Compass Inc (COMP) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

My name is Aaron, and I will be your conference operator for today.

我叫亞倫，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Compass Incorporated Q2 2024 Financial Results Call.

此時此刻，我謹歡迎大家參加 Compass Incorporated 2024 年第二季財務業績電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would now like to turn our call over to Richard Simonelli, Senior and Vice President of Investor Relations.

我現在想將我們的電話轉給投資者關係高級副總裁理查德·西蒙內利（Richard Simonelli）。

Please go ahead.

請繼續。

Thank you, operator, and good afternoon, everyone, and thank you for joining the Compass second quarter earnings call.

謝謝運營商，大家下午好，謝謝您參加 Compass 第二季財報電話會議。

Joining us today will be Robert Reffkin, our Founder and Chief Executive Officer; and Kalani Reelitz, our Chief Financial Officer.

今天加入我們的是我們的創辦人兼執行長 Robert Reffkin；以及我們的財務長 Kalani Reelitz。

Discussing our company's performance, we will refer to some non-GAAP measures.

在討論我們公司的表現時，我們將參考一些非公認會計準則衡量標準。

You can find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in our second quarter 2024 earnings release, which we posted on our Investor Relations site earlier today.

您可以在我們今天稍早在投資者關係網站上發布的 2024 年第二季財報中找到這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳。

We will be making forward-looking statements that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties.

我們將根據我們目前的預期、預測和假設做出前瞻性陳述，並涉及風險和不確定性。

These statements include our guidance for the third quarter of 2024 and full year 2024, including comments related to our operating expenses and free cash flow as well as our expectations for operational achievements.

這些聲明包括我們對 2024 年第三季和 2024 年全年的指導，包括與我們的營運費用和自由現金流相關的評論以及我們對營運成就的預期。

Our actual results may differ materially from these statements.

我們的實際結果可能與這些陳述有重大差異。

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 also available on our Investor relations website.

您可以在我們向SEC 提交的最新10-K 表年度報告和10-Q 表季度報告中找到有關風險不確定性和其他可能影響我們業績的因素的更多信息，也可在我們的投資者關係網站上取得。

You should not place undue reliance on any forward-looking statements and all information in this presentation today is as of today July 31.

您不應過度依賴任何前瞻性陳述，今天本簡報中的所有資訊均截至 7 月 31 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。

I'll now turn the call over to Robert Reffkin.

我現在將把電話轉給羅伯特·雷夫金。

Robert?

羅伯特？

Thank for joining us today for our second quarter 2024 results conference call.

感謝您今天參加我們的 2024 年第二季業績電話會議。

Today, I will discuss our second quarter results, our 30-30 vision to strengthen our structural advantages, an update on the impact of the NAR settlement.

今天，我將討論我們第二季的業績、我們加強結構性優勢的 30-30 願景以及 NAR 和解影響的最新情況。

And finally, I will discuss our continued commitment to reduce stock-based compensation and equity dilution.

最後，我將討論我們對減少股票薪酬和股權稀釋的持續承諾。

So let's start with our second quarter results.

讓我們從第二季的業績開始。

I'm pleased to say that we have the best performance we have ever had as a company.

我很高興地說，我們取得了作為一家公司以來最好的業績。

We achieved our all-time high GAAP net income of positive $20.7 million, this compares to a net loss of $47.8 million a year ago.

我們實現了歷史最高的 GAAP 淨利潤，達到 2,070 萬美元，而一年前的淨虧損為 4,780 萬美元。

We generated our all-time high adjusted EBITDA of $77.4 million, which is more than double adjusted EBITDA in Q2 2023.

我們的調整後 EBITDA 達到歷史最高水平，達到 7,740 萬美元，是 2023 年第二季調整後 EBITDA 的兩倍多。

For the second quarter in a row and for four of the last five quarters, Compass generated positive free cash flow.

康帕斯連續第二季以及過去五個季度中有四個季度產生了正的自由現金流。

We generated $40.4 million in free cash flow, which includes the impact of the $28.8 million antitrust litigation settlement payment, so $69.2 million excluding the cost of the settlement.

我們產生了 4,040 萬美元的自由現金流，其中包括 2,880 萬美元的反壟斷訴訟和解付款的影響，因此，如果不包括和解費用，則為 6,920 萬美元。

We grew revenue significantly.

我們的收入大幅成長。

In Q2 2024, we generated $1.7 billion in revenue, an increase of 14% year-over-year, 9% of which was organic growth transactions increased by 11.4% a year ago as transactions in the overall market declined by 3.3% during the same period.

2024 年第二季度，我們實現了 17 億美元的收入，年增 14%，其中 9% 為有機成長，交易量較去年同期成長 11.4%，而同期整體市場交易量下降了 3.3%。

So, Compass transactions increased 14.7% more than the market as additional color, 7% of our transactions that closed in the quarter were likely to sell AI recommendations in the Compass CRM from the prior 12 months.

因此，Compass 交易比市場成長了 14.7%，作為額外的色彩，本季完成的交易中有 7% 可能是在過去 12 個月中銷售 Compass CRM 中的 AI 建議。

As a reminder, these leads historically convert to listings at an 8% rate more than the typical lead generation sources.

提醒一下，從歷史上看，這些潛在客戶轉化為清單的比率比典型的潛在客戶生成來源高出 8%。

We grew market share significantly.

我們的市佔率顯著成長。

In Q2 2024, our quarterly market share was 5.13%, an increase of 50 basis points year-over-year and 37 basis points on a sequential basis compared to Q1 2024.

2024年第二季度，我們的季度市佔率為5.13%，年增50個基點，較上季2024年第一季成長37個基點。

We reduced our OpEx in the second quarter to $217.4 million, an improvement of $20.9 million from Q2 2023 OpEx of $238.3 million, reducing our OpEx with platform investments.

我們在第二季將營運支出減少至 2.174 億美元，比 2023 年第二季的營運支出 2.383 億美元增加了 2,090 萬美元，透過平台投資減少了營運支出。

An example of this was our transactions operations team.

我們的交易營運團隊就是一個例子。

We were able to reduce the cost of this team by 22% in 2023 compared to 2022, thanks to the Compass platform tools we developed to process transactions.

與 2022 年相比，我們能夠在 2023 年將該團隊的成本降低 22%，這要歸功於我們開發的用於處理交易的 Compass 平台工具。

From the first half of 2024, we are down 14% compared to the first half of 2023.

從2024年上半年開始，我們比2023年上半年下降了14%。

We grew our cash balance and our balance sheet is strong.

我們的現金餘額增加，資產負債表也很強勁。

We ended Q2 2024 with $185.8 million in cash and cash equivalents and no outstanding draws on our $350 million revolving credit facility.

截至 2024 年第二季度，我們擁有 1.858 億美元的現金和現金等價物，並且 3.5 億美元的循環信貸額度沒有未償還的提款。

Our cash balance increased from last quarter and from the prior year-end, despite the $28 million antitrust litigation settlement payments and the cash used in acquisitions of Latter & Blum and Parks Real Estate.

儘管支付了 2,800 萬美元的反壟斷訴訟和解金以及用於收購 Latter & Blum 和 Parks Real Estate 的現金，但我們的現金餘額較上季和上年末有所增加。

We continue to seek accretive strategic acquisitions, as inbound increase from brokerages continue to be robust.

由於券商的入境成長持續強勁，我們將繼續尋求增值策略收購。

In the second quarter of 2024, we closed two transactions, which added over 2000 principal agents.

2024 年第二季度，我們完成了兩筆交易，增加了 2000 多名主要代理人。

We further increased our presence in the Southeast, with the acquisition of Latter & Blum, the number one agency in Louisiana with nearly 15% market share in New Orleans.

透過收購路易斯安那州排名第一的廣告公司 Latter & Blum，在新奧爾良擁有近 15% 的市場份額，我們進一步擴大了在東南部的業務。

In Tennessee, we acquired Parks Real Estate.

在田納西州，我們收購了 Parks Real Estate。

When combined with our existing operations in Tennessee, we now have over 20% market share in Nashville and are the number one agency in Tennessee.

與我們在田納西州的現有業務相結合，我們現在在納許維爾擁有超過 20% 的市場份額，並且是田納西州排名第一的代理商。

We also continue to hire principal agents organically.

我們也繼續有機地聘用主要代理人。

We hired 543 principal agents organically in the quarter at the end of Q2 2024, the number of principal agents at Compass was 16,997 compared to 13,698 in Q2 2023, an increase of 24% year-over-year.

截至 2024 年第二季末，我們有機聘用了 543 名主要代理人，Compass 的主要代理人人數為 16,997 人，而 2023 年第二季度為 13,698 人，年成長 24%。

We also continued the trend of strong agent retention with 97.3% quarterly principal agent retention in Q2 2024.

我們也延續了代理保留率強勁的趨勢，2024 年第二季的季度委託代理保留率為 97.3%。

Our title and escrow business continues to strengthen.

我們的產權和託管業務持續加強。

We finished Q2 with our highest ever attach rates.

我們以有史以來最高的附加率結束了第二季。

Moreover, since January of 2024, we improved our attach rate by six percentage points.

此外，自 2024 年 1 月以來，我們的附加率提高了 6 個百分點。

Additionally, we have integrated six of our seven key title and escrow partners into our Compass platform and will have all seven partners integrated into the platform by the end of Q3.

此外，我們已將七個關鍵所有權和託管合作夥伴中的六個整合到我們的 Compass 平台中，並將在第三季末將所有七個合作夥伴整合到該平台中。

And finally, over the next 18 months, we are focused on launching title operations across all of our most mature transaction-rich markets including the San Francisco Bay Area market, New York City, Seattle, Houston, Boston, Chicago and Austin.

最後，在接下來的 18 個月裡，我們的重點是在所有最成熟的交易豐富的市場上開展產權業務，包括舊金山灣區市場、紐約市、西雅圖、休士頓、波士頓、芝加哥和奧斯汀。

I now want to talk about our vision for the future, which we are calling our 30-30 vision.

我現在想談談我們對未來的願景，我們稱之為 30-30 願景。

To realize on average, 30% market share in our top 30 cities achieved in 2026.

到2026年，前30名城市的市佔率平均達到30%。

Our 30-30 vision unlocks our complementary and compounding inventory-based structural advantages that may come as a compelling company for agents, homebuyers, home sellers, employees and investors.

我們的 30-30 願景釋放了我們基於庫存的互補和複合結構優勢，這些優勢可能成為對代理商、購房者、房屋賣家、員工和投資者有吸引力的公司。

We are the only brokerage firm that has combined these advantages into one cohesive offering that rests on our technology platform.

我們是唯一將這些優勢結合到一個基於我們技術平台的有凝聚力的產品中的經紀公司。

Most importantly, we believe our structural advantages result in clear financial advantages.

最重要的是，我們相信我們的結構優勢會帶來明顯的財務優勢。

Today, I'd like to share with you the sources of our structural advantages, the impact of our structural advantage to date and what we are doing to strengthen our structural advantages going forward.

今天，我想跟大家分享一下我們的結構性優勢的來源、我們結構性優勢迄今為止的影響以及我們正在採取哪些措施來增強我們的結構性優勢。

The sources of our structural advantages come from the following four attributes.

我們的結構優勢來自以下四個面向。

There is no other brokerage firm that has the combination of these attributes and few brokerages have even one.

沒有其他經紀公司具備這些屬性，而且很少有經紀公司擁有這些屬性。

Our first structural advantage is the integrated nature of our end-to-end platform.

我們的第一個結構優勢是我們的端到端平台的整合性。

The Compass platform is unrivaled in its ability to drive agent productivity and brokerage company operating efficiencies.

Compass 平台在提高代理商生產力和經紀公司營運效率方面的能力無與倫比。

We offer the only contact-to-close platform, where an agent can go from first contact with a new client to closing and to commission collection all in one place and where employees can execute the key employee-to-agent functions like transaction management support, marketing support and title and escrow support for the agents; all through the same platform that the agent is using.

我們提供唯一的從接觸到成交的平台，代理商可以在一個地方從與新客戶的第一次接觸到成交和收取佣金，員工可以在其中執行關鍵的員工到代理商功能，例如交易管理支援、行銷支援以及代理商的頭銜和託管支援；全部透過代理使用的同一平台進行。

Our second structural advantage is our national scale.

我們的第二個結構性優勢是全國規模。

With over 33,000 agents across the United States, we are able to build upon our technology differentiation and continue to invest by amortizing the cost of our investments over more agents.

我們在美國擁有超過 33,000 家代理商，能夠鞏固我們的技術差異化，並透過向更多代理商攤提投資成本來繼續投資。

This is something that smaller brokerages are unable to do.

這是規模較小的券商無法做到的。

Our third structural advantage is our top agent network.

我們的第三個結​​構性優勢是我們的頂級代理網絡。

Per real trends more top agents work at Compass than any other brokerage firm.

根據實際趨勢，在 Compass 工作的頂級經紀人比其他任何經紀公司都多。

In fact, Compass has 50% more top agents, as the next largest brokerage firms for real terms.

事實上，Compass 擁有超過 50% 的頂級代理商，成為以實際價值計算第二大經紀公司。

We have the best agent-to-agent client referral network in the country and Compass' find an agent tool, helps drive agent-to-agents client referrals.

我們擁有全國最好的代理商對代理商客戶推薦網絡，Compass 的查找代理工具有助於推動代理商對代理商客戶推薦。

Our average agent derives 17.5% of their business from agent referrals.

我們的代理商平均有 17.5% 的業務來自代理商推薦。

Referrals not only result in more revenue for Compass, but act as a recruiting and retention fly wheel.

推薦不僅能為 Compass 帶來更多收入，還能發揮招募和保留飛輪的作用。

Our fourth structural advantage is our depth and breadth of inventory.

我們的第四個結構性優勢是庫存的深度和廣度。

At Compass, we take advantage of our inventory position to create better financial outcomes for sellers and therefore agents and therefor Compass.

