製的。

In 2025, we launched an AI-accelerated series, a free comprehensive eight week training program designed to empower our agents with the most sophisticated tools at their disposal and further drive their productivity. These series have already generated nearly 4,000 program views across its nine training sessions, demonstrating a strong appetite for these high-impact tools.

在 2025 年，我們推出 AI 加速系列課程（AI-accelerated series），這是一個免費、完整的八週訓練計畫，旨在讓我們的經紀人能運用手邊最先進的工具，並進一步提升其生產力。該系列在九場訓練課程中已累計近 4,000 次觀看，顯示市場對這些高影響力工具有強烈需求。

We've highlighted FastCAP earlier in the year, and it continues its momentum, with nearly 20,000 agent registrations and the agents that complete the program are reporting seeing the results in both the number of appointments and agreements executed, whether it's buyer agency or listing agreements.

我們在今年稍早已提到 FastCAP，而它仍持續保持動能，已有近 20,000 名經紀人註冊；完成該計畫的經紀人回報，在預約數量與簽署協議數量方面都看到了成果，無論是買方代理協議或委託銷售（listing）協議。

In 2026, we're integrating realty.com for US agents and Zoocasa for Canadian agents into the FastCAP program, including seller and buyer cultivation tools and leads. We have also launched the FastATTRACT program in 2025.

在 2026 年，我們將把 realty.com（供美國經紀人使用）與 Zoocasa（供加拿大經紀人使用）整合進 FastCAP 計畫中，包含賣方與買方培育工具以及名單（leads）。我們也在 2025 年推出了 FastATTRACT 計畫。

In the six months since completing the first FastATTRACT pilot program, agents have had a 24% relative lift in recruiting compared to peers who haven't taken the class yet. And we continue to take a leadership position standing up for consumer choice and transparency.

在完成第一個 FastATTRACT 試點計畫後的六個月內，參與的經紀人相較於尚未上課的同儕，其招募表現出現 24% 的相對提升。同時，我們也持續站在領導位置，捍衛消費者選擇權與透明度。

Holly Mabery, who was recently promoted to Chief Brokerage Officer, has joined the earnings call for the Q&A portion and can share more details on consumer choice framework and the other actions we are taking to help agents remain focused on their business in the midst of a changing real estate landscape.

近期晉升為首席經紀業務長（Chief Brokerage Officer）的 Holly Mabery 已加入本次財報電話會議的問答環節，並可分享更多關於消費者選擇框架，以及我們為協助經紀人在房地產環境變動之際仍能專注於自身業務而採取的其他行動之細節。

And finally, our most important asset, our people. We ended 2025 with 83,060 agents worldwide, up slightly from last year and a base of agents that I believe is stronger than ever as we enter the new year.

最後，也是我們最重要的資產：我們的人才。我們在 2025 年底全球共有 83,060 名經紀人，較去年略有增加；我相信，隨著我們邁入新的一年，這個經紀人基礎比以往任何時候都更強大。

During 2025, we saw growth in agent productivity and revenue accelerate through the year. We ended Q4 with a 6% year-over-year increase in productivity and 9% year-over-year increase in revenue. We also saw a year-over-year increase in the number of ICON agents for the full year of 2025.

在 2025 年期間，我們看到經紀人生產力與營收成長在全年逐步加速。我們在第四季結束時，生產力年增 6%，營收年增 9%。我們也看到 2025 全年 ICON 經紀人的人數年增。

As we've shown throughout the year, we are more likely to retain productive agents. So as productivity increases, attrition improves. Our Q4 attrition was the best it's been all year in Q4, with worldwide agent attrition improving 17% year-over-year and an impressive even larger improvement of 23% year-over-year in the United States.

如同我們全年所展示的，我們更有可能留住高生產力的經紀人。因此，當生產力提升時，流失情況也會改善。我們第四季的流失率是全年最佳：全球經紀人流失率年減 17%，而美國市場更出現更大幅度的改善，年減 23%。

These stats are even more impressive when you consider that the industry is contracting. Let's talk more about this trend on the next slide. In the US, 4% of US realtors exited their membership base in 2025 based on NAR data. And while eXp's US residential did experience net attrition in '25, we outperformed NAR attrition rates by 25%.

考量到整個產業正在收縮，這些數據更顯得令人印象深刻。我們在下一張投影片將更深入談談這個趨勢。根據全美房地產經紀人協會（NAR）數據，2025 年美國有 4% 的房地產經紀人退出其會員基礎。雖然 eXp 的美國住宅業務在 2025 年確實出現淨流失，但我們的表現仍優於 NAR 的流失率 25%。

Compared to our historical rates, our attrition continues to drop year-over-year. We saw a 6% year-over-year improvement from '24 and more than triple the rate in '25 with a 23% year-over-year improvement. I'll talk more about what's driving that trend in the next slide.

相較於我們的歷史水準，我們的流失率仍持續逐年下降。我們在 2024 年較前一年改善 6%，而在 2025 年的改善幅度更是超過三倍，達到年減 23%。我會在下一張投影片進一步說明推動此趨勢的因素。

I presented this slide every quarter this year, and the story remains consistent. Productivity drives retention. The more productive an agent is, the less likely they are to leave. In the US, the majority of departing agents continue to be our lowest-producing cohort and agents in the highest-producing cohorts are multiple times less likely to churn than our low-producing agents.

今年每一季我都展示這張投影片，而核心故事始終一致。生產力驅動留任。經紀人生產力越高，就越不可能離開。在美國，離開的經紀人大多仍屬於我們產出最低的族群；而在產出最高的族群中，流失的可能性是低產出經紀人的數倍之低。

Of the nonproductive agents that leave eXp, 63% of them leave the industry altogether, but fewer agents are leaving and our attrition rates have improved all year with 23% year-over-year improvement for the full 2025.

在離開 eXp 的非生產型經紀人中，有 63% 會直接退出整個產業；但離開的人數正在減少，而我們的流失率在全年持續改善，2025 全年年減 23%。

Part of that is due to our strategy to attract teams to eXp because agents on teams are 78% more productive than individual agents and 40% of the new agents to eXp were on teams in the fourth quarter.

其中一部分原因在於我們吸引團隊加入 eXp 的策略，因為團隊中的經紀人生產力比個人經紀人高 78%，且第四季加入 eXp 的新經紀人中有 40% 來自團隊。

And speaking of teams, I would like to highlight some of the teams that joined eXp in 2025, starting on the next slide. We welcomed some amazing people over the course of 2025. We added more than 25 prominent teams in the US and Canada that generate over $5.5 billion in sales in 2024, while at their respective brokerages.

說到團隊，我想重點介紹一些在 2025 年加入 eXp 的團隊，將從下一張投影片開始。在 2025 年期間，我們迎來了許多優秀的人才。我們在美國與加拿大新增超過 25 個知名團隊，這些團隊在 2024 年於其各自的經紀公司時，合計創造超過 55 億美元的銷售額。

They joined us from coast to coast, leaving traditional brokerages and indies alike, and some were booming agents that returned to eXp after realizing our value prop is hard to replicate anywhere else. And the momentum continues with more teams joining in 2026. We intend to empower our agents and build on these results going forward.

他們從東岸到西岸加入我們，離開傳統經紀公司與獨立經紀公司；其中也有一些原本離開的頂尖經紀人，在意識到我們的價值主張在其他地方難以複製後回到 eXp。而這股動能仍在延續，2026 年將有更多團隊加入。我們將持續賦能經紀人，並在未來進一步鞏固並擴大這些成果。

Next slide, please. 2025 was a defining year at eXp as we enhanced agent productivity and retention and made significant infrastructure investments. In 2026, we expect to translate those investments into margin through disciplined execution. We will also continue to assess opportunities that accelerate growth and expand our capabilities.

