Compass Inc (COMP) 2026 Q2 法說會逐字稿

Good day, everyone. Welcome to the Compass Inc 2026 Q2 earnings call conference call. (Operator Instructions) This call is being recorded. If you have any objections, please disconnect at this time.

各位好。歡迎參加 Compass Inc 2026 年第二季財報電話會議。(接線員指示) 本通話將被錄音。如有任何異議，請於此時中斷連線。

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

現在我想將電話交給投資人關係主管 Soham Bhonsle。請開始。

Thank you very much, operator, and good afternoon, everybody, and thank you for joining the Compass second-quarter 2026 earnings call. Joining us today will be Robert Reffkin, our Founder and CEO; and Scott Wahlers, our Chief Financial Officer. In discussing our company's performance, we will refer to some non-GAAP measures and discuss some metrics on a non-GAAP pro forma basis.

非常感謝，接線員。各位下午好，也感謝各位參加 Compass 2026 年第二季財報電話會議。今天與會的有我們的創辦人兼執行長 Robert Reffkin，以及財務長 Scott Wahlers。在討論公司表現時，我們將引用部分非 GAAP 指標，並以非 GAAP 備考（pro forma）基礎討論部分衡量指標。

You can find the reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and supplemental non-GAAP pro forma information for prior quarters in our second-quarter 2026 earnings release posted on our Investor Relations website. We will also make forward-looking statements that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties.

您可在我們投資人關係網站上發布的 2026 年第二季財報新聞稿中，找到非 GAAP 指標與最直接可比 GAAP 指標之調節表，以及前期季度的補充非 GAAP 備考資訊。我們也將發表前瞻性陳述，該等陳述係基於我們目前的預期、預測與假設，並涉及風險與不確定性。

These statements include our guidance for the third-quarter of 2026 and full year 2026 and comments related to our expectations for realizing cost synergies and operational achievements. Our actual results may differ materially from these statements. For more information, see our most recent annual report on Form 10-K and our recent Form 10-Q. You should not place undue reliance on any forward-looking statements.

這些陳述包括我們對 2026 年第三季及 2026 全年的指引，以及與我們對實現成本綜效與營運成果之預期相關的評論。我們的實際結果可能與這些陳述有重大差異。更多資訊請參閱我們最新的 Form 10-K 年度報告以及近期的 Form 10-Q。您不應過度依賴任何前瞻性陳述。

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

現在我將把電話交給 Robert Reffkin。Robert？

Good afternoon, and thank you for joining us for our second-quarter conference call. On today's call, I will be discussing five topics. First, I will provide a quick recap of our record Q2 results. Second, I will share an update on our cost synergy targets and our technology rollout. Next, I'll touch on our partnership with Rocket-Redfin and how we are infusing competition in residential real estate.

各位下午好，感謝各位參加我們的第二季電話會議。在今天的電話會議中，我將討論五個主題。第一，我將快速回顧我們創紀錄的第二季成果。第二，我將分享我們成本綜效目標與科技推廣（rollout）的最新進展。接著，我會談到我們與 Rocket-Redfin 的合作，以及我們如何為住宅不動產市場注入競爭。

Fourth, I'll discuss how we are moving on the offense with AI. And I'll end by revisiting the long-term earnings potential of our business. Starting with our record Q2 results, where all my year-over-year and quarter-over-quarter comments will be against pro forma figures. In Q2, Compass delivered record revenue and record adjusted EBITDA, above the high end of our guide.

第四，我將說明我們如何在 AI 方面採取進攻策略。最後，我會重新檢視我們業務的長期獲利潛力。先從我們創紀錄的第二季成果談起；我所有的年增與季增評論都將以備考（pro forma）數據為比較基礎。第二季，Compass 繳出創紀錄的營收與創紀錄的調整後 EBITDA，且高於我們指引區間的上緣。

Revenue of $4.3 billion was up 14% year-over-year compared to pro forma revenue of $3.8 billion a year ago, while adjusted EBITDA was $363 million. Cash on hand increased by $210 million quarter-over-quarter to $694 million, which drove net debt to adjusted EBITDA on a trailing 12-month and a pro forma basis to 3.3 times compared to the 4.2 times in Q1 of 2026.

營收 43 億美元，較去年備考營收 38 億美元年增 14%，調整後 EBITDA 為 3.63 億美元。期末現金較上季增加 2.10 億美元至 6.94 億美元，使得過去 12 個月、以備考基礎計算的淨負債對調整後 EBITDA 倍數降至 3.3 倍，較 2026 年第一季的 4.2 倍下降。

So this means over the past quarter, we have already lowered our net leverage ratio by roughly one turn. Assuming current 2026 consensus adjusted EBITDA estimates and our Q2 ending cash balance of $694 million, which would be conservative as we expect to generate free cash flow in the second half of the year, our net debt to adjusted EBITDA ratio would move into the 2s by the end of the year, illustrating the progress we continue to make on reducing our net leverage ratio even as we are at the bottom of the cycle.

這表示在過去一季，我們已將淨槓桿比率大約降低了一個倍數（one turn）。假設採用目前市場對 2026 年調整後 EBITDA 的一致預估，以及我們第二季期末 6.94 億美元的現金餘額（這將偏保守，因為我們預期下半年將產生自由現金流），我們的淨負債對調整後 EBITDA 比率到年底將降至 2 倍區間，顯示即使我們仍處於景氣循環底部，我們在降低淨槓桿比率方面仍持續取得進展。

In our brokerage business, which includes the Coldwell Banker, Compass, Corcoran and Sotheby's International Realty brands, transactions were up 7.4% year-over-year compared to the market, which was up 3.5% year-over-year. As a result, for 21 consecutive quarters, spanning our entire history as a public company, our brokerage business has outperformed the market on an organic basis for the Compass stand-alone brand.

在我們的經紀業務中（包含 Coldwell Banker、Compass、Corcoran 與 Sotheby's International Realty 品牌），交易量年增 7.4%，而整體市場年增 3.5%。因此，連續 21 個季度、涵蓋我們作為上市公司以來的全部歷史期間，我們的經紀業務以有機成長口徑計算，Compass 單一品牌均持續跑贏市場。

And for the second consecutive quarter, including the Anywhere transaction, we have now outperformed the market as well. Additionally, brokerage gross transaction volumes, or GTV, was up approximately 16% year-over-year compared to the market that was up 6%. This reflects roughly 1,000 basis points of out-performance compared to the market, which is an acceleration compared to the roughly 600 basis points of out-performance we delivered in Q1 2026.

且連續第二個季度（包含 Anywhere 交易），我們現在也同樣跑贏市場。此外，經紀業務總交易額（GTV）年增約 16%，而市場年增 6%。這反映我們相較市場約 1,000 個基點的超額表現，較我們在 2026 年第一季約 600 個基點的超額表現進一步加速。

We believe this out-performance is a reflection of the quality of our agents and exposure to the higher end of the market, which tends to be less rate sensitive. We believe the wealth effect created by a record stock market and a growing US economy has been a driver of demand for our business and is helping offset the rise in interest rates. Recently, there has been much discussion regarding the Bay Area real estate boom, driven by the SpaceX IPO, the upcoming SpaceX lockup and the potential IPOs for Anthropic and OpenAI.

我們認為這樣的超額表現反映了我們經紀人的品質，以及我們在高端市場的曝險較高，而高端市場通常對利率較不敏感。我們認為，創紀錄的股市與成長中的美國經濟所帶來的財富效應，推動了對我們業務的需求，並有助於抵消利率上升的影響。近期市場對灣區房地產熱潮有許多討論，該熱潮由 SpaceX IPO、即將到來的 SpaceX 鎖定期到期，以及 Anthropic 與 OpenAI 潛在 IPO 所帶動。

So we thought it would be helpful to provide some color on what we are seeing there given our presence in that market. On a year-over-year basis, in the Compass stand-alone brand, we are seeing revenue in the Bay Area up 19% year-over-year in both July and August on a business day adjusted basis, which is relatively consistent to the up 20% we observed in June. This suggests the momentum coming out of June in the Bay Area is continuing.

因此，鑑於我們在該市場的布局，我們認為提供一些我們所觀察到的情況會有所幫助。以年增基礎來看，在 Compass 單一品牌中，我們看到灣區營收在 7 月與 8 月（按營業日調整）均年增 19%，與我們在 6 月觀察到的年增 20%大致一致。這顯示灣區自 6 月以來的動能仍在延續。

In franchise, GTV was up 11.7% year-over-year compared to the housing market volumes that were up 6%, reflecting 570 basis points of out-performance. Our high-end brands, including the Corcoran and Sotheby's International Realty brands, continue to significantly outperform the company average. Integrated services revenue grew 7.7% year-over-year with title and escrow revenue being the primary driver.

在加盟（franchise）業務方面，GTV 年增 11.7%，而房市成交量年增 6%，反映 570 個基點的超額表現。我們的高端品牌（包括 Corcoran 與 Sotheby's International Realty）持續顯著優於公司平均。整合式服務營收年增 7.7%，其中以產權（title）與代管（escrow）營收為主要驅動因素。

Total T&E transactions grew by 7.6% year-over-year with purchase transactions growing by 6% and Refi transactions growing by 25% year-over-year. Our focus in 2026 into 2027 is to unify our T&E operations by migrating all T&E operations to the Compass's title production platform. Transitioning to one title production platform is expected to unlock additional efficiencies and expand incremental margins in the future.

產權與代管（T&E）交易總量年增 7.6%，其中購屋交易年增 6%，再融資（Refi）交易年增 25%。我們在 2026 年至 2027 年的重點，是透過將所有 T&E 營運遷移至 Compass 的產權生產平台，來統一我們的 T&E 營運。轉換至單一產權生產平台，預期將在未來釋放更多效率並擴大增量毛利率。

While we are making this transition, however, we will continue to optimize our attach efforts by scaling best practices from both organizations and expect our attach efforts to accelerate in 2027 as we deploy tools such as one-click title across our footprint. In mortgage, our JVs more than doubled profitability in the Q2 year-over-year period, primarily due to strong volume growth and disciplined expense management.

然而，在我們進行此轉換期間，我們仍將透過擴大兩個組織的最佳實務來持續優化附掛（attach）推動工作，並預期在 2027 年，隨著我們在全體據點部署例如一鍵產權（one-click title）等工具，附掛推動將加速。在房貸方面，我們的合資企業（JV）在第二季相較去年同期的獲利能力增加逾一倍，主要受惠於強勁的量能成長與嚴謹的費用管理。

Our focus in 2026 in mortgage is to drive operational efficiencies within our JV entities while also making progress on attach by continuing to attract the best loan officers to the business. Now an update on our cost synergy and integration efforts, starting with our cost synergies. As of July, we actioned our entire year 1 target of $300 million in net cost synergies five months ahead of plan.