在 Compass，我們利用我們的庫存狀況為賣家、代理商和 Compass 創造更好的財務成果。

The foundation of every entity success in real estate is access to inventory.

每個實體在房地產領域取得成功的基礎是庫存。

The source of success for all players in the industry whether MLSs, aggregators, buyer agents or listing agents is access to inventory.

無論是MLS、聚合商、買方代理或上市代理，該行業所有參與者的成功之源都是獲得庫存。

Without inventory agents have nothing to help their clients sell or buy and the MLS and aggregators have nothing to list.

如果沒有庫存，代理商就無法幫助客戶銷售或購買，MLS 和聚合商也沒有任何可列出的東西。

Listing data is valuable and belongs to our listing agents.

列表資料很有價值，屬於我們的列表代理。

We believe that in any market where Compass has Number one market share, we have a clear path over the near term to have more publicly searchable listings than any other public sites which will send a signal to the consumer that they need to search compass.com.

我們相信，在Compass 擁有第一市場份額的任何市場中，我們在短期內都有一條清晰的道路，比任何其他公共網站擁有更多可公開搜索的列表，這將向消費者發出他們需要搜索compass .com 的信號。

The combined effect of each of our four structural advantages is bigger than the sum of the parts.

我們的四個結構優勢的綜合效果大於各部分的總和。

All Compass constituents, agents, sellers, buyers and Compass can reap the powerful benefits from this combination of attributes.

所有 Compass 成員、代理商、賣家、買家和 Compass 都可以從這種屬性組合中獲得強大的收益。

For agents, that means helping them generate more revenue and less time with lower third-party costs to operate our business.

對代理商來說，這意味著幫助他們創造更多的收入和更少的時間，並降低第三方營運成本。

For sellers, it means selling their homes for more money and less time with less cost to market or prepare their house for sale.

對於賣家來說，這意味著以更多的錢和更少的時間出售房屋，同時降低行銷或準備出售房屋的成本。

For buyers, it means helping them access the most inventory to find the best house for them at the best price in the least amount of time, for compass, it means growing brokerage and integrated revenue, while -- integrated services revenue while creating a lower cost to agents than any traditional brokerage firm.

對於購屋者來說，這意味著幫助他們獲得最多的庫存，在最短的時間內以最優惠的價格為他們找到最好的房子，對於指南針來說，這意味著增加經紀業務和綜合收入，同時——綜合服務收入，同時創造更低的收入代理商的成本高於任何傳統經紀公司。

We have three key initiatives to strengthen our structural advantages and we expect them to drive search traffic, leads, agent recruiting, agent retention, gross margin improvement and market share gains.

我們制定了三項關鍵措施來加強我們的結構性優勢，我們預計它們將推動搜尋流量、潛在客戶、代理商招募、代理商保留、毛利率改善和市場份額成長。

The first initiative is creating the largest inventory of homes for sale in the country.

第一個舉措是創建全國最大的待售房屋庫存。

As previously mentioned, our 30-30 vision is to have on average 30% market share in our top 30 cities in 2026.

如前所述，我們的 30-30 願景是到 2026 年在前 30 個城市中平均擁有 30% 的市場份額。

We plan to add on top of our active inventory a larger pool of passive inventory.

我們計劃在主動庫存的基礎上添加更大的被動庫存。

Think of passive inventory, as homeowners who have a price in mind that they would accept for their home that haven't listed it in the open market.

想像一下被動庫存，房主心中有一個他們願意接受的尚未在公開市場上列出的房屋價格。

Agents may know these prices for some of their clients, but the challenge is that information doesn't live in one central place for the entire agent network of agents to access.

代理商可能知道某些客戶的這些價格，但挑戰在於資訊並不存在於一個中心位置供整個代理商網路存取。

However, since Compass is the only platform that combines where agent search listings and their CRM contacts in the same place, we have the unique ability to add aspirational make me move prices to the almost 100 million contacts that currently reside in the Compass CRM.

然而，由於Compass 是唯一將代理搜尋清單及其CRM 聯絡人整合在同一位置的平台，因此我們擁有獨特的能力，可以為目前駐留在Compass CRM 中的近1 億聯絡人添加令人嚮往的價格。

We with only one million single-family homes on the market today, I expect that in 2025 Compass will have a combined off MLS and make me move inventory that is many times more than a publicly searchable active market.

目前市場上只有 100 萬套單戶住宅，我預計到 2025 年，Compass 將推出合併後的 MLS，讓我移動的庫存比可公開搜尋的活躍市場多很多倍。

This will further make clear to buyers that they need to work with a Compass agent to see the market as of this week, our agents are able to add make me new prices to their clients in their compass CRM.

這將進一步向買家表明，他們需要與 Compass 代理商合作才能了解市場，從本週開始，我們的代理商可以在 Compass CRM 中為客戶添加新價格。

The second initiative is making Compass the required destination for real estate.

第二項舉措是使 Compass 成為房地產所需的目的地。

Our goal is to make it clear that Compass agents and Compass.com have more inventory than third-party sites, sending a strong signal to buyers that if you aren't working with the Compass agents aren't searching Compass, you're not seeing all the inventory.

我們的目標是明確表明Compass 代理商和Compass.com 擁有比第三方網站更多的庫存，向買家發出強烈信號：如果您不與Compass 代理商合作，就不會搜尋Compass，那麼您就不會搜尋Compass看到所有庫存。

With more web traffic comes more leads, we can send to our agents transactions that result from leads that are given to our agents at approximately a 50% margin.

隨著更多的網路流量帶來更多的潛在客戶，我們可以向我們的代理商發送由以大約 50% 的利潤提供給我們的代理商的潛在客戶產生的交易。

Our third initiative is launching the Compass Client dashboard.

我們的第三項措施是推出 Compass 用戶端儀表板。

Only Compass can provide a true engine experience for agents and clients because only Compass offers all the products and features agents and clients need in one platform.

只有 Compass 能夠為代理商和客戶提供真正的引擎體驗，因為只有 Compass 在一個平台上提供代理商和客戶所需的所有產品和功能。

Launching in six months, the client dashboard will put all the key agents to client interactions in one place, including agent client communication, transaction time line, tax, document, CMA, valuations, listing marketing, listing insights, buyer search results, offers in negotiations, buyer tours, open house feedback, title and escrow and more.

客戶儀表板將在六個月內推出，將把與客戶互動的所有關鍵代理集中在一處，包括代理客戶溝通、交易時間線、稅務、文件、CMA、估值、列表營銷、列表洞察、買家中搜尋結果、報價談判、買家參觀、開放日回饋、所有權和託管等。

Over time, we plan to incorporate the key service providers interactions into the client dashboard as well, such as loan officers, home inspectors, home appraisers, photographers, videographers, home insurance and home security providers as well as ongoing home improvement vendors.

隨著時間的推移，我們計劃將關鍵服務提供者的互動納入客戶儀表板，例如信貸員、房屋檢查員、房屋估價師、攝影師、攝影師、家庭保險和家庭安全提供者以及持續的家庭裝修供應商。

With these three initiatives, I expect Compass to be in a place where any agent is at an undeniable advantage by being a Compass agent and any homebuyer or home seller is at an undeniable advantage by being a Compass client, all within 2025.

透過這三項舉措，我預計Compass 將在2025 年實現這樣的目標：任何代理商都可以透過成為Compass 代理商而享有不可否認的優勢，而任何購屋者或房屋賣家也可以透過成為Compass 客戶而獲得不可否認的優勢。

Ultimately, these structural advantages drive our KPIs, cash flow generation and shareholder value creation.

最終，這些結構性優勢推動了我們的關鍵績效指標、現金流量產生和股東價值創造。

Moving on to the NAR settlement.

繼續討論 NAR 解決方案。

Compass entered into a nationwide settlement agreement covering all of the sell-side insurance claims against us, and that settlement has been preliminary approved by the court.

Compass 簽訂了全國範圍內的和解協議，涵蓋了針對我們的所有賣方保險索賠，而和解協議已獲得法院的初步批准。

We expect final approval of our settlement in late October 2024.

我們預計我們的和解協議將於 2024 年 10 月下旬獲得最終批准。

It has been 4.5 months since the announcement of the NAR settlement, and we have not seen a noticeable change from before the settlements in either the percentage of sellers that offer a buyers, agent commission or in the average commission amount they are paying buyer's agents.

自 NAR 和解協議宣布以來已經過去了 4.5 個月，與和解之前相比，我們沒有看到向買家提供佣金、代理佣金的賣家比例或向買家代理支付的平均佣金金額有明顯變化。

To be clear, the fears many had about commissions going down or buyer compensation disappearing has simply not materialized.

需要明確的是，許多人對佣金下降或買家補償消失的擔憂根本沒有成為現實。

Over the month of May and June in the markets generating the majority of our revenue, more than 99% of the new listings on the MLS, not just Compass listings included offers to pay the buyer agents.

5 月和 6 月，在為我們帶來大部分收入的市場中，MLS 上超過 99% 的新掛牌商品（不僅僅是 Compass 掛牌商品）都包含向買家代理付款的優惠。

Furthermore, about 96% of new listings on the MLS during that time period included offers to pay 2% or more and more than 80% -- and more than 80% are offering to pay 2.5% or more.

此外，在此期間，MLS 上約 96% 的新上市公司提出支付 2% 或以上的費用，超過 80% 的公司提出支付 2.5% 或以上的費用。

We do not expect the actual rule change requiring a buyer decision agreement on August 17 to impact the commission to buyer agents for three reasons.

我們預計，要求 8 月 17 日達成買方決策協議的實際規則變更不會影響買方代理的佣金，原因有三。

First, as seen from the data after the unprecedented press attacking agent commissions, which we saw as the biggest risk and the subsequent unprecedented questions from sellers about whether or not they should pay buyer commissions, the data clearly shows that sellers continue to value incentivizing the buyer agents.

首先，從前所未有的媒體攻擊代理佣金（我們認為代理佣金是最大的風險）以及隨後賣家對是否應該支付買家佣金的前所未有的質疑之後的數據來看，數據清楚地表明，賣家仍然重視激勵買家買家代理。

Second, after August 17, the seller will continue to determine the buyer agent commission.

其次，8月17日之後，賣方將繼續確定買方代理佣金。

And we don't believe the seller will be influenced by the Buyer's Representation Agreement since the buyer agreement is shared only with the buyer.

我們認為賣方不會受到買方代表協議的影響，因為買方協議僅與買方共享。

Third, Buyer Representation Agreements have already been required in half the states Compass operate in, and we have not seen them impact commissions, and this has been for many, many years before the NAR settlement.

第三，Compass 營運的一半州已經要求簽訂買方代表協議，而且我們還沒有看到它們對佣金產生影響，而這種情況在 NAR 和解之前已經有很多年了。

Now on to stock-based comp.

現在談談基於股票的比較。

Over the last two years, we created in our DNA the muscle to bring down annualized operating expenses by close to $600 million while still growing our business.

在過去的兩年裡，我們在 DNA 中創造了強大的力量，能夠在業務成長的同時將年化營運費用降低近 6 億美元。

As we move forward, we continue to identify opportunities to create shareholder value.

隨著我們的前進，我們將繼續尋找創造股東價值的機會。

We fully recognize that OpEx is not the only cost we have in our control.

我們充分認識到，營運支出並不是我們可以控制的唯一成本。

And over the past few years, we have significantly reduced the annual dollar amount of stock-based compensation with six straight quarters of decreases.

在過去的幾年裡，我們大幅減少了年度股票薪資金額，並連續六個季度下降。

Importantly, our stock-based compensation expense is expected to be about $130 million for 2024, which is over $100 million less or 44% less than the $234 million we reported just two years ago in 2022.

重要的是，我們的股票薪酬支出預計到 2024 年約為 1.3 億美元，比我們兩年前報告的 2022 年的 2.34 億美元減少了 1 億多美元，即減少了 44%。

And our stock-based comp expense in Q2 was the lowest in our history as a public company.

第二季我們的股票補償費用是我們作為上市公司歷史上最低的。

I am committed to reducing dilution from stock-based comp and increasing free cash flow and free cash flow per share.

我致力於減少基於股票的競爭的稀釋並增加自由現金流和每股自由現金流。

Kalani will provide more detail on what we've done to date and what we plan to do in his prepared remarks.

卡拉尼將在他準備好的演講中提供更多關於我們迄今為止所做的事情以及我們計劃要做的事情的細節。

In closing, we see the industry consolidating around the winners.

最後，我們看到產業圍繞著贏家進行整合。

Compass is the Number one brokerage for three consecutive years.

Compass連續三年排名第一券商。

We are delivering excellent financial results and we have a strong balance sheet, given the fiscal responsibility we have exhibited by moving to being free cash flow positive, with no draw on our credit facility, no convertible debt and ample liquidity allowed through our revolver.

我們正在實現出色的財務業績，並且擁有強大的資產負債表，因為我們通過實現正自由現金流而展現出財政責任，不使用我們的信貸安排，沒有可轉換債務，並且通過我們的左輪手槍允許充足的流動性。

I want to end by thanking the entire Compass team of employees and agents.

最後，我要感謝整個 Compass 團隊的員工和代理商。

I see their commitment to making Compass successful, with their incredible dedication and determination.

我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。

I will now pass it over to Kalani.

現在我將把它交給卡拉尼。

Thank you, Robert.

謝謝你，羅伯特。

Before I go into details of our Q2 performance, I wanted to start my prepared remarks by acknowledging and thanking our Head of IR, Richard Simonelli.

在詳細介紹我們第二季的業績之前，我想先感謝我們的 IR 主管 Richard Simonelli。

As many of you know, Rich is moving on from Compass, but leaves Compass in a much better place than when we started.

