Compass Inc (COMP) 2025 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Compass, Inc., 2025 Q4 earnings call. (Operator Instructions)

大家好。感謝您參加本次會議，歡迎您來到 Compass, Inc. 2025 年第四季財報電話會議。（操作說明）

I would now like to turn our call over to Soham Bhonsle, Head of Investor Relations. Please go ahead.

現在我將把電話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 fourth-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，大家下午好，感謝各位參加 Compass 2025 年第四季財報電話會議。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 fourth-quarter 2025 earnings release posted on our Investor Relations website. Any discussion regarding organic revenue, organic OpEx, organic transactions, or organic GTV excludes activity from businesses we acquired since October 1, 2024.

在討論我們公司的表現時，我們將參考一些非GAAP指標。您可以在我們投資者關係網站上發布的 2025 年第四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 10 月 1 日以來我們收購的業務活動。

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 first quarter of 2026, the recently closed Anywhere transaction, and full year 2026 and beyond, including comments related to our expectations or 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 the most recent annual report on Form 10-K 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聲明，這些聲明涉及風險和不確定性。這些聲明包括我們對 2026 年第一季的指導、最近完成的 Anywhere 交易以及 2026 年全年及以後的指導，包括與我們的預期或營運成就相關的評論。我們的實際結果可能與這些說法有重大差異。您可以在我們向美國證券交易委員會提交的最新年度報告（表格 10-K）中找到有關風險、不確定性和其他可能影響我們業績的因素的更多信息，該報告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, February 26. We expressly disclaim any obligation to update this information.

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日，即2月26日。我們明確聲明不承擔更新此資訊的任何義務。

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

現在我將把電話轉給羅伯特·雷夫金。羅伯特？

Good afternoon, and thank you for joining us for our fourth-quarter conference call. I am thrilled to speak with you today for the first time as CEO and Chairman of our newly combined company, which serves 340,000 real estate professionals and over 2,000 franchise broker owners across 120 countries and territories.

下午好，感謝各位參加我們第四季電話會議。今天，我非常興奮地以我們新合併公司的執行長兼董事長的身份首次與各位交談。我們公司為遍布 120 個國家和地區的 34 萬名房地產專業人士和 2000 多名特許經營經紀人提供服務。

On today's call, I will be discussing five topics: first, I will provide a quick recap of our record Q4 and 2025 results; second, I'll discuss the historic Rocket/Redfin partnership we just announced and how it significantly expands home seller choice and provide extraordinary value to our real estate professionals; third, I'll touch on our four sustainable financial advantages; four, an update on our integration and cost synergy efforts; and I'll end by touching on AI and why I believe it will become a structural tailwind for our business.

在今天的電話會議上，我將討論五個主題：首先，我將快速回顧我們創紀錄的第四季度業績和2025年業績；其次，我將討論我們剛剛宣布的Rocket/Redfin歷史性合作，以及它如何顯著擴大房屋賣家的選擇範圍，並為我們的房地產專業人士帶來非凡價值；第三，我將簡要介紹我們的四大可持續財務優勢；第四，我將更新我們的整合和成本協同效應工作；最後，我將談談人工智能，以及為什麼我相信它將成為我們業務的結構性推動力。

Starting with our Q4 results. In Q4, Compass delivered record fourth quarter revenue of $1.7 billion, delivered record fourth quarter adjusted EBITDA of $58 million. Both our revenue and adjusted EBITDA came in above the high end of our guide. We also delivered record fourth-quarter adjusted EBITDA margin to deliver the best organic principal agent recruiting quarter for Q4 as we added 830 principal agents.

首先來看我們第四季的業績。第四季度，Compass 實現了創紀錄的第四季度營收 17 億美元，實現了創紀錄的第四季度調整後 EBITDA 5800 萬美元。我們的營收和調整後 EBITDA 都高於預期上限。我們也實現了第四季度調整後 EBITDA 利潤率創歷史新高，同時實現了第四季度最佳的有機主要代理人招募季度業績，新增了 830 名主要代理人。

The Compass platform hit a Q4 record of 20 average weekly sessions per agent. We grew our Q4 title and escrow revenue to record levels. We grew our mortgage JV earnings to record Q4 levels, and lastly, we grew our title and escrow attach in our legacy markets to all-time highs in Q4.

Compass平台第四季創下紀錄，每位經紀人平均每週會談數達到20次。我們第四季的產權和託管收入達到了歷史新高。我們的抵押貸款合資企業收益在第四季度達到了創紀錄的水平，最後，我們在傳統市場的產權和託管業務在第四季度也達到了歷史最高水平。

2025 was also a record year for Compass as we generated approximately $7 billion in revenue, surpassing our prior peak of $6.4 billion in 2021, when the housing market was approximately 50% above current levels of annualized home sales. We generated adjusted EBITDA of $293 million, which was the highest ever in our history, and we produced operating cash flow of $217 million, which is also an all-time high for the company.

2025 年也是 Compass 創紀錄的一年，我們創造了約 70 億美元的收入，超過了 2021 年 64 億美元的峰值，當時的住房市場年化房屋銷售水平比目前的水平高出約 50%。我們實現了 2.93 億美元的調整後 EBITDA，創歷史新高；同時，我們產生了 2.17 億美元的營運現金流，也創下了公司歷史新高。

None of these results would have been possible without each and every member of the Compass team. I want to sincerely thank the entire team for their maniacal execution and unwavering hard work in what has been, by any objective measure, one of the toughest housing markets in a generation.

如果沒有 Compass 團隊每一位成員的努力，這些成果都不可能實現。我衷心感謝整個團隊的瘋狂執行力和堅定不移的努力，因為客觀來說，這是近幾十年來最艱難的房地產市場之一。

Now, let me touch on the unprecedented step we took today to ensure home seller choice through our partnership with Rocket-Redfin. At Compass, we firmly believe that home sellers deserve the right to freely market their home when, where, and how they want. We also believe that home sellers should also have the right to publicly market their listings without negative insights such as days on market and price drop history, amongst others.

現在，我想談談我們今天採取的史無前例的舉措，即透過與 Rocket-Redfin 的合作來確保房屋賣家的選擇權。在 Compass，我們堅信房屋賣家有權自由選擇何時、何地以及以何種方式出售房屋。我們也認為，房屋賣家也應該​​有權公開推銷他們的房源，而不必擔心諸如上市天數和降價歷史等負面資訊。

Currently, however, the Zillow ban forces home sellers to give them their listings within 24 hours of publicly marketing a property even if they don't want to be on Zillow and places negative insights such as days on market and price drop history on all listings. This is just wrong. Home sellers should have the freedom to publicly market their home wherever and however they want, without the fear being banned off a platform.

然而，目前 Zillow 的禁令迫使房屋賣家在公開行銷房產後的 24 小時內將房源資訊提供給 Zillow，即使他們不想在 Zillow 上發布房源信息，並且還會將諸如上市天數和價格下跌歷史等負面信息添加到所有房源列表中。這完全不對。房屋賣家應該有權自由地在任何平台以任何方式公開宣傳自己的房屋，而不必擔心被平台封鎖。

The Rocket-Redfin partnership we announced today stands up for home seller choice as it provides homeowners the flexibility in how they introduce their homes to the market and does not subject homeowners to any negative insights for listings off Zillow.

我們今天宣布的 Rocket-Redfin 合作關係維護了房屋賣家的選擇權，因為它讓房主可以靈活地將房屋推向市場，並且不會讓房主因在 Zillow 之外發布房源而受到任何負面影響。

There are four highly accretive pillars to this partnership. First, our agents will have the opportunity to receive 1.2 million high-intent lease from redfin.com and Rocket Mortgage, over the course of our three-year strategic alliance. The partnership is also structured in a way to provide us with an increase in lead flow in each of the 3 years with potential upside in year three, depending on conversion rates.

此合作關係有四大高度增值支柱。首先，在為期三年的策略聯盟期間，我們的代理商將有機會從 redfin.com 和 Rocket Mortgage 獲得 120 萬份高意向租賃合約。這項合作關係的結構也旨在讓我們在三年內每年增加潛在客戶數量，並且根據轉換率，第三年還有可能獲得額外收益。

Second, our unique inventory will be on redfin.com with all leads on these listings routed directly to our listing agents across all of our brands, including, but not limited to, @properties, Better Homes and Gardens Real Estate, CENTURY 21, Christie's International Real Estate, Coldwell Banker, Compass, Corcoran, ERA, and Sotheby's International Realty. This will supercharge the amount of unique inventory publicly marketed on redfin.com in our brokerage websites because more homeowners will choose to become sellers.

其次，我們獨特的房源將發佈在 redfin.com 上，所有房源線索將直接發送給我們旗下所有品牌的房源經紀人，包括但不限於 @properties、Better Homes and Gardens Real Estate、CENTURY 21、Christie's International Real Estate、Coldwell Banker、Compass、Corcoran、ERA 和 Sotheby's International Realty。這將大大增加 redfin.com 等經紀網站上公開銷售的獨特房源數量，因為更多的房主會選擇成為賣家。

For example, homeowners who are reluctant to put their homes for sale for fear negative insights or due to the time of the year before the fall market, in the winter, over the summer will now have access to 60 million monthly active users without the risk of days on market or price drop history, and their coming listings will be prioritized on Redfin. This will bring more inventory to the market because it eliminates the artificial barrier that home sellers have to list their home such as days on market price drop history. Keep in mind, only 4 million people buy homes a year. So 60 million consumers reflects 15 times the amount of buyers that are buying a year.

例如，那些因為害怕負面評價或因為秋季市場到來之前、冬季或夏季的銷售時機而不願出售房屋的房主，現在可以接觸到每月 6000 萬活躍用戶，而無需承擔房屋上市天數或價格下跌歷史的風險，而且他們即將發布的房源將在 Redfin 上獲得優先展示。這將為市場帶來更多房源，因為它消除了房屋賣家掛牌出售房屋時必須遵守的人為障礙，例如房屋上市天數和價格下跌歷史。請記住，每年只有 400 萬人購買房屋。因此，6000萬消費者相當於每年購買人數的15倍。

Third, with this partnership, we are reclaiming the digital yard sign for our agents and our brokerage brands as our agents name and their brokerage affiliation will be prominently displayed on each unique listing. This benefit cannot be understated as it will significantly expand consumer awareness of our agents and our nine brokerage brands.

第三，透過此合作，我們將重新奪回數位廣告牌，用於展示我們的經紀人和經紀公司品牌，因為經紀人的姓名及其經紀公司隸屬關係將在每個獨特的房源清單中顯著顯示。這項好處不容小覷，因為它將顯著提高消費者對我們經紀人和我們九個經紀品牌的認知度。

Fourth, we believe the partnership will make home buying more affordable by increasing the amount of inventory on the market that otherwise would not be there. And by offering homebuyers 1 percentage point off their mortgage rate in year one or up to 6,000 in lender-paid credits through Rocket Mortgage.

第四，我們相信，透過增加市場上原本不存在的房屋庫存，此次合作將使購屋更加經濟實惠。此外，Rocket Mortgage 還向購屋者提供第一年抵押貸款利率 1 個百分點的折扣，或高達 6,000 美元的貸款機構支付的信用額度。

Now, I would like to discuss the four sustainable financial advantages we are focused on going forward, including a higher-than-industry revenue per transaction, a leading cost to serve position in the industry, an expanding LTV per agent, and lastly, lower customer acquisition costs.

現在，我想討論我們未來將重點關注的四個可持續財務優勢，包括高於行業平均水平的每筆交易收入、行業領先的服務成本、不斷擴大的每位代理商的客戶終身價值，以及最後，更低的客戶獲取成本。

Starting with our higher-than-industry revenue per transaction. We expect to achieve this by becoming the leader in delivering value-added services for real estate professionals through platform-driven attach as opposed to just the traditional channels used by other brokerages. This includes current services such as title and escrow, mortgage, home insurance, home warranty, and moving services, but also potential future services we may consider, such as solar, home security, and other agent services such as property, marketing, business spend, digital ads, property videos, 3D renderings, real estate, signed production, open house brochures, photography, and more.

