Compass Inc (COMP) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Compass second-quarter 2025 earnings call. (Operator Instructions)

女士們，先生們，感謝你們的到來，歡迎參加 Compass 2025 年第二季財報電話會議。（操作員指示）

I will now hand the conference over to Soham Bhonsle, Head of Investor Relations. Please go ahead.

現在我將會議交給投資者關係主管 Soham Bhonsle。請繼續。

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

非常感謝接線員，大家下午好。感謝您參加 Compass 2025 年第二季財報電話會議。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 second-quarter 2025 earnings release posted on our Investor Relations website. Any discussion regarding organic revenue, organic transactions, or organic GTV excludes any activity from businesses we acquired since April 1, 2024.

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 年第二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。任何有關有機收入、有機交易或有機 GTV 的討論均不包括我們自 2024 年 4 月 1 日以來收購的企業的任何活動。

We will make forward-looking statements that are based on our current expectations, forecasts, and assumptions and involve risks and uncertainties. These statements include our guidance for the third 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.

我們將根據我們目前的預期、預測和假設做出前瞻性陳述，其中涉及風險和不確定性。這些聲明包括我們對 2025 年第三季和 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 the 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, July 30. 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結果的風險、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（7 月 30 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 second-quarter conference call. In what remains a trough level housing market, I am pleased to share that the Compass team produced the strongest quarterly results in our history with 10 quarterly records.

感謝您今天參加我們的第二季電話會議。在房地產市場仍處於低谷的情況下，我很高興地告訴大家，Compass 團隊創造了我們歷史上最強勁的季度業績，創下了 10 個季度的記錄。

In Q2, Compass delivered all-time high revenue, delivered all-time high adjusted EBITDA, delivered record adjusted EBITDA margins, delivered all-time high GAAP net income, delivered all-time high free cash flow, increased market share to an all-time high, deliver the best organic principal agent recruiting quarter in the company's history, grew our title and escrow revenue to an all-time high, grew our title and escrow attached to an all-time high. And lastly, The Compass platform hit a record 24 average weekly sessions per agent in Q2, representing 37% growth compared to Q2 of last year.

在第二季度，Compass 實現了歷史最高收入、歷史最高調整後 EBITDA、歷史最高調整後 EBITDA 利潤率、歷史最高 GAAP 淨收入、歷史最高自由現金流、市場份額創歷史新高、公司歷史上最佳有機委託代理招聘季度、產權和託管收入創歷史新高、產權和託管附加值創歷史新高。最後，Compass 平台在第二季度創下了每位代理商每周平均 24 次會話的記錄，與去年第二季度相比增長了 37%。

Revenue in the second quarter increased by 21.1% year over year. Total transactions increased by 20.9%, and organic transactions were up 6.3% year over year, respectively, as compared to the overall market where transactions decreased by 0.9%. So this means Compass' total transaction count growth outpaced the market's growth by close to 22%. And Compass' organic transaction count growth outpaced the market growth by 7%.

第二季營收年增21.1%。總交易量較去年同期成長 20.9%，有機交易量較去年同期成長 6.3%，而整體市場交易量則下降了 0.9%。這意味著 Compass 的總交易數量成長超過市場成長近 22%。Compass 的有機交易數量成長比市場成長高出 7%。

For 17 consecutive quarters, spanning our entire history as a public company, Compass has outperformed the market on an organic basis. There has never been a quarter since we started measuring this metric where Compass hasn't grown faster than the market.

在我們作為上市公司的整個歷史中，Compass 連續 17 個季度的有機表現都優於市場。自從我們開始衡量這項指標以來，Compass 的每個季度的成長速度都快於市場。

In Q2 2025, we generated adjusted EBITDA of $126 million, up 63% from the $77 million in the year-ago quarter. Quarterly principal agent retention improved by 20 basis points year over year to a solid 97.5% in Q2. In the quarter, we also successfully recruited 832 gross principal agents organically to Compass, which is up 53% year over year, and again, represents our best recruiting quarter in the company's history.

2025 年第二季度，我們的調整後 EBITDA 為 1.26 億美元，較去年同期的 7,700 萬美元成長 63%。第二季度，季度主要代理人保留率年增 20 個基點，達到 97.5%。本季度，我們還成功為 Compass 招募了 832 名總代理，年增 53%，再次創下了公司歷史上最好的招聘季度。

The consistent new theme we are hearing from agents that joined this quarter is that they want to be at a company that stands up for agents and stands up for their clients. No agent wants to be told by a portal or an MLS how they must work, and none of their clients want to be limited in when, where, and how they market their home.

我們從本季加入的代理商聽到的一致的新主題是，他們希望加入一家為代理商和客戶挺身而出的公司。沒有任何經紀人希望被門戶網站或 MLS 告知他們必須如何工作，也沒有哪個客戶希望在何時、何地以及如何行銷他們的房屋方面受到限制。

The reality is the intention of the portal and MLS listing policies is control. The purpose of control is to get the homeowner's listings from agents for free and to monetize those listings on their platforms. And the mechanism for control is banning and fining agents that market off their platforms.

事實是，門戶網站和 MLS 上市政策的意圖是控制。控制的目的是免費從代理商那裡獲取房主的房源信息，並在他們的平台上將這些房源信息貨幣化。控制機制是禁止和罰款在其平台外行銷的代理商。

And so when there is a company that's advocating for agents and their clients to have choice and to not be controlled by these third-party platforms that want to make money off their listings, that is and will continue to be the winning recruiting strategy.

因此，當有一家公司倡導代理商及其客戶擁有選擇權，而不受那些想透過其房源賺錢的第三方平台的控制時，這將繼續成為成功的招募策略。

I continue to be amazed by the silence amongst brokerage COs who have been acquiescing to the portals and MLSs that are dictating how their agents work and how homeowners market properties. I hope more brokerage COs see our results as a signal that they will attract more agents if they fight for them and not simply acquiesce to portals and MLSs that ban and fine agents for marketing listings outside their platforms.

我繼續對經紀 CO 的沉默感到驚訝，他們一直默許門戶網站和 MLS 規定他們的代理商如何工作以及房主如何行銷房產。我希望更多的經紀公司 CO 將我們的結果視為一個信號，即如果他們為此奮鬥，他們將吸引更多的代理商，而不是簡單地默許門戶網站和 MLS 禁止和罰款代理商在其平台之外營銷房源。

Now, beyond our record agent recruiting quarter, our M&A pipeline, which consists of term sheets both signed and actively negotiated, is also larger than it has ever been. As we said previously, a slowing housing market or a move higher in rates will likely hurt our competitors more than Compass, and they don't have the capital, the technology or the operational resources to scale. And this is exactly what we are seeing play out today.

現在，除了我們的唱片經紀人招聘季度之外，我們的併購管道（包括已簽署和積極談判的條款清單）也比以往更大。正如我們之前所說，房地產市場放緩或利率上升可能會對我們的競爭對手造成比 Compass 更大的傷害，而且他們沒有足夠的資本、技術或營運資源來擴大規模。這正是我們今天所看到的情況。

So taking a step back. What do our record recruiting results in M&A pipeline show? They show that the demand for Compass is stronger than it has ever been, and we are particularly pleased to be delivering these results in one of the toughest housing markets in history.

所以退一步來說。我們在併購通路中創紀錄的招募績效說明了什麼？它們表明，對 Compass 的需求比以往任何時候都強勁，我們特別高興能夠在歷史上最艱難的房地產市場之一中取得這些成果。

Moving to the T&E business. As I shared earlier, we posted record quarterly revenue and attach in Q2, and our attach rate was up close to 700 basis points year over year. In some of our largest and most mature markets, our tax rates today are consistently in the 40% range. And for users of our one-click title function that goes through our platform, we are seeing attached rates closer to 75%. This gives us confidence that over the long term, we can attach T&E at a 50%-plus rate in most of our markets.

轉向差旅與娛樂業務。正如我之前所分享的，我們在第二季度公佈了創紀錄的季度收入和附加價值，我們的附加率比去年同期增長了近 700 個基點。在我們一些最大、最成熟的市場中，我們的稅率目前一直保持在 40% 左右。對於透過我們平台使用一鍵標題功能的用戶，我們看到附加率接近 75%。這使我們有信心，從長遠來看，我們可以在大多數市場中將差旅與費用附加率提高到 50% 以上。

Given the mounting evidence that our efforts in T&E are bearing fruit, we continue to invest in our T&E business and are excited to share that last week we entered one of our largest markets, New York. By year end, we expect our T&E business to have a presence in 70% of our markets and expect contribution from this business to increase meaningfully over the coming years.

鑑於越來越多的證據表明我們在差旅和娛樂領域的努力正在取得成果，我們將繼續投資於差旅和娛樂業務，並很高興地告訴大家，上週我們進入了我們最大的市場之一——紐約。到今年年底，我們預計差旅與娛樂業務將涵蓋 70% 的市場，並預計未來幾年該業務的貢獻將大幅增加。

The Christie's International Real Estate business also continues to grow, with three new affiliates joining the network in the quarter and six affiliates in the pipeline. Additionally, I am pleased to report that our financial results for the business are moving ahead of plan and integration efforts are on track with plan.

佳士得國際地產業務也持續成長，本季有三家新的附屬機構加入該網絡，另有六家附屬機構正在籌備中。此外，我很高興地報告，我們的業務財務業績正在超出計劃，整合工作正在按計劃進行。

In Q2, we also added Gavin Swartzman to the Christie's International Real Estate leadership team as President to help grow our affiliate network. Gavin previously led Peerage Realty Partners, the 10th largest real estate company in the US per T3 Sixty, which is also the largest global franchisee in the Sotheby's International Realty network. We continue to believe that we can more than 5x the number of domestic Christie's International Real Estate affiliates over time, and as a reminder, this is a 30% to 35% adjusted EBITDA margin business for us.

在第二季度，我們還任命 Gavin Swartzman 加入佳士得國際地產領導團隊並擔任總裁，以幫助擴大我們的聯盟。Gavin 曾領導 Peerage Realty Partners，該公司根據 T3 Sixty 的數據是美國第十大房地產公司，也是蘇富比國際房地產網絡中最大的全球特許經營商。我們仍然相信，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，並且提醒一下，這對我們來說是一項調整後 EBITDA 利潤率為 30% 至 35% 的業務。

Revenue less commissions and other related expenses as a percentage of revenue in the second quarter was 18.2%, which is 80 basis points above the 17.4% reported in the year-ago quarter. Non-GAAP OpEx was $250 million in Q2, which now includes a full quarter from the Christie's International Real Estate acquisition.

