Compass Inc (COMP) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Compass in Q4 2023 earnings call.

感謝您的耐心等待，歡迎參加 Compass 2023 年第四季財報電話會議。

I would now like to welcome Richard Simonelli, VP, Investor Relations, to begin the call.

現在我歡迎投資者關係副總裁理查德·西蒙內利 (Richard Simonelli) 開始電話會議。

Richard, over to you.

理查德，交給你了。

Thank you very much, Operator.

非常感謝您，接線生。

And good afternoon, everybody, and thank you for joining the Company's fourth quarter and full year 2023 earnings call.

大家下午好，感謝您參加公司第四季和 2023 年全年財報電話會議。

Joining us today will be Robert Raskin, our Founder and Chief Executive Officer, and Lonnie relates our Chief Financial Officer and discussing our Company's performance.

今天加入我們的是我們的創始人兼首席執行官羅伯特·拉斯金 (Robert Raskin)，朗尼 (Lonnie) 介紹我們的首席財務官並討論我們公司的業績。

Today, we will refer to some non-GAAP measures.

今天，我們將參考一些非公認會計原則措施。

You can find the reconciliation of these GAAP measures to the most directly comparable GAAP measures in our fourth quarter earnings release that was posted on our Investor Relations website a few minutes ago, we will be making forward-looking statements that are based on our current expectations, forecasts and assumptions that involve risks and uncertainties.

您可以在幾分鐘前發佈在我們的投資者關係網站上的第四季度收益報告中找到這些GAAP 衡量標準與最直接可比的GAAP 衡量標準的對賬，我們將根據我們當前的預期做出前瞻性聲明、涉及風險和不確定性的預測和假設。

These statements include our guidance for the first quarter of 2024.

這些聲明包括我們對 2024 年第一季的指導。

Comments related to our operating expenses and free cash flow for the full year of 2024, as well as our expectations for operational achievements.

評論涉及我們 2024 年全年的營運費用和自由現金流，以及我們對營運績效的預期。

Our actual results may differ materially from these statements, but you can find more information about risks, uncertainties and other factors that could affect our results in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC and available on our Investor Relations website.

我們的實際結果可能與這些陳述有重大差異，但您可以在我們向政府提交的最新10-K 表格年度報告和10-Q 表格季度報告中找到有關風險、不確定性和其他可能影響我們結果的因素的更多資​​訊。 SEC 並可在我們的投資者關係網站上找到。

You should not place undue reliance on any of these forward-looking statements, and all information in this presentation is as of today's date, February 27, 2024.

您不應過度依賴任何這些前瞻性陳述，本簡報中的所有資訊均截至今天（2024 年 2 月 27 日）。

We expressly disclaim any obligation to update this information.

我們明確不承擔更新此資訊的義務。

So I'll now turn the call over to Robert Raskin, RCEO., Robert.

現在我將把電話轉給 RCEO 羅伯特·拉斯金 (Robert Raskin)。羅伯特。

Thank you, Rich, and thank you for joining us today for our fourth quarter and full year 2023 Results Conference Call.

謝謝 Rich，也謝謝您今天參加我們的 2023 年第四季和全年業績電話會議。

Before I get into our Q4 and 2023 results.

在了解我們的第四季和 2023 年業績之前。

I want to begin with a big picture why I am optimistic about Compass and what we can accomplish over the next several years.

首先，我想先了解為什麼我對 Compass 持樂觀態度，以及我們在未來幾年可以實現的目標。

I am incredibly excited about the opportunity we have to take advantage of our $1.5 billion investment in our technology platform in scale as the market comes back, assuming we continue to add net agents in we maintain or modestly improve our agent economics and keep our $600 million of cost savings with minimal minimal inflationary growth of 3% to 4%.

隨著市場的復甦，我們有機會大規模利用我們對科技平台的15 億美元投資，我對此感到非常興奮，假設我們繼續增加淨代理，以維持或適度改善我們的代理經濟並保持6 億美元的收入在 3% 至 4% 的最低通膨增長率下節省成本。

We believe that Congress will generate hundreds and hundreds of millions of dollars in EBITDA and free cash flow as the market recovers to a more normalized mid-cycle home sales level of $5.3 million to $5.5 million annual home sales.

我們相信，隨著市場恢復到更正常的中期房屋銷售水準（每年房屋銷售 530 萬美元至 550 萬美元），國會將產生數億美元的 EBITDA 和自由現金流。

I want to be clear that our target OpEx for 2024 is the reset of OpEx, not a temporary reduction of expenses.

我想明確的是，我們 2024 年的營運支出目標是重置營運支出，而不是暫時減少費用。

Importantly, our future success is not reliant on new product offerings or expanding into new markets.

重要的是，我們未來的成功並不依賴新產品的提供或新市場的擴張。

We have already built an unrivaled technology platform that attracts and retains the best agents while allowing us to uniquely scale compared to our competitors.

我們已經建立了一個無與倫比的技術平台，可以吸引並留住最優秀的代理商，同時使我們能夠比競爭對手實現獨特的規模擴張。

Even at these new OpEx levels, we continue to invest in agent growth, increasing market share, expanding our technology advantage with approximately $100 million in annual R&D and continuing our integrated services expansion.

即使在這些新的營運支出水準上，我們仍繼續投資於代理商成長，增加市場份額，透過每年約 1 億美元的研發來擴大我們的技術優勢，並繼續我們的綜合服務擴張。

We have successfully navigated two consecutive years, have very large declines in industry-wide transactions.

我們已經連續兩年成功應對了全行業交易量大幅下降的情況。

U.s. home sales dropped 18% year over year in 2022 and declined 19% year over year in 2023, resulting in the lowest level of home sales since 1995 and the population in the U.S. is 27% larger now than in 1995.

我們。 2022年房屋銷售量年減18%，2023年年減19%，導致房屋銷售量達到1995年以來的最低水平，而美國現在的人口比1995年增加了27%。

Despite these massive headwinds, we have positioned companies for significant upside when the market begins to recover.

儘管存在這些巨大的阻力，但當市場開始復甦時，我們仍將公司定位為可大幅上漲的股票。

So let's look at the results in the fourth quarter of 2023, we achieved solid financial results that are in line with our guidance with $1.1 billion of revenue and adjusted EBITDA of negative $23.7 million.

讓我們來看看 2023 年第四季的業績，我們實現了穩健的財務業績，營收為 11 億美元，調整後 EBITDA 為負 2,370 萬美元，符合我們的指引。

We achieved our 2023 target range of $850 million to $950 million in non-GAAP operating expenses.

我們實現了 2023 年非 GAAP 營運費用 8.5 億至 9.5 億美元的目標範圍。

I'm pleased to announce we ended the year below our midpoint goal.

我很高興地宣布，我們今年的業績低於中點目標。

During this time, we took aggressive action on what we could control by reducing our annualized non-GAAP operating expense by a run rate of nearly $600 million from Q2 2022.

在此期間，我們在可以控制的範圍內採取了積極行動，從 2022 年第二季開始將年化非 GAAP 營運費用減少了近 6 億美元。

As a result, in 2023, we have been able to achieve a $266 million improvement in our operating cash flow in a $325 million improvement in free cash flow, even as revenue declined by $1.1 billion in 2023 compared to 2022.

因此，到 2023 年，我們的營運現金流改善了 2.66 億美元，自由現金流改善了 3.25 億美元，儘管 2023 年收入比 2022 年下降了 11 億美元。

Overall, I am very pleased with the progress we made on our agent economics.

總的來說，我對我們在代理經濟學方面取得的進展感到非常滿意。

Our commissions as a percentage of revenue improved by four basis points in 2023 compared to 2022.

與 2022 年相比，2023 年我們的佣金佔收入的百分比提高了四個基點。

After adjusting for the agent equity program in the prior year.

在對上一年度的代理商股權計畫進行調整後。

This improvement was negatively impacted by about 10 basis points from M&A activity, including fleet rates, which have lower splits than our base business.

這項改善受到併購活動約 10 個基點的負面影響，其中包括機隊費率，其比例低於我們的基礎業務。

And therefore, our commissions as a percentage of revenue actually improved 14 basis points when adjusting for the M&A activity in 2023.