正如你們許多人所知，Rich 正在離開 Compass，但讓 Compass 處於比我們開始時更好的位置。

Rich is a professionals professional a pros pro, and has helped Robert and I tell the Compass story through some of the most exciting and turbulent times in company's history.

里奇是一位專業人士，也是一名專業人士，他幫助羅伯特和我講述了指南針的故事，度過了公司歷史上一些最激動人心和動蕩的時期。

Rich thank you personally, and from all of us at the Compass team thank you for all the great work you've done.

Rich 個人感謝您，Compass 團隊的所有人也感謝您所做的所有出色工作。

Now, before I get into the results for the quarter, I want to add to Robert's comments about achieving a 30% market share in the top 30 cities.

現在，在介紹本季的業績之前，我想補充一下 Robert 關於在前 30 個城市實現 30% 市場份額的評論。

Let me share how we're going to get there.

讓我分享一下我們將如何實現這一目標。

It will be through a mix of organic growth and accretive M&A.

這將透過有機成長和增值併購相結合的方式實現。

We believe many of the 1.4 million prospective agents can grow their business, and improve their quality of life by joining Compass.

我們相信，140 萬潛在代理商中的許多人都可以透過加入 Compass 來發展業務並提高生活品質。

Compass gives agents a comprehensive offering of technology, people and network that no one else has.

Compass 為代理商提供了其他人所沒有的全面的技術、人員和網路。

This is why the pace of brokerage firms seeking to join Compass has increased during the downturn.

這就是經濟低迷時期券商尋求加入康帕思的步伐加快的原因。

We have capitalized on this by making strategic accretive acquisitions.

我們透過策略性增值收購充分利用了這一點。

We are being very selective.

我們非常有選擇性。

We're interested in and talking to premium, blue-chip, local and regional brokerages.

我們對優質、藍籌、本地和區域經紀公司感興趣並與之交談。

However, the financials have to make sense.

然而，財務數據必須有意義。

These acquisitions become more attractive when we build in the benefits of synergies including lowering the overall operating costs for our agents by leveraging the Compass platform, including our technology, real estate footprint and back office processes that already exist.

當我們利用協同效應的好處時，包括利用 Compass 平台（包括我們現有的技術、房地產足跡和後台流程）來降低代理商的整體營運成本，這些收購變得更具吸引力。

In 2023, we added three brokerages in Arizona, California and Texas.

2023 年，我們在亞利桑那州、加利福尼亞州和德克薩斯州增加了 3 家經紀公司。

And in 2024, we added two brokerages in Louisiana and Tennessee.

2024 年，我們在路易斯安那州和田納西州增加了兩家經紀公司。

Now, let me provide you with some detail on our operations for the quarter.

現在，讓我向您提供有關本季營運的一些詳細資訊。

In the second quarter, we processed 60,390 transactions, an increase of 11.4% from a year ago, which compares very favorably to the 3.3% decline in transactions for the entire residential real estate market in the second quarter as reported by the National Association of Realtors.

第二季度，我們處理了 60,390 筆交易，年增 11.4%，這與全國房地產經紀人協會報告的第二季度整個住宅房地產市場交易量下降 3.3% 的情況相比非常有利。

Our market share for Q2 2024 was 5.13% up 50 basis points year-over-year and up 37 basis points sequentially from Q1 of 2024.

我們 2024 年第二季的市佔率為 5.13%，年成長 50 個基點，較 2024 年第一季較上季成長 37 個基點。

As of June 30 2024, we had 16,997 principal agents compared to 13,698 as of June 30 2023; an increase of 3,299 year-over-year or 24%.

截至2024年6月30日，我們擁有16,997名主要代理人，而截至2023年6月30日，我們有13,698名主要代理人；年增 3,299 人，增幅 24%。

This increase was driven by 2,375 principal agents that we acquired through the Latter & Blum acquisition in Louisiana and the Parks Real Estate acquisition in Tennessee.

這一增長是由我們透過收購路易斯安那州的 Latter & Blum 和收購田納西州的 Parks Real Estate 獲得的 2,375 名主要代理商推動的。

Additionally, on an organic basis our team recruited 543 principal agents in the second quarter, which was a strong recruiting quarter for us.

此外，在有機基礎上，我們的團隊在第二季度招募了 543 名主要代理人，這對我們來說是一個強勁的招募季度。

Our quarterly retention in the second quarter was 97.3%.

第二季我們的季度保留率為 97.3%。

Turning to our financial results for the quarter.

轉向我們本季的財務業績。

Our second quarter revenue was $1.7 billion, an increase of 14% from the year ago period, which was at the high end of our guidance range of $1.6 billion to $1.7 billion.

我們第二季的營收為 17 億美元，比去年同期成長 14%，處於我們 16 億至 17 億美元指引範圍的高端。

Gross transaction value was $65 billion in the second quarter, an increase of 14% from a year ago, reflecting the 11% increase in total transactions combined with an increase in average selling price.

第二季總交易額為 650 億美元，年增 14%，反映出總交易額成長 11%，加上平均售價上漲。

Our commission expense as a percent of revenue was 82.6%, an increase of 70 basis points from Q2 of last year.

我們的佣金費用佔收入的百分比為82.6%，比去年第二季增加了70個基點。

While we continue to see the long-term structural tailwinds related to Compass expense commission expense in the quarter about two-thirds of the increase in commission expense as a percent of revenue, is attributable to changes in geo mix in the markets in which we operate and from brokerage acquisitions we closed since the year-ago period that were made in markets with lower average splits than our overall brokerage rate.

雖然我們繼續看到本季與 Compass 費用佣金支出相關的長期結構性有利因素，但佣金支出佔收入百分比增長的約三分之二是由於我們經營所在市場的地理結構變化所致自去年以來，我們完成了經紀業務收購，這些收購是在平均分拆率低於我們整體經紀費率的市場進行的。

Our total non-GAAP operating expenses excluding commission and other related expenses were $217 million for the second quarter.

第二季的非 GAAP 營運費用總額（不含佣金和其他相關費用）為 2.17 億美元。

This reflects a reduction in expenses of $21 million or 9% from Q2, a year ago.

這反映了與一年前第二季相比，費用減少了 2,100 萬美元，即 9%。

Even after considering the added expenses we assumed related to each of the two brokerage acquisitions we completed in Q3 of 2023, the Florida Title acquisition this past January and two brokerage acquisitions we closed this past quarter.

即使考慮到我們假設與 2023 年第三季完成的兩項經紀收購、今年 1 月的佛羅裡達產權收購以及我們上個季度完成的兩項經紀收購相關的額外費用。

As a reminder, the non-GAAP operating expenses we refer to amidst expenses that we excluded from the calculation of adjusted EBITDA including stock-based compensation and depreciation and amortization.

需要提醒的是，我們所指的非公認會計準則營運費用是在調整後 EBITDA 計算中排除的費用，包括基於股票的薪酬以及折舊和攤提。

And as always, we've included tables on Page 12 and 13 in our Q2 investor deck that reconcile these amounts to our GAAP operating expense.

像往常一樣，我們在第二季度投資者資料中包含了第 12 頁和第 13 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 second quarter was $77 million, which was slightly better than the high end of our guidance range of $55 million to $75 million.

我們第二季調整後的 EBITDA 為 7700 萬美元，略優於我們指導範圍 5500 萬至 7500 萬美元的上限。

This adjusted EBITDA level reflects an improvement of 157% over the year ago results.

調整後的 EBITDA 水準比去年同期提高了 157%。

And importantly, it reflects a new company record as the highest level of adjusted EBITDA we reported as a company.

重要的是，它反映了公司的新記錄，成為我們作為一家公司報告的調整後 EBITDA 的最高水平。

In addition to a new all-time record of adjusted EBITDA, we also achieved a new record as it relates to GAAP net income.

除了調整後 EBITDA 創下歷史新紀錄外，我們還創下了與 GAAP 淨利潤相關的新紀錄。

During the second quarter, our GAAP net income was $20.7 million, which is the first time in the company's history that we are reporting a quarter with positive GAAP earnings.

第二季度，我們的 GAAP 淨利潤為 2,070 萬美元，這是該公司歷史上首次報告 GAAP 盈利為正的季度。

This is an incredible milestone for us as it validates that at the right levels of operating expenses, the financial model works.

這對我們來說是一個令人難以置信的里程碑，因為它驗證了在適當的營運費用水平下，財務模型是有效的。

It's important to note that the achievement of positive GAAP net income was made possible by our relentless focus on reducing our operating expenses, but was also assisted by reducing some of the expense lines traditionally excluded from the calculation of adjusted EBITDA.

值得注意的是，我們堅持不懈地致力於減少營運費用，從而實現了正的 GAAP 淨利潤，但也得益於減少一些傳統上排除在調整後 EBITDA 計算之外的費用項目。

Most notably, stock-based compensation expense was $31 million during the second quarter, which reflects a reduction of 21% from a year ago and reflects the lowest level of stock-based compensation expense that we reported as a public company.

最值得注意的是，第二季的股票薪酬支出為 3,100 萬美元，年減 21%，反映了我們作為上市公司報告的股票薪酬支出的最低水準。

As Robert mentioned, we are constantly focused on creating value for our shareholders.

正如羅伯特所提到的，我們始終致力於為股東創造價值。

We have put a focus on bringing down stock-based compensation with the same approach and discipline that allowed us to successfully reduce our operating expenses by nearly $600 million.

我們將重點放在降低股票薪酬上，採用的方法和紀律與我們成功減少營運費用近 6 億美元的方法和原則相同。

It's important to highlight that we've already accomplished several action items over the last 18 months to manage stock compensation.

需要強調的是，我們在過去 18 個月中已經完成了多項管理股票薪酬的行動項目。

First, we sunset our agent equity program in December of 2022, which allowed agents to convert a portion of their cash commission into Compass equity.

首先，我們於 2022 年 12 月終止了代理商股權計劃，該計劃允許代理商將部分現金佣金轉換為 Compass 股權。

Second, we eliminated the use of equity as an incentive to recruit agents in the third quarter of 2022 around the same time that we eliminated the use of cash as a sign on recruiting incentives for agents.

其次，我們在 2022 年第三季取消了使用股權作為招募代理商的激勵措施，同時我們取消了使用現金作為招募代理商的激勵措施。

Third, we greatly reduced the workforce over the several reductions in force during 2022 and 2023, including a reduction in the size of our product and engineering team, which consumes the largest portion of our employee-based equity grants.

第三，我們在 2022 年和 2023 年期間多次裁員，大幅減少了員工數量，包括縮小產品和工程團隊的規模，該團隊消耗了我們基於員工的股權撥款的最大部分。

And fourth, we've shifted a considerable amount of labor to low-cost offshore markets through the use of contractors.

第四，我們透過使用承包商將大量勞動力轉移到低成本的離岸市場。

In addition to this helping to reduce cash expenses, this also reduces the use of equity as we don't issue equity to contractors.

除了有助於減少現金支出之外，這也減少了股權的使用，因為我們不向承包商發行股權。

These measures have resulted in significant reduction in our stock-based compensation expense.

這些措施導致我們的股票薪酬費用大幅減少。

And in 2022, our stock-based compensation expense was $234 million.

2022 年，我們的股票薪酬支出為 2.34 億美元。

In 2023, our stock-based compensation reduced by $76 million or 32% to $158 million and we expect our stock-based compensation will reduce to approximately $130 million for the full year of 2024.

2023 年，我們的股票薪酬減少了 7,600 萬美元，即 32%，至 1.58 億美元，我們預計 2024 年全年的股票薪酬將減少至約 1.3 億美元。

This will reflect a reduction of 44% or over $100 million for the first two years since 2022.

這將反映自 2022 年以來的前兩年減少 44% 或超過 1 億美元。

Going forward, we will continue to offshore work through our low-cost labor efforts where OpEx is reduced and equity compensation is not utilized.

展望未來，我們將繼續透過低成本勞動力努力進行離岸工作，減少營運支出且不使用股權薪資。

Also stock compensation will gradually reduce as the higher-priced shares issued at the time of our IPO will vest out over the next one to two years since the stock-based compensation expense is determined based on the share price at the time of grant.

此外，股票補償將逐漸減少，因為股票補償費用是根據授予時的股價確定的，因為我們首次公開募股時發行的高價股票將在未來一到兩年內歸屬。

In addition to the reduction in stock-based compensation expense, we are focused on minimizing dilution in other ways as well.

除了減少以股票為基礎的補償費用外，我們還致力於透過其他方式最大限度地減少稀釋。

One example of this is the way we net settle employee RSUs when they vest through this net settlement, Compass pays the cash for employees' payroll withholding taxes and withhold an equal amount of shares at the time of vesting.

其中一個例子是，當員工 RSU 歸屬時，我們透過這種淨額結算方式對員工 RSU 進行淨額結算，Compass 支付員工薪資預扣稅的現金，並在歸屬時預扣等量的股份。

The share holdback from taxes reduces dilution from stock compensation by about 40% and effectively operates like a regular share buyback program during the year.

稅收扣留的股票減少了約 40% 的股票薪酬稀釋，並且像年內的常規股票回購計劃一樣有效運作。

Further any issuance of equity for M&A going forward will continue to be made through a strict framework that allows -- that applies to accretive deals at favorable multiples that grow revenue and EBITDA and ultimately, shareholder value.

此外，未來任何用於併購的股權發行都將繼續透過嚴格的框架進行，該框架允許以有利的倍數進行增值交易，從而增加收入和 EBITDA，並最終增加股東價值。

While we believe stock-based compensation is an important tool to align the actions of our team members to the outcomes of Compass, we also understand it represents a real cost.

雖然我們相信以股票為基礎的薪酬是使我們團隊成員的行動與 Compass 的成果保持一致的重要工具，但我們也知道它代表了真正的成本。

In the exact same way we delivered operating expenses expense reductions, Robert, myself, and our full management team, are focused with action plans to continue to bring down stock-based compensation.

