AGNT, Inc. (AGNT) 2026 Q1 法說會逐字稿

Good morning, and welcome to the eXp World Holdings' first-quarter 2026 earnings fireside chat via live stream and our Metaverse on the web, Frame.

早安，歡迎收看 eXp World Holdings 2026 年第一季財報爐邊談，我們將透過直播以及網頁版 Metaverse 平台 Frame 與各位相見。

My name is Denise Garcia, and I manage Investor Relations for eXp World Holdings. Today, we will begin our earnings fireside chat with remarks from Leo Pareja, CEO of eXp Realty; Jesse Hill, CFO of eXp World Holdings; and Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings. Following our prepared remarks, we will open the call to a Q&A session with our speakers.

我叫 Denise Garcia，負責 eXp World Holdings 的投資人關係。今天，我們的財報爐邊談將先由 eXp Realty 執行長 Leo Pareja、eXp World Holdings 財務長 Jesse Hill，以及 eXp World Holdings 創辦人、執行長兼董事長 Glenn Sanford 發表談話。接著在預先準備的發言之後，我們將開放與講者進行問答。

Let's begin with the review of the forward-looking statements. There will be a number of forward-looking statements made today that should be considered in conjunction with the cautionary statements contained in the company's SEC filings. Forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those statements. 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.

首先回顧前瞻性陳述的相關聲明。今天將有多項前瞻性陳述，應與公司向美國證券交易委員會（SEC）申報文件中的警示性聲明一併考量。前瞻性陳述受各種風險與不確定性影響，可能導致實際結果與該等陳述存在重大差異。請參閱我們向 SEC 提交的文件，包括最近提交的 Form 10-K 年度報告與 Form 10-Q 季度報告，其中討論了可能影響我們業務、營運表現與財務狀況的特定風險。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.

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。

Now for a few logistics and we'll get started. For those of you joining the Frame today, welcome to our Metaverse on the web. (Event Instructions)

接下來說明幾項流程安排，我們就開始。今天透過 Frame 加入的各位，歡迎來到我們的網頁版 Metaverse。（活動指引）

Now, I'll turn the fireside chat over to our speakers before opening the call to questions. Leo, you may begin.

現在，在開放提問之前，我先把爐邊談交給我們的講者。Leo，請開始。

Thanks, Denise. I'll begin with a recap of our operational highlights for Q1, starting with international. International continues to be our fastest-growing segment, increasing revenue 27% year over year to $40.2 million. The strong revenue growth was driven by our increasingly solid group of international agents that continue to increase their productivity every year. This is a testament to the fact that we're building a strong agent community worldwide. We debuted eXpCon Cape Town during the first quarter as well. We had nearly 1,000 attendees and hundreds of attendees on passes checking us out.

謝謝你，Denise。我先回顧第一季的營運亮點，從國際業務開始。國際業務仍是我們成長最快的部門，營收年增 27% 至 4,020 萬美元。強勁的營收成長來自我們日益穩健的國際經紀人（agents）群體，他們每年持續提升生產力。這證明我們正在全球建立強大的經紀人社群。我們也在第一季首次於開普敦舉辦 eXpCon。現場出席人數接近 1,000 人，另有數百位持通行證的參與者前來了解我們。

eXpCon is a terrific venue for us to showcase the power of the eXp platform that includes inspirational speakers, educational sessions, and an opportunity to share innovative ideas and technology with our agents, visitors considering joining eXp. We're looking forward to our first eXpCon in Paris in July 15 through 17.

eXpCon 是一個絕佳的平台，讓我們展示 eXp 平台的力量，包括激勵人心的講者、教育課程，以及與我們的經紀人與正在考慮加入 eXp 的來賓分享創新想法與科技的機會。我們也期待 7 月 15 日至 17 日在巴黎舉辦的首屆 eXpCon。

We've also announced a significant expansion of our listing distribution strategy, specifically targeting coming soon inventory. Starting April 15, 2026, eXp began syndicating coming soon listings to major national portals, Realtor.com, Homes.com, and ComeHome.com on a non-exclusive basis, underscoring our commitment to market transparency and consumer access.

我們也宣布大幅擴展房源刊登分發（listing distribution）策略，特別聚焦於「即將上市（coming soon）」庫存。自 2026 年 4 月 15 日起，eXp 開始以非獨家方式，將即將上市的房源同步（syndicate）至主要全國性入口網站：Realtor.com、Homes.com 與 ComeHome.com，彰顯我們對市場透明度與消費者可及性的承諾。

We believe that the role of the modern brokerage is to create an open and efficient marketplace. By syndicating early, eXp aims to deliver sellers the widest possible audience to generate demand before a listing officially goes live.

我們相信，現代房仲經紀公司的角色是打造一個開放且高效率的市場。透過更早進行同步刊登，eXp 旨在讓賣方在房源正式上線前，就能觸及最廣泛的受眾以創造需求。

We've added another specialty division to our platform during the quarter, New Homes. Like luxury, ranch, sports entertainment divisions, New Homes will empower agents with specific training, specialized certifications, and a powerful global network so we can collaborate directly with developers representing new construction communities and scale their businesses.

本季我們也在平台上新增另一個專業事業部：新建案（New Homes）。如同豪宅、牧場、運動娛樂等事業部，新建案事業部將透過特定訓練、專業認證與強大的全球網絡賦能經紀人，使我們能直接與代表新建社區的開發商合作，並擴大其業務規模。

Finally, we ended the quarter with over 82,000 agents. Agents continue to become more productive, drive a 5% year-over-year increase in revenue for the quarter and 2% increase in real estate transactions year over year. We also saw an 11% year-over-year increase in ICON agents in Q1.