因此，在對 2023 年的併購活動進行調整後，我們的佣金佔收入的百分比實際上提高了 14 個基點。

Additionally, during 2023, we prioritize reducing fees in cash and cash incentives, which are included in the sales and marketing line of our P&L and therefore, the improvement is not reflected in the commissions line.

此外，在 2023 年期間，我們優先減少現金和現金獎勵費用，這些費用包含在我們損益表的銷售和行銷項目中，因此，改進不會反映在佣金項目中。

The reduction to our cash incentives account for an additional 43 basis points improvement for an aggregate of 57 basis points of improvement in total agent ECONOMICS, 57 basis points of improvement in total agent ECONOMICS.

現金獎勵的減少導致代理人經濟總量額外提高了 43 個基點，代理人經濟總量提高了 57 個基點。

As a reminder, from our Q2 call last year in August, I said, we expect exit 2023, our CapEx to be $900 million on a run rate level and are committed to a path we have outlined to maintain our OpEx at $900 million in 2024 in our focus on maintaining that level in 2025.

提醒一下，我在去年8 月的第二季度電話會議上說過，我們預計到2023 年退出時，我們的資本支出按運行率水平將達到9 億美元，並致力於按照我們概述的路徑在2024年將營運支出維持在9 億美元我們的重點是在 2025 年維持這一水準。

I am pleased to say that we outperformed on the targeted Q4 2023, $900 million OpEx run rate coming in at $894 million, and that we expect to outperform our full year 2024 $900 million OpEx commitment as we are now guiding to a full year 2024 OpEx midpoint of $865 million.

我很高興地說，我們在2023 年第四季的目標中表現出色，即9 億美元的營運支出運行率為8.94 億美元，並且我們預計將超越2024 年全年9 億美元的營運支出承諾，因為我們現在正在指導2024 年全年營運支出8.65 億美元的中點。

Importantly, we are still committed to maintaining 2025 OpEx at $900 million or below.

重要的是，我們仍然致力於將 2025 年營運支出維持在 9 億美元或以下。

One of the questions I am asked is how do you know, this is the right OpEx level.

我被問到的問題之一是您如何知道這是正確的營運支出水準。

Our target 2024 $865 million Opex would have been our OpEx for the full year of 2023, we would have generated positive EBITDA and positive free cash flow in 2023 a year that saw the lowest level of transactions since 1995.

我們的2024 年營運支出目標為8.65 億美元，這將是我們2023 年全年的營運支出，我們將在2023 年產生正的EBITDA 和正的自由現金流，這是自1995 年以來交易水準最低的一年。

It's important to note that at these new OpEx levels, we are still able to invest in the future growth of the business, including approximately $100 million a year in R&D.

值得注意的是，在這些新的營運支出水準上，我們仍然能夠投資於業務的未來成長，包括每年約 1 億美元的研發投資。

I wanted to be clear that we have not compromised the agent experience anyone can cut expenses, but to do so without harming, our agents is important to us.

我想澄清的是，我們並沒有損害代理商的體驗，任何人都可以削減開支，但為了在不損害的情況下做到這一點，我們的代理商對我們很重要。

As you will see from the following highlights, agents continue to come to campus and to say Acambis in our technology platform is now the major reason as it makes ages more productive and allows companies two lower costs.

正如您將從以下亮點中看到的那樣，代理商不斷來到校園，並表示我們的技術平台中的Acambis 是現在的主要原因，因為它使年齡變得更加高效，並允許公司降低兩倍的成本。

We have recruited more than 2000 principal agents without cash or equity sign-on incentives.

我們已經招募了 2000 多名委託代理人，沒有現金或股權簽約激勵。

Since eliminating those incentives in August 2022, we grew the average number of principal agents by 7.7% in Q4 2023 first, Q4 2022, we continued the trend of strong agent retention, achieving 97% principal agent retention in Q4 2023.

自2022 年8 月取消這些激勵措施以來，我們首先在2023 年第四季度將委託代理人的平均數量增加了7.7%，在2022 年第四季度，我們繼續保持了強勁的代理人保留率趨勢，在2023 年第四季實現了97% 的委託代理人保留率。

We grew quarterly market share, both year over year and quarter over quarter in Q4 2023 by nine and 10 basis points, respectively.

2023 年第四季度，我們的季度市佔率年比和季比分別成長了 9 個和 10 個基點。

Countries.

國家。

Asia had a strong year executing transactions on a transaction percentage basis corporate agents outperformed the entire US residential real estate market in Q4 2023.

以交易百分比計算，亞洲執行交易表現強勁，2023 年第四季企業代理商的表現優於整個美國住宅房地產市場。

And for the full year of 2023, Kambi's transactions declined 4.9% in Q4 2023 versus Q4 2022, which compares favorably to the 9.2% decline in transactions for the industry for the full year of 2023 compared to 2022 companies, transactions were down 15.5% compared to a decline of 18.7% for the entire U.S. residential market in 2023 we continue to grow our technology advantage by adding 103 features to our platform, including performance tracker, Compass AI. enhancements in one-click title and escrow, which increases attach rates for this higher margin title and escrow business.

就2023 年全年而言，Kambi 的交易量在2023 年第四季較2022 年第四季下降了4.9%，相比之下，該產業2023 年全年交易量較2022 年公司下降9.2%，交易量較2022 年下降15.5%。到 2023 年，整個美國住宅市場將下降 18.7%，我們透過在平台上添加 103 項功能（包括性能追蹤器、Compass AI）來繼續增強我們的技術優勢。一鍵式產權和託管的增強功能，提高了這種利潤率較高的產權和託管業務的附加費率。

Given the investments made in the transaction management side of our platform, our nearly 400 person transaction operations, agents' payments team reduced the processing costs of our brokerage transactions by 22% in 2023 compared to 2022, while improving accuracy and time to pay a great example of how we did and sacrifice the agent experience.

鑑於我們在平台交易管理方面的投資，我們近 400 人的交易操作、代理商支付團隊，與 2022 年相比，2023 年我們的經紀交易處理成本降低了 22%，同時提高了準確性和支付時間我們如何犧牲座席體驗的範例。

We expect to bring these costs down 23% more this year with further platform investments.

我們預計，透過進一步的平台投資，今年這些成本將再降低 23%。

Prolonging real as our Chief Financial Officer will walk you through all the financial details later on in this call, I want to take a moment to talk about Colonial and its contribution Compass on the operations side, Columbia's prior experience as the Chief Operations Officer and Chief Financial Officer for the Americas at Cushman Wakefield has been exceptionally helpful to me and my leadership team, his experience running both finance and day-to-day operations in the commercial real estate brokerage space provides us additional real time industry expertise as we continue to maximize operating efficiencies, remain disciplined on costs and continue to build out world-class operating platforms to drive meaningful value for agents and shareholders.

長期真實，因為我們的財務長將在本次電話會議稍後向您介紹所有財務細節，我想花點時間談談Colonial 及其在營運方面的貢獻Compass、Columbia 之前擔任首席營運官和首席運營官的經驗高緯環球的美洲財務官對我和我的領導團隊非常有幫助，他在商業房地產經紀領域的財務和日常運營經驗為我們提供了額外的實時行業專業知識，幫助我們繼續最大化運營效率，保持成本控制，並繼續打造​​世界級的營運平台，為代理商和股東帶來有意義的價值。

We recruited over 1,000 new principal agents in 2023.

2023 年，我們招募了 1,000 多名新的主要代理人。

When asked what the top reason for joining Compass was over 80-percent-point through our compass technology platform, which makes them more productive.

當被問及加入 Compass 的首要原因是什麼時，超過 80% 的人是透過我們的 Compass 技術平台來提高工作效率的。

More importantly, I don't believe there is another major real estate brokerage where more than 20% of agents that joined in the last year with point-of-care technology offering as the number one reason to join beyond our ability to recruit and retain the best agents.

更重要的是，我不認為還有哪家大型房地產經紀公司去年加入的代理商中有超過 20% 將現場護理技術產品作為除了我們招募和留住人才的能力之外的首要加入理由最好的代理商。

Our platform is incredibly scalable and provides a sustainable financial advantage.