第二季收入減去佣金和其他相關費用佔收入的百分比為 18.2%，比去年同期的 17.4% 高出 80 個基點。第二季非公認會計準則營運支出為 2.5 億美元，其中包括收購佳士得國際房地產的整個季度。

OpEx discipline and driving savings and efficiencies has become a strategic advantage for Compass in the current environment. With over $600 million in OpEx savings delivered over the last three years in our discipline OpEx growth of 3% to 4%, we have proven our ability to deliver on stated goals, even as revenue grows at a much faster rate than our OpEx.

在當前環境下，嚴格遵守營運支出法規並推動節約和提高效率已成為 Compass 的策略優勢。過去三年，我們的營運支出成長了 3% 至 4%，從而節省了超過 6 億美元的營運支出，這證明了我們有能力實現既定目標，即使收入成長速度遠遠快於我們的營運支出。

Kalani will share more in his prepared remarks, but I'm excited to share that we now have a new program already underway that will drive $50 million to $75 million of incremental adjusted EBITDA, with at least $50 million of adjusted EBITDA improvement in 2026. We will achieve these results to continue to focus on cost efficiencies and opportunities to offset the inflationary increases we have seen recently.

Kalani 將在他準備好的發言中分享更多信息，但我很高興地告訴大家，我們現在已經在實施一項新計劃，該計劃將推動增量調整後 EBITDA 達到 5000 萬至 7500 萬美元，到 2026 年調整後 EBITDA 將增加至少 5000 萬美元。我們將實現這些成果，並繼續關注成本效率和抵消最近看到的通貨膨脹成長的機會。

So as you can see from our results, we are not standing still at Compass. Regardless of where the housing market goes, we will continue to execute against our long-term strategy, which consists of: one, managing OpEx prudently; two, recruiting and retaining agents at high levels; three, building a platform that empowers agents to be more productive and gain market share; four, pursuing accretive M&A; and five, growing our high margin T&E and affiliate businesses. By sticking to this core strategy alone, we believe we can generate a level of adjusted EBITDA and free cash flow that will significantly reward our shareholders over time.

因此，正如您從我們的結果中所看到的，我們在 Compass 並沒有停滯不前。無論房地產市場走向如何，我們都將繼續執行我們的長期策略，該策略包括：一、審慎管理營運支出；二、招募和留住高水準的代理商；三、建構一個平台，使代理商能夠提高生產力並獲得市場份額；四、進行增值性併購；五、發展高利潤的差旅費用及附屬業務。我們相信，只要堅持這項核心策略，我們就能產生一定程度的調整後 EBITDA 和自由現金流，這將隨著時間的推移為我們的股東帶來豐厚的回報。

Now, I would like to close with an update on the next iteration of the Compass platform and why we are so excited about the future.

現在，我想以 Compass 平台的下一個迭代更新以及我們對未來如此興奮的原因來結束本文。

Ever since we started our journey to build the Compass platform 13 years ago, the goal was always to provide agents with the best-in-class workflow platform to run their business on. And in many ways, we've now achieved that goal, just ask our agents. But as we think about the next iteration of the Compass platform, we envision a platform that is made more seamless as we leverage AI to be the connective tissue for all the wonderful tools we've created for agents so far.

自從 13 年前我們開始建立 Compass 平台以來，我們的目標始終是為代理商提供一流的工作流程平台來開展業務。而且從很多方面來說，我們現在已經實現了這個目標，只要問問我們的代理商就知道了。但是，當我們考慮 Compass 平台的下一個迭代時，我們設想一個更無縫的平台，因為我們利用人工智慧作為迄今為止我們為代理商創建的所有精彩工具的連接組織。

What is particularly exciting about the direction we are going in is: one, we don't need a big team or increase investment to harness the power of AI. We have the team we need. Two, there are clear benefits from AI that extend even beyond the productivity benefits we drive for agents, as it will make our software engineers and our broker support operations more efficient.

我們前進的方向特別令人興奮的是：第一，我們不需要龐大的團隊或增加投資來利用人工智慧的力量。我們擁有我們需要的團隊。其次，人工智慧帶來的明顯好處甚至超出了我們為代理商帶來的生產力效益，因為它將使我們的軟體工程師和經紀人支援營運更有效率。

And three, we believe we are the only broker today with a platform that is truly end to end, which is what's required to harness agentic AI. And we believe that most of our competitors' agents are on third-party software platforms that do not allow them to connect all the various parts of an agent's workflow. This ultimately will take value away from these brokerages while increasing the value of brokerages like ours in the eyes of the agents because we'll be able to help them save even more time and make even more money.

第三，我們相信我們是目前唯一一家擁有真正端到端平台的經紀商，而這正是利用代理 AI 所必需的。我們相信，我們的大多數競爭對手的代理商都使用第三方軟體平台，而這些平台無法讓他們連接代理商工作流程的各個部分。這最終會降低這些經紀公司的價值，同時在代理商眼中提高我們這樣的經紀公司的價值，因為我們能夠幫助他們節省更多時間並賺取更多錢。

Last month, I demoed the next iteration of Compass AI at our all-company gathering. There's a 2-minute standing ovation from our agents. Thousands of them were present. It was great to demonstrate the potential of AI to our agents, which we're going to improve over time.

上個月，我在全公司聚會上展示了 Compass AI 的下一代版本。我們的經紀人起立鼓掌兩分鐘。出席人數達數千人。向我們的代理商展示人工智慧的潛力真是太好了，我們會隨著時間的推移不斷改進它。

And this fall, we will be beta testing Compass AI 2.0, which will initially be focused on improving agent productivity, but over time be deployed across the organization to make us more efficient.

今年秋天，我們將對 Compass AI 2.0 進行 Beta 測試，最初將專注於提高代理商的生產力，但隨著時間的推移，它將在整個組織內部署，以提高我們的效率。

Before I hand it over, I want to take a moment to thank Kalani Reelitz, who has informed us of his decision to pursue a new and exciting opportunity for him and his family. We are fully supportive of his decision to take this new opportunity outside of our industry and are grateful for all of his contributions over these last three years. Kalani has been an incredible partner and leader in helping strengthen our financial foundation, driving our operational rigor, and in positioning the company for long-term success.

在移交權力之前，我想花點時間感謝卡拉尼·裡利茨 (Kalani Reelitz)，他告訴我們他決定為他和他的家人尋求一個新的、令人興奮的機會。我們完全支持他接受這個行業之外的新機會的決定，並感謝他在過去三年中所做的所有貢獻。Kalani 是一位出色的合作夥伴和領導者，幫助我們鞏固財務基礎，推動我們的營運嚴謹性，並為公司的長期成功做好準備。

I'm also pleased to share that we will be promoting Scott Wahlers, our Chief Accounting Officer, to CFO. Many of you are familiar with Scott, who joined Compass seven years ago as Chief Accounting Officer and has also been leading our FBA function for the past two years. Importantly, he has been Kalani's partner in executing our OpEx initiatives over the past three years, which he will continue to do in his new role.

我也很高興地告訴大家，我們將把首席會計官 Scott Wahlers 提升為財務長。你們中的許多人都熟悉斯科特，他七年前加入 Compass 擔任首席會計官，並且在過去兩年裡一直領導我們的 FBA 職能。重要的是，在過去三年中，他一直是 Kalani 的合作夥伴，負責執行我們的 OpEx 計劃，他將在新的職位上繼續這樣做。

Scott brings deep institutional knowledge, outstanding execution, and strong alignment with our strategy. Kalani will remain on through the end of August to ensure a smooth handoff, and we're confident in our continued momentum moving forward.

斯科特擁有深厚的機構知識、出色的執行力以及與我們策略的高度契合。卡拉尼將繼續留任至 8 月底，以確保順利交接，我們對未來持續發展的勢頭充滿信心。

I'll now turn over to Kalani.

現在我把話題交給卡拉尼。

Thanks for the kind words, Robert. As Robert mentioned, I've made the personal decision to pursue a new opportunity outside of the brokerage industry that I am excited about. I'm incredibly proud of what we've accomplished together over the last three years and continue to be excited for Compass's future.

謝謝您的善意，羅伯特。正如羅伯特所提到的，我已經做出了個人決定，去尋找經紀行業以外的新機會，我對此感到興奮。我對我們過去三年共同取得的成就感到無比自豪，並繼續對 Compass 的未來感到興奮。

I am leaving Compass in a position of strength with a winning strategy and zero concerns with our financial and accounting operations, internal controls, and business operations. I am proud of the work we've done here at Compass, and I'm especially confident knowing that Scott Wahlers, who has been my partner since I've arrived here, will be stepping into the CFO role. With that, let me walk you through the financial results for the quarter.

當我離開時，Compass 處於有利地位，擁有成功的策略，並且對我們的財務和會計營運、內部控制和業務運營沒有任何擔憂。我為我們在 Compass 所做的工作感到自豪，而且我特別有信心，自從我來到這裡以來一直是我的合作夥伴的 Scott Wahlers 將擔任首席財務官一職。接下來，讓我向您介紹本季的財務表現。

As Robert stated earlier, our Q2 results were the strongest quarterly results in Compass's history and set a series of new records both financially and operationally. Our second-quarter revenue was $2.06 billion, an increase of 21.1% from the year-ago period and an all-time quarterly record for Compass. While M&A contributed to the year-over-year growth in revenue, even excluding M&A, revenue increased 8.7% on an organic basis.

正如羅伯特之前所說，我們的第二季業績是 Compass 史上最強勁的季度業績，並在財務和營運方面創下了一系列新紀錄。我們第二季的營收為 20.6 億美元，比去年同期成長 21.1%，創下了 Compass 的歷史季度紀錄。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 8.7% 的有機增長。

Transactions for the quarter increased 20.9%, or 6.3% on an organic basis, which compares very favorably to the overall market where transactions decline by 0.9%. This outperformance to the industry is also reflected in our market share, which was 6.09% in the quarter, an increase of 96 basis points from the year-ago period, and an 8-basis-point increase from Q1.