最後，本季結束時我們的經紀人數超過 82,000 名。經紀人持續提升生產力，帶動本季營收年增 5%，不動產交易量年增 2%。我們也看到第一季 ICON 經紀人年增 11%。

The ICON program is essentially a flagship embodiment of eXp's Realty's agent-centric philosophy. While most brokerages view top producers as primary source of revenue, eXp's model is designed to treat them as owners and partners, which brings me to the next slide.

ICON 計畫基本上是 eXp Realty 以經紀人為核心理念的旗艦體現。多數經紀公司將頂尖業績者視為主要營收來源，而 eXp 的模式則是把他們視為所有者與合作夥伴。這也帶到下一張投影片。

Last week, on May 8, we officially changed our ticker symbol from eXpI to AGNT. The new ticker symbol is a direct reflection of what this company is all about: the modern real estate entrepreneur, built by agents, built for agents. As part of the rebranding, we also announced the acquisition of NextHome, which I'll discuss on the next slide.

上週 5 月 8 日，我們正式將股票代號從 eXpI 更改為 AGNT。新的代號直接反映了這家公司所代表的核心：現代不動產創業者——由經紀人打造，為經紀人而生。作為品牌重塑的一部分，我們也宣布收購 NextHome，我將在下一張投影片說明。

NextHome operates a proven scalable franchise model with best-in-class satisfaction. They have over 500 franchisees across the US with approximately 4,900 agents. They've been recognized as the number one real estate franchise owner satisfaction by Franchise Business Review for five consecutive years and earned recognition from Entrepreneur Inc. 5,000, signaling strong unit economics and franchise retention. Both consumers and agents like NextHome's human over houses positioning and cultural-driven identity, and so did we. In fact, there's a lot about NextHome brings to the table, which I'll unpack on the next slide.

NextHome 採用經驗證、可擴展的加盟（franchise）模式，並具備同級最佳的滿意度。他們在全美擁有超過 500 家加盟主（franchisees），約 4,900 名經紀人。Franchise Business Review 連續五年將其評為不動產加盟主滿意度第一名，並獲得 Entrepreneur Inc. 5,000 的肯定，顯示其單店經濟效益（unit economics）與加盟留存率強勁。消費者與經紀人都喜歡 NextHome「以人為本、房屋其次（human over houses）」的定位與文化驅動的品牌識別，我們也同樣認同。事實上，NextHome 能帶來的價值很多，我會在下一張投影片進一步拆解。

NextHome franchise model unlocks a multi-model platform for eXp with a complementary growth engine. They have an experienced leadership team that's well-known across the industry. James Dwiggins and Keith Robinson are the hosts of Real Estate Insiders Unfiltered podcast and are widely featured speakers at industry conferences. Now, with us, NextHome has a global referral network and a share of our professional services. Combined, we have over 87,000 agents.

NextHome 的加盟模式為 eXp 解鎖多模式平台，並提供互補的成長引擎。他們擁有在業界廣為人知、經驗豐富的領導團隊。James Dwiggins 與 Keith Robinson 是《Real Estate Insiders Unfiltered》Podcast 的主持人，也經常受邀在產業會議擔任講者。如今加入我們之後，NextHome 將擁有全球轉介（referral）網絡，並共享我們的專業服務。合併後，我們的經紀人總數超過 87,000 名。

We hope to attract more top-tier franchisees, as many of them woke up in the last 12 months owned by a new entity that may not be reflective of their views on the industry when it comes to consumers and transparency.

我們希望吸引更多頂尖加盟主，因為其中許多人在過去 12 個月醒來後發現自己已隸屬於新的母公司，而該母公司在面對消費者與透明度等產業議題上的立場，可能並不反映他們原本的觀點。

A perfect example is later on today, we'll be dropping a press release welcoming Albert Meggers in the California Gulf Coast Ventura County market and his management team, JP and Omar Velasquez, who formerly were at Keller Williams and brought over their 200 agents to the NextHome brand. And that's just an example of why we're so excited for this opportunity to leverage in the coming years. Previously, we missed out on attracting indies and entire offices suited for the franchise model, but now we can welcome them, and Albert and his team are a perfect example of that.

一個很好的例子是，今天稍晚我們將發布新聞稿，歡迎 Albert Meggers 加入加州灣岸（California Gulf Coast）文圖拉郡（Ventura County）市場，以及他的管理團隊 JP 與 Omar Velasquez。他們先前任職於 Keller Williams，並將其 200 名經紀人帶入 NextHome 品牌。這正是我們對於未來幾年能夠運用此機會感到興奮的原因之一。過去我們錯失了吸引適合加盟模式的獨立經紀公司（indies）與整個辦公室的機會，但現在我們可以歡迎他們加入，而 Albert 與其團隊就是最佳例證。

We continue to see high retention rates among the most productive agents, with attrition in the low- to mid-single-digits for agents with transactions over eight transactions per year. The more productive an agent is, the less likely they are to leave. Of the non-productive agents that left eXp in the first quarter, 66% of them left the industry altogether.

我們持續看到最高生產力經紀人的高留存率；對於每年交易量超過 8 件的經紀人，其流失率維持在低至中個位數百分比。經紀人越有生產力，就越不可能離開。在第一季離開 eXp 的非生產力經紀人中，有 66% 是直接退出整個產業。

Part of our strategy in the last few years, which NextHome complements so well, is to attract Teams [DXP] because agents on Teams are 78% more productive than individuals, and this quarter, 41% of new agents DXP were on Teams. I'll review our strategic initiatives for 2026 on the next slide. We shared this slide last quarter, and we would like to provide a bit of progress report and how we've measured up against our strategic initiative so far this year to date, starting with translating 2025 investments into margin of improvement. Jesse will provide more detail on the quarter's financial results. But I'll note that we've lowered our first-quarter operating costs by more than $2 million year over year.