首先，我們的每筆交易收入高於行業平均。我們希望透過成為房地產專業人士增值服務的領導者來實現這一目標，透過平台驅動的附加服務，而不是像其他經紀公司那樣僅使用傳統管道。這包括目前的產權和託管、抵押貸款、房屋保險、房屋保固和搬家服務等服務，以及我們未來可能考慮的潛在服務，例如太陽能、家庭安全和其他代理服務，如房產、行銷、商業支出、數位廣告、房產影片、3D渲染、房地產、簽約製作、開放日宣傳冊、攝影等等。

With an incremental TAM of more than $150 billion from these value-added services, Compass' potential revenue per transaction could be multiples above the industry average, creating a sustainable financial advantage relative to our competitors.

憑藉這些加值服務帶來的超過 1500 億美元的新增市場規模，Compass 的每筆交易潛在收入可能是行業平均水平的數倍，從而相對於我們的競爭對手創造可持續的財務優勢。

Our second sustainable financial advantage will be to have the lowest cost of serve position in the industry. Since 2021, we have already reduced our cost to serve per transaction at Compass by over 30%, driven by platform improvements, process optimization, offshoring, and AI. However, with Anywhere, we see significant opportunity to lower our cost to serve further as we, one, build a best-in-class centralized services operation that will be the most efficient in the industry; two, offshore more back-end operations; and three, leverage AI to automate workflows and expand self-service tools on the platform.

我們的第二個永續財務優勢是擁有業界最低的服務成本。自 2021 年以來，透過平台改進、流程優化、離岸外包和人工智慧，我們已將 Compass 的每筆交易服務成本降低了 30% 以上。然而，借助 Anywhere，我們看到了降低服務成本的巨大機會，因為我們將：一、構建業內最高效的一流集中式服務運營；二、將更多後端運營外包；三、利用人工智能實現工作流程自動化，並在平台上擴展自助服務工具。

As early proof of how AI can help lower our combined cost to serve in the five short months since we rolled out an enterprise-wide AI learning effort at Compass. The team has already identified potential annualized efficiencies in the vicinity of $20 million, 2% of our Compass OpEx, which should allow us to limit OpEx growth as the business grows.

自從我們在 Compass 推出全企業範圍的 AI 學習計畫以來，短短五個月的時間就初步證明了 AI 如何幫助我們降低綜合服務成本。團隊已經確定了每年可節省約 2000 萬美元的潛在效率，相當於我們 Compass 營運支出的 2%，這將使我們能夠在業務成長的同時限制營運支出的成長。

At Anywhere, approximately two-thirds of all documents in their brokerage business are already processed through AI-driven automation. Anywhere is AI-based document assignment engine already operates at 89% accuracy, and we'll continue to learn from the largest transaction data set in the industry.

在 Anywhere，其經紀業務中大約三分之二的文件已經透過人工智慧驅動的自動化進行處理。Anywhere 的 AI 文件分配引擎的準確率已達到 89%，我們將繼續從業內最大的交易資料集中學習。

Furthermore, Anywhere is also extending their capabilities through agentic AI, including automation of wire claims to accelerate resolution and help agents get paid faster, which lowers cost, but also improves the agent experience.

此外，Anywhere 還透過代理 AI 擴展其功能，包括自動化電匯索賠，以加快解決速度並幫助代理商更快地獲得報酬，這不僅降低了成本，而且還改善了代理商的體驗。

By doing all of the above in ultimately establishing the lowest cost to serve position in the industry, we believe we will be able to drive better brokerage incremental margins than in the past, which should serve us well, particularly as industry volumes begin to normalize.

透過採取上述所有措施，最終在業界建立最低的服務成本地位，我們相信我們將能夠獲得比以往更好的經紀業務增量利潤，這將對我們大有裨益，尤其是在行業交易量開始正常化的情況下。

Our third sustainable financial advantage will be our expanding LTV per agent as we bring more than 340,000 of our real estate professionals onto one connected platform. By connecting our franchise broker owners and real estate professionals through one seamless platform, we will scale our best-in-class listing tools, coaching, innovative marketing programs, and AI capabilities to help grow their business and help them make more money by better serving their clients.

我們的第三個永續財務優勢是，隨著我們將超過 34 萬名房地產專業人士整合到一個互聯平台上，每位經紀人的 LTV 將持續提高。透過一個無縫平台將我們的加盟經紀人和房地產專業人士聯繫起來，我們將擴大我們一流的房源工具、指導、創新行銷計劃和人工智慧能力，以幫助他們發展業務，並透過更好地服務客戶來幫助他們賺更多錢。

As we scale our offerings in a tech-forward manner, we believe we'll be able to drive better agent and franchise retention, higher agent infringes productivity, higher attach on value-added services, improved agent outcomes, and lower recruiting costs.

隨著我們以技術為先導的方式擴大產品和服務規模，我們相信我們將能夠提高代理商和加盟商的留存率，提高代理商的生產力，提高加值服務的附加價值，改善代理商的業績，並降低招聘成本。

Our fourth sustainable financial advantage will be our declining cost of customer acquisition as we execute on our strategy to become the number one destination for buyers to find real estate professionals and homes for sale. As awareness around organic inventory grows via the Rocket-Redfin partnership, we believe more and more homebuyers will seek out our agents listings and our agents for their advice. This will lower our customer acquisition cost as our share of voice in the market increases and should provide our agents with incremental business opportunities.

我們的第四個永續財務優勢是客戶獲取成本的下降，因為我們正在執行我們的策略，成為購屋者尋找房地產專業人士和待售房屋的首選平台。隨著 Rocket-Redfin 合作的開展，人們對有機庫存的認識不斷提高，我們相信越來越多的購房者會尋求我們經紀人的房源信息，並向我們的經紀人尋求建議。隨著我們在市場份額的增加，這將降低我們的客戶獲取成本，並應為我們的代理商提供更多的業務機會。

So bringing it all together, by combining our four sustainable financial advantages with what will continue to be a maniacal focus on OpEx and cost synergies, we believe we will build a more durable business model where adjusted EBITDA grows faster than revenue growth in the future.

綜上所述，透過將我們的四大永續財務優勢與持續專注於營運支出和成本協同效應相結合，我們相信我們將建立一個更持久的商業模式，使調整後的 EBITDA 在未來成長速度超過收入成長速度。

Now let me provide an update on our integration efforts and cost synergy targets. First, on integration. I want to start by saying how pleased I am by how well both our management teams are working together. Since close, we've made great progress by deploying best practices and integration, including establishing a transformation office that will be a single control tower to ensure we are achieving our targets, setting a clear road map to create a more efficient organization across each of our business units and quickly creating clarity around the organization spans and layers.

現在讓我向大家報告我們的整合工作和成本協同目標。首先，關於整合。首先，我想表達我對我們雙方管理團隊合作如此默契感到非常滿意。自上次會議以來，我們透過部署最佳實踐和整合取得了巨大進展，包括建立一個轉型辦公室，作為單一控制塔，以確保我們實現目標；制定明確的路線圖，在每個業務部門創建一個更有效率的組織；以及迅速明確組織範圍和層級。

Additionally, in the 6.5 weeks since closing the transaction, I've had the opportunity to spend time with countless employees, franchise broker owners, real estate professionals across all of Anywhere six brands in many, many markets.

此外，自交易完成以來的 6.5 週內，我有機會與 Anywhere 旗下六個品牌在眾多市場中的無數員工、特許經營經紀人和房地產專業人士共度時光。

Two themes have emerged my conversations. First, there is broad-based excitement to be a part of the transformation our companies are going through. And second, the agents and broker owners are really excited to get access to the technology platform. This excitement is bearing itself out in the numbers as well as Anywhere as GCI retention rate in its top two quartile of agents, representing 91% of Anywhere's own brokerage GCI over the trailing 12-month period, hit the highest level ever recorded in the month of January.

我的談話中浮現出兩個主題。首先，大家普遍對參與公司正在經歷的轉型感到興奮。其次，經紀人和經紀公司老闆們都非常興奮能夠使用該技術平台。這種興奮之情也體現在數據中，Anywhere 的 GCI 前 2/4% 經紀人的留存率（佔 Anywhere 過去 12 個月經紀業務 GCI 的 91%）在 1 月達到了有史以來的最高水平。

Now, shifting over to our cost synergies. On our Q3 earnings call back in November, we stated a target of realizing $150 million in synergies in the first year and $300 million in net cost synergies over three years. I'm pleased to say that since close, just the 6.5 weeks since close, we have actioned approximately $175 million in cost synergies. Based on the pace at which the team is moving as well as their ability to collaborate and share data, I am making a CEO commitment to action $250 million of cost synergies in the first year.

現在，讓我們來看看成本協同效應。在去年 11 月的第三季財報電話會議上，我們提出了第一年實現 1.5 億美元綜效，並在三年內實現 3 億美元淨成本綜效的目標。我很高興地告訴大家，自交易完成以來，僅僅6.5週的時間，我們就實現了約1.75億美元的成本綜效。鑑於團隊目前的發展速度以及他們協作和共享數據的能力，我作為執行長承諾，將在第一年實現 2.5 億美元的成本協同效應。

Additionally, as we spent more time working together as a collective team, we have increased confidence in our cost synergy opportunity. As such, I'm now making a CEO commitment to action $400 million in net cost synergies over three years. I look forward to updating you on our progress against our improved goals in the coming quarters.

此外，隨著我們作為一個團隊一起工作的時間越來越長，我們對成本協同效應的機會也越來越有信心。因此，我作為執行長承諾，將在三年內實現 4 億美元的淨成本協同效應。我期待在接下來的幾個季度向您報告我們在實現改進後的目標方面取得的進展。

Now, I want to end by talking about the three components of our business, that not only protect us from the threats of AI with strength in our business in the context of AI. The first is our proprietary data. The second is trust. I want to be clear Compass isn't in the business of brokering information. It's in the business of brokering trust, and we believe trust will become even more valuable in a world with AI. And third, is the positive network effects driven by our 340,000 agents, which strengthens our platform.

最後，我想談談我們業務的三個組成部分，它們不僅保護我們免受人工智慧的威脅，而且在人工智慧的背景下增強了我們業務的實力。首先是我們的專有數據。第二點是信任。我想澄清一點，Compass 並非從事資訊中介業務。它從事的是建立信任的業務，我們相信在人工智慧時代，信任將變得更加寶貴。第三，我們34萬名代理商帶來的正面網路效應增強了我們的平台。

Starting with proprietary data. We all know that AI is less of a threat for company's proprietary data. And we all know that the Zillow ban in approximately 40% of MLSs have restricted rules that force brokerages to make the provider data public.

首先，我們從專有數據著手。我們都知道，人工智慧對公司專有數據的威脅較小。我們都知道，Zillow 在大約 40% 的 MLS 系統中被停用，這些系統有嚴格的規定，迫使經紀公司公開供應商資料。

With the Rocket-Redfin partnership and the efforts I expect Compass and Rocket to take, I am confident that MLSs and Zillow will no longer be in a position to force brokerages to make their proprietary data public. We currently already have more than 20,000 Make-Me-Sell listings that are only available at Compass. And with the Rocket-Redfin partnership, we believe we will have a large number of coming soon in private crucial listings that will help grow our proprietary data.

憑藉 Rocket 與 Redfin 的合作，以及我預期 Compass 和 Rocket 將採取的努力，我相信 MLS 和 Zillow 將不再有能力強迫經紀公司公開其專有數據。目前我們已經有超過 20,000 個僅在 Compass 上提供的「Make-Me-Sell」房源。我們相信，透過與 Rocket-Redfin 的合作，我們很快就會獲得大量重要的私人房源，這將有助於成長我們的專有數據。

Our second pillar is trust. Compass is not a traditional SaaS company as we operate in the high trust advisory business. This distinction is significant. AI can replicate software features, but we don't believe it can replicate trusted human judgment in a highly emotional high stakes high-ticket transaction.

我們的第二個支柱是信任。Compass 不是一家傳統的 SaaS 公司，因為我們從事的是高度信任的顧問業務。這種區別意義重大。人工智慧可以複製軟體功能，但我們認為它無法複製在高度情緒化、高風險、高價交易中值得信賴的人類判斷。

Buying a home is not like any other purchase. It's one of the most significant and complicated transactions in people's lives. Buying a home is also much more than just searching for a property.

