Douglas Elliman Inc (DOUG) 2024 Q3 法說會逐字稿

Welcome to Douglas Elements third quarter, 2024 earnings conference call.

歡迎參加 Douglas Elements 2024 年第三季財報電話會議。

This call is being recorded and simultaneously webcast.

此次通話正在錄音並同時進行網路直播。

An archived version of the webcast will be available on the investor relations section of the company's website located at investors.elements.com for one year.

此網路廣播的存檔版本將在該公司網站 Investors.com 的投資者關係部分提供，為期一年。

During this call, the terms adjusted EBITDA, and adjusted net loss will be used.

在本次電話會議期間，將使用調整後的 EBITDA 和調整後的淨虧損條款。

These terms are Non-GAAP financial measures and should be considered in addition to but not as a substitute for other measures of financial performance prepared in accordance with GAAP reconciliations to adjusted EBITDA and adjusted net loss are contained in the company's earnings release which has been posted to the investor relations section of the company's website.

這些條款是非公認會計準則財務衡量標準，應作為其他財務績效衡量標準的補充，而不是替代根據公認會計原則準備的其他財務業績衡量標準，調整後的EBITDA 和調整後的淨虧損包含在公司已發布的收益報告中到公司網站的投資者關係部分。

Before the call begins, I would like to read a safe harbour statement the statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or applied by forward-looking statements.

在電話會議開始之前，我想閱讀一份安全港聲明。結果有重大差異前瞻性陳述中或應用前瞻性陳述。

These risks are described in more detail in the company's securities and exchange commission filings.

這些風險在公司向證券和交易委員會提交的文件中進行了更詳細的描述。

Now, I would like to turn the call over to the Chairman and Chief Executive Officer of Douglas Elliman, Michael S. Liebowitz.

現在，我想將電話轉交給 Douglas Elliman 董事長兼執行長 Michael S. Liebowitz。

Good morning. And thank you for joining us, first and foremost. I'm honoured to have been named Chairman and CEO of Douglas and to lead this story company through an exciting new chapter of transformation, growth and diversification. With me. Today on the call is Brian Kirkland, our Chief Financial Officer on today's call, we will discuss the current operating environment and Douglas Element's financial results for the three and nine months ended September 30, 2024. All numbers presented this morning will be as of September 30, 2024. Unless otherwise stated, we will then provide closing comments and open the call for questions before we turn to our third quarter, 2024 results.

早安.首先感謝您加入我們。我很榮幸被任命為道格拉斯公司的董事長兼首席執行官，並帶領這家故事公司經歷了轉型、成長和多元化的激動人心的新篇章。與我一起。今天的電話會議由我們的財務長 Brian Kirkland 主持，我們將討論當前的營運環境以及 Douglas Element 截至 2024 年 9 月 30 日的三個月和九個月的財務業績。今天早上提供的所有數據截至 2024 年 9 月 30 日。除非另有說明，否則我們將在討論 2024 年第三季業績之前提供結案評論並開始提問。

I'd like to start by reflecting on my first few weeks leading Douglas I met with and spoke to many of our agents and staff across the organization. We truly have an outstanding roster of agents and employees. They've all made me feel truly welcome.

首先，我想回顧我領導道格拉斯的頭幾週，我會見了整個組織的許多代理商和員工，並與他們進行了交談。我們確實擁有優秀的代理商和員工名單。他們都讓我感到真正受歡迎。

We have an incredible foundation to build on and enhance our culture and create an even stronger culture of collaboration, respect and integrity. Our brand in my view is the most recognizable brands in real estate. It's the reason I took this incredible opportunity.

我們擁有令人難以置信的基礎來發展和增強我們的文化，並創造更強大的合作、尊重和誠信文化。在我看來，我們的品牌是房地產領域最知名的品牌。這就是我抓住這個難得機會的原因。

We must innovate and evolve to stay ahead and be the firm that provides expertise and added value with real estate services and in-depth analytics to differentiate Douglas Element from our competitors. We plan to grow and diversify the business to deliver value.