下一張投影片，請。2025 年對 eXp 而言是關鍵的一年，我們提升了代理人產能與留任率，並進行了重大的基礎設施投資。在 2026 年，我們預期將透過嚴謹的執行，把這些投資轉化為利潤率表現。我們也將持續評估能加速成長並擴展我們能力的機會。

I will turn it over to Jesse to expand on the strategic investments we made in 2025 and share our outlook for 2026.

我將把時間交給 Jesse，請他進一步說明我們在 2025 年所做的策略性投資，並分享我們對 2026 年的展望。

Thank you, Leo. And now I'll walk us through our consolidated operational and financial highlights for the fourth quarter and the full year 2025, beginning on the next slide. Starting with operational metrics on a consolidated basis, we ended the quarter and the year with just over 83,000 agents, driven by strong agent retention, which drove a 17% reduction in attrition for the year.

謝謝你，Leo。接下來我將從下一張投影片開始，帶大家回顧我們 2025 年第四季與全年合併營運與財務重點。先從合併口徑的營運指標來看，本季末與年末我們的代理人數略高於 83,000 人，主要受惠於強勁的代理人留任，使全年流失率下降 17%。

Productivity per person, or PPP, was up for the quarter and the year at 5.3, while volume ramped up throughout the year, accelerating to 8% in Q4 and 5% for the full year. The higher PPP drove sales transactions up 6% or 110,000 transactions in the fourth quarter, and there were over 440,000 sales transactions in 2025.

人均產能（PPP）在本季與全年均上升至 5.3；同時，成交量在全年逐步回升，於第四季加速至 8%，全年為 5%。較高的 PPP 帶動第四季銷售交易量成長 6%，約 110,000 筆交易；而 2025 年全年銷售交易量超過 440,000 筆。

On the next slide, I'll walk us through our financials. Starting with revenue, we generated $4.8 billion in 2025, up 4% year-over-year despite no material change in the macroeconomic environment. Revenue growth for Q4 accelerated to 9% to $1.2 billion.

下一張投影片，我將帶大家看我們的財務表現。先從營收來看，2025 年我們創造 48 億美元營收，儘管總體經濟環境沒有重大變化，仍較去年同期成長 4%。第四季營收成長加速至 9%，達 12 億美元。

During the year, we invested in programs to attract and retain agents and increase productivity with more agents reaching their cap, which resulted in a gross profit of $333.6 million in 2025. Operating loss of $21.5 million for 2025 and $12.7 million for the quarter was down year-over-year, primarily driven by gross margin compression and higher investments in computer and software, partially offset by early gains that we have seen in operational efficiencies.

在全年期間，我們投資於吸引與留任代理人的方案，並透過更多代理人達到封頂（cap）來提升生產力，因此 2025 年毛利為 3.336 億美元。2025 年營業損失為 2,150 萬美元，單季為 1,270 萬美元，較去年同期收斂，主要原因是毛利率受壓縮以及在電腦與軟體方面的投資增加；部分被我們在營運效率上看到的早期成效所抵銷。

Adjusted EBITDA of $33.2 million for 2025 and $2.1 million for the quarter continues to be positive but down year-over-year, again, primarily driven by this margin compression and partially offset by our streamlined operations. Finally, we've increased our cash position, ending the year with a healthy $124.2 million in cash on the balance sheet.

2025 年調整後 EBITDA 為 3,320 萬美元，單季為 210 萬美元，仍維持正值但較去年同期下降，同樣主要受毛利率壓縮影響，並由我們精簡的營運部分抵銷。最後，我們提高了現金部位，年末資產負債表上的現金達到健康的 1.242 億美元。

On the next slide, I'll highlight our financial results by segment for the quarter. The North America Realty segment continues to be the largest revenue and profit generator for the company with revenue of $1.1 billion for the fourth quarter and $4.6 billion for the year. International continues to be our fastest-growing segment, increasing nearly 51% in Q4 and 67% year-over-year in 2025.

下一張投影片，我將重點說明本季按部門別的財務結果。北美房地產（North America Realty）部門仍是公司最大的營收與獲利來源，第四季營收為 11 億美元，全年為 46 億美元。國際業務仍是我們成長最快的部門，第四季成長近 51%，2025 年全年年增 67%。

The team did all of this while launching seven new markets. So kudos to Felix Bravo and the international team for all of their accomplishments in 2025. Operating expenses increased in the fourth quarter, primarily due to the continued investments in our eXpcon events and increased legal expenses in the US, while we reduced operating expenses in other affiliated services segment as we streamlined SUCCESS operations. SUCCESS contributed modest revenue for the year with an operating loss of $6.2 million as we focused on retooling the SUCCESS platform.

團隊在此同時還推出了 7 個新市場。因此也要向 Felix Bravo 與國際團隊在 2025 年的所有成果致敬。第四季營業費用上升，主要因為我們持續投資 eXpcon 活動，以及美國法律費用增加；同時，隨著我們精簡 SUCCESS 營運，我們在其他關聯服務部門降低了營業費用。SUCCESS 全年貢獻的營收不多，營業損失為 620 萬美元，因為我們專注於重新調整 SUCCESS 平台。

On the next slide, I'll review our 2025 priorities and results. During 2025, we built a strong foundation for profitable growth through several key priorities. We focused on improving operational efficiency through back-office automation so that agents can focus more on their clients.

下一張投影片，我將回顧我們 2025 年的優先事項與成果。在 2025 年，我們透過幾項關鍵優先事項，為獲利性成長建立了堅實基礎。我們聚焦於透過後台自動化提升營運效率，讓代理人能把更多時間投入在客戶身上。

In the fourth quarter, we saw improvements on a year-over-year basis with a 6% decrease in related costs, a 7% increase in the number of agents per staff and a 12% increase in the number of transactions per staff. We made deliberate investments in AI and technology to streamline our high-volume workflows and boost agent productivity in 2025 that we expect to result in continued efficiencies that will drive margin expansion into 2026 and beyond.

在第四季，我們看到年對年改善：相關成本下降 6%，每位員工對應的代理人數增加 7%，每位員工處理的交易數增加 12%。我們在 2025 年有計畫地投資 AI 與科技，以精簡高交易量工作流程並提升代理人產能；我們預期這將帶來持續的效率提升，並推動 2026 年及之後的利潤率擴張。

We also unlock new opportunities for our agents, adding to our luxury affiliate program and introducing land and ranch and sports and entertainment. These programs are expected to contribute margin expansion as they continue to ramp, and we saw a 48% year-over-year increase in agent memberships across these programs in 2025.

我們也為代理人開啟新的機會，擴充我們的豪宅聯盟計畫，並推出土地與牧場，以及體育與娛樂等領域。隨著這些計畫持續放量，預期將帶動利潤率擴張；而在 2025 年，這些計畫的代理人會員數年增 48%。

Finally, we are focused on driving international growth by applying a scalable proven model that we developed over several years. I already mentioned the 67% year-over-year revenue growth in 2025, but I'd also like to mention that we launched these new markets more efficiently, down 37% in our launch costs compared to our original international expansion efforts.

最後，我們專注於透過套用多年打造、可擴展且經驗證的模式來推動國際成長。我先前提到 2025 年國際營收年增 67%，但我也想補充，我們以更高效率推出這些新市場，與最初的國際擴張相比，啟動成本下降 37%。

Ultimately, we strengthened our platform, improved productivity and positioned ourselves to deliver profitable growth as the real estate industry continues to evolve that is expected to result in higher sustained margins throughout the year.