我們在 2026 年房貸業務的重點，是在合資（JV）實體內推動營運效率，同時透過持續吸引最優秀的貸款專員加入業務，在附掛（attach）方面也取得進展。接著更新我們的成本綜效與整合工作，先從成本綜效談起。截至 7 月，我們已提前 5 個月完成第一年 3 億美元淨成本綜效目標的全部行動落地（actioned）。

As such, we are now pacing above our $300 million target and expect our actioned net cost synergies to be $330 million by the end of year one, with our 2026 in-year realized net cost synergies to be $220 million compared to the $200 million that we previously stated. We expect to realize about $150 million of the $220 million through the P&L compared to $130 million previously stated, and we continue to expect the remaining $70 million to be realized as CapEx synergies later this year.

因此，我們目前的進度已高於 3 億美元目標，並預期第一年已落地的淨成本綜效到期末將達 3.30 億美元；而 2026 年當年度已實現（in-year realized）的淨成本綜效預期為 2.20 億美元，高於我們先前所述的 2.00 億美元。我們預期在這 2.20 億美元中，約 1.50 億美元將透過損益表（P&L）實現（先前為 1.30 億美元），並仍預期其餘 7,000 萬美元將於今年稍晚以資本支出（CapEx）綜效的形式實現。

Lastly, regarding our total actioned net synergy target of $500 million. While we are not changing our total target at this time, given the accelerated pace at which we have been moving, it would be fair to assume that we will achieve the $500 million in cost synergies in less than three years and that we will achieve more than $500 million in cost synergies in three years.

最後，關於我們已落實的淨協同效益總目標 5 億美元。雖然我們目前不會調整總目標，但鑑於我們推進的加速節奏，合理推斷我們將在不到三年內達成 5 億美元的成本協同效益，並且在三年內實現超過 5 億美元的成本協同效益。

As a reminder, approximately $420 million of the $500 million is expected to be realized through the P&L and $80 million is expected to be realized as CapEx synergies. Next, on to our technology rollout. In July, we achieved a significant milestone as we made our newly branded home platform technology available to over 4,000 agents at Coldwell Banker, Corcoran and Sotheby's International Realty in the pilot beta.

提醒一下，5 億美元中的約 4.2 億美元預計將透過損益表（P&L）實現，另有 8,000 萬美元預計將以資本支出（CapEx）協同效益的形式實現。接下來談我們的科技推廣。7 月，我們達成一項重要里程碑：在試點 Beta 階段，我們將全新品牌的主平台技術提供給 Coldwell Banker、Corcoran 與 Sotheby's International Realty 的超過 4,000 名經紀人使用。

Feedback since the rollout has been positive with agents noting the ease of use on both mobile and desktop, the network effect benefits of the platform, particularly in the private exclusive phase and the highly integrated nature of the platform. So far, the platform has received an 82% CSAT or customer satisfaction score, which is generally considered to be a strong score in the software industry.

自上線以來回饋正面，經紀人指出該平台在行動端與桌面端都易於使用、平台的網路效應帶來的好處（尤其是在私密獨家階段），以及平台高度整合的特性。截至目前，該平台獲得 82% 的 CSAT（客戶滿意度）分數，這在軟體產業通常被視為相當強勁的成績。

By the end of September, nearly 50,000 new agents in the owned brokerage brands will have access to the platform, reflecting over 80,000 agents on the platform, including the Compass Brokerage brand. All agents will have access to our private exclusives and coming soon inventory. Our 128,000 domestic franchise agents will begin to onboard in Q1 2027.

到 9 月底，旗下自營經紀品牌的近 50,000 名新經紀人將可使用該平台，使平台上的經紀人總數（包含 Compass Brokerage 品牌）超過 80,000 名。所有經紀人都將可使用我們的私密獨家（private exclusives）與即將上市（coming soon）庫存。我們在美國境內的 128,000 名加盟經紀人將於 2027 年第一季開始導入。

I want to give a special thanks to our product and engineering team, our marketing team and our coaching teams for the monumental effort in getting us to the point in record time. I cannot overstate the relentless execution and tireless commitment the team put into this to make sure that the agents have access to the platform ahead of the fall market. I am incredibly proud of the team.

我想特別感謝我們的產品與工程團隊、行銷團隊以及教練團隊，大家付出巨大努力，讓我們在創紀錄的時間內達到目前的進度。我無法充分形容團隊為確保經紀人在秋季市場來臨前就能使用平台所展現的堅定執行力與不懈投入。我為這個團隊感到無比自豪。

And in all my years at the company, I have never seen the team come together to realize such a big and audacious goal. Thank you. Now let me provide a few thoughts on our partnership with Rocket-Redfin and how we are infusing competition in residential real estate. Starting with our Rocket-Redfin partnership. Since launching Coming Soons on Redfin in late Q1, our agents have received more than 60,000 leads from Rocket-Redfin, and Compass has delivered more than 20,000 coming soon listings to Redfin.

而在我任職公司這些年來，我從未見過團隊如此齊心協力去實現一個如此重大且大膽的目標。謝謝。接下來我想分享幾點我們與 Rocket-Redfin 的合作，以及我們如何為住宅不動產注入競爭。先從 Rocket-Redfin 合作談起。自第一季末在 Redfin 上推出 Coming Soons 以來，我們的經紀人已從 Rocket-Redfin 獲得超過 60,000 條線索，而 Compass 也向 Redfin 提供了超過 20,000 筆即將上市（coming soon）房源。

Moreover, we want to share our first data point highlighting the impact to consumer traffic resulting from the coming soon inventory on Compass.com. In Chicago, where we have the most Coming Soons of any market, the number of sessions on Compass.com in Chicago were up 111% year-over-year, outpacing the average sessions growth of 34% year-over-year on Compass.com, or by 77 percentage points.

此外，我們想分享第一個數據點，凸顯 Compass.com 上的即將上市庫存對消費者流量的影響。在芝加哥——我們在所有市場中擁有最多 Coming Soons 的城市——Compass.com 芝加哥地區的工作階段（sessions）數年增 111%，不僅高於 Compass.com 整體平均年增 34%，更高出 77 個百分點。

This reflects what happens when MLS rules let clients and their agents choose to market properties how they see fit. Which, in this case, is through the local MLS, MRED. We expect more than 90% of MLSs to have rules that allow sellers to market both private exclusives and Coming Soons by the end of the year. The trend for seller choice is moving quickly. Moving on to how we are infusing competition in real estate.

這反映出當 MLS 規則允許客戶及其經紀人依其認為合適的方式行銷房產時會發生什麼。在此案例中，是透過當地 MLS——MRED。我們預期到今年年底，超過 90% 的 MLS 都將制定允許賣方同時行銷私密獨家（private exclusives）與即將上市（Coming Soons）的規則。賣方選擇權的趨勢正在快速推進。接下來談我們如何為不動產注入競爭。

I believe in competition. Not only does the law require companies to compete, but competition is the bedrock of our economy. Competition is the engine that produces the most value and options for consumers. However, today, the most powerful entity in real estate, the Multiple Listing Services, or MLS, they do not compete.

我相信競爭。不僅法律要求企業競爭，競爭也是我們經濟的基石。競爭是為消費者創造最大價值與最多選擇的引擎。然而，今天不動產領域最有權力的實體——多重上市服務（Multiple Listing Services，MLS）——卻不競爭。

Instead, many abuse their power by creating mandatory rules and they enforce with MLS fines up to $5,000 that every real estate professional and their sellers are expected to follow. Real estate professionals have no ability to push back because they need access to MLS to do their job. That is because over the past 100 years, all real estate professionals have been conditioned to use the MLS to market a listing to other real estate professionals. So without access to MLS, you can't access the listing data for your buyers.

相反地，許多 MLS 濫用其權力，制定強制性規則，並以最高 5,000 美元的 MLS 罰款來執行，要求每位不動產從業人員及其賣方都必須遵守。不動產從業人員無力反制，因為他們需要 MLS 的存取權才能完成工作。這是因為在過去 100 年裡，所有不動產從業人員都被形塑成使用 MLS，將房源行銷給其他不動產從業人員。因此，若無 MLS 存取權，你就無法為你的買方取得房源資料。

In almost all markets, agents have only one choice for Multiple Listing Services, making that single MLS in that market a monopoly that agents need to use to do their jobs. It is that market power that has empowered MLSs to fine agents up to $5,000 for marketing outside MLS, even though the MLS is not the government. It's just a private entity. What other private business can fine and punish other private businesses.

在幾乎所有市場中，經紀人對多重上市服務（MLS）只有一個選擇，使得該市場的單一 MLS 成為經紀人工作所必須使用的壟斷者。正是這種市場力量，使 MLS 得以因在 MLS 之外行銷而對經紀人處以最高 5,000 美元的罰款，儘管 MLS 並非政府。它只是一個私人實體。還有哪一家私人企業可以對其他私人企業處以罰款並加以懲罰？

The untold secret in real estate is that the MLS is controlled by a collection of our competitors that tell us how we can and cannot compete. The MLS is controlled by a collection of our competitors, who are running the board, and they are telling us how we can and cannot compete. What other private business is told how to compete by a collection of their competitors? This is why the MLS system has been investigated or sued by the United States government over 100 times in the last 50 years.

不動產界鮮為人知的秘密是：MLS 由一群競爭對手所控制，他們告訴我們可以、以及不可以如何競爭。MLS 由一群競爭對手所控制，他們掌控董事會，並告訴我們可以、以及不可以如何競爭。還有哪一家私人企業會被一群競爭對手告訴該如何競爭？這也是為什麼在過去 50 年裡，美國政府對 MLS 體系進行調查或提起訴訟超過 100 次。

The MLS has been weaponized against the very customer that pays to get access to that service utility, namely the real estate agent and the real estate brokerages, those agents associate with. Let me say that again. Real estate agents pay the MLSs money. Real estate agents give the MLS the result of their hard work and their intellectual property in exchange, the MLS tells the real estate agent how to compete and fines and punishes the agent if they compete too hard.

MLS 已被武器化，用來對付那些付費取得該服務型公用事業存取權的真正客戶——也就是不動產經紀人，以及這些經紀人所隸屬的不動產經紀公司。我再說一次。不動產經紀人付錢給 MLS。不動產經紀人把他們辛勤工作的成果與智慧財產交給 MLS 作為交換，而 MLS 卻告訴經紀人該如何競爭，並在他們競爭得太激烈時對其處以罰款與懲罰。

This is anticompetitive. This is anti-consumer and it's illegal. Multiple Listing Services should have to compete for our business just as brokerages have to compete for agents and agents have to compete for their clients. Today, our agents compete relentlessly for every client. They compete at every kitchen table across the US every single day.

