Compass Inc (COMP) 2024 Q3 法說會逐字稿

Thank you for standing by.

感謝您的支持。

And at this time, I would like to welcome everyone to today's Compass Incorporated Q3 2024 financial results call.

現在，我歡迎大家參加今天的 Compass Incorporated 2024 年第三季財務業績電話會議。

(Operator Instructions) So without further ado, I would like to turn the call over to CFO, Kalani Reelitz.

(操作員指示) 因此，事不宜遲，我想將電話轉給首席財務官卡拉尼·雷利茨 (Kalani Reelitz)。

Kalani, please go ahead.

卡拉尼，請繼續。

Good afternoon, and thank you for joining the Compass third-quarter earnings call.

下午好，感謝您參加 Compass 第三季財報電話會議。

Ahead of our prepared remarks, I want to welcome our new Head of Investor Relations, Soham Bhonsle.

在發表準備好的發言之前，我想歡迎我們新任投資者關係主管 Soham Bhonsle。

Soham comes to us from the sell-side with a decade of experience covering the entire lifecycle of a real estate transaction.

Soham 來自賣方市場，擁有十年的經驗，涵蓋房地產交易的整個生命週期。

He began his career covering the homebuilders and mortgage insurance companies, but over time, expanded his expertise into title insurance, mortgage origination, prop tech, home improvement, home furnishings and, of course, the residential brokerage industry.

他的職業生涯始於報道房屋建築商和抵押保險公司，但隨著時間的推移，他的專業知識擴展到產權保險、抵押貸款發放、房地產技術、家居裝修、家居裝飾，當然還有住宅經紀行業。

Welcome, Soham.

歡迎光臨，Soham。

We are excited to have you here at Compass.

我們非常高興您能加入 Compass。

Thank you for the introduction, Kalani.

謝謝你的介紹，卡拉尼。

I'm thrilled to be here and look forward to working with all our shareholders and covering analysts going forward.

我很高興來到這裡，並期待與我們所有的股東和分析師一起工作。

In addition to Kalani, joining us today will be Robert Reffkin, our Founder and CEO.

除了 Kalani 之外，今天與我們一起參加活動的還有我們的創辦人兼執行長 Robert Reffkin。

In 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指標。

You can find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in our third quarter 2024 earnings release posted on our Investor Relations website.

您可以在我們投資者關係網站上發布的 2024 年第三季財報中找到這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。

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

我們將根據當前預期、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 fourth quarter of 2024 and full year 2024, including comments related to our expected financial results, operating expenses and free cash flow as well as our expectations for operational achievements.

這些聲明包括我們對 2024 年第四季和 2024 年全年的指引，包括與我們預期的財務表現、營運費用和自由現金流以及我們對營運成就的預期相關的評論。

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 and available on our Investor Relations website.

您可以在我們最近向美國證券交易委員會提交的 10-K 表年度報告和 10-Q 表季度報告（可在我們的投資者關係網站上查閱）中找到有關可能影響我們業績的風險、不確定性和其他因素的更多資​​訊。

You should not place undue reliance on any forward-looking statements.

您不應過度依賴任何前瞻性陳述。

All information in this presentation is as of today's date, October 30, we expressly disclaim any obligation to update this information.

本簡報中的所有資訊均截至今天（10 月 30 日），我們明確表示不承擔更新該資訊的任何義務。

I will now turn the call over to Robert Reffkin.

現在我將電話轉給羅伯特·雷夫金 (Robert Reffkin)。

Robert?

羅伯特？

Thank you for joining us today for our third quarter conference call.

感謝您今天參加我們的第三季電話會議。

I'm pleased to share that in the third quarter, we again grew market share, grew agent counts, grew attach of title and escrow, realized industry-leading agent retention and generated another quarter of positive free cash flow.

我很高興地告訴大家，在第三季度，我們的市場份額再次增加，代理商數量增加，所有權和託管權增加，實現了行業領先的代理商保留率，並又產生了一個季度的正自由現金流。

Before we dive into the results, I want to take a moment to express my sincere gratitude for the hard work of the entire Compass team over the past two years.

在我們深入討論結果之前，我想花點時間對整個 Compass 團隊在過去兩年裡的辛勤工作表示誠摯的感謝。

Their efforts have driven the positive results we're seeing today and have been more convinced than ever that cost discipline will be a cornerstone of our ongoing success going forward.

他們的努力推動了我們今天所看到的積極成果，並且讓我們比以往任何時候都更加相信，成本紀律將是我們未來持續成功的基石。

As the market makes its way back to mid-cycle transaction levels of 5.4 million to 5.6 million existing home sales, I'm excited to showcase the true earnings potential of our platform, while continuing to provide unparalleled support to our agents.

隨著市場回升至 540 萬至 560 萬套現有房屋銷售的中期交易水平，我很高興展示我們平台的真正盈利潛力，同時繼續為我們的代理商提供無與倫比的支持。

Thanks to our team's incredible work, we are now able to guide to adjusted EBITDA in excess of $100 million for 2024 and reaffirm our positive free cash flow guidance for the full year.

感謝我們團隊的出色工作，我們現在能夠預期 2024 年調整後的 EBITDA 將超過 1 億美元，並重申我們對全年自由現金流的積極預期。

This is a remarkable achievement, especially given the challenging market backdrop with existing home sales at three decade lows.

這是一個了不起的成就，特別是在現有房屋銷售量處於三十年來最低水準的嚴峻市場背景下。

I'm pleased to say that we delivered another quarter of strong growth and outperformance relative to the market through our continued focus on delivering value to our agents and the clients they represent, alongside a disciplined approach to managing operating expenses.

我很高興地說，透過我們繼續專注於為我們的代理商和他們所代表的客戶提供價值，同時採取嚴格的營運費用管理方式，我們又實現了一個季度的強勁增長和優於市場的業績。

In Q3 2024, we generated adjusted EBITDA of $52 million, up 139% compared to $21.8 million in Q3 2023 and above the high-end of our guidance range.

2024 年第三季度，我們的調整後 EBITDA 為 5,200 萬美元，較 2023 年第三季的 2,180 萬美元增長 139%，且高於我們指導範圍的高點。

Revenue in the third quarter increased by 11.7% year-over-year.

第三季營收年增11.7%。

Transactions increased by 16.1% from a year ago, compared to the overall market where transactions declined by 1.9% during the same period.

交易量較去年同期成長了 16.1%，而同期整體市場交易量則下降了 1.9%。

So this means Compass outpaced the market by 18%.

這意味著Compass的表現超出市場18%。

Quarterly market share was 4.8%, an increase of 49 basis points compared to Q3 2023.

季度市佔率為 4.8%，與 2023 年第三季相比增加了 49 個基點。

We recruited over 750 principal agents organically in the quarter, marking our highest quarter of organic agent count growth since 2021.

我們在本季自然招募了 750 多名主要代理商，這是自 2021 年以來自然代理商數量增長最高的一個季度。

Year-over-year, we have now grown our principal agent count by 2,927, or 20% in what has been a very volatile four quarters for the industry.

與去年同期相比，在該行業動盪的四個季度中，我們的主要代理商數量增加了 2,927 名，增幅為 20％。

I'm also proud to report that Q3 was our strongest quarter in the last four quarters for quarterly agent retention at 97.8%.

我還自豪地報告，第三季度是我們過去四個季度中表現最強勁的一個季度，季度代理商保留率達到 97.8%。

Our title and escrow business continues to gain momentum.

我們的產權和託管業務繼續蓬勃發展。

We finished Q3 with another record quarter of T&E attach.

我們以另一個創紀錄的差旅費用附加價值結束了第三季。

Over the past three quarters, we've improved our attach rate by 700 basis points, reflecting both our new and existing markets.

在過去三個季度中，我們將附加率提高了 700 個基點，反映了新市場和現有市場的表現。

I'm also excited to report that we now have all seven wholly owned T&E operations integrated into our Compass platform, which further increases our ability to improve attach rates.

我還很高興地報告，我們現在已將所有七家全資 T&E 營運公司整合到我們的 Compass 平台中，這進一步提高了我們提高附加率的能力。

And as we stated on our last call, over the next 18 months, we are executing against our plan to launch title operations across all of our most mature transaction-rich markets, including the San Francisco Bay Area, New York City, Seattle, Houston, Boston, Chicago and Austin.

正如我們在上次電話會議上所說的那樣，在接下來的 18 個月內，我們將按照計劃在所有最成熟的交易豐富的市場啟動產權業務，包括舊金山灣區、紐約市、西雅圖、休士頓、波士頓、芝加哥和奧斯汀。

Revenue less commissions and other related expenses as a percentage of revenue in the third quarter increased to 17.83%, up 47 basis points from the second quarter.

第三季營收減去佣金及其其他相關費用佔營收的比例上升至17.83%，較第二季上升47個基點。

When excluding recent acquisitions, the same metric was up 62 basis points from the second quarter.

若排除最近的收購，同一指標較第二季上漲了 62 個基點。

These improvements compare favorably to 2023 when the same metric dropped three basis points between the second quarter and the third quarter.

與 2023 年相比，這些改進表現良好，當時同一指標在第二季和第三季之間下降了 3 個基點。

Over the long-term, we believe we can expand our margins for a few reasons.

從長遠來看，我們相信我們可以擴大利潤率，原因有幾個。

First, we believe we will continue to get credit from our agents on the increasing value we provide to them and their clients through the Compass platform.

首先，我們相信，我們將繼續獲得代理商的信任，因為我們透過 Compass 平台為他們及其客戶提供了越來越高的價值。

Second, we continue to increase margin from our ongoing expansion of integrated service offerings across our markets as well as increased attach of those offerings.

其次，我們不斷擴大整個市場的綜合服務範圍並增加這些產品的附加價值，從而繼續提高利潤。

And lastly, we believe we can continue to increase margin as incentives roll off from existing agents as we hire new agents at better economics.

最後，我們相信，隨著我們以更好的經濟條件聘用新代理商，現有代理商的激勵措施將不斷減少，我們的利潤率將得以繼續提高。

Kalani will discuss our progress on agent economics in more detail, but I am excited to share that in Q3, we improved overall agent economics by 54 basis points on a year-over-year basis.

Kalani 將更詳細地討論我們在代理經濟方面取得的進展，但我很高興地告訴大家，在第三季度，我們的整體代理經濟同比提高了 54 個基點。

As a reminder, when we say agent economics, this reflects Compass' margin after accounting for both commission expense and other expenses such as agent marketing spend.

提醒一下，當我們說代理商經濟學時，這反映了 Compass 在考慮佣金支出和其他支出（如代理商行銷支出）後的利潤率。

In the third quarter, our total non-GAAP operating expenses, excluding commissions and other related expenses, improved both on a year-over-year and a sequential basis.

第三季度，我們的非公認會計準則總營業費用（不包括佣金和其他相關費用）年比和季比都有所改善。

I am particularly pleased that this improvement in OpEx was achieved in a period where we grew transactions 16.1% year-over-year, principal agent count 20% year-over-year, total agent count by nearly 4,000 agents year-over-year and after accounting for four acquisitions.

我感到特別高興的是，在我們的交易量同比增長 16.1%、主要代理商數量同比增長 20%、代理商總數同比增長近 4,000 名、並完成了四次收購之後，營運支出取得了這樣的改善。

And consistent with what we said last quarter, we are reiterating our expectation that stock comp will be under $130 million for the full year.

與我們上個季度的說法一致，我們重申我們的預期，即全年股票補償將低於 1.3 億美元。

Finally, because of our cost discipline, which is again permanent, not temporary, we delivered our third quarter in a row of positive free cash flow and have now been free cash flow positive for five of the last six quarters during a period of time that reflects a trough level transaction environment of approximately 4 million annual existing home sales.