總體而言，我們強化了平台、提升了生產力，並在房地產產業持續演進之際，讓自己處於能交付獲利性成長的位置，預期將使全年維持更高且更可持續的利潤率。

Now let me walk you through our ongoing priorities and our initial outlook for 2026 on the next slide. Looking ahead, we remain focused on maintaining our financial discipline to drive sustainable, profitable growth, and we are providing our initial outlook for the first quarter and the full year 2026.

接下來在下一張投影片，我將帶大家看我們持續的優先事項，以及對 2026 年的初步展望。展望未來，我們仍專注於維持財務紀律，以推動可持續且具獲利性的成長；同時我們提供對 2026 年第一季與全年之初步展望。

Starting with the first quarter, we expect revenue in the range of $960 million to $980 million, expenses in the range of $82 million to $86 million and adjusted EBITDA in the range of $2 million to $5 million. For the year, we expect revenue in the range of $4.85 billion to $5.15 billion. Regarding expenses, we expect to continue to leverage the investments we've made in technology and infrastructure, and we see this translating into operating expenses in the range of $325 million to $345 million.

先看第一季，我們預期營收介於 9.60 億至 9.80 億美元，費用介於 8,200 萬至 8,600 萬美元，調整後 EBITDA 介於 200 萬至 500 萬美元。就全年而言，我們預期營收介於 48.5 億至 51.5 億美元。在費用方面，我們預期將持續發揮先前在科技與基礎設施投資的效益，並預期這將反映為營業費用介於 3.25 億至 3.45 億美元。

Finally, we expect adjusted EBITDA in the range of $50 million to $75 million for 2026. We intend to stay financially flexible. We reserve the right to invest where we see meaningful opportunities to support our agents, strengthen our technology platform and enhance long-term shareholder value. As always, our focus remains on executing with discipline, maintaining a strong balance sheet and continuing to build a more efficient, resilient and profitable eXp.

最後，我們預期 2026 年調整後 EBITDA 介於 5,000 萬至 7,500 萬美元。我們將維持財務上的彈性。我們保留在看到具實質意義的機會時進行投資的權利，以支持代理人、強化科技平台並提升股東長期價值。一如既往，我們的重點仍是以紀律執行、維持強健的資產負債表，並持續打造更高效率、更具韌性且更具獲利能力的 eXp。

And now I'll turn over the call to Glenn to wrap it up before we open up the call to questions. Glenn?

現在我將把電話會議交給 Glenn，在我們開放提問前做總結。Glenn？

Thanks, Jesse. In 2025, I did something most CEOs don't do. I went deep into two of our businesses to rebuild them from the ground up. And I want to tell you why, because it reflects exactly how we think about building this company.

謝謝，Jesse。在 2025 年，我做了一件多數 CEO 不會做的事。我深入我們兩項業務，從零開始重新打造。我想告訴各位原因，因為這正好反映了我們如何思考打造這家公司。

In 2024, I focused on replatforming eXp International. And the thesis was really simple. If we build a cleaner, more scalable technology foundation, we could expand faster and cheaper. The results showed up in 2025, seven new country launches, international revenue up 67% to $147 million and launch costs down 37% compared to our original expansion efforts. And that's really a proof point as really this founder's approach to infrastructure producing compounding returns.

在 2024 年，我專注於 eXp International 的平台重建。而這個論點其實很簡單。如果我們建立更乾淨、更可擴展的技術基礎，我們就能以更快、更低成本的方式擴張。成果在 2025 年顯現：新增 7 個國家上線，國際營收年增 67% 至 1.47 億美元，且相較我們最初的擴張努力，啟動成本下降 37%。這也確實是一個證明：以創辦人思維投入基礎設施，能帶來複利式回報。

I took that same playbook and applied it to SUCCESS. In mid-2025, I joined as the Managing Director with really a singular mandate, don't iterate on what exists, rebuild it. We replatformed success.com entirely, relaunched coaching certification and began architecting SUCCESS as a culture and growth layer for the entire eXp ecosystem.

我把同樣的作戰手冊拿來，並把它應用在 SUCCESS 上。在 2025 年年中，我以總經理（Managing Director）的身分加入，任務其實很單一：不要在既有的東西上迭代，而是把它重建。我們全面重新平台化 success.com、重新推出教練認證，並開始將 SUCCESS 架構為整個 eXp 生態系的文化與成長層。

What I learned about community design, creator tools and AI native product architecture came back directly into the eXp and gave birth to the eXp Hub, which is really our workplace replacement when that went away. This has really been a deliberate pattern. When a segment of our platform needs to be rebuilt for the next era, we go in, we apply a founder's mindset and come out with infrastructure that compounds.

我在社群設計、創作者工具與 AI 原生產品架構方面學到的東西，直接回饋到 eXp，並催生了 eXp Hub；當原本的工作場所替代方案消失後，它其實就是我們的工作場所替代品。這確實是一種刻意為之的模式。當我們平台的某個區塊需要為下一個時代重建時，我們就進去，以創辦人的心態去做，然後帶著能夠複利增長的基礎設施走出來。

Now we're bringing that same philosophy to eXp itself. We're introducing the single-threaded leader framework. It's really an AI-assisted operating model where leaders with singular focus and full accountability for specific outcomes are paired with AI-assisted engineering to deliver something this industry has never seen, a genuinely high-touch agent and consumer experience running on an entirely AI-enhanced platform.

現在我們正把同樣的理念帶回 eXp 本身。我們正在導入「單線領導者（single-threaded leader）」框架。這其實是一種 AI 輔助的營運模式：讓具備單一焦點、並對特定成果負完全責任的領導者，搭配 AI 輔助工程能力，交付這個產業前所未見的成果——在完全 AI 強化的平台上，提供真正高觸感（high-touch）的經紀人與消費者體驗。

The framework isn't just about leadership structure, it's about what becomes possible when you remove competing priorities and replace them with AI native tooling, smaller, more focused teams, dramatically higher output and a level of personalization at scale that no traditional brokerage can replicate because they're carrying the weight of legacy infrastructure we simply don't have.

這個框架不只是關於領導架構，而是關於：當你移除彼此競爭的優先事項，並以 AI 原生工具、更小且更聚焦的團隊取而代之時，會變得多麼可能——產出大幅提高，並能以規模化方式提供高度個人化；而任何傳統房仲都無法複製，因為他們背負著我們根本沒有的舊有基礎設施包袱。

We're already in motion. I'm working directly with some of our country leaders internationally as the first cohort to pilot this framework, people who know their markets deeply and are operating with AI-assisted tools to allow them to run leaner, faster and far greater impact than was previously possible. We have more to share as the year progresses, but early work is validating exactly what we expected.

我們已經在推進中。我正直接與部分國際市場的國家領導人合作，作為第一批試點這個框架的成員；他們對各自市場有深刻理解，並運用 AI 輔助工具，使他們能以更精實、更快速的方式運作，並產生比以往更大的影響力。隨著今年進展，我們會分享更多，但早期成果正如我們預期地得到驗證。

Singular focus plus AI native tooling is a multiplier. We have third-party validation of how we deploy operationally. We have AI-native leaders embedding throughout the organization, and we are running leaner teams with measurably higher output than two years ago. 2025 was the year we proved it works. 2026 is the year we scale across every layer of the platform.

單一焦點加上 AI 原生工具，是一個倍增器。我們在營運部署方式上也獲得第三方驗證。我們有 AI 原生的領導者在整個組織中落地推進，而且我們以更精實的團隊，達成了可衡量、比兩年前更高的產出。2025 年是我們證明它可行的一年；2026 年是我們把它擴展到平台每一層的一年。

Next slide, please. Really, the eXp platform, and I want to close by describing what we're actually building because I think it's really underappreciated. eXp is a platform business, four connected segments working in deliberate harmony, eXp, obviously, Realty North America as the engine, International as the rapidly expanding frontier, Frame VR, where you're attending today is our virtual infrastructure and then SUCCESS as our culture and growth layer.