這是反競爭的。這是反消費者的，而且是違法的。多重上市服務（MLS）應該像經紀公司必須爭取經紀人、經紀人必須爭取客戶一樣，也必須為了我們的業務而競爭。今天，我們的經紀人為每一位客戶不懈競爭。他們每天在全美各地的每一張餐桌旁都在競爭。

Brokerages also compete fiercely on compensation, on technology, on coaching, on culture to attract and retain the industry's top professionals. Over the years, Compass has invested over $2 billion in technology to compete to provide competitive technology offerings. Because of competition, our real estate professionals cannot fine or punish other agents or tell them how to compete.

經紀公司也在報酬、科技、教練培訓與文化方面激烈競爭，以吸引並留住業界頂尖專業人士。多年來，Compass 已在科技上投入超過 20 億美元，以競爭並提供具競爭力的科技方案。因為有競爭，我們的不動產專業人士無法對其他經紀人處以罰款或懲罰，也不能告訴他們該如何競爭。

And because of competition, we cannot fine or punish brokerages and agents or tell them how to compete, but most MLSs can. And most MLSs do because they have no competition. I am working to change that and bring competition to the MLSs so that they can compete for real estate professionals and succeed in those MLSs that do not compete fail.

同樣地，因為有競爭，我們也不能對經紀公司與經紀人處以罰款或懲罰，或告訴他們該如何競爭，但多數 MLS 卻可以。而且多數 MLS 也確實這麼做，因為它們沒有競爭。我正在努力改變這一點，為 MLS 引入競爭，讓它們必須為不動產專業人士而競爭；能在競爭中勝出的 MLS 才能成功，而不競爭的 MLS 將會失敗。

Similarly, the dominant portal once competed for the attention of the consumer, competed for listings. But over the past 20 years, it gained dominant market power and with it, adopted restrictive rules that punish brokers and agents who are competing for those same consumers. Like MLSs, the dominant portal takes the hard work and intellectual property created by brokerages and agents without our permission and forge free, takes it from the MLS and use it for lead diversion to make money on it time and time again.

同樣地，曾經占主導地位的入口網站（portal）過去也會為了消費者注意力而競爭、為了房源而競爭。但在過去 20 年裡，它取得了主導性的市場力量，並隨之採取限制性規則，懲罰那些也在爭取同一批消費者的經紀公司與經紀人。像 MLS 一樣，這個主導入口網站未經我們允許就取得經紀公司與經紀人所創造的辛勤成果與智慧財產，並且免費取得——它從 MLS 取得這些資料，並一再用於線索導流（lead diversion）來反覆變現。

But if the dominant portal had to actually compete to get our listings, compete on price, compete on features, compete on value, they would have to completely change their business model or fail. If the dominant portal no longer got listings for free from MLS, they would need to compete for those listings resulting in listing agents getting their buyer inquiries and their name and brand back on their listings.

但如果主導型入口網站必須真正為了取得我們的房源而競爭——在價格上競爭、在功能上競爭、在價值上競爭——他們就必須徹底改變其商業模式，否則就會失敗。如果主導型入口網站不再能從 MLS 免費取得房源，他們就必須為這些房源競爭，結果將使刊登代理人重新拿回買方詢問，以及在其房源上的姓名與品牌。

So everything Compass has done in the past and everything it is doing today is designed to infuse competition into MLS and portals and real estate. Why? Because if multiple listing services and the dominant portal have to compete like real estate professionals and brokers have to compete every day, consumers and the agents that represent them win. If they have to compete for brokerages, brokerages win.

因此，Compass 過去所做的一切，以及今天正在做的一切，都是為了把競爭注入 MLS、入口網站與房地產市場。為什麼？因為如果多重上市服務與主導型入口網站必須像房地產專業人士與經紀商每天那樣競爭，消費者以及代表他們的代理人就會勝出。如果他們必須為了經紀公司而競爭，經紀公司就會勝出。

This is why I am supporting Multiple Listing Services and portals that compete for our real estate professionals, and I'm working to inject competition in the MLS and portal ecosystem. A good example of how competition can create change is the Rocket-Redfin partnership that was announced earlier this year. Less than a month after we announced the partnership, the dominant portal discontinued the restrictive ban on Coming Soons marketed outside of their platform and launched a coming soon product for agents and sellers on their own platform.

這就是為什麼我支持那些會為我們的房地產專業人士而競爭的多重上市服務與入口網站，並且我正致力於在 MLS 與入口網站的生態系中注入競爭。競爭如何帶來改變的一個好例子，是今年稍早宣布的 Rocket-Redfin 合作夥伴關係。在我們宣布合作不到一個月後，主導型入口網站就取消了對於在其平台之外行銷的「即將上市（Coming Soons）」之限制性禁令，並在其自家平台上為代理人與賣方推出了「即將上市」產品。

Competition resulted in more choices for agents and more choices for the consumer. Another example is our recent announcement with several multiple-listing services across the country that supports those that actually compete for real estate professionals. As a result, we have seen some of the largest MLSs in the country, including those in Chicago, Washington, DC, Philadelphia, Southern California, Florida and Nashville, they have begun to compete, including by offering more flexible rules that let home sellers and their agents determine where and how to market their own properties.

競爭為代理人帶來更多選擇，也為消費者帶來更多選擇。另一個例子是我們近期與全國多個多重上市服務的公告，支持那些真正會為房地產專業人士而競爭的 MLS。因此，我們看到全美一些最大的 MLS——包括芝加哥、華盛頓特區、費城、南加州、佛羅里達與納什維爾——已開始競爭，其中包括提供更具彈性的規則，讓屋主賣方及其代理人能決定在何處以及如何行銷其自有物業。

MLSs that are expanding recognize that if they want to get agents in new markets to sign up to their MLS, they can't expand with more restrictive rules and fines. Instead, they need to compete with more marketing options and more marketing flexibility that helps listing agents and their sellers as opposed to helping the dominant portal.

正在擴張的 MLS 認知到，如果他們想讓新市場的代理人加入其 MLS，他們不能靠更嚴格的規則與罰款來擴張。相反地，他們需要以更多行銷選項與更高行銷彈性來競爭，這些做法是幫助刊登代理人及其賣方，而不是幫助主導型入口網站。

If MLSs and portals had to compete just like we compete with over 80,000 brokers in the country or how agents compete with the 1.5 million agents in the country, I am confident that our company will be able to create an incredible amount of value for all stakeholders, including our real estate professionals, their clients, our employees and our shareholders.

如果 MLS 與入口網站必須像我們與全國超過 80,000 家經紀商競爭、或代理人與全國 150 萬名代理人競爭那樣去競爭，我有信心我們公司將能為所有利害關係人創造驚人的價值，包括我們的房地產專業人士、他們的客戶、我們的員工以及我們的股東。

Every month, we are seeing more and more MLSs competing in ways that help our clients, our agents and our company. Competition will empower the best agents and the best brokerages. Competition will naturally eliminate restrictive rules and empower the 3-phase marketing strategy. Competition will unlock the full potential of the Compass business model and competition is coming. Finally, we are also seeing several states encode into law a seller's right to market property how they see fit through seller opt-outs.

每個月，我們都看到越來越多 MLS 以有利於我們客戶、我們代理人與我們公司的方式展開競爭。競爭將賦能最優秀的代理人與最優秀的經紀公司。競爭將自然淘汰限制性規則，並賦能三階段行銷策略。競爭將釋放 Compass 商業模式的全部潛力，而競爭正在到來。最後，我們也看到有數個州透過賣方選擇退出（seller opt-outs）把賣方依其意願行銷房產的權利寫入法律。

Connecticut, New York and Wisconsin now allow sellers to market their home privately with seller opt-outs. Over the past year, our 3-phase marketing strategy has required similar seller disclosure that states are now putting in place, so we only see this as a big positive. Furthermore, Washington State has adopted laws that allow home sellers to publicly market their homes however they want, so long as the home is concurrently marketed to the general public and all other brokers.

康乃狄克州、紐約州與威斯康辛州現在允許賣方透過賣方選擇退出，以私下方式行銷其住宅。在過去一年，我們的三階段行銷策略要求進行類似的賣方揭露，而各州如今正將其制度化，因此我們只把這視為一項重大利多。此外，華盛頓州已採納法律，允許屋主賣方以任何他們想要的方式公開行銷其住宅，只要該住宅同時向一般大眾以及所有其他經紀商進行行銷。

And our private exclusives and Coming Soons are marketed to the general public through our website. So as you can see, the trend at the state level is also one where the law is emphasizing that homeowners, the people who actually own the property for sale, get to choose how to market their properties, not multiple listing services or the dominant portal.

而我們的私密獨家（private exclusives）與即將上市（Coming Soons）會透過我們的網站向一般大眾行銷。因此，如你所見，州層級的趨勢也在於法律強調：房主——也就是實際擁有待售不動產的人——有權選擇如何行銷其物業，而不是由多重上市服務或主導型入口網站來決定。

Overall, all of these changes are well aligned with our 3-phase marketing strategy, which continues to see an increase in adoption across the Compass brand with adoption in the most recent week approaching 57% of all new Compass listings. By the end of the third-quarter, I would expect 80% of Compass Brokerage listings to launch as a coming soon on Compass.com and Redfin and the total number of Coming Soons to build from there as we expand the offering to all of our brands.

整體而言，所有這些變化都與我們的三階段行銷策略高度一致；該策略在 Compass 品牌體系內的採用率持續上升，最近一週的採用率已接近所有 Compass 新增房源的 57%。到第三季末，我預期 80% 的 Compass Brokerage 房源將在 Compass.com 與 Redfin 以「即將上市」形式上線，而「即將上市」的總數也將在我們把此方案擴展到所有品牌後持續增加。

Of note, 65% of our franchise network participated in a Redfin coming soon preview session in late June, with 40,000 of those agents already opting in to the Redfin Direct listing tool. And by the end of Q3, we expect over 180,000 agents of our franchise and brokerage agents to have the ability to create Coming Soons. Now shifting to our AI strategy, where we are moving on offense in two ways: one, reducing OpEx; and two, increasing agent productivity.

值得注意的是，我們加盟網路中有 65% 於 6 月下旬參與了 Redfin 的「即將上市」預覽場次，其中有 40,000 名代理人已選擇加入 Redfin Direct 刊登工具。並且在第三季末之前，我們預期加盟與經紀業務體系中將有超過 180,000 名代理人具備建立「即將上市」的能力。現在轉到我們的 AI 策略，我們正以兩種方式主動出擊：第一，降低營運費用（OpEx）；第二，提高代理人生產力。

First, we are using AI to reduce OpEx, as you would expect. In Q2, we began deploying FDEs, or forward-deployed engineers within business functions, including transaction management, legal and growth to build automated AI workflows directly into day-to-day operations. To date, the team has identified a mix of roughly $8 million in savings and cost avoidance opportunities.

