Compass Inc (COMP) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Compass Inc. 2025 Q3 earnings call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 Compass Inc. 2025 年第三季財報電話會議。（操作說明）

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

現在我將把會議交給投資者關係主管索漢·邦斯勒。索漢，請繼續。

Thank you very much, operator, and good morning, everybody, and thank you for joining the Compass' third-quarter 2025 earnings call. Joining us today will be Robert Reffkin, our Founder and CEO; and Scott Wahlers, our Chief Financial Officer.

非常感謝接線生，大家早安，感謝各位參加 Compass 2025 年第三季財報電話會議。今天與我們一同出席的有我們的創始人兼首席執行官羅伯特·雷夫金，以及我們的首席財務官斯科特·瓦勒斯。

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 third quarter 2025 earnings release posted on our Investor Relations website. Any discussion regarding organic revenue, organic OpEx, organic transactions, or organic GTV excludes any activity from businesses we acquired since July 1, 2024.

在討論我們公司的表現時，我們將參考一些非GAAP指標。您可以在我們的投資者關係網站上發布的 2025 年第三季財報中找到這些非 GAAP 指標與最直接可比較的 GAAP 指標的調整表。任何關於有機收入、有機營運支出、有機交易或有機總交易額的討論均不包括自 2024 年 7 月 1 日以來我們收購的業務的任何活動。

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 fourth-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. You can find more information about risks, uncertainties and other factors that could affect our results in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC and available on our Investor Relations website.

我們將根據我們目前的預期、預測和假設做出前瞻性陳述，這些陳述涉及風險和不確定性。這些聲明包括我們對 2025 年第四季和 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說法有重大差異。您可以在我們最新的年度報告（表格 10-K）和季度報告（表格 10-Q）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信息，這些報告已提交給美國證券交易委員會 (SEC)，並可在我們的投資者關係網站上查閱。

You should not place undue reliance on any forward-looking statements. All information in this presentation is as of today's date, November 4. We expressly disclaim any obligation to update this information. In addition, as we announced in September, Compass has agreed to merge with Anywhere Real Estate. The transaction is pending customary regulatory and shareholder approval, and we expect to close in the second half of 2026.

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，即11月4日。我們明確聲明不承擔更新此資訊的任何義務。此外，正如我們在 9 月宣布的那樣，Compass 已同意與 Anywhere Real Estate 合併。該交易尚待監管機構和股東的批准，我們預計將於 2026 年下半年完成。

We intend to make limited comments related to the Anywhere transaction in our prepared remarks. However, given that we are currently in the regulatory process, please note that we will be unable to answer any questions or comment any further on the transaction beyond our prepared remarks.

我們打算在準備好的演講稿中對 Anywhere 交易發表有限的評論。但是，鑑於我們目前正處於監管程序中，請注意，除我們準備好的發言稿外，我們將無法回答任何問題或對交易發表任何進一步評論。

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

現在我將把電話轉給羅伯特·雷夫金。羅伯特？

Thank you for joining us today for our third-quarter conference call. In what remains a trough level housing market, I am pleased to share that the Compass team produced the strongest Q3 results in our history. In Q3, Compass delivered record third-quarter market share, delivered record third-quarter revenue, delivered record third-quarter adjusted EBITDA, delivered record third-quarter adjusted EBITDA margin, delivered record Q3 free cash flow. The Compass platform hit a Q3 record of 22 average weekly sessions per agent. And we grew our Q3 title and escrow revenue to record levels.

感謝各位今天參加我們的第三季電話會議。儘管房地產市場仍處於低迷狀態，但我很高興地宣布，Compass 團隊取得了公司歷史上最強勁的第三季業績。第三季度，Compass 的市佔率、收入、調整後 EBITDA、調整後 EBITDA 利潤率和自由現金流均創歷史新高。Compass 平台第三季創下紀錄，每位經紀人平均每週會談數達到 22 次。第三季我們的產權和託管收入達到了創紀錄的水平。

Furthermore, we achieved a few all-time records once again, including delivering the best organic principal agent recruiting quarter in the company's history, including adding 851 principal agents; growing our title and escrow attach in our legacy markets to all-time highs; and lastly, growing our mortgage JV earnings to record levels.

此外，我們再次創造了一些歷史紀錄，包括公司歷史上最佳的自然增長的首席代理人招募季度，新增了 851 名首席代理人；將我們在傳統市場的產權和託管業務增長到歷史最高水平；最後，將我們的抵押貸款合資企業收益增長到創紀錄的水平。

Revenue in the third quarter increased by 23.6% year over year, and we achieved the high end of our revenue guide. Total transactions increased by 22% and organic transactions were up 7% year over year as compared to the overall market where transactions increased by 2%. So this means Compass' total transaction count growth outpaced the market's growth by close to 20 percentage points and Compass' organic transaction count growth outpaced the market's growth by 5 percentage points.

第三季營收年增 23.6%，達到了營收預期的上限。與整體市場交易量年增 22% 相比，有機交易量年增 7%。這意味著 Compass 的總交易量成長速度比市場成長速度快了近 20 個百分點，而 Compass 的有機交易量成長速度比市場成長速度快了 5 個百分點。

For 18 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. And as I will touch on a little later, we believe we can continue to outgrow the market even once we close the Anywhere transaction.

在公司上市以來的18個連續季度中，Compass 的有機成長表現均優於市場平均水準。自從我們開始衡量這項指標以來，Compass 的成長速度從未低於市場平均。稍後我會稍微提到，我們相信即使在完成 Anywhere 交易後，我們也能繼續超越市場成長。

In Q3 2025, we generated adjusted EBITDA of $93.6 million, an increase of 80% from the $52 million in the year ago quarter, and we exceeded the high end of our adjusted EBITDA guidance by 17%. Quarterly principal agent retention was a solid 97.3%. In the quarter, we also successfully added 851 gross principal agents organically to Compass, which is a new record. We are seeing more momentum at this point in the quarter compared to the same point in the last quarter. Given this increased momentum, we expect to add 800 gross principal agents organically in Q4, and we see the new normal as 700 to 800 gross adds going forward as the new range.

2025 年第三季度，我們實現了調整後 EBITDA 9,360 萬美元，比去年同期的 5,200 萬美元增長了 80%，並且比我們調整後 EBITDA 指導的上限高出 17%。季度主要代理人留任率高達 97.3%。本季度，Compass 也成功實現了 851 名總代理商的自然成長，創下了新的紀錄。與上季同期相比，本季目前的發展動能更加強勁。鑑於這一成長勢頭，我們預計第四季度將自然增加 800 名主要代理人，並且我們認為未來每年新增 700 至 800 名主要代理人將成為新的常態。

In the T&E business, excluding 2025 M&A, our attach rate continued to improve year over year and was once again at a record in Q3. The Christie's International Real Estate business also continues to grow with four new affiliates joining the network in the quarter and six affiliates in the pipeline. And as I will touch on a little later, I'm excited to share that the Christie's International Real Estate business is pacing better than our initial expectations, driven by outperformance in agent retention, outperformance in revenue synergies from T&E, outperformance in synergies from mortgage, and outperformance in OpEx control.

在差旅及費用業務中，不包括 2025 年的併購，我們的附加率繼續逐年提高，並在第三季再次創下紀錄。佳士得國際房地產業務也持續成長，本季有四家新加盟商加入其網絡，另有六家加盟商正在籌備中。稍後我會提到，我很高興地告訴大家，佳士得國際房地產業務的發展速度比我們最初的預期要好，這得益於經紀人留存率的超額收益、差旅費收入協同效應的超額收益、抵押貸款協同效應的超額收益以及運營支出控制的超額收益。

Revenue less commissions and other related expenses as a percentage of revenue in the third quarter was 18.6%, which is approximately 73 basis points above the 17.8% reported in the year ago quarter. Non-GAAP OpEx, excluding the $7.5 million related to the Anywhere transaction, was $252 million in Q3, which was relatively flat quarter-over-quarter as we continue to focus on OpEx control as a company. Last quarter, we shared that we expect to deliver an incremental $50 million to $75 million in adjusted EBITDA with at least $50 million of that adjusted EBITDA improvement realized in 2026. I'm excited to share that we remain on track to deliver against this goal.

第三季扣除佣金和其他相關費用後的收入佔收入的百分比為 18.6%，比去年同期報告的 17.8% 高出約 73 個基點。不包括與 Anywhere 交易相關的 750 萬美元，第三季非 GAAP 營運支出為 2.52 億美元，與上一季相比基本持平，因為我們作為一家公司繼續專注於營運支出控制。上個季度，我們曾表示，預計調整後 EBITDA 將增加 5,000 萬美元至 7,500 萬美元，其中至少 5,000 萬美元的調整後 EBITDA 改善將在 2026 年實現。我很高興地告訴大家，我們仍然有望實現這一目標。

Now, let me take a moment to touch on the transformational merger we announced with Anywhere Real Estate a few weeks ago. Since we made the announcement, our teams have been hard at work getting all the necessary regulatory forms in place, and we have now filed our HSR forms to start the regulatory approval process. We continue to be confident in our ability to get the deal approved as we firmly believe that this is a pro-competitive deal that will bring more choice and better products to home sellers, to homebuyers, to real estate professionals, and to franchise owners.

