Compass Inc (COMP) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to Compass, Inc.'s first-quarter 2025 earnings call. (Operator Instructions) I will now hand the conference over to Compass's Head of Investor Relations, Soham Bosley. Please go ahead.

女士們，先生們，感謝你們的到來，歡迎參加 Compass, Inc. 2025 年第一季財報電話會議。（操作員指示）現在我將把會議交給 Compass 的投資人關係主管 Soham Bosley。請繼續。

Thank you very much, operator. And good afternoon, everybody, and thank you for joining the Compass first-quarter 2025 earnings call. Joining us today will be Robert Reffkin, our Founder and CEO; and Kalani Reelitz, our Chief Financial Officer.

非常感謝，接線生。大家下午好，感謝大家參加 Compass 2025 年第一季財報電話會議。今天與我們一起出席的有我們的創辦人兼執行長 Robert Reffkin 和我們的財務長 Kalani Reelitz。

In discussing our company’s performance, we will refer to some non-GAAP measures. You can find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in our first-quarter 2025 earnings release posted on our Investor Relations website. We will make forward-looking statements that are based on our current expectations, forecasts, and assumptions, and involve risks and uncertainties.

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。您可以在我們投資者關係網站上發布的 2025 年第一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。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 second quarter of 2025 and full year 2025, including comments related to our expected financial results, operating expenses and free cash flow, as well as our expectations for operational achievements. Our actual results may differ materially from these statements.

這些聲明包括我們對 2025 年第二季和 2025 年全年的指導，包括與我們預期的財務表現、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。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. You should not place undue reliance on any forward-looking statements. All information in this presentation is as of today’s date, May 8. We expressly disclaim any obligation to update this information.

您可以在我們向美國證券交易委員會 (SEC) 提交的最新 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。您不應過度依賴任何前瞻性陳述。本簡報中的所有資訊均截至今天（5 月 8 日）。我們明確表示不承擔更新此資訊的任何義務。

I will now turn the call over to Robert Reffkin. Robert?

現在我將電話轉給羅伯特·雷夫金 (Robert Reffkin)。羅伯特？

Thank you for joining us today for our first-quarter conference call. I’m pleased to share that in the first quarter, the gap between Compass and the industry continued to widen. In Q1, we produced record adjusted EBITDA, increased market share to record levels, grew agent count to record levels, grew the title and escrow business to record levels, retained agents at industry leading levels, extended our unique inventory advantage and generated another quarter of positive free cash flow.

感謝您今天參加我們的第一季電話會議。我很高興地告訴大家，在第一季度，Compass與產業之間的差距持續擴大。在第一季度，我們創造了創紀錄的調整後 EBITDA，將市場份額提高到了創紀錄的水平，代理商數量增長到了創紀錄的水平，產權和託管業務增長到了創紀錄的水平，代理商數量保持在行業領先水平，擴大了我們獨特的庫存優勢，並創造了另一個季度的正自由現金流。

Revenue in the first quarter increased by 28.7% year-over-year. Total transactions and organic transactions increased by 27.8% and 7.3% year-over-year, respectively, as compared to the overall market where transactions decreased by 2.1%. So this means Compass’s total transaction count outpaced the market by close to 30% and Compass's organic transaction count outpaced the market by 9%.

第一季營收年增28.7%。總交易量和有機交易量分別較去年同期成長 27.8% 和 7.3%，而整體市場交易量則下降了 2.1%。這意味著 Compass 的總交易數量比市場高出近 30%，而 Compass 的有機交易數量比市場高出 9%。

In Q1 2025, we generated record Q1 adjusted EBITDA of $16 million, up from the negative $20 million in the year ago quarter. Both our Q1 revenue and adjusted EBITDA came within our stated guidance ranges. In the quarter, we also successfully recruited 700 gross principal agents organically to Compass, which is up 35% year-over-year and represents one of our highest recruiting quarters for principals. Our recruiting results this quarter illustrate that Compass’s value proposition is resonating better than ever in the marketplace.

2025 年第一季度，我們創造了創紀錄的第一季調整後 EBITDA 為 1,600 萬美元，高於去年同期的負 2,000 萬美元。我們第一季的營收和調整後的 EBITDA 均處於我們規定的指導範圍內。本季度，我們也成功為 Compass 招募了 700 名總委託代理人，年增 35%，是我們委託代理人招募最多的季度之一。我們本季的招募結果表明，Compass 的價值主張在市場上引起了比以往更好的共鳴。

Quarterly principal agent retention grew by 30 basis points year-over-year to a solid 96.6% in Q1. Momentum in our title and escrow business was strong, with attach rates up 695 basis points year-over-year. And during the quarter, we also closed the Christie’s International Real Estate acquisition, which as a reminder allows us to empower a completely new segment of the market, namely independent brokerages and broker owner entrepreneurs across both the US and international markets.

第一季度，季度委託代理人保留率年增 30 個基點，達到 96.6%。我們的產權和託管業務發展勢頭強勁，附加利率年增了 695 個基點。在本季度，我們也完成了對佳士得國際房地產的收購，這讓我們能夠賦能一個全新的細分市場，即美國和國際市場的獨立經紀公司和經紀商所有者企業家。

Kalani will touch on our progress on synergies in the business, but I’m excited to share that in the 2.5 months since close, we have already announced that four new affiliates have joined the network. And I’m pleased to report that our financial results and integration efforts are tracking ahead of plan.

Kalani 將談到我們在業務協同方面取得的進展，但我很高興地告訴大家，自交易結束後的兩個半月內，我們已經宣布有四家新的附屬公司加入了該網絡。我很高興地報告，我們的財務表現和整合工作正在提前完成計劃。

Revenue less commissions and other related expenses as a percentage of revenue in the fourth quarter was 18.4%, which is above the 17.5% reported in Q4 and above the 18.2% pro forma figure inclusive of the Christie's International business in Q4. Non-GAAP OpEx was $235 million in Q1, which includes part of the Christie’s International acquisition. But more importantly, we remain on track to achieve organic OpEx goal of 3% to 4% growth for the year.

第四季營收減去佣金和其他相關費用佔收入的百分比為 18.4%，高於第四季報告的 17.5%，也高於第四季包含佳士得國際業務的 18.2% 的備考數字。第一季非公認會計準則營運支出為 2.35 億美元，其中包括佳士得國際收購的部分支出。但更重要的是，我們仍有望實現今年有機營運支出成長 3% 至 4% 的目標。

Our ability to control OpEx even while delivering significant top-line growth illustrates that OpEx management has become a core competency of Compass. And as we’ve said previously, our OpEx discipline is not temporary and is a permanent part of our strategy.

我們能夠在實現顯著的收入成長的同時控制營運支出，這表明營運支出管理已成為 Compass 的一項核心競爭力。正如我們之前所說，我們的營運支出紀律不是暫時的，而是我們策略的永久組成部分。

Now before I dive into our long-term strategy, I would like to address NAR’s decision to maintain clear preparation in late March. First, we continue to strongly and unequivocally believe in homeowner choice. I don’t know a homeowner who would say they want NAR, the MLS, or a portal to tell them how they must market their home.

現在，在我深入探討我們的長期策略之前，我想先談談 NAR 在 3 月底保持明確準備的決定。首先，我們繼續堅定地、毫不含糊地相信房主的選擇。我不知道有哪個房主會說他們希望 NAR、MLS 或門戶網站告訴他們如何行銷他們的房子。

Amidst all the negative narratives and the scare tactics, the one thing you aren’t going to hear is the voice of the party that is impacted the most here, the homeowner. So let me share the voice of the homeowner. After hearing about the benefits of pre-marketing, which include testing price, no days on market, no price drop history, building a buyer interest list, no algorithm evaluations lower than the list price on the listing page, no leads diverted to third-party agents that don’t know the property, the question homeowners ask us is what is the downside? And so what is the downside?

在所有的負面敘述和恐嚇策略中，你不會聽到受影響最大的一方——房主的聲音。那麼讓我來分享一下房主的聲音。在聽說了預售的好處之後，包括測試價格、無需上市天數、沒有降價歷史、建立買家興趣列表、沒有低於列表頁面上標價的算法評估、沒有將潛在客戶轉移到不了解房產的第三方代理商，房主問我們的問題是，預售有什麼缺點？那麼缺點是什麼呢？

There is no downside. The worst thing that happens is a homeowner gets an offer, and they have an opportunity to turn it down and go to the public sites with the benefit of price discovery from pre-marketing. That’s the downside, which means there is no downside. You don’t have to take an offer. You can always just reject the offer and go to the public sites with the benefit of pre-marketing.