本季交易量成長了 20.9%，有機成長了 6.3%，與交易量下降 0.9% 的整體市場相比，表現非常有利。我們的市佔率在本季為 6.09%，比去年同期增加了 96 個基點，比第一季度增加了 8 個基點，這也反映出我們優於該行業的業績。

Gross transaction value was $78.3 billion in the second quarter, an increase of 20.3% from a year ago, reflecting the 20.9% increase in total transactions combined with a slight decrease in average selling price of about 1%.

第二季總交易額為 783 億美元，比去年同期成長 20.3%，反映出總交易量成長 20.9%，但平均售價略有下降約 1%。

Our average selling price was higher by about 3% on an organic basis. However, our acquisitions over the past year have lower average selling prices compared to our overall ASP, which reduced the overall increase in average selling price.

我們的平均售價有機上漲了約 3%。然而，我們過去一年的收購產品的平均售價低於我們的整體平均售價，從而降低了平均售價的整體漲幅。

Our commissions and other related expenses as a percent of revenue was 81.84%, an improvement of 80 basis points compared to Q2 of last year at 82.64%. 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 81.84%，與去年第二季的 82.64% 相比提高了 80 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 were flat with the prior-year quarter, as some modest growth in T&E revenue was offset with some of the highest-producing agents and therefore higher-split agents taking more of the market share gains. This is consistent with our comments last quarter, and we are okay with this trade-off today, given that our highest-producing agents are also taking share in the current environment.

不包括併購，我們的佣金和其他相關費用佔收入的百分比與去年同期持平，因為差旅和娛樂收入的一些溫和增長被一些最高產的代理商所抵消，因此較高分成的代理商獲得了更多的市場份額增長。這與我們上個季度的評論一致，考慮到我們最高產的代理商在當前環境下也佔據了份額，我們今天對這種權衡感到滿意。

Over the long term, we remain focused on recruiting the up and coming agents that come at a much better split than our highest-producing agents.

從長遠來看，我們仍然致力於招募有前途的代理商，他們的分成比例比我們業績最好的代理商好得多。

Our total non-GAAP operating expenses were $250 million in Q2, an increase from $217 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, the Washington Fine Properties acquisition in February 2025, and the acquisition of Latter & Blum and Parks Real Estate in the second quarter of 2024.

我們第二季的非 GAAP 營運支出總額為 2.5 億美元，高於去年同期的 2.17 億美元，這主要是由於併購所致，包括我們假設的 2025 年 1 月 13 日收購佳士得國際地產、2025 年 2 月收購華盛頓精品房地產

Adjusted EBITDA was $125.9 million, a strong improvement of 63% versus adjusted EBITDA of $77 million a year ago, and also represents a new all-time record for quarterly adjusted EBITDA.

調整後 EBITDA 為 1.259 億美元，較去年同期 7,700 萬美元的調整後 EBITDA 大幅成長 63%，同時也創下了季度調整後 EBITDA 的歷史新高。

GAAP net income was $39.4 million in Q2 compared to the GAAP net income of $20.7 million a year ago, an improvement of 90%. It also represents a new all-time record for quarterly GAAP net income.

第二季 GAAP 淨收入為 3,940 萬美元，而去年同期 GAAP 淨收入為 2,070 萬美元，成長了 90%。這也創下了季度 GAAP 淨收入的歷史新高。

As for cash, we generated $68 million in free cash flow in the second quarter, which was not only an improvement over the $40.4 million of cash flow from Q2 2024, but also a new record level of quarterly free cash flow.

現金方面，我們在第二季產生了 6,800 萬美元的自由現金流，這不僅比 2024 年第二季的 4,040 萬美元現金流有所改善，而且創下了季度自由現金流的新紀錄。

Last quarter, I mentioned that in both Q4 of 2024 and Q1 of 2025, our free cash flow exceeded adjusted EBITDA levels, and therefore we expected to give back some of that favorable timing of working capital changes in Q2. We also paid for the second and final installment of our class action settlement payment in Q2 in the amount of $28.75 million, which negatively impacted free cash flow.

上個季度，我提到，在 2024 年第四季和 2025 年第一季度，我們的自由現金流都超過了調整後的 EBITDA 水平，因此我們預計第二季將回饋部分營運資本變化的有利時機。我們也在第二季支付了集體訴訟和解金的第二筆也是最後一筆，金額為 2,875 萬美元，這對自由現金流產生了負面影響。

We ended the second quarter with $177 million of cash and cash equivalents on our balance sheet and $50 million outstanding on our revolver.

截至第二季末，我們的資產負債表上有 1.77 億美元的現金和現金等價物，循環信貸餘額為 5,000 萬美元。

As we discussed last quarter, the $50 million balance on the revolver was drawn to fulfill the cash portion of the purchase price for Christie's International Real Estate.

正如我們上個季度所討論的那樣，循環信貸中的 5000 萬美元餘額用於支付佳士得國際房地產購買價格的現金部分。

Our basic weighted average share count for the first quarter was 560.3 million, which was in line with our guidance. Additionally, because we reported GAAP net income, we are required to present a fully diluted share count, which was 591.4 million shares.

我們第一季的基本加權平均股數為 5.603 億股，符合我們的預期。此外，由於我們報告的是 GAAP 淨收入，因此我們必須提供完全稀釋的股數，即 5.914 億股。

Turning now to financial guidance. For Q3 of 2025, we expect revenue in the range of $1.725 billion to $1.85 billion and expect adjusted EBITDA to be in the range of $60 million to $80 million. We expect our weighted average share count for the third quarter to be between 566 million to 569 million shares.

現在來談談財務指引。對於 2025 年第三季度，我們預計營收將在 17.25 億美元至 18.5 億美元之間，調整後的 EBITDA 將在 6,000 萬美元至 8,000 萬美元之間。我們預計第三季的加權平均股數將在 5.66 億股至 5.69 億股之間。

We expect our stock-based compensation expense to be in the $55 million to $60 million range for the third quarter, which is a slight increase from the $55 million level for Q2. We expect the Q3 level of stock-based compensation expense to be the high point and you'll see decreases sequentially into Q4 and 2026.

我們預計第三季的股票薪資支出將在 5,500 萬美元至 6,000 萬美元之間，較第二季的 5,500 萬美元略有增加。我們預計第三季的股票薪資費用水準將達到最高點，到第四季和 2026 年，這一水準將逐步下降。

As you can see from our results, we remain maniacally focused on OpEx, efficiency improvements, and driving profitable growth. Additionally, we have also been making good progress on the integration of our 2024 and 2025 acquisitions. As a result of these efforts, we are now pacing ahead of the OpEx range we previously laid out for 2025.

從我們的結果可以看出，我們仍然瘋狂地專注於營運支出、效率改善和推動獲利成長。此外，我們在 2024 年和 2025 年收購的整合方面也取得了良好進展。透過這些努力，我們現在已經超越了先前製定的 2025 年營運支出範圍。

Specifically, last quarter, we announced that our OpEx for 2025 would be in the range of $1.017 billion to $1.042 billion. But we now expect OpEx to be in the range of $1.01 billion to $1.02 billion, which reflects a reduction of $25 million off the high end of the range when considering the incremental OpEx from the two small brokerage acquisitions announced this month.

具體來說，上個季度，我們宣布 2025 年的營運支出將在 10.17 億美元至 10.42 億美元之間。但我們現在預計營運支出將在 10.1 億美元至 10.2 億美元之間，考慮到本月宣布的兩筆小型經紀公司收購帶來的增量營運支出，這比該範圍的高端減少了 2500 萬美元。

Finally, as Robert mentioned earlier, we have a new program underway that improves our profitability incrementally starting in 2026 by $50 million to $75 million. We intend to keep the majority of the 2025 OpEx favorability permanent going into next year, and we'll see even further benefit from areas, including process efficiencies in our end-to-end transaction flows, continued support optimization that lowers costs while improving agent service levels, and increasing efficiencies from a reduction in costs driven by use of AI across various areas of our technology and operational functions.

最後，正如羅伯特之前提到的，我們正在進行一項新計劃，從 2026 年開始逐步提高我們的盈利能力 5000 萬美元至 7500 萬美元。我們打算將 2025 年營運支出的大部分有利因素永久保留到明年，並且我們將從各個領域看到進一步的收益，包括端到端交易流程的流程效率、持續的支持優化以降低成本同時提高代理服務水平，以及通過在我們的技術和運營職能的各個領域使用人工智能來降低成本從而提高效率。

Additionally, we believe there are opportunities to directly offset some of the inflationary pressures we have experienced, including opportunities to leverage learnings from our recent acquisitions. We believe these actions will drive $50 million to $75 million in incremental adjusted EBITDA, with at least $50 million of direct adjusted EBITDA benefit in 2026.

此外，我們相信有機會直接抵消我們經歷的一些通膨壓力，包括利用我們最近的收購所獲得的經驗。我們相信，這些措施將推動增量調整後 EBITDA 達到 5,000 萬至 7,500 萬美元，到 2026 年直接調整後 EBITDA 收益將至少達到 5,000 萬美元。

In my three years here at Compass, I am proud of the DNA and discipline we've built. We have developed a proven track record of stating our intent and delivering on our goals. I am confident we will achieve at least our stated goal of $50 million to $75 million as we deploy the same teams and processes that we have been successful with in the past.

在我在 Compass 工作的三年裡，我為我們建立的 DNA 和紀律感到自豪。我們在表達意圖和實現目標方面已經累積了良好的記錄。我相信，只要我們部署過去成功運用的團隊和流程，我們至少能夠實現既定的 5,000 萬至 7,500 萬美元的目標。

And finally, as I close out my final earnings call here at Compass, I want to thank Robert, the management team, and the Compass Board for the opportunity they gave me three years ago. As I depart, Compass has never been stronger. We are well positioned financially, strategically, and operationally to continue to lead the industry. Scott is the right leader for our next chapter, and I'm excited to see him partner with Robert.

最後，當我結束在 Compass 的最後一次收益電話會議時，我要感謝羅伯特、管理團隊和 Compass 董事會三年前給予我的機會。當我離開時，Compass 從未如此強大。我們在財務、策略和營運方面都處於有利地位，可以繼續引領產業。斯科特是我們下一章的合適領導者，我很高興看到他與羅伯特合作。

For the last 10 quarters, I've had the honor of presenting the record-breaking outcomes that are created by the incredible work of our agents and our employees. At Compass, our agents are our customers, and it's been a true honor to work for and serve our roughly 38,000 agents.