現在，請允許我花一點時間談談我們幾週前宣布的與 Anywhere Real Estate 的變革性合併。自從我們發佈公告以來，我們的團隊一直在努力準備所有必要的監管表格，現在我們已經提交了 HSR 表格，以啟動監管審批流程。我們仍然對獲得交易批准的能力充滿信心，因為我們堅信這是一項有利於競爭的交易，將為房屋賣家、購房者、房地產專業人士和特許經營業主帶來更多選擇和更好的產品。

As one of the largest shareholders in Compass, I believe this combination is highly compelling for all our shareholders. The positive reaction from agents inside and outside of Compass only reinforces my view that we are creating a premier platform in residential real estate that will make the home selling and home buying experience better for consumers and ensure that real estate professionals and franchise owners continue to thrive for decades to come.

作為 Compass 的最大股東之一，我認為此次合併對我們所有股東都極具吸引力。Compass 內外經紀人的正面回饋更加堅定了我的信念，即我們正在打造一個一流的住宅房地產平台，這將改善消費者的房屋買賣體驗，並確保房地產專業人士和加盟商在未來幾十年裡繼續蓬勃發展。

A common question we fielded from investors since the announcement is whether we believe we can continue to grow organically post the merger. To answer this question, we believe we already have a blueprint in the Christie's International Real Estate transaction, which I will refer to as CIRE going forward.

自從宣布合併以來，投資者經常問我們的一個問題是，我們是否相信合併後我們能夠繼續實現有機成長。為了回答這個問題，我們相信我們已經在佳士得國際房地產交易中找到了藍圖，我以後會稱之為 CIRE。

So what have we observed since closing the CIRE acquisition? First, on agent count and retention, since close, we've been able to increase the number of net new principal agents in the business. Total principal agents didn't decline post close, they increased. Second, in the nine months since we closed the transaction, their title business has experienced a 1,000 basis point lift in attach rate as more of our agents' clients choose to work with their title business.

自從完成對 CIRE 的收購以來，我們觀察到了什麼？首先，在代理商數量和留存率方面，自公司成立以來，我們已經能夠增加公司淨新增主要代理商的數量。交易完成後，主要代理人總數並沒有減少，反而增加了。其次，自從我們完成交易以來的九個月裡，隨著我們更多代理商的客戶選擇與他們的產權公司合作，他們的產權業務附加率提高了 1000 個基點。

The Anywhere transaction will: one, add a T&E presence in seven states where we currently have a brokerage presence but no T&E presence; and two, will increase our T&E market coverage in many of the markets we have a smaller T&E presence in that is limited in market coverage. Given this increase in T&E market coverage, we believe we will achieve a significant lift in attach in these new markets, as well as our existing markets.

Anywhere 交易將：一、在我們目前擁有經紀業務但沒有旅遊及娛樂業務的七個州增加旅遊及娛樂業務；二、增加我們在許多旅遊及娛樂業務規模較小、市場覆蓋範圍有限的市場的旅遊及娛樂市場覆蓋率。鑑於差旅及旅遊市場覆蓋範圍的擴大，我們相信，在這些新市場以及我們現有的市場中，我們的銷售額將顯著提升。

Next, in mortgage, Compass and CIRE both had guaranteed rate mortgage JVs under separate brands. Post close, we improved the profitability of these businesses resulting from OpEx efficiencies and increased attach rates. Anywhere also has a guaranteed rate mortgage JV. So we expect the similar integration efficiencies and attach rate improvements.

其次，在抵押貸款領域，Compass 和 CIRE 都以各自的品牌推出了擔保利率抵押貸款合資企業。交易完成後，我們透過提高營運效率和增加附加率，提高了這些業務的獲利能力。Anywhere 也擁有擔保利率抵押貸款合資企業。因此，我們預期會有類似的整合效率和附加率提升。

And lastly, in terms of cost synergies, we are on track to achieve our stated $30 million target by bringing the Compass OpEx improvement playbook to this transaction. So, as you can see, what we've been able to demonstrate in the CIRE transaction is that we can: one, grow agent count; two, increase T&E attach; three, improve mortgage JV profitability; and four, achieve the synergies that we set out to achieve.

最後，就成本綜效而言，透過將 Compass OpEx 改善方案應用於此交易，我們有望實現既定的 3,000 萬美元目標。因此，正如你所看到的，我們在 CIRE 交易中已經證明，我們可以：一、增加代理商數量；二、增加差旅費附加費；三、提高抵押貸款合資企業的盈利能力；四、實現我們設定的協同效應。

In summary, we have proven an ability to drive both top and bottom line growth in CIRE post close and to do so organically. I expect Anywhere agents to also see the positives of coming together to get the best of both worlds. And while we recognize that the Anywhere transaction is clearly much bigger in size, we are confident that we can replicate the CRE playbook at Anywhere over time.

總而言之，我們已經證明，在交易完成後，我們有能力推動 CIRE 的收入和利潤成長，並且能夠實現有機成長。我希望 Anywhere 的代理商也能看到合作的正面意義，從而獲得兩全其美的優勢。雖然我們承認 Anywhere 的交易規模明顯更大，但我們相信，隨著時間的推移，我們可以在 Anywhere 複製 CRE 的成功模式。

Before I move on from the Anywhere transaction, I want to address our synergy targets directly. When we first committed to aggressive cost reductions to manage our burn rate, a commitment I made very clearly to this community, we followed through. In 2022, I said we would bring OpEx down by $320 million. By the end of 2023, we reduced our OpEx by $550 million with over $600 million reduced by 2025.

在結束 Anywhere 交易之前，我想直接談談我們的綜效目標。當我們最初承諾大幅削減成本以控製成本消耗速度時（我曾向社區明確做出這項承諾），我們說到做到。2022年，我曾說過我們將把營運支出減少3.2億美元。到 2023 年底，我們的營運支出減少了 5.5 億美元，到 2025 年將減少超過 6 億美元。

We didn't just meet our goal. We exceeded it. That track record is the foundation of the commitment I am making today.

我們不僅實現了目標。我們超額完成了目標。我今天所作的承諾，正是基於我過去的成就。

Based on the analysis we completed at the time of the transaction, we articulated a net cost synergy target of $225 million plus; not $225 million, but $225 million plus. That was a conservative target, and we remain entirely confident in achieving it. However, as we have moved deeper into the integration process and worked with the merger integration experts, we have now retained a top 3 consulting firm.

根據我們在交易時完成的分析，我們明確了淨成本綜效目標為 2.25 億美元以上；不是 2.25 億美元，而是 2.25 億美元以上。這是一個保守的目標，我們仍然完全有信心實現它。然而，隨著我們深入推進整合過程並與併購整合專家合作，我們現在已經聘請了排名前三的顧問公司。

One consensus has emerged. We can do more. Therefore, I'm increasing our commitment. I am personally committing today that we will deliver more than $300 million in net cost synergies, representing 11% of combined annualized non-GAAP OpEx, and $150 million will be realized in the first year post close.

一種共識已經形成。我們還可以做得更多。因此，我將加大我們的投入。我今天親自承諾，我們將實現超過 3 億美元的淨成本協同效應，相當於合併後的年度非 GAAP 營運支出的 11%，其中 1.5 億美元將在交易完成後的第一年實現。

The more than $300 million in net cost synergies includes the same dissynergy assumption that we previously had. This is a CEO commitment, backed by the same discipline and focus that allowed us to reset our cost structure without compromising our core growth engine. My commitment is firm, more than $300 million in net cost synergies, including the same dissynergy assumption that we previously had. We will hold ourselves accountable to this new benchmark, and we will update you on our progress every quarter post close.

超過 3 億美元的淨成本綜效包含了我們先前所採用的相同的非綜效假設。這是執行長的承諾，也是我們秉持的同樣嚴謹和專注精神的體現，正是這種精神讓我們在不損害核心成長引擎的前提下，重塑了成本結構。我的承諾是堅定的，淨成本綜效將超過 3 億美元，其中包括我們先前所做的相同的綜效不足假設。我們將以此新標準為準繩，並在每季結束後向您報告我們的進度。

Now, let me provide an update on the major AI initiative that's underway at Compass. Our vision around AI is clear. AI will transform our business by: one, redefining agent productivity; two, driving greater efficiency across the organization; and three, enhancing the relationship our agents have with their clients. At Compass, we call it AI for AI, artificial intelligence to empower agent intelligence.