我們必須創新和發展才能保持領先地位，並成為透過房地產服務和深入分析提供專業知識和附加價值的公司，使道格拉斯元素從我們的競爭對手中脫穎而出。我們計劃發展業務並使業務多元化以創造價值。

And we have already created a strategic M&A unit to explore complementary acquisitions in ancillary businesses like title escrow staging, insurance brokerage and property management that we are very excited about.

我們已經創建了一個策略併購部門，以探索對產權託管、保險經紀和物業管理等輔助業務的補充收購，我們對此感到非常興奮。

We are already in discussions to expand our property management business into Florida with this real opportunity as we expand our recurring revenue businesses, this approach will transform Douglas into a company with a diversified revenue stream and a sustainable growth engine. I look forward to sharing more of our plans in the weeks and months ahead with that. I'll turn it over to Bryant who will discuss our performance and the trends shaping the residential real estate industry.

我們已經在討論將我們的物業管理業務擴展到佛羅裡達州，隨著我們擴大經常性收入業務，這一真正的機會將把道格拉斯轉變為一家擁有多元化收入來源和可持續增長引擎的公司。我期待在未來幾週和幾個月內分享更多我們的計劃。我將把它交給布萊恩特，他將討論我們的表現以及塑造住宅房地產行業的趨勢。

Thank you, Michael and the management team is enthusiastic about the vision, for the new Douglas Sullivan with your leadership, our team at Douglas Elliman will be able to focus on increasing and diversifying revenues by logically investing in the business. We will capitalize on Douglas Elliman's competitive advantages in the ultra-luxury residential real estate brokerage segment as well as our expertise in he development marketing division.

謝謝邁克爾和管理團隊對這一願景充滿熱情，新任道格拉斯·沙利文在您的領導下，道格拉斯·艾麗曼的團隊將能夠透過合理地投資業務來專注於增加收入和實現收入多元化。我們將利用道格拉斯艾麗曼在超豪華住宅房地產經紀領域的競爭優勢以及我們在開發行銷部門的專業知識。

Before reviewing the financial performance, we will provide some updates on trends in home sale pricing, listings and development, marketing, as well as accolades earned in some of our key markets.

在審查財務業績之前，我們將提供有關房屋銷售定價、掛牌和開發、行銷以及在我們的一些主要市場獲得的榮譽方面的趨勢的一些最新資訊。

First pricing for home sales remains strong in the third quarter. Our industry best average price per transaction rose to $1.6 million per home sale compared to $1.57 million per home sale in the comparable 2023 period year-to-date through September 30, 2024. Our average price per home sale transaction is $1.68 million compared to $1.6 million in the 2023 period.

第三季房屋銷售的首次定價仍然強勁。截至 2024 年 9 月 30 日，我們的行業最佳每筆交易平均價格升至 160 萬美元，而 2023 年同期每筆房屋銷售為 157 萬美元。我們每筆房屋銷售交易的平均價格為 168 萬美元，而 2023 年期間為 160 萬美元。

Second, we continue to build momentum from increased home sell listings. Our listing volume increased 6% in the third quarter of 2024 from the prior year period.

其次，我們繼續透過增加房屋銷售來建立動力。2024 年第三季度，我們的上市量比去年同期成長了 6%。

Third, our development marketing division remains the preeminent industry player with a pipeline of actively marketed projects of approximately $26.8 billion of gross transaction value. Approximately $16.4 billion of this gross transaction value is in Florida alone.

第三，我們的開發行銷部門仍然是業界的佼佼者，擁有一系列活躍的行銷項目，交易總額約為 268 億美元。光是佛羅裡達州就佔交易總額約 164 億美元。

In addition to this active pipeline, I am pleased to report we have another $4.7 billion of gross transaction value that we expect will be coming to market through the end of 2025.

除了這個活躍的管道之外，我很高興地報告，我們還有另外 47 億美元的總交易價值，預計到 2025 年底將進入市場。

We believe this foundation of business bodes well for the future as we will recognize commission income from these projects when they close, which is scheduled generally between the fourth quarter of 2024 and the year ended December 31, 2029.