在過去的 10 個季度中，我很榮幸能夠展示我們的代理商和員工的出色工作所創造的破紀錄的成果。在 Compass，我們的代理商就是我們的客戶，能夠為我們大約 38,000 名代理商工作和服務是我們的榮幸。

I'll end by sending a mahalo to our Compass leadership team that I've been able to work side by side with every day, and a giant mahalo to all of our team members who work every day to make Compass a special place. Thank you for all that you do for Compass.

最後，我要向能夠每天與我並肩工作的 Compass 領導團隊致以最崇高的敬意，同時也要向每天努力工作以使 Compass 成為一個特別的地方的所有團隊成員致以最崇高的敬意。感謝您為 Compass 所做的一切。

With that, I'll turn over the call to the operator for Q&A.

說完這些，我將把電話轉給接線生進行問答。

(Operator Instructions) Bernie McTernan, Needham & Company.

（操作員指示） Bernie McTernan，Needham & Company。

Just first, Kalani, thanks for all the help over the last couple of years. It's been great working with you, but I know we're in capable hands with Scott.

首先，卡拉尼，感謝您過去幾年來提供的所有幫助。和你合作很愉快，但我知道 Scott 能幹。

And maybe it's fitting to ask this question then, Kalani. Just on the $50 million for benefit for next year. Appreciate all the color and detail, but should we think about that more as a run rate savings that you're going to be achieving by the year end or an actual $50 million benefit to OpEx, so therefore we could actually see OpEx fall year over year? And then I have a follow-up.

那麼卡拉尼，也許問這個問題是適當的。僅為明年提供 5000 萬美元的福利。感謝您提供的所有細節和描述，但我們是否應該將其更多地視為您到年底將實現的運行率節省，或者實際的 5000 萬美元運營支出收益，因此我們實際上可以看到運營支出逐年下降？然後我有一個後續問題。

Yeah, Bernie. Thank you for the kind words. I'm really excited about Scott and him partnering with you more. I think the way to think about it is, against -- I'll say it the way we think about it against our forecasted expectations, say in a long-range plan, we think this is a benefit. So we think we can reduce kind of overall cost by $50 million and ultimately improve profitability EBITDA by $50 million.

是的，伯尼。謝謝你的好意。我真的很高興斯科特能和你有更多的合作。我認為思考這個問題的方式是，與我們的預測預期相反，例如在長期計劃中，我們認為這是一個好處。因此我們認為我們可以將總體成本降低 5000 萬美元，並最終將盈利能力 EBITDA 提高 5000 萬美元。

So we definitely think it's run rate. We think it stays. And quite frankly, I think the nice thing about this is I think there's direct kind of mathematical benefit onto our EBITDA, but also some of the work we're doing will allow us to scale as the market comes back even further, the things like leveraging AI or process improvement are going to actually, hopefully help even maybe not drive the pure mathematics down, but as we think about the growth rate, allow us to, maintain 3% to 4% or even lower over time as say your revenue is at the 15% to 20% CAGR as the market comes back.

所以我們肯定認為這是運行率。我們認為它會保留下來。坦白說，我認為這的好處是，我認為這對我們的 EBITDA 有直接的數學效益，而且我們正在做的一些工作將使我們能夠隨著市場進一步復甦而擴大規模，利用人工智能或流程改進等事情實際上有望有所幫助，甚至可能不會降低純數學水平，但當我們考慮到增長率時，讓我們能夠隨著時間的推移而保持 3% 到 4% 20%。

Understood. And then, Robert, just bigger-picture questions for you. I mean, the industry has had some pretty big shifts over the past two years. Given where you sit, just would love your thoughts in terms of like how close are we to the endpoint in terms of like knowing what the operating rules -- like the rules of, yeah, operations for the industry and how, and what the next 5 or 10 years are going to look like.

明白了。然後，羅伯特，我想問你一些比較宏觀的問題。我的意思是，過去兩年這個行業發生了一些相當大的轉變。考慮到您的處境，我很想聽聽您的想法，例如我們距離終點還有多遠，了解營運規則——是的，行業的營運規則，以及未來 5 年或 10 年將會是什麼樣子。

Look, there's a tug and pull happening right now in the industry, which you can see very well. It's between choice and control should sellers have the choice of when, where, and how their homes are marketed, should the decision be made between the listing -- their agent and the seller. The person is the fiduciary relationship and the seller, and that's where Compass stands by. Or should platforms which include MLSs and portals, should they be able to find agents, that's what MLSs do, and portals now banning agents who don't give them their listings. They don't have the fiduciary duty.

瞧，現在業界正在發生一場拉鋸戰，這一點你可以看得很清楚。這是在選擇和控制之間做出的選擇，賣家是否應該選擇何時、何地以及如何行銷他們的房屋，是否應該在掛牌代理人——他們的經紀人和賣家之間做出決定。人是信託關係和賣方，這就是 Compass 所堅持的。或者應該包括 MLS 和門戶網站的平台，他們是否應該能夠找到代理商，這就是 MLS 所做的，而門戶網站現在禁止那些不向他們提供房源資訊的代理商。他們沒有受託責任。

And I think when you look at every other market in the country, seller in the world, every other market in the world, sellers have choice. It's worth noting, yeah, in every other part of the world, the sellers have choice. and in places like Australia, they don't even have days on market and price drop history on the major sites because it's made for sellers.

我認為，當你觀察國內其他市場、國外賣家時，你會發現，國外其他市場都有選擇。值得注意的是，是的，在世界其他地方，賣家都有選擇。而在澳洲這樣的地方，他們甚至沒有在主要網站上上市的天數和降價歷史，因為它是為賣家製作的。

And so I think the trend line of the world would say sellers should have choice. And it's worth noting there's not a single thing that we advocate for that the most sophisticated profit-driven repeat sellers in real estate aren't doing every day. Builders and developers, they all pre-market, they all test price. They can all list off of an MLS and put it on whenever they wan that penalty. They can list off of that portal, you know the name of, and then put it back on at any point. They're not penalized and restricted in any way. It's only the individual American homeowner that is.

所以我認為世界的趨勢是賣家應該要有選擇。值得注意的是，我們所提倡的每一件事，都是房地產界最精明、最以利潤為導向的重複賣家每天都在做的事情。建築商和開發商都在進行上市前測試價格。他們可以從 MLS 中列出所有信息，並在需要處罰時將其放在上面。他們可以從該入口網站列出您知道的名稱，然後在任何時候將其放回原處。他們沒有受到任何形式的懲罰和限制。只有美國個人房主才是這樣的。

And so look, to answer your question, I think it could take some time, but you can see in the arc of the narrative that people are starting to realize what's going on. This organized real estate is in MLS and portals and NAR. They just want the listing so they can make money off them. So they can alter the listing, monetize it, sell the data to third parties, sell the data to financial institutions, sell the leads.

所以，回答你的問題，我認為可能需要一些時間，但你可以從敘述的角度看到人們開始意識到發生了什麼。這個有組織的房地產位於 MLS、門戶網站和 NAR。他們只是想要上市，這樣他們就可以從中賺錢。因此他們可以修改列表，將其貨幣化，將數據出售給第三方，將數據出售給金融機構，出售潛在客戶。

And so I think as you can clearly see, some things need to be settled in court. I think this will be settled in court.

所以我認為正如你所看到的，有些事情需要在法庭上解決。我認為此事將在法庭上解決。

Jason Helfstein, Oppenheimer & Company.

奧本海默公司的 Jason Helfstein。

So first, Kalani, it's been a pleasure, and good luck on your next chapter.

首先，卡拉尼，我很榮幸，祝你在接下來的篇章中好運。

So Robert, just want to dig in a little more. I mean, have you -- given I guess some of the actions in the industry in the past several months, has there been any change in the execution of the three-phase marketing? Or has it basically been business as usual and kind of waiting for kind of what the next shoe to drop in, I guess? And I guess, yeah, anything you want to share there. Like, you obviously updated us what the plan has been, but have you had to make any changes in the field because of actions of others?

所以羅伯特，我只是想進一步深入探討。我的意思是，考慮到過去幾個月行業中的一些行動，三階段行銷的執行有任何變化嗎？或者基本上一切照舊，等待下一個驚喜的到來，我猜？是的，我想您想分享的任何內容都可以在這裡分享。例如，您顯然向我們通報了計劃，但您是否因為其他人的行動而不得不在該領域做出任何改變？

And then the second question, maybe talk about your appetite to do more acquisitions between now and the end of the year. And if you feel like you have the capital you need to pursue the acquisitions you're looking at. thank you.

然後第二個問題，也許談談您從現在到年底進行更多收購的興趣。如果您覺得自己擁有進行所考慮的收購所需的資金，謝謝。

So on the first question, in terms of results. The Compass private exclusives have stayed at basically the same level throughout the last number of months. In terms of demand, demand of course remains high. What seller wouldn't want choice. I always want more choice, not less choice.

關於第一個問題，就結果而言。在過去的幾個月中，Compass 的私人獨家業務基本上保持在同一水平。就需求而言，需求當然仍然很高。哪個賣家不想要選擇呢？我總是想要更多的選擇，而不是更少的選擇。

And Compass agents, as you can see, they're gaining market share, you can see on the data, if a compass agent is going to you, you're the seller, and saying, I can test price privately, no days on market, no price drop history. I can build an interest list just like developers build-buyer interest lists. I can send it to the toppings across different brokerage firms and create a tour that gets a sense of demand and scarcity. And by the way, you cannot test an aspirational price in the, quote-unquote, open market without risk of a price drop. You can't do that. It's impossible, but here, you can.

如您所見，指南針代理商正在獲得市場份額，您可以從數據中看到，如果指南針代理商向您（您是賣家）推銷產品，並說「我可以私下測試價格，無需上市銷售，也沒有降價歷史」。我可以建立一個興趣列表，就像開發商建立買家興趣列表一樣。我可以將它發送到不同經紀公司的頂部，並創建一個可以了解需求和稀缺性的旅遊。順便說一句，你無法在所謂的公開市場上測試理想價格，否則就會有價格下跌的風險。你不能這麼做。這是不可能的，但在這裡，你可以。

And Compass isn't seeing all that in much more. And then the person that comes in right after is going to you from a different company who's being told by their CEO, don't offer, don't offer anything but MLS, don't offer just -- everything that's off MLS is bad. But if that agent who's being coached by their CEO to do that just says, Hey, Jason, what I'm going to do is I'm going to take your list and I'm going to put in the MLS and do open houses.