下一張投影片，謝謝。其實，eXp 平台——我想用描述我們正在打造什麼來作結，因為我認為這點被嚴重低估了。eXp 是一個平台型企業，由四個相互連結的區塊以刻意的協同方式運作：eXp（當然）、北美 Realty 作為引擎、International 作為快速擴張的前線、Frame VR——也就是你今天參與的地方——作為我們的虛擬基礎設施，以及 SUCCESS 作為我們的文化與成長層。

No other brokerage on earth is built this way. Our competitors, most of which are franchise systems are anchored in physical real estate, legacy commission structures and technology stacks, they can't move fast enough to modernize. They face real consolidation pressure as AI raises the cost of falling behind.

地球上沒有任何其他房仲是以這種方式打造的。我們的競爭對手多數是加盟體系，根植於實體不動產、舊有的佣金結構與技術堆疊；他們無法以足夠快的速度現代化。當 AI 拉高落後的代價時，他們將面臨實質的整併壓力。

We have none of those constraints. We're built, distributed and technology forward from day one, which means we layer AI onto a clean architecture rather than retrofitting it into a broken one. What we offer agents and what no one else can fully replicate is a complete operating system for building scalable, sustainable real estate business, full stack marketing, deep ongoing personal development through success and a fully immersive global collaboration layer through Frame.

我們沒有這些限制。我們從第一天起就是分散式、技術導向的架構，這代表我們是在乾淨的架構上疊加 AI，而不是把 AI 硬塞進一個破碎的架構裡去補丁式改造。我們提供給經紀人的、也是其他人無法完整複製的，是一套完整的作業系統，用來打造可規模化、可持續的不動產事業：全棧行銷、透過 SUCCESS 提供深度且持續的個人成長，以及透過 Frame 提供完全沉浸式的全球協作層。

Every investment we're making right now, the eXp Hub, AI Copilots, listing intelligent platform, App Store marketplace, single-thread leaders driving focused execution is designed around one goal, helping agents build businesses that grow beyond themselves, powered by the best platform in the industry. That's the eXp platform, that's the moat, and we're just getting started.

我們現在所做的每一項投資——eXp Hub、AI 副駕（AI Copilots）、房源智慧平台（listing intelligent platform）、App Store 市集、由單線領導者推動的聚焦執行——都圍繞著一個目標：協助經紀人打造能超越個人本身、持續成長的事業，由業界最佳平台驅動。這就是 eXp 平台，這就是護城河，而我們才正要開始。

Now I'll turn it back to Denise for Q&A.

現在我把時間交回給 Denise 進行問答。

Thanks, Glenn. I'll kick it off with a question for everyone on the team before we open the call to questions from the audience and the analysts.

謝謝你，Glenn。在我們把電話會議開放給觀眾與分析師提問之前，我先用一個問題請教團隊的每一位。

Glenn, how resistant is the larger residential brokerage industry to AI?

Glenn，整體住宅房仲產業對 AI 的抗拒程度有多高？

It was a great question. So when we think about it quite a bit, the -- there's a lot of the industry that can be impacted by AI. But one of the things that's really interesting is it's this where the wisdom of the agent comes in, which is really at the table, taking a listing, working on pricing, working on marketing strategies, working with the buyer, again, understanding the neighborhoods at the local level.

這是一個很好的問題。所以當我們深入思考時——這個產業有很大一部分會受到 AI 影響。但有一點非常有趣：這正是經紀人的智慧發揮作用之處——坐在桌前、承接委託、做定價、制定行銷策略、與買方合作，再次強調，在地方層級理解各個社區。

Those are things that AI just can't do in a great way. They don't actually live in the neighborhood. They have to sort of absorb stuff and kind of then through probability, what is the data. So the profession definitely is not going away, but the relations, the trust, the local expertise is really something very durable.

這些事情 AI 目前就是做不到非常好。它們並不真的住在那個社區裡。它們必須某種程度上吸收資訊，然後再透過機率去推算資料代表什麼。所以這個職業絕對不會消失；但關係、信任與在地專業，確實是非常持久的核心。

But running a business is about to get radically more efficient for platforms that are ready. And we're ready. I mean, we've been building this infrastructure for now for a few years to be ready while most of our competitors aren't. And that's -- and I really -- maybe I'll just reframe the question slightly differently. It's the real question isn't whether brokerage is AI resilient, it's who is positioned to win in an AI-enabled industry.

但對於已經準備好的平台而言，經營一門生意即將變得大幅更有效率。而我們已經準備好了。我的意思是，我們為了準備就緒，已經建置這套基礎設施好幾年了，而我們多數競爭對手並沒有。而且——我想我也許可以用稍微不同的方式重述這個問題。真正的問題不是房仲是否能抵禦 AI，而是誰在 AI 賦能的產業中具備勝出的定位。

And I think that's a really critical question. So here's what I see, as mentioned, many traditional brokerages carry structural complexities, whether they be commercial leases, fixed overhead, legacy technology that's spread across offices and really an entrenched way of operating that isn't able to be centralized and managed. So they're not easy to unwind or replace.

我認為那是一個非常關鍵的問題。所以我看到的是：如前所述，許多傳統房仲背負結構性的複雜度，不論是商用租約、固定營運成本、分散在各辦公室的舊有技術，還有一套根深蒂固、無法集中化與管理的運作方式。因此它們不容易被拆解或替換。

They'll face real pressure to consolidate just to build the economies of scale needed to compete. And we've seen this countless times over the years with companies who have attempted to even do what we've done here, which is to build a cloud-based real estate brokerage from a more traditional place and none of them have been able to get there.

他們將面臨必須整併的實質壓力，才能建立競爭所需的規模經濟。而我們多年來已經無數次看到：有些公司試圖做出我們在這裡所做的事——也就是從較傳統的起點打造雲端不動產經紀公司——但沒有任何一家能真正做到。

So eXp, of course, has no branches. It's one company, no leases, no legacy infrastructure and the ability to really work at scale across the entire enterprise. We're built to be distributed and technology forward, which means as we adopt more AI-assisted engineering, AI-assisted brokerage models on top of our current infrastructure, we're really in a place to continue to lead rather than follow. And I think that's the real key.

所以 eXp 當然沒有分店。它是一家公司，沒有租約、沒有舊有基礎設施，並且具備在整個企業範圍內以規模化方式運作的能力。我們天生就是分散式、技術導向的，這代表當我們在現有基礎設施之上採用更多 AI 輔助工程、AI 輔助的經紀模式時，我們確實處於能持續領先而非跟隨的位置。而我認為這才是真正的關鍵。

Great. All right. Thanks, Glenn. Leo, one for you. Can you discuss agent count in Q4?

很好。好。謝謝你，Glenn。Leo，這題給你。你能談談第四季的經紀人數量嗎？

Yes, sure, Denise. Thanks for that question. Historically, going back to 2023, 2024, we have seasonality. We have agent dip count from the third quarter going to the fourth quarter. That said, we've prioritized agent productivity over agent count. So in the four years I've been here, that's been my hyper focus, right? And agent is not equal to an agent.