最後，由於我們的成本控制（這也是永久性的，而不是暫時的），我們連續第三個季度實現了正的自由現金流，並且在過去六個季度中已有五個季度實現了正的自由現金流，而這一時期的交易環境處於低谷，每年約有 400 萬套現房銷售。

We generated $32.8 million in free cash flow in the quarter.

我們本季產生了 3,280 萬美元的自由現金流。

And importantly, we are reiterating our full year positive free cash flow guide.

重要的是，我們重申全年正自由現金流指南。

Now zooming out and thinking about the long-term.

現在，我們把眼光放遠，考慮長遠問題。

Whether you have a bearish or bullish view on the housing market, we believe we are building a company that succeeds in any scenario.

無論您對房地產市場持悲觀看法還是樂觀看法，我們都相信我們正在打造一家在任何情況下都能取得成功的公司。

If we're faced with a housing recovery that is slower than expected, we believe our OpEx optimization and recent share gains will offset any impact from near-term interest rate volatility.

如果我們面臨比預期更慢的房屋復甦，我們相信我們的營運成本優化和近期的股價上漲將抵消近期利率波動的影響。

This in itself should drive long-term enterprise value creation through earnings outperformance.

這本身應該會透過優異的獲利表現推動長期企業價值創造。

Any move higher in rates will likely hurt our competitors more than Compass, as they don't have the capital, technology and operational resources to scale in markets like the one we are in today, which will allow us to continue to gain share and increase our pipeline of M&A opportunities at favorable economics.

利率的任何提高都可能會對我們的競爭對手造成比 Compass 更大的傷害，因為他們沒有資本、技術和營運資源來在我們今天所處的市場中擴大規模，這將使我們能夠繼續獲得份額並在有利的經濟條件下增加我們的併購機會。

This is evident by our performance in each of the past five quarters, where we have increased our quarterly market share on a year-over-year basis in the toughest housing markets the industry has faced in multiple decades.

我們在過去五個季度的表現證明了這一點，在該行業幾十年來面臨的最嚴峻的房地產市場中，我們的季度市佔率同比增長。

In a scenario where existing home sales simply recover from roughly $4 million to $5.5 million mid-cycle levels, we plan on delivering hundreds and hundreds of millions of dollars of free cash flow and adjusted EBITDA by running our current playbook of retaining agents at high levels, gaining share, increasing attach of integrated services and maintaining operating expense growth at 3% to 4% annually.

在現有房屋銷售額從大約 400 萬美元恢復到 550 萬美元的中期水平的情況下，我們計劃通過運行當前的策略，即保留高水平的代理商、獲得份額、增加綜合服務的附加值並保持每年 3% 至 4% 的運營費用增長率，實現數億美元的自由現金流和調整後的 EBITDA。

Beyond just a market-driven increase in earnings, we have also proven that we can outperform the industry by leveraging our structural advantages and intend to continue doing so going forward.

除了市場驅動的獲利成長之外，我們還證明，我們可以利用我們的結構優勢超越產業，並打算在未來繼續這樣做。

Let me now touch on each of our four structural advantages briefly.

現在，我簡單談談我們的四個結構性優勢。

Our first structural advantage is our end-to-end platform.

我們的第一個結構優勢是我們的端到端平台。

While other brokerages have been scaling back support and technology offerings to their agents, our OpEx discipline and operating efficiencies have allowed us to continue to invest in our end-to-end platform during the down cycle, building new products and adding features that help agents run and grow their business.

當其他經紀公司紛紛減少向代理商提供的支援和技術服務時，我們的營運支出紀律和營運效率使我們能夠在經濟下行週期繼續投資於我們的端到端平台，打造新產品並增加功能，幫助代理商營運和發展業務。

In 2024, we will have invested another $100 million in the technology platform, reflecting a life-to-date investment of $1.7 billion.

2024 年，我們將在該技術平台上再投資 1 億美元，這意味著迄今為止的投資金額將達到 17 億美元。

I am proud of the team for being able to advance the tech stack in a real estate recession when competition has been forced to stop investing.

在房地產衰退、競爭對手被迫停止投資的情況下，我為團隊能夠推進技術堆疊而感到自豪。

In Q3, we launched the Compass reverse processing tool to all of our agents and the beta version of our client dashboard to several hundred Compass agents.

在第三季度，我們向所有代理商推出了 Compass 反向處理工具，並向數百名 Compass 代理商推出了客戶儀表板的測試版。

The Compass reverse prospecting tool is a powerful new tool that enables agents and their homeowners to identify which of the 33,000 Compass agents and their millions of buyers have viewed, shared, favorited or commented on their listing.

Compass 反向勘探工具是一個強大的新工具，它使代理商和房主能夠識別 33,000 名 Compass 代理商及其數百萬買家中的哪些人查看、分享、收藏或評論了他們的房源。

With these insights, the listing agent can develop an informed outreach strategy to bring interested buyers to the transaction.

有了這些見解，上市代理商可以製定明智的外展策略，以吸引有興趣的買家參與交易。

And agents can leverage this information to secure stronger offers, accelerate negotiations and move efficiently to a successful closing.

代理商可以利用這些資訊來獲得更有利的報價，加速談判並有效地達成成功交易。

We expect this tool to help Compass agents win more listings as sellers will want their agents to have this functionality to best serve their needs.

我們希望此工具能夠幫助 Compass 代理商贏得更多房源，因為賣家希望他們的代理商擁有此功能以最好地滿足他們的需求。

As for the client dashboard, the full release to the entire Compass agent community and their millions of clients will be in early Q1 of 2025 and will put all of the key agent client interactions in one place for buyers, sellers and owners of multiple homes.

至於客戶儀表板，將於 2025 年第一季初向整個 Compass 代理社區及其數百萬客戶全面發布，並將所有關鍵代理客戶互動集中在一個地方，供買家、賣家和多套房屋的業主使用。

We will be a one-stop shop for the agent client journey, not just through the life of a transaction, but through the ongoing journey of homeownership.

我們將成為代理客戶旅程的一站式商店，不僅貫穿交易過程，還貫穿房屋所有權的整個旅程。

Over time, we will also integrate our current high-margin service offerings like title and escrow and mortgage, as well as future high-margin offerings like home insurance through the client dashboard, which will allow us to continue to build upon our record attach rates.

隨著時間的推移，我們還將透過客戶儀表板整合我們目前的高利潤服務產品，例如產權和託管以及抵押貸款，以及未來的高利潤服務產品，例如房屋保險，這將使我們能夠繼續提高我們的創紀錄附加率。

Our second structural advantage is our national scale.

我們的第二個結構性優勢是全國規模。

At the end of the quarter, we had over 33,000 agents across the country.

截至本季末，我們在全國擁有超過 33,000 名代理商。

Not only does our scale allow us to amplify the network effects of our platform as we roll out tools and programs like reverse prospecting and Make Me Sell, but it also makes us less susceptible to regional market fluctuations as we continue to expand and reduces our cost to serve per agent by spreading the cost of our platform investment over a larger agent base.

隨著我們推出反向勘探和 Make Me Sell 等工具和計劃，我們的規模不僅使我們能夠擴大平台的網路效應，而且隨著我們繼續擴張，它還使我們不易受到區域市場波動的影響，並透過將平台投資成本分攤到更大的代理商群來降低每個代理商的服務成本。

Our third structural advantage is our network of top agents.

我們的第三個結​​構優勢是我們的頂級代理商網路。

Per real trends, Compass has nearly doubled the amount of top agents as the next largest brokerage firm when measured by sales volume.

根據實際趨勢，以銷售額衡量，Compass 的頂級代理商數量幾乎增加了一倍，成為第二大經紀公司。

Our network of top agents provides three distinct advantages that can't easily be replicated by other brokerages. 1, our national referral network provides our agents with high-intent leads that would be hard to come by at other brokerages. 2, it helps with agent recruiting because other high-performing agents want to be a part of our network, which in turn helps elevate our brand in each of our markets even further.

我們的頂級代理商網路有三大獨特優勢，其他經紀公司無法輕易複製。 1.我們的全國推薦網絡為我們的代理商提供了其他經紀公司難以獲得的高意向潛在客戶。 2，它有助於代理商招募，因為其他高績效代理商希望成為我們網路的一部分，這反過來有助於進一步提升我們在每個市場的品牌。

In Q3, about two-thirds of the agents we recruited were introduced by an existing Compass agent.

在第三季度，我們招募的代理商中約有三分之二是由現有的Compass代理商介紹的。

Not only does this ensure we're hiring agents, other agents want to work with, but it is also our most efficient recruiting channel.

這不僅確保我們聘請了其他代理商願意合作的代理商，而且這也是我們最有效的招募管道。

Lastly, culture.

最後，文化。

High-performing agents want to work with other top agents, and this helps with culture.

高績效代理商希望與其他頂級代理商合作，這有助於文化建設。

Better culture leads to less attrition and results in a higher propensity to engage in Compass' integrated services like title and escrow and mortgage.

更好的文化可以減少員工流失，並更傾向於參與 Compass 的綜合服務，如產權、託管和抵押貸款。

Our fourth and final structural advantage is our depth of inventory in local markets.

我們的第四個也是最後一個結構性優勢是我們在當地市場的庫存深度。

Listing inventory remains the lifeblood of the residential real estate marketplace.

上市庫存仍然是住宅房地產市場的命脈。

At Compass, we already have a depth of listings in many of our local markets that is unmatched.

在 Compass，我們在許多本地市場已經擁有無與倫比的深度清單。

Our 30-30 vision of realizing on average 30% market share in our top 30 cities will strengthen this advantage by growing listings in more markets where we have the largest presence, as well as enabling double-digit growth in our gross transaction volume.

我們的 30-30 願景是，在前 30 個城市實現平均 30% 的市場份額，我們將透過在更多我們業務最廣泛的市場增加房源來加強這一優勢，並實現總交易量實現兩位數增長。

Achieving our 30-30 vision will be a function of continued organic agent growth, accretive M&A and market share gains by existing agents as they win more listings from leveraging our platform.

實現我們的 30-30 願景將取決於代理商的持續有機增長、增值性併購以及現有代理商利用我們的平台贏得更多房源而獲得的市場份額。

By growing our listing inventory, we believe more and more buyers will search Compass.com and use Compass agents as it will be known that Compass has more inventory than any other website or brokerage.

透過增加我們的上市庫存，我們相信越來越多的買家將搜尋 Compass.com 並使用 Compass 代理，因為眾所周知，Compass 擁有比任何其他網站或經紀公司更多的庫存。

This inventory advantage includes not only our active inventory, but also potential inventory from our Make Me Sell, program, which allows clients of Compass agents to provide an aspirational sales price for their home in our CRM.

這項庫存優勢不僅包括我們的現役庫存，還包括來自「Make Me Sell」計劃的潛在庫存，該計劃允許 Compass 代理商的客戶在我們的 CRM 中為他們的房屋提供理想的銷售價格。

Since we launched Make Me Sell this quarter, we now have approximately 5,000 Make Me Sell entries that all have the potential to create incremental inventory and transactions that would otherwise not have been possible.

自從我們本季推出「Make Me Sell」專案以來，我們現在已經有大約 5,000 個「Make Me Sell」條目，這些條目都有可能創造增量庫存和交易，而這在以前是不可能實現的。

We have even seen transactions happen from Make Me Sell to-date.

到目前為止，我們甚至看到了 Make Me Sell 發生的交易。

In an inventory constrained environment, we see buyers want to expand their search to unique inventory generated by Compass, whether it's the potential inventory of the Make Me Sell program or the exclusive inventory of Compass Private Exclusives and Compass Coming Soon.

在庫存受限的環境中，我們看到買家希望將搜尋範圍擴大到 Compass 產生的獨特庫存，無論是 Make Me Sell 計畫的潛在庫存，還是 Compass Private Exclusives 和 Compass Coming Soon 的獨家庫存。

Private Exclusive listings are not allowed to be publicly marketed and are only available to Compass agents and their clients, while Compass Coming Soon are listings that are only searchable on Compass.com and not on third-party sites.