正如我們削減營運費用的方式一樣，羅伯特、我本人以及我們的整個管理團隊都專注於繼續降低以股票為基礎的薪酬的行動計劃。

As the housing market recovers and revenue growth occurs, we do not believe there is a need to materially increase the absolute dollar amount of stock-based compensation in the future.

隨著房地產市場的復甦和收入的成長，我們認為未來沒有必要大幅增加股票薪酬的絕對金額。

As we have done with our OpEx efforts, we look forward to showing progress on this commitment and upcoming earnings calls.

正如我們在營運支出方面所做的努力一樣，我們期待在這項承諾和即將舉行的財報電話會議上取得進展。

Turning back to our financial results.

回到我們的財務表現。

Free cash flow during the second quarter was positive $40.4 million.

第二季自由現金流為正 4,040 萬美元。

As previously disclosed the first payment of our class action legal settlement was made in the second quarter which reduced the cash flow in the quarter by $29 million.

正如先前披露的，我們的集體訴訟法律和解金的第一筆付款是在第二季度支付的，這使該季度的現金流減少了 2,900 萬美元。

Excluding the effect of that payment free cash flow would have been $69 million which would have meant an improvement of 36% over the free cash flow of $51 million in Q2 of last year.

排除該付款的影響，自由現金流將為 6,900 萬美元，這意味著比去年第二季的 5,100 萬美元自由現金流提高了 36%。

As a reminder and consistent with my comments last year, it's important to note that our positive cash flow in the first half of 2024 is partially due to a couple of timing items that will have offsetting effects later in the year.

提醒一下，與我去年的評論一致，值得注意的是，我們 2024 年上半年的正現金流部分歸因於一些時間項目，這些項目將在今年稍後產生抵消作用。

First, many of these fees that are many of the fees that are billed to our agents occur at the beginning of the calendar year.

首先，許多向我們的代理商收取的費用是在日曆年初發生的。

So our cash flow in the early part of the year is aided by timing of when the fees are paid and they will have an offsetting effect later in the year.

因此，我們今年年初的現金流受到支付費用時間的幫助，並且它們將在今年稍後產生抵消作用。

Second, we tend to see seasonal impacts to working capital that are favorable in the first two quarters of the year when cash collections from our brokerage commissions are higher at the end of the quarter -- each of these quarters compared to the beginning of these quarters.

其次，我們傾向於看到對營運資本的季節性影響，這在今年的前兩個季度是有利的，因為我們的經紀佣金在季度末收到的現金較高——每個季度都與季度初相比。

The opposite is generally true in Q3 and especially in Q4 when seasonality impacts working capital in a negative way.

第三季度的情況通常相反，尤其是第四季度，季節性因素對營運資本產生負面影響。

These timing items should be neutral for the full year but can create choppiness for individual quarters within the year.

這些時間安排項目在全年中應該是中性的，但可能會在一年內的各個季度造成波動。

We expect to be free cash flow positive for the full year even after considering the $29 million legal settlement payment made in Q2.

即使考慮到第二季支付的 2,900 萬美元法律和解金，我們預計全年自由現金流仍將為正值。

However, we expect that free cash flow will be only slightly positive in Q3 and free cash flow will be negative in Q4.

然而，我們預計第三季自由現金流將僅小幅為正，第四季自由現金流將為負值。

We ended the second quarter with $186 million of cash and cash equivalents on our balance sheet and we have no outstanding draws on our revolving line of credit.

截至第二季末，我們的資產負債表上有 1.86 億美元的現金和現金等價物，且我們的循環信貸額度沒有未償還的提款。

We believe we are well-positioned to react to continued market challenges.

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。

For Q3 of 2024 we expect revenue in the range of $1.425 billion to $1.525 billion and we expect adjusted EBITDA to be in the range of $30 million to $50 million.

對於 2024 年第三季度，我們預計營收將在 14.25 億美元至 15.25 億美元之間，調整後 EBITDA 將在 3,000 萬美元至 5,000 萬美元之間。

The midpoint of the -- each of these revenue and adjusted EBITDA ranges reflect increases of 10% and 83% compared to Q3 of last year.

與去年第三季相比，這些營收和調整後 EBITDA 範圍的中點分別成長了 10% 和 83%。

Let me provide a few additional data points as it relates to financial modeling you may be doing for the second half of 2024.

讓我提供一些與您可能在 2024 年下半年進行的財務建模相關的額外數據點。

First, consider our commissions as a percent of revenue for Q2 was 82.6%.

首先，我們的佣金佔第二季營收的百分比為 82.6%。

We would expect this margin to remain around this level for the balance of the year which reflects the integration of our recent M&A transactions that have commission rates that are higher than our core brokerage.

我們預計這一利潤率在今年餘下時間將保持在這一水平左右，這反映了我們最近併購交易的整合，這些交易的佣金率高於我們的核心經紀業務。

Second as it relates to OpEx we have updated our OpEx range for the year 2024 of $876 million to $896 million.

其次，與營運支出相關，我們已將 2024 年的營運支出範圍從 8.76 億美元更新為 8.96 億美元。

As we laid out last quarter this range starts with our core company OpEx of $850 million and adds in $15 million for 2023 M&A OpEx $12 million of OpEx for Latter & Blum acquisition that closed in April and an additional $9 million for the balance of 2024 from the Parks entities that we just acquired in May.

正如我們上季度規劃的那樣，這一範圍從我們的核心公司8.5 億美元的營運支出開始，並為2023 年併購營運支出增加1500 萬美元，為4 月份完成的Latter & Blum 收購增加1200 萬美元的營運支出，並為2024 年剩餘時間增加900 萬美元。

For modeling purpose you should expect an additional sequential increase to OpEx in Q3 and Q4 as the partial quarter impact of our Q2 acquisition of Latter & Blum and Parks contribute to a full quarter's worth of OpEx in Q3 and Q4.

出於建模目的，您應該預期第三季和第四季的營運支出會進一步連續成長，因為我們第二季收購Latter & Blum 和Parks 的部分季度影響貢獻了第三季和第四季整個季度的營運支出。

Finally as I stated earlier we are reiterating our expectation to be free cash flow positive for the full year.

最後，正如我之前所說，我們重申我們對全年自由現金流為正的預期。

However, on a quarterly basis we expect free cash flow to be marginally positive in Q3 and negative in Q4 given the seasonality of our business.

然而，考慮到我們業務的季節性，我們預計第三季的自由現金流將小幅為正，第四季為負。

As I wrap up my prepared remarks I'd just like to recap some of the highlights that we made that made the second quarter such a standout.

在結束準備好的發言時，我想回顧一下我們所做的一些亮點，這些亮點使第二季度如此引人注目。

First, we grew revenue by 14% versus a year ago with market share increasing 50 basis points to over 5%.

首先，我們的收入比一年前成長了 14%，市佔率增加了 50 個基點，達到 5% 以上。

We delivered an 11% increase in transaction volume from a year ago compared to a 3% decline in transaction volume for the overall industry.

與去年同期相比，我們的交易量成長了 11%，而整個產業的交易量卻下降了 3%。

The number of our principal agents increased by 24% versus a year ago an increase of nearly 3,300 principal agents.

我們的主要代理人數量比一年前增加了近3,300名主要代理人，增加了24%。

We achieved an additional OpEx reduction of $21 million versus Q2 of last year or $83.6 million on an annualized basis even after considering the additional OpEx assumed for recent acquisitions.

即使考慮到最近收購假設的額外營運支出，我們仍實現了與去年第二季相比額外減少 2,100 萬美元的營運支出，即年化 8,360 萬美元的營運支出減少。

We delivered a new record level of adjusted EBITDA of $77 million despite revenue being down by $250 million compared to Q2 of 2021, which was a quarter of our prior adjusted EBITDA record.

儘管營收比 2021 年第二季下降了 2.5 億美元，但我們的調整後 EBITDA 達到了 7,700 萬美元的新紀錄，這是我們先前調整後 EBITDA 記錄的四分之一。

We completed two M&A transactions through which we became the number one brokerage by sales volume in the Nashville and New Orleans market.

我們完成了兩筆併購交易，成為納許維爾和新奧爾良市場銷售第一的券商。

We reduced over -- we produced over $40 million of free cash flow and increased our cash position despite paying out over $28 million in legal settlements.

儘管支付了超過 2800 萬美元的法律和解金，但我們還是減少了超過 4000 萬美元的自由現金流，並增加了我們的現金頭寸。

And finally we reported GAAP net income of $21 million which marks the first time as a public company that we've ever reported positive GAAP net income.

最後，我們報告的 GAAP 淨利潤為 2,100 萬美元，這標誌著我們作為一家上市公司首次報告正的 GAAP 淨利潤。

Results like these don't happen without the incredibly hard work and dedication of our team members and I'd like to say thank you again to our agents and employees for all that you do for Compass.

如果沒有我們團隊成員的辛勤工作和奉獻精神，這樣的結果是不可能實現的，我想再次感謝我們的代理商和員工為 Compass 所做的一切。

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

我現在想將電話轉給接線員以開始問答。

Thank you.

謝謝。

(Operator Instructions) We'll pause for just went to compound the Q&A roster.

（操作員說明）我們將暫停一下，以便整理問答名單。

Our first question for today comes from the line of Matthew Bouley with Barclays.

我們今天的第一個問題來自巴克萊銀行的馬修‧布利 (Matthew Bouley)。

Your line is live.

您的線路已上線。

Good afternoon, everyone.

大家下午好。

Thank you for taking the questions.

感謝您提出問題。

I'll ask around the 30-30 strategy, understanding the wide array of competitive advantages that you have, supporting, recruiting and retention.

我會詢問 30-30 策略，以了解您擁有的廣泛競爭優勢、支援、招募和留任。

The question is kind of mechanically speaking getting to a 30% share in your top 30 markets.

從機械角度來說，問題是在前 30 個市場中獲得 30% 的份額。

I know you mentioned it would be a combination of organic and M&A.

我知道你提到這將是有機和併購的結合。

So from a starting point, I guess where are you today in those markets?

因此，從一開始，我想您現在在這些市場中處於什麼位置？

And is there a clear pipeline around M&A to get you there?

併購方面是否有明確的管道可以幫助您實現這一目標？

Or should we think returning to a few years ago that there could be some kind of uptick in competition to kind of go after some of the agents you may need around that organic share gain piece?

或者我們應該考慮回到幾年前，競爭可能會加劇，以追逐您可能需要的圍繞有機份額增益部分的一些代理商？

Thank you.

謝謝。

On the organic side, we don't expect to be going back to the old days of cash incentives and equity incentives.

在有機方面，我們預計不會回到現金激勵和股權激勵的舊時代。

That's not needed given the strength of the platform.

考慮到平台的實力，這是不需要的。

We -- and you are seeing an increased interest in coming to Compass.

我們以及您都看到人們對 Compass 的興趣與日俱增。

I think historically there is on balance a desire for agents to be part of small in boutiques.

我認為從歷史上看，代理商總體上希望成為小型精品店的一部分。

I think when the NAR settlement has helped accelerate is the understanding of the benefits of being part of a bigger company.

我認為 NAR 和解協議有助於加速人們對成為大公司一部分的好處的理解。

And not just agents are seeing that brokerage, CEOs are seeing that as well.

不僅經紀人看到了經紀業務，執行長們也看到了這一點。

And so yes it will be a mix of organic and brokerage M&A, and the M&A as Kalani said will leave a very disciplined framework to make sure that it's always accretive on an EBITDA multiple basis before the benefit of cost synergies.

所以，是的，這將是有機併購和經紀併購的結合，正如卡拉尼所說，併購將留下一個非常嚴格的框架，以確保在獲得成本協同效應之前，它始終能夠在EBITDA 倍數基礎上實現增值。

And so it can be even more accretive when you include the cost synergies.

因此，當您考慮到成本協同效應時，它的增值作用甚至會更大。

Got you.

明白你了。

Okay.

好的。

Well, thank you for addressing that.

嗯，謝謝你解決這個問題。

Super helpful.

超有幫助。

Maybe secondly just kind of zooming into the market.

其次，也許只是擴大市場規模。

Obviously interest rates have come down a bit.

顯然，利率已經下降了一些。

You kind of look at some of the high-level data with Mortgage Bankers Association, et cetera has maybe not fully reflected that move in rates yet.

您可以查看抵押貸款銀行家協會等的一些高級數據，這些數據可能尚未完全反映利率的變化。

What are you seeing around availability of inventory coming back online?

您對恢復上線後的庫存可用性有何看法？

I'm also curious if that NAR settlement, great color there around what it is and is not doing around commission rates, but is it creating any uncertainty in terms of transactions that may be getting pushed to the right?

我也很好奇 NAR 結算是否在佣金率方面有很大的色彩，但它是否會在可能被推向右側的交易方面產生任何不確定性？

So yeah, just kind of overall market color and then and sort of what you're seeing around how the settlement may be actually impacting the market?

那麼，是的，只是整體市場的顏色，然後以及您所看到的和解可能如何實際影響市場的情況？

Thanks.

謝謝。

So let's do the latter first it's a little more straightforward.

所以讓我們先做後者，它比較簡單一些。

The NAR settlement has not impacted from anything I've seen buyer or seller desire to transact.

NAR 和解並沒有受到我所看到的買家或賣家交易意願的影響。

It has impacted certain agents desire to be in the business.

它影響了某些代理商從事該業務的願望。

And those aren't really Compass agents.

這些並不是真正的指南針特工。

But I think newer agents, people that don't have as much experience and that haven't really been committed or that we're going to start joining the industry may decide not to because of the headlines, but it's not impacting transactions.

但我認為新的代理商、沒有那麼多經驗、沒有真正投入或我們將開始加入這個行業的人可能會因為頭條新聞而決定不這樣做，但這不會影響交易。

It's just I think impacting certain agents and their desire or fear around the industry.