我們近幾年的策略之一——而 NextHome 也能很好地互補——是吸引團隊（Teams）[DXP]，因為團隊中的經紀人生產力比個人高出 78%；而本季新加入的 DXP 經紀人中，有 41% 來自團隊。我將在下一張投影片回顧我們 2026 年的策略倡議。我們上季分享過這張投影片，並希望提供一點進度報告，說明截至目前為止我們如何衡量並對照今年的策略倡議，首先是將 2025 年的投資轉化為利潤率改善。Jesse 會就本季財務結果提供更多細節。不過我先指出，我們第一季的營運成本較去年同期降低超過 200 萬美元。

Moving to deploy capital with discipline, we were able to complete the strategic acquisition of NextHome that transforms eXp into a multi-model, multi-brand business by using cash on hand and continue to have no debt on our balance sheet.

在以紀律部署資本方面，我們得以運用手上現金完成對 NextHome 的策略性收購，將 eXp 轉型為多模式、多品牌的業務，同時資產負債表上仍維持零負債。

And finally, assessing opportunities that accelerate growth and expand our capabilities. With NextHome, we increase our agent count by roughly 5,000 agents and expand our capabilities to offer a franchise option for entrepreneurial agents who choose to operate their business under that model. Not only does this accelerate growth in agents, but it expands our capabilities. So far, we're on track with our strategic initiatives we outlined for 2026.

最後，評估能加速成長並擴大我們能力的機會。透過 NextHome，我們的經紀人數大約增加 5,000 名，並擴展能力，得以為選擇在該模式下經營其業務的創業型經紀人提供加盟（franchise）選項。這不僅加速經紀人成長，也擴大了我們的能力。到目前為止，我們正按計畫推進先前為 2026 年所概述的策略性舉措。

And with that, I'll hand the call over to Jesse to walk us through the first financial quarter results. Jesse?

接下來，我把電話交給 Jesse，請他帶我們回顧第一個財務季度的結果。Jesse？

Thank you, Leo. And now, I will walk us through our consolidated operational and financial highlights for the first quarter 2026, beginning on the next slide.

謝謝你，Leo。接下來我將從下一張投影片開始，帶大家回顧 2026 年第一季的合併營運與財務重點。

Starting with operational metrics on a consolidated basis, we ended the quarter with over 82,000 agents, with continued low attrition across our most productive agent cohort. Productivity per person, or PPP, was up for the quarter at 5.4%, while volume increased 5.5% for the quarter. Higher PPP drove sales transactions 2% year over year or 91.6 thousand transactions in the first quarter.

先看合併口徑的營運指標，本季末我們的經紀人超過 82,000 名，在我們生產力最高的經紀人族群中，流失率持續維持在低檔。人均生產力（PPP）本季上升 5.4%，而成交量本季增加 5.5%。較高的 PPP 推動銷售交易筆數年增 2%，第一季交易量為 91.6 千筆。

On the next slide, I'll walk us through our first-quarter financials. Starting with revenue, we generated just over $1 billion in the first quarter, up 5% year over year and above the high end of our guidance range of $980 million, despite no material change in the macroeconomic environment and a seasonally slower quarter.

下一張投影片，我將帶大家看第一季財務表現。先從營收開始，我們第一季創造超過 10 億美元的營收，年增 5%，且高於我們指引區間上緣 9.8 億美元；即便總體經濟環境沒有重大變化，且第一季屬於季節性較慢的季度。

Our investments in programs to attract and retain agents and increase productivity drove more agents to reach their cap in Q1, resulting in a gross profit of $75.3 million. Operating loss of $8.8 million for the quarter improved 15% year over year from a loss of $10.4 million last year, primarily driven by improvements we made to streamline our operations in 2025.

我們在吸引與留任經紀人、提升生產力等計畫上的投資，帶動更多經紀人在第一季達到封頂（cap），因此毛利為 7,530 萬美元。本季營業損失為 880 萬美元，較去年 1,040 萬美元的損失年減 15%，主要來自我們在 2025 年為精簡營運所做的改善。

Adjusted EBITDA was $4.1 million for the first quarter and above the midpoint of our guidance range of $2 million to $5 million, an increase of 88% over Q1 2025. Operating expenses were $84.1 million at the midpoint of our guidance range in the first quarter. And finally, we increased our cash position 6% year over year, ending the quarter with $122 million in cash on the balance sheet.

第一季調整後 EBITDA 為 410 萬美元，高於我們指引區間 200 萬至 500 萬美元的中位數，較 2025 年第一季成長 88%。第一季營業費用為 8,410 萬美元，落在我們指引區間的中位數。最後，我們的現金部位年增 6%，季末資產負債表上的現金為 1.22 億美元。

On the next slide, I'll walk us through 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 $965.1 million for the first quarter and $10 million in adjusted EBITDA, a 29% year-over-year increase as we begin to realize the benefit of cost-saving initiatives we put in place last year.

下一張投影片，我將帶大家看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，第一季營收為 9.651 億美元，調整後 EBITDA 為 1,000 萬美元，年增 29%；因為我們開始實現去年所推行的節省成本措施所帶來的效益。

International continues to be our fastest-growing segment, increasing 27% in Q1, while we continue to invest in community building activities like eXpcon Cape Town, as Leo mentioned previously. We continue to reduce operating expenses in North America Realty and other affiliated services segments as we realize the benefit of initiatives we put into place to streamline operations across both segments in 2025.