私人獨家房源不允許公開行銷，僅供 Compass 代理商及其客戶使用，而 Compass 即將推出的房源只能在 Compass.com 上搜索，而不能在第三方網站上搜尋。

Coming Soon reflects that it's going to be coming soon to all the different portals and third-party sites.

即將推出反映出它將很快登陸所有不同的入口網站和第三方網站。

Ultimately, our Northstar is to use our depth of inventory to create better outcomes for sellers, buyers and our agents, which as a function, should translate to better outcomes for Compass and our shareholders.

最終，我們的北極星是利用我們的庫存深度為賣家、買家和我們的代理商創造更好的結果，而這應該會轉化為 Compass 和我們的股東的更好結果。

Now before I close, I would like to take a moment to discuss the ongoing debate in the industry regarding a seller's right to choose how to market their home.

現在，在我結束之前，我想花點時間討論一下業內關於賣方選擇如何行銷其房屋的權利的持續爭論。

It is our view that this right is currently being infringed upon by the National Association of Realtors' Clear Cooperation policy, which says that if you want to publicly market your home and use a realtor, it is mandatory that you must submit your listing into the MLS within one day.

我們認為，這項權利目前正受到全國房地產經紀人協會「明確合作」政策的侵犯，該政策規定，如果你想公開推銷你的房屋並使用房地產經紀人，你必須在一天之內將你的房屋資訊提交到 MLS。

And if a realtor markets publicly for more than one day without putting the listing in the MLS, they can get fines up to $5,000.

如果房地產經紀人公開行銷超過一天而沒有將房源資訊發佈在 MLS 上，他們將被處以最高 5,000 美元的罰款。

We don't think this is right.

我們認為這是不對的。

Homeowners should not be forced to do anything they don't want to do.

房主不應被迫做任何他們不想做的事情。

Clear Cooperation is like Google saying.

清晰的合作就像谷歌說的一樣。

If you advertise anywhere, you must also advertise on Google.

如果您在任何地方做廣告，您也必須在 Google 上做廣告。

And if I see you advertise anywhere else, even a social post, newsletter or postcard for more than one day and you haven't advertised on Google, then I'm going to fine you up to $5,000.

如果我發現你在其他地方做廣告，即使是在社交貼文、時事通訊或明信片上做廣告超過一天，而你卻沒有在谷歌上做廣告，那麼我將對你處以最高 5,000 美元的罰款。

We believe that homeowners are getting the short end of the stick.

我們認為，房主們處於不利地位。

What homeowner wants days on market on their listing?

哪個屋主希望自己的房源在市場上掛牌出售幾天呢？

So why is it there?

那麼它為什麼在那裡？

What homeowner wants price drop history on a listing?

哪個房主希望在掛牌資訊中看到房價下降的歷史記錄呢？

So why is it there?

那麼它為什麼在那裡？

It's there because the most powerful websites in real estate have made their business model one of selling buyer leads.

原因在於，房地產行業最強大的網站已將銷售買家線索作為其商業模式。

In the same way tabloids use negative headlines to attract readers, real estate websites use negative insights to attract buyers.

就像小報使用負面標題吸引讀者一樣，房地產網站也使用負面見解吸引買家。

Negative insights such as days on market, price drop history, crime, weather, value estimates, no homeowner wants these negative insights on their listing.

負面訊息，例如上市天數、價格下降歷史、犯罪、天氣、價值估計，沒有房主希望在他們的房源資訊中出現這些負面訊息。

But again, the powerful real estate websites use these insights to empower their model of selling buyer leads to third-party agents.

但同樣，強大的房地產網站會利用這些見解來增強其向第三方代理商出售買家線索的模式。

While they sell leads at Compass, we sell homes.

他們在 Compass 上銷售線索，而我們銷售房屋。

It is important to appreciate that in our efforts to remove Clear Cooperation, there is nothing we are advocating for on behalf of an individual homeowner that professional homebuilders and real estate developers don't do every single day to maximize the value of their homes.

重要的是要認識到，在我們努力消除「明確合作」的過程中，我們代表個人房主所倡導的與專業房屋建築商和房地產開發商每天都在做以最大化其房屋價值的事情沒有任何不同。

Professional homebuilders and real estate developers are excluded from being forced to comply with the marketing restrictions Clear Cooperation places on individual homeowners in the resale market, which puts individual homeowners at a disadvantage.

專業房屋建築商和房地產開發商不受強制遵守 Clear Cooperation 對轉售市場個人房主施加的營銷限制，這使個人房主處於不利地位。

At Compass, we are committed to leveling the playing field for individual homeowners by giving them the same marketing strategies that create value for their homes used by the professional homebuilders and real estate developers.

在 Compass，我們致力於為個人房主提供公平的競爭環境，為他們提供與專業房屋建築商和房地產開發商相同的行銷策略，為他們的房屋創造價值。

Specifically, the choice to use pre-marketing and multi-phase marketing that protects their listings from the potential risk of exposure that results from MLS syndication to lead generation websites.

具體來說，選擇使用預行銷和多階段行銷來保護他們的清單免受 MLS 聯合到潛在客戶生成網站而導致的潛在曝光風險。

The risks, which include days on market, public price drops, the listing agents name being taken off of the listing, diverting buyer inquiries away from the listing agent who knows the most about the home, and therefore, can serve the seller better.

這些風險包括房屋上市天數、公開價格下跌、掛牌代理人的名字被從掛牌資訊中刪除，將買家的詢問從最了解房屋的掛牌代理人那裡轉移開，因此，掛牌代理人可以更好地為賣家服務。

Last year, professional homebuilders sold hundreds of thousands of homes off the MLS and avoided these risks.

去年，專業房屋建築商透過 MLS 銷售了數十萬套房屋，避免了這些風險。

Remember, professional homebuilders and real estate developers are not subject to the same market restrictions through Clear Cooperation.

請記住，透過 Clear Cooperation，專業房屋建築商和房地產開發商不會受到相同的市場限制。

They have a carve-out.

他們有一個豁免條款。

Individual home sellers should not be put at a disadvantage to professional homebuilders and real estate developers.

個人房屋銷售商不應受到專業房屋建築商和房地產開發商的不利待遇。

Moreover, pre-marketing and multi-phase marketing strategies are used by the most valuable companies in the world.

此外，世界上最有價值的公司都採用預先行銷和多階段行銷策略。

Whether the most valuable companies that sell homes such as D.R. Horton, Lennar and Pulte or the most valuable companies that sell their own products like Apple, Tesla and LVMH, they all use pre-marketing and multi-phase marketing strategies to ensure their product launch is as successful as possible.

無論是銷售房屋的最有價值的公司，例如 D.R. Horton、Lennar 和 Pulte，或像 Apple、Tesla 和 LVMH 這樣銷售自有產品的最有價值的公司，他們都使用預先行銷和多階段行銷策略來確保其產品發布盡可能成功。

Over time, Compass will become synonymous with homeowner value, because our agents will be known for offering homeowners the same advantages as these other companies.

隨著時間的推移，Compass 將成為房主價值的代名詞，因為我們的代理商將以向房主提供與其他公司相同的優勢而聞名。

The future we are creating is one where buyers will know to search Compass.com, as we become known as the place homeowners list their homes early using Compass Private Exclusives and Compass Coming Soon, which protect them from the risk of MLS exposure.

我們正在創造的未來是，買家將知道搜尋 Compass.com，因為我們被稱為房主使用 Compass Private Exclusives 和 Compass Coming Soon 提早列出他們的房屋的地方，這可以保護他們免受 MLS 風險。

Risks such as days on market, price drop history, ensuring their listing agents contact information is the only information on their listing, ensuring that all the buyer inquiries go to the agent that they hired, their listing agent.

風險包括上市天數、價格下降歷史、確保其上市代理商的聯絡資訊是其上市的唯一資訊、確保所有買家詢問都發送給他們僱用的代理商，即他們的上市代理商。

For most homeowners, their home is their most valuable financial asset.

對大多數房主來說，房子是他們最寶貴的財務資產。

It deserves the most valuable marketing.

它值得最有價值的行銷。

It deserves to be protected from the risk of mass exposure.

它值得受到保護，避免被大規模曝光的風險。

Regardless of NAR's decision to amend or appeal the Clear Cooperation Policy, we believe the public marketing restrictions imposed by Clear Cooperation will eventually go away for two reasons.

無論 NAR 決定修改或上訴《清晰合作政策》，我們相信《清晰合作》施加的公開行銷限制最終會消失，原因有二。

First, MLSs that represent about one-third of our markets have eliminated or no longer enforce off-MLS public marketing restrictions imposed by Clear Cooperation.

首先，約占我們市場三分之一的 MLS 已經取消或不再執行 Clear Cooperation 施加的 MLS 外公共行銷限制。

We expect this trend to continue as more and more MLSs respond to continued pressure to remove or amend the rule.

隨著越來越多的 MLS 響應持續的壓力而取消或修改該規則，我們預計這一趨勢將會持續下去。

Second, if not removed by NAR, we believe Clear Cooperation will be removed through the courts.

其次，我們相信，如果NAR不撤銷Clear Cooperation，那麼法院也會撤銷該協議。

Legal pressure continues to mount on private party litigation.

私人訴訟的法律壓力持續增加。

Ultimately, I believe the industry will reach a common sense approach where sellers have a choice of where, when and how to advertise their home for sale.

最終，我相信業界將達成常識性的做法，即賣家可以選擇在何時何地以及如何宣傳他們的房屋出售。

As I close, I want to restate for the avoidance of doubt that we remain acutely focused on building the best brokerage in the industry and positioning ourselves to capture the upside as the market normalizes.

最後，為了避免疑問，我想重申一下，我們仍然高度專注於打造行業內最好的經紀公司，並在市場正常化時做好定位，抓住上行機會。

This means maintaining our core brokerage OpEx at 3% to 4% growth, recruiting high-performing agents, enhancing margin by adding integrated services to the platform and pursuing accretive M&A.

這意味著保持我們的核心經紀營運支出成長 3% 至 4%，招募高績效代理商，透過在平台上添加整合服務來提高利潤率並進行增值性併購。

We believe this formula alone positions us to deliver hundreds and hundreds of millions in free cash flow per year by the time we reach mid-cycle.

我們相信，僅憑這個公式，當我們進入中期時，每年就能實現數億美元的自由現金流。

I will now turn it over to Kalani.

現在我將把發言權交給卡拉尼。

Thank you, Robert.

謝謝你，羅伯特。

Following on some of Robert's comments, I am very pleased with our operating and financial results.

根據羅伯特的一些評論，我對我們的營運和財務表現非常滿意。

In the third quarter, we processed 55,872 transactions, an increase of 16.1% from a year ago, or an increase of 4.4% when excluding the impact of M&A, each of which compare very favorably to the 1.9% decline in transactions for the entire residential real estate market in the second quarter as reported by the National Association of Realtors.

第三季度，我們處理了 55,872 筆交易，比去年同期增長了 16.1%，如果排除併購的影響則增長了 4.4%，與全美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 1.9% 相比，這一增長非常可觀。

Our market share for Q3 2024 was 4.8%, up 49 basis points year-over-year.

我們的 2024 年第三季市佔率為 4.8%，年增 49 個基點。

As of September 30, 2024, we had 17,542 principal agents compared to 14,615 as of September 30, 2023, an increase of 2,927 year-over-year, or 20%.

截至 2024 年 9 月 30 日，我們擁有 17,542 名主要代理人，而截至 2023 年 9 月 30 日為 14,615 名，年成長 2,927 名，增幅為 20%。

This increase was driven in part by the 2,375 principal agents that we acquired through the acquisition of Latter & Blum and Parks Real Estate, which closed in the June 2024 quarter.

這一成長部分得益於我們透過收購 Latter & Blum 和 Parks Real Estate 而獲得的 2,375 名主要代理商，該收購於 2024 年 6 月季度完成。

But we also had a very strong organic recruiting quarter in which our team recruited 785 principal agents in the third quarter, the highest level in almost three years.