我們相信，這項業務基礎預示著未來良好，因為我們將在這些項目結束時確認佣金收入，項目通常安排在 2024 年第四季至截至 2029 年 12 月 31 日的年度之間。

Yes, many of our brokerages continue to outperform their peers.

是的，我們許多經紀公司的表現持續優於同業。

We were recently named the number one brokerage by sales volume on Long Island, the Hamptons, Westchester and the Hudson Valley and also eclipse sells records in North Miami and the north fork of Long Island.

最近，我們被評為長島、漢普頓、威徹斯特和哈德遜河谷銷售第一的經紀公司，並且還創下了北邁阿密和長島北叉的銷售記錄。

Now transitioning to updates on our expense structure. We continue to manage investments across our markets by focusing on return on investment for the nine months ended September 30, 2024, our real estate brokerage segment reduced its operating expenses excluding commissions, depreciation, and amortization, litigation settlement, restructuring expenses and noncash stock compensation expenses by approximately $11.9 million as compared to the corresponding period in 2023.

現在轉向我們費用結構的更新。我們繼續透過關注截至2024年9月30日的九個月的投資回報來管理整個市場的投資，我們的房地產經紀部門減少了營運費用，不包括佣金、折舊和攤提、訴訟和解、重組費用和非現金股票補償與 2023 年同期相比，費用增加約 1,190 萬美元。

Now we will turn to Douglas 's financial results for the three months ended, September 30, 2024, Douglas Elliman has maintained ample liquidity with cash and cash equivalents at September 30, 2024, of approximately $151.4 million.

現在我們來看看道格拉斯艾麗曼截至2024年9月30日止三個月的財務業績，道格拉斯艾麗曼截至2024年9月30日的現金及現金等價物保持著充裕的流動性，約為1.514億美元。

Douglas Salomon reported $266.3 million in revenues compared to $251.5 million in the 2023 third quarter. Net loss attributed to Douglas Elliman for the third quarter was $27.2 million or $0.33 per diluted share compared to $4.9 million or $0.06 per diluted common share in the 2023 period.

道格拉斯·所羅門報告的收入為 2.663 億美元，而 2023 年第三季的收入為 2.515 億美元。道格拉斯艾麗曼公司第三季的淨虧損為 2,720 萬美元，即稀釋後每股虧損 0.33 美元，而 2023 年期間的淨虧損為 490 萬美元，即稀釋後普通股每股 0.06 美元。

Net loss attributed to Douglas element in the 2024 period included $20.2 million noncash charge for change in the fair value of derivative embedded with inconvertible debt adjusted EBITDA reported to Douglas Elliman in the third quarter were a loss of $1.4 million compared to a loss of $3 million in the 2023 period.

2024 年期間道格拉斯要素造成的淨虧損包括因嵌入不可轉換債務的衍生性商品公允價值變動而產生的2,020 萬美元非現金費用，調整後的EBITDA 報告給道格拉斯‧艾麗曼第三季為虧損140 萬美元，而虧損為300 萬美元在2023年期間。

For comparison purposes, our real estate brokerage segment reported operating income of $454,000 this quarter compared to an operating loss of $2 million in the 2023 period.

出於比較目的，我們的房地產經紀部門本季的營業收入為 454,000 美元，而 2023 年期間的營業虧損為 200 萬美元。

Adjusted EBITDA attributed to this segment were income of $3.8 million compared to $1.5 million in the 2023 period adjusted net loss attributed to Douglas Elliman in the third quarter was $6.5 million or $0.8 per share compared to $4.7 million or $0.06 per share in the 2023 period.

歸屬於該部門的調整後EBITDA 營收為380 萬美元，而2023 年期間為150 萬美元。 2023 年期間為470 萬美元，即每股0.06 美元。

Now turning to Douglas 's financial results for the nine months ended September 30, 2024. Douglas Salomon reported $752.3 million in revenues. An increase from $741.4 million in the 2023 period. Net loss attributed to Douglas Elliman was $70.3 million or 84¢ per diluted share compared to $27.7 million or $0.34 per diluted share in the 2023 period.