我只是認為這會影響某些代理商以及他們對行業的渴望或恐懼。

But the fear for agents that are actually in the business that are professionals, I would tell you when I go around all the different offices I travel regularly to offices across the country there are more agents that think that this will help their business than hurt their business.

但是，對於真正從事該行業的專業代理人的擔憂，我會告訴你，當我走遍我定期前往全國各地辦事處的所有不同辦事處時，有更多的代理人認為這將有助於他們的業務，而不是損害他們的業務。

When I say business, I mean revenue, their money.

當我說生意時，我指的是收入，他們的錢。

And in the beginning people were concerned, but now that people are actually practicing and out there with Buyer's Representation Agreements, remember some of the MLSs have already made the Buyer's Representation Agreements, they amended them earlier.

一開始人們很擔心，但現在人們實際上正在實踐並簽署了買方代表協議，請記住，一些 MLS 已經制定了買方代表協議，他們早些時候對其進行了修改。

Not everyone is waiting till August 17th.

並不是所有人都等到 8 月 17 日。

So there are data points that are out there.

所以有一些數據點。

In terms of what's happened in the overall real estate market, look it has been somewhat of a confusing market.

就整個房地產市場發生的情況來看，這是一個有點令人困惑的市場。

However, I'm modestly optimistic about the fall.

不過，我對秋季的前景持適度樂觀的態度。

This last quarter we saw existing home sale seasonally adjusted annual rate home sales average of $4.05 million.

上個季度，我們看到現有房屋銷售經季節性調整後的年平均房屋銷售量為 405 萬美元。

That compares to $4.09 million for the full year last year.

相比之下，去年全年為 409 萬美元。

So what that means is this last quarter was actually worse on seasonally just innovate the home sales than all of last year.

因此，這意味著最後一個季度的房屋銷售季節性創新實際上比去年全年更糟。

And last year we know it was the lowest level of transaction since 1995, 28 years ago.

去年我們知道這是自 28 年前 1995 年以來的最低交易水準。

The population now is more than 20% larger than it was back then.

現在的人口比當時增加了20%以上。

So clearly the market is depressed, it's also on the upside creating pent-up demand.

顯然，市場低迷的同時，也創造了被壓抑的需求。

There is -- the must move market has been moving which we kind of believe, it's around $4 million.

我們相信，必須移動的市場一直在移動，大約是 400 萬美元。

But the want to move market has been continuing to build up demand.

但想要搬家的市場一直持續增加需求。

I think what happened in Q2 while it was down 3% year-over-year.

我認為第二季度發生了什麼，年減了 3%。

I think it's all around mortgage rates.

我認為這一切都與抵押貸款利率有關。

The consumer, buyers they react more to the change in mortgage rates than the absolute mortgage rates itself.

消費者、買家對抵押貸款利率變化的反應比絕對抵押貸款利率本身的反應更大。

And so the mortgage rate in last fall, it went up 100 basis points and that's why I stopped the market it went from 7% to 8%.

所以去年秋天的抵押貸款利率上升了 100 個基點，這就是為什麼我停止了市場，它從 7% 上升到 8%。

The more -- this last quarter or the spring we started off with a boom because that mortgage started up at 6% now but then it went up to 7.5%.

更重要的是，上個季度或春天我們開始出現繁榮，因為抵押貸款現在開始為 6%，但後來上升到 7.5%。

So it went up 100 basis points.

所以它上漲了100個基點。

And again, it's not just the absolute rate it's the change in the rate.

再說一次，這不僅是絕對利率，而是利率的變動。

What we just saw in June, the data came out today is that the pending transactions were actually up 3.5% year-over-year.

我們剛剛看到的 6 月數據，今天公佈的數據是，待處理交易實際上比去年同期成長了 3.5%。

And so we're actually seeing June as a reversal of trend which makes on a -- not closed but on a pending more real-time basis.

因此，我們實際上將 6 月視為趨勢的逆轉，這使得趨勢尚未結束，而是處於懸而未決的更即時的基礎上。

And that makes sense because June versus April mortgages went down from 7.5% back to 7%.

這是有道理的，因為 6 月抵押貸款利率與 4 月相比從 7.5% 下降到 7%。

And now because of what's happening in the broader market mortgage rates just hit 6.7%.

現在，由於大盤市場的變化，抵押貸款利率剛剛達到 6.7%。

And so what will the fall look like?

那麼秋天會是什麼樣子呢？

I continue to believe, it's more about what's going to happen in mortgage rates.

我仍然相信，這更多的是關於抵押貸款利率的變化。

If you believe, that this fall will have a lowering of the fed funds rate then in a subsequent lowering of mortgage rates going not just to 6.7 where they're right now, but below 6.5% anywhere in this kind of 6.7% to below range.

如果你相信，今年秋天聯邦基金利率將會降低，那麼隨後的抵押貸款利率不僅會降至目前的 6.7，而且還會低於 6.5%，在這種 6.7% 或以下的範圍內。

I think we're going to see an increase year-over-year, particularly given that last year was defined by 7% going to 8% mortgage rates the highest mortgage that we've had in over 20 years.

我認為我們將會看到同比增長，特別是考慮到去年的抵押貸款利率為 7% 至 8%，這是我們 20 多年來的最高抵押貸款利率。

In terms of inventory, yes, we have single-family inventories up 40% year-over-year.

在庫存方面，是的，我們的單戶庫存年增了 40%。

Total inventory is up 23%.

總庫存增加了 23%。

That's still and it sounds optimistic.

情況仍然如此，而且聽起來很樂觀。

But still relative to 2019 it's 3% less.

但與 2019 年相比仍減少了 3%。

And so we're still below the pre-pandemic levels.

因此，我們仍低於大流行前的水平。

And last thing to note I'd say is on price, prices are up 3.5%.

最後要注意的是價格，價格上漲了 3.5%。

And so when I say it's confusing you have more inventories so more sellers which is great and almost every week this year inventory has grown.

所以，當我說令人困惑的是，你有更多的庫存，所以有更多的賣家，這很好，今年庫存幾乎每週都在增加。

And so that's good because you can't buy what you can't sell.

這很好，因為你買不到你賣不了的東西。

And so it's good that we have more, inventory going into this fall.

因此，今年秋天我們有更多的庫存，這是一件好事。

But it's also confusing, because the existing home sales numbers have been so low last couple of months.

但這也令人困惑，因為過去幾個月現有房屋銷售數量非常低。

I -- the fact that more -- that the actual price is 3.5% up is a data point that there's more buyers than sellers.

事實上，實際價格上漲了 3.5%，這數據顯示買家多於賣家。

Right?

正確的？

If it would be hard for there to be, less buyers than sellers and has the price of homes be at an all-time high which is where they are at right now.

如果很難的話，買家會比賣家少，而且房價正處於歷史最高水平，就像現在一樣。

Got it.

知道了。

Well, thanks for addressing everything I asked.

嗯，謝謝你解答了我提出的所有問題。

And good luck guys.

祝大家好運。

Jason Helfstein with Oppenheimer.

傑森·赫夫斯坦和奧本海默。

Thanks, everyone.

謝謝大家。

Just a bunch of questions around kind of M&A, so Robert, what's the primary reason an agency sells to Compass?

只是關於併購類型的一系列問題，羅伯特，代理商向 Compass 出售產品的主要原因是什麼？

Do you expect further M&A this year?

您預計今年會有更多併購嗎？

Do you have any capital constraints for M&A from a cash standpoint potentially you look at 100% earn-out deals.

從現金的角度來看，您的併購是否有任何資本限制，您可能會考慮 100% 獲利交易。

And then just Kalani, housekeeping, I don't think you gave it out, but what was the acquisitions impact on transactions or transaction growth?

然後，卡拉尼，內務管理，我認為你沒有透露出來，但收購對交易或交易成長的影響是什麼？

You gave it for revenue, but I don't think for transactions.

你給它是為了收入，但我不認為是為了交易。

Thanks.

謝謝。

So the primary reason that, CEOs are selling to Compass.

這是執行長們向康帕斯出售產品的主要原因。

Remember these CEOs they're great people, they're great entrepreneurs.

請記住這些首席執行官，他們是偉大的人，他們是偉大的企業家。

They work really, really hard.

他們工作真的非常努力。

Many of them are family businesses.

其中許多是家族企業。

Even if they're not family businesses they treat their companies as families and they care as much about their agents that I care about mine.

即使他們不是家族企業，他們也會像對待家人一樣對待他們的公司，他們對他們的代理人的關心就像我對我的代理人一樣關心。

And so but the call when I'm calling people now, what I'm saying is, I'm speaking first and foremost to what Compass what coming together can do for their agents.

所以，當我現在打電話給人們時，我想說的是，我首先要談論的是指南針聯合起來可以為他們的經紀人做些什麼。

At the top of the list what I say is would you be interested?

在清單的頂部我說的是你有興趣嗎？

So it's someone that I may not even know that well at all.

所以這是一個我可能根本不了解的人。

It's I say, I think I have an opportunity to give your agents our technology and our private exclusives, which are the off-MLS inventory the unique inventory.

我想說的是，我想我有機會為你們的代理商提供我們的技術和我們的私人獨家產品，這些是 MLS 以外的庫存，也是獨一無二的庫存。

And any CEO, who hears that in a market where we have market share shows a level of interest.

任何執行長聽說我們在一個擁有市場份額的市場中都會表現出一定程度的興趣。

I actually don't start with that merge.

實際上我並不是從合併開始的。

It's just more of the overall conversation.

這只是更多的整體對話。

If there's a way for us to give your agents our technology in our off-MLS private exclusive listings would you be interested?

如果我們有辦法在 MLS 以外的私人獨家清單中向您的代理商提供我們的技術，您會感興趣嗎？

And then from there we have a broader conversation about many different ways that we can achieve their objectives of helping their agents in what's been in the market for now almost three years of a lot of pain that meet their personal financial kind of life goals.

然後，我們就許多不同的方式進行更廣泛的討論，以實現他們的目標，幫助他們的代理人解決目前市場上近三年的痛苦，以滿足他們的個人財務生活目標。

I mean, they being the CEO.

我的意思是，他們是執行長。

In terms of the multiple we're aspiring to multiples that are on average we target four times EBITDA making this pre-synergy.

就倍數而言，我們希望達到平均 EBITDA 的四倍，從而實現協同前的目標。

So after post synergies that number goes down significantly.

因此，在協同效應之後，這個數字顯著下降。

But I'll let Kalani discuss more the question around capital.

但我會讓卡拉尼多討論有關資本的問題。

Yes.

是的。

Thanks Robert.

謝謝羅伯特。

Jason thanks for the question.

傑森感謝您的提問。

Look I would -- it's right -- just north of two-thirds of our transaction counts came from M&A.

我認為——這是對的——我們的交易數量中有三分之二以上來自併購。

Just a reminder the recent acquisitions of Parks and Latter & Blum and even some of the 2023 have a bit lower at times significantly lower ASP.

只是提醒一下，最近收購的 Parks 和 Latter & Blum，甚至一些 2023 年的產品，其平均售價有時會顯著降低。

And so that's how you square the math there.

這就是你如何計算數學平方的。

Thank you.

謝謝。

Bernie McTernan with Needham & Company.

伯尼·麥克特南與尼達姆公司。

Great.

偉大的。

Thanks for taking questions.

感謝您提出問題。

Maybe just to start on the 30-30 just to level set what is your current market share in those top 30 markets?

也許只是從 30-30 開始，只是為了確定您目前在前 30 個市場中的市佔率是多少？

And maybe how much of the overall GTV does it represent?

也許它佔總體 GTV 的比例是多少？

And just trying to get some framework in terms of how big of a revenue step-up this could be if you're able to reach this goal?

只是想獲得一些框架來說明如果您能夠實現這一目標，收入會增加多少？

Robert, I think you might be on mute.

羅伯特，我想你可能處於靜音狀態。

Let me start with go ahead Robert.

讓我從羅伯特開始。

On average hi.

平均來說嗨。

First, it's on average.

首先，這是平均水平。

It's not getting to that number in every market but having on average the market share of volume not units closed in our top 30 markets.

它並不是在每個市場都達到這個數字，而是在我們的前 30 個市場中以成交量（而不是成交量）計算的平均市場份額。

There we do have more in terms of market share in some markets today.

如今，我們在某些​​市場的市佔率確實有所增加。

We have more than 20% market share in many markets today, and we're in between 10 to 20 in most in many more.

如今，我們在許多市場中擁有超過 20% 的市場份額，在更多市場中，我們的市場份額大多在 10 到 20 之間。

And so I would say, we're more than halfway there, but just marginally.

所以我想說，我們已經完成了一半以上，但只是微不足道。

And but we the structural advantages they aren't just advantages for Compass.

但我們的結構優勢不僅僅是指南針的優勢。

Every one of these advantages are for advantages for agents as well.

這些優勢中的每一項對於代理商也是有利的。

And so client dashboard is obviously for agents and their clients.

因此，客戶儀表板顯然是針對代理商及其客戶的。

Having more inventory like what we've dealt with in the last three years is one of the key issues for agents is there's just not enough inventory.

對於代理商來說，像我們過去三年處理的那樣擁有更多庫存是關鍵問題之一，因為庫存不足。

So we are creating a platform that they can go to agents, and say, we can help you better serve your clients, because we can give you a better access to inventory not just the on MLS inventory the off MLS inventory make me move inventory, which we launched this week and more and making all that searchable into the platform along with all of your clients' contacts all of your clients and you're their addresses.

因此，我們正在創建一個平台，他們可以聯繫代理商，並說，我們可以幫助您更好地為您的客戶服務，因為我們可以讓您更好地訪問庫存，而不僅僅是MLS 上的庫存， MLS 外的庫存讓我移動庫存，我們在本週推出了更多內容，使所有內容以及您所有客戶的聯絡人都可以在平台中搜尋到，您就是他們的地址。

And so we have like again $100 million addresses in our contacts from our CRM and all those addresses they have a profile number of beds neighborhood, et cetera.