我們的平台具有令人難以置信的可擴展性，並提供可持續的財務優勢。

In fact, that's a big part of our value thesis.

事實上，這是我們價值論的重要組成部分。

Adding agents to the platform has virtually no incremental costs.

將代理商添加到平台幾乎不會增加成本。

So we can add thousands of new agents with very minimal additional support them.

因此，我們可以添加數千名新代理，而只需極少的額外支援。

This is a significant point of distinction from the way a traditional brokerage firms, comps ebb and flow with agent count in tough times, they cut costs and in good times, they add them back.

這是與傳統經紀公司的一個顯著區別，在經濟困難時期，他們會削減成本，在經濟繁榮時期，會根據代理人數量的變化來增加成本。

This is because their support costs are people and those costs don't scale because they grow literally as they add agents.

這是因為他們的支援成本是人員，而這些成本不會隨著增加代理而增加，因此不會擴大規模。

This is a point of differentiation for combat and a major competitive advantage as the market recovery unfolds at Compass, we believe in the combination of high-tech and high-touch to build strong relationships between our agents and their buyers and sellers to further strengthen that bond.

隨著康帕斯市場的復甦，這是戰鬥的一個差異點和主要的競爭優勢，我們相信高科技和高接觸的結合可以在我們的代理商與其買家和賣家之間建立牢固的關係，以進一步加強這一點紐帶。

In 2024, we plan to build upon our highly successful fire collection tool and deliver the first phase our company's client dashboard for both buyers and sellers.

2024 年，我們計劃在我們非常成功的火災收集工具的基礎上，為買家和賣家提供我們公司第一階段的客戶儀表板。

We envision this as a single destination for everything home before during and after the transaction for our agent clients.

我們設想這將成為我們的代理客戶在交易之前、交易期間和交易之後所有物品的單一目的地。

I look forward to providing more insight into the impact this product will have on our agents and our clients in upcoming calls in 2023, despite strong market headwinds, we continue to benefit from our ongoing investment in integrated services such as title and escrow and mortgage.

我期待在2023 年即將召開的電話會議中更深入地了解該產品對我們的代理商和客戶的影響，儘管市場面臨強勁阻力，但我們將繼續受益於對所有權、託管和抵押貸款等綜合服務的持續投資。

In 2023, our portfolio of title and escrow businesses delivered all-time company high attach rates and drove year-over-year improvements in EBITDA margins.

2023 年，我們的產權和託管業務組合實現了公司歷史上最高的附加率，並推動 EBITDA 利潤率逐年提高。

We're continuing our focus on growing our footprint for title and escrow and recently purchased attorneys key titles in Fort Lauderdale, Florida giving us a strong foundation to build this service offering in Florida.

我們繼續致力於擴大產權和託管業務，最近在佛羅裡達州勞德代爾堡購買了律師的關鍵產權，為我們在佛羅裡達州建立這項服務奠定了堅實的基礎。

The 4 million existing home sales for 2023 represented a 30-year low when you add a nearly two year compression of both supply and demand driven by a massive and rapid increase in mortgage rates, there will be an event, an eventual return to a mid-cycle range of $5.3 million to $5.5 million annual retail transactions in time, I am cautiously optimistic about 2024, while most real estate analysts are calling for transactions to increase in 2024 which we agree with our budgeting purposes, we are conservatively planning for flat transactions year over year.

2023 年成屋銷售量為 400 萬套，創下 30 年來的最低點，如果再加上抵押貸款利率大幅快速上漲導致的近兩年的供需壓縮，就會出現一個事件，即最終回到中期水平。 - 年度零售交易的周期範圍為530 萬美元至550 萬美元，我對2024 年持謹慎樂觀態度，雖然大多數房地產分析師呼籲2024 年交易增加，這與我們的預算目的一致，但我們正在保守地規劃交易持平一年又一年。

We are seeing some positive signs as we enter the new year seen, for example, our revenue in January was up 14% compared to January 2023 and up 9% when adjusting for the extra business day this year.

進入新的一年，我們看到了一些積極的跡象，例如，與 2023 年 1 月相比，我們 1 月份的收入增長了 14%，調整今年額外工作日後增長了 9%。

This compares favorably to existing home sale transactions during the same period, declining 1.7% and median existing home sales price increasing 5.1%, reflecting a 3.4% increase in transaction volume against competition, 14% increase in revenue. 2023 was defined by sellers sitting on the sidelines, but we are seeing more sellers and more buyers.

與同期的現房銷售交易相比，該交易量下降了 1.7%，現房銷售價格中位數上漲了 5.1%，反映出交易量在競爭中增長了 3.4%，收入增長了 14%。 2023 年是由袖手旁觀的賣家定義的，但我們看到更多的賣家和更多的買家。

So far in 2024 on our platform, we can see approximately 42% more salary related activity in January 2024 compared to January 2023, which leads us to conclude more sellers.

2024 年到目前為止，在我們的平台上，我們可以看到 2024 年 1 月與薪資相關的活動比 2023 年 1 月增加了約 42%，這使我們得出了更多賣家的結論。

We're evaluating selling their homes with Acambis agent this January.

我們正在評估今年一月份與 Acambis 經紀人一起出售他們的房屋。

We can also see the number of home tours.

我們還可以看到家鄉旅遊的數量。

Our agents organized for buyers was up 13% in January compared to the same period in the prior year.

與去年同期相比，我們 1 月為買家組織的代理商數量增加了 13%。

As you know, there have been a number of lawsuits facing Congress and others in the industry.

如您所知，國會和業內其他人士面臨許多訴訟。

We continue to closely monitor all things related to the residential real estate industry and will respond accordingly to the complaints filed against us.

我們將繼續密切關注與住宅房地產行業相關的所有事情，並將對針對我們提出的投訴做出相應回應。

I am not going to comment on the cases in this call or future goals.

我不會評論本次電話會議中的案例或未來的目標。

While still early in the process, there has been a lot of speculation as to how these losses will affect how the industry operates going forward.

儘管仍處於早期階段，但人們對這些損失將如何影響該行業未來的運作方式有很多猜測。

We are actively engaged with helping our agents demonstrate their value as buyer agents.

我們積極幫助我們的代理商展示他們作為買家代理商的價值。

We have been sharing best practices from agents at companies who specialize in representing buyers for illustration for illustration, illustration, in closing, I want to thank the entire team of employees and agents.

我們一直在分享專門代表買家進行插圖的公司代理商的最佳實踐，最後，我要感謝整個員工和代理商團隊。

It is inspiring to me to see their commitment to making Compass a success with their incredible dedication and determination.

看到他們以令人難以置信的奉獻精神和決心使 Compass 取得成功，這讓我深受鼓舞。

It has allowed us to navigate through these difficult times with the confidence that we have a strong foundation for future success.

它使我們能夠度過這些困難時期，並堅信我們為未來的成功奠定了堅實的基礎。

I am very proud of the fact that while reducing operating expenses.

我感到非常自豪的是，同時減少了營運費用。

In the midst of this unprecedented period of industry uncertainty, we have been able to invest in growth and to position the Company for future financial success Company's value proposition relative to competitors is strengthening as we continue to support our agents with excellent people in the field.

在這個前所未有的行業不確定時期，我們能夠投資於成長，並為公司未來的財務成功奠定基礎。隨著我們繼續為我們的代理商提供該領域的優秀人才，公司相對於競爭對手的價值主張正在得到加強。

Our cutting-edge technology platform, our amazing referral network are extremely positive and supportive culture in our strong brand as the number one brokerage by sales volume in each of the last two years, we will stay focused on continuing to strengthen our existing business and take full advantage of the market as it eventually returns to more normal levels.

我們的尖端技術平台、我們令人驚嘆的推薦網絡是我們強大品牌中極其積極和支持的文化，作為過去兩年銷量排名第一的經紀公司，我們將繼續專注於繼續加強我們現有的業務並採取行動充分利用市場，因為它最終恢復到更正常的水平。

I will now turn it over to Lonnie.

我現在將把它交給朗尼。

Thank you, Robert.