好的，當然可以，Denise。謝謝你的提問。從歷史來看，回到 2023、2024 年，我們有季節性因素。我們的經紀人數量會從第三季到第四季出現下滑。話雖如此，我們把經紀人產能（agent productivity）放在經紀人數量之上作為優先事項。所以在我在這裡的四年裡，那一直是我最聚焦的重點，對吧？而且，一位經紀人不等於另一位經紀人。

If you look at real trends every year, we tend to enjoy having some of the most productive agents in the country, and we're doubling down on that. We've seen our agent productivity per person increase. And most of that has been on teams as well. So even about an hour before the call started, I zoomed into an onboarding in Houston to a 60-person independent that we'll announce at our next earnings call. That was between us and one of our legacy competitors.

如果你觀察每年的實際趨勢，我們往往擁有全國最具生產力的一些經紀人，而我們正在加碼投入這一點。我們看到我們的人均經紀人生產力有所提升。而且其中大部分也來自團隊。所以甚至在電話會議開始前大約一小時，我還透過 Zoom 參加了休士頓一場新進加盟導入會，對象是一家 60 人規模的獨立公司，我們將在下一次財報電話會議上宣布。那是我們與其中一家傳統競爭對手之間的競爭。

And so we're continuing to add entire independent brokerages, ones rolling off franchise agreements and the ones that were fully independent. We saw in 2025 that 40% of the agents that joined were on teams. And our team members are about 78% more productive than our solo agents.

因此，我們持續新增整家獨立經紀公司，包括那些即將結束加盟合約的，以及原本就完全獨立的公司。我們在 2025 年看到，加入的經紀人中有 40% 是在團隊中。而我們的團隊成員生產力比單打獨鬥的經紀人高約 78%。

So our strategy has been paying off. Our productivity grew 6% year-over-year in Q4, which, by the way, was our highest quarterly growth. So it continued to accelerate. And when you look at North America, 63% of the agents that left our company left the industry. So we see this very self-fulfilling prophecy if the agents that lean in, take advantage of our tools, not only sell homes but also stay sticky, and the ones we lose tend to be at the majority quantities the ones that are not selling homes.

因此，我們的策略正在奏效。我們在第四季的人均生產力年增 6%，順帶一提，這是我們單季最高的成長。所以成長持續加速。而當你看北美市場，離開我們公司的經紀人中有 63% 是離開了整個產業。因此我們看到一種非常自我實現的循環：那些願意投入、善用我們工具的經紀人，不僅能賣房，也更具黏著度；而我們流失的，多數在量體上往往是那些沒有在賣房的經紀人。

So we're continuing to invest in our learning platform where agents can consume the content on their own pace virtually at all times and to continue to improve productivity. So -- and the one I'm probably the most proud about is how much we improved attrition.

因此，我們持續投資於學習平台，讓經紀人能在任何時間以虛擬方式、依自己的步調吸收內容，並持續提升生產力。所以——而我最引以為傲的一點，可能是我們在降低流失率方面的改善幅度。

So globally, it was 17% attrition. And I mentioned earlier in my comments, 23% year-over-year. I mean, by numbers, it's roughly 6,000 agent improvement on attrition. And that's in a year where the US according to NAR membership contracted 4%.

就全球而言，流失率是 17%。而我先前在評論中提到，美國年對年改善 23%。以數字來看，約等於在流失方面改善了約 6,000 名經紀人。而這是在美國依據 NAR 會員數年減 4% 的一年。

So we are substantially outperforming the market from an attrition standpoint. And we don't give guidance on agent count, but I'd say that our business is stable, durable, and we have a track record that is only going to be magnified in the headwinds of the industry. So we're in a great cash position. We're able to take advantage of opportunities as we see them, and we continue to strengthen our value proposition.

因此，從流失率角度來看，我們明顯優於市場。我們不提供經紀人數量的指引，但我會說我們的業務穩定、具韌性，而且我們的過往紀錄只會在產業逆風中更加凸顯。因此我們的現金部位非常充裕。我們能在看到機會時加以把握，並持續強化我們的價值主張。

All right. Thanks, Leo. One for you, Jesse. You mentioned a few metrics like PPP and staff per transaction. Which metrics should we focus on in 2026 to measure the success of your ongoing priorities?

好的。謝謝你，Leo。Jesse，這題給你。你提到幾個指標，例如 PPP 和每筆交易的員工數。在 2026 年，我們應該聚焦哪些指標來衡量你們持續推動的優先事項是否成功？

Yes. Thanks, Denise. You mentioned our North Star metric is productivity per person, or PPP, which is essentially transactions per agent over a trailing 12 month period. And that was 5.3 for the year. And as long as that's moving in the right direction, we know that we're making our agents more productive and successful as well as attracting and retaining the most productive agents.

是的。謝謝你，Denise。你提到我們的北極星指標是人均生產力（PPP），本質上是以過去 12 個月為基準的「每位經紀人的交易量」。而全年是 5.3。只要這個指標朝正向發展，我們就知道我們正在讓經紀人更具生產力、更成功，同時也能吸引並留住最具生產力的經紀人。

A second one would be productive agent retention. Leo spoke to the total agent attrition, which improved 17% across the company and notably 23% in the United States, which is obviously, our core market. And then a third one, SG&A per unit. This is one -- it's essentially our unit economics. We, as a leadership team, pay a lot of attention to this.

第二個會是高產能經紀人的留任率。Leo 談到整體經紀人流失率，全公司改善 17%，其中美國市場（顯然是我們的核心市場）更是改善 23%。第三個是每單位的 SG&A。這基本上就是我們的單位經濟。我們管理團隊非常關注這個指標。

And we spoke throughout 2025, we invested very heavily in AI and automation, and we expect that to translate in EBITDA margin expansion into 2026, which is one of the reasons why we wanted to begin providing that forward guidance to show what we believe we can achieve with continued efficiencies in this particular metric over time.

而我們在 2025 年全程都提到，我們在 AI 與自動化上投入非常多，我們預期這會在 2026 年轉化為 EBITDA 利潤率擴張；這也是我們希望開始提供該前瞻指引的原因之一，用以展示我們相信隨著時間推移、在此一指標上持續提升效率後所能達成的成果。

All right. Thanks, Jesse. One for you, Holly. Can you discuss the role that you're playing as the Chief Brokerage Officer and your top priorities for 2026?

好的。謝謝你，Jesse。Holly，這題給你。你能談談你作為首席經紀業務長（Chief Brokerage Officer）所扮演的角色，以及你在 2026 年的首要優先事項嗎？

Thank you, Denise. I'm really happy to be here. What we found is the industry is really loud. And eXp, we are extremely clear. Between the NAR settlement fallout, RESPA scrutiny, TCPA enforcement and state-by-state legislative change, we're finding agents across the industry are overwhelmed. We've made the deliberate strategic choice. eXp will lean in where others go silent.

謝謝你，Denise。我很高興能在這裡。我們發現這個產業非常喧囂。而 eXp，我們非常清楚自己的方向。在 NAR 和解案的後續影響、對 RESPA 的審視、TCPA 的執法以及各州逐一的立法變動之下，我們發現整個產業的經紀人都感到不堪負荷。我們做出刻意的策略選擇：當其他人沉默時，eXp 會選擇挺身而出。

And so we've built a compliance infrastructure before the crisis, not in response to it. And so that consistent, timely guidance, training and support is offered through our state meetings, eXp University and on-demand content. That way, no agent is left guessing.

因此，我們在危機發生前就建立了合規基礎設施，而不是在危機後才回應。因此，我們透過各州會議、eXp University 以及隨選內容，提供一致、即時的指引、訓練與支援。如此一來，任何經紀人都不必靠猜測行事。

And we've developed specialty contractual forms at the state level that are absolutely focused on the consumer. Tools like our eXp broker assistant, Carlos, our comprehensive advertising review logics operator. This is giving agents real-time broker support that protects their business and runs 24/7.