國際業務仍是我們成長最快的部門，第一季成長 27%；同時我們持續投資於社群建設活動，例如 Leo 先前提到的 eXpcon Cape Town。隨著我們在 2025 年為精簡兩個部門營運所推動的措施逐步發揮效益，我們也持續降低北美房地產及其他關聯服務部門的營業費用。

On the next slide, I'll review our updated outlook for 2026 and the second quarter. Looking ahead, we remain focused on maintaining our financial discipline to drive sustainable, profitable growth, and we are providing our outlook for the second quarter and full year 2026.

下一張投影片，我將回顧我們更新後的 2026 年與第二季展望。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，並提供第二季及 2026 全年的展望。

Starting with the second quarter, we expect revenue in the range of $1.36 billion to $1.45 billion, expenses in the range of $93 million to $97 million and adjusted EBITDA in the range of $16 million to $21 million. For the year, we are reiterating our outlook with revenue in the range of $4.85 billion to $5.15 billion, operating expenses in the range of $325 million to $345 million and adjusted EBITDA in the range of $50 million to $75 million for 2026.

先看第二季，我們預期營收介於 13.6 億至 14.5 億美元，費用介於 9,300 萬至 9,700 萬美元，調整後 EBITDA 介於 1,600 萬至 2,100 萬美元。就全年而言，我們重申原先展望：2026 年營收介於 48.5 億至 51.5 億美元，營業費用介於 3.25 億至 3.45 億美元，調整後 EBITDA 介於 5,000 萬至 7,500 萬美元。

We are encouraged by our strong performance as we head into Q2. However, we are aware of the growing uncertainty and tightening macroeconomic environment. This, coupled with less visibility into the second half, has led us to reiterate our full year guidance at this time. In light of this limited visibility, we believe it's prudent to reiterate the full year guidance and reassess our outlook at the midpoint of the year. Along the same time, we will continue to stay financially flexible, 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.

在邁入第二季之際，我們對強勁表現感到鼓舞。然而，我們也注意到不確定性上升以及總體經濟環境趨於緊縮。再加上對下半年能見度較低，使我們此刻選擇重申全年指引。鑑於能見度有限，我們認為重申全年指引並在年中重新評估展望是審慎之舉。同時，我們將持續保持財務彈性，並保留在看到具實質意義的機會時進行投資的權利，以支持我們的經紀人、強化技術平台並提升長期股東價值。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 the call over to Glenn to wrap it up before we open the call to questions. Glenn?

現在我把電話交給 Glenn，在我們開放提問前做個總結。Glenn？

Hey, Thanks, Jesse. I've been spending my time really, really retooling SUCCESS since actually around July last year, I jumped in, and I've been running with the same playbook that we used in international in 2024. We brought staffing down about 60%. We spent about the last nine months replatforming the entire business. And during this quarter, we actually -- we welcomed Matthew and Kristen Ferry actually right after the end of the quarter to help us lead SUCCESS.

嗨，謝謝你，Jesse。其實從去年大約 7 月開始，我就一直把時間投入在徹底重整 SUCCESS；我加入後就沿用我們在 2024 年國際業務所使用的同一套打法。我們把人力編制縮減了大約 60%。過去大約九個月，我們完成了整個業務的重新平台化（replatforming）。而在本季，我們也——我們在季末後不久迎來 Matthew 和 Kristen Ferry，協助我們領導 SUCCESS。

Matthew, many of you will recognize the name in organized real estate. He's one of the most respected sales and life coaches of the last 30 years. Kristen, his wife, has been the operational engine behind his business for years and now brings that same capability to SUCCESS itself. That combination gives us a real team to scale, not just a marquee hire and the green shoots are already showing.

Matthew，許多人在有組織的房地產領域都會認得這個名字。他是過去 30 年最受尊敬的銷售與人生教練之一。Kristen 是他的妻子，多年來一直是他事業背後的營運引擎，如今也把同樣的能力帶到 SUCCESS。這樣的組合讓我們擁有一支真正能擴張的團隊，而不只是一次吸睛的招募；而且成效的萌芽已經開始顯現。

SUCCESS certified Coaching has completed its first cohort. The second cohort started last week. On its own, SUCCESS Coaching should move SUCCESS into net income by 2027. We've launched SUCCESS Events and that SUCCESS.Events is also generating revenue. Before we built it, there was no single place to find personal development events across the entire vertical.

SUCCESS 認證教練（SUCCESS certified Coaching）已完成第一期班（cohort）。第二期班上週已開課。單就 SUCCESS Coaching 而言，應可在 2027 年讓 SUCCESS 轉為淨利。我們也推出了 SUCCESS Events，而 SUCCESS.Events 也正在創造營收。在我們建立它之前，整個垂直領域中並沒有一個單一平台可以找到各類個人成長活動。

Think of it a bit like the Zillow of personal development. Top personal development personas are now participating with us, and that participation is already producing revenue. For our agents, this means access to coaching, content and events that in any other context cost five or six figures to engage with built directly into the overall eXp ecosystem. That's why -- what I mean when I describe SUCCESS as the culture and growth layer of the eXp ecosystem. It's an asset our agents draw on that no other brokerage can offer.