謝謝你，羅伯特。

I am extremely proud to be a part of a great team of people working with the best agents in the industry.

我非常自豪能夠成為與業界最好的代理商合作的優秀團隊的一員。

Before getting into the financials, I wanted to give you some details on our operations in the fourth quarter, we processed 40,621 transactions, a decline of 4.9% from a year ago, which compares favorably to the 9.2% decline in transactions for the entire residential real estate market in the fourth quarter as reported by the National Association of Realtors, our market share for Q4 2023 was 4.41%, up nine basis points year over year versus Q4 2022 and up 10 basis points sequentially from Q3 2023.

在進入財務數據之前，我想向大家介紹一下我們第四季度的營運細節，我們處理了40,621 筆交易，比去年同期下降了4.9%，這與整個住宅交易量下降9.2% 的情況相比是有利的根據全國房地產經紀人協會的報告，我們在第四季度的房地產市場中，2023 年第四季的市佔率為4.41%，比2022 年第四季同比增長9 個基點，比2023 年第三季度連續增長10 個基點。

For Q4 2023, our average number of principal agents increased to 14,689, which is an increase of 7.7% year over year and up 4.5% quarter over quarter.

2023年第四季，我們的平均主代理人數增至14,689人，年增7.7%，較上季成長4.5%。

In the fourth quarter, we managed out approximately 50 principal agents and 400 total agents each with an average GC I have less than $10,000, which had the additional benefit of freeing up resources for the rest of our producing agents.

在第四季度，我們管理了大約 50 個主要代理和 400 個總代理，每個代理的平均 GC I 不到 10,000 美元，這還有一個額外的好處，那就是為我們其餘的生產代理釋放資源。

As Robert mentioned, we are focused on bringing in successful agents that produce results since the elimination of cash and equity sign-on incentives.

正如羅伯特所提到的，我們專注於引進在取消現金和股權簽約激勵措施後產生成果的成功代理商。

In August of 2022, we have recruited more than 2000 agents.

截至2022年8月，我們已經招募了2,000多位代理商。

Agent retention remained high as our principal agent quarterly retention was 97%, a number we have consistently reached since becoming a public company in April 2021.

代理保留率仍然很高，我們的主要代理季度保留率為 97%，這是我們自 2021 年 4 月成為上市公司以來一直達到的數字。

Our title and escrow businesses generated positive adjusted EBITDA in 2023 and attach rates continue to increase spending, benefiting from the successful launch of TNT integration in the campus platform in Southern California, we have completed the rollout of the TNT integration in Philadelphia, Southern New Jersey and the Washington DC area, including Maryland and Virginia as planned by the end of Q3, we plan to roll out this integration feature to all the markets where we currently offer title and escrow services, including in our newest title and escrow market, Florida, one of the ways we will look to grow EBITDA margin in the business will be through integrated services such as title and escrow and mortgage.

我們的產權和託管業務在 2023 年產生正調整 EBITDA，附加費率繼續增加支出，受益於在南加州校園平台成功推出 TNT 整合，我們已完成在新澤西州南部費城的 TNT 整合的推出和華盛頓特區地區，包括馬裡蘭州和維吉尼亞州（計劃在第三季末），我們計劃向我們目前提供產權和託管服務的所有市場推出此整合功能，包括我們最新的產權和託管市場佛羅裡達州、我們希望提高業務EBITDA利潤率的方法之一是透過產權、託管和抵押等綜合服務。

We will continue to look for opportunities like our recent acquisition of attorneys key title in Florida.

我們將繼續尋找機會，例如我們最近在佛羅裡達州獲得的律師關鍵頭銜。

Let me now turn to our fourth quarter and full year financial results and our guidance for the first quarter.

現在讓我談談我們第四季和全年的財務表現以及第一季的指導。

Our fourth quarter revenue was $1.1 billion, which was at the low end of our guidance range of $1.1 billion to $1.2 billion, reflecting continued pressure from mortgage rates.

我們第四季的營收為 11 億美元，處於我們 11 億至 12 億美元指引範圍的低端，反映出抵押貸款利率的持續壓力。

Since the time we put out our Q4 guidance back in November, our Q4 revenue was down 1% for the year ago period.

自 11 月我們發布第四季指引以來，我們第四季的營收較去年同期下降了 1%。

And gross transaction value value was 4.1 or -- $41.8 billion in the fourth quarter, a decline of 1.6% from a year ago, reflecting a 4.9% reduction percent reduction in total transactions, partly offset by an increase in average selling price.

第四季總交易額為 4.1 美元，即 418 億美元，年減 1.6%，反映出總交易量減少了 4.9%，部分被平均售價的上漲所抵銷。

Our non-GAAP commission expense as a percent of revenue was 81.7%, an increase of nine basis points from Q4 of last year.

我們的非 GAAP 佣金費用佔收入的百分比為 81.7%，比去年第四季增加了 9 個基點。

When excluding the impact of Asian equity program on the year ago period.

當排除亞洲股票計劃對去年同期的影響。

As a reminder, 2022 was the last year we offered the Asian equity program, which allowed our agents to exchange a portion of their cash commission for equity.

提醒一下，2022 年是我們提供亞洲股權計畫的最後一年，該計畫允許我們的代理商將部分現金佣金兌換為股權。

Page 15 of the Q4 investor deck includes additional details on the agent equity program impact on the commission line in the prior year periods.

第四季投資者資料的第 15 頁包含有關代理股權計畫對上一年期間佣金額度影響的更多詳細資訊。

Q4 2023 is the last quarter.

2023 年第四季是最後一個季度。

You'll see this differential as we have now lapped the sunset of the Asian equity program for the full year of 2023 through our commission rate as a percent of revenue improved by four basis points compared to 2022, which was masked by a by a drag of about 10 basis points due to 2023 brokerage acquisitions that were made in markets with lower splits than our overall average brokered brokerage split.

您會看到這種差異，因為我們現在已經透過我們的佣金率來了解2023 年全年亞洲股票計劃的日落，因為與2022 年相比，佣金率佔收入的百分比提高了四個基點，這一點被拖累所掩蓋由於 2023 年經紀業務收購是在分拆率低於我們整體平均經紀經紀商分拆率的市場中進行的，因此價格上漲了約 10 個基點。

So adjusting for this M&A drag or to commission rate improvements, improved by 14 basis points.

因此，針對併購拖累或佣金率改進進行調整，提高了 14 個基點。

As Robert mentioned earlier, we have made meaningful progress in improving agent economics during 2023, reprioritized reducing agent cash incentives such as marketing expenses because these incentives are included in the sales and marketing line.

正如羅伯特之前提到的，我們在2023 年改善代理商經濟效益方面取得了有意義的進展，重新確定了減少行銷費用等代理商現金激勵措施的優先順序，因為這些激勵措施包含在銷售和行銷業務中。

As a component of OpEx, we have extracted them to demonstrate and they accounted for an additional 43 basis points of improved economics for the full year 2023 compared to 2022 or in aggregate improvement of 57 basis points in overall agent economics.

作為營運支出的一部分，我們提取了它們進行演示，與 2022 年相比，它們使 2023 年全年的經濟性額外提高了 43 個基點，或者總體代理經濟性提高了 57 個基點。

Our total non-GAAP operating expense, excluding commissions and other related expenses were $224 million for the fourth quarter or $894 million on an annualized basis.

我們第四季的非 GAAP 營運費用總額（不含佣金和其他相關費用）為 2.24 億美元，以年化計算為 8.94 億美元。

As we've talked about previously, many of our non-commission based operating expenses are somewhat fixed in nature and have historically increased sequentially from quarter to quarter as opposed to varying in line with revenue.

正如我們之前所討論的，我們的許多非佣金營運費用本質上是固定的，並且歷史上每個季度都在連續增加，而不是隨著收入而變化。

However, due to our cost reduction initiatives implemented over the past 18 months.

然而，由於我們在過去 18 個月內實施了成本削減措施。

The $224 million of OpEx for the fourth quarter reflects a $142 million reduction from OpEx of $366 million in the second quarter of last year, which was the quarter.