首先，如你所預期，我們正使用 AI 來降低營運費用（OpEx）。在第二季，我們開始在各業務職能中部署 FDE（forward-deployed engineers，前置部署工程師），包括交易管理、法務與成長團隊，將自動化的 AI 工作流程直接建置到日常營運中。截至目前，該團隊已辨識出約 800 萬美元的節省與成本避免機會的組合。

Additionally, across the technology organization, 50% to 60% of all new code is now produced by AI, which is helping us ship code faster and more efficiently, 50% to 60%. Second, on agent productivity, we are rolling out tools to make our real estate professionals more efficient. In July, we demoed our AI assistant more broadly, which is an integrated assistant that helps agents orchestrate more than 90 of our platform tools, simply through natural language prompts.

此外，在整個技術組織中，目前 50% 到 60% 的所有新程式碼已由 AI 產出，這正幫助我們以更快、更有效率的方式交付程式碼——50% 到 60%。第二，在代理人生產力方面，我們正推出工具讓房地產專業人士更有效率。在 7 月，我們更廣泛地展示了我們的 AI 助理；這是一個整合式助理，能透過自然語言提示，協助代理人編排並使用我們平台上超過 90 項工具。

Our earnings deck this quarter includes several direct testimonials from agents. And as you will see, early feedback is incredibly positive. Agents are citing the amount of time the AI assistant is saving them on everyday tasks such as client outreach and importantly, helping them unearth proprietary leads. User data indicates deeper engagement with the platform with a number of tools called per agent and number of conversations per agent up almost two times since our demo day.

我們本季的財報簡報中包含多則來自代理人的直接見證。如你將看到的，早期回饋極為正面。代理人提到，AI 助理在日常工作（例如客戶觸達）上為他們節省了大量時間，更重要的是，協助他們挖掘專有線索。使用者數據顯示平台參與度更深：自我們的展示日以來，每位代理人呼叫的工具數量與每位代理人的對話數量均成長近兩倍。

I want to end by revisiting the long-term earnings potential of our business as we discussed last quarter. As a reminder, our scenario analysis is not meant to be guidance and assumes no agent adds, no organic share take, no margin improvement, no improvement on T&E or mortgage attach or any contribution from leads or other ancillary revenue.

我想在結尾時，回到我們上季討論過的本業長期獲利潛力。提醒一下，我們的情境分析並非指引（guidance），且假設沒有新增代理人、沒有自然市占提升、沒有利潤率改善、差旅與招待費（T&E）或房貸綁定率（mortgage attach）沒有改善，也不包含線索或其他附屬營收的任何貢獻。

These are all incremental growth levers in our business beyond the housing recovery and levers that we are beginning to pull, as you can see from our Q2 results. Assuming the housing market remains flat at 4.1 million existing home sales, we would generate roughly $1 billion in adjusted EBITDA and $750 million in unlevered free cash flow. In the next scenario, which we've assumed as 4.8 million existing home sales for this analysis, we would generate $1.5 billion in adjusted EBITDA and $1 billion in unlevered free cash flow.

這些都是在房市復甦之外、我們業務中的增量成長槓桿，而且正如你從我們第二季結果所見，我們已開始拉動這些槓桿。假設房市維持持平、既有住宅銷售量為 410 萬戶，我們將產生約 10 億美元的調整後 EBITDA，以及 7.5 億美元的無槓桿自由現金流。在下一個情境中（本分析假設既有住宅銷售量為 480 萬戶），我們將產生 15 億美元的調整後 EBITDA，以及 10 億美元的無槓桿自由現金流。

At mid-cycle levels of 5.5 million home sales, we would generate $2 billion in adjusted EBITDA and $1.5 billion in unlevered free cash flow. And lastly, we also provided an upside scenario of 6 million home sales. And at that level, we would generate $2.5 billion in adjusted EBITDA and roughly $2 billion in unlevered free cash flow.

在中週期水準的 550 萬戶住宅銷售量下，我們將產生 20 億美元的調整後 EBITDA，以及 15 億美元的無槓桿自由現金流。最後，我們也提供了 600 萬戶住宅銷售量的上行情境。在該水準下，我們將產生 25 億美元的調整後 EBITDA，以及約 20 億美元的無槓桿自由現金流。

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

話雖如此，我現在把時間交給我們的財務長 Scott。

Thank you, Robert. Consistent with our prepared comments from last quarter, I'll provide some information about the contribution to our consolidated results from the acquired Anywhere businesses where-possible. However, we're integrating the entities quickly and therefore, do not generally expect to break out separate results going forward.

謝謝你，Robert。延續我們上季事先準備的評論，我將在可行的範圍內，提供已收購的 Anywhere 各項業務對我們合併業績貢獻的相關資訊。不過，我們正快速整合這些實體，因此一般而言，未來不預期會再拆分揭露個別業績。

You'll find financial information included on our Investor Relations website from last quarter that provides additional supplemental information on a pro forma basis as though the Anywhere business was combined with Compass for the full year of 2025. Where applicable, this prior year pro forma information will be referenced in my prepared comments today.

你可以在我們投資人關係網站上找到上季所提供的財務資訊，其中包含以備考（pro forma）基礎編製的補充資訊，假設 Anywhere 業務在 2025 全年即已與 Compass 合併。在適用情況下，我今天的事先準備評論將引用這些前一年度的備考資訊。

Now moving into the financial details. Revenue in Q2 reached $4.3 billion, which exceeded the high end of our revenue guidance range of $4 billion to $4.2 billion. On a pro forma basis, consolidated revenue was up 14.3% from the year ago period. We saw year-over-year revenue increases in each of our three operating segments during the quarter, but the owned brokerage segment was a standout with $3.96 billion of revenue and a 15% increase on a pro forma basis compared to the year ago period.

接著進入財務細節。第二季營收達 43 億美元，超出我們 40 億至 42 億美元營收指引區間的上緣。以備考基礎計算，合併營收較去年同期成長 14.3%。本季我們三個營運部門的營收皆呈現年增，其中自有經紀（owned brokerage）部門表現最為突出，營收 39.6 億美元，且以備考基礎較去年同期成長 15%。

Wealth being created by the AI boom in the Northern California market supported some of this revenue growth. Our Chief Economist, Mike Simonsen, highlighted that during the first 6 months of the year, 140 transactions in San Francisco closed at least $1 million above the asking price, with 44 of those transactions by 6% compared to just eight homes closing $1 million above asking price in the first half of last year.

北加州市場受 AI 熱潮帶動的財富效應，支撐了部分營收成長。我們的首席經濟學家 Mike Simonsen 指出，今年前 6 個月，舊金山有 140 筆交易的成交價至少高於開價 100 萬美元，其中 44 筆交易占比為 6%，相較之下，去年上半年僅有 8 間房屋的成交價高於開價 100 萬美元。

Gross transaction value for the brokerage segment was $155.2 billion in the second-quarter, up 16% year-over-year on a pro forma basis, which reflects a 7% increase in transactions and average selling price appreciation of 8% to an average price of just over $1 million. Our talented real estate professionals and our presence in the luxury markets allowed us to capitalize on this market growth.

第二季經紀部門的總交易價值（GTV）為 1,552 億美元，以備考基礎較去年同期成長 16%，反映交易量成長 7%，以及平均售價上漲 8%，平均價格略高於 100 萬美元。我們優秀的不動產專業團隊，以及在豪宅市場的布局，使我們得以掌握這波市場成長。

As Robert commented earlier, the increase in our gross transaction value during the quarter of 16% on a pro forma basis compares very favorably to the overall market that was up 6% on volume. Gross agent adds in the quarter were 2,816, down from 3,503 in Q1. As we mentioned last quarter, we are shifting recruiting practices of the brands acquired in the Anywhere transaction towards more productive agents.

如 Robert 先前所述，我們本季以備考基礎計算的總交易價值成長 16%，相較整體市場成交量僅成長 6%，表現相當亮眼。本季新增經紀人（agent）總數為 2,816 人，低於第一季的 3,503 人。如同我們上季提到的，我們正將 Anywhere 交易中收購品牌的招募作法，轉向更具生產力的經紀人。

And while the total number of agents recruited is lower this quarter, productivity per agent continues to increase meaningfully and is clearly not impacting our ability to grow. Going forward, all the owned brokerage brands acquired in the Anywhere transaction will begin leveraging our enterprise sales team to recruit agents.

雖然本季招募的經紀人總數較少，但每位經紀人的生產力仍持續顯著提升，且顯然未影響我們的成長能力。展望未來，Anywhere 交易中收購的所有自有經紀品牌，將開始運用我們的企業銷售團隊來招募經紀人。

Once this partnership model is fully set in motion by early 2027, we expect it to lead to a healthy level of agent adds and better productivity per agent. Importantly, total agent retention in our Brokerage business was 95.5%, which was largely flat compared to Q2 of 2025 on a pro forma basis and up 140 basis points compared to Q1 of 2026, where it was 94.1%.

一旦此合作夥伴模式在 2027 年初全面啟動，我們預期將帶來健康的經紀人新增水準，以及更佳的單位經紀人生產力。重要的是，我們經紀業務的整體經紀人留任率為 95.5%，以備考基礎計算與 2025 年第二季大致持平，且較 2026 年第一季的 94.1% 提升 140 個基點。

Consistent with last quarter, 72% of total agent separations in the quarter had no production or very low production in the trailing 12-month period. As a result, excluding agents with $0 GCI in the last 12 months, agent retention would have been 97.7% in Q2 and excluding agents with $20,000 or less in GCI in the last 12 months, which on average equals less than two transactions at our price points, agent retention would have been 98.7% in Q2.

與上季一致，本季所有離職經紀人中有 72% 在過去 12 個月沒有產出或產出極低。因此，若排除過去 12 個月 GCI 為 0 的經紀人，第二季經紀人留任率將為 97.7%；若排除過去 12 個月 GCI 為 2 萬美元或以下的經紀人（以我們的價格帶平均相當於少於兩筆交易），第二季經紀人留任率將為 98.7%。

Commissions and other related expenses as a percentage of Brokerage segment revenue increased by 43 basis points to 82.2% from 81.7% on a pro forma basis a year ago. This is largely due to mix, whereby the majority of the revenue growth was in markets with lower overall margins were closed by real estate professionals that are on the higher end of the split schedule.

經紀部門的佣金及其他相關費用占部門營收比重，較去年以備考基礎的 81.7% 上升 43 個基點至 82.2%。這主要是由於組合因素：營收成長多數來自整體毛利率較低的市場，且由分潤比例表中較高分潤級距的不動產專業人士完成成交。

For the Compass stand-alone brand, this commission metric was flat year-over-year. Franchise segment revenue was $135 million in the quarter, up 7.6% on a pro forma basis, and GTV was up 11.7% year-over-year on a pro forma basis compared to housing market volumes that were up 6%, which reflected out-performance led by our luxury brands, Sotheby's International Realty and Corcoran.

就 Compass 單一品牌而言，該佣金指標年對年持平。本季加盟（Franchise）部門營收為 1.35 億美元，以備考基礎成長 7.6%；GTV 以備考基礎年增 11.7%，相較房市成交量年增 6%，反映在我們豪宅品牌 Sotheby's International Realty 與 Corcoran 帶動下的超額表現。

Integrated services revenue reached $211 million in the second-quarter, up 7.7% year-over-year on a pro forma basis, driven by strong performance across title and escrow. Our Cartus relocation business, which is also included in the Integrated Services segment, secured 15 new clients and expanded numerous existing client relationships during the quarter.