你可以把它想像成個人成長領域的 Zillow。頂尖的個人成長人物現在正與我們合作，而這些參與已經開始帶來營收。對我們的經紀人而言，這代表可在整體 eXp 生態系中直接取得教練指導、內容與活動；在其他情境下，若要參與這些資源，往往需要支付五位數或六位數的費用。這就是——我所說 SUCCESS 是 eXp 生態系的文化與成長層（culture and growth layer）的意思。這是一項我們經紀人可運用的資產，是其他任何房仲經紀公司都無法提供的。

And in 2027, we're leaning into what made SUCCESS the definitive voice in personal development for more than a century. The lineage runs from our Founder, Orison Swett Marden, through Napoleon Hill; W. Clement Stone; Earl Nightingale; Og Mandino; and of course, Jim Rohn, whose worldwide intellectual property we hold. The principles those voices built, the new thought tradition, are being validated every day by modern neuroscience and psychology. And we have a signature offering coming that marries those two worlds, the wisdom that builds SUCCESS and the science now confirming it. And I'm excited about what 2027 looks like for SUCCESS.

而在 2027 年，我們將更聚焦於讓 SUCCESS 在一個多世紀以來成為個人成長領域權威之聲的核心要素。其傳承脈絡從我們的創辦人 Orison Swett Marden，延續到 Napoleon Hill、W. Clement Stone、Earl Nightingale、Og Mandino，當然還包括 Jim Rohn——其全球智慧財產權由我們持有。這些聲音所建立的原則、也就是「新思想」（new thought）傳統，正每天被現代神經科學與心理學所驗證。我們即將推出一項標誌性產品，將這兩個世界結合起來：一方面是建構 SUCCESS 的智慧，另一方面是如今正在證實它的科學。我也對 2027 年的 SUCCESS 充滿期待。

Next slide, please. I want to close by describing what we're actually building because I think it's still underappreciated. This last week, we changed our ticker to AGNT. That wasn't cosmetic; it was really the clearest possible statement of what this company is and who it's built for.

下一張投影片，謝謝。我想在最後用我們實際正在打造的內容作結，因為我認為這點仍被低估。就在上週，我們把股票代號改為 AGNT。這不是表面功夫；而是對這家公司是什麼、以及它是為誰而打造的，所能做出的最清楚表態。

eXp is a platform business built by agents, built for agents, and the four connected offerings really working in harmony: eXp North America is now multi-model option through NextHome; International, our fastest-growing segment and expansion frontier; FrameVR, our virtual infrastructure; and SUCCESS, our culture and growth layer. No other brokerage on earth is built this way. And the multi-model expansion through NextHome is a real proof point. We can now welcome independents and entire offices that previously couldn't find a home with us without compromising what it makes -- what makes the eXp model work.

eXp 是一個由經紀人打造、為經紀人服務的平台型企業，四個相互連結的產品真正協同運作：eXp 北美如今透過 NextHome 成為多模式選項；國際業務是我們成長最快的板塊與擴張前沿；FrameVR 是我們的虛擬基礎設施；SUCCESS 則是我們的文化與成長層。地球上沒有任何一家房仲經紀公司是以這種方式打造的。而透過 NextHome 的多模式擴張是一個真正的驗證點。我們現在可以歡迎獨立經紀人與整個辦公室加入——過去他們找不到適合我們的落腳處——同時不必犧牲讓 eXp 模式得以運作的核心要素。

What we offer agents and what no one else can fully replicate is a complete operating system for building a scalable, sustainable real estate business, full stack marketing suite, world-class personal development through SUCCESS, health and wellness resources and a fully immersive global collaboration layer through Frame. Every investment we're making right now, the eXp Hub, AI Copilots, the listing intelligence platform, the App Store marketplace and the single thread leadership model that puts a dedicated owner on every major bet is designed around one goal, helping agents build businesses that grow beyond themselves. This is what's underappreciated about eXp, not the agent count, not the share gain, really the fundamental architecture. And that's the eXp platform. That's the moat, and every quarter, the gap widens.

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，用於打造可擴張、可持續的房地產事業：全方位行銷套件、透過 SUCCESS 提供的世界級個人成長、健康與身心資源，以及透過 Frame 建立的全沉浸式全球協作層。我們目前所做的每一項投資——eXp Hub、AI Copilots、房源智慧平台、App Store 市集，以及「單一主責」的領導模式（讓每一個重大押注都有一位專責負責人）——都圍繞著一個目標：協助經紀人打造能夠超越個人本身的成長型事業。這才是 eXp 被低估之處，不是經紀人數量、不是市占提升，而是根本的架構。而那就是 eXp 平台。這就是護城河，而且每一季差距都在擴大。

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

我把時間交回——交回給 Denise 進行問答。

Great. 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 analysts. So Leo, I'll start with you. Can you speak to how adding an award-winning franchise model like NextHome complements our core cloud brokerage?

很好。謝謝你，Glenn。我會先用一個問題請教團隊的每一位，然後再開放聽眾與分析師提問。Leo，我先從你開始。你能談談加入像 NextHome 這樣屢獲獎項的加盟模式，如何補強我們核心的雲端房仲經紀業務嗎？

Specifically, how does this multi-model approach allow us to capture a broader segment of the market that was previously out of reach? And what does this mean for our competitive moat heading into the second half of the year?

具體來說，這種多模式策略如何讓我們涵蓋過去觸及不到的更廣泛市場區隔？而這對我們在下半年進入競爭時的護城河意味著什麼？

Thanks, Denise. Adding NextHome gives us an advantage because we can now attract independent brokers and franchises coming off of their franchise agreement. There are many, many folks who have woken up in the last 24 months, completely caught off guard by new ownership structure ranging from private equity to other publicly traded companies. And some of those companies' views differ substantially from how they may view the world from putting the consumer first to transparency and thought track around how we display listings. And we just realize that in the shifting landscape, having a chassis to give us the optionality to add these folks is incredible.