買房與購買其他任何東西都不同。這是人們生活中最重要、最複雜的交易之一。買房遠不止是尋找房產那麼簡單。

A buyer seeks out a real estate professional because they know they will need the expertise and emotional support when negotiate in navigating the purchase of a home. They seek out a real estate professional, not just for information that is already available online, but for information on what's going to happen in the future, such as when the neighbor a few doors over might be ready for the next move because their kids just graduated college.

購屋者之所以尋求房地產專業人士的幫助，是因為他們知道在購屋談判過程中，他們需要專業知識和情感支持。他們尋求房地產專業人士的幫助，不僅是為了獲取網上已有的信息，也是為了了解未來可能發生的事情，例如隔壁幾戶的鄰居可能因為孩子大學畢業而準備搬家。

They seek out a professional to serve as the last line of defense during the walk-through at the closing. When the agent they are working with spots uneven floors or smells a wet basement, and helps them negotiate a seller credit.

他們會聘請專業人士在房屋交屋時的驗收過程中作為最後一道防線。當他們合作的經紀人發現地板不平整或聞到地下室潮濕的氣味時，會幫助他們與賣方協商獲得補償。

I've been reading the same AI reports as everyone else. The reports that are addressing what could happen in a potential future for real estate. The quick summary is my AI agent will sell my house to your AI agent. They will do the best job, and no one else is needed in the transaction process.

我和其他人一樣，一直在閱讀同樣的AI報告。這些報告探討了房地產行業未來可能出現的情況。簡單來說，我的AI代理會將我的房子賣給你的AI代理。他們會做到最好，交易過程中不需要其他人參與。

In our 13 years with Compass, I've seen a lot of things. I remember in the beginning, the biggest pain points for people were fake rental listings. We started off in the rental space. You would see a listing, it was fake. You reach out to the agent, they will tell you they can show you the listing, and then last minute, switch it up and say, listing is gone, but I have something else to show you.

在 Compass 工作的這 13 年裡，我見識了很多事情。我記得一開始，人們遇到的最大痛點是假租屋資訊。我們最初是從租賃領域起步的。你會看到一個假的房源資訊。你聯絡了經紀人，他們會告訴你他們可以帶你去看房，然後在最後一刻，他們卻變卦說，房源已經賣掉了，但我還有別的房源可以給你看。

AI will do that on steroids. The writers in some of these reports assume that real estate is clean and fair and that everyone is playing nice. But in real life, you have thousands of fake AI agents generating fake listings to be. Hundreds of fake AI agents will give AI agents false lowball bids to try and get them to price drop. Fake AI as will list fake listings to try and change comp prices to get higher prices. It's going to get wild.

人工智慧將以更強的手段實現這一點。有些報道的作者認為房地產業乾淨公平，每個人都相處融洽。但在現實生活中，成千上萬的虛假人工智慧代理商產生虛假房源資訊。數百個虛假的 AI 代理商會向 AI 代理商發出虛假的低價報價，試圖迫使它們降低價格。虛假人工智慧會發布虛假房源訊息，試圖改變同類房源的價格，從而獲得更高的價格。事情會變得很混亂。

I think the value of Compass will skyrocket in that world. The only solution will be close networks of trust. People think Compass' core is brokering information. It's not. It's brokering trust. And in the very near future, unless you have a great agent that is real, transaction with agents that our network deems trustworthy, you will not be able to transact safely.

我認為Compass在那個世界的價值將會飆升。唯一的解決辦法是建立緊密的信任網絡。人們認為 Compass 的核心業務是資訊中介。它不是。它是在建立信任。在不久的將來，除非你找到一位優秀的、真正的、值得信賴的經紀人，並且與我們網絡中認可的、值得信賴的經紀人進行交易，否則你將無法安全地進行交易。

The MLS data will be corrupted. Open sites will be filled with noise. Private listings and private networks with real people will be the only trusted source.

MLS資料將損壞。露天場地會充滿噪音。只有真人參與的私人清單和私人網路才是值得信賴的資訊來源。

I just don't see a meaningful amount of buyers laying a bot, negotiate with the seller's agent. If that were the case, then you would already be seeing people buying homes based off this estimate. You see people selling homes based off this estimate, and they're not doing that.

我實在看不出有多少買家會使用機器人與賣方經紀人進行談判。如果真是那樣的話，那麼早就有人根據這個估價買房子了。你會看到有人根據這個估價出售房屋，但他們實際上並沒有這樣做。

Real estate is highly personal and the value of a home isn't solely determined based on the generic data and facts about the home. The value is driven by buyers and sellers personal connection to the home.

房地產是非常個人化的，房屋的價值並非僅根據房屋的一般數據和事實來決定的。房屋的價值取決於買賣雙方與房屋的個人聯繫。

In this world, Compass' value proposition will strengthen as we build a highly trusted environment for buyers, sellers, and agents to own and manage their data with uncompromising privacy. And so for the same reason the Internet did not replace agents, but actually increased consumers' use of them over the past 20 years, we believe that the winners of the future will not be the companies that simply have AI, but those that use it to amplify trusted agents at scale like Compass.

在這個世界裡，隨著我們為買家、賣家和經紀人建立一個高度值得信賴的環境，讓他們能夠擁有和管理自己的數據，同時又能毫不妥協地保護隱私，Compass 的價值主張將會得到加強。基於同樣的原因，網路並沒有取代代理人，反而在過去 20 年裡增加了消費者對代理人的使用，我們認為，未來的贏家不會是那些僅僅擁有人工智慧的公司，而是那些利用人工智慧大規模地增強像 Compass 這樣值得信賴的代理人的公司。

Our third and final pillar is positive network effects of our 340,000 real estate professionals that strengthens our platform. This network serves as a large continuous positive feedback loop for our platform. We believe as agentic AI becomes more common, the platforms with the most domain experts actively training and interacting with the system will win. Our agents are encoding real-world localized transactional logic into our platform every single day, creating a network effect that cannot be replicated by horizontal AI tools or legacy brokerages.

我們的第三個也是最後一個支柱是我們34萬名房地產專業人士產生的正面網路效應，這增強了我們的平台。這個網路為我們的平台提供了一個大型的、持續的正向回饋循環。我們相信，隨著智能體人工智慧變得越來越普遍，擁有最多領域專家積極訓練並與系統互動的平台將會勝出。我們的代理商每天都在將現實世界的在地化交易邏輯編碼到我們的平台中，從而創造出橫向人工智慧工具或傳統經紀公司無法複製的網路效應。

At Compass we are using AI to eliminate friction, allowing our agents to focus on winning and closing clients and by fully integrating it into the agent workflow to maximize productivity by giving 340,000 real estate professionals countless hours back every week, allowing them to focus on winning listings, advising clients, and closing deals, we are going to help them to close more transactions. When a valley encumbers through this lens, we believe we possess exact pillars to thrive in the world of agentic AI.

在 Compass，我們正在利用人工智慧消除摩擦，使我們的經紀人能夠專注於贏得客戶和完成交易，並透過將其完全整合到經紀人的工作流程中來最大限度地提高生產力，每週為 34 萬名房地產專業人士節省無數時間，使他們能夠專注於贏得房源、為客戶提供建議和完成交易，我們將幫助他們完成更多交易。當山谷從這個角度來看時，我們相信我們擁有在智慧人工智慧領域蓬勃發展的確切支柱。

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

接下來，我將把它交給斯科特。

Thanks, Robert. Q4 was a landmark quarter for Compass, setting all-time Q4 records, both financially and operationally. Revenue reached $1.7 billion, a 23% increase year over year, beating the high end of our guidance. Even on an organic basis, excluding M&A, we grew 11.3%. For the 19th consecutive quarter, every quarter since our IPO, Compass outperformed the market including during Q4 with organic transactions of 5.6% versus the 1% market increase.

謝謝你，羅伯特。第四季是 Compass 的一個里程碑式季度，無論在財務還是營運方面，都創下了第四季的歷史紀錄。營收達到 17 億美元，年成長 23%，超過了我們預期的上限。即使不考慮併購，僅從有機成長來看，我們也實現了 11.3% 的成長。自 IPO 以來，Compass 已連續 19 個季度跑贏大盤，包括第四季度，其有機交易量增長 5.6%，而市場僅增長 1%。

Quarterly principal agent retention was a solid 96.8%. During the quarter, we added 830 principal agents, which was a fourth-quarter record despite not being able to recruit any of the Anywhere agents due to the pending merger during Q4. Note that because Anywhere does not have the same agent methodology for principal agents, as Compass does, we do not intend to provide principal agent count starting in Q1, but we will continue to provide total agent counts.

季度主要代理人留任率高達 96.8%。本季我們新增了 830 名主要代理人，創下了第四季度的紀錄，儘管由於第四季度合併尚未完成，我們未能招募任何 Anywhere 代理人。請注意，由於 Anywhere 對委託代理人採用的代理方法與 Compass 不同，因此我們不打算從第一季開始提供委託代理人數量，但我們將繼續提供代理人總數。

Gross transaction value was $65.6 billion in the fourth quarter, an increase of 21.6% from a year ago, reflecting the 19.7% increase in total transactions, combined with an increase in average selling price of about 2%. 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.

第四季總交易額為 656 億美元，比上年同期增長 21.6%，這反映了交易總量增長 19.7%，以及平均售價增長約 2%。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 81.5% for the quarter compared to Q4 of last year at 82.5% or an improvement of over 100 basis points year over year, primarily driven by the impact of our January 2026 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 improved 13 basis points for the quarter versus a year ago. This is due to a positive impact from higher margin new development and title revenue, partially offset by about 10 basis points attributable to the impact of GeoMx on the brokerage business.

本季佣金及其他相關費用佔收入的百分比為 81.5%，而去年第四季為 82.5%，年比改善超過 100 個基點，主要得益於我們於 2026 年 1 月收購了利潤率更高的佳士得國際房地產。剔除併購因素，本季我們的佣金和其他相關費用佔營收的百分比比去年同期下降了 13 個基點。這是由於利潤率較高的新開發案和產權收入的正面影響，但部分被 GeoMx 對經紀業務的影響所抵消，約有 10 個基點的抵消。

Our total non-GAAP operating expenses were $259 million in Q4, an increase from $224 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 and a number of other brokerage and title companies we acquired this year.

第四季我們的非GAAP營運支出總額為2.59億美元，高於去年同期的2.24億美元，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以及今年收購的其他一些經紀和產權公司中承擔的營運支出。

Excluding the impact of M&A, our non-GAAP OpEx was up only about 1%. I'd like to also point out that even on a full-year basis, when excluding the additional OpEx assumed from M&A, our organic OpEx was only up 1% over 2024. We have demonstrated discipline to manage organic OpEx growth to within 3% to 4%, annually, and this past year, we greatly exceeded that goal.

剔除併購的影響，我們的非GAAP營運支出僅成長了約1%。我還想指出，即使以全年計算，不計入併購帶來的額外營運支出，我們的有機營運支出也僅比 2024 年成長 1%。我們已展現出嚴格的紀律，將有機營運支出成長控制在每年 3% 至 4% 以內，而去年，我們遠遠超額完成了這一目標。

Adjusted EBITDA was $58.3 million, a strong improvement of 249% from adjusted EBITDA of $16.7 million a year ago. Adjusted EBITDA exceeded the high end of our original guidance range by 19% and also represented a record level of adjusted EBITDA for any fourth-quarter period. Adjusted EBITDA benefited from the higher revenue, better gross margins, and a continued strong discipline on operating expenses.

經調整後的 EBITDA 為 5,830 萬美元，較上年同期的 1,670 萬美元經調整後的 EBITDA 大幅成長 249%。調整後 EBITDA 比我們最初預期範圍的上限高出 19%，同時也創下了第四季度調整後 EBITDA 的歷史新高。調整後 EBITDA 受益於更高的收入、更好的毛利率以及對營運費用的持續嚴格控制。

During the fourth quarter, we incurred $10.6 million of transaction expenses related to the announced merger with Anywhere, primarily legal fees and investment banking fees, which is shown in the Anywhere merger transaction and integration expense line on the P&L. And is excluded from our non-GAAP operating expenses for purposes of calculating adjusted EBITDA. You'll see the expenses on this line jump in Q1 as we recognize the expenses in connection with the closing of the transaction and additional expenses throughout 2026 as we drive our integration efforts, which I'll touch on a little later.