第二季整合服務（Integrated Services）營收達 2.11 億美元，以備考基礎年增 7.7%，主要由產權（title）與代管（escrow）業務的強勁表現所帶動。我們的 Cartus 搬遷安置業務（亦納入整合服務部門）在本季新增 15 家客戶，並擴大多項既有客戶合作關係。

We believe Cartus is well positioned over other relocation management companies as we integrate into the Brokerage operations and our Brokerage and Franchise operations benefit from the lead flow generated by the relocation side of the business. Our total non-GAAP operating expenses were $699 million in Q2. As a reminder, our Q1 non-GAAP operating expenses of $641 million excluded OpEx from the Anywhere business for the first eight days before the January 9 acquisition date.

我們認為，隨著我們整合至經紀營運，Cartus 相較其他搬遷管理公司具備更佳的競爭定位；同時，我們的經紀與加盟營運也將受惠於搬遷業務所帶來的潛在客源（lead flow）。第二季我們的非 GAAP 營業費用總額為 6.99 億美元。提醒一下，我們第一季的非 GAAP 營業費用為 6.41 億美元，其中不包含 Anywhere 業務在 1 月 9 日收購日之前前 8 天的營業費用。

So the increase in Q2 reflects the full quarterly run rate of our combined operations and some modest increase in variable compensation accruals as a result of our year-to-date out-performance as well as growth in the Integrated Services segment. Recall that compensation for our title and escrow officers in the Integrated Services segment is included in the operations and support line, and therefore, revenue growth in this business will have some corresponding growth in the OpEx line, but of course, that's coupled with accretive adjusted EBITDA.

因此，第二季的增加反映我們合併營運完整一季的運行水準，以及因年初至今表現優於預期與整合服務部門成長所帶來的部分變動薪酬提列小幅增加。請記得，整合服務部門中產權與代管專員的薪酬列在營運與支援（operations and support）項下，因此該業務的營收成長會對應帶動部分營業費用增加；當然，這也同時帶來具增益性的調整後 EBITDA。

As Robert touched on earlier, we have continued to make strong early progress on cost synergies. This quarter, we pulled forward some additional synergy actions, and we've now actioned $300 million of our cost synergy target, which was our revised full year target for 2026. As we committed, when we hit our synergy targets, we won't stop looking for opportunities. We now expect to action as much as $330 million during 2026.

如 Robert 先前提到的，我們在成本綜效方面持續取得強勁的早期進展。本季我們提前推動了部分額外的綜效措施，目前已落實 3 億美元的成本綜效目標，這也是我們修訂後 2026 全年的目標。如我們所承諾，達成綜效目標後，我們也不會停止尋找機會。我們目前預期 2026 年可落實的金額最高可達 3.3 億美元。

Last quarter, we updated our expectations to realize about $200 million of the action synergies in our financials in 2026. We said about 2/3 of this amount or $130 million will be reflected as reduced operating expenses in 2026, benefiting adjusted EBITDA and cash flow and the remaining 1/3 or about $70 million will be reflected as lower CapEx, which won't directly benefit adjusted EBITDA, but will benefit free cash flow.

上季我們更新預期，2026 年在財務報表中可實現約 2 億美元的已落實綜效。我們表示其中約 2/3（即 1.3 億美元）將以 2026 年營業費用降低的形式反映，進而有利於調整後 EBITDA 與現金流；其餘 1/3（約 7,000 萬美元）將以資本支出（CapEx）降低的形式反映，雖不會直接提升調整後 EBITDA，但將有利於自由現金流。

As a result of pulling through some additional action synergies this quarter and a higher expected level of action synergies for the full year of 2026, we now expect approximately $150 million to be realized in OpEx, which reflects an increase of about $20 million from our prior expectations, but note that about 50% of this additional $20 million has already been realized in Q2.

由於本季額外推進部分已落實綜效措施，且預期 2026 全年已落實綜效水準更高，我們目前預期約 1.5 億美元將在營業費用（OpEx）中實現，較先前預期增加約 2,000 萬美元；但請注意，這額外 2,000 萬美元中約有 50% 已在第二季實現。

OpEx was essentially flat year-over-year on a pro forma basis. And one of the drivers of that is our cost to serve per transaction, which hit a record low within the Compass brand in Q2. However, as we consolidate our back-office systems with our other brands over the next year, we see opportunity to continue lowering the cost to serve per transaction through greater utilization of AI and deploying other best practices.

營業費用（OpEx）在備考基礎上基本上與去年同期持平。其中一個驅動因素是我們每筆交易的服務成本，在第二季於 Compass 品牌內降至歷史新低。不過，隨著我們在未來一年把後台系統與其他品牌進一步整合，我們看見機會透過更高程度運用 AI 並導入其他最佳實務，持續降低每筆交易的服務成本。

Adjusted EBITDA for Q2 was $363 million, a record performance for any second-quarter and almost triple the amount of adjusted EBITDA Compass generated a year ago on a stand-alone basis. As an interesting data point, the $363 million of adjusted EBITDA in the quarter reflects more adjusted EBITDA in one quarter than for the full annual period of 2025 or any other annual period in Compass' history.

第二季調整後 EBITDA 為 3.63 億美元，創下任何第二季的紀錄，且幾乎是 Compass 去年在獨立基礎下所產生調整後 EBITDA 的三倍。作為一個有趣的數據點，本季 3.63 億美元的調整後 EBITDA，代表單一季度的調整後 EBITDA 就超過 Compass 歷史上 2025 全年或任何其他年度期間的調整後 EBITDA。

An early proof point of the earnings potential of the combined business. Adjusted EBITDA in the quarter includes segment adjusted EBITDA of $377 million from brokerage, $87 million from franchise and $52 million from integrated services, each reflecting improvements from Q1, both in terms of total dollar value and as a percentage of their respective segment revenues.

這是合併後業務獲利潛力的早期驗證。本季調整後 EBITDA 包含各事業部門的調整後 EBITDA：經紀業務 3.77 億美元、加盟業務 8,700 萬美元，以及整合式服務 5,200 萬美元；三者相較第一季皆有改善，無論以金額總量或占各自部門營收的百分比來看皆然。

As a reminder, while certain direct expenses are allocated to each of the three operating segments, there are additional expenses that are not allocated to any of the operating segments because they relate to more of the corporate entity or because they're shared across multiple or all of the operating segments. These include expenses related to our technology, finance, legal, human resources and executive functions.

提醒一下，雖然部分直接費用會分攤至三個營運部門中的各部門，但仍有一些費用不會分攤至任何營運部門，因為它們更屬於公司層級，或是由多個甚至全部營運部門共同分攤。這些包括與我們的科技、財務、法務、人力資源及高階管理職能相關的費用。

Therefore, the total adjusted EBITDA of the consolidated company will be equal to the total of the segment adjusted EBITDA for our three operating segments, less the unallocated corporate expenses of $153 million to equal the total adjusted EBITDA of $363 million for the second-quarter. We achieved GAAP net income of $92 million this quarter, a significant improvement from GAAP net income of $39 million in the prior year despite the increase in depreciation and amortization expense, merger and integration expenses and interest expense resulting from the Anywhere transaction earlier this year.

因此，合併公司整體的調整後 EBITDA，等於三個營運部門的部門調整後 EBITDA 總和，扣除 1.53 億美元未分攤的公司費用後，得到第二季總調整後 EBITDA 3.63 億美元。本季我們達成 GAAP 淨利 9,200 萬美元，較去年同期 GAAP 淨利 3,900 萬美元大幅改善，儘管折舊與攤銷費用、併購與整合費用，以及今年稍早 Anywhere 交易所帶來的利息費用均有所增加。

Our basic weighted average share count for the second-quarter was 758 million shares, which was within our guidance range of 755 million to 760 million shares. As a reminder, the share count for Q2 reflects an anticipated step-up from Q1 as the shares issued for the Anywhere transaction were only weighted during Q1 for the period post the January 9 closing date, but they have a full quarter weighting in Q2. Free cash flow was very strong at $180 million for the quarter, resulting in $694 million of cash on our balance sheet as of June 30 and no outstanding borrowings on our $500 million revolver.

第二季基本加權平均股數為 7.58 億股，落在我們指引區間 7.55 億至 7.60 億股之內。提醒一下，第二季股數反映相較第一季的預期上升，因為 Anywhere 交易所發行的股份在第一季僅就 1 月 9 日交割日之後的期間按加權計入，但在第二季則按完整季度加權計入。本季自由現金流非常強勁，達 1.80 億美元，使得截至 6 月 30 日資產負債表上的現金為 6.94 億美元，且我們 5 億美元循環信貸額度（revolver）下無任何未償借款。

The strong cash flow during the quarter was driven by the over-performance on adjusted EBITDA as well as some favorable timing on working capital items. In particular, our remaining cash liability from Anywhere's NAR class action settlement of $54 million was not paid during the quarter and is now expected to be paid later in 2026.

本季強勁的現金流主要來自調整後 EBITDA 的超預期表現，以及部分營運資金項目的有利時點。尤其是，我們對 Anywhere 的 NAR 集體訴訟和解尚餘 5,400 萬美元的現金負債並未在本季支付，現預期將延後至 2026 年稍晚支付。

Last quarter, I commented we would redeem the $500 million of our 9.75% notes in Q2 of 2027. The strong cash position as of quarter end, plus additional positive free cash flow anticipated for the second half of the year underscores our ability to achieve this commitment. We also stated that you should not expect to see any changes in our debt levels for the balance of the year or into Q1 of next year. That's because the highest cost tranche of our debt has a no call provision until April of 2027 and our 7% notes have a 1.75% call premium associated with them as well that drops away on the same date in April 2027.

上季我曾提到，我們將在 2027 年第二季贖回 5 億美元、票息 9.75% 的票據。季末強勁的現金部位，加上預期下半年仍將產生額外的正向自由現金流，凸顯我們有能力達成這項承諾。我們也表示，您不應預期在今年剩餘期間或到明年第一季，我們的負債水位會有任何變動。原因在於，我們成本最高的那一檔債務在 2027 年 4 月之前有不可提前贖回（no call）條款；此外，我們的 7% 票據亦附帶 1.75% 的提前贖回溢價（call premium），並同樣在 2027 年 4 月該日期起取消。

So we plan to continue to build our cash position through that date. And in the meantime, we have our cash invested in short-term treasuries with yields in the mid-3% range. It's worth reiterating some of Robert's earlier commentary on our net leverage ratio. Once again, we won't start reducing our gross debt levels until Q2 of next year due to the call provisions of the debt. However, our net debt levels are reducing when you consider our growing cash position.