現在，讓我向大家介紹一下 Compass 正在進行的一項重大人工智慧計劃的最新進展。我們對人工智慧的願景很明確。人工智慧將透過以下方式改變我們的業務：一、重新定義代理人的生產力；二、提高整個組織的效率；三、增強代理人與客戶之間的關係。在 Compass，我們稱之為“人工智慧賦能人工智慧”，即利用人工智慧來增強智能體智慧。

As we shared last quarter, we began testing Compass AI 2.0 with our real estate professionals. In Q3, we completed an alpha that included hundreds of real estate professionals who tested Compass AI on both mobile and desktop. Our real estate professionals are finding tremendous value in simply using their voice to ask the Compass platform to perform tasks such as creating client collections, creating client one dashboards, creating business tracker folders or adding and tagging a CRM contact.

正如我們上個季度所分享的，我們已經開始與我們的房地產專業人士一起測試 Compass AI 2.0。第三季度，我們完成了 alpha 測試，數百名房地產專業人士在行動裝置和桌上型電腦上測試了 Compass AI。我們的房地產專業人士發現，只需使用語音即可要求 Compass 平台執行諸如創建客戶集合、創建客戶儀表板、創建業務追蹤資料夾或添加和標記 CRM 聯絡人等任務，這具有巨大的價值。

What I've been particularly pleased to see is that some of our agents have already been testing it live with their clients during listing appointments, which is helping elevate them in the eyes of their clients. This is the power of agentic AI in action, which breaks down complex manual processes into actionable steps that the AI can handle autonomously. This ability to automate administrative work will ultimately allow our real estate professionals to focus on what matters most, which is serving their clients.

我特別高興地看到，我們的一些經紀人已經在房源掛牌洽談會上與客戶進行了實際測試，這有助於提升他們在客戶眼中的形象。這就是智慧體人工智慧的強大之處，它將複雜的手動流程分解成人工智慧可以自主處理的操作步驟。自動化行政工作的能力最終將使我們的房地產專業人員專注於最重要的事情，那就是服務客戶。

What has become increasingly clear to us as we've continued to test Compass AI 2.0 is that Compass is well positioned to harness agentic AI in the brokerage vertical. This advantage stems from having invested nearly $2 billion to date in our proprietary end-to-end agent productivity platform compared to our competitors that almost all rely on multiple third-party software platforms that do not allow them to connect the various parts of an agent's workflow. In contrast to our competitors, our deeply integrated platform feeds our AI, giving it a unique contextual understanding.

隨著我們不斷測試 Compass AI 2.0，我們越來越清楚地認識到，Compass 已經做好充分準備，在經紀業務領域利用智慧 AI。這項優勢源自於我們迄今已在自主研發的端到端代理生產力平台上投入了近 20 億美元，而我們的競爭對手幾乎都依賴多個第三方軟體平台，這些平台無法將代理工作流程的各個部分連接起來。與我們的競爭對手相比，我們深度整合的平台為我們的人工智慧提供信息，使其具有獨特的上下文理解能力。

We believe Compass AI 2.0 has the ability to supercharge the adoption of the Compass platform and unlock a new wave of productivity for our agents. We expect to launch Compass AI 2.0 to all agents before the next earnings call and look forward to updating you on the impact.

我們相信 Compass AI 2.0 能夠大幅促進 Compass 平台的普及，並為我們的代理商釋放新一輪的生產力。我們預計在下次財報電話會議之前向所有代理商推出 Compass AI 2.0，並期待向您報告其影響。

In addition to these efforts, I'm now hearing a significant shift in increased revenue coming from ChatGPT and similar generative AI chatbots. Specifically, I've had dozens of top real estate professionals tell me they're getting free business from today's conversational AI platforms as homebuyers are now asking models like ChatGPT for the best agents in their market.

除了這些努力之外，我現在還聽說 ChatGPT 和類似的生成式 AI 聊天機器人帶來了顯著的收入成長。具體來說，數十位頂尖房地產專業人士告訴我，他們正從當今的對話式人工智慧平台獲得免費業務，因為購屋者現在會向 ChatGPT 等模型詢問他們所在市場中最好的經紀人。

And here's the critical distinction, unlike real estate portals that divert buyers to the highest paying agents, AI models like ChatGPT are sending buyers to agents that have verifiable real-world data, things like transaction history, unique listings, and client reviews. This is a major tailwind for Compass because we are home to so many of the industry's highest performing real estate professionals that have a lot of this verifiable real-world data.

關鍵的差異在於，與將買家引薦給最高佣金經紀人的房地產入口網站不同，像 ChatGPT 這樣的 AI 模型會將買家引薦給擁有可驗證的真實世界數據（例如交易歷史、獨特房源和客戶評價）的經紀人。這對 Compass 來說是一個巨大的利好，因為我們匯集了業內眾多業績最優秀的房地產專業人士，他們擁有大量可驗證的真實世界數據。

Ultimately, we believe that as search in the residential real estate category evolves towards AI-based search, it will unlock a whole new era for agents at Compass. This new era will be defined by real estate transaction experience, results and reputation that is validated and verified. It will raise the bar and ensure that performance is directly rewarded with leads from these AI models, which will enhance the revenue of top brokerages and top agents like ours. And while we are optimistic that AI will elevate our agents even further, artificial intelligence is not emotional intelligence.

最終，我們相信，隨著住宅房地產領域的搜尋朝向基於人工智慧的搜尋發展，這將為 Compass 的經紀人開啟一個全新的時代。這一新時代將以經過驗證和確認的房地產交易經驗、成果和聲譽為標誌。這將提高標準，確保業績能夠直接獲得人工智慧模型帶來的潛在客戶，從而提高像我們這樣的頂級經紀公司和頂級經紀人的收入。雖然我們樂觀地認為人工智慧將進一步提升我們代理的能力，但人工智慧並不等同於情緒智商。

I believe nothing can replace the ability our agents have to make meaningful connections, build relationships and get clients to trust them. In this new era of AI, artificial intelligence, EQ, emotional intelligence wins.

我認為沒有什麼能取代我們經紀人建立有意義的聯繫、發展關係和贏得客戶信任的能力。在這個人工智慧新時代，情緒智商才是致勝關鍵。

Finally, we are using AI to drive cost containment from an OpEx perspective. We have launched a mandatory employee AI learning initiative across our organization, including but not limited to, engineering, transaction operations, legal and finance. The goal is to find better ways to work and become more efficient by leveraging AI to support routine tasks today and more complex tasks in the future. By embedding AI across all our workflows, we believe we can deliver: one, a lower cost to serve per transaction; two, limit the increase in our OpEx going forward; and three, deliver an even better experience for our real estate professionals.

最後，我們正在利用人工智慧從營運支出角度來控製成本。我們已在全公司範圍內啟動了一項強制性的員工人工智慧學習計劃，包括但不限於工程、交易營運、法律和財務部門。目標是找到更好的工作方式，並透過利用人工智慧來支援當前的日常任務和未來的更複雜任務，從而提高效率。透過將人工智慧融入我們所有的工作流程，我們相信我們可以實現：一、降低每筆交易的服務成本；二、限制未來營運支出的成長；三、為我們的房地產專業人士提供更好的體驗。

With that, I will now hand it over to Scott.

接下來，我將把它交給斯科特。

Thanks, Robert. As Robert stated earlier, our results this quarter were the strongest results for a third quarter in Compass' history and set a series of new records, both financially and operationally. Our third-quarter revenue was $1.85 billion, an increase of 23.6% from the year ago period and an all-time Q3 record for Compass. While M&A contributed to the year-over-year growth in revenue, even excluding M&A, revenue increased 11% on an organic basis.

謝謝你，羅伯特。正如羅伯特之前所說，我們本季的業績是 Compass 公司史上第三季業績最好的，並在財務和營運方面都創下了一系列新紀錄。我們第三季的營收為 18.5 億美元，比去年同期成長了 23.6%，創下了 Compass 公司第三季營收的歷史新高。雖然併購活動促進了營收的年成長，但即使不考慮併購活動，營收也實現了11%的有機成長。

Transactions for the quarter increased 21.5%, or 6.6% on an organic basis, which compares favorably to the overall market where transactions increased by 2%. This outperformance to the industry is also reflected in our market share, which was [5.6%] in the quarter, an increase of 83 basis points from the year ago period. As a reminder, due to seasonality, our quarterly market share in each third quarter is lower than the sequentially prior second quarter. This is driven by our West Coast markets that are typically a greater contributor to our total revenue mix in each Q2 period compared to Q3.

本季交易量成長了 21.5%，以有機成長計算成長了 6.6%，與整體市場 2% 的交易量成長相比，這一數字表現良好。這一優於產業的表現也體現在我們的市佔率上，本季市佔率為 5.6%，比去年同期成長了 83 個基點。提醒各位，由於季節性因素，我們每季的市佔率在第三季都會低於上一季的第二季。這是因為我們的西海岸市場通常在第二季對我們的總收入貢獻比第三季更大。

Gross transaction value was $70.7 billion in the third quarter, an increase of 22.5% from a year ago, reflecting a 21.5% increase in total transactions, combined with an increase in average selling price of about 1%. The increase in our average selling price was closer to 5% on an organic basis. However, our acquisitions over the past year primarily operate in markets with lower average selling prices compared to our organic average selling price, which brings down the overall average.