謝謝，Denise。加入 NextHome 讓我們具備優勢，因為我們現在可以吸引獨立經紀商以及加盟合約到期、準備離開原加盟體系的加盟店。過去 24 個月裡，有非常非常多人醒來才發現自己完全被新的所有權結構打了個措手不及——從私募股權到其他上市公司不等。而其中一些公司的觀點，與他們原本看待世界的方式差異很大，例如是否以消費者為先、透明度，以及我們如何呈現房源資訊的思路。我們只是意識到，在這個變動的環境中，擁有一個底盤（chassis）讓我們可以選擇性地把這些人納入，這是非常了不起的。

And you have to appreciate the iterativeness of platforms. When Glenn started, this was for the agent, we became the home of the team. And now we've realized that as we continue to grow, there's an opportunity for the folks that will probably never be at a cloud brokerage, and we just added a complete new lane and a green shoot opportunity.

而且你必須理解平台的迭代性。Glenn 一開始做的是為經紀人而生，我們後來成為團隊的歸屬。現在我們意識到，隨著持續成長，對於那些可能永遠不會加入雲端房仲的人，也存在機會——我們剛剛新增了一條全新的跑道，以及一個新芽般的成長機會。

All right. Thanks, Leo. Jesse, one for you. With the integration of NextHome, the financial mix of the company is evolving. Can you discuss how NextHome's model differs from eXp's core cloud-based brokerage model?

好，謝謝你，Leo。Jesse，問你一題。隨著 NextHome 的整合，公司財務組合正在演變。你能談談 NextHome 的模式與 eXp 核心的雲端房仲經紀模式有何不同嗎？

Yes. Thanks, Denise. And Leo just touched on a big part of the deal thesis is that it does allow us to capture revenue from those agents teams, independent brokerages that we historically haven't had -- we may have had to pass on because they were more aligned or more akin to something in the franchise model. So this does by making eXp now multi-modal platform and providing this chassis, it allows an on-ramp to some pretty large opportunities that we see here in the near term.

好的，謝謝，Denise。Leo 剛剛提到交易論點的一大部分：它確實讓我們能從那些我們過去無法涵蓋的經紀人團隊、獨立經紀商取得營收——我們可能不得不放棄，因為他們更符合、或更接近加盟模式的型態。因此，透過讓 eXp 成為多模式平台並提供這個底盤，它讓我們在短期內看到一些相當大的機會得以更順利地導入（on-ramp）。

And then specifically, just speaking to the financial differences in franchise, franchise offers very predictable recurring revenue over the multiyear terms and the contracts.And then they typically have higher gross margins as well, being especially NextHome, very asset-light, very aligned to the eXp model, even though we are slightly different in the offering, right, between franchise and brokerage. But they are asset-light as a franchisor with very little corporate overhead. So as you continue to scale, you see very expanded margins in that platform specifically.

另外，具體談到加盟在財務上的差異：加盟在多年期合約期間能提供非常可預測的經常性收入。而且通常毛利率也更高；尤其是 NextHome，非常輕資產，與 eXp 模式高度一致，儘管我們在提供內容上（加盟與經紀）略有不同。但作為加盟總部（franchisor），它是輕資產、公司端管理費用很低。因此，隨著規模擴大，你會看到該平台的利潤率顯著擴張。

Thanks, Jesse. And Glenn, one for you. How do you see personal development and success impacting eXp?

謝謝你，Jesse。Glenn，問你一題。你如何看待個人成長與 SUCCESS 對 eXp 的影響？

Yes. So I think it really comes down to the idea that we've expressed literally since we started the company, which is that real estate is fundamentally powered by human beings who have developed sales skills, scripts, dialogues, lead generation. But more importantly, it's sort of their mindset and how they see themselves in the world. And SUCCESS has really been doing that for 129 years.

是的。我認為這真的回到我們自公司創立以來就一直表達的理念：房地產本質上是由人所驅動——這些人培養了銷售技能、話術腳本、對話流程、名單開發。但更重要的是，他們的心態，以及他們如何看待自己在世界中的位置。而 SUCCESS 在這方面已經做了 129 年。

So the more that we can expose agents to how to think better, how to operate better, it just raises, for lack of a better term, the consciousness of the entire organization in a way where we're, again, more aligned, more connected, shared vocabulary and shared ways of doing things that just kind of reinforces itself.

因此，我們越能讓經紀人接觸到如何更好地思考、如何更好地運作，就越能——姑且這麼說——提升整個組織的「意識層級」，使我們再次變得更一致、更連結，擁有共同的語彙與共同的做事方式，並形成一種自我強化的循環。

So for me, I always think about the fact that eXp really has been historically a personal development company that just happens to sell real estate. And with that lens, we became the largest single customer of SUCCESS magazine even before we bought the magazine because of our belief in personal development being so fundamental.

所以對我而言，我一直認為 eXp 歷史上其實是一家個人成長公司，只是剛好在賣房地產。用這個視角來看，在我們收購 SUCCESS 雜誌之前，eXp 就已經是 SUCCESS 雜誌最大的單一客戶，因為我們相信個人成長是如此根本。

And so this really just continues to give us more access. And as I've been diving into personal development, especially since jumping in as Managing Director last July, it's becoming more and more obvious the places that we're going to be able to make meaningful sort of upgrades for all intents and purposes relative to the -- our agents and brokers who want to get access to some of the folks over on the SUCCESS side of the house as well as a lot of the content that they get just as being part of eXp.

因此，這也只是讓我們獲得更多的接觸與資源。自從去年 7 月我以董事總經理身分加入後，我更深入投入個人成長領域，也越來越清楚我們將能在許多方面做出有意義的提升——就各種目的而言——針對我們的經紀人與經紀商，讓他們能接觸 SUCCESS 團隊那邊的一些人物，以及他們作為 eXp 一員所能取得的大量內容。

All right, thanks, Glenn. Now I'll move over to our analysts to ask questions. (Event Instructions)

好，謝謝你，Glenn。接下來我把時間交給分析師提問。（活動說明）

Tom White, DA Davidson.