因此，我們計畫在該日期之前持續累積現金部位。同時，我們將現金投資於短期美國公債，殖利率約在 3% 中段。值得重申 Robert 先前對我們淨槓桿比率的部分評論。再次強調，由於債務的可贖回條款，我們要到明年第二季才會開始降低總負債水位。不過，若考量我們持續增加的現金部位，我們的淨負債水位正在下降。

And when you combine this with our growing levels of trailing annual adjusted EBITDA, our net leverage ratio is improving. As Robert just touched on, if you take our net debt as of June 30, which is $2.45 billion and divide that by 2026 consensus adjusted EBITDA estimates of approximately $850 million, that yields a net leverage ratio of just under three times.

再加上我們過去 12 個月（trailing）年化調整後 EBITDA 水準持續成長，我們的淨槓桿比率正在改善。如 Robert 剛才提到，若以截至 6 月 30 日的淨負債 24.5 億美元，除以市場對 2026 年調整後 EBITDA 的一致預估約 8.5 億美元，得到的淨槓桿比率略低於 3 倍。

But since we expect to generate additional cash flow in the second half of 2026, the actual ratio as of year-end will be even lower. Turning to financial guidance for Q3. For the third-quarter of 2026, we expect consolidated revenue in the range of $3.85 billion to $4.05 billion. We expect third-quarter consolidated adjusted EBITDA to be in the range of $275 million to $305 million.

但由於我們預期在 2026 年下半年仍將產生額外現金流，因此年底時的實際比率將更低。接著談第三季財測指引。對於 2026 年第三季，我們預期合併營收介於 38.5 億至 40.5 億美元。我們預期第三季合併調整後 EBITDA 介於 2.75 億至 3.05 億美元。

And for the full year, we expect non-GAAP operating expenses in the range of $2.75 billion to $2.80 billion, which is an increase of $50 million from the guidance provided last quarter. The increase is primarily driven by $35 million of OpEx assumed from a recent brokerage acquisition we completed in early July; and secondly, some additional compensation expenses related to our recent over-performance.

至於全年，我們預期非 GAAP 營業費用介於 27.5 億至 28.0 億美元，較上季提供的指引上調 5,000 萬美元。上調主要來自兩項因素：第一，7 月初我們完成一項近期經紀業務收購，承接約 3,500 萬美元的 OpEx；第二，因近期超預期表現而產生的額外薪酬費用。

We expect basic weighted average share count for the third-quarter to be between 767 million to 769 million shares, and we expect to generate positive free cash flow in Q3. Our cash flow in future years will be supported by the use of our net operating losses. It's worth a reminder that we have $1.8 billion of NOLs that will shield us from federal and state taxes as we generate taxable income.

我們預期第三季基本加權平均股數介於 7.67 億至 7.69 億股，並預期第三季將產生正向自由現金流。未來年度的現金流將受益於我們對淨營運虧損（NOL）的運用。提醒一下，我們有 18 億美元的 NOL，將在我們產生應稅所得時，為我們抵減聯邦與州稅負。

At our current combined tax rate of about 26%, which is a federal corporate tax rate of 21% plus about 5% of a blended state tax rate, that's about $470 million of potential cash taxes that will be avoided due to the utilization of the NOLs in the future. As we turn to Q&A, I want to say thank you to our entire team for the exceptional efforts and collaboration.

以我們目前約 26% 的合併稅率計算（即 21% 的聯邦企業稅率加上約 5% 的加權州稅率），未來因運用 NOL 而可避免的潛在現金稅約為 4.70 億美元。在進入問答之前，我想對我們整個團隊的卓越努力與協作表達感謝。

We've all been working very hard for these past six months following our transformational merger with Anywhere in January, and it's great to see those efforts embedded in the outstanding results we're sharing today. And finally, we'll be participating in the Barclays Industrials Conference on August 12 in New York City, the Oppenheimer Tech Conference on August 13 and the Zelman Housing Summit on September 17. We hope to see you at one of those events.

自 1 月與 Anywhere 完成具轉型意義的合併以來，過去六個月我們都非常努力，很高興看到這些努力已反映在我們今天分享的亮眼成果之中。最後，我們將參加 8 月 12 日在紐約市舉行的 Barclays 工業（Industrials）研討會、8 月 13 日的 Oppenheimer 科技研討會，以及 9 月 17 日的 Zelman 住宅高峰會。希望能在其中一場活動與各位見面。

Operator, you can now begin Q&A.

接線員，您現在可以開始問答。

(Operator Instructions) Elizabeth Langan, Barclays.

(接線員指示) Elizabeth Langan，Barclays。

You have Elizabeth Langan on for Matt today. I just wanted to start off by asking for an update on your 3-phase marketing strategy. It sounds like you've had a lot of traction on the Redfin partnership. And I know last quarter, you had said that the coming soon had moved up towards the mid-30% range of your listings last quarter. How are you tracking against that? And maybe if you could give a little more detail on how the broader network effects are materializing.

今天由 Elizabeth Langan 代替 Matt 上線。我想先請你們更新一下三階段行銷策略的進展。聽起來你們與 Redfin 的合作夥伴關係帶來了很大的動能。我也記得上季你們提到，「即將上市」（coming soon）已提升到你們上季房源列表約 30% 中段的占比。目前進度與該目標相比如何？另外，若可以的話，能否再多分享一些更廣泛的網路效應是如何逐步顯現的？

Great. So on the Compass Brokerage side, the Coming Soons in July approached 57%. So for all new listings, 57% of them start off as coming soon, where we believe that we're on a path to have 80% of all new Compass Brokerage listings start off as coming soon in August and September. For the other brands, they are now onboarding to the platform.

很好。因此在 Compass Brokerage 這邊，7 月的「即將上市（Coming Soon）」占比接近 57%。也就是說，在所有新上架房源中，有 57% 一開始是以即將上市的形式推出；我們相信 8 月與 9 月，Compass Brokerage 的所有新上架房源中，將有 80% 會先以即將上市的形式推出。至於其他品牌，他們現在也正在導入（onboarding）到這個平台上。

And so now they're -- I would expect the same trend line over time there as well. Really, there's no downside. There's no reason not to. There's no days of market, no price drop history. The worst thing that can happen is you get an offer. And you can say, no, I don't want the offer. I'm going to go to every site, not just the 60 million people that are buying off of Redfin.com in our brokerage sites.

所以現在他們——我也預期隨著時間推移，那邊也會出現相同的趨勢線。坦白說，沒有任何缺點。沒有理由不這麼做。沒有在市天數（days of market），也沒有降價歷史。最糟的情況就是你收到一個出價。而你可以說，不，我不想接受這個出價。我要把房源放到所有網站上，而不只是我們經紀網站上、以及在 Redfin.com 上買房的那 6,000 萬人。

Remember, only 4 million people buy a year. So how many tens of millions of people do you need to see your property? And so that's why we're getting so much traction. And we're seeing a lot of demand for the private exclusives as well as the new brands come on because the same message is there for sellers. There's no downside. The worst thing that happens is you can go coming soon and go to the public markets, but with the benefit of price discovery as a private exclusive.

記住，每年只有 400 萬人買房。所以你需要多少個數千萬人來看到你的房產？這也是為什麼我們能獲得這麼大的動能。而且我們也看到，隨著新品牌加入，市場對「私人獨家（private exclusives）」的需求也很強，因為對賣方而言傳達的是同一個訊息。沒有缺點。最糟的情況是你可以先用即將上市，然後再進入公開市場，但同時享有以私人獨家方式進行價格發現（price discovery）的好處。

At the core, what that tool is, it has many different benefits -- ways to use it. But at the core, it is a price testing tool in the exact same way that road shows that companies going public test price as the private listing is the exact same thing for people that are taking their property public and selling their property. And so the only people that -- what seller wouldn't want a price testing tool? The only entity that wouldn't want a price testing tool are people whose business models can't make money off of it.

從核心來看，那個工具有很多不同的好處——也有很多使用方式。但在核心上，它是一個價格測試工具；就像公司上市前的路演會測試定價一樣，私人上架（private listing）對於要把房產推向公開市場並出售的人來說，本質上也是同一件事。所以，哪個賣方會不想要一個價格測試工具呢？唯一不想要價格測試工具的主體，是那些其商業模式無法從中賺錢的人。

Yes. That makes a lot of sense. And secondly, I wanted to ask if you could touch on cost synergies. You obviously spoke to you're not raising the $500 million target right now. But as you've made progress and you're actioning at a higher level than you were initially with the $330 million. How are you thinking about the upside there? And how should we be thinking about the pace in 2027 versus your prior expectations?

是的。這很有道理。第二個問題，我想請你談談成本協同效益（cost synergies）。你顯然提到目前不會提高 5 億美元的目標。但隨著你們取得進展，而且你們推動的層級比最初以 3.3 億美元為目標時更高。你們如何看待其中的上行空間？以及相較於你們先前的預期，我們應該如何看待 2027 年的推進速度？

Yes. Thanks for the question. I think we're really happy with the progress made to date. In 6 months, we've made really strong progress on cost synergies. We're really happy with that. And I think as you consider the pace over time, we're getting into some of the deeper operational synergy areas, some of the system integrations. Some of these things are going to take longer time.

是的。謝謝你的問題。我認為我們對目前為止的進展非常滿意。在 6 個月內，我們在成本協同效益方面取得了非常強勁的進展。我們對此非常滿意。而當你考量隨時間推移的節奏時，我們正在進入一些更深層的營運協同領域、以及部分系統整合。其中有些事情會需要更長的時間。

And so you'll definitely see the pace slow compared to how quickly we came out of the gate for the first 6 months. But I think in terms of what we can achieve overall. I'd put you back to what we did in 2022 when interest rates started to spike with the mortgage rates. We made a commitment to take cost out of the business. We exceeded our initial goals on that.

因此，相較於我們前 6 個月一開始的快速推進，你肯定會看到節奏放緩。但就我們整體能達成的成果而言，我會請你回想 2022 年，當利率開始飆升、房貸利率上升時，我們承諾要為公司降低成本。而且我們超越了當初的初始目標。

Then we exceeded the goals we put again on top of that. And so we -- the point being is that we're not going to stop looking for opportunities once we get to the $500 million goal. And so I think it's safe to assume or reasonable to assume that based on the pace that we've come out in the first 6 months that we will hit our goals over time and potentially exceed them. But we're not going to go into details as far as 2027 at this point in time.

接著我們又超越了在此基礎上再設定的目標。所以——重點是，即使達到 5 億美元的目標，我們也不會停止尋找機會。因此，我認為可以安全地假設、或合理地假設，基於我們前 6 個月的推進速度，我們會隨時間達成目標，甚至可能超越目標。但就 2027 年而言，我們目前不會提供細節。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Robert, the lead stats in Chicago with Redfin are quite impressive. I think while Chicago has some uniqueness, maybe just talk about your ability to replicate this in other markets. And then just when we think about transaction per agent, obviously, we can do the math on Q1 to Q2. Just how much do we -- upside do we see in transactions per agent if we get back to kind of a normal market versus the current level? So where do you think kind of peak upside is there?