第三季總交易額為 707 億美元，比上年同期成長 22.5%，反映出總交易量成長 21.5%，加上平均售價成長約 1%。以自然成長計算，我們的平均售價漲幅接近 5%。然而，過去一年我們收購的商品主要來自平均售價低於我們自身平均售價的市場，這拉低了整體平均售價。

Our commissions and other related expense as a percentage of revenue was 81.44% for the quarter, an improvement of 73 basis points compared to Q3 of last year at 82.17%, primarily driven by the impact of our January acquisition of Christie's International Real Estate, which has more favorable margins. Excluding M&A, our commissions and other related expense as a percentage of revenue was down 20 basis points for the quarter versus the prior year quarter.

本季佣金及其他相關費用佔收入的百分比為 81.44%，比去年第三季的 82.17% 改善了 73 個基點，這主要得益於我們 1 月份收購佳士得國際房地產公司，該公司的利潤率更為有利。剔除併購因素，本季我們的佣金和其他相關支出佔收入的百分比比去年同期下降了 20 個基點。

Consistent with what we've seen all year, our highest producing agents, who generally carry higher splits, continue to take more of the market share gains, which contributes to the decline in this metric. As we said previously, we're okay with this trade-off today as these agents are driving higher gross commission income, and therefore, we retain a higher aggregate dollar value of revenue after commissions, albeit at a slightly lower effective rate.

與我們全年所見的情況一致，業績最好的經紀人（通常佣金分成較高）繼續佔據更多的市場份額，這導致了該指標的下降。正如我們之前所說，我們目前可以接受這種權衡，因為這些代理商帶來了更高的毛佣金收入，因此，儘管實際收益率略低，但我們在扣除佣金後仍能獲得更高的總收入美元價值。

Our total non-GAAP operating expenses were $252 million in Q3, an increase from $215 million of OpEx in the year ago period, which was largely driven by M&A, including the OpEx we assumed from the January 2025 acquisition of Christie's International Real Estate, the Washington Fine Properties acquisition in February 2025, and a number of other smaller brokerage and title companies we acquired this year. Excluding the impact of M&A, our non-GAAP OpEx over the prior year is higher by about 3.5%, reflecting our strong discipline on minimizing growth in organic OpEx.

第三季度，我們的非GAAP營運支出總額為2.52億美元，高於去年同期的2.15億美元，這主要是由於併購活動，包括我們從2025年1月收購佳士得國際房地產、2025年2月收購華盛頓精品地產以及今年收購的其他一些規模較小的經紀和產權公司中承擔的營運支出。剔除併購的影響，我們的非GAAP營運支出比前一年成長了約3.5%，這反映了我們在最大限度減少有機營運支出成長方面所採取的嚴格措施。

During the third quarter, we incurred $7.5 million of transaction expenses related to the announced merger with Anywhere, primarily legal fees and investment banking fees. We expect to continue to incur these types of expenses through the closing of the transaction, and we also expect to incur integration costs in future periods as we kicked off the planning process for bringing these two companies together.

第三季度，我們因宣布與 Anywhere 合併而產生了 750 萬美元的交易費用，主要包括法律費用和投資銀行費用。我們預計在交易完成之前將繼續產生此類費用，由於我們已經啟動了將這兩家公司合併的規劃流程，因此我們也預計在未來的時期內會產生整合成本。

Given this dynamic, we've opened a new line item on our statement of operations this quarter titled Anywhere merger transaction and integration expenses to capture the $7.5 million incurred this quarter. And we've also excluded these costs from our non-GAAP operating expenses and excluded them from the calculation of adjusted EBITDA. We'll continue to present these types of costs on this new line item in future periods.

有鑑於此，我們在本季的經營報表中新增了一個名為「Anywhere 合併交易和整合費用」的項目，以記錄本季發生的 750 萬美元費用。此外，我們也從非GAAP營運費用中剔除了這些成本，並且從調整後EBITDA的計算中剔除了這些成本。未來期間，我們將繼續在這個新的項目項下列示此類成本。

Adjusted EBITDA was $93.6 million, a strong improvement of 80% from adjusted EBITDA of $52 million a year ago, and this also represents a record level of adjusted EBITDA for any third quarter period and the second strongest level of adjusted EBITDA for any quarter. Adjusted EBITDA benefited from the higher revenue and the continued strong discipline on operating expenses. For this quarter, adjusted EBITDA also benefited from the most profitable quarter we've ever had for our mortgage joint venture, which is now combined with the mortgage JV we acquired through the Christie's International Real Estate acquisition earlier this year. As a reminder, the mortgage JV results are included in the line item of our P&L titled equity in income of unconsolidated entities, which was a positive $3 million this quarter.

經過調整的 EBITDA 為 9,360 萬美元，比一年前的 5,200 萬美元增長了 80%，這也創下了第三季經調整 EBITDA 的歷史新高，也是歷個季度中經調整 EBITDA 的第二高水準。調整後 EBITDA 受益於更高的收入和對營運費用的持續嚴格控制。本季度，調整後的 EBITDA 也受益於我們抵押貸款合資企業有史以來最盈利的一個季度，該合資企業現已與我們今年早些時候通過收購佳士得國際房地產公司而獲得的抵押貸款合資企業合併。再次提醒，抵押貸款合資企業的業績已計入我們損益表中名為「非合併實體權益收入」的項目中，本季該項目為正300萬美元。

Stock-based compensation expense in the quarter was $60 million and in line with our guidance. As a reminder, during our Q1 results call earlier this year, we explained that our stock-based compensation levels would be elevated during the second-, third- and fourth-quarters of 2025 due to a change in our methodology for granting employee equity and the accounting rules related to that change. As a result, you should expect a similar level of SBC in the fourth quarter, followed by reductions in 2026 as the RSUs with the higher accounting values begin to vest out.

本季股票選擇權費用為 6,000 萬美元，符合我們的預期。提醒一下，在今年稍早的第一季業績電話會議上，我們解釋說，由於我們授予員工股權的方法以及與此變化相關的會計規則發生了變化，因此在 2025 年第二、第三和第四季度，我們的股票選擇權薪酬水準將會提高。因此，預計第四季度 SBC 將保持類似水平，隨後在 2026 年隨著會計價值較高的 RSU 開始歸屬而減少。

GAAP net loss was $4.6 million in Q3 compared to GAAP net loss of $1.7 million a year ago. However, excluding the $7.5 million in deal-related expenses from the Anywhere transaction, net income would have been positive $2.9 million.

第三季GAAP淨虧損為460萬美元，去年同期GAAP淨虧損為170萬美元。然而，如果排除 Anywhere 交易中 750 萬美元的交易相關費用，淨收入將為 290 萬美元。

As for cash, we generated $73.6 million in free cash flow in the third quarter, which was not only an improvement over the $32.8 million of free cash flow from Q3 2024, but also a new record level of quarterly free cash flow for any third quarter period. As a reminder, our Q2 '25 free cash flow would have been higher than Q3 had it not been for the second and final installment of the class action settlement we paid in Q2 for $29 million. Also as a reminder, due to the seasonality of our business, our Q2 and Q3 free cash flow levels are the highest, and you should expect lower levels of free cash flow over the next two quarters due to the seasonality.

至於現金方面，我們在第三季產生了 7,360 萬美元的自由現金流，這不僅比 2024 年第三季的 3,280 萬美元自由現金流有所改善，而且也是任何第三季期間季度自由現金流的新紀錄水平。提醒一下，如果不是因為我們在第二季支付了集體訴訟和解協議的第二筆也是最後一筆款項 2,900 萬美元，我們 2025 年第二季的自由現金流將會高於第三季。另外提醒一下，由於我們業務的季節性，第二季和第三季的自由現金流量水準最高，由於季節性因素，預計未來兩季的自由現金流水準會較低。

As a result of the strong cash flow in the third quarter, we paid down the $50 million balance on the revolver, which we previously drew to fulfill the cash portion of the purchase price for Christie's International Real Estate. We ended the third quarter with no outstanding balance on our revolver and $170 million of cash and cash equivalents on our balance sheet. Our basic weighted average share count for the third quarter was 566 million, which was in line with our prior guidance.

由於第三季現金流強勁，我們償還了循環信貸額度中的 5,000 萬美元餘額，該餘額是我們先前提取用於支付佳士得國際房地產收購價款現金部分的。第三季末，我們的循環信貸額度為零，資產負債表上擁有 1.7 億美元的現金及現金等價物。第三季我們的基本加權平均股數為 5.66 億股，與我們先前的預期一致。

Turning now to financial guidance for Q4. For Q4 of 2025, we expect revenue in the range of $1.59 billion to $1.69 billion and expect adjusted EBITDA to be in the range of $35 million to $49 million. We expect our weighted average share count for the third quarter to be between 571 million to 574 million shares.