但我們也經歷了一個非常強勁的有機招募季度，我們的團隊在第三季度招募了 785 名主要代理，這是近三年來的最高水準。

Our quarterly retention rate in the third quarter was 97.8%.

我們第三季的季度保留率為 97.8%。

For our integrated services, Q3 was another strong quarter.

對於我們的綜合服務而言，第三季又是一個強勁的季度。

As Robert mentioned, we continue to see record levels of attach to our title and escrow businesses.

正如羅伯特所提到的，我們繼續看到產權和託管業務的附加價值達到創紀錄的水平。

And for OriginPoint, our joint venture mortgage affiliate, Q3 was their best quarter of the year, driven by a nearly 90% increase in refi volume year-over-year.

對於我們的合資抵押貸款子公司 OriginPoint 而言，第三季度是其今年表現最好的一個季度，得益於再融資量年增近 90%。

Year-over-year locked and funded volume were both up approximately 50% for Q3, owing to recruiting success and attached increases.

由於招募成功和附加增加，第三季的鎖定量和融資量比去年同期均增加了約 50%。

While these integrated services are a small portion of our overall results, we're excited for the growth opportunity.

雖然這些綜合服務僅占我們整體業績的一小部分，但我們對成長機會感到非常興奮。

Turning to our financial results for the quarter.

談談本季的財務業績。

Our third quarter revenue was $1.5 billion, an increase of 11.7% from the year ago period, which was towards the high end of our guidance range of $1.425 billion to $1.525 billion.

我們第三季的營收為 15 億美元，比去年同期成長 11.7%，接近我們預期的 14.25 億美元至 15.25 億美元的高端。

5.3% of this revenue growth is attributed to organic growth, while 6.4% came from M&A.

其中 5.3% 的營收成長歸功於有機成長，6.4% 來自併購。

Gross transaction value was $57.7 billion in the third quarter, an increase of 13.4% from a year ago, reflecting the 16.1% increase in total transactions, partially offset by a decrease in average selling price.

第三季總交易額為 577 億美元，比去年同期成長 13.4%，反映出總交易量成長 16.1%，但平均售價的下降部分抵銷了這一成長。

Our commission expense as a percent of revenue was 82.2%, a slight increase of 21 basis points compared to Q3 of last year at 82%.

我們的佣金支出佔收入的百分比為 82.2%，與去年第三季的 82% 相比略有增加 21 個基點。

M&A completed in the past year drove about 28 basis points of the increase in commission expense as the acquisitions were completed in markets with higher average rates compared to our core brokerage.

去年完成的併購活動推動佣金支出增加約 28 個基點，因為這些收購是在與我們的核心經紀業務相比平均費率更高的市場完成的。

So when you exclude the impact of M&A, our commission rate improved slightly.

因此，當排除併購的影響時，我們的佣金率略有提高。

On a sequential quarter basis, our commission expense as a percent of revenue declined by 47 basis points when comparing the second quarter of this year to the third quarter.

與上一季相比，今年第二季與第三季相比，我們的佣金支出佔收入的百分比下降了 47 個基點。

Now let me move into some thoughts on the topic of OpEx.

現在，讓我談談對 OpEx 主題的一些想法。

First, our total non-GAAP operating expenses were $215 million in Q3.

首先，我們第三季的非 GAAP 營業費用總額為 2.15 億美元。

We expected a slight step-up in OpEx from the trailing second quarter due to the full quarter inclusion of the OpEx assumed from our mid-Q2 acquisition.

我們預計，從第二季開始，營運支出將略有增加，因為我們將第二季中期收購時假設的營運支出納入了整個季度。

However, the $215 million was slightly better than the Q2 period, primarily driven by some favorability in the marketing expenses incurred by our agents in the quarter.

不過，2.15 億美元的業績略好於第二季度，這主要得益於本季我們代理商的行銷費用有所改善。

As you've heard me say previously, the commission expense line included in our P&L only reflect a portion of the economics we share with our agents.

正如您之前聽我說過的那樣，我們的損益表中包含的佣金費用僅反映了我們與代理商共享的財務利益的一部分。

In addition, while it varies by market, we also incur certain cash expenses on behalf of our agents, primarily marketing expenses, which are classified within OpEx in our P&L.

此外，雖然因市場而異，但我們也會代表代理商產生一定的現金費用，主要是行銷費用，這些費用在我們的損益表中歸類為營運支出。

When combining the commissions and the additional costs included in OpEx, the total economics of our agent base improved by 54 basis points in Q3 of 2024, compared to Q3 a year ago.

結合佣金和營運支出中包含的額外成本，與去年同期相比，2024 年第三季我們代理商群體的總體經濟效益提高了 54 個基點。

This improvement was due to, among other things, favorability in agent expenses, predominantly driven by efficiencies gained in agent marketing.

這項改善主要得益於代理商費用的降低等因素，而這主要得益於代理商行銷效率的提升。

Second, when comparing our Q3 OpEx to Q3 from a year ago, you need to consider that the year ago period included a one-time credit of $7.2 million of for tax refund.

其次，在將我們第三季的營運支出與去年同期的第三季進行比較時，您需要考慮到去年同期包括 720 萬美元的一次性退稅抵免。

So adjusting for that credit, OpEx for the year ago quarter would have been $226 million compared to $215 million in the third quarter of 2024, reflecting a reduction in OpEx of $11 million or 5% year-over-year.

因此，在調整該抵免額後，去年同期的營運支出將為 2.26 億美元，而 2024 年第三季的營運支出為 2.15 億美元，這反映出營運支出年減 1,100 萬美元或 5%。

Finally, it is important to note that this year-over-year improvement in OpEx is after considering the added expenses we assumed for the M&A completed since the year ago period.

最後，值得注意的是，營運支出的同比增長是考慮到了我們假設的自去年同期完成的併購帶來的額外費用。

And as a reminder, when forecasting our 2025 OpEx, you'll need to consider an increase for the wraparound effect of the OpEx assumed from the Latter & Blum and Parks acquisition for the period from January one of this year through the respective acquisition dates in Q2 of 2024, which would be roughly $10 million in aggregate.

提醒一下，在預測我們 2025 年的營運支出時，您需要考慮從今年 1 月 1 日起至 2024 年第二季度相應收購日期期間收購 Latter & Blum 和 Parks 所產生的營運支出的環繞效應增加，總計約為 1000 萬美元。

To wrap up my comments on operating expenses, it's worth noting that we view some of the room created from our overperformance on OpEx reductions to add some additional investments in our title and escrow entity.

總結我對營運費用的評論，值得注意的是，我們認為，我們在營運支出削減方面的超額表現為我們在產權和託管實體中增加一些額外投資創造了一些空間。

These investments include the hiring of additional title and escrow officers and related personnel, which drive incremental revenue and healthy incremental adjusted EBITDA to these businesses.

這些投資包括僱用額外的產權和託管人員及相關人員，從而為這些業務帶來增量收入和健康的增量調整後 EBITDA。

Our adjusted EBITDA for the third quarter was $52 million, which was slightly better than the high end of our guidance range of $30 million to $50 million and an improvement of 139% over the year ago results.

我們第三季的調整後 EBITDA 為 5,200 萬美元，略高於我們預期的 3,000 萬至 5,000 萬美元的最高水平，比去年同期的業績成長了 139%。

GAAP net loss was $1.7 million, which reflects very favorably to the GAAP net loss of $39 million a year ago, driven by the increase in adjusted EBITDA, but also lower stock-based compensation expense, which was $32 million in the quarter compared to $38 million in Q3 of last year.

GAAP 淨虧損為 170 萬美元，與去年同期 3,900 萬美元的 GAAP 淨虧損相比，表現十分出色，這得益於調整後 EBITDA 的成長，同時也由於股票薪酬費用降低（本季為 3,200 萬美元，而去年第三季為 3,800 萬美元）。

Consistent with what we said in the last quarter, we are reiterating our expectation that stock comp will be under $130 million for the full year.

與我們在上個季度所說的一致，我們重申我們的預期，即全年股票補償將低於 1.3 億美元。

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

提醒一下，我們所指的非 GAAP 營業費用忽略了調整後 EBITDA 計算中排除的某些費用，包括股票薪酬以及折舊和攤提。

And as always, we've included tables on Page 12 and 13 in our Q3 investor deck that reconcile these amounts to our GAAP operating expenses.

像往常一樣，我們在第三季投資者報告的第 12 頁和第 13 頁加入了表格，將這些金額與我們的 GAAP 營運費用進行調整。

Free cash flow during the third quarter was positive $32.8 million, an improvement of 169% over the free cash flow of $12.2 million in Q3 of last year.

第三季的自由現金流為正 3,280 萬美元，比去年第三季的 1,220 萬美元自由現金流增加了 169%。

On a year-to-date basis through September 2024, our free cash flow was $79 million, compared to $4 million in 2023.

截至 2024 年 9 月，我們的年初至今自由現金流為 7,900 萬美元，而 2023 年為 400 萬美元。

This reflects an increase of $75 million year-over-year, which would have been even higher if excluding the $29 million paid in Q2 for the first 50% of our legal settlement.

這比去年同期增加了 7,500 萬美元，如果不包括第二季支付的前 50% 2,900 萬美元，這個數字還會更高。

The second 50% of this legal settlement will be paid in Q2 of 2025.

該法律和解金的第二個 50% 將於 2025 年第二季支付。

As an additional reminder and consistent with my comments from prior quarters, it's important to note that our quarterly cash flow is impacted by the seasonality of our business cycle, along with a handful of timing items that tend to be neutral for the full year, but can create choppiness for individual quarters within the year.

另外提醒一下，與我之前幾季的評論一致，值得注意的是，我們的季度現金流受到商業週期季節性的影響，以及一些時間因素的影響，這些因素往往對全年來說是中性的，但可能會給一年中的個別季度造成波動。

Specifically, while we continue to expect free cash flow to be positive for the full year, we expect to see negative free cash flow in Q4.

具體來說，雖然我們繼續預計全年自由現金流為正，但我們預計第四季度的自由現金流將為負值。

We ended the third quarter with $211 million of cash and cash equivalents on our balance sheet, and we have no outstanding draws on our revolving line of credit.

截至第三季度，我們的資產負債表上有 2.11 億美元的現金和現金等價物，我們的循環信用額度上沒有未償還的提款。

Turning now to financial guidance.

現在來談談財務指引。

For Q4 of 2024, we expect revenue in the range of $1.225 billion to $1.325 billion, and we expect adjusted EBITDA to be in the range of $0 to positive $10 million.

對於 2024 年第四季度，我們預計營收在 12.25 億美元至 13.25 億美元之間，預計調整後的 EBITDA 在 0 至正 1000 萬美元之間。

When combined with the actual results for the first three quarters of the year, this implies a full year revenue range of $5.47 billion to $5.57 billion and a full year adjusted EBITDA range of $109 million to $119 million.

結合今年前三個季度的實際業績，這意味著全年收入範圍為 54.7 億美元至 55.7 億美元，全年調整後 EBITDA 範圍為 1.09 億美元至 1.19 億美元。

The midpoint of the full year revenue and adjusted EBITDA ranges reflect an increase in revenue of 13% and an increase in adjusted EBITDA of $153 million compared to the full year of 2023.

全年營收和調整後 EBITDA 範圍的中點反映出與 2023 年全年相比，營收成長 13%，調整後 EBITDA 增加 1.53 億美元。

As it relates to OpEx, we are reiterating our OpEx range for the year 2024 of $876 million to $896 million.

至於營運支出，我們重申 2024 年的營運支出範圍為 8.76 億美元至 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 the Latter & Blum acquisition that closed in April and an additional $9 million for the balance of 2024 from the Parks entities that we acquired in May.