現在轉向道格拉斯截至 2024 年 9 月 30 日止九個月的財務表現。道格拉斯·所羅門 (Douglas Salomon) 公佈的收入為 7.523 億美元。較 2023 年期間的 7.414 億美元增加。道格拉斯艾麗曼公司的淨虧損為 7,030 萬美元，即稀釋後每股虧損 84 美分，而 2023 年期間的淨虧損為 2,770 萬美元，即稀釋後每股虧損 0.34 美元。

Net loss attributed to Douglas Elliman in the 2024 period included a $20.2 million noncash charge for the fair value of derivative embedded with inconvertible debt in the third quarter and a $17.75 million litigation settlement charge in the first quarter, Adjusted EBITDA attributed to Douglas Elliman in the nine months ended September 30, 2024, were a loss of $17.3 million compared to a loss of $23 million in the 2023 period.

道格拉斯·艾麗曼 (Douglas Elliman) 在 2024 年期間的淨虧損包括第三季度嵌入不可轉換債務的衍生品公允價值的 2020 萬美元非現金費用以及第一季度 1775 萬美元的訴訟和解費用。年9 月30 日的九個月，虧損1,730 萬美元，而2023 年期間虧損2,300 萬美元。

For comparison purposes, our real estate brokerage segment reported an operating loss of $31.9 million for the first nine months of 2024. Compared to $20.3 million in the 2023 period.

出於比較目的，我們的房地產經紀部門報告 2024 年前 9 個月的營運虧損為 3,190 萬美元。相較之下，2023 年期間為 2,030 萬美元。

Operating loss in the 2024 period included a $17.75 million litigation settlement charge adjusted EBITDA attributed to the real estate brokerage S AMA or a loss of $3.8 million compared to a loss of $9 million in the 2023 period adjusted net loss attributed to Douglas Elliman in the nine months ended September 30, 2024 was $31.3 million or $0.38 per share compared to $26.4 million or $0.32 per share in the 2023 period.

2024 年期間的營運虧損包括歸因於房地產經紀公司S AMA 的1,775 萬美元的訴訟和解費用調整後EBITDA 或虧損380 萬美元，而2023 年期間的虧損為900 萬美元，調整後的淨虧損歸因於道格拉斯·艾麗曼(Douglas Elliman) 九季截至2024 年9 月30 日止月份的淨利潤為3,130 萬美元，即每股0.38 美元，而2023 年期間為2,640 萬美元，即每股0.32 美元。

Now, back to you, Michael.

現在，回到你身邊，麥可。

Thanks Brian, and listen to step away, I'd like to step away for a second from some of my prepared remarks. So, you can understand really how we're looking at this business. Ro I is going to be a major focus. You know, we've moved all of our negotiations with agents on deals into this new M&A unit that we've created and we really feel that focusing on Roi on each and every deal that we do is extremely important and we are going to be laser focused on that.

謝謝布萊恩，請聽聽，走開，我想暫時離開我準備好的一些發言。因此，您可以真正了解我們如何看待這項業務。Ro I 將成為主要焦點。你知道，我們已經將與代理商的所有交易談判轉移到我們創建的這個新的併購部門中，我們確實認為，在我們所做的每筆交易中關注投資回報率是極其重要的，我們將激光聚焦於此。

In addition, you know, I mentioned diversification, diversifying this business model is one of our primary goals. As the business goes up and down, we all understand the real estate business has a lumpy nature to it and diversifying the business and doing acquisitions and organically starting and growing businesses that sit around the agent will greatly enhance our agent base diversification and bring us into new markets. So, we're very excited about that.

另外，你知道，我提到了多元化，使這種商業模式多元化是我們的首要目標之一。隨著業務的起起落落，我們都知道房地產業務具有不穩定的性質，業務多元化、收購以及有機地啟動和發展圍繞代理商的業務將極大地增強我們的代理商基礎多元化，並使我們進入新市場。所以，我們對此感到非常興奮。

The best days of Douglas Element are truly ahead of us. You know, I took this role on because of the because of the brand, the power of the brand, the ability to scale this brand, the ability to take this brand further than just domestically with all of the businesses that we can be in. I'm very excited about this opportunity and with that, we'll be happy to answer any questions operator.