接下來是第四季財務展望。我們預計 2025 年第四季的營收將在 15.9 億美元至 16.9 億美元之間，調整後的 EBITDA 將在 3,500 萬美元至 4,900 萬美元之間。我們預計第三季的加權平均股份數量將在 5.71 億股至 5.74 億股之間。

As you can see from our Q3 results, we remain very focused on OpEx discipline. Last quarter, we reduced our full year OpEx guidance from the prior levels of $1.017 billion to $1.042 billion down to $1.01 billion to $1.02 billion, or a reduction of $14.5 million off the midpoint. However, we continue to pace favorably to this revised OpEx level, and therefore, we're further reducing our OpEx range for the full-year 2025 to $1 billion to $1.005 billion.

從我們第三季的業績報告中可以看出，我們仍然非常注重營運支出方面的控制。上個季度，我們將全年營運支出預期從先前的 10.17 億美元至 10.42 億美元下調至 10.1 億美元至 10.2 億美元，比中間值減少了 1,450 萬美元。然而，我們繼續朝著這個修訂後的營運支出水準穩步前進，因此，我們將 2025 年全年的營運支出範圍進一步下調至 10 億美元至 10.05 億美元。

This updated full year estimate includes the assumption of about $7 million of assumed in-year OpEx from four smaller acquisitions we completed during the third quarter. After considering the assumed OpEx from Q3 M&A, this reduction in our full-year OpEx estimate is an additional $19.5 million off the midpoints or an aggregate reduction of $34 million.

此次更新後的全年預測包括假設我們在第三季完成的四項較小收購將帶來約 700 萬美元的年度營運支出。考慮到第三季併購帶來的營運支出，我們全年營運支出估算值較中點值減少了 1,950 萬美元，總計減少了 3,400 萬美元。

The continued favorability reflected in our OpEx guide is in part due to the actions we announced last quarter with the goal of improving our profitability incrementally by $50 million to $75 million. When we announced this initiative last quarter, we stated we expected to achieve at least $50 million of this profitability enhancement to our adjusted EBITDA by 2026, and I'm pleased to say that we continue to expect to achieve this goal based on our progress to date.

我們的營運支出指南持續保持良好勢頭，部分原因是由於我們上個季度宣布的旨在逐步提高盈利能力 5000 萬至 7500 萬美元的措施。上個季度我們宣布這項計劃時曾表示，我們預計到 2026 年，這項計劃將使我們的調整後 EBITDA 盈利能力至少提高 5000 萬美元。我很高興地說，根據我們迄今為止的進展，我們仍然期望實現這一目標。

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

現在我將把通話轉交給接線員，開始問答環節。

(Operator Instructions) Ryan McKeveny, Zelman & Associates.

（操作說明）Ryan McKeveny，Zelman & Associates。

Good morning and great job on the quarter. Scott, just on that last point on the incremental $50 million to $75 million EBITDA. I think it sounded as though some of that may have flowed through this quarter, maybe also in the 4Q guide. Is that the case?

早上好，本季工作做得非常棒。Scott，關於最後一點，即新增的 5000 萬美元至 7500 萬美元 EBITDA。我認為其中一些因素可能已經在本季有所體現，或許也在第四季業績指引中有所體現。真是這樣嗎？

And as we think about the incremental of that into '26, is the $50 million kind of inclusive of what we've already been achieving? Or could there be an incremental $50 million on top in 2026?

當我們考慮 2026 年的增量時，5000 萬美元是否包含了我們已經取得的成就？或者，2026 年會額外增加 5,000 萬美元？

Ryan, good to talk to you. Thanks for the question. Yeah, it's really -- it's included in the $50 million to $75 million guide we talked about. So when we brought that up last quarter, we talked about the fact that some of it was already being considered in the reduction that we put out last quarter.

瑞恩，很高興和你聊天。謝謝你的提問。是的，它確實包含在我們之前提到的 5000 萬至 7500 萬美元的預算範圍內。所以，當我們在上個季度提出這個問題時，我們談到，其中一些因素已經在我們上個季度發布的削減方案中有所考慮。

And then, with the reduction this quarter, it's incremental to that. The idea is that those reductions in OpEx will continue into the baseline for 2026. And so, that's really kind of that initial what we put out of the $50 million to $75 million kind of EBITDA profitability improvement on really what were 2026 expectations as of the quarter ago.

而且，隨著本季的減少，這還只是錦上添花。其理念是，營運支出的這些減少將延續到 2026 年的基準線。因此，這實際上是我們最初對 2026 年 EBITDA 獲利能力改善 5,000 萬至 7,500 萬美元的預期。

Got it. Okay. That makes sense. And then, Robert, you mentioned on the Christie's business, I think you said there's been a 1,000 basis point uplift in attach. And my understanding is, they had pretty strong ancillaries to begin with.

知道了。好的。這很有道理。然後，羅伯特，你提到了佳士得的業務，我想你說附加價值上升了 1000 個基點。據我了解，他們一開始就擁有相當強大的輔助企業。

So can you drill into that a little bit? Is that just agents allocating more business to that? Or did you guys possibly incorporate One-Click Title into their markets? Anything to unpack that uplift a little would be helpful.

能再深入探討一下嗎？這只是代理商將更多業務分配給了那家公司嗎？或者你們已經將一鍵標題功能整合到你們的市場中？任何有助於進一步闡釋這種振奮情緒的因素都會有所幫助。

Absolutely. It comes from bringing our -- the Compass agents into the fold. And before they were -- that title business is only working with their own agents and selectively with ours.

絕對地。這是因為我們把我們的——Compass 特工——納入了體系。而在此之前——這家產權公司只與他們自己的代理商合作，並且選擇性地與我們的代理商合作。

Yeah, but when we bring our agents into the fold and let them know that the Christie's properties title business is part of the family and giving them access to the office integration and to our technology, helping them understand that when the title business succeeds, we all succeed. When that buy-in and the time saved by bringing the same house is what drives it. And so, we are excited to see how bringing other title businesses from anywhere into our -- into markets where we already operate, how that can drive attach as well.

是的，但是當我們把我們的經紀人納入其中，讓他們知道佳士得地產產權業務是我們大家庭的一部分，並讓他們能夠使用辦公室集成系統和我們的技術，幫助他們理解產權業務的成功就是我們所有人的成功時，情況就會有所不同。當購買意願和節省時間的因素成為推動因素時，購買同一棟房子就成了關鍵。因此，我們很興奮地看到，將其他地方的產權業務引入我們已經運營的市場，這將如何推動業務成長。

Bernard McTernan, Needham & Company.

伯納德·麥克特南，尼德姆公司。

Maybe to start, Robert, I thought the commentary on everything that's going on in agentic and generative AI was interesting. Do you have an actual integration with ChatGPT currently? Or is this all organic traffic? And if not, are those conversations going on for you to potentially partner and deepen that integration?

羅伯特，或許可以先說說我對智能體人工智慧和生成式人工智慧領域所有發展現狀的評論，我覺得很有趣。你們目前是否已與 ChatGPT 實現實際整合？還是這些都是自然流量？如果沒有，你們之間是否正在進行潛在的合作洽談，以加深這種整合？

We have an integration with OpenAI through our Compass AI 1.0 moving to Compass AI 2.0. That's the agentic AI that our agents are using. That's in alpha. That will be in full with all of our agents by the next earnings call.

我們透過 Compass AI 1.0 與 OpenAI 進行了集成，現在正升級到 Compass AI 2.0。這是我們的代理正在使用的智能體 AI。那是 alpha 版本。我們將在下次財報電話會議上向所有代理商詳細說明。

In terms of the ChatGPT lead flow, that's just coming organically from the world. And really, it's such a wonderful thing. You just call any top agent you know and say, have you gotten leads, received leads from ChatGPT, and they're going to say, yes. And then, ask the same question from someone who has no transaction experience, and they're going to say, no.

就 ChatGPT 的潛在客戶來源而言，它完全是自然地從外界產生的。這真是一件很棒的事。你只需打電話給你認識的任何一位頂級經紀人，問問他們是否從 ChatGPT 獲得了潛在客戶，他們就會說，是的。然後，你問一個沒有交易經驗的人同樣的問題，他們會說，不。

And so, why that's great for us is we're a company of highly experienced real estate professionals with a lot of transaction experience. And it really does mark a different era. Like technology was being used by companies to force agents to pay for leads that didn't have experience. And now, technology is being used to guide agents organically to the best agents.

因此，這對我們來說是件好事，因為我們是一家擁有豐富交易經驗的資深房地產專業人士的公司。這確實標誌著一個不同時代的來臨。就像一些公司利用技術手段迫使經紀人為沒有經驗的潛在客戶付費一樣。現在，科技正被用來引導經紀人自然而然地找到最優秀的經紀人。

Let me share it this way, what some portals -- not to mention a name, but some portals do is, they've taken the goodwill of Google. And they've made the consumer think that similar to how Google just guides you to the right answer, it guides you to exactly what you're looking for. And when it's not guiding there, it's a sponsored ad.