正如我們上個季度所列出的，該範圍從我們核心公司的 8.5 億美元營運支出開始，加上 1500 萬美元的 2023 年併購營運支出、1200 萬美元的 4 月份完成的 Latter & Blum 收購營運支出，以及 900 萬美元的 2024 年餘額，這些資金來自我們在 5 月份的 5 月份收購營運支出。

Given some of the favorability we saw in OpEx for Q3, we now believe OpEx will trend towards the lower end of that range for the full year.

鑑於我們看到第三季營運支出的一些有利因素，我們現在認為全年營運支出將趨向於該範圍的低端。

Finally, as I stated earlier, we are reiterating our expectations to be free cash flow positive for the full year of 2024.

最後，正如我之前所說，我們重申對 2024 年全年自由現金流為正的預期。

However, we expect free cash flow to be negative in Q4 given the seasonality of our business.

然而，考慮到我們業務的季節性，我們預計第四季度的自由現金流將為負值。

As a last point of guidance, we expect our weighted average share count for the fourth quarter to be between 510 million to 513 million shares.

作為最後的指導，我們預計第四季的加權平均股數將在 5.1 億股至 5.13 億股之間。

As I wrap up my prepared remarks, I'd like to once again extend a sincere thank you to our agents and employees for their hard work and dedication that resulted in another great quarter of results, where year-over-year, we meaningfully grew market share, agent count, attach and cash flow.

在結束我準備好的發言時，我想再次向我們的代理商和員工表示誠摯的感謝，感謝他們的辛勤工作和奉獻精神，使我們取得了又一個出色的季度業績，與去年同期相比，我們的市場份額、代理商數量、附加值和現金流都有顯著增長。

At Compass, we have built the leading platform in residential real estate, and we are executing against a strategy that positions us for success in any market scenario.

在 Compass，我們已經建立了住宅房地產領域的領先平台，並且我們正在執行一項能夠讓我們在任何市場情況下都取得成功的策略。

And quarter-after-quarter, I only gain more conviction that we have the winning formula.

一個季度又一個季度過去，我越來越堅信我們擁有成功的秘訣。

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

現在我想將電話轉給接線員開始問答環節。

(Operator Instructions) Matthew Bouley, Barclays.

(操作員指示) 巴克萊銀行的 Matthew Bouley。

Thanks for taking the questions and for all the helpful color at the top.

感謝您回答這些問題以及在頂部提供的所有有用的顏色。

I wanted to ask on that commission rate topic.

我想問一下佣金率的問題。

I think I heard you say, and correct me if I'm wrong, that excluding M&A, your commission rate was actually -- I think it was improved year-over-year.

我想我聽到您說了，如果我錯了請糾正我，除了併購之外，您的佣金率實際上是 - 我認為它同比有所提高。

And again, correct me if I'm wrong.

如果我錯了，請再次糾正我。

But yes, just obviously, given the change in the industry in August, I'm curious if you are starting to see any transactions occurring at lower commission rates than otherwise may have or just kind of how that's trending since then?

但是的，很明顯，考慮到八月份行業的變化，我很好奇您是否開始看到任何交易的佣金率低於其他情況，或者從那時起這種趨勢如何？

Look, let me first start by saying thank you to all the people that did such a great job training our agents on the Buyer's Representation Agreements.

首先，我要向所有為我們的代理商提供有關買方代理協議的出色培訓的人們表示感謝。

We had over 90% of our agents trained over the previous months before August 17, including 66 national training sessions and hundreds of local training sessions.

截至 8 月 17 日，我們 90% 以上的代理商已接受過前幾個月的培訓，其中包括 66 次全國培訓和數百次本地培訓。

I can tell you we are not seeing any meaningful change to our business since the announcement in our settlement or post August 17 related to commission rates, and they're still in line with historical internal averages.

我可以告訴你，自從我們在和解協議中或 8 月 17 日之後宣布與佣金率相關的消息以來，我們的業務沒有發生任何重大變化，而且佣金率仍然與歷史內部平均水平一致。

Anecdotally, we are hearing things at both ends of the spectrum, but we're hearing a number of top agents, for example, saying that they're now -- they're charging a more -- a stronger commission rate more in their favor since they are now able to negotiate for themselves.

據傳聞，我們聽到了兩種說法，例如，我們聽到一些頂級代理商表示，他們現在收取的佣金更高，對他們更有利，因為他們現在可以自己進行談判。

Again, as a reminder, every buyer agent or most buyer agents were just accepting the commission that was negotiated by the listing agent.

再次提醒一下，每個買方代理或大多數買方代理都只是接受上市代理協商的佣金。

I'd say one other thing that has changed is, I think, this is driving some of the worst agents and part-time agents out of the business.

我想說的另一個變化是，我認為這正在迫使一些最糟糕的經紀人和兼職經紀人退出這個行業。

The way I would describe it and what I hear from the market is before August 17, you could be a buyer agent, do one transaction every two years.

我的描述和我從市場聽到的情況是，在 8 月 17 日之前，您可以成為買方代理，每兩年進行一次交易。

And if someone comes to you about buying a home, you say, hey, don't -- you don't have to pay me, it will come out of the listing agent, and the seller will pay for it, and you don't need to sign anything.

如果有人來找你買房，你會說，嘿，不用——你不用付錢給我，費用會從掛牌代理人那裡扣除，賣方會付錢，你不需要簽署任何東西。

And so it's really -- it was not something that required commitment from the buyer in any meaningful way.

所以實際上——它並不需要買家以任何有意義的方式做出承諾。

And as a result, it allows someone who, again, does one transaction every two years to be able to compete and get paid based off of what the listing agent negotiated on their behalf.

因此，它允許每兩年進行一次交易的人能夠競爭並根據上市代理商代表他們談判的內容獲得報酬。

Now post August 17, you do one transaction every two years and a buyer comes to you and you try to -- you have to convince them to want to work with you and you have to convince them to sign something before showing property.

現在 8 月 17 日之後，你每兩年進行一次交易，然後就會有買家來找你，你會試圖——你必須說服他們願意與你合作，你必須說服他們在展示房產之前簽署一些文件。

And you have outlining compensation.

並且您已經概述了補償。

And so it's much harder for agents without a lot of experience to compete.

因此，缺乏豐富經驗的經紀人很難參與競爭。

There's a reason why agents that were newer in the business tended to work with buyers more than sellers, because you didn't need a strong commitment.

這就是為什麼剛進入這個行業不久的代理商更傾向於與買家合作而不是與賣家合作，因為你不需要做出強烈的承諾。

You need a strong track record because -- again, they didn't have to sign anything like sellers did with the listing agreement.

你需要有良好的業績記錄，因為——再說一次，他們不必像賣家那樣簽署任何上市協議。

So I think those trends tend to go to our favor as a company, because we are a company that focuses on agents with experience that are full time, highly professional.

因此，我認為這些趨勢對我們公司有利，因為我們是一家專注於具有全職、高度專業經驗的代理商的公司。

And I think on balance, again, that will do us -- we will perform better because of this.

而且我認為，總的來說，這將對我們有利——我們將因此表現得更好。

Got it.

知道了。

Okay, thank you for that, Robert.

好的，謝謝你，羅伯特。

Very, very helpful.

非常非常有幫助。

Secondly, I just wanted to touch on the overall housing market trends.

其次，我只想談談整體房地產市場的趨勢。

It seems like every time we have interest rates starting to go in the right direction, and that kind of reverses course.

似乎每次我們的利率開始朝著正確的方向發展時，就會發生逆轉。

So I'm just curious, maybe into October, if you can even quantify it a little bit.

所以我只是很好奇，也許到十月份，你是否可以稍微量化一下。

What are you seeing around inventory and transactions?

您對庫存和交易有何看法？

Are your agents saying anything around election uncertainty playing into the market at all?

你的經紀人有沒有說過選舉不確定性對市場的影響？

Yes, just any kind of near-term market color there would be helpful.

是的，任何一種短期市場狀況都會有幫助。

Yes.

是的。

So look, let me start by saying in the year following 10 of the last 11 presidential elections, transaction volume went up.

首先我要說的是，在過去 11 次總統大選中的 10 次之後的一年裡，交易量都有所上升。

In the year following 10 of the last 11 presidential elections, also prices of homes went up.

在過去 11 次總統大選中的 10 次之後的一年裡，房價也出現上漲。

The -- yes, single-family or existing home sales in September was down 3.5% year-over-year.

是的，9 月獨棟住宅或現有住宅銷售量年減 3.5%。

And of course, every month last quarter was below 4 million seasonally adjusted annual rate of home sales for existing home sales.

當然，上個季度每個月經季節性調整的現房銷售年率都低於 400 萬套。

So it's a really, really low level of transactions.

所以，交易水準確實非常低。

However, let's look at purchase mortgage applications and let's look at pendings.

但是，讓我們來看看購買抵押貸款申請並看處理的情況。

Purchase mortgage applications in July were in the -- down in the kind of low to mid-teens.

七月購屋抵押貸款申請量下降了百分之十幾到十幾左右。

In August and September, they were down single digits.

八月和九月，下降幅度均為個位數。

In October, the last four weeks of October, it was up 9%, up 8%, up 7% and up 10%.

十月份，十月最後四周，分別上漲9%、上漲8%、上漲7%和上漲10%。

And so purchase mortgage applications year-over-year have increased every week for the last -- it looks like 10 weeks.

因此，在過去 10 周里，購屋抵押貸款申請量逐年增加。

And so even with mortgage rates going to 6.9% the last week, you had purchase mortgage applications actually increase.

因此，即使上週抵押貸款利率上升至 6.9%，購屋抵押貸款申請實際上還是增加了。

And again, this is also right before an election.

而且，這也正值選舉之前。

So I think that's -- I think that shows a level of resilience that people aren't really talking about as much in the market.

所以我認為這表明了人們在市場上並沒有真正談論的某種程度的彈性。

In terms of pendings, the last two weeks of pendings in contract listings that are in contract to be sold, it was up 10%, two weeks ago and a week ago, up 9%, which is consistent with the purchase mortgage applications.

就待售房屋而言，最近兩週待售房屋數量比前兩週增加了 10%，兩週前增加了 9%，這與購房抵押貸款申請數量一致。

And so again, just in the rising rate environment that we've seen over the last couple of weeks to see the pendings and purchase mortgage applications go in the favor of transactions, I think, is a healthy sign.

因此，在過去幾週我們看到的利率上升的環境下，待處理和購房抵押貸款申請有利於交易，我認為這是一個健康的跡象。

Of course, we aren't overly optimistic, but it does look like the worst is behind us.

當然，我們並不是過於樂觀，但看起來最糟糕的時期已經過去了。

And also at Compass, like we mentioned and alluded to on the call, I think there's a real case where Compass will do better over the medium-term if the market stays where it is.

而且對於 Compass，就像我們在電話會議上提到和暗示的那樣，我認為如果市場保持現狀，那麼 Compass 在中期將會表現得更好。

And so we're here to perform and execute regardless of the environment.

所以，無論環境如何，我們都會在這裡工作、執行。

Matthew Cost, Morgan Stanley.

摩根士丹利的馬修‧科斯特 (Matthew Cost)。

Sorry about that.

很抱歉。

So I wanted to follow up on the point about Clear Cooperation.

所以我想跟進一下關於明確合作的觀點。

Robert, I think you made a very compelling case for some of the drawbacks that it causes and why it might be going away.

羅伯特，我認為你對它所造成的一些弊端以及為什麼它可能消失做出了非常令人信服的論點。

I guess in an environment where that policy does go away, what fills the void or what does the environment look like ultimately when there's no longer that requirement?

我想，在該政策消失的環境中，什麼來填補空白，或者當不再有該要求時，最終的環境會是什麼樣子？

Because obviously, being forced to place a listing on the MLS does provide some value, certainly to potential homebuyers and in terms of information being available in the market.

因為很明顯，被迫在 MLS 上掛牌出售房屋確實具有一定的價值，對於潛在購房者來說是這樣，而且就市場上可用的信息而言也是如此。

So what changes?