道格拉斯元素公司最美好的日子確實就在前方。你知道，我擔任這個角色是因為這個品牌，品牌的力量，擴大這個品牌的能力，以及讓這個品牌在我們可以參與的所有業務中不僅僅在國內發展的能力。我對這個機會感到非常興奮，我們將很樂意回答操作員的任何問題。

(Operator Instructions) Peter Abramowitz, Jeffrey.

（操作員說明）Peter Abramowitz，Jeffrey。

Yes. Thank you very much. Appreciate the time. Brian just wondering if you could dig in a little bit just on the accounting side to that charge from the embedded derivative change in in the convertible debt. Just help us understand that a little bit more.

是的。非常感謝。珍惜時間。布萊恩只是想知道你是否可以在會計方面深入探討一下可轉換債務中嵌入衍生性商品變化的費用。只是幫助我們更多地理解這一點。

Thank you and good morning, Peter. Hope you're well. Thanks for the question and obviously, we want to take the opportunity to explain the accounting for this embedded derivative. Before elaborating, it's important to note that the amount of the charge was primarily driven because the company's stock price increased seven by 71%.

謝謝你，早安，彼得。希望你一切都好。感謝您提出問題，顯然，我們想藉此機會解釋一下這種嵌入式衍生品的會計處理。在詳細闡述之前，需要注意的是，費用金額主要是因為該公司的股價上漲了 7%，上漲了 71%。

And again, I repeat that 71% between the time the debt was issued at the end of the quarter. So let's dive into the background. As you're aware in July 2024 the company received a $50 million growth investment from the Kennedy Lewis investment management firm.

我再次重申，季度末債務發行期間的 71%。那麼讓我們深入了解一下背景。如您所知，2024 年 7 月，該公司從 Kennedy Lewis 投資管理公司獲得了 5,000 萬美元的成長投資。

We believe that this investment demonstrates the market's confidence in the strength of our business as well as the Douglas name Michael just mentioned in connection with this, the accounting standards required the company to value the conversion feature of the debt separately from the debt. So this requirement occurs because of a provision in the convertible debt which is mandated by stock exchange requirements.

我們認為，這項投資顯示了市場對我們業務實力的信心，以及剛才提到的麥可道格拉斯名字與此有關，會計準則要求公司將債務的轉換特徵與債務分開評估。因此，出現這項要求是因為可轉換債務中的一項規定是證券交易所要求所強制規定的。

And that provision relates to stockholder approval of any modifications to the company's debt at an issue price below a $23 per share as we stated earlier because the company's stock price increased by 71% of a dollar. At the time of the debt issue went to a $83 per share. At the end of the quarter, the value of the convertible debt increased by [$2120.2 million.] And that resulted in a noncash charge to earnings.

該條款涉及股東以低於每股 23 美元的發行價批准對公司債務的任何修改，正如我們之前所說，因為公司股價上漲了 71%。債務發行時每股價格為 83 美元。本季末，可轉換債務的價值增加了 [21.202 億美元]。

And again, it's important to emphasize this was a noncash charge and should not be cash paid expense because the company's debt and embedded derivative were carried at $67.5 million at the end of the quarter or September 30 rather than the $50 million face value to put it in another way when the debt is in the money, there are only two practical scenarios, either the holder would convert the debt for shares, and then sell the shares or the company would retire the debt at face value or $50 million.

再次強調，這是一項非現金費用，不應該是現金支付費用，因為該公司的債務和嵌入衍生品在季度末或9 月30 日的賬面價值為6,750 萬美元，而不是5,000 萬美元的面值。

So, with that, do you have any other questions on it?

那麼，您對此還有其他疑問嗎？

No, no. I think that's helpful. And then one on just the rate backdrop and kind of how you're thinking about the impact to your overall markets. So, since the, the Fed has embarked on its easing cycle here. The long end of the curve has remained sort of stubbornly high. So, just wondering if you can sort of help us think through how that might impact the, the sales market. You know, as we look ahead to 25.