沒有缺點。最糟糕的情況是，房主收到報價，他們有機會拒絕，並利用預先行銷中發現的價格優勢前往公共場所。這就是缺點，也就是說沒有缺點。您不必接受報價。您可以直接拒絕該提案並前往公共場所享受預先行銷的優惠。

And that’s the reason why nearly half of our clients in Q1, nearly 20,000 homeowners chose to go through the Compass 3-Phased Marketing Strategy because there is no downside. It’s just that simple.

這就是為什麼我們第一季近一半的客戶，近 20,000 名房主選擇採用 Compass 三階段行銷策略，因為它沒有任何不利之處。就這麼簡單。

Second, I want to make clear that under NAR’s updated policy, as well as Zillow’s new policy, office exclusives or what we have termed them as Compass private exclusives are still permitted. Third, Compass was founded to help agents grow their business and better serve their clients. And the Compass 3-Phased Marketing Strategy helps agents grow their business and better serve their clients. And that’s why it will only continue to grow over time.

其次，我想明確指出，根據 NAR 更新後的政策以及 Zillow 的新政策，辦公室獨家代理或我們稱之為 Compass 私人獨家代理仍然是允許的。第三，Compass 成立的目的是幫助代理商擴展業務並更好地服務客戶。Compass 三階段行銷策略可協助代理商拓展業務並更好地服務客戶。這就是為什麼它只會隨著時間的推移而不斷增長。

Lastly, it’s important to recognize that Compass didn’t make up the concept of private exclusives. Homeowners have been asking agents across brokerages and across markets for off MLS options for decades. Compass just responded to homeowner demand in a national systematic tech forward way and made off MLS marketing options available to all homeowners through the Compass platform.

最後，重要的是要認識到 Compass 並沒有創造私人獨家的概念。幾十年來，房主一直在向各個經紀公司和各個市場的代理商詢問 MLS 以外的選擇。Compass 以全國系統化的技術進步方式回應了房主的需求，並透過 Compass 平台為所有房主提供了 MLS 行銷選項。

Again, this isn’t about what Compass wants. It’s about what homeowners want. Homeowners want more choice, not less choice. And Compass believes in homeowner choice. It’s hard for me to see a scenario where over time choice doesn’t win. However, portals and MLSs are now using their dominance to discourage sellers from testing off MLS marketing options, similar to how incumbents in other industries such as cable and music try to raise switching costs.

再說一遍，這與 Compass 想要的無關。這取決於房主的願望。房主想要更多的選擇，而不是更少的選擇。Compass 相信房主的選擇。我很難想像隨著時間的推移，選擇無法獲勝的情景。然而，門戶網站和 MLS 目前正在利用其主導地位來阻止賣家嘗試 MLS 行銷選項，類似於有線電視和音樂等其他行業的現有企業試圖提高轉換成本的方式。

In both industries, the incumbents tried to block change by making it harder to leave, but that strategy only made consumers more aware of their dissatisfaction and sped up the shift off their platforms. The same is now happening in real estate. MLSs and portals are raising friction to discourage homeowners and listing agents from marketing off MLS. But that resistance is increasing the migration to off MLS alternatives because it’s making listing agents increasingly question the risk of MLS exposure for their clients, which are days on market, price drop history, diverted buyer inquiries, valuation estimates less than the value of the house. And ultimately, this is creating less trust with the people that give these platforms their inventory.

在這兩個行業中，現任者都試圖透過提高退出難度來阻止變革，但這種策略只會讓消費者更加意識到自己的不滿，並加速他們離開其平台的速度。如今，房地產領域也出現了同樣的情況。MLS 和入口網站正在增加摩擦，以防止房主和掛牌代理商在 MLS 之外進行行銷。但這種阻力正在增加向非 MLS 替代方案的遷移，因為它使掛牌代理商越來越質疑其客戶接觸 MLS 的風險，這些風險包括上市天數、價格下跌歷史、轉移的買家詢問、估值低於房屋價值。最終，這會降低向這些平台提供庫存的人們的信任。

Agents aren’t stupid. If you need to find them and ban them to keep them on your platform, then clearly there is something wrong with your platform. As a result, I expect over the next year to see more private listings than ever before, which will only extend Compass's inventory advantage.

經紀人並不傻。如果您需要找到他們並禁止他們繼續留在您的平台上，那麼顯然您的平台有問題。因此，我預計明年私人上市的數量將比以往任何時候更多，這只會擴大 Compass 的庫存優勢。

Now I’d like to wrap up my comments with an overview of our long-term strategy. At its core, our strategy remains unchanged and includes, first and foremost, controlling our organic OpEx at 3% to 4% annual growth even as transactions recover from $4 million existing home sales for the past two years back to the $5.4 million to $5.6 million mid cycle level. We believe Compass is one of the best ways for public market investors to participate in that recovery.

現在，我想透過概述我們的長期策略來結束我的評論。我們的核心策略保持不變，其中最重要的是，即使交易量從過去兩年的 400 萬美元現有房屋銷售額恢復到 540 萬美元至 560 萬美元的中期水平，我們也仍將有機運營支出控制在 3% 至 4% 的年增長率。我們相信 Compass 是公開市場投資者參與復甦的最佳方式之一。

Secondly, Compass will continue to outgrow the market by adding agents organically, by executing accretive M&A, and by using the Compass platform to enhance agent productivity. Starting with organic growth, we believe there’s a long runway of incredibly talent agents that we’d love to see at Compass.

其次，Compass 將透過有機增加代理商、執行增值性併購以及使用 Compass 平台來提高代理商的生產力，繼續超越市場。從有機成長開始，我們相信，Compass 擁有大量才華橫溢的經紀人，我們非常樂意看到他們加入。

On M&A, with roughly 80% of the US markets generating less than $10 billion in GTV last year and only 22 brokerages generating more than $10 billion in GTV, there is a significant amount of fragmentation that exists in the brokerage market today. Our M&A pipeline remains healthy today, and as a reminder, we continue to target brokerages within the 4 to 6 times EBITDA multiple range.

在併購方面，去年大約有 80% 的美國市場產生的 GTV 不足 100 億美元，只有 22 家經紀公司的 GTV 超過 100 億美元，目前經紀市場存在相當程度的分散性。如今，我們的併購管道依然健康，需要提醒的是，我們將繼續瞄準 EBITDA 倍數在 4 至 6 倍範圍內的經紀業務。

Next, we will expand margins by increasing attach of title, escrow and mortgage while also growing the Christie’s International Real Estate affiliate business long term, with a longer-term opportunity to stack other higher margin revenue streams such as home insurance, home warranty, move in services, home improvement, leads and data. In our T&E business, we are seeing evidence that we can more than double our unit economics per brokerage transaction as we integrate the business further into our platform using features such as One-click title. Here are some illustrative unit economics to consider.

接下來，我們將透過增加產權、託管和抵押貸款來擴大利潤率，同時長期發展佳士得國際地產的附屬業務，並有更長期的機會積累其他更高利潤的收入來源，如房屋保險、房屋保修、搬家服務、家居裝修、潛在客戶和數據。在我們的差旅與娛樂業務中，我們看到證據表明，隨著我們使用「一鍵標題」等功能將業務進一步整合到我們的平台中，我們可以使每筆經紀交易的單位經濟效益增加一倍以上。以下是一些需要考慮的單位經濟學說明。

First, our T&E business can generate $5,000 of revenue per transaction compared to the $25,000 of revenue per transaction for a brokerage transaction on an ASP of $1 million. Given that we are targeting an adjusted EBITDA margin of 25% to 30% on each T&E transaction long term, the adjusted EBITDA contribution can actually be in line with that of a brokerage transaction over time despite the lower revenue contribution. Said another way, attaching a T&E transaction to a brokerage transaction can almost double our unit economics.

首先，我們的差旅與娛樂業務每筆交易可產生 5,000 美元的收入，而平均銷售價格為 100 萬美元的經紀交易每筆交易可產生 25,000 美元的收入。鑑於我們長期的目標是將每筆差旅與娛樂交易的調整後 EBITDA 利潤率保持在 25% 至 30% 之間，儘管收入貢獻較低，但調整後的 EBITDA 貢獻實際上可以與經紀交易的貢獻保持一致。換句話說，將差旅和費用交易附加到經紀交易中幾乎可以使我們的單位經濟效益翻倍。

Second, in addition to attaching more T&E, we also operate a mortgage JV with guaranteed rate, where longer term we are targeting adjusted EBITDA margins in the 25% range at scale. Operating our mortgage business through a JV structure means that we don’t recognize any revenue in the P&L. But the bottom-line contribution can, in many cases, be higher than a T&E transaction because of how much revenue we earn per transaction.