第四季度，我們因宣布與 Anywhere 合併而產生了 1,060 萬美元的交易費用，主要包括法律費用和投資銀行費用，這在損益表中列為 Anywhere 合併交易和整合費用。並且為了計算調整後的 EBITDA，該費用已從我們的非 GAAP 營運費用中剔除。您將會看到該支出在第一季大幅增加，因為我們將確認與交易完成相關的支出，以及在 2026 年推進整合工作過程中產生的額外支出，稍後我將對此進行更詳細的介紹。

Stock-based compensation expense in the quarter was $57.5 million, and in line with our guidance. As a reminder, during our Q1 results last year, we explained that our stock-based compensation levels would be elevated during the second, third, and fourth quarters in 2025 due to a change in our methodology for granting employee equity and the accounting rules related to that change. These higher-priced awards will start to vest out at the end of Q1, and you'll begin to see a step-down beginning in Q2 of 2026 on the base Compass business.

本季股票選擇權費用為 5,750 萬美元，與我們的預期一致。提醒一下，在去年第一季業績報告中，我們解釋說，由於我們授予員工股權的方法以及與此相關的會計準則發生了變化，因此在 2025 年第二、第三和第四季度，我們的股票選擇權激勵水準將會提高。這些價格更高的獎勵將在第一季末開始兌現，從 2026 年第二季開始，您將會看到 Compass 基本業務的獎勵逐步減少。

This decline is expected to be partially offset, with some levels of incremental expense coming through from the anywhere employee base. We'll provide more details next quarter as we finalize this impact. But as you consider your models, you should expect that stock-based compensation on a consolidated basis will not exceed $50 million in any future quarter, beginning in Q2 of this year. That said, as part of the change in control severance provisions for some of the former Anywhere executives, there will be an incremental one-time charge for stock-based compensation recorded in Q1.

預計這種下降趨勢將部分被抵消，因為來自各地員工群體的額外支出將帶來一定程度的增加。我們將在下個季度最終確定這一影響後提供更多細節。但您在考慮您的模型時，應該預期從今年第二季開始，未來任何一個季度的合併股票薪酬都不會超過 5000 萬美元。也就是說，作為部分前 Anywhere 高層的控制權變更離職補償條款的一部分，第一季將計入一次性股票選擇權補償費用。

GAAP net loss was $42.6 million compared to GAAP net loss of $40.5 million a year ago. However, excluding the $10.6 million in deal-related expenses from the Anywhere transaction, GAAP net loss would have been $32 million and $8.5 million improvement compared to the year-ago period. Our basic weighted average share count for the fourth quarter was $572 million, which was in line with our prior guidance.

GAAP淨虧損為4,260萬美元，而去年同期GAAP淨虧損為4,050萬美元。然而，如果排除 Anywhere 交易中與交易相關的 1,060 萬美元費用，GAAP 淨虧損將為 3,200 萬美元，比去年同期改善 850 萬美元。我們第四季的基本加權平均股數為 5.72 億美元，與我們先前的預期一致。

As for cash, we generated $42.2 million in free cash flow in the fourth quarter which represented the eighth-consecutive quarter of positive free cash flow generation. We ended the fourth quarter with $199 million of cash and cash equivalents on the balance sheet.

至於現金方面，我們在第四季產生了 4,220 萬美元的自由現金流，這是連續第八個季度產生正的自由現金流。第四季末，我們的資產負債表上現金及現金等價物為 1.99 億美元。

On January 7, 2026, we completed the issuance of $1 billion in convertible notes at a highly attractive coupon of just 0.25 percentage point, which was used to pay off Anywhere's revolver of $500 million at the closing. Using the 0.25% coupon on the convertible debt to pay off Anywhere's revolver at higher interest rates, provided for immediate annualized cash interest savings of $25 million. The convertible debt offering has a conversion price of $15.98 per share and was structured with a cap call derivative instrument to protect shareholders from dilution up to a conversion price of $23.68 per share.

2026 年 1 月 7 日，我們完成了 10 億美元的可轉換債券發行，票面利率極具吸引力，僅 0.25 個百分點，用於在交割時償還 Anywhere 的 5 億美元循環信貸。利用可轉換債券 0.25% 的票息償還 Anywhere 的較高利率循環貸款，可立即節省 2,500 萬美元的年化現金利息。此次可轉換債券發行的轉換價格為每股 15.98 美元，並採用了上限看漲衍生工具的結構，以保護股東權益免受稀釋，最高轉換價格為每股 23.68 美元。

After considering the cost of the cap call and the related issuance costs, the net proceeds received on the fund raise were $880 million. We have moved aggressively on synergies. In just seven weeks, we have already actioned $175 million of our cost synergy target. The heavy lifting of headcount and vendor consolidation is already underway.

扣除上限要求及相關發行成本後，此融資所得淨收益為 8.8 億美元。我們已積極推進協同效應的發揮。短短七週內，我們已經實現了 1.75 億美元的成本綜效目標。大幅削減人員編制和整合供應商的工作已經展開。

Some of the remaining synergies will involve deeper operational integration, which naturally takes longer to execute. However, the progress to date in such a short period of time following the close of the transaction, certainly de-risks our ability to attain our full cost synergy goals and provides early proof points on what we can deliver together as a combined company.

剩餘的一些協同效應將涉及更深層的營運整合，這自然需要更長的時間來執行。然而，在交易完成後的如此短時間內取得的進展，無疑降低了我們實現全部成本協同效應目標的風險，並為我們作為一家合併後的公司能夠共同取得的成就提供了早期證明。

It is important to distinguish between actions taken and the timing of the realization of these actions in the financial statements and where the benefit will be realized in the financial statements. On the timing point, some of these actions taken to date had an immediate effect, such as day one personnel reductions. Other actions have terms ranging over the next three, six, or nine months as the case of certain personnel reductions with associated retention periods or vendor contracts with varying end dates, and some new operating leases that we entered into to consolidate space or move to smaller square footage don't take effect until the fourth quarter of this year or early 2027.

區分已採取的行動和這些行動在財務報表中實現的時間，以及在財務報表中實現收益的位置，這一點非常重要。就時間安排而言，迄今為止採取的一些措施已經產生了即時的效果，例如第一天就裁減了人員。其他措施的期限則為未來三、六或九個月，例如某些人員裁減及其相關的保留期，或者供應商合同的終止日期各不相同；此外，我們簽訂的一些新的經營租賃合同，為了整合空間或搬遷到更小的辦公面積，要到今年第四季度或 2027 年初才會生效。

Additionally, because these actions were completed at various points throughout the first quarter, including this week, there will only be a modest benefit to Q1. To help with your models, on the book ends, you could plan for $5 million of realization in Q1 of 2026 and $44 million of realization in Q4 of 2026 and with some level of quarterly increases between those 2 data points. The $44 million to be realized in Q4 of 2026 represents 25% of the $175 million already actioned.

此外，由於這些行動是在第一季的各個時間點完成的，包括本週，因此對第一季的影響有限。為了幫助您建立模型，在書的開頭和結尾，您可以計劃在 2026 年第一季實現 500 萬美元的收入，在 2026 年第四季度實現 4400 萬美元的收入，並在這兩個數據點之間實現一定程度的季度增長。2026 年第四季將實現的 4,400 萬美元相當於已採取行動的 1.75 億美元的 25%。

In the aggregate, this would result in about $100 million realized in 2026. These cost synergies will be realized either as reduced operating expenses in the P&L or reduced capitalization to the balance sheet. In either case, they will benefit free cash flow.

總體而言，這將在 2026 年實現約 1 億美元的收益。這些成本綜效將反映在損益表中營運費用的減少或資產負債表中資本金的減少。無論哪種情況，他們都將受益於自由現金流。

Historically, Anywhere has capitalized a large amount of technology labor to its balance sheet, approximately $80 million in 2025. And as part of our cost synergy work, a significant portion of the projects that have been subject to capitalization in the past will be cut as we ship the technology focus to the Compass platform. Therefore, the roughly $100 million in synergies to be realized in 2026 that I just referenced, I'd assume slightly more than half will be reflected as reduced CapEx in 2026, and the remaining will be reflected as reduced OpEx in 2026.

從歷史上看，Anywhere 已將大量技術勞動力資本化到其資產負債表中，到 2025 年約為 8,000 萬美元。作為成本協同效應工作的一部分，隨著我們將技術重點轉移到 Compass 平台，過去大量投入資本的項目將被削減。因此，我剛才提到的 2026 年將實現的約 1 億美元的協同效應，我估計略多於一半將反映在 2026 年資本支出減少上，其餘部分將反映在 2026 年營運支出減少上。

Since our cost synergies were just actioned in the last 6.5 weeks, these are still directional estimates, but next quarter, I'll be able to provide you a better distribution of how the synergies will be reflected in our financials.

由於我們的成本協同效應是在過去 6.5 週內才開始實施的，因此這些仍然是方向性估計，但下個季度，我將能夠向您提供協同效應將如何反映在我們財務報表中的更詳細的分佈情況。

As a last point on this topic, note that there will be cost to achieve these action synergies during Q1 and in future quarters, which will include in the merger transaction and integration line in the P&L, which will be excluded from adjusted EBITDA, but will impact cash flow. For modeling purposes as a placeholder, you could assume up to 50% of action synergies for an estimate of the costs to achieve.

關於這個主題的最後一點是，請注意，在第一季和未來幾季實現這些行動協同效應將會產生成本，這些成本將計入損益表中的合併交易和整合項目，該項目將從調整後的 EBITDA 中剔除，但會影響現金流。為了建模目的，作為佔位符，您可以假設行動協同效應高達 50%，以此估算實現目標的成本。

Turning to financial guidance for Q1, which now includes the impact of the Anywhere transaction. For the first quarter of 2026, we expect consolidated revenue, including the revenue from the Anywhere transaction, in the range of $2.55 billion to $2.75 billion. While Q1 is the seasonally lightest quarter, we've observed softness in specific markets in January and particularly February due to the extreme winter weather and record snowfall across most of the country.

接下來是第一季的財務預期，其中已計入 Anywhere 交易的影響。我們預計 2026 年第一季合併收入（包括 Anywhere 交易的收入）將在 25.5 億至 27.5 億美元之間。雖然第一季通常是季節性淡季，但由於極端冬季天氣和全國大部分地區創紀錄的降雪，我們觀察到1月和2月某些特定市場出現疲軟。

Per NAR, January existing home sales in the US of 3.9 million units were down 4.4% from last January with winter storm Fern being a call out in their release as many closings were delayed. This is also supported by MBA's data point that mortgage purchase applications fell 14% in the final week of January and the first week of February, as much of the country was snowed in.

據美國房地產經紀人協會 (NAR) 稱，1 月份美國二手房銷售量為 390 萬套，比去年 1 月下降了 4.4%，冬季風暴「弗恩」導致許多房屋交割延遲，這是造成這一結果的原因之一。MBA 的數據也支持這一觀點，1 月最後一周和 2 月第一週的抵押貸款購買申請量下降了 14%，因為當時美國大部分地區都被大雪封鎖。

Furthermore, Q1 is our toughest year-over-year comparison in 2026 as we grew total revenue by 29% and organic revenue grew by 15% in Q1 of last year. To be clear, we believe these are short-term weather-driven timing issues. The structural health of the housing market remains sound with Morgan's rates at three-year lows, stable financial markets, and positive year-over-year inventory growth, we are optimistic heading into the spring selling season.

此外，由於去年第一季總營收成長了 29%，有機收入成長了 15%，因此 2026 年第一季是我們年比最艱難的季度。需要明確的是，我們認為這些是受天氣影響的短期時間問題。鑑於摩根利率處於三年來的低位，金融市場穩定，且庫存同比增長，住房市場的結構性健康狀況依然良好，我們對即將到來的春季銷售旺季持樂觀態度。

For Q1 revenue guidance, keep in mind that while the revenue from the Anywhere transaction is included in Q1, the first eight days of the quarter are excluded as we closed the transaction on January 9.

對於第一季收入預期，請記住，雖然 Anywhere 交易的收入已計入第一季度，但由於我們在 1 月 9 日完成了交易，因此該季度的前八天收入不計入第一季度。

We expect consolidated adjusted EBITDA to be in the range of $15 million to $35 million. Since Q1 is the first quarter that will include any where's results, I'll provide some color on the contributions to the adjusted EBITDA line. However, we're quickly integrating this transaction. So going forward, we won't be providing guidance or actual results on a separate company basis.