而 Compass 並沒有看到更多這樣的情況。然後緊接著來的人是從另一家公司來的，他們的執行長告訴他，不要提供，不要提供除了 MLS 之外的任何東西，不要提供——MLS 之外的一切都是不好的。但是，如果那個經紀人在執行長的指導下只是說，嘿，傑森，我要做的就是拿著你的名單，放到 MLS 上，然後舉辦開放參觀活動。

On balance, you, the seller, are going to use the compensation who offers more choice. In every other part of our ecosystem, let's take mortgages, they're winning off of offering more choices, more solutions, more options for a client, not less. And so that at a high level is on demand. Demand continues to be strong, and our agents understand that they have an advantage in the living room.

總的來說，您（賣方）將使用提供更多選擇的補償。在我們生態系統的其他部分，以抵押貸款為例，它們透過為客戶提供更多選擇、更多解決方案、更多選項而獲得成功，而不是更少。因此，高水準的需求是存在的。需求持續強勁，我們的代理商明白他們在客廳方面具有優勢。

And we're deeply thankful to all the brokerage COs who are convincing their agents that they should offer less choice in the living room because we have a competitive edge on.

我們非常感謝所有經紀 CO，他們說服他們的代理人，他們應該在客廳提供更少的選擇，因為我們具有競爭優勢。

In terms of the M&A, I think what's happened in the overall environment has led a lot -- as you heard, we have more demand from CEOs to join Compass with their companies than ever before. I think what has happened is portals and NAR, MLS rules are basically telling every brokerage firm, we're going to control you. We are going to tell you how you operate your business and how every one of your items operate.

就併購而言，我認為整體環境的變化產生了很大的影響——正如你所聽到的，我們收到的 CEO 加入 Compass 公司的需求比以往任何時候都多。我認為發生的事情是門戶網站和 NAR、MLS 規則基本上告訴每家經紀公司，我們將控制你。我們將告訴您如何經營您的業務以及您的每項產品如何運作。

And if you do not give us -- if you do not give us what we want, we will find and ban you. And so it's sending a signal to every CEO that we need to join forces to be able to protect ourselves from the control of portals, NAR, MLS. And so I think that's really what's happening. I mean, clearly, there are people of different perspectives and different sides, but this is accelerating conversations that would not have happened otherwise.

如果你不給我們——如果你不給我們想要的東西，我們就會找到你並禁止你。因此，它向每位執行長發出了一個信號：我們需要聯合起來，保護自己免受門戶網站、NAR、MLS 的控制。所以我認為這確實正在發生。我的意思是，顯然，人們有不同的觀點和不同的立場，但這正在加速原本不會發生的對話。

And in terms of the capital, yes, we feel good about our capital.

就資本而言，是的，我們對我們的資本感到滿意。

Yeah. Hey, Robert, the only thing I'd add to Jason, your question is, the other thing that -- on the other side of it all, we've done a really nice job of taking our partners that from acquisitions in the past and really leveraging them and putting them out to make sure that they're helping those CEOs that Robert's talking about, feel really comfortable coming to Compass and sharing their success stories.

是的。嘿，羅伯特，我唯一想補充傑森的問題是，你的問題是，另一方面，我們在過去的收購中很好地吸收了我們的合作夥伴，並真正利用了他們，確保他們能夠幫助羅伯特提到的那些首席執行官，讓他們感到很舒服地來到 Compass 並分享他們的成功故事。

I mean, as Robert said, our teams have never been busier. And I think we have been improving from a capital structure to be pretty flexible and make sure deals make sense for us economically, but also for partners. And so we've just seen success, and I think now is a very important time just given the unique circumstances.

我的意思是，正如羅伯特所說，我們的團隊從未如此忙碌。我認為，我們的資本結構一直在不斷改進，變得更加靈活，確保交易不僅對我們經濟有意義，對合作夥伴也有意義。所以我們剛剛看到了成功，我認為，考慮到目前的特殊情況，現在是一個非常重要的時刻。

Yeah, and I'm glad you brought that up, Kalani. The brokerage COs out there, you all know who you are, we are getting conversations with. Like, they all want to be successful. We want to be successful. Just like agents, everyone wants to be successful. And we're all entrepreneurs. And when our entrepreneurial potential is being capped, being controlled by portals and MLSs, that's bringing us together. And look, I love boutiques. I love that our industry has thousands and thousands of brokerage firms. But MLSs and portals love it more because boutiques can't defend themselves against and protect themselves from control. And so, again, I think this is -- and the sentiment has been written about by others in the public that these industry rules are bringing conversations together on the M&A side.

是的，我很高興你提起這件事，卡拉尼。那些經紀 CO，你們都知道你們是誰，我們正在與你們交談。就像，他們都想成功。我們想要成功。就像經紀人一樣，每個人都想成功。我們都是企業家。當我們的創業潛力受到限制，被門戶網站和 MLS 控制時，我們就走到了一起。瞧，我喜歡精品。我很高興我們的行業有成千上萬家經紀公司。但 MLS 和門戶網站更喜歡它，因為精品店無法防禦並保護自己免受控制。所以，我再次認為，而其他公眾人士也表達了同樣的觀點，即這些行業規則正在將併購方面的對話聚集在一起。

Chris Kuntarich, UBS. A reminder to please unmute yourself, Chris, and we should be able to hear you.

瑞銀的 Chris Kuntarich。提醒一下，克里斯，請取消靜音，這樣我們就能聽到你的聲音了。

All right, we will move on to the next questioner. Nick McAndrew, Zelman & Associates.

好的，我們繼續提問下一位提問者。尼克·麥克安德魯（Nick McAndrew），澤爾曼與合夥人。

Kalani, congratulations on the new chapter. It's been great working with you. And Scott, looking forward to working with you as well.

卡拉尼，祝賀你開啟新的篇章。和你一起工作很愉快。斯科特，我也期待與您合作。

Robert, maybe just one for you to start. It's pretty encouraging to see platform engagement hitting an all-time high, and I'm just wondering if you have any early feedback to share from either top producers or their customers on the Compass One dashboard. And I'm curious to see if there are any early signals that you're seeing on if this is helping just to increase the stickiness of the platform in general for both agents and consumers. Thanks.

羅伯特，也許這只是你的一個開始。看到平台參與度達到歷史最高水平是相當令人鼓舞的，我只是想知道您是否有來自頂級生產商或其客戶對 Compass One 儀表板的早期反饋可以分享。我很好奇，您是否看到任何早期訊號表明這是否有助於提高代理商和消費者對平台的黏性。謝謝。

Yeah, thank you for asking. And the number that we've given out is for total agents. Remember, a lot of our agents are working at different spectrums of activity. If you look at our principal agents, the number of sessions per agent is even higher. So we're very encouraged by that.

是的，謝謝你的詢問。我們提供的數字是代理商總數。請記住，我們的許多代理商都在從事不同範圍的活動。如果您查看我們的委託代理商，則每個代理商的會話數量甚至更高。因此我們對此感到非常鼓舞。

In terms of Compass One, the feedback is very strong. And there's more we could do on adoption, right? This spring, we focus more on the three-phase market strategy than adoption of Compass One. We're seeing very, I say, good adoption, but it could be better. So there's opportunity there.

就Compass One而言，回饋非常強烈。在收養方面我們還可以做更多，對嗎？今年春季，我們更專注於三階段市場策略，而不是Compass One的推廣。我認為，我們看到的推廣效果非常好，但還有進步空間。因此，那裡有機會。

But for those that are adopting it, it's, I would say, transforming their workflow with their clients, and it gives 24/7 transparency to every step of the process before, during, and after the transaction to their client. And it puts everything in one place. We continue to add more to it. We just launched listing insights as to how much trap you get on every listing into it.

但對於那些採用該技術的人來說，我想說，它正在改變他們與客戶的工作流程，並且它為客戶在交易之前、交易期間和交易之後的每個步驟提供了全天候的透明度。它將所有內容放在一個地方。我們將繼續添加更多內容。我們剛剛推出了清單洞察，以了解您在每個清單中遇到了多少陷阱。

And so, the use case there is, let's say you're getting 500 hits a day and it's going down and down and down, and it's going to 10 hits a day after a certain period of time. You can say, hey, you're not visible anymore in the search alerts. People have already seen your listing. But if you bring the price -- you have a price drop, then you're going to pop back up in the search alerts, in everyone's search alert, and they'll see you again.

因此，這裡的用例是，假設您每天獲得 500 次點擊，然後點擊量不斷下降，經過一段時間後，每天的點擊量將降至 10 次。您可以說，嘿，您在搜尋警報中不再可見了。人們已經看過您的清單。但是如果你降低價格，那麼你就會重新出現在搜尋提醒中，出現在每個人的搜尋提醒中，他們會再次看到你。

We put in e-signature. We already had e-signature in Compass One, but now it's in the timeline. In a way, that's like very simple. We already put the tours, all the open house. Feedback is in there now as well with the buyer tours. So we continue to add more and more to it where ultimately we want to create harmony and simplicity in the real estate processes all in one single place.

我們採用了電子簽名。我們已經在 Compass One 中有了電子簽名，但現在它位於時間軸中。從某種程度上來說，這非常簡單。我們已經安排好了參觀，所有的開放參觀。現在買家參觀時也會收到回饋。因此，我們不斷添加更多內容，最終希望在一個地方實現房地產流程的和諧與簡化。

And so, yes, we're definitely happy that we made the investment. We're going to continue to improve it more over time, and it'll be a focus of our fall adoption efforts with our agents.

所以，是的，我們很高興我們做出了這項投資。我們會隨著時間的推移不斷改進它，它將成為我們與代理商合作在秋季採用它的重點。

Great, thank you. That's very helpful. And then just to follow up to -- I think there was a comment made that agents using one-click T&E are attaching title at pretty much 2x the rate.

太好了，謝謝。這非常有幫助。然後只是為了跟進——我認為有一條評論說，使用一鍵式 T&E 的代理商附加標題的速度幾乎是原來的 2 倍。

And from your perspective, what's driving the better attach? Is it just the simplicity of what one-click title is? And can you also just remind us if there's an opportunity for something similar on the mortgage side with OriginPoint as well to grow just mortgage attach over time? Thank you.