我們也在州層級制定了專業的契約表單，絕對以消費者為核心。像是我們的 eXp 經紀助理 Carlos，以及我們全面性的廣告審查記錄邏輯運算工具。這些都為經紀人提供即時的經紀端支援，保護他們的業務，並且 24/7 運作。

I'm excited because this is risk management at scale. It's proactive governance, infrastructure, and it protects our company, our agents and defends our brand reputation in every market we operate. We are strategically focused on not waiting to be told what to do, but set the standard.

我很興奮，因為這是可規模化的風險管理。這是主動式治理與基礎設施，能保護我們公司、我們的經紀人，並在我們營運的每個市場捍衛品牌聲譽。我們的策略重點是不等別人告訴我們該怎麼做，而是要訂出標準。

And that posture is our competitive differentiator where regulatory complexity is only increasing. But that's just table stakes when we look at top-down support. So our agent voice, that is our edge. Through our agent advisory councils at both the national and state level, we've localized feedback, informing decisions in real time.

而在監管複雜度只會持續上升的情況下，這種姿態就是我們的競爭差異化。但當我們談到自上而下的支援時，這只是基本門檻。因此，我們的「經紀人之聲」才是我們的優勢。透過全國與州層級的經紀人諮詢委員會，我們把回饋在地化，並即時用來支持決策。

And these committees are not symbolic. They are active feedback loops for us. They're testing programs, surfacing friction, and they help us accelerate our ability to respond faster than traditional brokerage structures can. And of course, we serve two distinct agent populations with eXp Realty and eXp Commercial, and we're structured accordingly.

這些委員會並非象徵性的。它們對我們而言是活躍的回饋迴路。他們會測試方案、揭露摩擦點，並協助我們加速回應速度，快過傳統經紀公司架構所能做到的。當然，我們透過 eXp Realty 與 eXp Commercial 服務兩個不同的經紀人族群，我們也據此進行組織配置。

The result is we're finding a culture that doesn't just retain agents, it attracts the best. So I'm very excited when we combine the proactive regulatory navigation with agent voice and feedback, we're creating conditions for sustainable growth. The agent confidence, it's driving production, production drives revenue, and that is becoming our flywheel as we look to 2026.

結果是，我們正在形成一種文化，不僅能留住經紀人，還能吸引最優秀的人才。因此，當我們把主動的監管導航與經紀人之聲及回饋結合起來時，我們正在創造可持續成長的條件。經紀人的信心帶動產能，產能帶動營收，而這在我們展望 2026 年時正成為我們的飛輪。

Thanks, Holly. And now one for you, Carrie. Can you highlight some of the technology-related improvements that eXp made in 2025? And what you're focused on in 2026?

謝謝你，Holly。接下來這題給你，Carrie。你能重點說明 eXp 在 2025 年做了哪些與科技相關的改善嗎？以及你在 2026 年的聚焦重點是什麼？

Thanks so much, Denise. I appreciate being here. For 2025, I really want to talk about kind of two key areas of development. It was all about personalization and productivity. And those are two themes that we've already heard Glenn and Leo and Jesse talk about today.

非常感謝你，Denise。我很感謝能在這裡。談到 2025 年，我想聚焦在兩個關鍵的開發領域。核心就是個人化與生產力。而這兩個主題，我們今天也已經聽到 Glenn、Leo 和 Jesse 提到。

But first is the AI Copilot integration of our Mira Business Assistant in our My eXp app for agents. And we wanted to ensure that agents had a more complete overview of their business results as well as insights. This assists both solo agents, team leaders and large attractors as they continue to measure progress and growth on a weekly and quarterly basis, all while improving along the way with the analysis that Mira can deliver.

但首先是我們在 My eXp 代理人 App 中，將 Mira 商務助理整合為 AI Copilot。我們希望確保代理人能更完整地掌握其業務成果概覽以及洞察。這能協助獨立代理人、團隊領導者與大型招募者，在每週與每季持續衡量進度與成長的同時，也能透過 Mira 所提供的分析一路精進。

And the second is Live, which is our global portal infrastructure. And this is building on our growth internationally. We want to continue to introduce opportunities for agents to prosper at eXp while decreasing their overreliance on monolithic third-party portals, especially internationally.

第二項是 Live，也就是我們的全球入口網站基礎架構。這是建立在我們國際成長的基礎之上。我們希望持續為代理人在 eXp 創造蓬勃發展的機會，同時降低他們對大型第三方入口網站的過度依賴，尤其是在國際市場。

And Live will continue to be expanded on in 2026 as we grow the consumer audience and impact to our agents globally. And then so for the future, we're really, in 2026, going to be focused on expanding that agent ecosystem. And that includes continuing to build on the eXp Hub community platform that we introduced at eXpcon in Miami that Glenn spoke about. It's really a foundation for agent groups and organizations across the globe at eXp.

隨著我們擴大消費者受眾，並提升對全球代理人的影響力，Live 將在 2026 年持續擴展。接著展望未來，我們在 2026 年將真正聚焦於擴大代理人生態系。其中包括持續打造 eXp Hub 社群平台——Glenn 在邁阿密的 eXpcon 上曾提到我們推出了這個平台。它確實是 eXp 在全球各地代理人團體與組織的基礎。

And this is really built by eXp for eXp platform. And it allows us to curate a really bespoke experience for our eXp agents and staff that really incentivizes community and communication to happen within our ecosystem as opposed to a potential third-party platform.

而這確實是由 eXp 為 eXp 平台所打造。它讓我們能為 eXp 代理人與員工策劃高度客製化的體驗，並真正鼓勵社群互動與溝通在我們的生態系內發生，而不是在潛在的第三方平台上。

Incidentally, we already have 13% of our agent base communicating and participating in the hub in these early months since we launched it. We've also introduced a marketplace app store within the hub, and this will continue to be built upon in 2026.

順帶一提，自我們上線以來的這幾個月初期，就已經有 13% 的代理人基礎在 Hub 上溝通並參與。我們也在 Hub 內推出了市集 App Store，而這在 2026 年將持續擴建。

It provides a foundation for both staff and agents to build and distribute applications and software that further support growth, productivity, similarly to how the iOS App Store supports an increased value of the iPhone. So that idea that we have a centralized app store that agents can access that focus really on how to grow their own business.

它為員工與代理人提供基礎，使其能建置並發佈應用程式與軟體，以進一步支持成長與生產力，類似 iOS App Store 如何提升 iPhone 的價值。因此，我們的概念是建立一個集中式的 App Store，讓代理人可以存取，並真正聚焦於如何成長其自身業務。

Continuing to support our agents in softer and sometimes turbulent market conditions continues with our listing intelligence platform. This brings greater access to listing leads and data in markets across the US and Canada. We are developing shared repositories of knowledge that further accelerate modernization of building software across all of our levels of the organization at eXp.

在較為疲弱、甚至有時動盪的市場環境下，持續支持我們的代理人，這項工作也會透過我們的房源智慧平台延續。這讓美國與加拿大各市場能更容易取得房源線索與數據。我們正在建立共享的知識儲存庫，以進一步加速 eXp 組織各層級在軟體建置上的現代化。

And in a world where the cost to build continues to decrease with widespread access to AI coding tools, we want to allow for flexible long-term storage and advanced analytics with our data. We're really investing in an increasingly performant data infrastructure. It allows for secure and reliant access to business intelligence.

在一個因廣泛取得 AI 程式碼工具而使建置成本持續下降的世界裡，我們希望透過資料，提供具彈性的長期儲存與進階分析能力。我們正大力投資於效能日益提升的資料基礎架構。它能提供安全且可靠的商業智慧存取。

And ultimately, it will really provide a strong competitive advantage for eXp and our agents because both shared repos as well as greater access to data throughout the organization really will be a bedrock for our single threaded leadership framework that Glenn spoke about earlier. So we're excited to get started.