我們預計合併調整後的 EBITDA 將在 1500 萬美元至 3500 萬美元之間。由於第一季是第一個包含所有業務業績的季度，我將對調整後 EBITDA 的貢獻進行一些說明。不過，我們正在迅速整合這筆交易。因此，今後我們將不再以獨立公司為單位提供業績指引或實際業績報告。

Breaking down the consolidated adjusted EBITDA guide for Q1, essentially all of the contribution is expected to come from Compass, whereas the contribution to the adjusted EBITDA guidance in Q1 from the Anywhere entities is negative. If you further unpack the Anywhere portion of the adjusted EBITDA guide, there are a few items that you should take into consideration.

從第一季合併調整 EBITDA 指引來看，基本上所有貢獻都預計來自 Compass，而 Anywhere 實體對第一季調整 EBITDA 指引的貢獻為負。如果進一步分析調整後 EBITDA 指南中的「Anywhere」部分，有幾點需要考慮。

First, consistent with Anywhere's public comments on its Q3 2025 earnings, Anywhere saw an elevated level of expense related to its employees' long-term incentive plan, or LTIP. Anywhere's LTIP is comprised of cash-settled RSUs which require mark-to-market accounting through its P&L. The run have been Anywhere stock price, especially at the time of the September 22 announcement of the transaction, drove higher operating expenses in its Q3 period. Anywhere's continued stock appreciation through the January 9, 2026, closing date will also drive higher OpEx from the LTIP in Q1 as these awards continue to vest in future periods.

首先，與 Anywhere 對其 2025 年第三季收益的公開評論一致，Anywhere 發現其員工長期激勵計劃 (LTIP) 的相關支出水平有所上升。Anywhere 的長期獎勵計畫 (LTIP) 由現金結算的限制性股票單位 (RSU) 組成，需要透過其損益表進行市值計價會計處理。Anywhere 的股價一路飆升，尤其是在 9 月 22 日宣布交易之時，導致其第三季營運費用增加。Anywhere 的股票在 2026 年 1 月 9 日交割日之前持續上漲，也將導致第一季長期激勵計畫 (LTIP) 的營運支出增加，因為這些獎勵將在未來期間繼續歸屬。

Second, Anywhere disclosed during its Q3 earnings release that it experienced a significant spike in health care benefit costs in Q3 and that higher level of expense continued through Q4 and is expected to be the new baseline in 2026.

其次，Anywhere 在第三季財報發表會上揭露，其醫療保健福利成本在第三季大幅飆升，且較高的支出水準持續到第四季度，預計將成為 2026 年的新基準。

Third, as a result of the purchase accounting for the Anywhere transaction, we're required to reset the straight-line rent calculations of the Anywhere office leases for GAAP accounting purposes over the remaining lease periods following January 9 which has the effect of increasing the amount of GAAP rent expense will recognize post-acquisition by about $4 million to $5 million per quarter going forward or $16 million to $20 million on the full year. While this doesn't change the cash commitments of the office leases, it's a normal purchase accounting adjustment that increases GAAP rent expense.

第三，由於 Anywhere 交易的購買會計處理，我們需要根據 GAAP 會計準則，在 1 月 9 日之後的剩餘租賃期內，重新計算 Anywhere 辦公室租賃的直線租金，這將導致收購後每季確認的 GAAP 租金支出增加約 400 萬至 500 萬美元，或全年增加約 1,600 萬美元。雖然這不會改變辦公室租賃的現金承諾，但這屬於正常的購買會計調整，會增加 GAAP 租金支出。

When you add up the expenses for these three items, the LTIP, the healthcare costs, and the GAAP rent item compared to the Q1 period of last year, it amounts to an incremental expense in the range of $15 million to $20 million in the first quarter guide for the Anywhere component or $17.5 million at the midpoint. So adjusting for these items, our adjusted EBITDA guidance for Q1 would have been $32.5 million to $47.5 million.

將這三項支出（長期激勵計劃、醫療保健成本和 GAAP 租金項目）與去年第一季相比加起來，Anywhere 業務第一季的增量支出在 1500 萬美元至 2000 萬美元之間，中間值為 1750 萬美元。因此，若剔除這些因素，我們對第一季的調整後 EBITDA 預期為 3,250 萬美元至 4,750 萬美元。

We expect our weighted average share count for the first quarter to be between 720 million to 730 million shares. This includes the impact of the 167 million shares that we issued in January for the Anywhere transaction.

我們預計第一季的加權平均股份數量將在 7.2 億股至 7.3 億股之間。這包括我們在 1 月為 Anywhere 交易發行的 1.67 億股股票的影響。

For OpEx, while we are not providing a specific range for the full year at this time as we're completing the purchase accounting process, to provide some direction for your models, be sort of considering your baseline the standard inflation assumption we use of 3% to 4% on both the historical Compass and Anywhere OpEx, an incremental $20 million of annualized OpEx from the wraparound effect of midyear 2025 M&A and also the $16 million to $20 million increase that I referenced earlier in GAAP operating lease expenses as a result of the purchase accounting reset.

對於營運支出 (OpEx)，雖然我們目前尚未提供全年的具體範圍（因為我們仍在完成收購會計處理流程），但為了給您的模型提供一些指導，請將基準考慮為我們過去在 Compass 和 Anywhere 運營支出中使用的 3% 至 4% 的標準通貨膨脹假設，以及 2025 年年中併購帶來的 2000 萬美元經營租賃費用增加的 1,600 萬至 2,000 萬美元。

Of course, these items will be offset by the net cost synergies that we realized in year. We'll provide additional updates on OpEx next quarter after we finalize our purchase accounting for the transaction.

當然，這些項目將被我們今年實現的淨成本綜效所抵銷。我們將在下個季度完成此次交易的收購會計處理後，提供有關營運支出的更多更新資訊。

Finally, The few thoughts on cash balances and debt levels. As you think about cash levels, note that Compass ended the year with $199 million of cash and as a frame of reference, Anywhere's cash as of year-end was $139 million.

最後，我想簡單談談現金餘額和債務水準。在考慮現金水準時，請注意 Compass 年底的現金餘額為 1.99 億美元，作為參考，Anywhere 截至年底的現金餘額為 1.39 億美元。

Additionally, January cash activity reflects $880 million of net proceeds from the convertible debt issuance, partially offset by $500 million used to repay Anywhere's revolver and approximately $175 million of day one transaction cash outflows. Note that transaction costs and the cash used for cost to achieve will run through the operating cash flow line.

此外，1 月份的現金活動反映了可轉換債券發行的 8.8 億美元淨收益，部分被用於償還 Anywhere 的循環信貸的 5 億美元以及首日交易現金流出約 1.75 億美元所抵消。請注意，交易成本和用於實現目標的成本的現金將計入經營現金流量。

Additionally, payments for Anywhere's annual employee bonus and LTIP programs are scheduled for payout in the first quarter and will also come through the operating cash flow line. As a result, we will report materially negative free cash flow in Q1. We will return to free cash flow positive in future quarters, excluding the impact of any one-time items for the transaction and the cost to achieve our cost synergies.

此外，Anywhere 的年度員工獎金和長期激勵計劃的款項計劃​​於第一季支付，也將透過營運現金流支付。因此，我們預計第一季自由現金流將為重大負值。未來幾個季度，我們將恢復自由現金流為正，不計交易的任何一次性項目的影響以及實現成本協同效應的成本。

And finally, regarding debt levels. We now have long-term debt of $3.15 billion, which includes the $1 billion of newly issued convertible debt plus $2.15 billion of Anywhere's four tranches of notes that we assumed as part of the closing of the transaction. We don't expect to prepay any of the debt in advance of at least April of 2027 due to the nature of the call provisions on the two tranches of debt with the highest interest rates.

最後，關於債務水平。我們現在的長期債務為 31.5 億美元，其中包括新發行的 10 億美元可轉換債券，以及我們在交易完成時承擔的 Anywhere 的四期 21.5 億美元票據。由於利率最高的兩筆債務的贖回條款的性質，我們預計至少在 2027 年 4 月之前不會提前償還任何債務。

For clarity, when I refer to the $3.15 billion of debt, I'm specifically excluding the securitization facilities for Anywhere's Cartus business and Compass' Concierge activity, as these securitization facilities are more operational in nature.

為了清楚起見，當我提到 31.5 億美元的債務時，我特意排除了 Anywhere 的 Cartus 業務和 Compass 的禮賓服務活動的證券化融資，因為這些證券化融資本質上更具營運性質。

Also as a reminder, in November 2025, we replaced our revolving credit facility with a new facility that originally had a capacity of $250 million. That capacity automatically increased to $0.5 billion at the time of the closing of the Anywhere transaction in January and remains fully undrawn at this time.

另外提醒一下，2025 年 11 月，我們用一項新的信貸額度取代了原有的循環信貸額度，該額度最初的容量為 2.5 億美元。該額度在 1 月 Anywhere 交易完成時自動增加到 5 億美元，目前仍未動用。

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) Dae Lee, JPMorgan.

（操作說明）Dae Lee，摩根大通。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Hey, everybody. Thanks for all the disclosure. Definitely take us some time on packs, but appreciate all of it. So when we have talked to folks who've been kind of bearish on your exclusive strategy, the pushback has been well is Zillow can get all of the other brokerages to work with them exclusively doesn't that like tilt the scale, and clearly, you getting -- it seems like Redfin to partner with you, that would kind of now move that point.

大家好。感謝您揭露所有資訊。打包肯定要花我們一些時間，但我們非常感謝。所以，當我們和那些對你們的獨家策略持悲觀態度的人交談時，他們的反對意見是，Zillow 可以讓所有其他經紀公司都與他們獨家合作，這難道不會改變天平嗎？顯然，你們讓 Redfin 與你們合作，這似乎會改變這種局面。

So maybe elaborate on, I guess, is there anything that you see now that could be an impediment to kind of the three-phase marketing strategy working, now that you're partnering with Redfin. And then I guess, just how should we think about the economics for Redfin as part of this transaction. Is there anything you can share? Not transaction, but agreement.

那麼，您能否詳細說明一下，既然您現在與 Redfin 合作，您認為目前是否存在任何可能阻礙三階段行銷策略實施的因素？那麼，我們該如何看待 Redfin 在這筆交易中的經濟影響呢？有什麼可以分享的嗎？不是交易，而是協議。

Absolutely. So on your first question, things that can get in the way of the exclusive strategy. Look, the exclusive strategy, as you know very well, is just homeowner choice. So if you're asking -- well, things get in the way of homeowner choice or can they permanently get in the way of home and choice. I don't think so.

絕對地。所以關於你的第一個問題，有哪些因素會阻礙專屬策略的實施？你看，獨家策略，正如你很清楚的那樣，只是房主的選擇。所以，如果你問——嗯，這些事情會妨礙房主的選擇，還是會永久妨礙房屋和選擇。我不這麼認為。

And the -- in choice versus control, homeowner choice first versus platform control, homeowner choice will win because it's the seller's home. It's not a platform's home the seller's home. And so what we're doing is we're competing on giving as many options as possible to the seller. So they can market their home when, where and how they feel.

而且——在選擇與控制、房主選擇優先於平台控制的情況下，房主選擇將獲勝，因為這是賣家的房子。這裡不是平台的家，而是賣家的家。因此，我們所做的就是透過盡可能為賣家提供選擇來展開競爭。這樣他們就可以隨時隨地以自己喜歡的方式出售自己的房產。

Since the last launch, we launched undisclosed address. As you know, the portal bans the listing address on and won't put it on that portal's site if it markets outside of the portal for more than 24 hours. So our agents came to us, and they said, hey, why don't you let me undisclose address? Because if they don't know -- if that portal doesn't know the address, they can't ban it. And so that's just one of many, many, many, things that are coming through the pipeline, where we will just continue to give sellers more choice. And no seller wants less choices. They want more choices.