不，不。我認為這很有幫助。然後是關於利率背景以及您如何看待對整體市場的影響。因此，自那時起，聯準會就開始了寬鬆週期。曲線的長端仍然頑強地處於高位。所以，只是想知道您是否可以幫助我們思考這可能會如何影響銷售市場。你知道，我們展望 25 週年。

Ok, you want to address that for a second.

好的，你想解決一下這個問題。

Yeah, Thanks Michael. And so generally when rates have changed, we have, when, when rates have gone up, we generally outperform our peers because we are less sensitive to interest rates because we have a higher percentage of cash buyers than our peers. All that being said, when, when rates increase, there, there is clogging of the supply and demand and inventory.

是的，謝謝邁克爾。因此，一般來說，當利率改變時，當利率上升時，我們的表現通常會優於同行，因為我們對利率的敏感度較低，因為我們的現金買家比例高於同行。話雖這麼說，當利率上升時，就會出現供需和庫存的堵塞。

That's what we've seen the last 2.5 years. So again, we, we believe we're better positioned than our peers in this environment. But obviously we're hope we're hopeful for additional rate cuts over the next year to two years.

這就是我們過去 2.5 年所看到的情況。所以，我們再次相信，在這種環境下，我們比同行處於更好的位置。但顯然我們希望在未來一兩年內進一步降息。

Yeah, and listen to add to that, you know, a little bit. I think that number one, we're obviously very bullish on the business. We think we're getting to a part of the cycle that with the election being over, there's going to be significantly more activity.

是的，聽聽看添加一點，你知道的。我認為第一，我們顯然非常看好這項業務。我們認為，隨著選舉的結束，我們正在進入周期的一部分，活動將會顯著增加。

I think the other thing I think people should remember, you know, he was actually right about it now that, you know, Trump is going to be the next, you know, President, he always would say, why doesn't the best credit in the world have the lowest rate, right? Like why are we paying what we're paying? Right? If you're a lender, the best credit gets the lowest rate.

我認為我認為人們應該記住的另一件事，你知道，他現在實際上是對的，你知道，川普將成為下一個，你知道，總統，他總是會說，為什麼不是最好的全世界的信貸利率都是最低的吧？例如我們為什麼要支付我們所支付的費用？正確的？如果您是貸款人，最好的信用可以獲得最低的利率。

And I think you're going to have him probably jawboning the fed and making statements like that. And obviously, listen, we've got our, you know, whatever inflation is still out there and whether it's sticky or not and what the fed is going to do, nobody really knows. But I think you're going to have somebody obviously now in the White House that really wants low interest rates and obviously the fed is independent. And they should stay that way.

我認為他可能會向聯準會大罵並發表類似的聲明。顯然，聽著，我們已經得到了，你知道，無論通貨膨脹仍然存在，無論它是否具有黏性，以及聯準會將採取什麼行動，沒有人真正知道。但我認為現在白宮顯然會有一個人真正想要低利率，而且顯然聯準會是獨立的。他們應該保持這種狀態。

But you are going to have that and you've got, you know, a real estate guy in the White House that, you know, is probably going to make regulation significantly easier, which makes building permits significantly easier to get, which just spurs activity and like we all saw the markets yesterday and we can let them speak for themselves. But, you know, I think that the [f the] next year in terms of everybody wants to get people into new homes and home building. The nation is clearly underbuilt with respect to new homes.

但你將會擁有這個，你知道，白宮有一個房地產人員，你知道，他可能會讓監管變得更加容易，這使得建築許可證更容易獲得，這只會刺激活動就像我們昨天都看到了市場一樣，我們可以讓它們自己說話。但是，你知道，我認為明年每個人都希望讓人們住進新房子和住宅建設。這個國家在新房子方面顯然建設不足。

And, you know, we think we're in an incredible position to take advantage of that, you know, as the election is over and that has, you know, the uncertainty has eased up in the world. So, we're excited about our opportunities going forward.