Tom White，DA Davidson。

Great. Maybe just a follow-up for Leo on the NextHome deal, and congrats on that. But I guess the last few weeks here, you've had the two kind of national leaders in cloud-based models here make acquisitions of franchise models.

很好。我想針對 NextHome 這筆交易對 Leo 追問一下，也恭喜你們。不過我想，過去幾週，雲端模式的兩位全國性領導者都進行了加盟模式的收購。

Leo, can you maybe just talk a little bit about like why you think that is and why now? I understand maybe going after these agents or groups of agents or indies that weren't suited, I guess, for the national model.

Leo，你能否談談你認為為什麼會這樣、以及為什麼是現在？我理解可能是為了爭取那些不太適合全國性模式的經紀人或經紀人團體或獨立業者。

But I'm just curious if there's kind of anything else maybe just sort of like industry-wide dynamics or competitively that's think -- resulting in you guys making this deal? And maybe just comment on -- I think this is the first domestic brokerage you guys have ever acquired, maybe the first kind of brokerage model that you've acquired anywhere. Like does this open -- I don't want to say the floodgates, but is this sort of a new potential kind of vein of growth that you guys might look to consolidate more brokerages?

但我很好奇，是否還有其他可能的因素，例如一些產業層面的動態或競爭面的考量——促使你們做出這筆交易？另外也請評論一下——我想這可能是你們首次收購美國本土的經紀公司，也可能是你們在任何地方首次收購某種經紀模式。這是否會開啟——我不想說是打開閘門——但這是否代表一種新的潛在成長脈絡，你們可能會考慮整合更多經紀公司？

Tom, that's a perfectly fair question. So one is the timing is interesting and similar to the other ones, but I appreciate that this conversation probably started in earnest September, right? So the process too, because unlike the other ones where deals were announced, this is closed and we're off to the races. The press release that drops around noon is probably really indicative of what the opportunity I see in front of us. There is a gentleman by the name of Albert Maggers in the Gold Coast of California, who's joining NextHome with 200 agents.

Tom，這是個完全合理的問題。首先，時點很有意思，也和其他案子相似，但我也理解這段對話大概是在 9 月才真正開始認真進行，對吧？另外流程也不同，因為不像其他案子是先宣布交易，這次是已經完成交割，我們就直接開跑了。大約中午發布的新聞稿，應該很能反映我眼前看到的機會。在加州黃金海岸有位名叫 Albert Maggers 的先生，將帶著 200 名經紀人加入 NextHome。

That is way outside of their typical office size and the opportunity that James and I saw when we started this conversation last year, where if you see the trend, most of the acquisitions of franchises have been a growth company buying a legacy company that's contracting at very large percentages, 5% to 7% per year. That's not what we did.

這遠遠超出他們典型的辦公室規模。而 James 和我去年開始這段對話時看到的機會是：如果你觀察趨勢，多數特許經營體系的併購，都是成長型公司去買一家老牌公司，而那家老牌公司正以很大的幅度收縮，每年 5% 到 7%。我們做的不是這種。

We specifically went for a young, growing, well-recognized, highly rated franchise system because I see this opportunity where these companies that are legacy players that are now owned by new ownership are seeing contraction, and that created a massive opportunity for us. And so I think part of the strategy is to always stay nimble and see opportunities even 6, 12, 18 months out. And so I think directionally, we're seeing a huge opportunity that wasn't present even 24 months ago.

我們刻意選擇一個年輕、成長中、知名度高、評價很高的特許經營體系，因為我看到一個機會：那些原本的老牌玩家如今由新股東持有，卻正在收縮，這為我們創造了巨大的機會。所以我認為策略的一部分，就是永遠保持靈活，並且能看到 6、12、18 個月後的機會。因此從方向上看，我們看到一個非常大的機會，而這個機會甚至在 24 個月前都還不存在。

And then secondly, on the positioning of how we see the world, I think I've given you my standard Jim Bramble, role played answer as a Section 16 Officer of a public company, it's my fiduciary responsibility to always stay in curiosity for any acquisition that's accretive to our shareholders and market share. But I do see that we now have a chassis that keeps us available and nimble for the optionality ahead.

第二點，關於我們如何看待世界的定位，我想我已經給過你我那套標準的、以 Jim Bramble 身分扮演的回答：作為一家上市公司的第 16 條（Section 16）高階主管，我的受託責任是對任何能為股東帶來增益、並提升市占的併購保持好奇並持續評估。但我確實認為，我們現在擁有一個底盤（chassis），讓我們能保持可用性與靈活性，以因應未來的各種選擇權。

Okay. And maybe just a quick follow-up for Jesse or anyone. Just you affirmed the full year guide. You obviously have NextHome now. Can you maybe help us get a sense of what you think the kind of contribution from NextHome might be this year?

好的。那也許再快速追問一下 Jesse 或任何人：你們確認了全年指引。你們現在顯然也有 NextHome 了。你們能不能幫我們理解一下，你們認為 NextHome 今年大概會帶來什麼樣的貢獻？

Yes, sure, I can take that. At this point in time, it's more of a strategic addition to our platform. Their financial contribution will frankly be modest when you layer it against our full consolidated results in the near term. But we are more focused on the long term of this deal, the value that it brings in incremental agents production and margin. And then more specifically to answer your question, it's not currently included in our full year guidance at this time.