第四季營運支出為 2.24 億美元，比去年第二季（即本季）的營運支出 3.66 億美元減少了 1.42 億美元。

We began our cost reduction initiatives, and this reflects a decline of over $570 million on an annualized basis.

我們開始了成本削減計劃，這反映出年化成本下降超過 5.7 億美元。

Our management team remains disciplined and focused on operating expenses.

我們的管理團隊保持紀律並專注於營運費用。

And as Robert mentioned, we are focused on maintaining our operating discipline that allows us to sustain our new cost base.

正如羅伯特所提到的，我們專注於維持我們的營運紀律，這使我們能夠維持新的成本基礎。

As a reference point, the non-GAAP operating expenses, we refer to include the expense categories of sales and marketing operations and support R&D and G&A, and exclude stock-based compensation expense and other expenses that are excluded from adjusted EBITDA.

作為參考，我們指的非 GAAP 營運費用包括銷售和行銷營運以及支援研發和 G&A 的費用類別，不包括股票薪酬費用和調整後 EBITDA 中排除的其他費用。

We've included tables on page 13 and 14 in our Q4 investor deck that reconcile these amounts to our GAAP operating expenses.

我們在第四季度投資者資料中包含了第 13 和 14 頁的表格，將這些金額與我們的 GAAP 營運費用進行了核對。

Our adjusted EBITDA for the fourth quarter was a negative $23.7 million within our guidance range of negative $20 million to negative $35 million.

我們第四季調整後的 EBITDA 為負 2,370 萬美元，處於負 2,000 萬美元至負 3,500 萬美元的指導範圍內。

Our GAAP net loss for the fourth quarter was $83.7 million compared to a loss of $158.1 million in the same period a year ago and includes non-cash charges such as $36 million of non-cash stock-based compensation expense and $22 million of depreciation and amortization expense.

我們第四季的 GAAP 淨虧損為 8,370 萬美元，而去年同期的虧損為 1.581 億美元，其中包括非現金費用，例如 3,600 萬美元的非現金股票補償費用和 2,200 萬美元的折舊和費用。攤提費用。

Free cash flow during the fourth quarter was negative $41 million, which compares favorably to negative $131 million of free cash flow in the year-ago quarter, driven primarily by the improvement in adjusted EBITDA, lower capital expenditures and other favorable changes in working capital.

第四季的自由現金流為負 4,100 萬美元，與去年同期的負自由現金流 1.31 億美元相比，這主要是由於調整後 EBITDA 的改善、資本支出的減少以及營運資本的其他有利變化。

In particular, capital expenditures were just $2 million in the current quarter compared to $13 million a year ago, driven by our cost cutting measures and the intention of slowing of expansion to new markets and new offices.

特別是，在我們的成本削減措施以及放緩新市場和新辦事處擴張計劃的推動下，本季的資本支出僅為 200 萬美元，而去年同期為 1,300 萬美元。

We have meaningfully improved our free cash flow position compared to last year.

與去年相比，我們的自由現金流狀況有了顯著改善。

When comparing the full year of 2023 to the year ago period, our free cash flow improved by $325 million, a $1.1 billion less revenue, while cash cash flow in any period can be impacted by the timing of cash collections from transactions and the timing of payments to our agents, vendors and employees in relation to each quarter end.

將 2023 年全年與去年同期相比，我們的自由現金流量增加了 3.25 億美元，收入減少了 11 億美元，而任何時期的現金流量都可能受到交易現金收取時間和現金回收時間的影響。每個季度末向我們的代理商、供應商和員工支付的款項。

The magnitude of the improvement in free cash flow over the past year is directly attributable to the impact of our cost discipline.

過去一年自由現金流改善的幅度直接歸因於我們成本紀律的影響。

We had $167 million of cash and cash equivalents on our balance sheet at the end of December.

截至 12 月底，我們的資產負債表上有 1.67 億美元的現金和現金等價物。

And we have no outstanding balances on our revolving line of credit, we believe we are well positioned to react to continued market challenges.

我們的循環信貸額度沒有未清餘額，我們相信我們有能力應對持續的市場挑戰。

Now turning to our financial guidance.

現在轉向我們的財務指引。

Our results from 2023 confirm that our operating expense discipline creates meaningful performance improvement.

我們 2023 年的結果證實，我們的營運費用紀律帶來了有意義的績效改善。

We will continue this approach.

我們將繼續這種做法。

And although the market is expected to increase modestly in 2024, we will be managing our business and our cost levels, assuming a flat level of transactions compared to 2023.

儘管預計 2024 年市場將小幅成長，但假設交易水準與 2023 年持平，我們將管理我們的業務和成本水準。

For Q1 of 2024, we expect revenue in the range of $975 million to

對於 2024 年第一季度，我們預計營收將在 9.75 億美元至

[$1.075 billion].

[10.75億美元]。

And we expect adjusted EBITDA to be in the range of negative $22 million to negative $40 million for the full year of 2024, we are targeting a non-GAAP OpEx level between $855 million to $875 million with a midpoint of $865 million, which includes the additional OpEx assumed by the brokerage acquisitions completed at the end of September, and the Florida-based title and escrow acquisition we recently completed in Q1.

我們預計2024 年全年調整後EBITDA 將在負2,200 萬美元至負4,000 萬美元之間，我們的目標是非GAAP 營運支出水準在8.55 億美元至8.75 億美元之間，中位數為8.65 億美元，其中包括九月底完成的經紀收購以及我們最近在第一季完成的位於佛羅裡達州的所有權和託管收購承擔了額外的營運支出。

As Robert mentioned, our commitment to cost discipline has driven significant improvement in our free cash flow compared to the same period last year.

正如羅伯特所提到的，與去年同期相比，我們對成本控制的承諾推動了我們的自由現金流的顯著改善。

We remain committed to continue our cost discipline to drive favorable results in 2024 and beyond.

我們仍然致力於繼續遵守成本紀律，以在 2024 年及以後取得良好的業績。

As a result, we expect to be free cash flow positive for the full year 2024.

因此，我們預計 2024 年全年自由現金流將為正值。

Thank you again to our agents and team members for all you do for Compass.

再次感謝我們的代理商和團隊成員為 Compass 所做的一切。

I would now like to turn the call back over to the operator to begin Q&A.

我現在想將電話轉回接線員以開始問答。

The floor is now open for your questions.

現在請大家提問。

To ask the question at this time, simply press the star followed by the number one on your telephone keypad.

此時要提問，只要按電話鍵盤上的星號，再按數字 1 即可。

We'll now take a moment to compile our roster.

我們現在需要一些時間來編制我們的名單。

Our first question comes from the line of Soham Basel with DTIG.

我們的第一個問題來自 Soham Basel 與 DTIG 的連結。

Please go ahead again.

請再繼續。

Good evening, progressing well and Robert, maybe just once the first one's for you, I wanted to get your thoughts on what seems to be sort of the core concern here and sort of the statement of interest right which is this idea around buyers being able to negotiate their commission on their own right.

晚上好，進展順利，羅伯特，也許只有第一個是給你的，我想聽聽你對這裡的核心關注點以及利益聲明的想法，這是圍繞買家能夠自行協商佣金。

And specifically, what are your thoughts on sort of the broader rollout of buyer agent agreements right on, which could allow sort of this clear communication upfront?

具體來說，您對更廣泛地推出買方代理協議有何想法，這可以允許預先進行這種清晰的溝通？

And then secondly, you know, the broader use of maybe seller concessions as a way to sort of offer upfront what the seller is willing to pay the other side.

其次，你知道，更廣泛地使用賣方讓步作為預先提供賣方願意向另一方支付的費用的一種方式。

How do you think these two items that do they help us to edge some of the concerns out there today?

您認為這兩項內容如何幫助我們消除當今的一些擔憂？

So on.

很快。

I think it's worth noting that I can encompass.

我認為值得注意的是我可以包含。

We had many agents that only worked with buyers before all this.

在此之前，我們有許多代理商只與買家合作。

The only were to buyers with buyer representation agreements that clearly outlines compensation.

唯一的對像是簽訂了明確規定賠償的買家代表協議的買家。

As an example, the way that it works is it would outline this is what I get paid, the whatever percentage they negotiate independently.