因此，我們的 CRM 聯絡人中又包含價值 1 億美元的地址，所有這些地址都有鄰裡床位數量等資料。

And so allowing agents to be able to search that, we're moving to a world where the Compass platform helps with agents the benefits of being part of a bigger company that has the platform.

因此，允許代理商能夠進行搜索，我們正在邁向這樣一個世界：Compass 平台可以幫助代理商享受成為擁有該平台的大公司的一部分的好處。

And I believe that as this all comes out and this isn't all coming out in a year, two years, this is a matter of months.

我相信，這一切都會出現，而且這不會在一年、兩年內全部出現，所以只需要幾個月的時間。

As these things are coming out, I think it's going to dramatically accelerate our ability to bring on agents organically and to dramatically accelerate our ability to align with CEOs or brokerage firms because they see the benefit in it for them.

隨著這些事情的出現，我認為這將極大地提高我們有機地引入代理商的能力，並極大地提高我們與執行長或經紀公司合作的能力，因為他們看到了這對他們有利。

Understood.

明白了。

And then Robert, I know you partially answered it in a previous question but just trying to think about understand that right now there might not be a significant -- or there isn't a significant impact or a material impact from the NAR settlement.

然後羅伯特，我知道你在上一個問題中部分回答了這個問題，但只是想了解一下，現在 NAR 和解可能不會產生重大影響，或者不會產生重大影響或實質影響。

But do you think there will be?

但你認為會有嗎？

Will there be any change like if it is like once we hit August 17, does that change anything?

是否會有任何變化，例如我們到了 8 月 17 日，這會改變什麼嗎？

Or do you really think no it's just going to be overblown still.

或者你真的認為不，這仍然會被誇大。

I think from the transaction side it's not buyers and sellers I don't think the buyer and seller are even it's not top of mind anymore.

我認為從交易方面來看，這不是買家和賣家，我認為買家和賣家甚至不再是首要考慮的問題。

And there's not going to be like national headlines in August 17 saying anything around this and if there was it wouldn't be a fraction of what happened after the NAR settlement.

而且不會像 8 月 17 日的全國頭條新聞那樣談論此事，即使有，也不會是 NAR 和解後發生的事情的一小部分。

And so I don't think it's going to change transactions A. B, I don't think it's going to change the kind of buyer seller mindset around what I around how they think about paying different parties.

所以我不認為這會改變交易 A. B，我不認為這會改變買方賣方關於如何向不同各方付款的想法。

And we've already -- remember half our markets already have been using buyer's representation agreements.

我們已經—記住我們一半的市場已經在使用買方代表協議。

The change in some of those markets is doing it a little earlier.

其中一些市場的變化發生得更早一些。

But you should also know that there are a number of states that are coming out with viewpoints with their regulators coming out and saying that it should not that it's too early to have a Buyer's Representation Agreement before the showing.

但您也應該知道，有許多州正在向其監管機構提出自己的觀點，並表示在放映前簽訂買方代表協議不應該為時過早。

And that it should be before negotiation an offer, but not before showing.

並且應該在談判報價之前進行，而不是在展示之前進行。

So I think time will still tell even if in somebody's markets if the state will even allow it to be that early.

所以我認為，即使在某些市場，國家是否會允許那麼早，時間仍然會證明一切。

But again, I don't see there being a change.

但我還是沒有看到有什麼改變。

Got it.

知道了。

Thanks.

謝謝。

Yes, Bernie, I would add just internally though we're using it as opportunity to continue to train our agents to continue to show the agents the tools we have to trade value.

是的，伯尼，我想在內部補充一下，儘管我們利用它作為繼續培訓我們的代理商的機會，以繼續向代理商展示我們擁有的交易價值的工具。

So in the end I don't think there's a ton macroly, but I think internally it's a good opportunity for us to continue to show and train on value..

因此，最終我認為宏觀沒有太多意義，但我認為在內部，這對我們來說是一個很好的機會，可以繼續展示和培訓價值。

Got it.

知道了。

Thanks a lot.

多謝。

Soham Bhonsle with BTIG.

BTIG 的 Soham Bhonsle。

Hey guys, good evening.

嘿夥計們，晚上好。

Robert, just following up on that last question, I guess.

羅伯特，我想，我只是在跟進最後一個問題。

It doesn't sound like you're concerned about commission rates, but I think there's still a fair amount of debate amongst investors.

聽起來您並不關心佣金率，但我認為投資者之間仍然存在相當多的爭論。

So maybe just talk about sort of some of the contingency planning that you have done in this situation where there is pressure.

所以也許只是談談你在這種有壓力的情況下所做的一些應急計劃。

And if you could just focus specifically on commission split on your side and how you sort of intend to defend that line going forward if we were to see split pressure.

如果你能專門關注你這邊的佣金分配，以及如果我們看到分裂壓力，你打算如何捍衛這條路線。

Well, look I think on the split side that's in relation to the overall market competitive dynamics and the value that you provide relative to that.

好吧，我認為從另一方面來看，這與整體市場競爭動態以及您提供的相對價值有關。

My view is on the competitive dynamics I don't think spreads can go much lower.

我的觀點是關於競爭動態，我認為利差不會降低太多。

And so I think that pressure was hard to see that creating more pressure.

所以我認為很難看到壓力會產生更多的壓力。

And I think or the value that we're providing is going to increase dramatically because I think I said earlier on the call, the advantage that were given to the agents.

我認為我們提供的價值將會大幅增加，因為我想我之前在電話會議上說過，給予代理商的優勢。

The in terms of in terms of what look I know that investors have had there are some investors actually there are many investors by the way that aren't worried about this anymore.

就我所知道的投資者的看法而言，有一些投資者實際上有很多投資者不再擔心這一點。

But yes, there are some that say okay what loan happen on August 17 and afterwards.

但是，是的，有些人說 8 月 17 日及之後發生的貸款可以。

Again my belief is that the Buyer's Representation Agreement doesn't change the conversation that a listing agent has with a seller.

我再次相信，買方代表協議不會改變上市代理人與賣方的對話。

And so the listing agents the seller is going down with a listing agent.

因此，賣方正在與掛牌經紀人合作。

We're going to talk about how much the seller wants to incentivize the buyer's agent.

我們將討論賣方希望在多大程度上激勵買方的代理人。

On August 17 versus the week before that conversation is going to have be the same framework.

8 月 17 日與前一周的對話將採用相同的框架。

And so I don't see how it's going to change what the seller does.

所以我不知道這會如何改變賣家的行為。

What it does is it left the buyer agent actually negotiate for themselves, right?

它的作用是讓買家代理自己實際談判，對吧？

So when I say like the best agents are actually happy with this because the best thing is saying, now I can actually negotiate for myself.

因此，當我說最好的經紀人實際上對此感到滿意時，因為最好的事情是說，現在我實際上可以自己談判。

Now I can I don't before the buyer agents were actually historically just taking whatever the listing agent negotiated for them.

現在我可以不這樣做了，之前買家代理人實際上歷史上只是接受掛牌代理人為他們談判的任何東西。

It's actually kind of interesting.

這實際上很有趣。

And now the best buyer agents, many of them come to mind, who I meet across the country, they're asking their buyers for more than what the listing agent was negotiating on their behalf historically.

現在我想到了最好的買家經紀人，他們中的許多人都是我在全國各地遇到的，他們向買家提出的要求超出了掛牌經紀人歷史上代表他們談判的內容。

And so time will tell but I can see things being flat.

所以時間會證明一切，但我認為事情會變得平淡。

I can see them maybe going down modestly but I just haven't seen that yet.

我可以看到它們可能會適度下降，但我只是還沒有看到這一點。

You can also see it going up and time will tell.

你也可以看到它在上升，時間會證明一切。

Got it.

知道了。

Okay.

好的。

And then curious on the make me move tool.

然後對讓我移動的工具感到好奇。

It sounds like a pretty interesting way to source some unique inventory.

這聽起來是一種非常有趣的方式來獲得一些獨特的庫存。

But I'm just trying to understand this a little bit.

但我只是想稍微了解一下這一點。

So if the seller indicates that they're interested in selling and there's a buyer in your system that sort of raises their hand, will that inventory remain just on the Compass platform?

因此，如果賣家表示他們有興趣出售，並且您的系統中有買家舉手，那麼該庫存是否會僅保留在 Compass 平台上？

Or do you intend to sort of market that home on the MLS as well to get sort of broader syndication over time?

或者你打算在美國職業足球大聯盟（MLS）上進行市場推廣，並隨著時間的推移獲得更廣泛的聯合組織？

Yes.

是的。

So I'm going to try to be very clear here.

所以我會盡力在這裡說得非常清楚。

We have 100 million people in more than or more than 100 million contacts in our CRM.

我們的 CRM 中有超過 1 億個聯絡人，涉及 1 億人。

I went out to all the agents this week and I gave them a challenge.

這週我拜訪了所有的經紀人，並向他們提出了挑戰。

I said go to your clients and ask them if they want to list their home.

我說去找你的客戶，問他們是否想列出他們的家。

Ask them if they want to ask them ask them if they want a private exclusive.

詢問他們是否想要詢問他們是否想要私人獨家。

If they say no, say is there a price that you would sell at?

如果他們拒絕，請說一下您願意出售的價格嗎？

Is there an aspirational price that you would sell at?

您是否有理想的出售價格？

My wife as an example would never sell our home.

以我妻子為例，她永遠不會賣掉我們的房子。

But when asked there is a price.

但一問就知道價格。

Everyone has a price, right?

每個人都有一個價格，對嗎？

So this is if nothing else is an opportunity to get our agents in front of clients to engage to build relationship and build business.

因此，這就是讓我們的代理商在客戶面前建立關係和建立業務的機會。

But at a minimum finding out that price and putting it in the Compass CRM.

但至少要找出該價格並將其放入 Compass CRM 中。

And so it's just so it's only internal.

所以這只是內部的。

The only person who will know the make them move price is the agent they put it in there.

唯一知道讓他們移動價格的人是他們放在那裡的代理人。

However, what we're building over the months ahead is the ability and this was the number one and remember, how we say everything that we do comes from our agents?

然而，我們在未來幾個月建立的是能力，這是第一位的，請記住，我們怎麼說我們所做的一切都來自我們的代理？

The number one request voted by our agents in the history of Compass is this idea and that's why we're working on it is when you're searching, let's just call it five better penthouse, San Francisco.

我們的代理商在 Compass 歷史上投票選出的第一個請求就是這個想法，這就是我們致力於此的原因，當您搜尋時，我們將其稱為舊金山五間更好的頂層公寓。

Can we not just have what's available on the MLS?

我們不能只擁有 MLS 上提供的內容嗎？

What's a private exclusive to what's the private exclusive, which is off MLS.

什麼是私人專屬什麼是私人專屬，這是 MLS 以外的。

Can you also because Compass this is with an agent put in this request because our CRM is in the same place where people search it's the same platform and likely to sell has the addresses of all these contracts.

您還可以嗎？

Can you make it so the third line would be in my CRM?

您能否將第三行加入我的 CRM 中？

So Robert's CRM I have 3,000 contacts on average.

Robert 的 CRM 平均有 3,000 個聯絡人。

I there two people, let's say, that have a five-bedroom penthouse in Soho in San Francisco.

比方說，有兩個人在舊金山蘇荷區擁有一間五房的頂樓公寓。

So that would be the third line of what's available.

這將是可用的第三行。

And then the fourth line there are only five lines.

然後第四行就只有五行了。

The fourth line are the other agents at Compass.

第四行是指南針的其他特工。

It will show 17 other agents as an example, who they have people in their contacts, who have five bedrooms in San Francisco that are Penthouses.

它將顯示其他 17 名代理商作為範例，他們的聯絡人中有哪些人，他們在舊金山有五間頂層公寓的臥室。

I will not know the names of those people or their actual addresses.

我不知道這些人的名字或他們的實際地址。

I will only have a confidential reference number.

我只會有一個保密的參考號碼。

So I can say hey, Jane hey John, I have a buyer who wants to spend $10 million on a five-bedroom penthouse in San Francisco.

所以我可以說嘿，簡嘿約翰，我有一位買家想花 1000 萬美元購買舊金山的五房頂層公寓。

It looks like you have two contacts.

看來你們有兩個聯絡人。

Here are their reference numbers, would they want to buy?

這是他們的參考號，他們想買嗎？

We have top agents that do this today already but it's one on one it's off platform.

我們今天已經有頂級代理商這樣做了，但這是一對一的，不在平台上。

We're making it we're just taking the real estate world and we're bring into the platform.

我們正在做的就是把房地產世界帶入這個平台。

And the fifth and last line is for what's in those contacts in my CRM and in the other agents CRM, adding to make new prices.

第五行也是最後一行是我的 CRM 和其他代理 CRM 中的聯絡人中的內容，新增以建立新價格。

So it gives us a better signal of would these people be willing to sell and at what price?

因此，它給了我們一個更好的信號：這些人是否願意出售以及以什麼價格出售？

And so that is what when I say making the prices that is how they will be surfaced in every search that the agent makes

這就是當我說制定價格時，價格將在代理商進行的每次搜尋中顯示的方式

Okay.

好的。

So it sounds exclusive to the platform.

所以這聽起來是平台獨有的。

And then just and just last one Kalani, as we think about the 30-30 strategy and fully appreciating that you're not in all markets across the US, do you have a sense for what that sort of translates to market share in call it sort of a normalized $5 million existing home sales kind of environment if you were to sort of achieve those levels?

最後一個卡拉尼，當我們考慮 30-30 策略時，並充分認識到您並未涉足美國所有市場，您是否了解這種轉化為市場份額的情況？標準化的500 萬美元現有房屋銷售環境？

Thanks.

謝謝。

Yes.