其次，除了增加差旅和費用外，我們還經營一家具有保證利率的抵押貸款合資企業，長期來看，我們的目標是將調整後的 EBITDA 利潤率規模控制在 25% 左右。透過合資結構經營我們的抵押貸款業務意味著我們不會在損益表中確認任何收入。但在許多情況下，由於我們每筆交易所賺取的收入，底線貢獻可能高於差旅費用交易。

Lastly, our affiliate opportunity is a new long tail opportunity that we believe can help us both expand into new markets in a capital light manner and be highly accretive to our adjusted EBITDA margins as we expand the network. As we stated last quarter, we believe we can more than 5x the number of domestic Christie’s International Real Estate affiliates over time. And as a reminder, the business generates a 30% to 35% adjusted EBITDA margin for us.

最後，我們的聯盟機會是一個新的長尾機會，我們相信它可以幫助我們以輕資本的方式擴展到新市場，並在我們擴展網絡時大大增加我們的調整後 EBITDA 利潤率。正如我們上個季度所說，我們相信隨著時間的推移，我們可以將國內佳士得國際地產分支機構的數量增加 5 倍以上。提醒一下，該業務為我們創造了 30% 至 35% 的調整後 EBITDA 利潤率。

And so bringing it all together, we believe that by sticking to our core strategy alone, we can generate hundreds and hundreds of millions in adjusted EBITDA and free cash flow for our shareholders over time. And our results over the last few quarters are showing this ramp. Also, as we have discussed in the past, we believe we can leverage our structural advantages to create increasing network effects that drive our strategy and includes our platform, our national scale, our network of top agents, and depth of inventory in local markets.

總而言之，我們相信，只要堅持我們的核心策略，我們就能隨著時間的推移為股東創造數億美元的調整後 EBITDA 和自由現金流。我們過去幾季的業績也顯示出了這種成長趨勢。此外，正如我們過去所討論過的，我們相信我們可以利用我們的結構優勢來創造不斷增強的網絡效應，從而推動我們的戰略，包括我們的平台、我們的全國規模、我們的頂級代理網絡以及本地市場的庫存深度。

Now let me hand it over to Kalani to go through our financials in more detail.

現在，讓我將話題交給卡拉尼，讓他更詳細地介紹我們的財務狀況。

Thank you, Robert. Summarizing our financial results for the quarter, our first-quarter revenue was $1.36 billion, an increase of 28.7% from the year-ago period. While M&A contributed to the year-over-year growth in revenue, even excluding M&A, revenue increased 14.6% on an organic basis.

謝謝你，羅伯特。總結本季的財務業績，我們的第一季營收為 13.6 億美元，比去年同期成長 28.7%。儘管併購促進了收入的同比增長，但即使不包括併購，收入也實現了 14.6% 的有機增長。

Despite the strong year-over-year growth, our revenue was near the low end of our revenue guidance for the quarter, which reflects some slowdown we saw in the latter half of March that we believe was due to market uncertainty driven by tariff discussions at the time. Of note, existing home sales in March per NAR were at their lowest levels of any March since 2009.

儘管同比增長強勁，但我們的收入接近本季度收入預期的低端，這反映了我們在 3 月下半月看到的一些放緩，我們認為這是由於當時關稅討論引發的市場不確定性造成的。值得注意的是，根據 NAR 數據，3 月現房銷售量處於 2009 年以來 3 月的最低水準。

And due to the seasonality of our business, the month of March always represents the largest revenue month of the first quarter. So this market volatility had a more outsized impact on our realized revenue compared to the expectations we put out in mid-February.

由於我們業務的季節性，三月始終是第一季收入最高的月份。因此，與我們 2 月中旬提出的預期相比，此次市場波動對我們的實際收入產生了更大的影響。

Transactions for the quarter increased 27.8% or 7.3% on an organic basis, which compares very favorably to the overall market where transactions declined by 2.1%. This outperformance of the industry is also reflected in our market share, which was 6% in the quarter, an increase of 125 basis points from the year-ago period and a 95 basis point increase from Q4.

本季交易量成長 27.8%，有機成長 7.3%，與交易量下降 2.1% 的整體市場相比，表現非常有利。我們的市佔率在本季為 6%，比去年同期增加了 125 個基點，比第四季增加了 95 個基點，這也反映出了我們優於該行業的優異表現。

Gross transaction value was $52 billion in the first quarter, an increase of 30.7% from a year ago, reflecting the 28% increase in total transactions, combined with a slight increase in average selling price of about 2.5%. Our average selling price was higher by 10% on an organic basis. But the Latter Blum and Parks acquisitions in 2024 and the Christie’s International real estate acquisition earlier this year all have lower average selling prices compared to our organic businesses, which reduced the overall increase in average selling price.

第一季總交易額為 520 億美元，比去年同期成長 30.7%，反映出總交易量成長 28%，同時平均售價略有上漲約 2.5%。我們的平均售價有機上漲了 10%。但 2024 年收購的 Blum 和 Parks 以及今年稍早收購的佳士得國際房地產的平均售價均低於我們的有機業務，從而降低了平均售價的整體漲幅。

Our commission and other related expenses as a percent of revenue was 81.6%, an improvement of 24 basis points compared to Q1 of last year at 81.8%. Consistent with our comments last quarter, we expected the acquisition of Christie’s International Real Estate to favorably impact this metric, which is reflected in the results.

我們的佣金和其他相關費用佔收入的百分比為 81.6%，與去年第一季的 81.8% 相比提高了 24 個基點。與我們上個季度的評論一致，我們預計收購佳士得國際房地產將對這一指標產生積極影響，這反映在結果中。

Excluding M&A, our commissions and other related expenses as a percent of revenue increased 38 basis points. We are okay with this trade off today, given that our highest producing agents are also taking share in the current environment. But over the long term, we also remain focused on recruiting the up and coming agents that come at a much better split than our highest producing agents.

不包括併購，我們的佣金和其他相關費用佔收入的百分比增加了 38 個基點。考慮到我們產量最高的代理商在當前環境下也佔有一席之地，我們今天可以接受這種權衡。但從長遠來看，我們仍將重點招募有前途的代理商，他們的分成將比我們業績最好的代理商要好得多。

Our total non-GAAP operating expenses were 235 million in Q1, an increase from $211 million of OpEx in the year ago period, which was driven by M&A, including the OpEx we assumed from the January 13, 2025 acquisition of Christie’s International Real Estate and the acquisition of Latter & Blum and Parks Real Estate in the second quarter of 2024.

我們第一季的非 GAAP 營運支出總額為 2.35 億美元，高於去年同期的 2.11 億美元，這主要是由於併購活動所致，包括我們假設的 2025 年 1 月 13 日收購佳士得國際地產以及 2024 年第二季度收購 Latter & Blum 和 Parks Real Estate 所產生的營運支出。

It’s worth repeating that we remain maniacally focused on keeping our annual organic OpEx growth to 3% to 4%, excluding the impact of M&A. And based on our Q1 results, we are tracking in line with this goal. We are also making good progress on our integration work with Christie’s International Real Estate acquisition. And we’re tracking ahead of our stated synergy goals when we announced this transaction. I’m very pleased with how well the respective teams are working together in such a short time frame since the January closing for what has been the largest acquisition we’ve done.

值得重申的是，我們仍然瘋狂地專注於將年度有機營運支出成長率保持在 3% 至 4%（不包括併購的影響）。根據我們第一季的業績，我們正在朝著這個目標前進。我們在佳士得國際房地產收購的整合工作上也取得了良好的進展。當我們宣布這項交易時，我們正在提前實現我們所述的協同目標。我很高興看到自一月結束以來，各個團隊在如此短的時間內合作得如此順利，這是我們迄今為止完成的最大一筆收購。

When modeling OpEx for the year, keep in mind that the Christie’s International Real Estate acquisition was completed on January 13, so only half a month of January’s OpEx is reflected in Q1. Also, as a reminder, while much of our OpEx is somewhat fixed in nature, there is some seasonality related to the timing of our annual employee compensation cycles and the timing of when agent marketing expenses are incurred, such that we tend to see a slight step up in OpEx for Q2 compared to Q1.