舉個例子，它的工作方式是概述這就是我得到的報酬，無論他們獨立協商的百分比是什麼。

And to the extent the seller doesn't cover any portion of that you as the buyer you would make up the difference.

如果賣方不承擔您作為買方的任何部分，您將彌補差額。

We with the help of those agents and our internal coaching and training arm, we implemented the largest training program that campus has ever executed, where we had, you know, over 20,000 of our agents go through training on the buyer representation agreements and that now that is becoming the standard practice for our agents going forward.

在這些代理商以及我們內部輔導和培訓部門的幫助下，我們實施了校園有史以來最大的培訓計劃，您知道，我們有超過 20,000 名代理商接受了有關買方代表協議的培訓，現在這正在成為我們代理商未來的標準做法。

Do you think that is enough to sort of alleviate some of the concerns that the DOJ or these guys may have is that from what I have seen of the successful use of that those agreements with Encompass it alleviates my concern on on on the on any financial risk related to on the topic, I just have not seen.

您認為這足以減輕司法部或這些人可能存在的一些擔憂嗎？從我所看到的與 Encompass 的這些協議的成功使用來看，它減輕了我對任何財務方面的擔憂關於風險相關的話題，我只是還沒看到。

I have not the way you would know and the way I would know as agents would be coming to the market complaining coming to us complaining, and that has not happened.

我沒有你所知道的方式，也沒有我所知道的方式，因為代理商會來到市場抱怨，向我們抱怨，但這種情況並沒有發生。

Got it.

知道了。

Okay.

好的。

And then clearly, I know there's some puts and takes around the commission split line.

很明顯，我知道佣金分割線周圍有一些看跌期權和索取期權。

But if I just sort of look at the non-GAAP number first half versus second half year, you know, at a high level, the first half was down and the back half was kind of up, right?

但如果我看一下上半年和下半年的非公認會計準則數據，你知道，在較高的水平上，上半年是下降的，下半年是上升的，對嗎？

I'm just wondering, is there sort of increased competition here for agents that is requiring you to maybe offer a bit more for others?

我只是想知道，對於代理商的競爭是否會加劇，從而要求您為其他人提供更多的服務？

And are there any sort of other incentives that are being required to just keep agents on the platform.

是否需要任何其他激勵措施才能讓代理商留在平台上。

Can you just provide a little bit of public color there?

能提供一點公共色彩嗎？

Yes, sure.

是的，當然。

Hey, Silvan.

嘿，西爾萬。

Thanks for the question.

謝謝你的提問。

I think a few things overall related to gross profit.

我認為總體而言有幾件事與毛利有關。

First, I think we have seen and we continue to know kind of in the industry when the markets the worse, the best create and the best continue to produce and they do have more favorable economics to that.

首先，我認為我們已經看到並且我們仍然知道，當市場最糟糕時，行業中最好的創造者和最好的人繼續生產，他們確實有更有利的經濟效益。

And I think that's one piece.

我認為這是一件。

I think the other piece is just looking at the mix of folks as we brought more, we are bringing more folks on at that kind of the 50% level, which is better economics, but it takes time to add on.

我認為另一件事只是關注人員的組合，因為我們帶來了更多的人員，我們正在以 50% 的水平引進更多的人員，這是更好的經濟效益，但需要時間來補充。

So I think it's some I think it's not a I think it's more of the the timing of it go.

所以我認為這不是一個問題，我認為這更多的是它發生的時機。

Keep in mind second half, we had 8% rates.

請記住下半年，我們的利率為 8%。

And so I think it was more of the production mix.

所以我認為這更多的是生產組合。

There was a little geo mix in there as well compared half to half, but more mix.

與一半到一半相比，那裡也有一點地理混合，但更多的是混合。

And I think more of that production mix.

我更多考慮的是生產組合。

Got it.

知道了。

And then just quick one on the OpEx guide.

然後快速瀏覽一下 OpEx 指南。

Is the fair way to think about it?

這是公平的思考方式嗎？

Hey, look, eight 50 is sort of what you communicated last time.

嘿，聽著，八個五十就是你上次傳達的內容。

We're staying there.

我們就留在那裡。

But the incremental like $50 million or so to get this age 65 is really acquisitions and all that sort of was there any core expense that that's increasing there as well?

但是，為了達到 65 歲的年齡，增加的 5000 萬美元左右實際上是收購，所有這些是否也有任何核心費用也在增加？

Thank you.

謝謝。

Yes.

是的。

Yes.

是的。

So we have worked and I'm really proud of the team that has a lot of heavy lifting that has occurred.

所以我們一直在努力，我為我們的團隊感到非常自豪，他們承擔了很多繁重的工作。

We've done most if not all the heavy lifting to get our organic SG&A and OpEx down, say 50.

我們已經做了大部分（如果不是全部）繁重的工作來降低我們的有機 SG&A 和營運支出（比如說 50）。

The delta between a 50 and 65 is clearly the M&A that we've closed in the in September of last year, second half as well as the attorney fee title in Florida that we did in Q1.

50 和 65 之間的差額顯然是我們去年下半年 9 月完成的併購以及我們第一季在佛羅裡達州完成的律師費標題。

That's the bridge.

那就是橋。

Okay.

好的。

Thanks a lot.

多謝。

Our next question comes from the line of Jason Helfstein with Oppenheimer.

我們的下一個問題來自傑森·赫夫斯坦和奧本海默的對話。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

How are you guys.

你們好嗎？

How's it going?

怎麼樣了？

Okay.

好的。

Just wanted to ask a question just on the expense guide.

只是想問一個關於費用指南的問題。

I mean, you've updated only $15 million from the last update, but you're still guiding to positive free cash flow for '24 or I mean can you kind of give us that before because they're positive, we kind of know what it was?

我的意思是，自上次更新以來，您只更新了1500 萬美元，但您仍然在指導24 年實現正自由現金流，或者我的意思是，您可以之前告訴我們嗎，因為它們是積極的，我們知道這是什麼？

Is there something that you're seeing that's giving you more confidence to lean into kind of expenses or is it just like this is kind of like where you shook out now that you have more visibility on the full year of expenses?

您是否看到了一些讓您更有信心去了解某種支出的事情，或者這是否就像您現在對全年支出有了更多了解而感到震驚？

Maybe just tie that back to what you're just broadly seeing in the business, thank you.

也許只是將其與您在行業中廣泛看到的情況聯繫起來，謝謝。

You don't have your OpEx know like climbing and onto it?

您不知道如何攀登並攀登其營運支出嗎？

Yes.

是的。

Look, we as we mentioned, we brought down expenses by $600 million.

看，正如我們所提到的，我們減少了 6 億美元的開支。

And in Q three, we saw the second highest agent retention quarter as a public company.

在第三季度，我們看到了作為上市公司的第二高代理商保留率季度。

And we continue to bring on agents and they're happy and and then they continue to stay.

我們繼續引進經紀人，他們很高興，然後他們繼續留下來。

And we see the benefits of the platform consistently our new four for them in the company.

我們始終看到該平台為公司帶來的新四位員工的好處。

And so I think we've we've realized that the strength of the company with the agents is it's very strong, and I think it would given us the confidence to continue on this path of OpEx.

所以我認為我們已經意識到公司與代理商的實力非常強大，我認為這會讓我們有信心繼續走這條營運支出的道路。

But plenty of lead taken here?

但這裡有很多領先優勢嗎？

Yes, I think you hit the bigger out there.

是的，我認為你在那裡打得更大。

But I mean, overall, we're affirming free cash flow for a few reasons.

但我的意思是，總的來說，我們確認自由現金流有幾個原因。

One, I think we are looking at the market, we do see kind of market flat to modestly improving.

第一，我認為我們正在關注市場，我們確實看到市場持平或略有改善。

We've kind of proven our ability to bring costs down last year and continuing with our guide and our guide as Robert mentioned in his prepared remarks, our guide this year for OpEx on last year's revenue would allow us to be free cash flow positive and EBITDA positive.