從您的角度來看，什麼因素推動了更好的連結？這只是一鍵標題的簡單性嗎？您能否提醒我們，OriginPoint 在抵押貸款方面是否也有機會做類似的事情，以便隨著時間的推移增加抵押貸款附加額？謝謝。

Yeah, no, absolutely. And so what drives the higher attach of one-click title.

是的，絕對不是。那麼，是什麼推動了一鍵標題的更高附加價值呢？

Look, for an agent, time is money. And you, of course, know with RESPA, you can't financially incentivize an agent to drive attach, but what one click title does is it makes -- it saves them and their client time. It's one click versus creating an e-mail and putting a bunch of information together and send it by email, waiting for the response to get hidden in someone's e-mail or maybe in spam folder. It's all living in the system.

看，對經紀人來說，時間就是金錢。當然，您知道，透過 RESPA，您無法從經濟上激勵代理商推動附加服務，但一鍵標題可以節省代理商及其客戶的時間。只需單擊即可建立電子郵件，並將一堆資訊放在一起透過電子郵件發送，等待回覆隱藏在某人的電子郵件中或垃圾郵件資料夾中。一切都存在於系統中。

And so that saves them time, but also saves them anxiety, which in this business, there's a lot of anxiety that when you make an action that it may not be followed up with or may get lost when you're doing so many transactions at a time. And so that's why it has a better attached rate because it saves the agent time, it reduces anxiety. And in speeding up the transaction with their client, it reduces the chance that something can happen that can make the transaction not fall apart.

這樣不僅節省了他們的時間，還減輕了他們的焦慮，在這個行業中，當你採取一個行動時，當你同時進行如此多的交易時，你很可能會擔心它不會被跟進，或者可能會丟失。這就是為什麼它有更好的附加率，因為它節省了代理的時間，減少了焦慮。並且透過加快與客戶的交易，它減少了發生可能導致交易失敗的事件的可能性。

In terms of mortgage, we want to bring the same to mortgage, but that'll probably be, yeah, a 2026 effort. No, not this year.

在抵押貸款方面，我們希望將同樣的政策引入抵押貸款，但這可能要到 2026 年才能實現。不，今年不行。

Alec Brondolo, Wells Fargo.

富國銀行的亞歷克·布朗多洛。

Maybe if I could start with the 832 agent gross addition number. I guess the question I have is, Robert, do you feel like your evangelism around the private exclusive strategy had like a tangible or meaningful kind of benefit to agent gross heads in the quarter? Were there other factors that that drove the strength? It's maybe the first question.

也許我可以從 832 個代理總增加數量開始。我想我的問題是，羅伯特，您是否覺得您圍繞私人獨家策略的宣傳對本季度的代理商總收入產生了切實或有意義的好處？還有其他因素推動了這種力量嗎？這也許是第一個問題。

The second question is, any kind of update or feedback on the macro in July? I think the industry agrees 2Q was tepid. But Anywhere Real Estate, Realogy, on their earnings call a couple of days ago, I think they call that improved trends in July. So just any thoughts that would be helpful as well.

第二個問題是，七月宏觀有什麼更新或回饋嗎？我認為業界一致認為第二季業績不溫不火。但 Anywhere Real Estate、Realogy 在幾天前的收益電話會議上表示，我認為他們稱 7 月的趨勢有所改善。因此任何想法都會有幫助。

Yeah. So look, we continue to get better and better in all the things that we do. And so by no means is it just the advocacy, but I think what's changed the most this last quarter versus the prior year, yes, technology, and you can see the adoption of our tech is up 37%, right? So we are seeing those improvements.

是的。所以你看，我們所做的一切都在不斷進步。所以這絕不只是宣傳，但我認為上個季度與去年相比變化最大的是技術，你可以看到我們技術的採用率上升了 37%，對嗎？所以我們看到了這些改進。

But when you're recruiting someone, they don't -- like the difference when you're recruiting someone, they wouldn't know that. Now they could talk to their agents that are friends here and tell them, and so you get good referrals for sure.

但是當你招募某人時，他們不會——就像當你招募某人時的區別一樣，他們不會知道這一點。現在他們可以與在這裡的朋友經紀人交談並告訴他們，這樣你肯定會得到很好的推薦。

Look, I think there are views on different sides of what is right and people have very personal views about it. The agents, I think on balanced top agents for sure want choice. There's one of our top agents, Gretchen Coley in Raleigh, she said, I'm starting to look at all these comments in the comment section of these people who are saying, you shouldn't be able to market off the MLS. I'm realizing they don't sell real estate. Yeah, and what she meant by that, these are agents that don't have a business, or these are people -- or these organized real estate members of like the association and this organized system of these portals and MLSs, but top agents. These top agents love their clients more than -- they give more to their clients than their own families in certain senses.

你看，我認為對於什麼是正確的，人們有不同的看法，而且人們對此有非常個人的看法。對於經紀人來說，我認為平衡的頂級經紀人肯定想要選擇。我們的頂級經紀人之一，羅利的格雷琴·科利 (Gretchen Coley) 說道，我開始在評論區查看這些人的所有這些評論，他們都說，你不應該在 MLS 之外進行營銷。我意識到他們不出售房地產。是的，她的意思是，這些是沒有業務的經紀人，或者這些是人 - 或者這些有組織的房地產成員，例如協會和這些門戶網站和 MLS 的有組織的系統，但都是頂級經紀人。這些頂級經紀人愛他們的客戶勝過愛自己的家人——從某種意義上來說，他們為客戶付出的比為自己的家人付出的還要多。

It could be a dinner with your family, and you're a top agent and someone calls, many of them will be like, they pick up for that client. They give their entire business is because they give so much -- they care so much for their clients. And the very concept that an MLS in a portal would find them and ban them, fine them up to $5,000, ban them for giving choice to their sellers the same choice that the developers have. And these top agents are sophisticated. They understand what's happening.

這可能是與家人共進晚餐，而您是頂級代理，有人打電話，他們中的許多人會說，他們會為該客戶接電話。他們全心投入事業是因為他們付出了很多——他們非常關心他們的客戶。入口網站中的 MLS 會發現並禁止他們，罰款高達 5,000 美元，禁止他們為賣家提供與開發商相同的選擇。這些頂級特工都非常老練。他們明白發生了什麼事。

And so they feel sold out by organized real estate. And again, some of them they don't all feel that way. Some of them believe this, what they've been told, maximum exposure equals maximum price. That's a really great line. Maximum exposure equals maximum price.

因此他們感覺被有組織的房地產出賣了。但有些人並不全有這種感覺。他們中的一些人相信這一點，他們所聽到的就是，最大程度的曝光等於最高的價格。這真是一句很棒的台詞。最大曝光率等於最高價。

Although, if that were true, everything would be on Amazon. And it's not. If that were true, LVMH wouldn't be able to sell a bank that's cost $200 for $20,000 right? Maximum exposure, maximum price is not true. It's not a true thing. And so top agents understand that, and that's why they just want someone to fight for them and to advocate for them, and that's what we're doing.

不過，如果這是真的，那麼所有東西都會在亞馬遜上出售。但事實並非如此。如果這是真的，LVMH 就無法以 20,000 美元的價格出售價值 200 美元的銀行，對嗎？最大曝光度、最高價格並不真實。這不是一件真實的事。所以頂級經紀人明白這一點，這就是為什麼他們只是希望有人為他們而戰並為他們辯護，而這正是我們正在做的。

And you can see it also in retention numbers. Our retention numbers for 97.5%, meaningfully higher than it was a year ago, and we see it in the data.

您也可以從保留數字中看到這一點。我們的保留率為 97.5%，比一年前有顯著提高，我們從數據中看到了這一點。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

All right, we will move on to the next quest -- oh, Chris, are you there?

好的，我們繼續下一個任務——哦，克里斯，你在嗎？

Can you hear me now?

現在你能聽到我說話嗎？

Yes, I can. Please go ahead.

是的，我可以。請繼續。

All right, sorry about that. Kalani, congratulations, and I guess I can't let you go after making you wait this long for me to ask my question to ask a question about our full year non-GAAP OpEx guide.

好的，很抱歉。卡拉尼，恭喜你，我想我不能讓你離開，因為你等了我這麼久才問我一個關於我們全年非 GAAP 營運支出指南的問題。

Can you just give us a sense of what could potentially drive that to the low end of the range versus kind of the midpoint and kind of how your visibility compares versus maybe this point last year? And then I think it was touched on, maybe one for Robert here, on the one-click T&E. I think last quarter you were calling out that you were rolling this out to iOS devices. I think you're saying it was you're looking to get it into the hands of kind of 70% of markets.

您能否告訴我們，是什麼可能導致這一數字下降到該範圍的低端而不是中間值，以及您的可見度與去年同期相比如何？然後我認為它被觸及了，也許是羅伯特的一個，關於一鍵式 T&E。我認為上個季度您就曾宣布將把這項功能推廣到 iOS 裝置。我想您說的是，您希望將其推廣到 70% 左右的市場。

Can you just talk to us about how much of this is essentially getting it into Android? Is this being done by market basis? Just how much of a lift is it from a tech perspective versus just kind of operational execution? Thanks so much.

您能否與我們談談其中有多少內容是真正融入 Android 的？這是按照市場原則進行的嗎？從技術角度和營運執行角度來看，它到底有多大的提升？非常感謝。

Yeah, Robert, I'll go first on the OpEx. Chris, thanks for the question. I think to get to the low end of our guide, it's going to be -- let me start this way, I think what we've done over the last three years is really driven kind of all of our leaders from corporate to office level to really look at costs. And so what's driving the favorability so far is continued cost controls in some of the very basic areas, as well as a lot of work from our folks and leaders in the field as they look at how to maximize expenses. Our agent economics continue to improve.

是的，羅伯特，我先談談 OpEx。克里斯，謝謝你的提問。我認為，要達到我們指南的低端，這將是——讓我這樣開始，我認為我們在過去三年中所做的確實推動了我們從公司到辦公室層面的所有領導者真正關注成本。因此，到目前為止，推動這一趨勢的因素是，我們在一些非常基礎的領域中持續進行成本控制，以及我們的員工和領導者在該領域的大量工作，他們正在研究如何最大限度地提高費用。我們的代理商經濟狀況持續改善。

So to get to the low end, it is really going to be just continued focus on cost and really seeing some of the work in the field come through from an agent economic standpoint. And working there, again, I think some of the good news is a lot of what the field is working on can save us cost but also just improves service to our agents. And obviously, that's our number one concern.