在為年度營運支出建模時，請記住佳士得國際房地產收購已於 1 月 13 日完成，因此 1 月營運支出中只有半個月反映在第一季。另外，需要提醒的是，雖然我們的大部分營運支出在本質上是固定的，但我們的年度員工薪酬週期的時間以及代理商行銷費用發生的時間具有一定的季節性，因此我們往往會看到第二季度的營運支出與第一季度相比略有上升。

Our adjusted EBITDA for the first quarter was a new record for us as it was the first time we’ve ever achieved positive adjusted EBITDA in the first quarter of any year. Adjusted EBITDA was $15.6 million, which was within our guidance range of $11 million to $25,000,000 and a strong improvement from the loss of $20.1 million a year ago. GAAP net loss was $51 million in Q1 compared to the GAAP net loss of $133 million a year ago, which includes the $57.5 million charge for the settlement of our antitrust litigation in the year ago period.

我們第一季的調整後 EBITDA 創下了新紀錄，因為這是我們有史以來第一次在一年中的第一季實現正調整後 EBITDA。調整後的 EBITDA 為 1,560 萬美元，符合我們 1,100 萬美元至 2,500 萬美元的指導範圍，與一年前 2,010 萬美元的虧損相比有大幅改善。第一季 GAAP 淨虧損為 5,100 萬美元，去年同期 GAAP 淨虧損為 1.33 億美元，其中包括去年同期反壟斷訴訟和解費用 5,750 萬美元。

As a reminder, the non-GAAP operating results amid certain expenses that we exclude from the calculation of adjusted EBITDA, which are reconciled to our GAAP operating results on pages 12 and 13 in our Q1 investor deck. We generated $19.5 million in free cash flow in the first quarter, which was not only an improvement over the $5.9 million of free cash flow from Q1 2024, but also a new record level of free cash flow for the first quarter.

提醒一下，非 GAAP 經營業績包含了某些費用，我們在計算調整後的 EBITDA 時將其排除在外，這些費用與我們第一季度投資者報告第 12 頁和第 13 頁上的 GAAP 經營業績相協調。我們在第一季產生了 1,950 萬美元的自由現金流，這不僅比 2024 年第一季的 590 萬美元自由現金流有所改善，而且創下了第一季自由現金流的新紀錄。

It’s important to note that for the last two quarters, our free cash flow exceeded adjusted EBITDA levels, which is not typical. Some favorable timing of working capital changes helped with these cash flow results, and we’d expect to give back some of the favorability in Q2. Also, as a reminder, we have the second half of our class action settlement payment due in Q2 in the amount of approximately $29 million, which will negatively impact free cash flow.

值得注意的是，在過去兩個季度中，我們的自由現金流超過了調整後的 EBITDA 水平，這並不常見。一些有利的營運資本變動時機有助於這些現金流結果，我們預計第二季將恢復一些有利因素。另外，需要提醒的是，我們將於第二季支付集體訴訟和解金的後半部分，金額約為 2,900 萬美元，這將對自由現金流產生負面影響。

We ended the first quarter with a $127 million of cash and cash equivalents on our balance sheet and $50 million outstanding on our revolver. The decrease in cash this quarter was largely due to the cash portion of the purchase price for the Christie’s International Real Estate acquisition of about a $150 million, which was funded by cash on hand along with a $50 million draw on our revolver.

截至第一季末，我們的資產負債表上有 1.27 億美元的現金和現金等價物，循環信貸餘額為 5,000 萬美元。本季現金減少主要是因為佳士得國際房地產收購價的現金部分約為 1.5 億美元，這筆資金來自庫存現金以及我們循環信貸額度中的 5,000 萬美元。

Our weighted average share count for the first quarter was $550 million, which was in line with our guidance. As a reminder, the increase in our share count during the quarter was largely the result of 38.5 million shares, which represents the minimum number of shares that will be issued in connection with the Christie’s International Real Estate acquisition when the equity component of the purchase price and related collar adjustments is finalized in Q1 of 2026.

我們第一季的加權平均股數為 5.5 億美元，符合我們的預期。提醒一下，本季度我們股份數量的增加主要是因為發行了 3,850 萬股，這是在 2026 年第一季最終確定購買價格的股權部分和相關的區間調整後，為收購佳士得國際地產而發行的最低股份數量。

Turning now to financial guidance. For Q2 of 2025, we expect revenue in the range of $2 billion to $2.15 billion and expect adjusted EBITDA to be in the range of $115 million to $135 million. The revenue guide does take into consideration some of the short-term volatility and revenue growth we discussed towards the March.

現在來談談財務指引。對於 2025 年第二季度，我們預計營收將在 20 億美元至 21.5 億美元之間，調整後的 EBITDA 將在 1.15 億美元至 1.35 億美元之間。收入指南確實考慮了我們在三月討論過的一些短期波動和收入成長。

And while we have factored in some of the volatility experienced in Q1 in the Q2 guide, it’s important to note that we still expect strong year-over-year growth and believe we will continue to outpace the overall market based on our forecast and external forecasters such as MBA. Also, consider the L&B and Parks acquisition occurred in April and May of 2024, respectively. So as of Q2, we have fully anniversaried those acquisition dates.

雖然我們在第二季指南中已經考慮到了第一季經歷的一些波動，但值得注意的是，我們仍然預計將同比增長強勁，並相信根據我們的預測和 MBA 等外部預測機構的數據，我們將繼續領先整體市場。另外，考慮到 L&B 和 Parks 的收購分別發生在 2024 年 4 月和 5 月。因此，截至第二季度，我們已經完全紀念了這些收購日期。

As it relates to OpEx, last quarter, we stated that we’re targeting a range of $1.005 billion to $1.03 billion in total OpEx for 2025, which included the incremental OpEx from the January 2025 acquisition of Christie’s International Real Estate. Since then, we’ve acquired Washington Fine Properties and a title company in Texas that will collectively add OpEx of about $12 million, resulting in an updated full year range of $1.017 billion to $1.042 billion. Importantly, we expect our organic like-for-like OpEx to grow in the 3% to 4% range, in line with our stated goal.

關於營運支出，上個季度，我們表示，2025 年的總營運支出目標在 10.05 億美元至 10.3 億美元之間，其中包括 2025 年 1 月收購佳士得國際地產產生的增量營運支出。此後，我們收購了華盛頓優質房地產公司和德州的一家產權公司，這將總共增加約 1,200 萬美元的營運支出，從而使全年營業額達到 10.17 億美元至 10.42 億美元。重要的是，我們預計我們的有機同類營運支出將成長 3% 至 4%，符合我們既定的目標。

We expect our weighted average share count for the second quarter to be between 560 million to 563 million shares. As a last point on guidance, we expect our stock based compensation expense to be in the $55 million range for the second quarter, which is an increase from the $30.4 million level from Q1. This increase is driven by the accounting rules for stock based compensation. And importantly, it does not change the anticipated dilution, which is expected to continue to approximate the 1% of additional dilution per quarter we’ve been guiding to.

我們預計第二季的加權平均股數將在 5.6 億股至 5.63 億股之間。作為指引的最後一點，我們預計第二季的股票薪資支出將在 5,500 萬美元左右，高於第一季的 3,040 萬美元。這一增長是由股票薪酬會計規則推動的。重要的是，它不會改變預期的稀釋度，預計稀釋度將繼續接近我們一直指導的每季 1% 的額外稀釋度。

To expand on this a little further, as a reminder, in 2022, we changed our method for employee equity grants to minimize the number of shares used from our authorized pool at the time when our stock price was down significantly. This resulted in no change to how we compensate our employee and no difference in the time periods the shares vest to the employees, but it allowed us to issue fewer shares upfront.

為了進一步說明這一點，需要提醒的是，2022 年，我們改變了員工股權授予方法，以盡量減少在股價大幅下跌時從授權池中使用的股票數量。這不會導致我們支付員工薪酬的方式改變，也不會導致員工獲得股票的時間改變，但卻讓我們能夠預先發行較少的股票。

However, now that our share price has recovered nicely, we have reverted back to our prior method of annual grants. And in Q2, we plan to grant the remaining share commitments for the prior years under our changed methodology. All that said, the accounting rules require us to set the amount of stock based compensation based on the stock price at the time of grant, not at the time of commitment. And, therefore, there is a timing difference between when the shares over these past couple of years were committed to when the stock was below $4, which is what drives dilution versus when they’re being granted at higher price points as high as $9 per share recently, and that is what drives the stock based compensation.