我們去年已經證明了我們降低成本的能力，並繼續我們的指南和我們的指南，正如羅伯特在他準備好的演講中提到的那樣，我們今年對去年收入的運營支出指南將使我們能夠實現正的自由現金流，且EBITDA 為正。

And so Jason, I think it's just conviction of seeing that we think the market is where it is.

所以傑森，我認為這只是看到我們認為市場就在那裡的信念。

We've adjusted our costs and I think we are driving that free cash flow as a result and I think we feel good about where we are at.

我們已經調整了成本，我認為我們正在推動自由現金流，而且我認為我們對目前的狀況感覺良好。

We're not cutting to the bone we've made.

我們不會削減我們已經做出的骨頭。

As Robert mentioned in our remarks, we've made a ton of investments already and so we have some more if we need to, but I think we just feel good about where we're at.

正如羅伯特在我們的演講中提到的，我們已經進行了大量投資，因此如果需要的話我們還會進行更多投資，但我認為我們只是對自己所處的位置感到滿意。

And we've built a really scalable model and we're taking advantage of that.

我們已經建立了一個真正可擴展的模型，並且我們正在利用它。

Thank you, add.

謝謝，補充一下。

Our next question comes from the line of Bernie McKernan with Needham & Company.

我們的下一個問題來自 Bernie McKernan 與 Needham & Company 的對話。

Please go ahead.

請繼續。

Great, and thanks for taking the question.

太好了，感謝您提出問題。

Maybe just a follow-up on OpEx for math's, right?

也許只是數學營運支出的後續行動，對吧？

It seems like you're pretty close to the $865 million for OpEx in 1Q.

第一季的營運支出似乎非常接近 8.65 億美元。

Is there any seasonality we should we can contemplating throughout the year.

全年是否有我們應該考慮的季節性因素？

Do you think it's pretty flat from here?

你覺得這裡很平坦嗎？

Yes, Bernie, I think of seasonality because of the model we've built, right, we're not a linear with revenue, right?

是的，伯尼，我認為季節性是因為我們建立的模型，對吧，我們與收入不是線性的，對嗎？

We're pretty we're pretty stair-step.

我們很漂亮，我們很漂亮。

So we shouldn't see a ton of seasonality, as I mentioned in with someone's question, and we've done a ton of the heavy work.

因此，正如我在某人的問題中提到的那樣，我們不應該看到大量的季節性，而且我們已經做了很多繁重的工作。

We're pretty much there at the 50 level organically with obviously the M&A being added on.

我們已經有機地達到了 50 級，顯然還加上了併購。

So I think what you're seeing is about right, which is the activity has been taken.

所以我認為你所看到的是正確的，即活動已被採取。

And so you should I don't expect a ton of seasonality.

所以你不應該期待太多的季節性。

Obviously, with Q2 being as big as it normally is, it might be very small amounts, but some but for the most part, you should think about it sequentially, not seasonality.

顯然，由於第二季度與正常情況一樣大，它可能很小，但有一些，但在大多數情況下，你應該按順序考慮它，而不是季節性。

Understood.

明白了。

And then the comments of how much seller activity was up early in the year.

然後是關於今年年初賣家活動量增加的評論。

Is that is that purely market driven or anything that you guys are doing on that on the product and technology side to maybe drive additional share gains.

這是純粹的市場驅動，還是你們在產品和技術方面所做的任何事情，可能會帶來額外的份額收益。

That's helpful.

這很有幫助。

And as I said, I think there are two things that are happening are one is the market and one is us on on the market side, the business, what's driving more inventory and we had some some more inventory in the market it going into January than prior year and 5% more homes under contract.

正如我所說，我認為正在發生兩件事，一是市場，二是我們在市場方面，業務，是什麼推動了更多的庫存，進入一月份我們在市場上有更多的庫存與去年相比，合約房屋數量增加了5%。

In February, we had 13% more inventory in 9% more homes under contract.

2 月份，我們的合約房屋庫存增加了 13%，房屋數量增加了 9%。

So the trends continue, but on the market side, what's driving the trend isn't low mortgage rates that are reducing the amount of people are locked out of their homes.

因此，這種趨勢仍在繼續，但在市場方面，推動這一趨勢的並不是低抵押貸款利率，低抵押貸款利率減少了被鎖在門外的人數。

I would I believe it's just that people are tired of waiting.

我相信這只是人們厭倦了等待。

It's been over a year and a half where they've delayed and deferred their life for Moving on, we call it the 5G's diapers deployment as diners doorstep and it is tired of waiting.

一年半多來，他們一直在推遲和推遲他們的生活繼續前進，我們稱之為 5G 尿布部署作為食客的家門口，它已經厭倦了等待。

So unlike last year, just compare this year to last year, the difference is one.

所以和去年不一樣，只要把今年和去年比較一下，就差一個了。

There's another year of pent-up demand to both the buy and sell, but you can move on with your life in a way that there wasn't last year because there's been an extra year.

買賣雙方的需求又被壓抑了一年，但你可以以去年沒有的方式繼續你的生活，因為多了一年。

Mortgage rates are actually that much higher than it was this time last year about 25 bps higher.

抵押貸款利率實際上比去年同期高出約 25 個基點。

You have on you have less people locked out of selling their homes did going into last year.

去年，被禁止出售房屋的人確實減少了。

You had 72% of homeowners at 4%.

72% 的房主為 4%。

Mortgage rates are below I go into this year, you had 59% of homeowners at 4%.

抵押貸款利率低於我今年的預期，59% 的房主利率為 4%。

Mortgage rates are below.

抵押貸款利率如下。

So you have less people and with the Loqate lock-in effect on and on.

所以你的人數較少，並且 Loqate 鎖定效應持續存在。

And that's what I think those are some of the market was different in the market.

這就是我認為那些市場中的一些市場是不同的。

How does, of course, you have all-time high stock market rise so people can sell and move into new home, not not carry as much about low mortgage rates because they can use all cash and of course, we're seeing were all cash for companies specifically what I think is driving more seller activity at.

當然，你如何擁有歷史最高的股市漲幅，這樣人們就可以出售並搬入新房，而不是因為他們可以使用所有現金而不再承受低抵押貸款利率，當然，我們看到的是為公司提供現金，特別是我認為推動更多賣家活動的公司。

And I believe we talked about this at the last earnings call.

我相信我們在上次財報電話會議上討論過這一點。

We launched the back to basics challenge, which is a 100 day challenge for this first 100 days of the new year to meet and speak with more of your clients in person.

我們發起了回歸基礎挑戰，這是新年前 100 天的 100 天挑戰，旨在與更多客戶面對面交流。

The number one way that agents grow their business is by meeting their clients in person and connecting whoever connects the most close.

代理商發展業務的首要方式是親自會見客戶並聯繫最密切的人。

Most we'd like to say on scan and there is a big contest locally nationally with all types of awards.

我們最想說的是掃描，並且有一場全國範圍內的大型競賽，頒發了各種類型的獎項。

And we believe that this is this is what is has allowed us to outperform a little bit more on in January, but we believe it will continue to allow us to outperform.

我們相信，這就是讓我們在一月份跑贏大盤的原因，但我們相信它將繼續讓我們跑贏大盤。

Yes, Barry, if I could just add to that.

是的，巴里，如果我能補充的話。

The third piece of what and it goes to what competition is doing as we have done a good job and really part of our growth team.

第三部分是競爭正在做什麼，因為我們做得很好，而且確實是我們成長團隊的一部分。

We've added net new agents, which is going to which is coming through as well so those three parts and rather just mentioned, the market are kind of same-store sales improvement through our back to basics.

我們增加了淨新代理商，這也將通過這三個部分，而只是提到，市場是透過我們回歸基礎來改善同店銷售的。

And then the wrap around of our of our new agent adds in '23 in early '24.

然後我們的新代理商將在 23 世紀 24 年初加入。

Great.

偉大的。

Thank you both.

謝謝你們倆。

Again, the floor is now open for your questions to ask a question at this time, simply star followed by the number one on your telephone keypad.

再次強調，現在您可以提問，只需在電話鍵盤上加星號，然後按數字 1 即可。

Our next question comes from the line of Ryan McKeveny with Zelman & Associates.