因此，為了達到低端市場，實際上只需要繼續專注於成本，並從代理經濟的角度真正看到該領域的一些工作取得成果。再次強調，在那裡工作，我認為一些好消息是，該領域正在進行的許多工作不僅可以節省我們的成本，還可以改善我們為代理商提供的服務。顯然，這是我們最關心的問題。

So we're getting both the best of both worlds. I think to get to the low end, though, we're going to see it really be maximizing by our regional leaders in their individual offices. Robert?

因此，我們可以同時獲得兩全其美的結果。不過，我認為，為了達到低端水平，我們將看到我們的地區領導人在各自的辦公室裡真正最大化。羅伯特？

Yeah, in terms of one-click title, we launched in all of our markets one-click title. We have expanded our title operations to new markets, and that takes some time to launch when you get into a new market. And we're working on getting it to Android and that will take a little more time.

是的，就一鍵式標題而言，我們在所有市場都推出了一鍵式標題。我們已將我們的標題業務擴展到新市場，進入新市場需要一些時間來啟動。我們正在努力將其推廣到 Android 系統，這還需要一些時間。

One question I think I was cut off early in terms of July in the last analyst asked the question on what we see in July. July was healthy. I think it kind of reflect some of the delayed demand from the spring market where tariffs were the focus in April and much as spring. We are seeing pendings up in contract listings up 5% year over year. That's not heroic increase, but it is up. And so I'd expect that to flow through into the September data for sales. But I think this year will look a lot like last year.

我認為我在 7 月初就被打斷了，上一位分析師問到的問題是「我們對 7 月的看法」。七月是健康的。我認為這在某種程度上反映了春季市場需求的延遲，4 月以及整個春季，關稅都是市場的焦點。我們發現待完成的合約清單年增了 5%。雖然這不是什麼驚人的成長，但確實有所成長。因此我預計這將影響到九月的銷售數據。但我認為今年的情況與去年很相似。

And that is what it is on the financial side, but on the competitive side, yeah, I think it creates opportunities. And you can see that in our market share of what's happened over the course of the last year. You can see that in the M&A. You can see that in the recruiting, you can see that in the retention.

從財務方面來看確實如此，但從競爭方面來看，是的，我認為它創造了機會。您可以從我們去年的市佔率變化中看出這一點。您可以在併購中看到這一點。您可以在招聘中看到這一點，也可以在保留中看到這一點。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hey, Kalani, I wanted to extend my positive sentiments to you on your new role as well. I just have two.

嘿，卡拉尼，我也想對你的新角色表達我的正面感受。我只有兩個。

First, I was wondering if you could talk about any potential changes in commission rates that you're seeing. GAAP revenue as a percentage of GTV has been remarkably stable on a year-over-year basis. Just wondering if you could double click on that a little bit. And wondering if we just strip out adjacent services, is the commission rate stable? And then I have a quick follow-up. Thank you.

首先，我想知道您是否可以談談您所看到的佣金率的任何潛在變化。以 GAAP 計算的收入佔 GTV 的百分比與去年同期相比保持顯著的穩定。我只是想知道您是否可以雙擊一下它。我想知道如果我們只是剝離相鄰的服務，佣金率是否穩定？然後我有一個快速的跟進。謝謝。

Yeah, yeah, I'll cover that, but thanks for the thanks for the sentiment.

是的，是的，我會講到這一點，但還是感謝你的關心。

I think when we compare kind of the rates for Q2 versus prior Q2s, it is, as you said, stable. I think we've seen it up in a few markets and down in a few, but on average kind of flat to very -- kind of very slightly down or up on the market.

我認為，當我們將第二季的利率與先前第二季的利率進行比較時，正如您所說，它是穩定的。我認為我們已經看到一些市場出現上漲，一些市場出現下跌，但平均而言，市場走勢持平或略有上漲或下跌。

Overall, we have not seen degradation, I think, in the metric. And I think it's expected given our typical agent is that full-time professional agent and they're demonstrating the value to their clients. So I think you have it right. We're seeing some ebbs and flows in markets, but even that is very stable compared. And I think as we chart the kind of 5-, 10-year history of it, it kind of looks like the same ebb and flow. We haven't seen a lot of difference.

總體而言，我認為我們並沒有看到指標的下降。我認為這是意料之中的，因為我們的典型代理是全職專業代理，他們正在向客戶展示價值。所以我認為你是對的。我們看到市場有一些起伏，但相比之下，這仍然非常穩定。我認為，當我們繪製其 5 年或 10 年的歷史時，它看起來就像是同樣的起伏。我們並沒有看到太多的差異。

Great, thank you. And I just wanted to ask about the agent net add outlook. Encouraging to see the record principal agent, organic net adds in the quarter. I was just wondering if you could talk a little bit about your expectations for net adds on both a gross and a net basis for the rest of the year. Is there any pressure from the industry itself shrinking just given some of the challenges in the housing market? Thank you.

太好了，謝謝。我只是想問一下代理網絡添加前景。令人鼓舞的是，本季創紀錄的主要代理商和有機淨銷售額均有所增加。我只是想知道您是否可以談談您對今年剩餘時間內淨增額和淨增額的預期。鑑於房地產市場面臨的一些挑戰，該行業本身的萎縮是否會帶來壓力？謝謝。

Maybe I'll start and I'll pass it on to Kalani. I also want to add some color.

也許我會開始並將其傳遞給卡拉尼。我還想添加一些顏色。

The 5% up for July, that's for the market and pendings. That's not for Compass. That's just an overall market number. As you can see in the past, we've grown faster than the market, but that was just a market number. We don't disclose ours.

7 月上漲了 5%，這是針對市場和待定事項的。那不適合 Compass。這只是一個整體市場數字。正如你過去所看到的，我們的成長速度快於市場，但那隻是一個市場數字。我們不會透露我們的資訊。

In terms of net adds, I think it is worth noting we brought on over 800 principal agents, but the total number of agents, so not just principals, was nearly 2,000, I think approximately around 1,700. And so when you compare us to other companies, I think you should just look at that apples to apples.

就淨增人數而言，我認為值得注意的是，我們引入了 800 多名主要代理商，但代理商總數（不僅僅是主要代理商）接近 2,000 人，我認為大約有 1,700 人。因此，當您將我們與其他公司進行比較時，我認為您應該以同類的眼光來看待。

And in terms of the competitive pressure, the industry is losing agents. I think NAR came out and said their number of agents has gone down 20%. In the last year, there's something that came out in about two months ago, so that's one data point. And I think in down markets, the best agents gain market share. In down markets, the best agents gain business, while the worst agents leave the business. And so we are seeing -- I think we are fortunate that we have built a company really focused on the best agents who are not only growing and staying, but gaining market share as a result.

而就競爭壓力而言，該產業正在失去代理商。我認為 NAR 已經表示他們的代理商數量已經下降了 20%。去年，大約兩個月前出現了一些事情，所以這是一個數據點。我認為在低迷的市場中，最好的代理商會獲得市場份額。在低迷的市場中，最好的代理商會獲得業務，而最差的代理商則會失去業務。所以我們看到——我認為我們很幸運，我們建立了一家真正專注於最佳代理商的公司，這些代理商不僅在成長和留任，而且因此獲得了市場份額。

But Kalani, on net principal adds.

但 Kalani 則補充道。

Yeah. Yeah, yeah. Sure, sure. Michael, I think we clearly had good results this quarter -- great results this quarter, actually, on the recruiting front. I still think that 600 to 700 principal adds is the right range. I think the variable for us on moving kind of above the 700 range in volume is really the walkover volume that we see. Reminder those are smaller boutiques that kind of shed some of their OpEx and come onto our platform and take advantage of it.

是的。是啊是啊。當然，當然。邁克爾，我認為本季度我們在招聘方面取得了明顯的良好成績——實際上，本季度在招聘方面取得了巨大的成績。我仍然認為 600 到 700 本金增加是正確的範圍。我認為，對於我們來說，交易量超過 700 範圍的變數實際上是我們看到的輕鬆交易量。提醒一下，這些都是規模較小的精品店，它們會減少部分營運支出，然後進入我們的平台並利用它。

We have a tremendous pipeline. The team -- the recruiting team is working well with those folks. I think it'll depend on the timing of when and how those folks come over, but that will drive -- that will be the driver, I guess, of overperformance against that 700 baseline.

我們擁有龐大的管道。該團隊—招募團隊與這些人合作良好。我認為這取決於這些人何時以及如何過來，但這將推動——我想，這將是超越 700 基線的驅動力。

I think over time, we'll continue to, as Robert said earlier, we just keep getting better at this. So I expect the team and Scott to raise the expectation of our recruiting team. But look, I think the big takeaway here is that we are seeing momentum and that demand for Compass has never been stronger.

我認為隨著時間的推移，正如羅伯特之前所說，我們會繼續在這方面做得更好。因此我希望球隊和史考特能夠提高我們招募團隊的期望。但是，我認為這裡最大的收穫是，我們看到了發展勢頭，而且對 Compass 的需求從未如此強烈。

As you think about the other side of your net equation, our retention was actually slightly better than a year-ago quarter. And so we expect to kind of be this year at roughly 310 that adds. Again, I'll aim for the 150 to 200. And then the upside will be on the teams working through the walkovers. So I hope that adds for your guidance and your models.

當您考慮淨等式的另一邊時，我們的保留率實際上比去年同期略好。因此，我們預計今年的新增人數將達到約 310 人。再次強調，我的目標是 150 到 200。那麼，優勢就在於那些在輕鬆取勝中努力拼搏的球隊。所以我希望這能為您的指導和模型增添一些內容。

And as a reminder, the agents that we bring on to recruit, generate -- I have more production agents that leave. But when we give you the retention number and those that leave, it's a very high integrity number. It includes agents that retire. It includes agents that move to cities that we don't operate in. It includes agents that move to different industries altogether.

提醒一下，我們招募的經紀人，產生了——我有更多的生產經紀人離開。但是，當我們向您提供保留數字和離開的數字時，這是一個非常高的完整性數字。其中包括退休的經紀人。其中包括遷移到我們沒有開展業務的城市的代理商。其中包括一起轉投不同產業的代理商。

And so what we've seen over time is the biggest competitor of Compass is retirement, right? In a 5 -- in a 20-year career, you should lose five senior people every year.