Robert，Redfin 在芝加哥的領先指標相當令人印象深刻。我想芝加哥雖然有一些獨特性，但請談談你們在其他市場複製這種成果的能力。另外，當我們思考每位經紀人的交易量（transaction per agent）時，顯然我們可以用 Q1 到 Q2 自己算。如果市場回到某種「正常」狀態、而不是目前的水準，每位經紀人的交易量上行空間有多大？你認為那裡的上行峰值大概會在哪？

I'll address Chicago and the broad opportunity, and then I'll pass it on to Scott for transactions per agent. So on Chicago, we're really happy to see that. Also, it kind of it shows what happens in a free market without restrictions, without fines, without bans. What it shows you is why wouldn't an agent put it on their sites first? What's the downside?

我先回應芝加哥與更廣泛的機會，然後把每位經紀人的交易量交給 Scott。就芝加哥而言，我們很高興看到這樣的結果。同時，這也某種程度上顯示了在沒有限制、沒有罰款、沒有禁令的自由市場中會發生什麼。它告訴你：為什麼經紀人不先把房源放在自己的網站上？缺點是什麼？

Why wouldn't you want -- what seller doesn't want the agent to get their own buyer -- the buyer inquires and deal with them directly. And to be -- to see our traffic up over 100% year-over-year, 77 basis points over the rest of the regions. It's giving us even more confidence and more conviction. And it's also making our real estate professionals even more excited to continue to make progress here as we will.

為什麼你不會想要——哪個賣方不希望經紀人找到自己的買方——買方提出詢問並直接與他們對接？而且看到我們的流量年增超過 100%，比其他地區高出 77 個基點。這讓我們更有信心、也更堅定。同時也讓我們的房地產專業人士更興奮，會繼續在這裡推進，我們也確實會這麼做。

I don't think Chicago is that unique. To be clear, it is becoming the norm. MLSs have statuses that allow agents to share their listings with all agents across all brokerage firms and decide where it is publicly on their site. And so what I mean by that specifically is now 60% of our markets, but it's now in the 60s, they will allow agents to decide to have it on their site and as long as they're sharing it within the MLS across all brokerage firms. And so we think this is going to become more and more the norm as agents see the value in it for their sellers.

我不認為芝加哥有那麼獨特。更明確地說，它正在成為常態。MLS 有一些狀態（statuses），允許經紀人把房源分享給所有經紀公司中的所有經紀人，並決定是否在自己的網站上公開展示。我具體的意思是：現在我們有 60% 的市場——而且已經到 60% 多——允許經紀人決定把房源放在自己的網站上，只要他們在 MLS 內、跨所有經紀公司分享該房源即可。因此我們認為，隨著經紀人看到這對其賣方的價值，這將越來越成為常態。

Yes. And Jason, just to touch on the question on transactions per agent. Tough question to answer as far as a specific data point. But as a trend, I think you'll see the number continue to go up just as you did this quarter. And the reason for that is that we're turning out or trading out of the business, some of the unproductive agents.

是的。Jason，關於每位經紀人的交易量這個問題，我也補充一下。要回答一個具體數據點確實很難。但就趨勢而言，我認為你會看到這個數字持續上升，就像本季一樣。原因是我們正在讓一些低產能的經紀人退出、或把他們從業務中汰換出去。

In fact, we cited stats today that are similar to the stats we cited last quarter, where 49% of the agents that left the business in the quarter had zero GCI in the trailing 12 months. So naturally, it's just going to increase transactions per agent. There's a lot of mix in there, too, because remember, we're now disclosing total agent counts, not just principal agent counts. And the total recruiting number each quarter and the total attrition number is really not 100% in Compass' control.

事實上，我們今天引用的統計數據與上季引用的類似：本季離開公司的經紀人中，有 49% 在過去 12 個月（trailing 12 months）的總佣金收入（GCI）為零。所以自然地，每位經紀人的交易量就會上升。其中也有很多組合因素，因為請記住，我們現在揭露的是經紀人總數，而不只是主力經紀人（principal agent）的人數。而每季的總招募人數與總流失人數，其實並非 100% 都在 Compass 的控制之下。

It's also in control of the principal agent, right? The principal agent is who decides to add team members to its team. It's who decides to attrit team members from its team. So that goes into that churn as well. But I think directionally speaking, you'll see that number go up as we, by definition, are only recruiting productive agents to the company. And as a result of the data you saw in the last two quarters, we're trading out on average, the lower-performing agents.

這也在主代理的掌控之中，對吧？主代理決定是否要在其團隊中新增隊員。也由他決定是否讓團隊成員流失離開。所以這也會反映在那個流動率裡。但我認為從趨勢方向來看，隨著我們依定義只招募具生產力的代理加入公司，你會看到那個數字上升。而且根據你在過去兩季看到的數據，我們平均而言正在汰換掉表現較差的代理。

Kunal Madhukar, Deutsche Bank.

Kunal Madhukar，德意志銀行。

A quick one on the outlook that you provided. Given the K-sided or K-shaped market recovery or the economy that we are seeing right now, as the market recovers, what is your assumption on market share and especially around the recovery part? So if the market recovers from the current $4 million to like, let's say, $5 million or $5.5 million, if you're assuming the same market share going up in that environment, -- is that -- given your bend towards higher-priced properties and more luxury properties, would that assumption be correct?

我有個關於你們提供的展望的簡短問題。鑑於我們目前看到的 K 型或 K 字型市場復甦／經濟狀況，隨著市場復甦，你們對市占率、尤其是復甦那一段的假設是什麼？也就是說，如果市場從目前的 400 萬美元回升到例如 500 萬或 550 萬美元，而你們假設在那樣的環境下市占率維持不變並隨市場一起上升——這樣的假設是否正確？考量到你們偏向較高價位與更奢華的物件，這個假設會成立嗎？

Look, we don't really think about guidance in terms of market share. I mean we really haven't changed our philosophy on guidance. And the way we do it is really consistent with how we've always done it for that upcoming quarter. It's really based on what we're seeing in our systems at this point in time, right? So as we sit here today, early August, we have good visibility into July.

你看，我們其實不太用市占率的角度來思考財測。我的意思是，我們在財測上的理念並沒有改變。而我們的做法也一直與過去針對即將到來季度的方式一致。它主要是基於我們此刻在系統中看到的情況，對吧？所以以今天、八月初的時間點來看，我們對七月有很好的能見度。

As a reminder, too, for this current quarter, July represents -- it's the largest month of the three months in this quarter, directionally 40% of the volume in July. And so we take a look at what we see in July. We have some data for August, right? So we're able to extrapolate that into a guide for the month of August. And then September is a little bit of our wildcard. It's the third month out in the quarter.

也提醒一下，就本季度而言，七月——它是本季度三個月中最大的一個月，方向性來看，七月約占 40% 的成交量。因此我們會先看七月的表現。我們也有一些八月的數據，對吧？所以我們能把它外推成對八月的指引。而九月則有點像我們的變數。它是該季度的第三個月、距離最遠。

And so we're taking educated guesses on that based on trending information, but that's kind of how we do the guide for the upcoming quarter and really haven't changed that.

因此我們會根據趨勢資訊做出有根據的推估；這大致就是我們對下一季度做指引的方法，而且真的沒有改變。

Got it. And with regard to agent growth, how should we think of agent growth for the third and the fourth-quarters?

了解。那關於代理人增長，第三季與第四季的代理人增長應該怎麼看？

Yes. Look, in terms of agent growth, I think the point here is that we're going to continue recruiting productive agents into the environment. I mean, as we talked about a little bit in our prepared comments, we had consistent good growth on the Compass side. Our enterprise sales team has been in a good motion over years now of perfecting that sales motion, and we are rolling that recruiting team out to the other owned brands in the Anywhere side that we just acquired in January.

是的。你看，就代理人增長而言，我認為重點是我們會持續招募具生產力的代理加入這個體系。我的意思是，正如我們在事先準備的發言中稍微提到的，我們在 Compass 端一直有穩定且良好的增長。我們的企業銷售團隊多年來一直在良性運作，不斷精進那套銷售運作模式；而我們正把這支招募團隊擴展到 Anywhere 端其他我們自有的品牌——那些是我們在一月剛收購的。

And so we're looking forward to ramping that up and that should be full scale come January of next year. And so over the next couple of quarters, I think you'll still see steady growth, but we're really looking forward to getting that full recruiting motion heading into 2027. The point being on agent count, though is it's less of a number, right, because you'll see it's a directional indicator.

因此我們期待把這件事加速推進，並且在明年一月達到全面規模。所以在接下來幾個季度，我認為你仍會看到穩定增長，但我們更期待在邁向 2027 年時，讓那套完整的招募運作模式全面啟動。不過在代理人數方面，重點是它比較不是一個絕對數字，對吧？因為你會看到它更像是一個方向性的指標。

And there's been limitations in putting a total agent count out. There's been limitations in putting a principal agent count number out there. As I've said before, you can have one principal agent that has dozens of team members that does a ton of production. You can also have a principal agent that's an individual contributor. The same is true for the disparity of individual agents on a total count perspective.

而且在公布總代理人數方面一直存在一些限制。在公布主代理人數方面也有一些限制。如我之前說過，你可能只有一位主代理，但他有數十位團隊成員，產能非常高。你也可能有一位主代理是單打獨鬥的個人貢獻者。從總人數角度來看，個別代理之間的差異也是一樣。

Not all agents are created equal in terms of their production. So a number is kind of hard to peg a result on. We're kind of like we provide that number in terms of direction, but it's not the only factor. And it doesn't impact growth is what it comes down to.

並非所有代理在產能上都一樣。所以很難用一個數字去對應或錨定結果。我們提供那個數字更多是作為方向性的參考，但它不是唯一因素。而且歸根結底，它並不決定成長。

Ryan McKeveny, Zelman.

Ryan McKeveny，Zelman。

Nice job with the results. So one quick follow-up on the comment you were just talking about with the enterprise sales operations. I guess, over a longer period of time, should we expect that system or the operations there to also be applicable on the franchise side of things for franchise owners and within the franchise brands?

這次成績做得很好。我想就你剛才談到的企業銷售營運再追問一個。我想，從更長期來看，我們是否也應該預期那套系統或營運方式同樣適用於加盟端，讓加盟主以及加盟品牌也能使用？

And then the other question I have is on just the cost side of things. So obviously, good work on the synergies. And I may have missed, I know in the past, Scott, you've talked to this idea of 3% to 4% OpEx inflation is kind of the expectation. You also called out this quarter the variable expense side of the integrated services.