然而，現在我們的股價已經回升，我們又恢復了先前的年度授予方式。在第二季度，我們計劃根據改變後的方法授予前幾年剩餘的股份承諾。儘管如此，會計規則要求我們根據授予時的股票價格而不是承諾時的股票價格來確定股票薪酬的金額。因此，在過去幾年中，當股票價格低於 4 美元時，承諾授予股票的時間存在時間差，這是稀釋的原因，而當股票價格最近以每股 9 美元的更高價格授予時，這是導致股票薪酬的原因。

So again, to recap this, we’ve been guiding that the quarterly dilution for employee stock compensation has about 1% of the outstanding. And that will continue at those levels despite the increase you’ll see in stock based compensation lines. Importantly, and I want to make sure we’re crystal clear here, while a company’s stock based compensation levels are generally indicators of dilution, that isn’t the case here since this step up in stock based compensation is more of an accounting practice related item.

所以，再次總結一下，我們一直指導員工股票薪酬的季度稀釋約為流通股的 1%。儘管股票薪酬線有所增加，但這種狀況仍將持續下去。重要的是，我想確保我們在這裡非常清楚，雖然公司的股票薪酬水平通常是稀釋的指標，但這裡的情況並非如此，因為股票薪酬的增加更多的是與會計實踐相關的項目。

We expect to see the quarterly stock based compensation at this new level for the balance of 2025. And it will step down in 2026 and again in 2027 as these awards that were granted with a higher stock price vest out. Over the longer term, we expect to manage stock based compensation at closer to the $100 millino level annually.

我們預計 2025 年餘下的季度股票薪酬將達到這一新水平。隨著這些以較高股票價格授予的獎勵到期，該獎勵將於 2026 年和 2027 年再次下降。從長遠來看，我們預計股票薪酬將接近每年 1 億美元的水平。

As Robert started the call, Compass continues to execute against our strategy, and our record results confirm that we are focused on the right strategic priorities and are executing our strategies with excellence. Our record results are the clear result of the hard work of our incredible agents and the dedication of our team members who work tirelessly to deliver our mission. Thank you to our agents and employees for all you do for Compass.

正如羅伯特開始演講時所說，Compass 繼續執行我們的策略，我們的記錄結果證實，我們專注於正確的策略重點，並且正在出色地執行我們的策略。我們創下的成績顯然是我們出色的代理商的辛勤工作和我們團隊成員為完成我們的使命而不懈努力的奉獻的結果。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 the Q&A.

現在我想將電話轉給接線員開始問答環節。

(Operator Instructions) Chris Kuntarich, UBS.

（操作員指示）瑞銀 (UBS) 的 Chris Kuntarich。

Great. Thanks for taking the question. Just going -- let's start on the 1Q revenue. Could you just help us think about what revenue, or what was revenue growth tracking to ahead of the disruption in the latter half of March? And then as we think about the 2Q guide, what is revenue growth tracking in April?

偉大的。感謝您回答這個問題。讓我們先從第一季的營收開始。您能否幫助我們思考一下，在 3 月下半月發生中斷之前，收入是多少，或者收入成長追蹤情況如何？然後，當我們考慮第二季指南時，四月的營收成長情況如何？

I'll start it and I'll pass on to you, Kalani. Well, it’s not a surprise that the there’s volatility in March and in April. The talk of tariffs impacted March. The actual tariffs impacted April. We saw the S&P 500 down almost 17% and Nasdaq down more than 20% through the first of April. And March was also the lowest March on record in terms of transactions since 2009.

我先開始，然後交給你，卡拉尼。嗯，三月和四月出現波動並不奇怪。關稅討論影響了三月。實際關稅影響了四月。截至 4 月 1 日，我們看到標準普爾 500 指數下跌近 17%，那斯達克指數下跌超過 20%。3月份也是自2009年以來交易量最低的3月。

Yeah. I think, overall, what I believe we will see is this year to look a lot like last year. Prices will be relatively flat because we have more inventory. It’s almost 3% more inventory of single family homes than this time last year, and that more inventory reduces the pressure on prices. And so we’re seeing price relatively flat. In units, it looks like will be just modestly up. But Kalani, I’ll pass it on to you.

是的。我認為，總體而言，我們將看到今年的情況與去年非常相似。由於我們有更多的庫存，價格將相對穩定。與去年同期相比，單戶住宅庫存增加了近 3%，而庫存的增加則減輕了價格壓力。因此我們看到價格相對平穩。從單位數量來看，似乎只是略有上升。但是卡拉尼，我會把它傳給你。

Yeah, thanks Robert. Thanks, Chris, for the question. I think when you at Q1, I think we were probably tracking close to the midpoint of our guide and then we saw some of the volatility there. I think as we think about Q2 and April, I think April is tracking at our expectations.

是的，謝謝羅伯特。謝謝克里斯提出的問題。我認為，當您在第一季時，我們可能正接近指南的中點，然後我們看到了那裡的一些波動。我認為，當我們考慮第二季和四月時，四月將符合我們的預期。

When we look at the midpoint of our Q2 guide, we’re showing some really strong growth expectations. Our Q2 guide is a little lower than Q1, but I think the factors are what you would expect. I think we have built in some of the volatility impacts that we have seen in March into April. And in April, we’ve had dayfall adjustment of Easter in April, which actually has an impact on just activity.

當我們查看第二季指南的中點時，我們顯示出一些非常強勁的成長預期。我們的第二季指引比第一季略低，但我認為這些因素是您所預期的。我認為我們已經考慮到了 3 月至 4 月所見到的一些波動影響。而在四月份，我們對復活節進行了日照調整，這實際上對活動產生了影響。

And then Q2 was a much tougher comp year-over-year than Q2. And then finally, as expected, we anniversary Latter & Blum and our Parks acquisition. So overall, we’re seeing April at our expectations, and again, continue to see and expect us to outpace the market and win market share through Q2.

與去年同期相比，第二季的競爭更加激烈。最後，正如預期的那樣，我們迎來了 Latter & Blum 和 Parks 收購週年紀念日。因此，總體而言，我們認為 4 月的業績符合我們的預期，我們將繼續看到並預計我們在第二季將超越市場並贏得市場份額。

That's helpful. As we think about the disruption in the back half of March, my sense is that what you’re talking about is people are putting themselves on pause when they’re planning on completing a home purchase. Are you seeing any of those purchases? Like, how should we be thinking about the share of purchases that were completed so far through April?

這很有幫助。當我們思考三月下半月的混亂時，我的感覺是，你所說的是人們在計劃完成購房時暫停了自己。您看過這些購買行為嗎？例如，我們應該如何考慮截至四月已完成的購買份額？

And are there other case studies to look back when there were points of significant market disruption here when a part of a month or a full month has been disrupted here? How long it typically takes for some of those transactions to end up getting completed? Thanks.

當一個月的一部分或整個月出現重大市場混亂時，是否有其他案例研究可供回顧？這些交易通常需要多長時間才能完成？謝謝。

Yeah. Look. My my view is that the the loss was a temporary loss of transactions, not a permanent one. And so I would expect the full year transactions to be in line with what it would have looked like otherwise, just a deferral. That is if assuming we see stability in the markets and no more surprises like we saw with the talk of tariffs and the actual tariffs.

是的。看。我的觀點是，損失是暫時的交易損失，而不是永久性的。因此，我預期全年交易情況將與原本的情況一致，只是有所延期。假設我們看到市場穩定，不再出現像關稅談判和實際關稅那樣的意外情況。

But to answer your question, I think it’s more of a deferral demand, not an elimination of demand. Also, I would expect our agents to continue to gain share from agents outside of Compass. Our transactions our agents grew transactions, as mentioned earlier, 9% faster than the market or more than the market, and we expect that to continue.

但要回答你的問題，我認為這更多的是一種延期需求，而不是消除需求。此外，我希望我們的代理商能夠繼續從 Compass 以外的代理商獲得市場份額。我們的交易量、我們的代理商的交易量增長，正如前面提到的，比市場快 9% 或更多，我們預計這種情況將持續下去。

Jason Helfstein, Oppenheimer & Co.

傑森·赫爾夫斯坦（Jason Helfstein），奧本海默公司

Hi, this is [Steve Holman] on for Jason. So apologies if this has been asked already as we’re juggling several calls at once. Could you just, if possible, level set for investors what’s the latest with NAR’s clear cooperation policy? And is your sort of legal standing, for lack of a better term, of the three phased marketing strategy still intact?