那麼，會發生什麼變化呢？

What fills that void?

什麼可以填補這個空白？

And what does it mean for Compass?

這對 Compass 來說意味著什麼？

Look, I think what it means for Compass are Compass will -- look, if agents and homeowners wanted to be forced to put their listings on MLS in one day, I wouldn't be against Clear Cooperation.

聽著，我認為這對 Compass 來說意味著 Compass 將——聽著，如果代理商和房主希望在一天之內被迫將他們的房源資訊發佈到 MLS 上，我不會反對 Clear Cooperation。

Agents are my clients.

經紀人是我的客戶。

I work for them, not the other way around.

我為他們工作，而不是他們為我工作。

And they are infuriated across the country for being fined with the $5,000 for doing what their clients say to keep a listing off the MLS for more than one day and still have public marketing.

他們聽從了客戶的要求，將房屋從 MLS 上撤下超過一天，但仍進行公開營銷，結果卻被罰款 5,000 美元，這在全國範圍內引起了憤怒。

And so I share that because I think in a world where Clear Cooperation goes away, more great listing agents and the homeowners will want to come to Compass list with Compass, because we are -- we have built and are continuing to build a platform that protects them from the risk of mass exposure and syndication into all these third-party websites.

我之所以分享這一點，是因為我認為在 Clear Cooperation 消失的世界裡，更多的優秀上市代理商和房主會願意透過 Compass 來掛牌上市，因為我們已經建立並正在繼續建立一個平台，保護他們免受大規模曝光和聯合到所有這些第三方網站的風險。

We talked about a days on market price drop history, all those different things.

我們討論了市場價格下跌的歷史以及所有這些不同的事情。

I mean, it is almost laughable, the amount of IP that has been stripped away from agents over the years.

我的意思是，這麼多年來從代理商手中被剝奪的智慧財產權數量簡直可笑。

No agent can even put a watermark on their listing on their photo.

沒有任何代理商可以在他們的清單照片上添加浮水印。

But then when it goes to MLS, the MLS puts a watermark on it, so that they can sell the data.

但是當資料進入 MLS 時，MLS 會在資料上加浮水印，這樣他們就可以出售資料。

Imagine going to a big developer and you can't put a watermark on your photo or the listing agent, your sales agent in the building, 400 units in the building that their contact information is going to be taken off their listing on thousands of sites.

想像一下，你去找一個大型開發商，你不能在你的照片或掛牌代理商、大樓裡的銷售代理商、大樓裡的 400 個單元上加水印，他們的聯絡資訊將從數千個網站上的清單中刪除。

And you can do nothing to control that.

而你對此卻無能為力。

Of course, you can't bully people like that.

當然，你不能這樣欺負人。

I mean, we have a billionaire clients who want an off-market listing to off MLS marketing.

我的意思是，我們有一位億萬富翁客戶，他們想要將場外上市交易納入 MLS 行銷。

And then the -- his agent got the fine in the e-mail, $5,000.

然後——他的經紀人在電子郵件中收到了罰款，5,000 美元。

And the agent said, I have to put it on the MLS or I'm going to pay this fine.

經紀人說，我必須把它放到 MLS 上，否則我就要支付罰款。

You know what that homeowner did?

你知道那位房主做了什麼嗎？

He hired some lawyers and he sued the Board of MLS.

他聘請了一些律師並起訴了 MLS 董事會。

You know what the Board of MLS did?

您知道 MLS 董事會做了什麼嗎？

He said, hey, do whatever you want, you can market.

他說，嘿，做任何你想做的事，你都可以行銷。

And we're not going to make -- we're not going to enforce this.

我們不會執行這項規定。

But the question is, should you have to be a billionaire to be able to afford lawyers to be able to market your home how you want in this country?

但問題是，您是否必須是億萬富翁才有能力聘請律師，才能在這個國家按照您想要的方式出售您的房子？

And so again, a long way to say that I think we will be known as the -- Compass will be known as the defenders of homeowner value, the defenders of homeowner choice, your home, your choice that -- and we will -- we have built a product that can protect them from the risk of exposure.

所以，再說一遍，很長的路要說，我認為我們將被稱為——Compass 將被稱為房主價值的捍衛者，房主選擇的捍衛者，你的家，你的選擇——我們將——我們已經建立了一種可以保護他們免受風險的產品。

We are working with our agents and their clients to create a company that better serves homeowners.

我們正在與我們的代理商及其客戶合作，創建一家更好地為房主服務的公司。

We're protecting and maximizing the value of their homes.

我們正在保護並最大化他們的房屋價值。

And Compass, all we're doing is, again, there's nothing that we're asking for, for an individual homeowner in marketing that the carve-out for Clear Cooperation for homebuilders and real estate developers, lets them do every single day.

至於 Compass，我們所做的一切，再說一遍，我們沒有要求個人房主在行銷中每天都能做這些事情，而對於房屋建築商和房地產開發商來說，明確合作的豁免規定允許他們這樣做。

Compass, what we are going to launch in the weeks ahead is a program where Compass gives individual homeowners the same advantages as real estate developers and professional homebuilders.

Compass，我們將在未來幾週推出一項計劃，讓個人房主享受與房地產開發商和專業房屋建築商相同的優勢。

And we're going to frame it as such.

我們將把它構建成這樣。

And so we will level the playing field between those two parties.

這樣，我們就可以為雙方提供公平的競爭環境。

In terms of searching, look, I would love -- there are so many arguments on the other side that -- but one of them is where will -- it was so hard to find the inventory everywhere, and they like to point to other countries.

在搜尋方面，看，我很樂意——另一方有很多爭論——但其中之一就是在哪裡——在任何地方都很難找到庫存，他們喜歡指出其他國家。

By the way, in a lot of these other countries, it's not as hard as it used to be 10 years ago and 15 years ago.

順便說一句，在許多其他國家，情況並不像 10 年前或 15 年前那麼困難。

It's really gravitating one or two places.

它確實吸引著一兩個地方。

And so it's a little -- it's a past recollection.

所以這有點像是——過去的回憶。

But look, I'd love to be able to search everything, I'd love to be able to only go on Netflix and be able to see any TV show I want.

但是看，我希望能夠搜尋所有內容，我希望能夠只訪問 Netflix 並能夠觀看我想看的任何電視節目。

But that's just not the world.

但那不是世界。

In a free and fair world, there's something called competition.

在一個自由公平的世界裡，有一種東西叫做競爭。

And different companies come in and create different offerings.

不同的公司加入進來並創造不同的產品。

And so I got to go to Netflix for one place, Disney+ for another.

因此，我在一個地方使用 Netflix，在另一個地方使用 Disney+。

By the way, Disney+ controls their own content and didn't let all the disruptors, just take advantage of like some of the other companies had done.

順便說一句，Disney+ 控制自己的內容，並沒有像其他一些公司那樣讓所有破壞者有機可乘。

And I go to Apple Plus for something else.

我去 Apple Plus 是為了買別的東西。

I think in the future of real estate at some point in this country, people will come to Compass to find listings.

我認為，在未來這個國家的房地產市場中，人們會來到 Compass 尋找房源資訊。

They'll go to MLS to find listings.

他們會去 MLS 尋找房源資訊。

They'll go to one or two aggregators to find listings.

他們會去一兩個聚合器尋找清單。

But it's not going to be unlike almost any other product that you want to buy.

但它與您想要購買的幾乎任何其他產品都沒有什麼不同。

Ryan McKeveny, Zelman & Associates.

麥克凱文尼（Ryan McKeveny），澤爾曼及合夥人。

Congrats on the results.

恭喜你所取得的成果。

Kalani, I wanted to dig in a little on the OpEx commentary.

Kalani，我想深入探討 OpEx 的評論。

So really nice outperformance this quarter, but maintaining that full year target.

因此本季的表現確實非常出色，同時也維持了全年目標。

I think it implies something like a $20 million to $40 million step-up in costs.

我認為這意味著成本將增加 2,000 萬至 4,000 萬美元。

And I heard you call out the additional T&E investments, is that the entirety of things?

我聽到您提到了額外的差旅費用 (T&E) 投資，這就是全部嗎？

Was there anything timing related where 3Q may be benefited, but some expenses flow into 4Q?

是否存在與時間相關的因素，即第三季可能受益，但一些費用會流入第四季度？

I'm just trying to understand that trajectory to expect for the fourth quarter.

我只是想要了解第四季的預期走勢。

Yes.

是的。

Overall, again, I'd start by saying we are pleased, and I thank all of our teams who support our agents really driving down efficiencies.

總的來說，我首先要說的是我們很高興，我感謝所有支持我們的代理商並真正降低效率的團隊。

We really built muscle and discipline and kind of in our DNA operating efficiencies, you're seeing that come through.

我們確實建立了實力和紀律，並且在我們的 DNA 中提升了營運效率，您已經看到了這一點。

I think we have not moved our overall operating guide.

我認為我們並沒有改變我們的整體操作指南。

I do believe that we'll be on the low end of that overall and so nothing really new.

我確實相信我們總體上會處於這個水平的低端，因此並沒有什麼新鮮事。

There's a little bit of seasonality, but mostly it's going to be driven by the M&A and the annualization of M&A from a year-over-year perspective.

這有一定的季節性，但主要是受併購以及從同比角度來看併購的年度化所驅動。

And then we are making some really smart and timely investments in our T&E businesses to really drive growth.

然後，我們對我們的 T&E 業務進行了一些非常明智和及時的投資，以真正推動成長。

Just a reminder, that comes with really healthy economics.

需要提醒的是，這需要真正健康的經濟狀況。

And so we've taken a chance.

因此，我們抓住了機會。

But I think to get to the -- to be at the low end of the range, we'll continue to look and feel the same way we have with operating expense, and we'll, quite frankly, continue to drive our actions in that discipline.

但我認為，為了達到這個範圍的低端，我們將繼續以與營運費用相同的方式看待和感受，坦白說，我們將繼續在這一紀律內採取行動。

That's helpful.

這很有幫助。

And then one, you called out OriginPoint a little bit in the prepared remarks.

然後，您在準備好的發言中稍微提到了 OriginPoint。

It looks like in addition to the growth you called out, it looks like that actually flipped -- the JV flipped from kind of modest losses to a modest gain this quarter.

看起來，除了您所說的成長之外，實際上似乎還發生了轉變——合資公司本季從適度虧損轉為適度獲利。

So maybe, Robert, maybe Kalani, but just taking a step back, maybe you can give us a bit of a status update where things stand in terms of just adding loan officers, expanding markets, maybe it's too soon to really talk to attach rates, but maybe just generally how you're thinking the path of OriginPoint expands in the coming years.

所以也許，羅伯特，也許卡拉尼，但退一步來說，也許您可以給我們提供一些最新情況，就增加貸款人員、擴大市場而言，也許現在談論附加利率還為時過早，但也許您一般認為 OriginPoint 在未來幾年的擴展路徑如何。

Yes.

是的。

No, it's really been a great story.

不，這確實是一個很棒的故事。

We've seen -- I mean, we've seen the whole market in that mortgage kind of hit bottoms over the last two years.

我們已經看到——我的意思是，我們已經看到整個抵押貸款市場在過去兩年中跌至谷底。

And the team has really, first of all, controlled cost and made some real timely investments as well as cost savings.

首先，該團隊確實控制了成本，並及時進行了一些投資以及節省成本。

Q3 was our strongest quarter.

第三季是我們表現最強勁的一個季度。

We did kind of turn a corner there, as you mentioned.

正如您提到的那樣，我們確實在那裡扭轉了局面。

We continue to look for the loan officers and originators who are really, quite frankly, the teams that our agents want, right?

我們繼續尋找貸款人員和發起人，坦白說，他們確實是我們的代理商想要的團隊，對嗎？

And so Robert says it often, we don't do anything that our agents don't ask for, and we work for them.