最終，這將為 eXp 與我們的代理人帶來強大的競爭優勢，因為共享儲存庫以及在整個組織中更廣泛的資料存取，確實會成為 Glenn 先前提到的「單線領導」框架的基石。因此我們很期待開始推進。

Great. Thanks. Now I'll open the call to our audience and the analysts on the stage here. (Operator Instructions)

很好。謝謝。現在我將把電話會議開放給我們的聽眾，以及在台上的分析師。(接線員指示)

Tom White, D.A. Davidson. Did you have a question for us?

D.A. Davidson 的 Tom White。你有問題要問我們嗎？

Yes. Maybe a couple, if I could. I guess just on the fourth quarter revenue versus kind of gross profit growth dynamic. I think revenues were up like 9%, but gross profit was flat. And I guess when I try and think through kind of what drove the difference in growth rates there, I imagine sort of the percent of -- or number of capped transactions is a factor.

有的。如果可以的話，可能有兩個問題。我想先問第四季營收相對於毛利成長的動態。我記得營收大概成長了 9%，但毛利持平。當我試著推敲造成兩者成長率差異的原因時，我想像「已封頂（capped）交易」的占比或筆數可能是一個因素。

But I guess I'm trying to like suss out the extent to which that higher mix of capped transaction is just sort of normal mix in your agent pool, like the better, more productive agents are the ones doing kind of a bigger chunk of the deals?

但我想釐清的是，較高的封頂交易組合，究竟在多大程度上只是你們代理人池中的正常組合變化——也就是表現更好、產能更高的代理人，完成了較大一部分的成交？

Or is it sort of the impact of just some of the agent attraction stuff you guys are doing so that you're enabling sort of more agents to cap more quickly? And maybe as an aside, like how should we think about the gross margin kind of expectations that are kind of embedded in your outlook for the year?

還是說，這其實是你們正在做的一些代理人招募措施所帶來的影響，讓更多代理人能更快達到封頂？另外順帶一問，我們應該如何看待你們對今年展望中所隱含的毛利率預期？

Yes, I can take that one, Tom. Thanks for the question. It's actually both. And it's probably divided down the middle. The seasonality of Q3, Q4 does see higher capping towards the later part of the year, right, to the point that you're sussing out.

是的，Tom，這題我來回答。謝謝你的提問。其實兩者都有。而且大概各占一半。第三季、第四季的季節性確實會在年底較後段出現更高的封頂比例，正如你所推敲的那樣。

But it also is that we continue to attract and retain highly productive agents and then with a specific focus on highly productive teams, and that's the phenomenon that we've been talking about for a few years now, but it is continuing to apply some pressure to our margin percentage overall.

但同時，我們也持續吸引並留住高產能代理人，並且特別聚焦於高產能團隊；這是我們過去幾年一直在談的現象，而它也持續對我們整體的毛利率百分比帶來一些壓力。

I'd say I don't have the specifics on me, but it's probably about 50-50. If you just look at historic trend, you would definitely see that margin compression that happens every year in Q3, Q4 just due to the calendar year of agents capping. And then over time, if you look at that compression that we're seeing over the last couple of years from attracting more productive agents over time.

我想我手邊沒有精確數字，但大概是 50/50。如果你只看歷史趨勢，肯定會看到每年第三季、第四季都會出現毛利率壓縮，主要就是因為代理人在日曆年度內達到封頂的節奏。而長期來看，如果你看過去幾年我們因吸引更多高產能代理人而出現的那種壓縮趨勢。

And then actually -- and let me answer your guidance question or outlook on 2026. What we're currently modeling in that guidance is very similar trend to what we've seen in 2025. So slight compression, but offset partially by increased units coming through the business. And we're focusing on the improvement in unit economic to continue to drive the margin expansion on the EBITDA side.

另外——我也回答你關於指引或 2026 年展望的問題。我們目前在該指引中建模的趨勢，與 2025 年所見非常相近。也就是毛利率會有些微壓縮，但會部分被業務量（units）增加所抵銷。而我們會聚焦於改善單位經濟（unit economics），以持續推動 EBITDA 端的利潤率擴張。

Okay. Maybe one more follow-up and then I can get back in the queue. But just any update on sort of thoughts about resuming the buyback. I don't know, I think you guys were supposed to pay the second installment of the NAR settlement. Maybe it's in the second quarter, I can't remember, but just give us an update on what you're thinking there.

好的。我再追問一個，然後我就回到排隊序列。關於恢復庫藏股回購的想法，有沒有任何更新？我不確定，你們好像應該要支付 NAR 和解的第二期款項。也許是在第二季，我記不太清楚，但請更新一下你們目前的想法。

Sure thing. And I can take that one, too. And to your point, our reduced buyback activity in 2025 was primarily driven by the NAR litigation, which we had the first tranche this past summer. We have the second tranche coming up the summer of 2026 here. So we did want to make sure that we were being good stewards and maintaining that $100 million cash threshold that we've set internally as a leadership team on the balance sheet.

當然可以。這題我也可以回答。如你所說，我們在 2025 年降低回購活動，主要是受到 NAR 訴訟影響；我們在去年夏天支付了第一期款項。第二期款項將在 2026 年夏天到期。因此，我們確實希望作為良好的管理者，維持我們領導團隊在資產負債表上內部設定的 1 億美元現金門檻。

And so we drove that pause. We did finish with a pretty healthy $124 million. And so buyback is something, of course, long term that we want to continue to use a strategic tool in our capital allocation toolkit. But we're still evaluating in the short term what our cash needs are going to be this year and with that upcoming second tranche of the litigation.

因此我們推動了這次暫停。我們期末仍有相當健康的 1.24 億美元。因此，回購當然是我們長期希望持續使用的策略性工具，作為資本配置工具箱的一部分。但短期內，我們仍在評估今年的現金需求，以及即將到來的第二期訴訟款項。

Great. I have one from the audience here, too. Could you speak to the strategic initiatives you believe will have the most meaningful impact on improving financial performance and restoring shareholder value over the next several years?

很好。我這裡也有一題來自現場觀眾。您能談談您認為在未來幾年，哪些策略性舉措將對改善財務表現並恢復股東價值產生最具實質意義的影響嗎？

Yes. No, I think I feel like this is a common question I've asked -- I get asked by agents all the time. So I'm assuming this is coming from an agent. So one of the things I employ them to do is to actually download TradingView and actually have a full sector on your phone, right?

是的。不，我覺得這是一個我常被問到的問題——經紀人一直都會問我。所以我猜這題是經紀人問的。所以我會請他們做的一件事，就是實際下載 TradingView，然後在手機上把整個產業板塊都放進去，對吧？

So if you're an agent and you're following eXp, I would encourage you to follow RE/MAX Incompass and all of the other public comps. And you become very aware of when the government does something, right? You'll be mining your business that then you'll kind of see the entire segment move down or up, right?

所以如果你是經紀人、也在關注 eXp，我會鼓勵你去關注 RE/MAX、Incompass 以及其他所有上市的同業可比公司。這樣你就會非常清楚政府做了某些事情時會發生什麼，對吧？你會從你的業務中挖掘出訊號，然後你就會看到整個板塊一起下跌或上漲，對吧？

If there is a good reporting on rates and good is defined by the eye of the beholder because sometimes it feels counterintuitive as they move up and down. So historically, our sector is very much tied to total transaction count. So in years where there's 4 million, the sector as a whole tends to be depressed. And in years where you have 7 million transactions, the sector goes up.