可以，這題我來回答。就目前而言，這更像是對我們平台的策略性補強。短期內，若與我們合併報表的全年整體結果相比，它的財務貢獻坦白說會相對有限。但我們更關注這筆交易的長期面向，也就是它在新增經紀人產能與利潤率方面帶來的價值。更具體回答你的問題：目前 NextHome 尚未納入我們此時的全年指引。

I think that is something we're going to evaluate when we fully incorporate this here in Q2 and look to reiterate full year guidance at that time, Tom.

我想這是我們在第二季把它完整納入後會評估的事情，並在那個時點再來重申全年指引，Tom。

Thanks, Tom. Now I'll go over to Michael. Michael Brindos from Benchmark. If you'd like to ask a question, you can go ahead.

謝謝你，Tom。接下來我把時間交給 Michael。Benchmark 的 Michael Brindos，如果你想提問，可以開始。

All right. We're working on those technical fixes there.

好的。我們正在處理那些技術修正。

I'll move over to Stephen Sheldon from William Blair. He asked us a couple of questions via e-mail. He wanted to know, first, Leo, how much are you planning to integrate NextHome versus letting it operate a more stand-alone? And beyond the franchising capability, what else does NextHome bring to the table in terms of technology or other capabilities that eXp can leverage broadly?

我先轉到 William Blair 的 Stephen Sheldon。他透過電子郵件問了我們幾個問題。他首先想知道，Leo，你們計畫把 NextHome 整合到什麼程度，還是讓它更偏向獨立運作？另外，除了特許經營能力之外，NextHome 在技術或其他能力方面，還能為 eXp 帶來什麼，讓 eXp 可以更廣泛地加以運用？

Thanks for the question. So the first most important one is there will be no changes to the NextHome brand. There will be a stand-alone brand because it is a different offering as a complete separate chassis. And NextHome was nimble and highly strategic acquisition for us. The part of the appeal is having the second chassis as well as the leadership.

謝謝提問。第一個、也是最重要的一點是：NextHome 品牌不會有任何改變。它會作為一個獨立品牌存在，因為它是不同的產品提供方式，是一個完全獨立的底盤（chassis）。而 NextHome 對我們而言是一項靈活且高度策略性的收購。吸引力的一部分在於擁有第二個底盤，以及其領導團隊。

Going into a world where consolidation and roll-ups are happening, I think the -- there's no -- it'd be wise to not underestimate the leadership groups that come together because we are in a very specific independent contractor-driven business that is personality-driven and people follow people. And we have very large buying power. So there's going to be quite a bit of synergies on technology that we purchase across the board. And as we were doing due diligence, we were both pleasantly surprised by the similarities. They're 42% virtual.

在一個整併與併購整合（roll-ups）正在發生的世界裡，我認為——沒有——低估匯聚在一起的領導團隊是不明智的，因為我們所處的是一個非常特殊、以獨立承包商為驅動的產業，這個產業由人格特質驅動，人們會追隨人。我們也有非常大的採購規模。因此在我們整體採購的技術上，會有相當多的綜效。而在做盡職調查時，我們雙方都驚喜地發現彼此有很多相似之處。他們有 42% 是虛擬化的。

A lot of their franchisees use Regus out of all shared spaces with a lot of similarities from tech stack with all the other vendors we offer. So there is going to be some really interesting synergies as we go forward.

他們很多加盟主使用 Regus，在共享空間方面也有很多相似之處；在技術堆疊（tech stack）上，與我們提供的其他供應商也有不少相似。因此隨著我們往前推進，會出現一些非常有意思的綜效。

Great. Okay. And another one from Stephen Sheldon. He said, Great to see continued strong agent NPS but it did step down a touch sequentially. Is there anything to call out there?

很好。好的。Stephen Sheldon 的另一個問題是：很高興看到經紀人 NPS 持續強勁，但按季比較略有下滑。有什麼需要特別說明的嗎？

Yes, that's a great question. And that's one of the reasons why Glenn started with NPS and the focus on it. One is anything in the 70s is considered good. If you were to have like, an 80-plus, someone's almost gaming the system. We're all students of Fred Reichheld.

是的，這是個很好的問題，也正是 Glenn 一開始就從 NPS 講起並強調其重要性的原因之一。第一，任何落在 70 多分都被視為良好；如果你看到像 80 分以上，那幾乎像是在「玩弄」系統。我們都是 Fred Reichheld 的學生。

He's on our board, and I've read the book cover to cover. And you never want to game the system. So that is a very good example of in real-time fire smoke detector system, and we were able to identify it. And it's one quarter versus multi-quarter sequentially. And that's actually a perfect example of the metric being used in action.

他在我們董事會裡，我也把那本書從頭到尾讀完。你永遠不希望去操弄系統。所以這就是一個很好的例子：它像即時的火災煙霧偵測器系統，我們因此能夠識別出問題。而且這是一個季度的變化，而不是連續多個季度的趨勢。這其實正是這個指標在實務上發揮作用的完美例子。

Great. All right. And over at Slido, we have already answered the questions that we got there. So thank you, everyone, for joining us on our first-quarter earnings call. This concludes the call. As always, please stay connected by visiting eXp World Holdings for the latest updates on eXp news, results and events.

很好。好的。另外在 Slido 上，我們已經回答了收到的問題。所以感謝各位參加我們的第一季財報電話會議。本次會議到此結束。一如既往，請透過造訪 eXp World Holdings 以保持連結，取得 eXp 最新消息、業績與活動的最新更新。

Additionally, you'll find a recording of this call and our latest investor presentation on the Investors section of our site. Thanks again for joining, and this concludes our first-quarter earnings fireside chat.

此外，你也可以在我們網站的「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。再次感謝各位參與，本次第一季財報爐邊談到此結束。

Thank you, everyone.

謝謝大家。