我們的下一個問題來自 Ryan McKeveny 與 Zelman & Associates 的對話。

Please go ahead.

請繼續。

I guess.

我猜。

Thank you.

謝謝。

So Robert, one of the debates that's been percolating a bit in the industry and with investors is about the general value of buy-side agents to homebuyers, but also how different brokerages, innovate and differentiate.

因此，羅伯特，業內和投資者中一直存在的爭論之一是關於買方代理對購房者的一般價值，以及不同的經紀公司如何創新和差異化。

So I was hoping maybe you could talk to us about what you guys are doing at Compass to help your agents provide a strong value proposition to homebuying excuse me, homebuying customers and I think you've talked about things like collections in the past.

所以我希望你能和我們談談你們在Compass 所做的事情，以幫助你們的代理商為購房者提供強有力的價值主張，對不起，購房客戶，我想你們過去已經談論過諸如收藏之類的事情。

So maybe just what's the big picture on the how companies it's helping its agents differentiate from others?

那麼，也許公司如何幫助其代理商從其他公司中脫穎而出的整體情況是什麼？

Again, when it comes to the buy side of the equation?

再說一次，當談到等式的買方時？

Yes.

是的。

Well, let's take a step back.

好吧，讓我們退一步。

One of the reasons that I think we are in in the place we are where not all buyers understand the value is that as an industry, it's pretreated listing presentations for sellers.

我認為我們處於並非所有買家都了解其價值的原因之一是，作為一個行業，它是為賣家進行預處理的清單演示。

But as a industry, we did not create buyer presentations for buyers.

但作為一個行業，我們並沒有為買家創建買家演示。

And as a result, we created a buyer presentation this past fall that our agents can go to buyers and outline the value propositions on the sell side on We we ever now when you go to teller, hey, we have a national network.

因此，我們在去年秋天創建了一個買家演示文稿，我們的代理商可以向買家展示賣方的價值主張，我們現在當你去櫃員那裡時，嘿，我們有一個全國性的網絡。

Here's how many agents we have the majority of the time the when a buyer comes to their agent, not from the Internet that's why that matters.

這是當買家來到他們的代理人那裡時，大多數時候我們有多少代理人，而不是透過互聯網，這就是為什麼這很重要。

We have come to concierge where we front-load the cost of staging, tell make her home move-in ready on and on and on and on.

我們來到禮賓部，在那裡我們預付了舞台費用，告訴她讓她的家準備好搬進來，等等。

Those are some of the examples we have in the listing presentation.

這些是我們在清單演示中提供的一些範例。

Now on our buyer presentation, we are we have access to off-market inventory when the largest off-market missing databases in the country, which is great for you for access as a buyer.

現在，在我們的買家演示中，我們可以訪問該國最大的場外缺失資料庫時的場外庫存，這對於您作為買家的您來說非常有用。

We have collections, which is our flagship technology tool for any of our clients, which is a buyer on a buyer to over hype.

我們有系列產品，這是我們為任何客戶提供的旗艦技術工具，這些客戶是過度炒作的買家。

It's like a Pinterest board for all of your the real estate you are interested in with real-time status updates.

它就像一個 Pinterest 版塊，包含您感興趣的所有房地產，並提供即時狀態更新。

We can comment back and forth.

我們可以來回評論。

You can add your spouse or significant other or your mother, your daughter it and you can all collaborate in one place.

您可以加入您的配偶或重要的他人或您的母親、您的女兒，然後您就可以在一個地方進行協作。

We have digital tours, which persistency can always go back to the thing to look at it that we could comment and make notes on them we and on and on and on the buy on the buyer value.

我們有數位旅遊，這種持久性總是可以回到事物來查看它，我們可以對它們進行評論並做筆記，我們可以不斷地根據買家的價值進行購買。

So I'm confident because of our platform, our company first, certain because of collections.

所以我有信心，因為我們的平台，我們的公司，首先是因為收藏。

If we were nothing but collections, our agents in off-market inventory alone, we provide buyers with more value than any other brokerage Fisher.

如果我們只是收藏品，我們的代理商僅是場外庫存，那麼我們為買家提供的價值比任何其他費雪經紀公司都多。

And now we're just outline that, which is a great thing for Compass, a great thing for agents on and it would also be a great thing for the industry as all agents are sharing in communicating their value to buyers in the same way we have for decades to sellers.

現在我們只是概述一下，這對Compass 來說是一件好事，對代理商來說是一件好事，對整個行業來說也是一件好事，因為所有代理商都在以與我們相同的方式向買家傳達他們的價值。已經有幾十年的賣家了。

And addition to that, I'd mentioned earlier, we launched the buyer representation agreements where on where you can people independently negotiate what they charge, but there are those out there.

除此之外，我之前提到過，我們推出了買方代表協議，人們可以在其中獨立協商他們的收費，但也有這樣的協議。

I there are those out there to say commissions can increase as people independently as buyers.

我有人說，隨著人們獨立作為買家，佣金會增加。

Now they're historically, there was only one person negotiating.

現在他們從歷史上看，只有一個人在談判。

There are sellers not yet.

還沒有賣家。

So I'm salaried and nonsalaried has environments.

所以我是受薪的，無薪的也有環境。

So you have twice the negotiations on his own time will tell.

所以你有兩次談判的時間就由他自己說了算。

But I'm from, but there's nothing I've seen that makes me worry about this at the I think the headlines seem to be on bigger and more dramatic than the trend lines.

但我來自，但我沒有看到任何讓我擔心這一點的事情，我認為頭條新聞似乎比趨勢線更大、更引人注目。

Very helpful around.

周圍非常有幫助。

We would appreciate that.

我們將不勝感激。

And second question to a lot of talk on one click title and kind of the T&E expansion.

第二個問題是關於一鍵標題和 T&E 擴充的大量討論。

I guess, just any updates on origin point on the mortgage side, just in terms of the rollout or where things stand on that side of things?

我想，只是抵押貸款方面原點的任何更新，只是在推出方面或事情在這方面的情況？

Thank you.

謝謝。

And we can share that we will continue to hire more loan officers.

我們可以分享的是，我們將繼續僱用更多的信貸員。

We continue to be in more markets on and this most recent month was one of our most successful months on record in terms of mortgage rate locks, which is an indication of future future demand as it converts over the next one to two months.

我們繼續涉足更多市場，最近一個月是我們在抵押貸款利率鎖定方面有史以來最成功的月份之一，這表明了未來需求在未來一到兩個月內的轉換。

And but yeah, it does continue to be something that is important to the Company and we have more coverage of mortgage than we do it in title and escrow in terms of the different markets that we're in.

但是，是的，這確實對公司來說仍然很重要，而且就我們所處的不同市場而言，我們的抵押貸款覆蓋範圍比我們在所有權和託管方面的覆蓋範圍更大。

That's great.

那太棒了。

Thank you.

謝謝。

I am showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn the call over to Robert Rifkin for closing remarks.

我現在想將電話轉交給羅伯特·里夫金（Robert Rifkin），他將致閉幕詞。

Well, thank you all for joining today's call.

好的，謝謝大家參加今天的電話會議。

I want to thank all of the company's employees and agents for their hard work and commitment to making canvass the number one real estate brokerage by sales volume in the United States for two years in a row in a difficult market.

我要感謝公司所有員工和代理商的辛勤工作和承諾，使公司在困難的市場中連續兩年成為美國銷售第一的房地產經紀公司。

Our assets continue to outperform the market as we can.

我們的資產繼續盡我們所能跑贏大盤。

As we enter 2024, we continue to successfully manage our expenses down and navigate this unprecedented market.

進入 2024 年，我們將繼續成功地控制開支並駕馭這個前所未有的市場。

We believe that 2023 was the bottom of the downturn, and we are constantly prepared for a better 2024.

我們相信2023年是經濟低迷的底部，我們不斷為更好的2024年做好準備。

Eventually, the real estate market will get to more levels of transactions in the mid cycle.

最終，房地產市場將在周期中期達到更高水準的交易。

And when it does, I'm confident that Congress is well positioned for success.

當它實現時，我相信國會已經做好了成功的準備。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。