大家好，我是 [Steve Holman]，代表 Jason。因此，如果這個問題已經被問到，我們深表歉意，因為我們同時在處理幾通電話。如果可能的話，您能否向投資者介紹 NAR 最新的明確合作政策？由於缺乏更好的術語，那麼，三階段行銷策略的法律地位是否仍然有效？

Yeah. No, I think I appreciate the legal standing because, yeah, they’re not laws. NAR is not the government. They’re not elected officials. So I appreciate that.

是的。不，我認為我很欣賞這種法律地位，因為，是的，它們不是法律。NAR 不是政府。他們不是民選官員。我很感激。

The CCP is ongoing. The NAR added one layer of flexibility to expand choice. It’s worth noting, as mentioned on the call earlier. 3-Phased Marketing Strategy works under CCP and all of the the current rules, private exclusives coming soon, then moving to the MLS and the portal sites.

中共還在繼續。NAR 增加了一層靈活性以擴大選擇範圍。值得注意的是，正如之前電話中提到的那樣。三階段行銷策略在 CCP 和所有現行規則下運作，私人獨家即將推出，然後轉移到 MLS 和門戶網站。

As I mentioned earlier, in my prepared remarks, homeowners are looking for more choice. They’re not looking for less choice. And Compass supports homeowner choice. And the Compass 3-Phased marketing Strategy does exactly that instead of just one launch. You get three launches, and you get a test price privately without the risk of days on market or price drops.

正如我之前在準備好的演講中提到的，房主正在尋求更多的選擇。他們並不想減少選擇。Compass 支持房主的選擇。Compass 三階段行銷策略正是這樣做的，而不僅僅是一次發布。您可以獲得三次發布機會，並且可以私下獲得測試價格，而不用擔心上市時間或價格下降的風險。

36% of the homes on the market right now, single family homes, have a price drop. They all look like damaged goods. And when it’s a Compass private exclusive, it’s a Compass coming soon. There’s no days on market. There’s no price drop history.

目前市場上 36% 的房屋（獨棟住宅）價格均有所下降。它們看起來都像是破損的貨物。當它是 Compass 私人獨家產品時，它就是即將推出的 Compass。市場上沒有日子。沒有降價歷史。

And so it protects homeowners, with their -- \from that risk. And, again, homeowners should have the choice on how to market their private property. It’s their home. It’s their private property. It’s often their most valuable asset, and Compass stands for homeowner choice.

因此，它可以保護房主及其家人免受這種風險。再次強調，房主應該有權選擇如何出售自己的私人財產。這是他們的家。這是他們的私有財產。這通常是他們最寶貴的資產，而 Compass 代表著房主的選擇。

Bernie McTernan, Needham & Company.

麥克特南 (Bernie McTernan)，Needham & Company。

Great. Thanks for taking the question. And Robert, just to follow-up on that. So I get the point that 3-Phased Marketing is still a priority, but are you okay with your houses or with inventory not being available on Zillow? Or just what the response has been from agents? Just trying to -- as as things are still being worked out in the industry, what’s happening real time?

偉大的。感謝您回答這個問題。羅伯特，我只是想跟進一下這一點。所以我明白三階段行銷仍然是優先事項，但您是否接受您的房屋或庫存在 Zillow 上不可用？或只是代理商的反應是什麼？只是想——由於行業內的事情還在解決中，實時發生了什麼？

Yes. Again, this is about choice versus control. Compass stands for homeowner choice, and so homeowners have a choice on how to market their home. You can market your home with a 3-Phased Marketing Strategy. You can market it without the 3-Phased Marketing Strategy. You can market it with a 3-Phased Marketing Strategy where it goes to Zillow and everyone else. You can market in a different way. It’s the homeowner’s choice.

是的。再次強調，這是選擇與控制的問題。Compass 代表房主的選擇，因此房主可以選擇如何行銷他們的房屋。您可以使用三階段行銷策略來推銷您的房屋。您無需採用三階段行銷策略即可進行行銷。您可以使用三階段行銷策略進行行銷，將其推廣到 Zillow 和其他所有人。您可以採用不同的方式進行行銷。這是房主的選擇。

And so this is about choice, again, versus control. And I don’t know a homeowner who wants NAR, the MLS, or a portal to tell them how to market their home.

所以這又是關於選擇與控制的問題。我不知道有哪個房主希望 NAR、MLS 或門戶網站來告訴他們如何行銷自己的房子。

Got it. Understood. And post these, these NAR changes, has there been any change in the organic recruiting effort for the for the company? I’m assuming that 3-Phased Marketing was a was a big push and not sure if and just wanted to see if agents are still responding to that value proposition.

知道了。明白了。在發布這些 NAR 變更之後，公司的有機招募工作有什麼變化嗎？我認為三階段行銷是一個巨大的推動，但不確定是否如此，只是想看看代理商是否仍在響應該價值主張。

Yeah. I think you can see that the percentage of homeowners working with their agents to market their home having elected to use the commerce through phased marketing strategy. You can see that from those numbers that the demand continues to be strong. I think what I would say are top agents, luxury agents, it resonates more with them because, clearly, if the benefits of testing price premarketing, the higher up the price point, the more it tends to resonate. Although it resonates across price points more in the luxury segment.

是的。我想你可以看到，很多房主選擇透過分階段的行銷策略與代理商合作來推銷他們的房屋。從這些數字可以看出，需求持續強勁。我想說的是頂級經紀人、豪華經紀人，這更能引起他們的共鳴，因為很明顯，如果在行銷前測試價格的好處是價格點越高，就越容易引起共鳴。儘管它在奢侈品領域的各個價位上引起了更大的共鳴。

So I think we continue to see that attraction. And look, I’m pleased to see other brokerages. I mean, the names of them, other great national brokerages with national presence offering choice and following Compass’s position, that homeowners should have more options than one option. And so premarketing and testing price through alternative listing methods has been adopted. And there have been announcements from other major brokerage firms along those lines over the last two months. And I think that’s a good thing for homeowner choice.

所以我認為我們會繼續看到這種吸引力。瞧，我很高興看到其他經紀公司。我的意思是，他們的名字，其他具有全國影響力的大型全國性經紀公司，提供選擇並遵循 Compass 的立場，即房主應該擁有不止一個選擇。因此我們採用了透過替代上市方式進行預先行銷和測試價格的方法。過去兩個月，其他大型經紀公司也發布了類似的公告。我認為這對房主的選擇來說是一件好事。

Yeah. Bernie, I would also add everything Robert said. I would also add just we expect we saw 700 organic agent ads this quarter. As we’ve said, we expect six to seven, even seven plus hundred.

是的。伯尼，我還要補充羅伯特所說的一切。我還要補充一點，我們預計本季我們將看到 700 個自然代理商廣告。正如我們所說，我們預計會有六到七人，甚至七百多人。

We continue to see momentum there. The reasons have not changed. Our platform, our technology continues to be the the strongest asset for agent recruiting. We see a ton of momentum there. Our inventory strategy, the depth of inventory, the 3-Phased Marketing, we continue to hear a lot of strong stories there helping recruiting.

我們繼續看到那裡的勢頭。原因沒有改變。我們的平台、我們的技術仍然是代理商招募最強大的資產。我們在那裡看到了巨大的發展勢頭。我們的庫存策略、庫存深度、三階段行銷，我們不斷聽到很多有助於招募的強而有力的故事。

And then I also I think it’s important to note that we are seeing competitors struggle to create value for agents, and that’s beginning to be a trend. A number of large brokers are cutting cost. Smaller brokers are lacking the tools and resources to invest. And while that’s happening, I think we’re making sure and agents are seeing that Compass is investing in agents, launching new technology, new tools, acquiring companies, and advancing our strategy around that inventory. So I think we are seeing continued favorable trends that we saw in Q4 and Q1, and that hasn’t stopped in Q2.

然後，我還認為值得注意的是，我們看到競爭對手正在努力為代理商創造價值，而這開始成為一種趨勢。許多大型經紀商正在削減成本。小型經紀商缺乏投資工具和資源。同時，我認為我們正在確保代理商能夠看到 Compass 正在投資代理商、推出新技術、新工具、收購公司並圍繞庫存推進我們的策略。因此我認為，我們將繼續看到第四季和第一季的良好趨勢，而這種趨勢在第二季也沒有停止。

Understood. And one more, if I could, just a quick one, the clarification on OpEx. Claudia, I know you mentioned how seasonality 2Q is normally higher than 3Q. Should two q be that number that we can kind of run rate for the rest of the year? Should we expect an additional step up from seasonality in the second half Thank you.