另外一個問題是關於成本端。很明顯，你們在協同效益上做得很好。我可能漏聽了——我知道過去 Scott 你談過，3% 到 4% 的營業費用（OpEx）通膨大概是你們的預期。你們這一季也特別提到整合服務（integrated services）的變動費用部分。

So curious, when we step aside from the synergies for a moment, it's still -- is that 3% to 4% still what you're thinking about? And more generally on that, and sorry for the long-winded question, to the extent we either do have a significant recovery in existing home sales or they go meaningfully lower. I guess, how do you think about the OpEx cost structure between, let's call it, an upside and downside case?

所以我想問的是，當我們先把協同效益放一邊，那個 3% 到 4% 仍然是你們的看法嗎？更一般性地說，也抱歉問題有點長：如果我們確實看到成屋銷售大幅復甦，或是顯著走低，那麼在上行與下行情境下，你們如何看待 OpEx 的成本結構？

Does the 3% to 4% stay intact in an upside scenario? Or do you have to flex expenses higher and likewise in the downside, presumably you'd be looking for cost to remove. But yes, if you can speak to those, that would be great. I'm sorry again for the long question.

在上行情境下，3% 到 4% 會維持不變嗎？還是你們必須把費用彈性拉高？同樣地，在下行情境下，推測你們會尋求移除成本。但對這些如果能談談就太好了。也再次為這個長問題致歉。

Great. So on the enterprise sales team, we're effectively thinking six months after the home platform launch, we launched the enterprise sales team. And so for the owned brokerage, we started this summer. And so in winter, I think we should be fully complete with the enterprise sales team. In Q1 of next year, we'll start the home platform launch for our franchise affiliate brands.

好的。關於企業銷售團隊，我們的思路是：在房屋平台（home platform）上線後大約六個月，我們就成立了企業銷售團隊。因此對自有經紀業務（owned brokerage）而言，我們是從今年夏天開始。所以我認為到冬天時，企業銷售團隊應該就會完全到位。明年第一季，我們會開始為我們的加盟關聯品牌（franchise affiliate brands）啟動房屋平台上線。

And I would say six months later, you will see the same benefits and structure and offering that we provide the owned brand from an enterprise sales team perspective, we will provide to our franchise broker owners. Now just keep in mind, for them, they always have the option to or not to use something. They're completely different independent companies. But we believe that our enterprise solution will be of value to them.

我會說再過六個月，你會看到同樣的效益、架構與方案：我們以企業銷售團隊的角度提供給自有品牌的，我們也會提供給加盟經紀商業主。不過請記住，對他們而言，他們永遠可以選擇要或不要使用某些東西。他們是完全不同的獨立公司。但我們相信我們的企業解決方案對他們會有價值。

Yes, Ryan, on your second question, look, I think the 3% to 4% framework is definitely the right way to think about it over time. We historically had everything in one segment. So kind of all the costs for these different business units were all in one OpEx line. Now that we have three segment presentation. You can see the OpEx broken out between integrated services and the franchise side.

是的，Ryan，關於你的第二個問題，你看，我認為 3% 到 4% 這個框架，從長期來看確實是正確的思考方式。我們過去在歷史上把所有東西都放在同一個部門（segment）裡。所以這些不同事業單位的所有成本都放在同一條 OpEx 線項中。現在我們改為三個部門的呈現方式。你可以看到 OpEx 在整合服務與加盟端之間被拆分開來。

And so I just kind of called out some of those comments that you will see some uptick as we do better on the Franchise side -- on the Integrated services side of things, but it's really kind of like muted in an overall. I mean I think the biggest component of the business, the biggest component of the cost structure is on the brokerage side.

所以我只是大致點出其中一些評論：隨著我們在特許經營（Franchise）端——也就是整合式服務（Integrated services）端——表現得更好，你會看到一些小幅上升，但整體而言其實是相對溫和的。我的意思是，我認為業務中最大的組成部分、成本結構中最大的部分是在經紀（brokerage）端。

And as we've said about before, as you grow that revenue, you just don't have a lot of fixed costs that grow with it or variable costs, I should say, to grow with it. A lot of those costs are somewhat fixed in nature. So of course, there are some costs that will grow in a variable nature with revenue, but they're really kind of on the small end of the spectrum. And so we still feel good about that rate over time.

而且正如我們之前說過的，當你把那部分營收做大時，並沒有太多會隨之增加的固定成本，或者我應該說，會隨之增加的變動成本。其中很多成本在性質上是相對固定的。所以當然，確實有一些成本會隨營收以變動方式成長，但它們其實是在整體中占比較小的一端。因此，我們對這個比率隨時間推移仍然感到樂觀。

I mean I think the cost synergies, obviously, will lower that growth, right? You will have additional increases in cost, but inflation will always exist, but we'll continue to be looking for ways to offset that with efficiencies and some of the cost synergy work. We'll lower that down. So we feel we can stay within that percentage over time.

我的意思是，我認為成本協同效益（cost synergies）顯然會降低那個成長幅度，對吧？你會看到成本有額外的增加，而通膨也永遠會存在，但我們會持續尋找方法，透過效率提升以及一些成本協同的工作來抵消它。我們會把它降下來。所以我們覺得，隨著時間推移，我們可以維持在那個百分比範圍內。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行（Wells Fargo）。

So interesting data points on kind of Compass coming soon penetration of new listings, 57% in recent weeks. I think you said 80% by the end of third-quarter. We've started to see some Coldwell Banker coming soon on the websites and so on the portals. And so clearly, some progress being made on selling the coming soon listing modality into the new brands. How long do you anticipate it will take to get the Anywhere brands up to the level of coming soon penetration that you've been able to achieve at Compass?

所以有一些有趣的數據點，關於 Compass「Coming Soon」在新上架房源中的滲透率，最近幾週達到 57%。我想你說第三季末會到 80%。我們也開始在網站上、以及在入口網站（portals）上看到一些 Coldwell Banker 的「Coming Soon」。所以很明顯，把「Coming Soon」這種上架模式推廣到新品牌方面正在取得一些進展。你預期要多久，才能讓 Anywhere 旗下品牌的「Coming Soon」滲透率達到你在 Compass 所達到的水準？

I think in the spring market, i.e., the period before the spring market, January, February, March, I would expect the Anywhere brands to be at the same level as the Compass brands.

我認為在春季市場，也就是春季市場之前的那段期間——一月、二月、三月——我預期 Anywhere 旗下品牌會達到與 Compass 品牌相同的水準。

Yes. Got it. That's helpful. And I guess maybe a follow-up question. I think -- yes, I think your Compass Coming Soon is like 5% of Chicago listings more if you just look at listings that have been on the market for less than 30 days. And the traffic data point was interesting to me. I think you said that in Chicago, your web traffic was up 100% or something to the portal.

是的。了解。這很有幫助。我想也許再追問一下。我想——是的，我想如果你只看上市未滿 30 天的房源，你們的 Compass Coming Soon 在芝加哥的房源占比大概是 5% 或更高。而那個流量數據點對我來說很有意思。我想你說在芝加哥，你們的網站流量相較於入口網站上升了 100% 之類的。

Does the success in leveraging the coming soon listings to drive traffic to Compass.com change your thoughts at all around the portal strategy? I think clearly, you have the Redfin partnership. You've indicated a proclivity to partner. Does having more success driving direct traffic change your thoughts about wanting to compete more directly in the portal business as opposed to partner?

利用「Coming Soon」房源來帶動 Compass.com 流量的成功，是否會改變你對入口網站策略（portal strategy）的看法？我想很明顯，你們有與 Redfin 的合作夥伴關係。你們也表示傾向於合作。如果能更成功地帶動直接流量，會不會改變你們想在入口網站業務上更直接競爭、而不是以合作為主的想法？

I think we've been consistent for the entire time. We want -- we -- let me ask the question this way. Is it unreasonable to expect that the company that has the most listings in the United States is the number one place people search in the United States? I don't think so. I think the only reason that is not the case is because there are mandatory rules that are forcing listing agents to give up their data and their clients' data and give up their content to third-party platforms.

我認為我們一直以來都很一致。我們想——我們——我換個方式問這個問題。是否不合理去期待：在美國擁有最多房源的公司，也應該是美國民眾搜尋房源的第一站？我不這麼認為。我認為之所以不是如此，唯一原因是有一些強制性規則，迫使上架代理（listing agents）交出他們的資料、他們客戶的資料，並把內容交給第三方平台。

And so as these rules become go away because we believe they are beyond anticompetitive. They are illegal, that the MLSs are a collection of our competitors who are telling us how we can and cannot compete. Again, I can't overstate that enough. They are a collection of our competitors. That's the MLS Board that runs the MLS that tells us how we can and cannot compete in marketing services.

因此，隨著我們認為這些規則極度反競爭、而且是非法的，它們會逐步消失。MLS 是由我們的競爭對手所組成的集合，卻在告訴我們可以如何、以及不可以如何競爭。再次強調，我怎麼說都不為過。它們是由我們的競爭對手所組成的集合。那就是負責運作 MLS 的 MLS 董事會（MLS Board），在行銷服務方面告訴我們可以如何、以及不可以如何競爭。

As those go down and down and down every month and year, they will. Agents will just put them on our sites and then people will search where the inventory is. We've done the research. Like what does it take to get -- to make a buyer want to search another site. They just need to know there's one listing in the exact market where they are looking. And if they believe there's one other listing, they will search that site.

隨著這些規則每個月、每一年都會一點一點下降、下降、再下降——它們會的。代理人就會把房源放在我們的網站上，然後人們就會到有庫存（inventory）的地方去搜尋。我們做過研究。例如，要讓買方願意去另一個網站搜尋，需要什麼？他們只需要知道，在他們正在找的那個精準市場裡，有一筆房源在那個網站上。而如果他們相信那裡還有另一筆房源，他們就會去那個網站搜尋。

Now in terms of Redfin, they are a great, great partner in more ways than one. And I think there's room for, of course, many different portals. And we believe -- we're thankful that they provided competition to the dominant portal. And again, they're a great partner.

至於 Redfin，他們在多個層面上都是非常、非常好的合作夥伴。而且我認為，當然也有空間容納許多不同的入口網站。我們相信——也很感謝他們為主導型入口網站帶來競爭。再次強調，他們是很棒的合作夥伴。

This concludes our Q&A session. I will now turn the call back to Robert Reffkin for closing remarks.

我們的問答環節到此結束。我現在把電話交回給 Robert Reffkin 作結語。

Well, thank you, everyone, for joining our call today. I want to end by thanking all of our employees and all of our real estate professionals for their hard work. Together, we delivered a record second-quarter, and I look forward to continuing our strong momentum in the second half of this year with you all. Thank you. And to everyone, have a great rest of your day.

好的，感謝各位今天加入我們的電話會議。最後我想感謝我們所有員工以及所有房地產專業人士的辛勤付出。我們一起交出創紀錄的第二季表現，我也期待在今年下半年與各位延續我們強勁的動能。謝謝。也祝各位今天剩下的時間愉快。

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

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。