是的。

Sure, Soham.

當然，索漢姆。

As Robert mentioned, we're probably half of the way there already.

正如羅伯特所提到的，我們可能已經成功了一半。

And so I don't know that I'll estimate an exact number but obviously, we're at five.

所以我不知道我會估計一個確切的數字，但顯然，我們有五個。

We just reported five-plus this quarter.

我們本季剛剛報告了五個以上。

So somewhere in the high single-digits, low teens would be kind of the math estimate, but it will depend on markets.

因此，在高個位數、低十幾歲的某個地方，這就是數學估計，但這將取決於市場。

Like Robert said, the goal here is really about driving inventory and our structural advantages to make sure that we are advantaging our agents.

正如羅伯特所說，這裡的目標實際上是提高庫存和我們的結構優勢，以確保我們為我們的代理商帶來優勢。

And so, it will depend on the markets and how fast we get there.

因此，這將取決於市場以及我們實現這一目標的速度。

But that's how I think about it at this point.

但這就是我現在的想法。

Great.

偉大的。

Thanks a lot, guys.

非常感謝，夥計們。

Michael Ng with Goldman Sachs.

高盛 (Goldman Sachs) 的麥可吳 (Michael Ng)。

Hey.

嘿。

Good afternoon.

午安.

Thanks for the question.

謝謝你的提問。

I just have two.

我只有兩個。

First, this one is for Kalani.

首先，這個是給卡拉尼的。

On the commissions and expenses point, 82.6% around that level for the rest of the year.

就佣金和費用而言，今年剩餘時間的佣金和費用為 82.6%。

Is that something that is just higher for the year given the M&A?

考慮到併購，今年的數字是否更高？

And does it normalize down lower?

它會正常化得更低嗎？

Or is that a level of commissions that should be sustained higher even beyond 2024?

或者這個佣金水準應該在 2024 年之後維持在更高水準？

And then I have a separate follow-up.

然後我有一個單獨的後續行動。

Sure.

當然。

Yes, sure.

是的，當然。

So as it relates to gross margin and commissions, I think we mentioned, right, we saw that 70-basis point decline about two-thirds of it is driven mainly by the market mix as well as the M&A related.

因此，就毛利率和佣金而言，我認為我們提到過，對，我們看到 70 個基點的下降大約三分之二主要是由市場組合以及與併購相關的驅動的。

I think for the year, we see it relatively kind of consistent to this quarter.

我認為今年的情況與本季相對一致。

I do think and we are actively working, and I think there's a lot of tailwinds as it relates to gross margin so I think it's more of a period of time to answer your question directly.

我確實認為我們正在積極工作，而且我認為與毛利率相關的因素有很多，所以我認為現在需要一段時間來直接回答你的問題。

I think as you think about some of the tailwinds, we have our organic recruiting team is bringing on about 500 to 600 agents per quarter.

我認為，當你考慮一些有利因素時，我們的有機招募團隊每季招募約 500 至 600 名代理商。

These are agents kind of in that top 50% but not at the top 10%, right?

這些代理商屬於前 50%，但不是前 10%，對吧？

So the economics of our agents that we're bringing on are beneficial to our overall fleet.

因此，我們聘請的代理商的經濟效益對我們整個機隊是有利的。

And we'll continue to do that.

我們將繼續這樣做。

The team is doing a really good job there, 540-plus this quarter.

該團隊在那裡做得非常好，本季有 540 多個。

Additionally, we are seeing and we'll continue to see for a little bit more some of the incentives that we stopped incentives in the second half of 2022.

此外，我們正在並將繼續看到我們在 2022 年下半年停止的一些激勵措施。

As incentive burns off, we'll see some tailwinds there.

隨著激勵的消失，我們會看到一些順風車。

And then lastly, you'll see us continue to talk about our opportunity to grow our reach and depth of our integrated services, particularly Title and Escrow.

最後，您將看到我們繼續談論擴大綜合服務範圍和深度的機會，特別是產權和託管服務。

Our T&E business has abnormally favorable impacts on our gross margin.

我們的差旅及娛樂事業對我們的毛利率產生異常有利的影響。

And so as we grow and continue to grow and I think, we have a really aggressive growth plan to be kind of on par with our peers, as that continues you'll see significant gross margin improvement from that as well.

因此，隨著我們的成長並繼續成長，我認為，我們有一個非常積極的成長計劃，與我們的同行相當，隨著這種情況的繼續，你也會看到毛利率的顯著改善。

So, I do think it's more of a period of time as we lap some of the M&A and lap some of the kind of the market dynamics.

因此，我確實認為這更多是一段時間，因為我們經歷了一些併購並經歷了一些市場動態。

But overall, I think we're well positioned to grow our commission rates in our favor.

但總體而言，我認為我們處於有利地位，可以以對我們有利的方式提高佣金率。

Great.

偉大的。

Thank you, Kalani.

謝謝你，卡拉尼。

And I just had a follow-up on the passive inventory make me move.

我剛剛對被動庫存進行了後續行動，讓我感動。

Could you just talk a little bit about how that fits within, I guess, the confines of like the NAR's clear cooperation policy and why that may or may not apply?

您能否簡單談談這如何符合 NAR 明確的合作政策的範圍以及為什麼這可能適用或可能不適用？

Thank you.

謝謝。

Yes.

是的。

So first I think clear cooperation will end.

所以首先我認為明確的合作將會結束。

I now -- and it's a top priority of mine top focus beginning with a lot of MLS leaders and others in the industry.

現在，這是我的首要任務，從許多 MLS 領導者和業內其他人開始。

It has already been effectively eliminated in a number of the largest MLSs by allowing the restrictions to no longer be restricted.

透過允許不再受到限制，許多最大的MLS已經有效地消除了這種限制。

And so, even if it wasn't, the -- what clear cooperation is, I believe clear cooperation is anti-homeowner.

因此，即使不是，明確的合作是什麼，我相信明確的合作是反房主的。

I believe that too much of the way the system works today isn't for the homeowner.

我相信當今系統的大部分工作方式並不適合房主。

And so what -- I'll give you a couple of examples.

那麼又怎樣——我舉幾個例子給你聽。

Days on market, is the killer of value.

上市天數，是價值的殺手。

Price drop history is the killer of value.

價格下跌歷史是價值殺手。

The reason why private exclusives at Compass are so popular is because they do not have days on market.

Compass 的私人獨家商品之所以如此受歡迎，是因為它們沒有上市時間。

When they go up they do not have price drop history.

當它們上漲時，它們沒有價格下跌的歷史。

When we go to Mercedes-Benz lot or any other luxury good, you don't see on every Mercedes-Benz, the price drop or the days market.

當我們去梅賽德斯-奔馳停車場或任何其他奢侈品時，您不會在每輛梅賽德斯-奔馳上看到價格下降或日間市場。

And so, there are some markets where we have over 20% of the market share where the majority of our listings come on as a Compass buyer who sees it first.

因此，在某些市場上，我們擁有超過 20% 的市場份額，而我們的大部分房源都是由 Compass 買家首先看到的。

Because those homeowners, they want to be able to test the market without that what you call negative marketing.

因為那些房主希望能夠在沒有所謂的負面行銷的情況下測試市場。

Now the aggregators in the United States have negative market and price drop history days on market, AVMs evaluation estimates, crime all these kinds of things.

現在，美國的聚合商出現了負面市場和價格下跌歷史天數、AVM 評估估計、犯罪等各種情況。

These are things that in many other markets in the world that don't exist.

這些是世界上許多其他市場上不存在的東西。

So if you go into Australia, REA, which is owned by News Corp., there's no negative insight of any kind.

因此，如果你走進新聞集團旗下的澳洲 REA，你會發現沒有任何負面的見解。

And so I'm sharing all this because it helps highlight why it is actually pretty easy in the construct of the United States system, which took inventory, gave it to aggregators, to put negative insights on, to get more buyers searching like so easy to go to homeowners and say, we can protect you from those negative insights through these different tools where we can test the market privately or test the market without having the negative insights on them.

所以我分享這一切是因為它有助於強調為什麼在美國系統的構建中實際上相當容易，該系統盤點庫存，將其提供給聚合商，提出負面見解，讓更多買家如此簡單地進行搜索去找房主說，我們可以透過這些不同的工具保護您免受這些負面見解的影響，我們可以私下測試市場或在沒有負面見解的情況下測試市場。

And clear cooperation what it's doing and is it -- the problem with it is it forcing homeowners into negative insights.

明確的合作正在做什麼，它是什麼——它的問題是它迫使房主產生消極的見解。

It's -- there is -- it's saying anyone who has an agent -- anyone who has an agent, after one day of public marketing where with no negative insights on a place that come through your agents, you have to put it in the MLS.

它是——有——它是說任何有經紀人的人——任何有經紀人的人，經過一天的公開營銷，如果你的經紀人沒有對某個地方產生負面見解，你必須將其放入MLS 。

And it then goes through a system which the homeowner doesn't have a choice on.

然後它會經過一個房主沒有選擇權的系統。

And so as we're now this is a top priority for us and we're talking with leaders in the industry, I'm very confident the clear cooperation will go away as it is currently known.

因此，既然我們現在這是我們的首要任務，我們正在與行業領導者進行交談，我非常有信心這種明確的合作將會消失，正如目前所知的那樣。

And even if it were not the make me move prices because they're not public marketing and they're only searchable in CRM when you're talking to your agents, that's why even in the contrast of clear cooperation is not an issue.

即使這不是讓我改變價格的原因，因為它們不是公開行銷，並且只有當您與代理商交談時才能在 CRM 中搜尋它們，這就是為什麼即使在明確的合作對比下也不是問題。

Great.

偉大的。

Thank you for all the color Robert that's really helpful.

感謝羅伯特提供的所有顏色，這非常有幫助。

Ryan McKeveny with Zelman & Associates.

Ryan McKeveny 與 Zelman & Associates。

Yes.

是的。

Sorry about that guys.

對那些人感到抱歉。

I was on mute.

我當時處於靜音狀態。

Nice job on the quarter.

本季工作做得很好。

Thanks for taking the questions.

感謝您提出問題。

Kalani I just wanted to come back to you on the revenue less P&O margin.

Kalani 我只想談談收入減去 P&O 利潤率。

So, I think your commentary was confidence over time there can be some leverage there.

所以，我認為你的評論是信心，隨著時間的推移，那裡可能會有一些影響力。

I know you called out the ancillaries and that makes a lot of sense.

我知道你召集了輔助人員，這很有意義。

Anything you can share more on the opportunity for margin improvement on the agent economics over time?

您可以分享更多關於隨著時間的推移代理商經濟效益改善利潤的機會嗎？

Would that be something that maybe just comes from the mix of agents?

這可能只是來自代理商的組合嗎？

Geography obviously plays a role.

地理顯然發揮了作用。

But as you expand all of these new products and offerings, is there upsell potential to agents?

但是，當您擴展所有這些新產品和服務時，代理商是否有追加銷售的潛力？

Just curious how you bridge that gap to get to margin improvement on C&O over time?

只是好奇您如何彌合這一差距，以隨著時間的推移提高 C&O 的利潤率？

Thank you.

謝謝。

Yes.

是的。

Sure Ryan.

當然是瑞安。

I'll start, Robert, if you have anything to add.

羅伯特，如果你有什麼要補充的，我就開始了。

A few things.

有幾件事。

Just noting again the headwinds we're seeing currently are more around mix, right?

只是再次注意到我們目前看到的阻力更多地圍繞著混合，對嗎？

And so it's not kind of structural on an agent-for-agent basis.

因此，這並不是一種以代理為基礎的結構。

It's just a mix.

這只是一個混合。

And so that's why I have confidence that we have some opportunity to continue to move our economics.

這就是為什麼我有信心我們有機會繼續推動我們的經濟發展。

I think every time we're renegotiating deals, we're bringing folks off of some of the incentive plans that we were on in the prior.

我認為每次我們重新談判交易時，我們都會讓人們脫離我們之前實施的一些激勵計劃。

And I think as you hear us today where we're really confident and excited about those structural advantages we're talking about.

我認為，當你們今天聽到我們的演講時，我們對我們正在談論的這些結構性優勢充滿信心和興奮。

And when we have those, those are the kind of conversations where we are having with agents how we can help agents.

當我們有了這些內容時，我們就會與代理商對話，了解如何幫助代理商。

So, it's not just commission, but how do we make sure that they're making the most money.

因此，這不僅僅是佣金，而是我們如何確保他們賺到最多的錢。

When we can do that, we obviously, can have better more productive conversations.

當我們能夠做到這一點時，顯然我們可以進行更好、更有成效的對話。

So, I do think the short-term is more around resetting the mix.

所以，我確實認為短期更多的是重新調整組合。

I think there is opportunity as we bring more agents on to bring kind of, fill out the portfolio, if you will, which will improve our commission rates.

我認為，如果您願意的話，我們有機會引入更多的代理商來填寫投資組合，這將提高我們的佣金率。

And then I think, individually, our teams are working every day really hard to make sure we're showing the value of Compass and that positions us well for continued economic improvement.

然後我認為，就個人而言，我們的團隊每天都在非常努力地工作，以確保我們展示 Compass 的價值，並使我們為持續的財務改善做好準備。

Yes, I'll just add to what Kalani said.

是的，我將補充卡拉尼所說的內容。

I think we have the benefit of hiring agents at better margin the benefit of more T&E, which is helping margins.

我認為我們可以以更高的利潤聘請代理商，並享受更多的差旅費和娛樂費，這有助於提高利潤率。

But I think what we were seeing is our -- really our acquisitions of market end markets with lower splits has offset the kind of things that I was just mentioning.

但我認為我們所看到的是我們的——實際上我們對分割率較低的市場終端市場的收購抵消了我剛才提到的那種事情。

I think over time we'll be -- there'll be an M&A strategy that will be more balanced.