明白了。如果可以的話，我再快速澄清一下關於營運支出的問題。克勞迪婭，我知道您提到第二季的季節性通常高於第三季。2q 是否應該是我們可以在今年剩餘時間內運行的數字？我們是否應該預期下半年季節性因素會進一步上升？謝謝。

Yes. Q2 is probably the right proxy overall I think we guided to, Bernie. I would point you to we guided to kind of annualized, but that’s probably the right proxy generally, just because Q2 has the compensation level changes in Q2. So I would use Q2 but kind of be able to force through the the annual guidance that we have to kind of smooth out the remaining quarters.

是的。我認為 Q2 總體上可能是我們引導的正確代理，伯尼。我想指出的是，我們指導的是年化數據，但這可能通常是正確的代理，因為第二季度的薪酬水平發生了變化。因此，我會使用第二季度，但能夠強制執行年度指導，我們必須平滑剩餘的季度。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Good afternoon. Thank you very much for the questions. First, I wanted to ask about the principal agents and agent recruitment. I certainly appreciate the disclosures around the gross adds as a result of Christie’s and the organic adds. I was wondering if you could just talk a little bit about churn trends in the quarter and if there’s anything unusual that you would point to that may have caused churn in the quarter whether the environment or the deal itself?

午安.非常感謝您的提問。首先我想問一下關於委託代理和代理招募的問題。我當然很欣賞佳士得關於總加值和有機加值的揭露。我想知道您是否可以簡單談談本季的客戶流失趨勢，以及是否有任何異常情況可能導致本季的客戶流失，無論是環境還是交易本身？

And then second, one for Robert. Just on the 3-Phased Marketing Strategy, as you roll this out over the next couple of months and year, I was wondering if you could talk a little bit about what your yardstick for success of the strategy is, whether that’s agent recruitment or Compass market share gains. Would just love to hear a little bit more about that. Thank you.

其次，我要向羅伯特致敬。關於三階段行銷策略，隨著您在未來幾個月和一年內推出這項策略，我想知道您是否可以談談衡量該策略成功的標準是什麼，是代理商招募還是 Compass 市場份額的成長。我很想聽到更多關於這方面的資訊。謝謝。

Maybe I’ll start with the first question, and I’ll pass on to Kalani for the second. Look what Compass exists to make agents more successful. If we cannot make agents more successful, we have no reason to exist. We’re here to help agents realize their entrepreneurial potential.

也許我會先回答第一個問題，然後再交給卡拉尼回答第二個問題。看看 Compass 有什麼作用，可以讓代理商更成功。如果我們不能讓代理商更成功，我們就沒有存在的理由。我們在此幫助代理商實現他們的創業潛力。

The Compass 3-Phased Marketing Strategy does that. The unintended consequence of NAR rules, rules like CCP, are agents all look the same. On their own listings, their names are almost invisible on third-party sites. If they put a photo of -- if their headshot is in their photo, their signs in a photo or a video that they put into MLS, the MLS will take it down. So they make them invisible. They can’t watermark their own photos, then the MLS watermarks it.

Compass 三階段行銷策略就是這麼做的。NAR 規則（例如 CCP 規則）的意外後果是所有代理商看起來都一樣。在他們自己的清單中，他們的名字在第三方網站上幾乎看不見。如果他們把他們的頭像照片、他們的標誌照片或影片放入 MLS，MLS 就會刪除。所以他們讓它們變得隱形。他們不能為自己的照片加浮水印，然後 MLS 會為照片加浮水印。

And so with the Compass 3-Phased marketing strategy, it helps them differentiate. Instead of a one size fits all world where every agent works with their seller and just puts it in the MLS, and that’s their marketing plan. We have a 3-Phased Marketing plan with a lot of different benefits and strategies within each phase if you choose to use it. You test price privately, no days on market, no price drop history. We could build an interest list.

因此，Compass 的三階段行銷策略可以幫助他們實現差異化。而不是採用適合所有情況的模式，即每個代理商都與他們的賣家合作，然後將其放入 MLS，這就是他們的行銷計劃。如果您選擇使用，我們有一個三階段行銷計劃，每個階段都有許多不同的好處和策略。您私下測試價格，沒有上市天數，沒有價格下降歷史。我們可以建立一個興趣清單。

We can when other agents just wait until they wait weeks to put it into the MLS. The second we sign this listing agreement, we can put it in as a private exclusive and already start getting feedback on how the home is positioned. And so this is a tool. There’s an agent that said one of our top 10 agents said the answer to every client objection is private exclusives. Oh, you want to list it at $5 million? The comps are saying $4.5 million ?

當其他代理商需要等待數週才能將其放入 MLS 時，我們可以。我們簽署這份上市協議後，就可以將其作為私人獨家協議，並開始獲得有關房屋定位的回饋。這是一個工具。有一位經紀人說，我們前十名的經紀人之一表示，對每個客戶反對意見的答案都是私人專屬。哦，你想以 500 萬美元的價格出售它嗎？競爭對手說的是 450 萬美元？

Well, let’s test price privately as a private exclusive. So what success looks like is that our agents continue to have an edge, that our agents continue to differentiate, that our agents continue to outperform as we saw last quarter, and that our agents continue to get more listings as we can see in the data. And they continue to sell those listings at more attractive terms for the seller. So that is what success looks like. And because it’s creating that success is why it will continue despite organized real estate’s deep desire to restrict them and their homeowners from having choice. Kalani?

好吧，讓我們以私人獨家的身份私下測試價格。因此，成功的標準是，我們的代理商繼續保持優勢，我們的代理商繼續脫穎而出，我們的代理商繼續表現出色，正如我們上個季度所看到的那樣，我們的代理商繼續獲得更多的房源，正如我們在數據中所看到的那樣。並且他們繼續以對賣家更有吸引力的條件出售這些房產。這就是成功的樣子。正是因為它創造了這樣的成功，儘管有組織的房地產公司強烈希望限制他們和他們的房主的選擇，但它仍將繼續下去。卡拉尼？

Yes. Thanks, Michael. Just on your question on churn. Look, I think you’ve heard it. We’re pleased with the 700 gross agent ads, particularly in Q1. It’s just showing the the power of our platform and inventory strategy. I think my favorite sub metric there is with Christie's International Real Estate. We’ve added agents instead of churn.

是的。謝謝，麥可。只是關於您關於客戶流失的問題。瞧，我想你已經聽到了。我們對 700 個代理廣告總量感到滿意，尤其是在第一季。這只是展示了我們的平台和庫存策略的威力。我認為我最喜歡的子指標是佳士得國際地產。我們增加了代理，而不是流失了代理。

So that's the real positive. The churn we saw in Q1 was right in line with our historical levels. When we look at it, I think just recall that Q1 is typically when we go through our renewal process beginning of the year. So we typically see the highest amount of churn in first quarter. But to be completely transparent, we were laying on top of each other quarter one last year, quarter one this year on churn. So no significant change.

這才是真正的正面因素。我們在第一季看到的客戶流失率與我們的歷史水準一致。當我們看它時，我想只要回想一下，第一季通常是我們在年初經歷更新過程的時候。因此，我們通常在第一季看到最高的客戶流失率。但坦白說，去年第一季和今年第一季我們的客戶流失情況是重疊的。因此沒有顯著變化。

(Operator Instructions) Elizabeth Langan, Barclays.

（操作員指示）巴克萊銀行的伊麗莎白·蘭根 (Elizabeth Langan)。

Hi. Are you guys able to hear me?

你好。你們聽得到我說話嗎？

We are able to hear you. You can go ahead.

我們能聽到你的聲音。你可以繼續。

Okay. Great. Thank you very much. This is Elizabeth on for Matt today. I did have a couple questions actually about the private exclusive listings. I know that been a topic on the call so far, but I was wondering if you could talk about how agents are actually using it. Are you seeing people actually get those offers while they’re marketing it privately? Or are you still seeing people migrate to the public listings after going through that 3-Phased Marketing?