所以羅伯特經常說，我們不會做我們的經紀人不要求的任何事情，我們是為他們工作。

And so I think what the team has really done is been able to focus in our markets that we're in.

因此我認為團隊真正做的就是能夠專注於我們所在的市場。

At this point, we're not expanding as much as we're driving down deeper attach in the markets we're in and really, quite frankly, working with the agents that we have, our best agents to determine who they support and work to grow originators and loan officers there.

目前，我們並沒有進行大規模擴張，而是在深入挖掘我們所處的市場，坦白說，我們正在與現有的代理商、我們最好的代理商合作，確定他們支持誰，並努力培養那裡的發起人和貸款人員。

So I'm pleased with the results.

所以我對結果很滿意。

We'll continue to grow and continue to make prudent investments with the right thing, but I think the connection between our teams and at OriginPoint and our agents and driving that partnership is going to continue to be a key for our success.

我們將繼續發展，並繼續在正確的事情上進行審慎的投資，但我認為我們團隊與 OriginPoint 以及我們的代理商之間的聯繫以及推動這種合作關係將繼續成為我們成功的關鍵。

That's very helpful.

這非常有幫助。

Thanks a lot.

多謝。

Jason Helfstein, Oppenheimer.

奧本海默的傑森‧赫爾夫斯坦 (Jason Helfstein)。

Hey, how is it going?

嘿，怎麼樣？

So I apologize if this was already answered.

如果這個問題已經得到解答，我深感抱歉。

So when we think about like your reverse prospecting and Make Me Sell products they're about to launch, what other companies -- or I guess you won't say which, but how many other companies out there have the scale to offer something similar?

因此，當我們考慮您的反向勘探和他們即將推出的 Make Me Sell 產品時，還有哪些公司——或者我猜您不會說是哪些，但還有多少其他公司有規模提供類似產品？

And I guess second question, how should we think about your ability to continue doing tuck-in acquisitions, let's say, into '25, kind of what's the likelihood that we continue to see acquisitions?

我想第二個問題是，我們該如何看待您繼續進行收購的能力，比如說，到25年，我們繼續進行收購的可能性有多大？

So let me start with the, I guess, the Latter.

因此，我想先從後者開始。

I think you'll continue to see us execute acquisitions.

我想你會繼續看到我們執行收購。

There's a strong pipeline of great companies with great leaders and great agents that we're -- we continue to speak with, and that's all moving well.

我們正與一群擁有優秀領導者和優秀代理商的優秀公司保持密切溝通，一切進展順利。

In terms of technology, let me start with Reverse Prospecting.

從技術方面來說，我先從反向勘探說起。

There is no other company that has 33,000 agents in almost every major market in the country that can go to the homeowners in their markets and say, I can let you know anytime any of our 30,000 agents nationally.

沒有其他公司像我們一樣在全國幾乎每個主要市場都擁有 33,000 名代理商，可以走到他們所在市場的房主面前說，我可以隨時通知您我們全國 30,000 名代理商中的任何一位。

And the millions of clients they serve have shared, viewed, commented, favorited your listing when they last viewed it, how many times they viewed it, how many comments there were.

他們服務的數百萬客戶都曾分享、瀏覽、評論、收藏過您的列表，包括他們上次瀏覽的時間、瀏覽次數、評論數。

So I can say, hey, Sharon, agent Sharon in our market, you have 18 comments with your client on a listing, come bring the buyers, let's make a transaction.

所以我可以說，嘿，莎倫，我們市場的經紀人莎倫，你和你的客戶對一個房源有 18 條評論，快來找買家，讓我們進行交易吧。

I've already -- we launched it yesterday.

我已經——我們昨天推出了它。

And we've already -- I've already had e-mails from agents saying that buyers came to the transaction and were sourced because of this.

我們已經——我已經收到代理商的電子郵件，他們說買家來參加交易並且是因為這個原因。

And I've heard the word game changer more times than I could count.

我已經無數次聽過「遊戲規則改變者」這個詞。

You can look at some of the social posts that agents have sent about it.

您可以查看經紀人發送的一些有關此事的社交貼文。

But it's -- we are unique in that we built our own platform.

但我們的獨特之處在於我們建立了自己的平台。

It's not a third-party platform.

它不是第三方平台。

It's our own.

這是我們自己的。

So you can constantly make more and more investments in it to display more things.

因此，您可以不斷對其進行越來越多的投資，以展示更多的東西。

In terms of Make Me Sell, remember, this was the #1 rated idea of any agents in the history of Compass.

就 Make Me Sell 而言，請記住，這是 Compass 史上所有代理商中評價最高的創意。

And what it was specifically is we have 100 million addresses in our CRM.

具體來說，我們的 CRM 中有 1 億個地址。

It's our CRM.

這是我們的 CRM。

It's not a third-party CRM.

它不是第三方 CRM。

And our platform is the same platform where agents can search for listings.

我們的平台和代理商搜尋房源的平台是同一個。

And so the idea is when I search for listings, let's call it, Soho Penthouses, it can tell me of the 300-odd Soho Penthouses, how many are in my CRM and how many are in other Compass agent CRM.

所以這個想法是，當我搜尋清單時，我們稱之為 Soho Penthouses，它可以告訴我 300 多套 Soho Penthouses，有多少套在我的 CRM 中，有多少套在其他 Compass 代理 CRM 中。

And so you can say, well, 80% of the Soho Penthouses, we are in our CRM.

因此您可以說，80% 的 Soho Penthouses 都位於我們的 CRM 中。

We as Compass, we know them.

身為Compass，我們了解他們。

And so then I can go to a buyer and say, I can give you access and help try to create listings that may not be available.

然後我可以去找買家說，我可以給你訪問權限並幫助嘗試建立可能無法使用的清單。

And then we are giving -- we have already given our agents the ability to put on all of their CRM contacts an aspirational Make Me Sell price.

然後，我們已經給予我們的代理商能力，讓他們可以在所有的 CRM 聯絡人上標註一個理想的「讓我賣」價格。

Most people, of course, don't want to sell, but if you ask them, if there -- what is the price that you would sell, most people will have a number.

當然，大多數人不想出售，但如果你問他們，你會以什麼價格出售，大多數人都會給出一個數字。

This idea actually came of adding the Make Me Sell because one of the top technology CEOs in the country, if not the world, want to buy a specific house.

這個想法實際上是由於添加「讓我賣」而產生的，因為該國（如果不是世界上）頂尖的技術 CEO 之一想要購買一套特定的房子。

And that house was not available, because it wasn't available.

而且那棟房子也賣不出去，因為根本買不到。

And so the agent went to that house, knocked on the door and then put in a Latter.

於是經紀人來到那所房子，敲門並把支票放進去。

And then that Latter -- in the Latter said, I have a buyer who's willing to pay almost anything that you can imagine, would you be willing to sell?

然後後者——後者說，我有一個買家，他願意支付幾乎任何你能想到的價格，你願意賣嗎？

And then the seller sold.

然後賣家就賣了。

And so what we're doing, like with everything we do, we observe how agents, the best agents help their clients, and we try to empower it through software.

因此，我們所做的，就像我們所做的一切一樣，我們觀察代理商，最好的代理商如何幫助他們的客戶，我們嘗試透過軟體來增強它。

And so in this overall process of Make Me Sell, we're almost in a different way to describe it, we're digitizing door knocking.

因此，在「Make Me Sell」的整個過程中，我們幾乎用不同的方式來描述它，我們將上門推銷數位化。

And it's something very old school, we're bringing into software.

我們將一些非常古老的東西引入軟體中。

That's helpful.

這很有幫助。

I appreciate the caller and looking forward to next year.

我感謝您的來電並期待明年的到來。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I wanted to ask about the strong principal agent net adds in the quarter.

我想詢問一下本季強勁的委託代理淨增情況。

I know you mentioned the agent retention and the 750 organic net-adds.

我知道您提到了代理商保留和 750 個有機淨增值。

Could you talk a little bit more about what's been driving that agent net add strength?

能否進一步談談推動代理商淨增實力的因素是什麼？

I think it was probably one of the stronger organic net add quarters that we've seen in some time.

我認為這可能是我們一段時間以來見過的更強勁的有機淨增值季度之一。

And if you could also discuss your outlook for net adds for the foreseeable future.

您還可以討論一下可預見的未來淨增值的前景嗎？

So I think Compass on a relative position has become stronger and better.

所以我認為指南針在相對地位上變得更強大、更好了。

We worked really, really hard to rebuild our culture.

我們非常非常努力地重建我們的文化。

We brought employees back full time into the office to support our agents well before most brokerages.

我們比大多數經紀公司更早讓員工重返辦公室全職為我們的代理商提供支援。

Some companies still aren't back in office.

有些公司仍未復工。

Agents -- what agents value, they value people and they value culture.

代理商——代理商看重的是人，他們看重的是文化。

And so it's hard to create a great culture virtually.

因此，實際上很難創造出偉大的文化。

And so that -- there's nothing that I could ask them that would help us more than if every one of our brokerage competitors decide to be completely virtual.

所以——如果我們的每個經紀競爭對手都決定完全虛擬化，那麼我能要求他們做的最好的事情就是幫助我們。

And we just have a very different philosophy.

我們的理念非常不同。

We -- and so I think that has been one thing that's really helped. 2, we -- what was surprising is this August 17 change, a lot of smaller brokerages, their agents said they had 0 training, 0 preparation.

我們——所以我認為這是真正有幫助的一件事。 2、我們——令人驚訝的是 8 月 17 日的變化，許多小型經紀公司，他們的代理人表示他們沒有接受過任何培訓，也沒有進行任何準備。

They felt scared and under prepared.

他們感到害怕並且準備不足。

And like I mentioned earlier, we had 66 national training sessions, 100 of local ones.

我之前提到過，我們舉辦了 66 次全國培訓，100 次地方培訓。

And we have incredible compliance, broker records, and we just did a lot there.

我們擁有令人難以置信的合規性和經紀人記錄，我們在那裡做了很多事情。

And so I think that was almost like a market opportunity come to Compass where you can get great training and great coaching and great support.

所以我認為這幾乎就像一個市場機會，來到 Compass 你可以得到很好的培訓、很好的指導和很好的支持。

Then the technology has really become an advantage.

那麼技術就真正成為優勢了。

I mean I call every principal agent that comes to Compass, I ask them why they come.

我的意思是我會給每一位來到 Compass 的首席代理商打電話，問他們為什麼要來。

It's well over 95% of the time, they say, it's rare that they don't say technology as a reason.

他們說，在超過 95% 的時間裡，他們很少不提到技術作為原因。

And so look, you should just call any agent that's come to Compass in the last year and say, why did you come?

所以，你應該給去年來過 Compass 的任何經紀人打電話，問他們，你為什麼要來？

You'll hear about technology.

您將會聽到有關技術的消息。

And then lastly, I think the brand of Compass two years ago was hurt by -- we were hurt for reasons that some fair and some not fair.

最後，我認為兩年前 Compass 品牌受到了傷害——我們受到傷害的原因有些公平，有些不公平。

And one that may not be fair is like from an investor perspective, we were the fastest to do rifts.

也許不太公平的是，從投資人的角度來看，我們是最快的出現裂痕的人。

We did three rifts within effectively seven months.

實際上，我們在七個月內完成了三次裂痕。

We didn't -- and now people are still doing rifts because they didn't do them back then.

我們沒有——而現在人們仍在做裂痕，因為他們當時並沒有這樣做。

So from your perspective, you say, hey, that was a great job.

所以從你的角度來看，你會說，嘿，那是一份很棒的工作。

But when you're the first to do rifts, three rifts in seven months in an industry that's covered by press every single day where they're saying, Oh, can go out to business all these rifts, like that was a problem.

但是，當你是第一個出現裂痕的人時，七個月內發生了三次裂痕，而這個行業每天都會受到媒體的報道，他們會說，哦，可以出去做生意了，所有這些裂痕都是一個問題。

And when the stock price went from where it was to where it went, that was a problem.