而且，你知道，我們認為我們處於一個令人難以置信的位置，可以利用這一點，你知道，隨著選舉結束，世界的不確定性已經緩解。因此，我們對未來的機會感到興奮。

Right? And the reason we're in that incredible position is because of the competitive advantage we have with the Douglas Development Marketing Division.

正確的？我們之所以能取得如此令人難以置信的地位，是因為我們與道格拉斯開發行銷部門擁有競爭優勢。

Okay? that's helpful and very thorough. Thank you. And, and just one more if I could for Michael, you know, and, and good luck and good to meet you as, as you kind of embark on this journey here in a new position. But just curious, you mentioned talking about RO I targets on, on all your investments, whether new or existing across the company. Just wondering if you could help us think through kind of quantifying how you're thinking about, you know, what the hurdles and, and return rates you're looking for to, to sort of create value here with within the company.

好的？這很有幫助而且非常徹底。謝謝。而且，如果我可以為邁克爾再多說一句，你知道，祝你好運，很高興見到你，因為你以一個新的位置開始了這一旅程。但只是好奇，您提到談論 RO I 的目標是您所有的投資，無論是整個公司的新投資還是現有投資。只是想知道您是否可以幫助我們思考如何量化您的想法，您知道，您正在尋找的障礙和回報率是什麼，以便在公司內部創造價值。

Listen, we, you know, we're, we're obviously still, you know, I'm in this role for a few weeks. We're obviously discussing what we believe is the RO I that we want, you know, on each segment of the businesses that we're in, right? So, you know, in addition to the agents, we're in the property management business where, you know, in the title insurance business a little bit, we’re going to be getting into a lot more businesses that will [add RO I] to our agents. We think that we have incredible entrepreneurs in our agents and their business builders, and we think that we can help them build their businesses.

聽著，我們，你知道，我們，我們顯然仍然，你知道，我擔任這個角色已經有幾個星期了。顯然，我們正在討論我們認為我們想要的 RO I，即我們所在業務的每個部分，對嗎？所以，你知道，除了代理人之外，我們還涉足物業管理業務，你知道，在產權保險業務方面，我們將涉足更多的業務，這些業務將[添加] RO I] 給我們的代理商。我們認為我們的代理商和他們的業務建設者中有令人難以置信的企業家，我們認為我們可以幫助他們建立他們的業務。

And so we, we don't want to be at the moment, you know, a recruiting machine. We think that we have incredible agents already and we think that we can increase or I to every one of our agents, we're going to be smart and disciplined on how we look at new agent growth and we're only going to do it if it makes a lot of sense, we're really not interested in having a head count just for the sake of the head count. We believe this business can have incredible profitability going forward.

所以我們現在不想成為招募機器。我們認為我們已經擁有了令人難以置信的經紀人，我們認為我們可以增加每一位經紀人，我們將在如何看待新經紀人的增長方面保持聰明和自律，我們只會這樣做如果這很有意義，我們真的不會為了統計人數而統計人數。我們相信這項業務未來可以獲得令人難以置信的獲利能力。

But we want to be really smart and we want to be really disciplined, and you know, if you look at the agents, we have, you know, they're the top agents, right? So, it's not, it's going to be quality over quantity for us, quality of people, quality of culture, quality of earnings. And we are going to be very methodical about what we do and how we do it and we're excited.

但我們想要變得非常聰明，我們想要真正遵守紀律，你知道，如果你看看經紀人，我們有，你知道，他們是頂級經紀人，對吧？所以，對我們來說，品質重於數量，人員品質、文化品質、收入品質。我們將非常有條理地對待我們的工作以及如何做，我們對此感到興奮。

All right, that's all from me. Thank you.

好吧，這就是我的全部。謝謝。

Appreciate it.

欣賞它。

Ladies and gentlemen, those are all the questions that we have for today.

女士們、先生們，這就是我們今天提出的所有問題。

Thank you for joining us on Douglas Elements quarterly earnings conference call.

感謝您參加道格拉斯元素季度財報電話會議。

We hope you have a good day and this will conclude our call.

我們希望您度過愉快的一天，我們的通話就到此結束。