好的。偉大的。非常感謝。今天由伊莉莎白取代馬特主持。我實際上對私人獨家清單有幾個疑問。我知道這一直是電話會議中的一個話題，但我想知道您是否可以談談代理商實際上是如何使用它的。您是否看到人們在私下行銷時真正獲得了這些優惠？或者您仍然看到人們在經歷了三階段行銷之後轉向公開上市？

Yes, organized real estate. And I organized real estate, which are entities that use agents' listings to create market power to charge agents dues or to take their listings and monetize the homeowners' listings through referrals and selling leads. Organized real estate would have you believe that the only reason why people do private exclusives is doubling deals. The majority of our transactions that close as a private exclusive are co-broked with an agent at another brokerage firm. And to help dispute that fact, we encourage that.

是的，有組織的房地產。我組織了房地產，這些實體利用代理商的房源來創造市場力量，向代理商收取費用或獲取他們的房源，並透過推薦和銷售線索將房主的房源貨幣化。有組織的房地產會讓你相信人們進行私人獨家經營的唯一原因是為了增加交易量。我們以私人獨家代理形式完成的大多數交易都是與另一家經紀公司的經紀人共同完成的。為了幫助反駁這一事實，我們鼓勵這樣做。

We want to co broke. We co-broke with everyone. 94% of our listings, including the listings that start off as Compass private exclusives, are get to the MLS and the portal sites at Phase 3. What I would highlight is not the one phase marketing strategy. It’s the 3-Phased Marketing Strategy.

我們想合作。我們與所有人合作。我們的 94% 房源（包括最初作為 Compass 私人獨家房源）均已進入 MLS 和第 3 階段的門戶網站。我要強調的並不是單一階段的行銷策略。這是三階段行銷策略。

The goal is to get to the third phase. The private exclusives, when it’s a private exclusive, NAR is now allowing us, which is great to be able to share one on one our private exclusives with agents at other companies. And so I would expect that the vast majority of our private schools are shared with other brokers one on one.

目標是進入第三階段。私人獨家代理，當它是私人獨家代理時，NAR 現在允許我們與其他公司的代理商一對一地分享我們的私人獨家代理，這很棒。因此，我預計我們的絕大多數私立學校都會與其他經紀人一對一分享。

And we launched a digital book, and it’s also a a print one. But in our office to help dispute the claim that this is about double ending deals, and we’re inviting any agent from other broker firms to come over and look at our listings. Again, we want to co broke with everyone.

我們推出了電子書，同時也推出了印刷版。但在我們的辦公室，為了幫助反駁雙重交易的說法，我們邀請其他經紀公司的代理人過來查看我們的清單。再次，我們想與大家一起打破。

Contrary to what it may look like from the outside, CCP or clear cooperation is not a rule against private listings. If you can ask any agent, how long can you do a private listing? They’ll say for as long as you want. But then you ask them the question, how long can you publicly market a listing that’s not MLS? They’ll say one day.

與外界看起來的情況相反，中共或明確的合作並不是禁止私人上市的規定。如果您可以詢問任何代理商，您可以進行私人上市多久？他們會說只要你願意。但是，你隨後會問他們一個問題：你可以公開行銷非 MLS 房源多久？有一天他們會這麼說。

So clear cooperation is not a rule against private listings. That’s the marketing campaign they use. It mean that’s the marketing campaign of NAR. What clear cooperation is a rule against marketing a listing in any way outside of the MLS to. And so it the rule does make it hard to cooperate with agents outside of the MLS in their rules with days on market price drop history, not letting an agent have their face in their own photos, not letting them begin their own videos, not being able to own their own photos, like list could go on and on and on.

因此，明確的合作並不是禁止私募上市的規則。這就是他們採用的行銷活動。這意味著這是 NAR 的行銷活動。明確的合作是禁止以任何方式在 MLS 之外行銷房源的規則。因此，該規則確實使得與 MLS 以外的經紀人合作變得困難，他們的規則包括市場價格下降歷史天數，不允許經紀人在自己的照片中露面，不允許他們開始自己的視頻，不能擁有自己的照片，這樣的清單可以一直列下去。

But the goal is not to double in deals and to do inside deals. The goal is to give homeowners an alternative marketing method outside of just a single MLS. MLS is a great marketing tool. It’s a wonderful marketing tool. And I’d say half the MLSs give flexibility that I’m a percentage aligned with.

但目標不是增加交易量和進行內部交易。目標是為房主提供單一 MLS 之外的替代行銷方法。MLS 是一個很好的行銷工具。這是一個非常棒的行銷工具。我想說，一半的 MLS 都提供了彈性，我對此持一定比例的認同。

But there’s another half that are that have rules and restrictions that deeply hurt homeowners. And the 3-Phased Marketing Strategy is a way to get out from under the thumb of these rules that are anti homeowner, which I’ll close by saying clear cooperation does not have any restrictions for developers or homebuilders. Developers and homebuilders, the smartest, most sophisticated, the most profit driven people in real estate. They’ve been carved out of clear cooperation the entire time. And so that’s just not fair. That’s not right.

但另外一半的房屋都有規則和限制，這給房主帶來了很大的傷害。三階段行銷策略是一種擺脫這些不利於房主的規則的方法，最後我想說的是，明確的合作對開發商或房屋建築商沒有任何限制。開發商和房屋建築商是房地產行業最聰明、最老練、最追求利潤的人。他們始終秉持著明確的合作精神。所以不公平。那是不對的。

And so that that’s really what success looks like in addition to giving our agents an edge that they can give to their clients. What success looks like is home individual homeowners are able to have all the marketing flexibility that a big developer and billion-dollar homebuilder would have.

這才是真正的成功，不僅能讓我們代理商獲得優勢，也能讓他們提供客戶優勢。成功的標準是，個人房主能夠擁有大型開發商和價值數十億美元的房屋建築商所擁有的所有行銷靈活性。

Thank you very much.

非常感謝。

Do you have a follow-up? Go ahead.

你有後續行動嗎？前進。

Yes, I did have a follow-up. I wanted to touch on market share. Obviously, you’ve seen it move higher into this quarter. But in the context of M&A and expanding your platform through transactions, I guess, how are you thinking about it given the context of today’s market? Are you seeing interesting things come up or reasonable pricing just given all of the uncertainty or if things cooled down a little bit?

是的，我確實進行了後續跟進。我想談談市場佔有率。顯然，您已經看到它在本季度有所走高。但是在併購的背景下，以及透過交易擴展您的平台，我想，考慮到當今的市場背景，您是如何考慮這個問題的？考慮到所有的不確定性，或者事情稍微冷卻下來，您是否看到有趣的事情出現或合理的定價？

Kalani, I’ll let you answer that question.

卡拉尼，我讓你回答這個問題。

Yeah. Sure, Elizabeth. Thanks for the question. You know, overall market share, we’re obviously pleased 6% in the quarter and significant increase quarter over quarter, year over year. We expect to see that continued market share gains both organically and then through acquisition.

是的。當然，伊麗莎白。謝謝你的提問。您知道，就整體市佔率而言，我們對本季 6% 的成長率感到非常滿意，並且比上一季和去年同期都有顯著成長。我們期望看到市場份額繼續透過有機成長和收購而成長。

And I think we’re seeing a market where the best agents are winning more listings. And we continue to see our top agents produce. And quite frankly, I think we’ll see a continued trend similar to the last few quarters in market share based on both our productivity of our agents, our organic agent adds, as well as our M&A activity.

我認為，我們看到的市場是，最好的代理商將贏得更多的房源。我們繼續看到我們的頂級代理商取得成果。坦白說，我認為我們將看到與過去幾季類似的市場份額持續趨勢，這基於我們代理商的生產力、有機代理商的增加以及我們的併購活動。

Thank you. There are no further questions at this time. I will now turn the call back to Robert Reffkin for closing remarks.

謝謝。目前沒有其他問題。現在我將請羅伯特‧雷夫金 (Robert Reffkin) 致閉幕詞。

Well, thank you, everyone, for joining our call today. I want to end by thanking all of our employees and agents for their hard work. As you can see from our Q1 results, Compass is continuing to outperform the market, and we’re using our platform to give our agents an edge in the industry. We have a long runway for growth, and we look forward to updating everyone on our progress. Thank you and have a great rest of your day.

好吧，謝謝大家今天參加我們的電話會議。最後，我要感謝我們所有員工和代理商的辛勤工作。從我們的第一季業績可以看出，Compass 的表現持續優於市場，我們正在利用我們的平台為我們的代理商提供行業優勢。我們擁有漫長的發展道路，我們期待向大家通報我們的進展。謝謝您，祝您今天剩餘時間過得愉快。

This concludes today’s call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝您的出席。您現在可以斷開連線。