我認為隨著時間的推移，我們將會制定更平衡的併購策略。

And so it won't hurt us, I think it will even help us.

所以它不會傷害我們，我認為它甚至會幫助我們。

I think I think that's one just the M&A strategy.

我認為這只是併購策略之一。

And the markets, where I referenced those transactions, those are some of the lower the most more challenged split markets that we're in.

我提到這些交易的市場是我們所處的一些較低、最具挑戰性的分割市場。

Two, that's why I referenced on the call we're going to be expanding T&E to a number -- to all of our largest cities over the course of the next 18 months, and there's multiple hundreds of basis points per transaction when you add T&E.

第二，這就是為什麼我在電話會議上提到我們將在未來 18 個月內將 T&E 擴展到我們所有最大的城市，當你添加 T&E 時，每筆交易將有數百個基點。

And so expanding T&E -- we're in seven markets now, but there are many more markets to go to.

因此，我們正在擴大差旅費——我們現在已經進入了七個市場，但還有更多的市場需要開拓。

And then three, I believe with the things that we just mentioned on the call coming to fruition that there will be an undeniable advantage to every agent.

第三，我相信隨著我們剛才在電話會議中提到的事情的實現，每個代理商都將擁有不可否認的優勢。

It has an advantage at Compass and their clients do as well and I believe that will help with the margin conversations.

它在 Compass 具有優勢，他們的客戶也有優勢，我相信這將有助於進行保證金對話。

Yeah, all of that right, Ryan.

是的，一切都對，瑞安。

I would just add I forgot to add I also think if you look -- so we're talking about commissions.

我只想補充一點，我忘了補充，我也認為如果你看的話——所以我們正在談論佣金。

If we look at our total kind of the economics of the agent, which includes marketing, which includes some of the prior stock comp, right if you look at those total agent economics we are actually improving over time.

如果我們看看代理商的總體經濟效益，其中包括行銷，其中包括一些先前的股票補償，如果您看看這些整體代理商的經濟效益，我們實際上正在隨著時間的推移而改善。

That's part of the cost OpEx et cetera.

這是營運成本等成本的一部分。

So I think on the commission side everything Robert and I just said, I would also point us to that total kind of company dollar that the agent has in that economics.

因此，我認為在佣金方面，羅伯特和我剛才所說的一切，我也會向我們指出代理商在該經濟中擁有的公司總資金。

We are improving that with each of the steps we've made over the last two to three years.

我們正在透過過去兩到三年採取的每一步來改進這一點。

That's already a metric that's improving.

這已經是一個正在改進的指標。

Got it.

知道了。

That makes a lot of sense.

這很有意義。

Thanks for all that color.

感謝所有這些顏色。

And Robert, I guess, the listing side of things is obviously getting a lot of attention.

羅伯特，我想，上市方面顯然受到了很多關注。

The make me move is very interesting.

讓我感動的事情非常有趣。

I guess in the here and now today, it seems what's happening is that Compass agents are having success winning listings, let's call it at a faster rate than peers.

我想在今天此時此地，似乎正在發生的事情是，Compass 代理商正在成功贏得上市，我們可以稱之為比同行更快的速度。

And ultimately, that translates to share gains.

最終，這轉化為分享收益。

In February, you had made a comment that I think you said seller activity on your platform was up something like 40% year-over-year.

2 月份，您發表了評論，我認為您說您平台上的賣家活動同比增長了 40% 左右。

And at that time inventory and new listings had just started to rise.

那時庫存和新上市的房屋剛開始上升。

So kind of an indication that, seemingly, Compass agents were having early signs of success as listings overall started to expand.

這表明，隨著房源整體開始擴大，Compass 代理商似乎已經看到了成功的早期跡象。

I guess, any updates you can share on just the amount of seller activity you're seeing on the platform today or just those trends generally in listings taken by Compass agents versus agents overall?

我想，您可以分享一下您今天在平台上看到的賣家活動數量，或​​者只是 Compass 代理商與代理商整體列出的清單中的一般趨勢嗎？

Thank you

謝謝

Yeah.

是的。

I remember earlier in the year, we saw on the platform because attritional brokerage doesn't know when their agents -- doesn't know systematically through a platform if their agents are how many of their agents are having listing presentation conversations with their clients and when it's happening.

我記得今年早些時候，我們在平台上看到，因為消耗經紀公司不知道他們的代理人何時- 不通過平台系統地知道他們的代理人是否有多少代理人正在與客戶進行上市演示對話，並且當它發生的時候。

But the listing presentations come to the Compass platform, which we build not a third-party platform, so we know as well as the CMAs the comparative market analysis the market reports.

但上市演示來自 Compass 平台，我們建構的不是第三方平台，因此我們以及 CMA 都了解市場報告的比較市場分析。

And so we can see we can see the full pipeline of an agents activity from first contact on the buy side and sell side all the way through.

所以我們可以看到，我們可以看到代理活動的完整流程，從買方和賣方的第一次接觸一直到整個過程。

And so yes early in the year, we could tell that the listing presentation conversations were up directionally around 40%.

所以，是的，今年年初，我們可以看出上市演示對話的數量定向增長了 40% 左右。

And then as I mentioned earlier on the call, the actual inventory is now up 40%.

正如我之前在電話中提到的，實際庫存現在增加了 40%。

And so it's we do have that insight.

所以我們確實有這種洞察力。

I don't have an updated view of that number on listing presentations now going into the fall.

我在現在進入秋季的上市演示中沒有該數字的更新視圖。

And so I don't have that.

所以我沒有那個。

But what we do have is that what I shared earlier on the call that are likely to sell recommendations in our CRM whenever you go in an agent there's a button in your CRM that says LTS likely to sell.

但我們確實知道，我之前在電話會議上分享的內容是，每當您進入代理商時，我們的 CRM 中可能會出售推薦產品，您的 CRM 中會有一個按鈕，顯示 LTS 可能會出售。

And it's a recommendation that for anyone that's in your contact database and the average agent has around 3000 people and their addresses attached to these it's a recommendation of, if they're highly like they sell or medium likely to sell.

對於您的聯絡人資料庫中的任何人來說，這是一個推薦，平均代理人大約有 3000 人，並且附加了他們的地址，如果他們非常喜歡他們出售或中等可能出售，那麼這是一個推薦。

And if they're not one of those two things there's not a recommendation.

如果它們不是這兩件事之一，那麼就沒有推薦。

It's looking at it's a weighted model looking at a bunch of factors some key ones are details about the property bedrooms baths square footage or time since the last sale and frequency of past transactions for the platform home value appreciation, or people moving data and percent of owners renters how can they move.

它是一個加權模型，考慮了一系列因素，其中一些關鍵因素是有關房產、臥室、浴室的平方英尺或自上次銷售以來的時間的詳細信息以及平台房屋價值升值的過去交易頻率，或人們移動數據和百分比業主、租戶如何搬家。

And so it's based on those types of factors.

所以它是基於這些類型的因素。

And what we saw is of the Compass transactions that closed in Q2, it was 7% of those addresses were recommended through the Compass likely to sell in the prior 12 months.

我們看到，在第二季完成的 Compass 交易中，有 7% 的地址是透過 Compass 推薦的，可能會在之前 12 個月內出售。

And so we -- when we look at the likely to sells we're actually not seeing an increase in the number of likely to sells necessarily going forward versus what we've seen in the past.

因此，當我們查看可能銷售量時，我們實際上並沒有看到未來可能銷售量與過去相比必然增加。

And so that's an indication that I think that that the market is -- I don't think we're going to see a big boom in new inventory.

因此，這表明我認為市場 - 我認為我們不會看到新庫存的大幅增長。

But I don't think it's declining either.

但我也不認為它正在下降。

I think inventory in the fall -- well actual inventory will have to be more do with buyers coming to market versus new sellers.

我認為秋季的庫存——嗯，實際庫存將更多地與進入市場的買家而不是新賣家有關。

Got it.

知道了。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Ben Black with Deutsche Bank

布萊克 (Ben Black) 與德意志銀行

Hi, this is Jeff Steiner on for Ben.

大家好，我是本的傑夫‧史坦納。

Thanks for squeezing me in on.

謝謝你拉我一把。

Just one quick one on you mentioned inventory and structural advantage a lot a talk on that.

您剛剛提到了庫存和結構優勢，對此我們進行了很多討論。

And you mentioned the clear cooperation policy potentially going away and maybe some of the NAR rules that are about to go into effect.

您提到了可能會取消的明確合作政策，以及可能即將生效的一些 NAR 規則。

Does any of that allow you to lean into kind of private exclusives in a bigger way?

這些是否能讓您更廣泛地涉足某種私人獨家產品？

And maybe more broadly will any of that potentially push the industry to more of a decentralized listing structure?

也許更廣泛地說，這是否有可能推動該產業走向更去中心化的上市結構？

It's a really good question.

這是一個非常好的問題。

It's a question that a lot of MLS leaders are asking which is if agents aren't forced to put listings in the MLS which I believe that is not I believe that that's inevitable that they can't be forced because that's not the world that we live in and the DOJ publicly and this is all public but they're actively looking at clear cooperation, right?

這是許多MLS 領導人都在問的一個問題，即代理商是否不會被迫在MLS 中列出列表，我認為這不是我認為這是不可避免的，他們不能被迫，因為這不是我們的世界公開生活和司法部，這都是公開的，但他們正在積極尋求明確的合作，對嗎？

And so that we opened that case.

所以我們打開了那個案子。

So again I think it will go away.

所以我再次認為它會消失。

And there are another one of the judges recently reopened a case from I believe this top agent network on clear coverage.

另一位法官最近重新審理了一個案件，我相信這個頂級代理網絡有明確的報導。

There's a lot going around on clear cooperation.

關於明確的合作有很多討論。

And at the heart of it is, are you forcing people?

其核心是，你在強迫別人嗎？

And when you have and that's a problem when you're forcing somebody to do something.

當你強迫某人做某事時，這就是一個問題。

And so I believe the forcing mechanism will go away, but it will be fine.

所以我相信強迫機制會消失，但會沒事的。

It's not -- from an MLS standpoint we find because we already have data points.

從 MLS 的角度來看，我們發現事實並非如此，因為我們已經有了數據點。

There is no clear cooperation in the state of in MLS PIN, which it's broker under NAR and that's Massachusetts.

MLS PIN 所在州沒有明確的合作，MLS PIN 是 NAR 旗下的經紀人，即馬薩諸塞州。

There is no clear cooperation in Marin, Napa, Sonoma County which is BAREIS and there are a number of other examples.

馬林、納帕、索諾瑪縣沒有明確的合作，即 BAREIS，還有許多其他例子。

And things work just fine.

一切都運作良好。

And so I think there's a fear of from some stakeholders like what will happen how decentralized will it get?

所以我認為一些利害關係人擔心會發生什麼，它會變得如何去中心化？

What it will mean is that I believe is that the vast majority of inventory will end up coming to a centralized place.

這意味著我相信絕大多數庫存最終將集中到一個地方。

But it won't probably not as much will be instant.

但它可能不會那麼即時。

And there are reasons for homeowners for it not to be instant.

房主們有理由不立即這樣做。

There are many homeowners that believe that it's not always foreseen marketing into the MLS isn't always in their favor.

許多房主認為，MLS 的營銷並不總是對他們有利。

What if they're a CEO?

如果他們是執行長怎麼辦？

What if they're getting married?

如果他們要結婚怎麼辦？

What if they're getting divorced?

如果他們離婚了怎麼辦？

What if they're a celebrity?

如果他們是名人怎麼辦？

What if they want to test the market and the aspirational price?

如果他們想測試市場和理想的價格怎麼辦？

What if they're they need to develop the property for -- and paint it and stage it?

如果他們需要開發該房產並對其進行粉刷和佈置呢？

They want to test the market beforehand before the days of market really starts.

他們想在市場真正開始之前預先測試市場。

There are so many reasons why people want choice.

人們想要選擇的原因有很多。

And so I think that choice will happen.

所以我認為這種選擇將會發生。

But when the choice happens, we already have the data point that the system will still work because there are many MLSs that don't have clear cooperation.

但當選擇發生時，我們已經掌握了系統仍將運作的資料點，因為有許多 MLS 沒有明確的合作。

But I do believe that Compass will be able to show that where there's more inventory on compass.com as well as more inventory for our agents than any other public sites.

但我確實相信 Compass 將能夠顯示 compass.com 上的庫存以及我們代理商的庫存比任何其他公共網站都多。

Great.

偉大的。

Thank you.

謝謝。

That's very helpful.

這非常有幫助。

Thank you for your question.

謝謝你的提問。

And ladies and gentlemen, that will end today's Q&A session.

女士們、先生們，今天的問答環節到此結束。

I turn the call back over to Robert Reffkin for closing remarks.

我將電話轉回給羅伯特·雷夫金 (Robert Reffkin) 進行結束語。

Well, first of all, thank you for joining our call today.

首先，感謝您今天加入我們的電話會議。

As you can tell I'm very excited by where we are and where we are going as a company.

如您所見，我對我們公司的現狀和未來發展感到非常興奮。

Our excellent financial results in the midst of a very difficult market really demonstrate that we are on the right track to avail.

在非常困難的市場中我們取得了出色的財務業績，這確實表明我們正走在正確的軌道上。

And when the market does return to normal we will be well-positioned to capitalize.

當市場確實恢復正常時，我們將處於有利地位以進行資本化。

I just want to say how grateful I am to all the amazing agents, all the amazing employees who have persevered through difficult times and always with their eyes on delivering great results for their clients and for the company and to say thank you.

我只想說，我非常感謝所有出色的代理商、所有出色的員工，他們在困難時期堅持不懈，始終致力於為客戶和公司提供出色的成果，並向你們表示感謝。

Thank you for joining this call.

感謝您參加本次通話。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

That does conclude today's call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。

Have a great day.

祝你有美好的一天。