我這樣說吧，有些門戶網站——我就不點名了，但有些門戶網站確實這麼做了——他們利用了谷歌的善意。他們讓消費者認為，就像Google會引導你找到正確答案一樣，它也能引導你找到你正在尋找的東西。如果不是引導用戶前往目的地，就是贊助廣告。

It's taken the goodwill of Google. And then, it has guided -- has made the buyer think that they're always being guided to the best agent when -- or the listing agent. And it's not seen -- when it's a paid agent, it's not seen like Google. That's a sponsored paid agent.

這需要谷歌的善意支持。然後，它引導——讓買家認為他們總是被引導去尋找最好的經紀人——或者房源經紀人。而且，當它是付費代理時，它不像谷歌那樣容易被人看到。那是位付費推廣人員。

And so, what's great about ChatGPT is it's bringing the lead flow back to the truth, the way Google did, to the organic path to the best, most experienced agents. And that's a great thing for highly experienced real estate professionals and it's a great thing for companies like Compass.

因此，ChatGPT 的妙處在於，它像谷歌一樣，將潛在客戶引流帶回了真實的路徑，讓客戶透過自然搜尋找到最優秀、最有經驗的代理商。這對經驗豐富的房地產專業人士來說是一件好事，對像 Compass 這樣的公司來說也是一件好事。

Yeah, makes a lot of sense. And you mentioned the increased synergy target for the Anywhere transaction going from at least $225 million to at least $300 million. Any particular area you can say those costs are coming from? Or is it just more widespread?

沒錯，很有道理。您提到 Anywhere 交易的綜效目標從至少 2.25 億美元提高到至少 3 億美元。您能具體指出這些成本來自哪些方面嗎？或只是分佈更廣泛？

Yeah. So I mentioned earlier on the call, we aren't commenting beyond the updates provided earlier, but I would like to just reiterate my overall excitement for the transaction for all the reasons that we laid out on the call today, but also the last call that we had.

是的。正如我之前在電話會議中提到的，除了之前提供的最新消息之外，我們不會再做任何評論，但我只想重申我對這筆交易的整體興奮之情，原因正如我們今天在電話會議中以及上次電話會議中闡述的那樣。

Chris Kuntarich, UBS.

瑞銀集團的克里斯·昆塔里奇。

Robert, if I could just ask on the increase in the number of agents you're going to be adding, I think you're talking to 700 to 800 now. That was previously 600 to 700. Could you just talk about what's giving you the confidence, what you're kind of seeing there to increase that expectation?

羅伯特，我可以問一下關於你們即將增加的經紀人數量的問題嗎？我記得你們現在好像要增加 700 到 800 人。之前是600到700。你能談談是什麼讓你充滿信心，你看到了什麼來增強你的期望嗎？

What's giving us the confidence is just the pipeline and flow of interested real estate agents and walkovers. And like I mentioned on the call, we're seeing -- we have more momentum at this point in the quarter than we did in the same point in the quarter last -- in last quarter. And we see -- I think what -- I think the average real estate professional sees that things are changing, and they're looking for a company that is going to be proactive as the world changes and not reactive and a company that has the resources to build the right future for their profession.

讓我們充滿信心的，正是源源不絕的潛在客戶和前來看房的房地產經紀人。正如我在電話會議上提到的，我們看到——在本季的這個時候，我們的發展勢頭比上個季度同期要強勁得多。我認為，普通房地產專業人士都意識到情況正在發生變化，他們正在尋找一家能夠隨著世界變化而積極主動而不是被動應對的公司，一家擁有資源為他們的行業打造正確未來的公司。

We've invested nearly $2 billion in our technology platform. We've advocated for listing agents and their clients for home seller choice in an environment where they are being fined up to $5,000 by MLSs owned -- controlled by NAR if -- whenever they don't give a listing to the MLS. And now, of course, they're being banned by certain portals if they don't give their listing to the portal.

我們在科技平台上投入了近20億美元。我們一直倡導房源經紀人和他們的客戶在房屋賣家選擇權方面擁有自主權，因為如果他們不向 MLS（由 NAR 控制的 MLS）提供房源信息，就會被罰款高達 5,000 美元。當然，現在如果他們不向某些門戶網站提供他們的列表，就會被這些門戶網站封鎖。

So just -- it's such a -- it's an environment where I don't think the average real estate professional feels like they are being supported. I don't think the average real estate professional feels like they're being supported by NAR. I don't think the average real estate professional feels like they're being supported by their MLS. I don't think the average real estate professional feels like they're being supported by certain leading portals.

所以，這真是個——這是一個讓我覺得一般房地產專業人士感覺不到自己得到支持的環境。我不認為普通的房地產專業人士感覺他們得到了美國房地產經紀人協會（NAR）的支持。我不認為普通的房地產專業人士感覺他們能從MLS（多重上市服務系統）獲得支援。我認為普通房地產專業人士感覺不到某些主流入口網站對他們的支持。

And we -- the only reason Compass exists is to support the real estate agent. If we can't help real estate agents create more success, we have no reason to exist. And we have now a track record of 13 years of investing in their profession. And so, I think any investor or analyst that does market checks on how people are feeling about this moment and the potential of these two companies coming together, I think you'll be continuously pleasantly surprised.

而我們——Compass 存在的唯一理由就是為了支持房地產經紀人。如果我們不能幫助房地產經紀人取得更大的成功，我們就沒有存在的理由。我們現在已經累積了13年投資於該行業的經驗。因此，我認為任何投資者或分析師，只要關注市場對這一時刻以及這兩家公司合併潛力的看法，都會不斷感到驚訝。

Super helpful. And just one quick follow-up on the 30% market share in your top 30 markets. Could you just give us a quick update on how that strategy is progressing?

非常有用。最後，關於您在前 30 個市場中 30% 的市場份額，還有一個小問題。能否簡單介紹一下該策略的進展？

Yeah. We -- at this time, we're not talking about that topic, but definitely appreciate the question.

是的。我們—目前我們不打算討論這個主題，但我們非常感謝您的提問。

Jason Helfstein, Oppenheimer & Co.

Jason Helfstein，奧本海默公司

I apologize if this was addressed. Just a bunch of companies this morning. So two questions though. What drove the 2-point acceleration in organic growth and what's implied in 4Q? And I mean, it sounds like it's simply just adding more agents, but if there's just other ways you want to unpack that?

如果這個問題之前已經討論過，我深感抱歉。今天早上只有幾家公司。所以，我有兩個問題。是什麼推動了有機成長2個百分點的加速？第四季的數據又暗示了什麼？我的意思是，聽起來好像只是增加了代理商數量，但您是否還有其他分析方法？

And then two, Robert, just any more color, what's the current adoption of 3-Phased Marketing? And any thoughts you have around kind of adoption levels, given that we saw momentum, it slowed? Has it picked back up?

羅伯特，再補充一點，目前三階段行銷的普及程度如何？鑑於先前的發展勢頭強勁，現在又放緩了嗎？你對目前的普及程度有什麼看法？它是否已經重新回升了？

Jason, it's Scott. I'll go into the organic growth. I mean really, the Q3 was really a story of September. I mean, we started out the quarter with a decent July and August, but really kind of hit a nice stride in September, and that's what led the beat really on the organic side. We don't break out the organic versus M&A growth for our future guidance.

傑森，我是史考特。我來談談內生成長。實際上，第三季的亮點在於九月。七、八月我們開局不錯，但九月才真正進入高速成長期，這才是內生成長超預期的主因。我們未來的業績指引不會單獨列出內生成長和併購成長。

So we don't have that for Q4. But you can see -- you can kind of back into that based on what we've done through the first three quarters. The Christie's International Real Estate acquisition back in January is the primary driver for the inorganic growth all year, and it will be the same way in the fourth quarter.

所以第四季我們沒有相關數據。但你可以看到——你可以根據前三個季度的表現進行大致推斷。今年1月對佳士得國際房地產的收購是全年非內生成長的主要驅動力，第四季也將如此。

And on 3-Phased Marketing, we -- just given where things are, we're not guiding into that topic. But I can share with you that -- I can share with you that clients continue to want more choices, not less choices. I don't know a seller who wants less choices of how to market. I don't know a seller who said, I only want my listing to go through one funnel.

至於三階段行銷，鑑於目前的情況，我們不打算深入探討這個主題。但我可以告訴大家的是，客戶仍然希望有更多選擇，而不是更少。我認識的賣家沒有一個希望行銷方式的選擇更少。我認識的賣家也沒有一個說，我只想讓我的商品資訊透過一個管道展示。

I don't know if a seller says, I don't want to have an option to not have days on market and price drop history on the listing. I don't know a seller who says, I don't want an option to test price privately before being on the open market where you have the risk of price drops. And I don't know an agent who went into a listing presentation, came back and said, you know what, because I offered the Compass 3-Phased Marketing Strategy: Phase One, Private Exclusive; Phase Two, Coming Soon, testing price privately with a large network of top agents in the country and then going to the open market.