因此，隨著時間的推移，我們看到 Compass 最大的競爭對手是退休，對嗎？在 5 到 20 年的職業生涯中，你每年都會失去五名資深員工。

Elizabeth Langan, Barclays.

巴克萊銀行的伊麗莎白·蘭根。

Hi. You've got Elizabeth on for Maxim today. Kalani, I will also extend my congratulations and wish you luck as you kind of move into your next chapter.

你好。今天，伊莉莎白將為馬克西姆做客節目。卡拉尼，我也向你表示祝賀，並祝福你在人生的下一個篇章中好運連連。

Just starting off, I wanted to ask about general like market trends. Obviously, over the last few months we've seen a pretty wide set of outcomes depending on geography. And I was wondering if you could speak to how Compass is positioned around that and what markets are seeing a little healthier traction versus ones that are coming in a little bit softer.

剛開始的時候，我想問一下一般的市場趨勢。顯然，在過去的幾個月裡，我們看到了一系列因地理位置不同而產生的不同結果。我想知道您是否可以談談 Compass 在這方面的定位，以及哪些市場表現較健康，哪些市場表現稍弱。

So overall, our prices are up 1% year over year. Inventory for single family, that is up 27% year over year. The number of homes that have a price drop right now is 42%. So 42% of the homes in July that exist in the country have a price drop. That's more than any time in the last 12 years. They all look like damaged goods.

因此總體而言，我們的價格比去年同期上漲了 1%。單戶住宅庫存年增 27%。目前價格下跌的房屋數量為 42%。因此，7月全國現有房屋中有42%的價格下跌。這比過去 12 年中的任何時候都要多。它們看起來都像是破損的貨物。

The reason why Compass Private Exclusives and Compass Coming Soons are so valuable to sellers is we can protect you from that. When you have a coming soon or private exclusive, there's no days on market, there's no price drop history. And it's very meaningful.

Compass Private Exclusives 和 Compass Coming Soons 對賣家如此有價值的原因是我們可以保護您免受此類侵害。當您有即將推出的產品或私人獨家產品時，就沒有上市日期，也沒有降價歷史。這非常有意義。

And so when you say how are we positioned, one, we're positioned to help protect people from the risk of marking their home through organized real estate, MLS and portals that put negative insights on the listings with no regard to what the seller wants because they have no choice. And they'll find the seller's agent and their client where the seller doesn't even know what's happening. And so that's one.

所以當你問到我們的定位時，首先，我們的定位是幫助人們避免透過有組織的房地產、MLS 和門戶網站標記他們的房屋的風險，這些網站會在房源資訊上發布負面見解，而不考慮賣家想要什麼，因為他們別無選擇。他們會找到賣方的代理人和他們的客戶，但賣方甚至不知道發生了什麼事。這就是其中之一。

In terms of markets, new developments still more in demand because people want things that are new and moving ready. The Northeast has less inventory than the South. The normal migration pattern from the Northeast to the South has slowed dramatically. You have people moving from -- there was a big move from California to places like Texas and Nashville, which is meaningfully moderated, but overall, I expect this year to look a lot like last year.

從市場角度來看，新開發專案的需求仍然更大，因為人們想要新穎且隨時可以動的東西。東北地區的庫存比南部少。從東北向南的正常遷徙模式已大幅放緩。人們從加州遷移到德州和納許維爾等地，這種遷徙受到了顯著抑制，但總體而言，我預計今年的遷徙情況與去年類似。

Okay. Thank you, Robert. And then, Kalani, I will leave you with last question from me.

好的。謝謝你，羅伯特。然後，卡拉尼，我將向你提出最後一個問題。

But you've obviously made a lot of progress on the cost-out initiatives and the guide for the OpEx, obviously. But you'd mentioned that there are some inflationary pressures, which will be offset by some of these newer cost-out initiatives. I was wondering if you could talk through where that incremental inflation is coming from.

但顯然，您在成本削減計劃和營運支出指南方面已經取得了很大進展。但您提到存在一些通膨壓力，這些壓力將會被一些較新的成本削減措施所抵銷。我想知道您是否可以談談增量通膨的根源。

Yeah. No, I'm really excited with the program that Robert and I talked about, just given the fact that I think it improves everybody's expectations by $50 million at least.

是的。不，我對羅伯特和我談論的計劃感到非常興奮，因為我認為它至少能提高每個人的期望值 5000 萬美元。

On the inflationary side, one of the things we're learning, we've had some really great M&A partners in the last two years. And they've -- I think because they've been acting kind of like a regional test areas for us and they've been doing some really interesting work to offset inflation. Inflation is kind of coming from everywhere, from a procurement side, from even some of the technology costs. I think we have some opportunities to offset that.

在通貨膨脹方面，我們正在學習的一件事是，在過去兩年中，我們擁有一些非常優秀的併購合作夥伴。而且他們——我認為是因為他們一直充當著我們的區域試驗區的角色，他們一直在做一些非常有趣的工作來抵消通貨膨脹。通貨膨脹無所不在，從採購方面，甚至從一些技術成本。我認為我們有一些機會來抵消這一點。

But we're still working through it. A lot of work to figure out how best to because every markets, a little different as we think about optimizing that. But folks like our our Christie's International Real Estate, one of the best at driving agent service and agent economics. And so we'll be kind of looking at ways to deploy some of the work they've done.

但我們仍在努力解決這個問題。我們需要做大量的工作來找出最佳方案，因為每個市場都略有不同，因此我們正在考慮如何優化它。但是像我們佳士得國際地產這樣的人，在推動代理服務和代理經濟方面是最好的公司之一。因此，我們將尋找方法來部署他們所做的一些工作。

Benjamin Black.

班傑明·布萊克。

Hi, this is Jeff on for Ben. Thanks for taking squeezing me in to take the last question. I just wanted to follow up on the M&A that was discussed. You mentioned that industry rules are bringing additional M&A opportunities.

大家好，我是 Jeff，代表 Ben。感謝您抽空回答我最後一個問題。我只是想跟進討論過的併購事宜。您提到行業規則正在帶來更多的併購機會。

Do you also think that maybe a weaker housing market has actually accelerated the pace of the M&A that you've done? Or do you think as we head into next year if we were to see a reduction in rates in the housing market improved? Do you think that that would actually give you guys an opportunity to accelerate the number of acquisitions that you might be able to do as valuations come up? Thank you.

您是否也認為，房地產市場的疲軟實際上加速了您所進行的併購的步伐？或者您認為，隨著明年的到來，如果我們看到房地產市場的利率下降，情況會有所改善？您是否認為這實際上會給您一個機會，隨著估值的上升，加速您可能進行的收購數量？謝謝。

Yeah, I think in addition to industry rules that have created difficulty for brokerage COs in defining their own path, there is definitely the market which you highlight, which has made it difficult for brokerage COs to create the P&L that they seek in the moment.

是的，我認為除了行業規則使得經紀公司難以確定自己的道路之外，肯定還有您強調的市場因素，這使得經紀公司難以創造他們目前所尋求的損益。

There's also -- a big shift has been technology. 10 years ago, agents weren't using technology as much as they were as they are now, and I think it is indisputable. 10 years ago, a lot of them say, I don't need technology. Now, the vast majority of them say that they do need it and their clients expect it.

還有——科技發生了巨大的轉變。 10 年前，代理商使用科技並不像現在這麼多，我認為這是無可爭議的。 10 年前，他們中的很多人都說，我不需要技術。現在，絕大多數人表示他們確實需要它，而且他們的客戶也期待它。

And this industry of brokerages, interestingly enough, what happened is they didn't have to build technology because they relied on the MLSs to do a big piece of the technology puzzle and then some third-party tools. But now the industry of brokerages are at a place where they wouldn't be -- they don't have the capital to build what's needed. And so there's really no path to build what an agent would expect. And

有趣的是，經紀業並不需要自行開發技術，因為他們依賴 MLS 來解決大部分技術難題，然後再依賴一些第三方工具。但現在經紀業正處於一個他們不該處於的境地——他們沒有足夠的資本來建立所需的一切。因此實際上沒有途徑可以實現代理商所期望的功能。和

Compass is the only brokerage firm that built an end-to-end platform. We invested $1.8 billion in it over the last 13 years. And so, I guess, what I'm most excited by is the ability to continue to distance from the competition and the value that we give our agents. And when you do that, more agents come more to stay, but also it's a signal to brokerage COs that it'd be more fun winning together than not.

Compass 是唯一建立端到端平台的經紀公司。過去13年我們已向其投資了18億美元。所以，我想，最讓我興奮的是能夠繼續與競爭對手保持距離，並為我們的代理商提供價值。當你這樣做的時候，會有更多的經紀人來留下來，但這也向經紀 CO 發出了一個信號，即共同獲勝比各自獲勝更有趣。

And so, that's really what a lot of this is about. It's about having fun and look your agents in the eye and saying, we're giving you the best of everything in one place. And when we come together with a lot of these great companies, they're truly great companies with great leaders. But when you come together, you're able to look in agent's eye and say, yeah, I have not just the best culture, not just the best management which I had before, not just the best local team and sales meeting culture, but now we have a national company with technology, with its end-to-end platform with Compass Concierge, with of course the three-phase marketing strategy. And that's really what's leading to the conversations that we have today.

所以，這才是真正重要的內容。這是為了享受樂趣，看著你的經紀人的眼睛說，我們在一個地方給你最好的一切。當我們與許多這樣的優秀公司走到一起時，我們發現它們確實是優秀的公司，擁有優秀的領導者。但是當你們走到一起時，你就可以從代理人的角度說，是的，我不僅擁有最好的文化，不僅擁有我以前擁有的最好的管理，不僅擁有最好的本地團隊和銷售會議文化，而且現在我們擁有一家擁有技術的全國性公司，擁有 Compass Concierge 的端到端平台，當然還有三階段營銷策略。這才是我們今天進行對話的真正原因。

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

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。

Great. Well, thank you everyone for joining our call today. I want to end by thanking all of our employees and all of our agents for all their hard work. Together, we delivered the best quarter in our company's history. We have a long runway for growth, and I look forward to updating everyone on our progress.

偉大的。好吧，感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。我們共同創造了公司歷史上最好的一個季度。我們還有很長的成長空間，我期待向大家通報我們的進展。

Thank you and have a great rest of your day.

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。