如果有一份對利率的良好報導——而「良好」是見仁見智，因為有時候它上下變動會讓人覺得反直覺。所以從歷史上看，我們這個板塊與總交易量高度相關。所以在一年只有 400 萬筆交易的年份，整個板塊通常會比較低迷。而在一年有 700 萬筆交易的年份，板塊就會上漲。

Now with that said, to Glenn's comments, I think there's going to be a separation between the companies that are able to take advantage of the opportunity that AI is presenting itself. So I do think for some companies, it is a bit of lip service. We are a company that has a service that is repeatable and scalable.

不過話說回來，呼應 Glenn 的評論，我認為能夠把握 AI 所帶來機會的公司之間，將會出現分化。所以我確實認為，對某些公司而言，這有點只是口頭說說。而我們是一家提供可重複、可擴展服務的公司。

And I think businesses like ours, we -- if you see our performance from quarter-by-quarter last year, I think Tom was pleasantly surprised when we reported, we moved the expenses from Q2 to Q3. That is more tightly close to the guidance we've provided.

我認為像我們這樣的企業——如果你看我們去年逐季的表現，我想 Tom 在我們公布時是感到驚喜的，我們把費用從第二季移到第三季。這樣就更貼近我們所提供的指引。

And so you will see us being able to take advantage of that. And into Glenn's comments of like the last mile effect of the real estate industry, we believe will rely on high-performing agents. And not only are we going to streamline our expenses by leveraging the tools available, but we're really focused on creating and delivering tools that leverage the agents in their daily business, right?

因此你會看到我們能夠把握這些機會。而延伸到 Glenn 提到的房地產產業「最後一哩」效應，我們相信將會依賴高績效的經紀人。我們不僅會透過運用現有工具來精簡費用，更會專注於打造並交付能在經紀人日常業務中發揮作用的工具，對吧？

So there's going to be the leveraging from us from expense management and really cycling off of what historically has been SaaS expenses. So we're really leaning in on that, the platform that Glenn started and our engineers took over, I mean, it's seven-figure contracts.

所以我們會在費用管理上加以運用，並且真正逐步汰除過去歷史上屬於 SaaS 的支出。因此我們正大力投入；Glenn 開始的那個平台、後來由我們工程師接手的那個——我是說，那是百萬美元等級的合約。

And so as we take advantage of that, I think long term, we're going to be able to improve margin, return better returns to our shareholders while keeping our flagship concept of agent-centric and building the most agent-centric company on the planet as still our North Star, but being able to take advantage of this moment in time with the technology available to us.

因此當我們把握這些優勢時，我認為長期來看，我們將能改善利潤率、為股東帶來更好的回報；同時仍以我們的旗艦理念——以經紀人為中心、打造全球最以經紀人為中心的公司——作為北極星，但也能在這個時間點善用我們可取得的技術。

Great. Thanks, Leo. And we have one more from the audience, also from an agent. This is probably for you, Leo. What is eXp Realty going to do to improve their toolbox and technology to attract high-volume listing teams and help the legacy agents get more listings in 2026?

很好。謝謝你，Leo。我們還有一題來自現場觀眾，也是一位經紀人。這題大概是問你的，Leo。eXp Realty 將如何改善工具箱與科技，以吸引高交易量的房源團隊，並在 2026 年幫助資深經紀人取得更多房源委託？

That's a great question, Denise. So we have been focused on listings. And for example, we just launched a pilot program in January through our FastCAP program. So our FastCAP program has really extended in reach. So since inception, we've had 20,000 registrants take it through.

這是個很好的問題，Denise。所以我們一直專注在房源委託上。例如，我們在一月透過 FastCAP 計畫剛推出了一個試點專案。所以我們的 FastCAP 計畫確實擴大了觸及範圍。自推出以來，已有 20,000 名註冊者參與。

But the January cohort as a pilot, we partnered with realty.com and included seller jump-all leads and something like 1,800 leads were given out with multiple agents in the first six weeks, reporting multiple listings taken, one, two listings taken in six weeks, which was actually even faster of an incubation period that we found.

而一月那一梯次作為試點，我們與 realty.com 合作，納入賣方 jump-all 潛在客戶（leads），在前六週就分發了大約 1,800 筆 leads 給多位經紀人；回報顯示取得了多筆委託，有人在六週內拿到一筆、兩筆委託，這其實比我們原先觀察到的孵化期還要更快。

And there are several other seller products that I've been focused on integrating into our education platform. So what we're doing is we're making sure that in addition to providing tools is actually the training that accompanies it with it as we continue to scale.

另外還有幾個我一直在推動整合到我們教育平台的賣方產品。所以我們正在做的是：確保除了提供工具之外，也提供隨之配套的訓練，並在我們持續擴張時一併跟上。

And so one of the concepts that I repeat because Glenn was the one who put the sentence in my head when I first got here, but I fundamentally believe it, is that we're a platform business, and that's very different than other folks.

因此有一個我反覆強調的概念——因為 Glenn 在我剛來的時候把這句話放進我腦中，但我也從根本上相信——就是我們是一家平台型企業，而這與其他人非常不同。

So we have initiatives with data where we really -- for the top producing teams that are highly proficient and have tech orgs inside of their businesses, we want to be able to deliver to them API capabilities. So as they build code and platforms using Vibe coding and taking advantage of the tooling that's available to them.

所以我們在資料方面有一些計畫：對於那些產出最高、能力很強、且在其業務內部有技術組織的頂尖團隊，我們希望能提供 API 能力給他們。讓他們能用 Vibe coding 建構程式碼與平台，並善用他們可取得的工具。

But then we also have beautiful simple UI experiences for our solo agents that maybe don't have the scale or size or interest in building their own tech tools. So really, the concept is being able to meet agents where they're at, and we feel that way about support.

但同時，我們也為單打獨鬥的經紀人提供漂亮且簡單的 UI 體驗；他們可能沒有規模、沒有團隊大小，或沒有興趣去打造自己的技術工具。所以核心概念就是能在經紀人所在的位置與他們對接；我們對支援服務也是同樣的想法。

So for example, agents can walk into a broker room and frame VR. They could call a one 800 number. They could slack us. They can message us on the hub now and meet brokers where they're at or they can pick up the phone and dial a cell phone number and call their favorite broker. So that same methodology of meeting people where they're at and being agile and being able to have agents self-serve and use the tools necessary for them.

例如，經紀人可以走進 broker room 和 frame VR。他們可以撥打一個 1-800 電話。他們可以在 Slack 上聯絡我們。他們現在也可以在 hub 上傳訊息，並在經紀人所在的位置與他們對接；或者他們也可以拿起電話撥打手機號碼，打給他們最喜歡的經紀主管。所以同樣的方法論就是在對方所在的位置與其對接、保持敏捷，並讓經紀人能自助使用他們所需的工具。

Thanks, Leo. Thanks, everyone, for joining. As always, please stay connected by visiting expworldholdings.com for the latest updates on eXp news, results and events. Additionally, you'll find a recording of this call and our latest investor presentation on the Investors section of the site.

謝謝你，Leo。也謝謝大家的參與。一如既往，請造訪 expworldholdings.com 以保持連結，取得 eXp 最新消息、業績與活動的最新更新。此外，你也可以在網站的投資人專區找到本次電話會議的錄音，以及我們最新的投資人簡報。

This concludes the eXp World Holdings fourth quarter and full year 2025 earnings fireside chat. Thanks for joining.

eXp World Holdings 2025 年第四季及全年財報爐邊談到此結束。感謝各位參與。

Thanks, everyone.

謝謝大家。

Thanks, everyone.

謝謝大家。