我不知道哪個賣家會說，我不想讓房源資訊上沒有上市天數和降價記錄。我也不知道哪個賣家會說，我不想在正式上市前先私下試探價格，以免面臨降價的風險。我也不知道哪個經紀人會在做完房源推介後回來跟我說，你知道嗎，因為我提供了Compass三階段營銷策略：第一階段，獨家私下推廣；第二階段，即將上市，通過全國頂尖經紀人組成的龐大網絡進行私下價格測試，然後再推向公開市場。

No agents told me in the last quarter that, that reduced their chances of getting the listing. I've only heard that it's increased their chances. Again, sellers want more choices, not less choices.

上個季度沒有經紀人告訴我，這樣做會降低他們獲得房源的機會。我只聽說這樣做會增加他們的機會。再說一遍，賣家想要的是更多選擇，而不是更少選擇。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

Maybe on Christie's, could you describe the propensity of the affiliates or the franchisees to work with you on operational improvements? Is it harder to bring operational improvements to bear in that business model relative to kind of the O&O model that the business is more accustomed to?

或許可以就佳士得而言，您能否描述一下加盟主或特許經營者在營運改善方面與您合作的意願？與企業較熟悉的自營模式相比，在這種商業模式下推行營運改善是否更難？

We have really focused on the O&O. But given the pending transaction, we are focusing much more on the franchise business. And we are ensuring that the platform will be able to work for the entire franchise business day one and that we will be able to get the appropriate efficiencies, not just for the company, the franchisor, but also for the real estate professional, giving them the platform that will allow them to move to save time and to better serve their clients. And so, we -- yes, and so it's a key focus given the moment that we're in.

我們之前一直專注於自營業務。但鑑於即將進行的交易，我們現在更加關注特許經營業務。我們正在確保該平台從一開始就能為整個特許經營業務提供服務，並能帶來相應的效率提升，不僅對公司和特許經營商而言如此，對房地產專業人士也是如此。我們將為他們提供一個平台，讓他們節省時間，更好地服務客戶。因此，是的，鑑於我們目前所處的階段，這確實是我們的重點領域。

Got it. And maybe if I could just follow up on the question around ChatGPT and kind of agents in that modality, the ChatGPT having a greater propensity to kind of serve the customers to the agent as opposed to serve the customers to the portal. How do you think about syndicating more data into kind of the ChatGPT environment?

明白了。我能否再追問一下關於 ChatGPT 以及這種模式下的客服人員的問題？ ChatGPT 似乎更傾向於將客戶引導至客服人員，而不是將客戶引導至入口網站。您認為如何將更多資料整合到 ChatGPT 環境中？

A lot of data in this industry is behind the paywall. It's behind MLS. It's inside a broker's internal system. How do you think about over time, perhaps giving ChatGPT more access to Compass data, more access to Compass listings to perhaps accelerate the trend that you're describing?

這個產業的數據很多都隱藏在付費牆後面，像是MLS系統裡，或是經紀人的內部系統裡。您覺得隨著時間的推移，或許可以考慮讓ChatGPT更多地訪問Compass的數據和房源信息，從而加速您所描述的這種趨勢？

Definitely, anything we do will be along -- will be consistent with what sellers and their listing agents want, right? I think it's not the MLS' data, although they -- as a monopoly, they force you to -- this agent to give it to them out of your $5,000 fines, and then they sell it to well over 100 different entities. And so, I think given that what Compass stands for is choice over platform control, anything we do will be consistent with what sellers and their listing agents want. I do think the home is personal property. I think people have property rights.

當然，我們所做的一切都會符合賣家及其經紀人的意願，對吧？我認為問題不在於MLS的數據，儘管他們作為壟斷企業，會強迫你——你的經紀人——用你繳納的5000美元罰款來支付數據，然後他們再把數據賣給100多家不同的機構。所以，鑑於Compass的宗旨是選擇而非平台控制，我認為我們所做的一切都會符合賣家及其經紀人的意願。我確實認為房屋是個人財產。我認為人們擁有財產權。

And I think the theme of privacy, data privacy, personal privacy, I think that theme is becoming more valuable every year that goes by, not less. And so, if we can -- the greater value than selling data to ChatGPT that -- I think is in getting more listings by serving the clients' needs. Again, that said, if a listing agent and their clients would like any certain platform to have their listing for more exposure -- as you know, homes.com is boosting every listing that's banned in support of the listing agent and the seller in support of choice. So there -- I think there will be opportunities like the one you're mentioning but just has to come from the listing agent and their seller.

我認為隱私，尤其是資料隱私和個人隱私，其重要性與日俱增，而非減退。因此，如果我們能夠——比起將數據出售給 ChatGPT，我認為更大的價值在於透過滿足客戶需求來獲得更多房源。當然，如果房產經紀人和他們的客戶希望某個平台能夠提升房源曝光率——正如您所知，homes.com 正在推廣所有被禁房源，以支持房產經紀人和賣家的選擇權。所以，我認為會存在像您提到的那種機會，但這需要房產經紀人和賣家主動爭取。

The last thing on ChatGPT, it's not just that the top agents are getting more referrals, but they're getting them for free. So you could spend 40% of your commission getting it from one -- an inexperienced agent can spend 40% of their commission to give it to a portal, or an experienced agent can get -- no referral fee and just get a free referral from ChatGPT. So it really is a paradigm shift, and I'm happy for all of the experienced agents that are benefiting this moment.

關於 ChatGPT 的最後一點是，不僅頂級經紀人能獲得更多推薦，而且這些推薦都是免費的。也就是說，你可能要花費佣金的 40% 去購買推薦——經驗不足的經紀人可能需要將這 40% 的佣金交給其他平台，而經驗豐富的經紀人則無需支付任何推薦費，就能從 ChatGPT 免費獲得推薦。這確實是一個範式轉變，我很高興看到所有經驗豐富的經紀人都能從中受益。

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

I wanted to ask on Christie's, sticking with that topic. So some really helpful color around everything you've done since the deal, kind of growing agents and the synergies you've achieved and so forth. I wanted to ask on kind of the learnings on running the franchise business over the past nine months.

我想問一下關於佳士得的問題，就這個話題吧。我想了解一下自收購以來你們所做的一切，例如經紀人隊伍的壯大、你們取得的綜效等等。我還想問過去九個月裡，你們在經營特許經營業務方面有哪些經驗教訓。

How do you think about what you can sort of leverage between your own brokerage and the franchises across perhaps leads or otherwise? And would refranchising ever be a consideration?

您認為如何利用您自己的經紀公司和加盟店之間的資源，例如在客戶線索或其他方面？重新加盟是否在您的考慮範圍內？

So what we've learned is, the platform can scale to franchises and provide tremendous benefits to franchises just like owned and operated. I mean, it's the same -- from a real estate agent perspective, it's the same thing. And you just have to make it multi-tenant, multi-brand. And so, that's exciting, and we're in the middle of that work now. What we've learned is that we can give the same advantages that Compass created for ourselves to the franchise business.

所以我們發現，這個平台可以擴展到加盟連鎖，並為加盟商帶來與自營業務一樣的巨大優勢。我的意思是，從房地產經紀人的角度來看，原理是一樣的。你只需要把它變成多租戶、多品牌的模式。這令人振奮，我們目前正在進行這方面的工作。我們發現，我們可以將Compass為我們自身創造的優勢帶給加盟連鎖企業。

And so, [think of it] like what are the things that we have had outsized success with at Compass that we would want to bring to others. So for example, our enterprise sales engine, right, our recruiting engine for Compass, we can give the same strategic growth manager process, sales process and give it to our franchise. So we're in the process of testing that with our current franchise affiliates, but we're going to give them more broadly afterwards.

所以，[想想看]我們在Compass取得巨大成功的經驗有哪些，我們希望將其推廣到其他公司。例如，我們的企業銷售引擎，對吧，還有我們為Compass開發的招募引擎，我們可以將同樣的策略成長經理流程和銷售流程推廣到我們的加盟商。我們正在對現有的加盟商進行測試，之後會更廣泛地推廣。

And so, all the things with transaction management, we have the ability to do -- to provide a lower cost to serve to process transactions, which is a combination of our technology processes and our people, as well as we've really leaned in offshore and outsourcing and bringing that -- those same learnings to the franchise owners, and really everything that we've had to do on the growth or on the cost side for ourselves in the context of these last four years with the market turning, giving those same advantages to our franchise owners. And I'm really, really excited.