自上次發布以來，我們發布了一個未公開的地址。如您所知，如果房源地址在入口網站之外進行行銷超過 24 小時，該入口網站將禁止該房源地址在該入口網站上發布，並且不會將其發佈在該入口網站的網站上。所以我們的經紀人來找我們，他們說，嘿，為什麼不讓我不公開地址呢？因為如果他們不知道——如果那個入口網站不知道地址，他們就無法封鎖它。所以這只是眾多正在籌備中的項目之一，我們將繼續為賣家提供更多選擇。沒有哪個賣家希望選擇減少。他們想要更多選擇。

The feedback on this isn't just great for not have being banned by the dominant portal in the industry, it's also great because it allows sellers the privacy when they want to get public exposure but without the risk. And there are people that want public exposure, let's say, you're getting divorced you don't want your kids to know and you're moving and you want to publicly market home, but you don't want to dress there. So there's so many different reasons that this provides -- that more choices provide value.

對此的反饋不僅很好，因為它沒有被業內主流門戶網站封禁，而且還很好，因為它允許賣家在想要獲得公開曝光但又沒有風險的情況下保護隱私。有些人想要公開露面，比如說，你正在離婚，你不想讓你的孩子知道，你要搬家，你想公開推銷你的房子，但你不想在那裡穿衣服。所以，這提供了許多不同的理由──更多的選擇會帶來價值。

In terms of the economics, I tell you this way. I've already had through this call, maybe it looks like over five agents reach out to me asking if they can talk about coming to Compass because of the leads. We have 1.2 million Rocket Redfin leads that will come to our agents as part of this, all the agents in our network of brands that makes it something that agents want to stay for, value for want to come for, your broker owners, your franchise affiliates and makes them see value and wants to common stay and continue their franchise agreements.

從經濟角度來說，我這樣告訴你。透過這通通話，我感覺好像有五位以上的經紀人聯繫我，詢問他們是否可以加入 Compass，因為他們有銷售線索。我們擁有 120 萬 Rocket Redfin 潛在客戶，這些潛在客戶將作為其中的一部分提供給我們的經紀人，我們品牌網絡中的所有經紀人都會從中受益，這使得經紀人願意留下來，獲得價值，從而吸引他們加入，讓您的經紀公司老闆、您的加盟商看到價值，並希望繼續履行他們的加盟協議。

In addition to those leads, it gives our -- we have -- this is an exclusive partnership. So our listing agents will be able to go to you, the seller and say, Jason, you have a very special home. But you say you want $3 million for it. I think it's probably worth $2.7 billion.

除了這些線索之外，它還為我們提供了——我們擁有——這是一項獨家合作關係。因此，我們的房產經紀人可以去對您（賣家）說：“傑森，您有一套非常特別的房子。”但你說你想要300萬美元。我認為它的價值可能在27億美元左右。

If you list with anyone else and you're wrong, you're going to have a price drop that's going to hurt the value of your home. You may have extended days on market. But we have a partnership with Redfin, where I can publicly market your listing to 60 million buyers. No days on market, no negative insights. This changes everything. This is historic. This will change the way people sell and buy homes because -- and it will give all of our agents and our network of brands, a huge advantage when they're pitching or in the living room with the seller trying to get the business. And so I think we'll be -- the number of listings will grow as a result, bringing new inventory to this company and to the market.

如果你委託其他人掛牌出售，而你的判斷有誤，房價就會下跌，這將損害你房屋的價值。您的商品可能需要較長時間才能在市場上掛牌出售。但我們與 Redfin 建立了合作關係，我可以將你的房源公開推廣給 6000 萬買家。沒有上市天數，也沒有負面評價。這改變了一切。這是歷史性的。這將改變人們買賣房屋的方式，因為——這將使我們所有的經紀人和我們的品牌網絡在推銷或與賣家在客廳裡洽談業務時獲得巨大的優勢。因此，我認為房源數量將會因此而成長，為公司和市場帶來新的庫存。

Then you have the buyer increase going directly to the listing agents. For all of these, which is a huge value add to -- this is a huge value add for the agents. And again, lastly, the listings will be prioritized on Redfin. So this is something that shows the listing agents that we are fighting for them to have more choices. We were finding for them and their sellers to have more options. And while others are banning and finding them for not giving up their content to them, we're advocating for them.

這樣一來，買家增加的收益就會直接歸房產經紀人所有。對於所有這些人來說，這都是一個巨大的增值——這對代理商來說是一個巨大的價值。最後，房源資訊將在 Redfin 上優先展示。這向房地產經紀人表明，我們正在為他們爭取更多選擇。我們希望為他們及其賣家提供更多選擇。當其他人因為他們不肯交出內容而封鎖他們、找他們麻煩時，我們卻在為他們發聲。

And so this is a moment where we are fighting for agents to be able to not be banned and fined by dominant platforms and be able to market and meet their fiduciary duty to their sellers.

因此，我們現在正在爭取讓經紀人免受主流平台的封鎖和罰款，讓他們能夠進行市場推廣並履行對賣家的信託義務。

In terms of the financial, we're not sharing that at this time. We probably will in one of the upcoming quarters. But you can come and do your math and what you think the 1.2 million leads would equal.

至於財務方面，我們目前不便透露。我們可能會在接下來的某個季度內實現。但你可以自己算算，你認為這 120 萬條銷售線索能帶來什麼。

Appreciate the color, thank you.

很喜歡這個顏色，謝謝。

Dae Lee, JPMorgan.

Dae Lee，摩根大通。

First one on that topic. So I agree that real estate is personal and emotional. But as we think about consumers getting more transparency and self-source tools, like how do you think about helping your agents communicate their value proposition of that personal and emotional element. And do you feel like you can give them a differentiated AI level value that can convince consumers to pay those rates then keep the per-transaction economics resilient?

這是關於這個主題的第一篇。所以我同意，房地產是個人化且充滿情感的。但當我們思考消費者如何獲得更多透明度和自助資源工具時，您會如何幫助您的代理商傳達其價值主張中的人性化和情感元素呢？您是否覺得您可以為他們提供差異化的 AI 水平價值，從而說服消費者支付這些費用，並保持每筆交易的經濟效益穩健？

And then secondly, maybe for Scott, for the combined entity, how should we think about the commission as a percent of revenue on the blended basis in 2026 and for -- on a normalized basis, what kind of free cash flow conversion should we expect?

其次，對於 Scott 而言，對於合併後的實體，我們應該如何看待 2026 年佣金佔混合收入的百分比，以及——在正常化的基礎上，我們應該預期什麼樣的自由現金流轉換率？

First on AI and value, look I'd say a couple of things. The technology -- the Internet would have -- a lot of the things that we were seeing now would have happened, they have said for the last 20 years about the Internet. And over the last 20 years, people are using barges more than they were 20 years ago. Just go look at a year after year after year. It's higher than it's ever been.

首先關於人工智慧及其價值，我想說幾點。過去 20 年來，人們一直說，如果網路出現，我們現在看到的很多事情都會發生。過去20年裡，人們使用駁船的頻率比20年前高出許多。看看一年又一年的情況就知道了。現在的水位比以往任何時候都高。

Now why is that? I think it goes a little bit to the theme I was putting -- I was saying on the earlier on the call, which is the Internet led to a bunch of fake accounts, fake listings, fake postings and a lot of garbage. We think about fake news. News was a lot more credible before than today.

這是為什麼呢？我認為這有點接近我之前在電話會議上提到的主題——互聯網導致了大量虛假帳戶、虛假列表、虛假帖子和很多垃圾信息。我們來談談假新聞。以前的新聞比現在可信得多。

And now today, for me, I go to Bloomberg, I can trust it. So trust in the era of more technology, more AI, you're just going to have less trust and more fake stuff in our industry with AI, it won't just be fake accounts, fake listing, fake take offers. We fake documentation, fake reviews, fake negotiations, fake identities, fake videos. And it's really going to be all over the place.

現在，對我來說，我去彭博社，我可以信任它。所以，在科技和人工智慧日益普及的時代，信任只會減少，我們的產業會充斥著更多虛假訊息，不僅僅是虛假帳戶、虛假清單和虛假報價。我們偽造文件、偽造評論、偽造協商、偽造身分、偽造影片。而且它真的會無所不在。

And that's where agents come in. They shift -- they deal with all the noise and they make sure that what you see is real and what you see is accurate and that your time is well valued and for a transaction that is literally the most expensive transaction you're going to make, whether you buy or sell to pay for certainty, certainty has a price, right?

這時經紀人就派上用場了。他們會進行調整——他們會處理所有噪音，確保你所看到的都是真實的、準確的，確保你的時間得到充分的重視。對於這筆交易而言，無論你是買還是賣，這都是你將要進行的最昂貴的交易，為了獲得確定性，確定性是有代價的，對吧？

And confidence has a price. Emotional confidence to know that you're not going to be taking advantage of because you have very advocate in front of you, but there's a price for that. And I think that price will -- I'm very confident that people continue to pay for the value of the real estate professional. I call it AI for AI, not -- well, artificial intelligence to empower agent intelligence.

自信也是要付出代價的。內心的自信來自於知道自己不會被佔便宜，因為你面前有強大的支持者，但這需要付出代價。而且我認為這個價格將會——我非常有信心，人們會繼續為房地產專業人士的價值買單。我稱之為“人工智慧助力人工智慧”，而不是——嗯，用人工智慧來增強智能體智慧。

We have AI throughout our platform. And we're going to -- and these -- the current environment will let us build faster, build more, build cheaper and to integrate AI in more exciting ways in the future than we have in the past.

我們的平台各個環節都應用了人工智慧。我們將利用當前的環境，在未來以比以往更令人興奮的方式，更快、更有效率地、更經濟地建構和整合人工智慧。

So this is only going to, I think, help. Real estate isn't a transaction. It's a process. Technology can eliminate an event, a transaction, but not a process. You got to need to find the person and build a relationship, let's call a seller, you get to meet them in person.

所以我認為這只會起到幫助作用。房地產不只是一筆交易。這是一個過程。科技可以消除某個事件、某筆交易，但不能消除某個流程。你需要找到合適的人並建立關係，比如說，給賣家打電話，然後和他們見面。

You have to explain why work with me, why work with my firm, what can I provide what tools I have or programs I have you're going to stage it, you're going to do deep cleaning, cosmetic repair, flooring, roofing, AI can't do that. You're going to schedule appointments, you're going to take photos. You are going to decide which photo is the best photo and yes, you're going to use AI to decide which photo is the best photo, but your judgment is going to be on top of it, and judgment will be more valuable than before because of all the noise in the system.

你必須解釋為什麼要和我合作，為什麼要和我的公司合作，我能提供什麼，我有哪些工具或程序，你要進行場地佈置、深度清潔、表面修復、地板、屋頂等工作，人工智能做不到這些。你要安排預約，你要拍照。你要決定哪張照片是最好的，沒錯，你會使用人工智慧來決定哪張照片是最好的，但你的判斷將起到決定性作用，而且由於系統中存在各種幹擾因素，你的判斷將比以前更有價值。

Yeah. Dae, I'll take your question on the gross margin. Obviously, we don't have a gross margin line on the P&L, but we talk about gross margin in a shorthand way to recognize the remaining difference after subtracting commissions from revenue.

是的。Dae，我來回答你關於毛利率的問題。顯然，損益表上沒有毛利率這一欄，但我們用簡略的方式談論毛利率，以表示從收入中減去佣金後剩餘的差額。

So on that basis, on a consolidated level, you can absolutely expect gross margin to go up in the future. as a result of the franchise business and the title business coming in from Anywhere that doesn't have any direct commission expense related to it. But even if you tease out just the brokerage business, margins will also go up as the margins for the anywhere owned brokerage or better than the gross margins on the Compass side.

因此，基於此，從整體層面來看，未來毛利率絕對會上升。這主要得益於特許經營業務和來自任何地方的產權業務，這些業務本身並不涉及任何直接佣金支出。但即使只考慮經紀業務，利潤率也會上升，因為任何地方擁有的經紀業務的利潤率都會高於 Compass 方面的毛利率。

One way to estimate get an estimate of what that could look like is if you look at the pro forma financials that were included in the 8-K we filed when we announced the transaction. You'll see some estimates there. I'd also note that going forward, we will be providing segment disclosures on the combined business and breaking out the owned brokerage from the franchise business.