當股價從原來的位置波動到現在的位置時，就會出現問題。

But now others are doing rifts and we look stable for quite some time.

但是現在其他人都在做裂痕，我們看起來很穩定很久。

Now it's much more rare to see a negative article about Compass.

現在，關於Compass的負面文章已經很少見了。

And so I think we look like a leader, we look stable, and we look like we have a good culture.

因此，我認為我們看起來像一個領導者，我們看起來很穩定，而且我們看起來擁有良好的文化。

And I personally travel on average three days a week to visit agents and our employees across the country.

我個人平均每週出遊三天，拜訪全國各地的代理商和員工。

I visit open houses basically every weekend on Sunday during my personal time, bring my entire family to support agents that open houses.

我基本上每個週末的周日都會利用個人時間去參觀開放的房子，並帶著我的全家人去支持開放房子的經紀人。

And I put on social media to create a signal to the agents and employees that we care.

我透過社群媒體向代理商和員工發出訊號，表示我們關心他們。

We are all in.

我們都參與了。

We care about agents.

我們關心代理商。

And this -- literally this morning was talking to one of the great leaders in our space.

今天早上，我們剛剛與我們領域的一位偉大領導者進行了交談。

And he said, I track the fall of every brokerage firm back to -- I don't want to mention the names of them, but back to the '70s.

他說，我追溯了每一家經紀公司的衰落——我不想提及它們的名字，但可以追溯到 70 年代。

But these are all like the great names that aren't -- that kind of moved down.

但這些都像是沒有被銘記的偉大名字一樣——都被貶低了。

And I said, what was there a theme?

我說，主題是什麼？

And what he said that long, he said, it all came to when they lost their culture, where the management team stopped showing that they care more about the agent than anyone else.

他長期表示，這一切都是因為他們失去了自己的文化，管理團隊不再表現出對經紀人的關心勝過對其他人的關心。

And this is not going to happen here at Compass.

但這種事情在 Compass 是不會發生的。

In order to be successful at Compass as an employee, you need to love agents.

為了在 Compass 成為一名成功的員工，您需要熱愛代理商。

They are our clients.

他們是我們的客戶。

When they succeed, we succeed.

當他們成功時，我們就成功了。

That's the foundation of our business.

這就是我們業務的基礎。

We -- when I meet agents and some people say, hey, this is one of my top clients.

當我遇到經紀人時，有人會說，嘿，這是我的頂級客戶之一。

And so that's -- I think it's that culture with the other things we mentioned that's really helped us perform in this period of time.

所以——我認為正是這種文化以及我們提到的其他因素真正幫助我們在這段時間內取得了良好的表現。

But I'll pass it on to Kalani.

但我會把它傳給卡拉尼。

Yes.

是的。

Yes.

是的。

No, I think we're definitely feeling, Michael, the momentum that Robert is mentioning.

不，邁克爾，我想我們肯定感受到了羅伯特提到的勢頭。

I would just say to answer the second part of your question, we've recalibrated and extremely proud of our recruiting team, our strategic growth team.

我只想回答你問題的第二部分，我們已經重新調整了我們的招募團隊和策略成長團隊，我們對此感到非常自豪。

We should expect, to your question, about 700-plus principal agents added organically every quarter.

對於您的問題，我們預計每個季度都會有機增加約 700 多名主要代理商。

We're seeing the momentum.

我們看到了這股勢頭。

Folks are -- we have incentive plans and all of the right conversations locally to really win.

各位朋友，我們有激勵計劃以及所有正確的本地對話，以真正取得勝利。

So we should expect the 700.

因此我們預計該數字應為 700。

As a reminder, our 30 for 30 strategy is built on organic agent growth.

提醒一下，我們的 30 for 30 策略是建立在有機代理商成長的基礎上的。

So that 700 principal agents, some tuck-in M&As, as Jason asked, and then productivity from the platform that we've continued to enhance.

正如 Jason 所要求的，我們有 700 名主要代理商、一些附加併購，平台的生產力也不斷提高。

And so all of those things should continue as you're seeing this quarter.

因此，正如您在本季度看到的那樣，所有這些事情都應繼續下去。

Thank you for all that color, Robert.

謝謝你帶來這麼多色彩，羅伯特。

And thank you, Kalani.

謝謝你，卡拉尼。

Appreciate it.

非常感謝。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

Maybe 2, if I can.

如果可以的話，也許是 2。

First one for Robert.

第一個是羅伯特。

Just curious how you're thinking about the strategic roadmap and the implications for Clear Cooperation policy.

只是好奇您如何看待策略路線圖以及其對明確合作政策的影響。

This is maybe another way to put it, how much of your, call it, 18- to 24-month strategic roadmap hinges on changes around Clear Cooperation policy?

這或許是另一種說法，你們所謂的 18 到 24 個月的策略路線圖有多少取決於明確合作政策的變化？

And maybe how could we see that potentially change if there are not changes to be made?

如果沒有改變的話，我們怎麼能看到潛在的改變呢？

Yes.

是的。

Look, I want to reiterate that the core of our business is allowing the market to recover and keeping our OpEx growth at 3% to 4% organic OpEx growth of 3% to 4%.

我想重申，我們業務的核心是讓市場復甦，並保持我們的營運支出成長率在 3% 到 4% 之間，有機營運支出成長率在 3% 到 4% 之間。

So that's the core business that is the core of our strategy.

這就是我們策略的核心業務。

And then just being best in the world and making agents better.

然後成為世界上最好的，並讓經紀人變得更好。

And that's kind of what we have been and will continue to be.

這就是我們一直以來的狀態，並且將繼續如此。

Clear Cooperation is, I would call it, from your investor perspective is -- would be an upside case, a very likely upside case.

我認為，從投資者的角度來看，明確的合作是一種有利的情況，而且是非常有可能的有利情況。

And again, this is the only industry that I know of where people's asset, their hard work, the agent gets the listing.

再說一次，據我所知，這是唯一一個依靠人們的資產、他們的辛勤工作和經紀人來獲得上市的行業。

They build the relationship, they get the listing, they take the photos, they pay for the photos, and they are forced to put their entire listing and their photos into an MLS they cannot watermark it and the MLS watermarks it, they can't get any economics for their listing, but then the MLS can sell the listings to countless third parties.

他們建立關係，獲得房源訊息，拍照，付費拍照，然後被迫將整個房源資訊和照片放入 MLS，他們不能給房源加水印，MLS 也會給房源加水印，他們無法從房源資訊中獲得任何經濟效益，但 MLS 可以將房源資訊出售給無數第三方。

And so I think this is that to end.

所以我想這就可以結束了。

And I think the only reason it's lasted as long as it has is because people didn't fully understand what was happening.

我認為它之所以能持續這麼久，唯一的原因就是人們並沒有完全理解到底發生了什麼事。

But yes, it's not core -- I'd say, what is core to the strategy is inventory -- Compass will continue to help homeowners, list properties in ways that help homeowners more, not -- as opposed to the current environment where the industry is being forced to list properties in ways that help third-party lead diversion companies sell leads the best or help MLSs sell client data the best or help MLSs sell -- charge agent dues the best because they have 100% market share in order to do your job as an agent, you have to have access to MLS -- there's no competition in listing systems, right?

但沒錯，這不是核心——我想說，該策略的核心是庫存——Compass 將繼續幫助房主，以更有助於房主的方式列出房產，而不是——與當前環境相反，在當前環境下，該行業被迫以幫助第三方潛在客戶轉移公司以最佳方式銷售潛在客戶或幫助 MLS 以最佳方式銷售客戶數據或幫助 MLS 的管理方式沒有競爭，對嗎？

And so again, this thing -- it will end.

所以，這件事情將會結束。

It will become -- but I do believe in a strong MLS, all that said is I don't believe you should be able to force every homeowner in the country to do something they don't want to do.

它將成為——但我確實相信強大的 MLS，儘管如此，我不認為你應該能夠強迫這個國家的每個房主做他們不想做的事情。

And so we will get better and better at helping homeowners, and that will help us get more listings that will help listing agents get more listings that will make listing agents want to stay here.

因此，我們將越來越好地幫助房主，這將幫助我們獲得更多的房源，這將有助於掛牌代理商獲得更多的房源，這將使掛牌代理商願意留在這裡。

That will make listing agents want to come here.

這會讓上市代理商願意來這裡。

And we will lead the journey with other brokers, by the way, of having inventory be an asset, not just an input.

順便說一句，我們將與其他經紀人一起引領這一進程，讓庫存成為一項資產，而不僅僅是一種投入。

Got it.

知道了。

Very helpful.

非常有幫助。

And Kalani, maybe just one quick follow-up on the 30 for 30 program.

卡拉尼，也許我只是想快速跟進 30 for 30 計劃。

I think last call, you said you guys were a little more than halfway there.

我想上次你說你們已經完成了一半多一點。

Can you just talk about kind of the range of market shares within that group of 30 markets?

您能談談這 30 個市場的市佔率範圍嗎？

And then just should we be thinking about that 30% market share target being achieved?

那麼我們是否應該考慮實現 30% 的市佔率目標呢？

I think you said in '26, but I just want to clarify if that's the average of '26 or exiting '26.

我覺得你說過是在 26 年，但我只是想澄清一下，這是 26 年的平均值還是 26 年的平均值。

Yes.

是的。

I'll work backwards.

我會倒推。

We believe and we'll work to get faster, but we believe that, that rate is kind of exiting '26.

我們相信並且會努力加快速度，但我們相信，這個速度會令人興奮 26 年。

I think we're excited by the opportunity.

我想我們對這個機會感到非常興奮。

And I think when you look at it, we're looking for an average across.

我認為，當您觀察它時，我們正在尋找一個平均值。

So as we sit here today, we're probably halfway to it.

所以當我們今天坐在這裡時，我們可能已經完成了一半。

We have a few markets that are at or over.

我們有幾個市場已經達到或超過了這個水準。

We have a lot of markets kind of in that high-teens area and some markets that we just started going into as we went into the market downturn.

我們有許多處於高成長領域的市場，還有一些是我們剛在市場低迷時開始進入的市場。

And so we do believe we kind of run the full gamut in our top 30 markets, but we can see the markets, we can see the TAM, and we are operationally aligning all of our prioritization in the recruiting team, M&A to make sure we achieve it.

因此，我們確實相信我們在前 30 個市場中已經涵蓋了全部範圍，但我們可以看到市場，可以看到 TAM，並且我們在營運上調整了招募團隊、併購中的所有優先事項，以確保我們實現這一目標。

So, I do think we'll get there exiting '26 though, to answer your question directly.

因此，我確實認為我們會在 26 年之後到達那裡，直接回答你的問題。

Got it.

知道了。

Very helpful.

非常有幫助。

Thank you.

謝謝。

And with that, I will now turn the call back over to Founder and CEO, Robert Reffkin, to close this out.

現在，我將把電話轉回給創辦人兼執行長羅伯特‧雷夫金 (Robert Reffkin)，來結束本次會議。

Robert?

羅伯特？

Well, thank you for joining the call today.

好吧，感謝您今天的電話會議。

I just want to express my gratitude to all of our agents, to all of our employees as well as to all the shareholders.

我只想向我們所有的代理商、所有的員工以及所有的股東表示感謝。

Your commitment to Compass has driven our success and outperformance in a difficult market, and we've collectively put the company in a position to thrive as the market conditions improve.

您對 Compass 的承諾推動了我們在困難的市場中取得成功和優異表現，並且隨著市場條件的改善，我們共同使公司處於蓬勃發展的地位。

With that, thank you.

就這些，謝謝大家。

Have a great rest of your day.

祝您剩餘的時光愉快。

Thank you, Robert.

謝謝你，羅伯特。

And ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Again, thank you for joining, and you may disconnect.

再次感謝您的加入，您可以斷開連接。