因此，在交易管理方面，我們有能力降低交易處理成本，這得益於我們的技術流程和人員配備，同時我們也大力發展離岸外包業務，並將這些經驗分享給加盟商。過去四年，隨著市場變化，我們在成長和成本控制方面所做的一切，都將同樣的優勢帶給我們的加盟商。我對此感到非常興奮。

And I love real estate professionals. At the core of what I love, they are entrepreneurs. And these franchise owners are entrepreneurs at the highest level. And I'm excited to help them grow and to have them as my client.

我熱愛房地產專業人士。我熱愛這個行業的核心在於，他們都是企業家。而這些加盟主更是頂尖的企業家。我很高興能幫助他們發展壯大，並成為他們的客戶。

Got it. No, that's really helpful color. Secondly, I wanted to ask on maybe smaller M&A and growth investment into new markets. So obviously, I heard you loud and clear kind of put the 30-30 aside. Are there additional markets around the country on your wish list where you would look to build scale if we're thinking out over the next several years? Kind of where would you focus that next leg of growth investment?

明白了。沒錯，這個顏色真的很有幫助。其次，我想問一下關於規模較小的併購和對新市場的成長投資。顯然，我完全理解您之前提到的30/30策略。如果您計劃在未來幾年內拓展業務，您是否也希望在全國範圍內尋找其他市場來擴大規模？您會把下一階段的成長投資重點放在哪裡？

Given the pending merger, we're going to hit a pause on incremental tuck-in M&A as we shift our focus on executing the integration flawlessly. That is -- the main thing is (inaudible) that is a flawless integration, day one execution for majority of execution tasks and the platform for everybody and driving some cash flow in the interim period and of course, afterwards for the obvious reason. The good news is that our walkover motion has been working incredibly well.

鑑於合併即將完成，我們將暫停其他零散的併購活動，轉而全力以赴確保整合順利進行。也就是說——最重要的是（聽不清楚）確保整合完美無瑕，大部分執行任務都能在第一天就順利完成，並為所有人搭建平台，同時在過渡期內以及之後（原因顯而易見）創造一定的現金流。好消息是，我們的過渡方案進展非常順利。

And as a reminder, these are typically the agent teams that could range from 50-plus or even as small as 20 to 30. But there's a lot of -- if you're the average small brokerage or boutique that's 20 to 100, we're more interesting to them today than we were two years ago. And you have not just the platform, but you also have -- you have the brands as well, which is great.

再次提醒，這些經紀人團隊的規模通常從50人以上到20到30人不等。但如果你是一家規模在20到100人之間的小型經紀公司或精品公司，那麼我們現在對他們的吸引力比兩年前要大得多。而且，你不僅擁有我們的平台，還擁有我們的品牌，這非常棒。

Just to add one comment to Robert's point there. We've talked about four acquisitions, three small brokerages and one title company that we acquired in the third quarter. That was all kind of pre the Anywhere transaction announcement. So we've effectively hit the pause button now.

我補充一點，關於羅伯特剛才的觀點。我們之前討論過四項收購，包括三家小型經紀公司和一家產權公司，都是我們在第三季收購的。這些收購都發生在 Anywhere 交易宣布之前。所以現在我們其實已經暫停了這些收購。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

I just wanted to ask about OpEx management. Compass has obviously delivered a lot of good efficiencies in sales and marketing, ops and support. Is that kind of the key area of operational efficiencies that you see going forward?

我只是想問一下營運效率管理方面的問題。 Compass 在銷售和行銷、營運和支援方面顯然已經取得了很大的效率提升。您認為未來營運效率提升的關鍵領域是否也應該在這方面？

And then, as a follow-up, within the non-GAAP SG&A, were there any kind of meaningful legal expenses that are in there? I can appreciate the Anywhere transaction costs are excluded, but I was just wondering if there are any kind of legal costs related to pending lawsuits and litigation.

其次，我想進一步了解一下，在非GAAP的銷售、一般及行政費用中，是否包含任何重要的法律費用？我知道Anywhere交易成本已被排除在外，但我只是想知道是否存在與未決訴訟相關的法律費用。

Yes. Quickly on the last question first. Yes, there are some legal expenses that are being incurred for the various litigation matters we have outstanding in the third quarter, and we have that in our OpEx guide for the fourth quarter. But to clarify, the stuff related to Anywhere specifically has been broken out on that separate line.

是的。先快速回答最後一個問題。是的，第三季我們確實因為一些未決訴訟案件產生了一些法律費用，這些費用已計入第四季度的營運支出指南中。但需要說明的是，與 Anywhere 相關的費用已單獨列在一行。

Now on the -- where we see the OpEx reductions, as we talked about in the past, it's really -- the whole company is really aligned on a fiscally responsible management approach here. And as we said before, it's really embedded into the DNA of our employees at this point. I'll give you a couple of examples, but it kind of goes around the board. When we have a resignation in some of these groups, we challenge if the role needs to be backfilled. And if it does need to be backfilled, we challenge ourselves if it can be staffed in an offshore lower-cost labor market.

現在來說說營運成本的削減——正如我們之前討論過的，這實際上是整個公司在財務責任管理方面高度一致的。正如我們之前所說，這種理念已經深深融入我們員工的血液中。我舉幾個例子，但實際上它適用於公司的各個方面。當某些團隊有人離職時，我們會探討這個職位是否需要填補空缺。如果需要填補，我們會考慮是否可以在海外低成本勞動市場找到合適的人選。

We've got an internal team that focuses on applying Six Sigma methodologies to some of the key process areas with the goal of creating efficiencies and lowering costs. Robert talked about the AI initiative we've launched across the company that's being led by one of our Senior Vice Presidents, where all of our departments are being challenged on how they can use AI to improve productivity. In my own area of finance, we've been using an outside consulting firm to augment some of the support on our accounts payable processing for years now. But due to efficiency gains and some offshore staffing, we're going to be fully wound down on that consulting firm by the end of this year. That's going to bring a lower cost to that service.

我們有一個內部團隊，專注於將六西格瑪方法論應用於一些關鍵流程領域，旨在提高效率並降低成本。羅伯特談到了我們公司啟動的人工智慧計劃，該計劃由我們的一位高級副總裁領導，旨在挑戰所有部門如何利用人工智慧來提高生產力。就我所在的財務領域而言，多年來我們一直聘請外部顧問公司來協助處理應付帳款。但由於效率的提升以及部分海外人員的加入，我們將在今年年底前完全終止與該顧問公司的合作。這將降低這項服務的成本。

So it's really kind of just across the board, we're seeing this. And then, of course, we're making good progress on integrating the acquired businesses. And when we do that, we have opportunities to also consolidate and reduce some of the same categories.

所以，這種情況幾乎是普遍存在的。當然，我們在整合收購的業務方面也取得了良好進展。整合完成後，我們也有機會整合和縮減某些類別。

So the way we're really thinking about it is, we're going to continue to invest in the platform, invest in our agents, but we're being really disciplined on OpEx because when we close the Anywhere transaction, we're going to pick up a lot of debt. We realize that. And so, any dollar we save now is really kind of being put into the cash accounts, and that will be used to accelerate the debt paydown when we close that deal.

所以我們目前的考慮是，我們會繼續投資平台和經紀人，但會嚴格控制營運支出，因為完成 Anywhere 的交易後，我們會背負大量債務。我們明白這一點。因此，現在節省下來的每一分錢都會存入現金帳戶，用於在交易完成後加速償還債務。

Great. And if I could just have a quick follow-up. On those legal costs that are embedded in the fourth quarter guidance, are you expecting them to come off in 2026? Or do you think these things will be ongoing?

好的。我能否再補充一點？關於第四季業績指引中包含的法律成本，您預計這些成本會在2026年消除嗎？還是您認為這些成本會持續存在？

Yes. I think there's some that will be ongoing, a little bit fully tough to tell now. It kind of depends on how some of the actions occur in the fourth quarter. But for now, I would expect some of them will continue into 2026, and we'll obviously provide an update on that when we get closer to our next quarter when we put out some expectations for 2026 guidance.

是的。我認為有些項目會持續進行，但現在很難完全確定。這在一定程度上取決於第四季度一些舉措的進展。不過就目前而言，我預計其中一些項目會延續到2026年，我們會在接近下一季發布2026年業績預期時提供最新資訊。

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

目前沒有其他問題了。現在我將把電話轉回給羅伯特，請他作總結發言。

Thank you, everyone, for joining our call today. I want to end by thanking all of our employees, all of our agents for their incredible hard work. And together, we delivered our best third quarter ever. And I look forward to building upon this momentum in 2026 together with the Anywhere team. Thank you, and have a great rest of your day.

感謝各位今天參加我們的電話會議。最後，我要感謝我們所有的員工和代理商，感謝他們付出的辛勤努力。正因如此，我們才取得了有史以來最好的第三季業績。我期待2026年與Anywhere團隊攜手，再創佳績。謝謝大家，祝大家今天剩下的時間愉快。

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

今天的電話會議到此結束。謝謝各位的參與。您現在可以斷開連線了。