要估算其大致情況，一種方法是查看我們在宣布交易時提交的 8-K 檔案中包含的模擬財務資料。那裡會顯示一些估算值。我還想指出，今後我們將提供合併業務的細分市場披露信息，並將自有經紀業務與特許經營業務分開。

And then separately, the integrated services businesses, which will include title and the Cartus Relocation facility. So you'll have a lot better information on that next quarter. It's a little bit too early for me to give you those exact numbers now as we're still bringing that information together.

此外，還有綜合服務業務，其中包括產權和 Cartus 搬遷設施。所以下個季度你就能掌握更準確的資訊了。現在提供確切數字還為時過早，因為我們仍在收集相關資訊。

And then on the cash flow, look, 70% to 80% conversion from EBITDA to free cash flow is probably still a good rule of thumb. We've generally been a little bit on the high end of that range, and it might be more to the lower end of that range because the one thing you need to consider now going forward is interest expense, which will drive that shift.

至於現金流，你看，EBITDA 向自由現金流的轉換率達到 70% 到 80% 可能仍然是一個不錯的經驗法則。我們通常都處於這個範圍的較高水平，但可能會更接近這個範圍的較低水平，因為接下來你需要考慮的一件事是利息支出，這將推動這種轉變。

The one call out though is, as I said in the prepared remarks, there's a lot of expenses that will be going out this quarter in particular Q1 and for the full year. directly related to this transaction. And so we're going to be negative free cash flow for the first quarter. And that will -- so you have to kind of look at it on a normalized basis after backing out the $175 million I talked about for transaction expenses and the cost to achieve the synergies. But on a go-forward basis, I think that 70% to 80% adjusted for interest is probably a reasonable flow-through effect.

不過要特別指出的是，正如我在準備好的發言稿中所說，本季度，特別是第一季度，以及全年，將會產生大量與此次交易直接相關的費用。因此，我們第一季的自由現金流將為負值。所以，你必須在扣除我之前提到的 1.75 億美元的交易費用和實現協同效應的成本之後，以一種正常化的方式來看待這個問題。但從長遠來看，我認為經利息調整後，70% 到 80% 的轉換率可能是合理的傳遞效應。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

I really appreciate the question. Maybe Robert, one for you. I think that there's two ways that you could have taken the projects with strategy. Obviously, you settled on the strategy of kind of syndicating the prime exclusive to Redfin and Rocket in exchange for leads. I think another direction you could have taken the strategy would have been to syndicate the time it closes on the compass.com exclusively and try to build traffic into the O&O real estate portal and then develop leaf over time that way. Can you maybe just help us understand why you went with kind of this deal over the one that was proposed.

非常感謝你的提問。羅伯特，或許這件是給你的。我認為你可以透過兩種方式來制定專案策略。顯然，你們最終決定採取的策略是，將Redfin和Rocket獨家提供的優質房源進行聯合推廣，以換取潛在客戶線索。我認為你可以採取的另一個策略方向是，將房源成交時間獨家發佈在 compass.com 上，嘗試為自有房地產門戶網站引流，然後隨著時間的推移逐步發展 leaf 平台。您能否幫我們解釋一下，為什麼您最終選擇了這種交易方式，而不是之前提出的那種方式？

Yeah. Thanks for asking. Look, we -- in Compass International Holdings, we have nine incredible sites, all that would connect to our -- that we're building to connect into our listing platform that has everything from first contact to cash and close for our real estate professionals and their buyers and sellers, all the key buy-side flows, all the key work, key sell-side flows. And so yes, we're still building that and investing in that. And those sites, I expect to get more and more traffic over time.

是的。謝謝你的提問。你看，我們——在 Compass International Holdings，我們有九個非常棒的網站，所有這些網站都將連接到我們正在構建的房源平台，該平台涵蓋了從首次聯繫到現金交易和成交的所有環節，為我們的房地產專業人士及其買家和賣家提供服務，包括所有關鍵的買方流程、所有關鍵的工作、關鍵的賣方流程。所以，是的，我們仍在建造和投資這個項目。我預計這些網站的訪問量會隨著時間的推移而不斷增加。

But during the life of this three-year agreement, I think this is a great opportunity to partner with one of the best companies in our space. And I think the Rocket-Redfin partner shows that another large participant in the industry agrees with our position on home seller choice as it relates to everything that's happening in the market, it will be nice to be -- to have a company of its size and scale, advocating for home seller choice alongside us. So we won't be the only one out -- there's other big brokerages, but it will be nice to have someone really with the resources of a Rocket behind us, advocating all the necessary and important ways.

但我認為，在這份為期三年的協議有效期內，這是一個與我們領域內最優秀的公司之一合作的絕佳機會。我認為 Rocket-Redfin 的合作表明，業內另一家大型企業也認同我們對房屋賣家選擇權的立場，這與市場上發生的一切息息相關。能有這樣一家規模龐大的公司與我們一起倡導房屋賣家的選擇權，真是太好了。所以，我們不會是唯一一家退出市場的公司——還有其他大型經紀公司，但如果能有像 Rocket 這樣擁有雄厚資源的公司支持我們，倡導所有必要和重要的措施，那就太好了。

So I think that's that can't be overstated because the primary barrier to all this, this time next year, we should have 200,000 listings that are on our sites that are publicly honor sites that are where anyone can search it that are not on other sites and to bring the consumer to us. And so that's -- it's just that simple.

所以我覺得這一點怎麼強調都不為過，因為所有這一切的主要障礙是，到明年這個時候，我們應該在我們的網站上擁有 20 萬個公開的商家信息，任何人都可以搜索到其他網站上沒有的商家信息，從而吸引消費者。事情就是這樣——就這麼簡單。

And in 2018, 90% of our listings, before Clear Cooperation, 90% of them started off as publicly searchable listings on our site as coming soons and for on average, 11 days is bringing the consumer to our site to search as any normal company would, if you weren't being restricted by a nongovernmental entities like NAR.

2018 年，在 Clear Cooperation 之前，我們 90% 的房源最初都是在我們網站上以「即將上線」的形式公開搜索的，平均需要 11 天才能吸引消費者訪問我們的網站進行搜索，就像任何一家正常的公司一樣，除非受到像 NAR 這樣的非政府實體的限制。

Within NAR came out with a rule the Clear Cooperation bit. So any public marketing of a listing after 24 hours, you must put an MLS. So we were no longer able to have the natural advantage of having these listings on our site.

NAR內部推出了一項名為「清晰合作」的規則。因此，任何在發布 24 小時後進行的公開行銷，都必須透過 MLS 系統進行。因此，我們無法再利用在網站上發布這些清單的天然優勢。

So now with Compass International Holdings these nine incredible brands. We have over 700,000 listings, I believe, together. So it's 90% of that, that's over $0.5 million. Those listings should, without restrictions, if you just take what the world was like in 2018, if you eliminate the Clear Cooperation role, which is only being enforced in 40% of markets now, 60% of them are letting -- are giving you the choice in the MLSs.

現在，Compass International Holdings 旗下擁有這九個卓越的品牌。我相信，我們總共有超過70萬個房源資訊。所以是其中的 90%，也就是超過 50 萬美元。如果按照 2018 年的世界情況來看，這些房源清單應該不受任何限制，如果取消目前僅在 40% 的市場中強制執行的「清晰合作」角色，那麼 60% 的市場都會在 MLS 中提供選擇權。

And you eliminate the Zillow ban, which bans anyone that advertises office again, imagine if Google banned everyone that advertised off Google would the world say. But if we eliminate those two things, then we will be able to have hundreds of thousands of listings on our sites, and that's the most important thing for having the independence of the consumer traffic and the demand of consumer traffic that we can give to both our sellers and our agents.

如果取消 Zillow 的禁令（該禁令禁止任何人再次投放辦公室廣告），想像一下，如果谷歌禁止所有在谷歌之外投放廣告的人，世界會怎麼說。但如果我們消除這兩件事，那麼我們就可以在網站上擁有數十萬個房源，這對於我們能夠為賣家和經紀人提供消費者流量和消費者流量需求的獨立性而言，是最重要的。

And so we try to do that well, and we continue to try and we'll advocate, but I don't see a scenario where the MLSs will continue to enforce these restricted rules with Redfin with Rocket on our site because it's -- one -- for two reasons. One, because we now have more resources. Two, because they're going to lose their moral narrative.

因此，我們努力做好這一點，並將繼續努力，我們也會倡導，但我認為MLS不會繼續對Redfin和Rocket在我們的網站上執行這些限制性規則，因為——一——有兩個原因。第一，因為我們現在擁有更多資源。第二，因為他們將失去他們的道德敘事。

Their moral narrative. These listings are hidden. These are hitting listings and for transparency, fair housing, doubling -- these kind of double end deals all best. Go hold on, when we're giving our public coming soon listings to you, let's just take a market like CRM and LA or in Dallas Netris or in Seattle, North West and Alaska, let's to take all three of those markets. we're going to give our public listings to Rocket-Redfin. Publicly searchable with 60 million people.

他們的道德敘事。這些清單已隱藏。這些房源正在上市，為了透明度、公平住房，雙倍交易——這類雙頭交易都是最好的。等一下，當我們向您提供即將上市的公開房源資訊時，我們不妨以CRM、洛杉磯、達拉斯Netris、西雅圖、西北地區和阿拉斯加這三個市場為例。我們將把這些公開房源資訊提供給Rocket-Redfin平台。可公開搜索，擁有 6000 萬用戶。

And in each of those markets, what's going to happen is that MLS is going to send our agents of fine for up to $5,000. $5,000. And I'm going to look at that piece paper, can you help me? And I guess, we will help them.

在這些市場中，MLS 將對我們的經紀人處以最高 5000 美元的罰款。5000美元。我要看一下那張紙，你能幫幫我嗎？我想，我們會幫助他們的。

But what are you going to tell the public then? Is that -- are you telling me that you're finding the agent $5,000 for marketing that listing publicly on -- searchable by 60 million people on Redfin these sites that you're doing that to protect for housing. Are you doing that to protect transparency? Are you doing that to ensure that we're not doubling deals? Or are you doing this not to protect transparency, but protect your own business model?

那麼，你打算如何向大眾解釋呢？你是說——你打算給經紀人 5000 美元，讓他把房源資訊公開推廣到 Redfin 等網站上，讓 6000 萬人可以搜尋到——而你這樣做是為了保護住房市場。你這樣做是為了維護透明度嗎？這樣做是為了確保我們不會重複交易嗎？或者，你這樣做不是為了保護透明度，而是為了保護自己的商業模式？

So that's -- it's going to expose that. And so I just -- again, that with plus the resources. I think the era of MLSs finding agents for marketing outside the MLS, enforcing agents to give their sellers the market an option of one single thing to uncompetitive marketing option of one size fit all markets of one single thing, the MLS versus the dozens of things that would have happened in the free market to help the seller market their own freely. I think that's over.

所以，這會揭露真相。所以，我只是──再說一遍，再加上這些資源。我認為 MLS 時代迫使經紀人在 MLS 之外進行行銷，強制經紀人向賣家提供單一的行銷選擇，這種缺乏競爭的「一刀切」式行銷方式，與自由市場中數十種可以幫助賣家自由行銷的方式截然不同。我覺得這件事已經結束了。

And so then it really leaves the dominant portal. And I think we'll see in the weeks and months ahead, how we address that.

這樣一來，它就真的離開了主導門戶網站。我認為在接下來的幾週和幾個月裡，我們將看到我們如何解決這個問題。

Ryan McKeveny, Zelman.

Ryan McKeveny，Zelman。

Thank you, and congrats on the results. So on the strategic alliance with Rocket-Redfin, I guess first question actually is partially about anywhere, but ties to the alliance. So what's the status of integration of private exclusives are coming soon from the anywhere side of things, whether company-owned or franchise into kind of the existing Compass platform. Is that already integrated? If not, what's the time line for that?

謝謝，也恭喜你取得好成績。所以關於與 Rocket-Redfin 的策略聯盟，我想第一個問題實際上部分是關於任何地方的，但與聯盟有關。那麼，目前私人獨家內容的整合情況如何？無論是公司自有還是特許經營，是否很快就會整合到現有的 Compass 平台中？該功能已經整合了嗎？如果不是，那大概要花多久時間？

And then similarly, what should we think about the time line for either the coming soon that will show up on Redfin versus private exclusive showing up on Redfin and will that initially be kind of Compass, what I'll call Compass standalone? Or will that be across the across the Anywhere business as well?

同樣地，我們應該如何看待即將出現在 Redfin 上的「即將推出」房源與 Redfin 上獨家房源的發佈時間安排？最初，這些房源是否會像 Compass 一樣，我稱之為 Compass 獨立版？或者，這種情況也會波及到 Anywhere 業務的各個面向？

So we're launching our technology to all the owned brokerages in the -- in our network of brands in July. And so that's when they will be able to share all of the inventory and access it in all the different ways that Compass has been able to do before.

因此，我們將在 7 月向我們旗下所有品牌經紀公司推出我們的技術。屆時，他們將能夠共享所有庫存，並以 Compass 之前能夠做到的所有不同方式存取這些庫存。

We're launching for the franchise broker owners in January. We have ways to accelerate, and I believe we will be able to give an option towards the end of next month. for anyone to be able to create coming soons or private exclusives in the platform.

我們將於一月為特許經營經紀人推出服務。我們有辦法加快進程，我相信到下月底我們就能提供一個選項，讓任何人都能在平台上創建「即將推出」或「私人獨家」內容。

And again, that will be ready the next month. And then we'll have the option to have it go on to Redfin. I would expect the vast majority, 95%-plus of our coming soons or private exclusives to go on to Redfin. But that's -- it's up for the seller and the agent to do. because we believe in choice. But there really is no reason not to get that incremental exposure.

同樣，下個月就能準備好。然後我們也可以選擇將其上架到 Redfin。我預計我們即將推出的商品或獨家私人商品中，絕大多數（95%以上）都會在 Redfin 上架。但這——這取決於賣家和經紀人的決定，因為我們相信選擇的權利。但其實沒有理由不去獲得這種逐步累積的經驗。

Got it. That makes sense. And I guess on the on the comments about embedding Rocket Mortgage into the Compass International Holdings platform. I guess what does this mean for like Guaranteed Rate Affinity origin point side of the business? Any thoughts or anything we should know about on that side of things?

知道了。這很有道理。我想，將 Rocket Mortgage 嵌入 Compass International Holdings 平台的評論也值得關注。我想這對 Guaranteed Rate Affinity 這類業務的起始點來說意味著什麼呢？關於這方面，大家有什麼想法或需要我們了解的嗎？

Yes. The way I think about it is guaranteed rate is -- they have -- they're a partner or in-person partner. They're in our offices. While the -- the way I think about it is that guaranteed then Rocket Mortgage is our digital partner. So guaranteed rate, an incredible low local partner in the offices and relationships at the sales meetings versus the digital partner on our site.

是的。我的理解是，保證利率是指——他們有——他們是合作夥伴或現場合作夥伴。它們就在我們辦公室。雖然——我的想法是，如果能保證的話，Rocket Mortgage 就是我們的數位合作夥伴。因此，與我們網站上的數位合作夥伴相比，我們保證了價格，並在辦公室和銷售會議上與當地合作夥伴建立了令人難以置信的低價格關係。

But ultimately, what we're doing is we're expanding mortgage options for home buyers with this partnership.

但歸根結底，我們透過此次合作正在為購屋者擴大抵押貸款選擇範圍。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

HI. This is Jeff on for Ben. Thanks for taking my question. Maybe just as a quick follow-up on the alliance and the option for home sellers after their coming soon goes on life. Are you looking to do that nationally across? Or are you going to be focusing on the 60% of like MLSs where they're already sort of okay with it? And -- or maybe just some color there on how -- if that will be more regional or what the options are for sellers.

你好。這裡是傑夫替本報道。謝謝您回答我的問題。或許可以作為對該聯盟的快速後續報道，以及房屋賣家在即將入住後可選擇的方案繼續實施。您是否打算在全國範圍內開展這項工作？還是說你們打算把重點放在像MLS那樣已經基本接受這種做法的60%的球隊身上？而且——或者也許可以稍微說明一下——這是否會更具地域性，或者賣家有哪些選擇。

Yeah. Well, thank you for asking. No, I am incredibly excited in Northwest MLS with our dear friend, Justin Haag, the CEO, to publicly give listings to Redfin where Redfin is headquartered. And again, when we get a fine, when our individual agents get to fine for doing what was in their clients' best interest at their client's request. We'll share that with Rocket.

是的。謝謝你的提問。不，我非常興奮地和我們親愛的朋友、執行長賈斯汀·哈格一起，在西北MLS公開將房源資訊提供給Redfin，Redfin的總部就在那裡。再一次，當我們的代理人因應客戶要求，為客戶的最大利益行事而被罰款時，我們感到非常憤怒。我們會把這個消息分享給 Rocket 公司。

We will say Rocket, we wanted to -- we wanted to give you these listings that would help the seller, help the agent, help you rockethelpredfin.com and when those moments happen, I think we'll be able to respond accordingly.

我們會說，Rocket，我們想——我們想為您提供這些房源信息，以幫助賣家、經紀人和您（rockethelpredfin.com），當這些時刻到來時，我認為我們能夠做出相應的回應。

And again, I just -- I don't think that these -- I believe, this is my personal view, I think this alliance marks the end of the restrictions that MLSs have had on agents and sellers on how they market homes. Because when they're restricting the agent and home seller, they're going to be restricting Rocket.

而且，我再次強調——我不認為這些——我相信，這是我的個人觀點，我認為這個聯盟標誌著 MLS 對經紀人和賣家在房屋行銷方式上的限制的結束。因為當他們限制經紀人和房屋賣家時，他們也會限制 Rocket。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Hey, good afternoon. Thanks for taking the question. First, Robert, I was wondering if you could talk a little bit about the listing agent referral program and how that would play out in success? Does that translate into market share gains, who ends up ultimately kind of putting the referral fee, does that come out of the buy-side agents pocket? And does that show up in the commission rate?

嘿，下午好。感謝您回答這個問題。羅伯特，首先我想請你談談房產經紀人推薦計劃，以及它將如何取得成功？這是否能轉化為市場佔有率的成長？最後由誰來支付推薦費？這筆費用是從買方經紀人的口袋掏出來的嗎？那這會反映在佣金率裡嗎？

And then second, as a follow-up on the Compass-Rocket partnership, that's great to see. Is the relationship exclusive, or could other brokerages that want to pursue or a coming soon or private exclusive strategy also strike a similar partnership with Rocket?

其次，作為 Compass-Rocket 合作的後續行動，這真是令人欣喜。這種合作關係是排他性的嗎？還是其他想要尋求類似合作的經紀公司，或是即將推出的私人獨家合作策略，也可以與 Rocket 達成類似的合作關係？

I'll start with the second question. The relationship is exclusive. On the first question, the new listing agent leading referral program we launched, this is -- it gives agents the choice to get -- be the only person ever to get the buyer inquiry on their listing, which some agents want, but also gives the choice for them to have someone else get it.

我先回答第二個問題。這是排他性的關係。關於第一個問題，我們推出了新的房源經紀人推薦計劃，該計劃允許經紀人選擇成為唯一獲得其房源買家諮詢的人（有些經紀人希望如此），但也允許他們選擇讓其他人獲得諮詢。

If they don't -- if they either aren't getting it enough time or if or if they're on vacation, the dream of the second version is something like this, you're a listing agent, you get it aside if you don't pick up the phone because in a certain amount of time, how much time 10 minutes, 5 minutes, 15 minutes, anywhere in that range, you can choose that it will go to either someone on your team, someone in the company, a preselected number of buyer as you like working with.

如果他們沒有——如果他們沒有足夠的時間，或者如果他們正在度假，那麼第二個版本的設想是這樣的：你是一名房產經紀人，如果你沒有接電話，你可以把電話放在一邊，因為在一定的時間內，比如 10 分鐘、5 分鐘、15 分鐘，在這個範圍內的任何時間，你可以選擇將電話轉給你團隊中的某個人、選定團隊中的某個人，你預先

And you can choose a different time and a different group of people, depending on if you're on vacation, if it's late at night, if it's after 5:00 on Fridays, where you're working with your family at state night, we're trying to give as much flexibility as possible for people to say, when they want their inquiry and when they don't and how they would frame them who they would give it to you. And to honor those listing agents who do give it to you others that would there be a 10% referral fee given back to them by those buyer agents. And then there's -- Compass has the traditional referral fee as well.

您可以根據自己的情況選擇不同的時間和不同的對象，例如您是否在度假、是否在深夜、是否在周五下午 5 點之後、是否在州議會之夜與家人一起工作等等。我們努力為人們提供盡可能多的彈性，讓他們可以決定何時提出詢問、何時不提出詢問，以及他們會如何措辭、將詢問交給誰。為了感謝那些向您推薦房源的經紀人，買方經紀人將向您支付 10% 的推薦費。此外，Compass 也收取傳統的推薦費。

Matt Bouley, Barclays.

馬特·布雷，巴克萊銀行。

Hi. You have Elizabeth Langan on for Matt today. Thank you for taking the question. You gave helpful color on the cost synergy side, but I was Wondering if you could touch specifically on the revenue synergy side, just generally how you're thinking about the potential for the combined company as a whole?

你好。今天取代馬特的是伊莉莎白·蘭根。感謝您回答這個問題。您在成本綜效方面提供了很有幫助的見解，但我想知道您能否具體談談收入綜效方面，以及您如何看待合併後公司的整體潛力？

And then have you had any details or comments around how you're thinking about the future of the title of the franchise business as well?

那麼，您對特許經營業務的未來發展有何想法或評論呢？

Yeah. We're really kind of focused as you can tell from our comments and our trajectory on the cost synergies. We're focusing most heavily right now on the cost synergies, less so on the revenue. I think that will come over time. But like one item that I'd call out on the revenue synergies that comes across on the title side is really the scale of having the two title entities together.

是的。從我們的評論和發展軌跡中可以看出，我們確實非常關注成本協同效應。我們目前最關注的是成本綜效，而不是收入。我認為隨著時間的推移，這會發生的。但就收入綜效而言，我想特別指出一點，那就是兩個遊戲實體合併後的規模。

So between what Compass does on title, what the Anywhere side does on title, we're in the $450 million to $500 million of title revenue here, it's quite large and upwards of about 40 different service areas throughout the country.

所以，Compass 在產權方面所做的工作，以及 Anywhere 在產權方面所做的工作，加起來，我們的產權收入在 4.5 億到 5 億美元之間，這相當可觀，而且服務範圍覆蓋全國約 40 個不同的區域。

And so there's areas where Compass Brokerage had brokerage operations before, we didn't have any local title operations to attach title onto that brokerage transaction now with the different service areas we're picking up through the anywhere transaction we do.

因此，在 Compass Brokerage 以前開展經紀業務的某些地區，我們沒有任何本地產權業務來將產權附加到該經紀交易上，而現在隨著我們透過隨時隨地進行的交易，我們獲得了不同的服務區域。

And vice versa, there's areas where Anywhere has brokerage operations Compass has a title that can be used because that will effectively provide some lift on title. But that's one example of some of the opportunities out there.

反之亦然，在某些地區，Anywhere 開展經紀業務，Compass 擁有可利用的產權，因為這可以有效地提升產權。但這只是眾多機會中的一個例子。

But at this point in time, we really kind of focused heads down on the cost synergies, which is going to give us a great lift to free cash flow generation and the ability for us to start to pay down that debt.

但目前，我們真正專注於成本協同效應，這將極大地提升我們的自由現金流，並使我們能夠開始償還債務。

Great. Thank you very much.

偉大的。非常感謝。

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

接下來，我會把電話轉回給 Compass 的創辦人兼執行長 Robert Reffkin，讓他來結束今天的對話。羅伯特？

Thank you, everyone, for joining our call today. I just want to end by thanking all of our employees, all of our agents for all their incredible hard work, and together, we really did something special. We delivered the strongest fourth quarter in our history, the strongest year in our history, and I look forward to building upon our strong momentum in 2026 together with the Anywhere team.

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，我們齊心協力，真的創造了一些特別的東西。我們取得了公司歷史上最強勁的第四季度業績，也是公司歷史上最強勁的一年業績，我期待在 2026 年與 Anywhere 團隊一起，繼續保持強勁的發展勢頭。

And with that, have a great rest of your day.

祝您今天餘下的時間過得愉快。

This concludes our call today. You may now disconnect.

今天的通話到此結束。您現在可以斷開連線了。