eXp World Holdings Inc (EXPI) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to the eXp World Holdings fourth quarter and full year Earnings fireside chat via live stream and our metaverse on the web frame. My name is Denise Garcia, and I manage Investor Relations for EXP World Holdings.

大家下午好，歡迎透過直播和我們在網路框架上的元宇宙參加 eXp World Holdings 第四季度和全年收益爐邊聊天。我叫丹尼斯·加西亞 (Denise Garcia)，負責管理 EXP World Holdings 的投資者關係。

Today, we'll begin our earnings fireside chat with prepared remarks from Glenn Sanford, Founder, Chairman and CEO of EMC World Holdings and CEO, EXP Realty and Leo Pareja, Chief Strategy Officer EXT Realty, followed by a review of the fourth quarter and full year 2023 financial highlights presented by Kent Cheng, Principal Financial Officer and Chief Accounting Officer of EXP. World Holdings. Following our prepared remarks, we will open the call to a Q&A session with ESP. World Holdings covering analysts and questions submitting submitted to EXP.

今天，我們將首先聽取EMC World Holdings 創始人、董事長兼首席執行官兼EXP Realty 首席執行官Glenn Sanford 和EXT Realty 首席戰略官Leo Pareja 準備好的講話，開始我們的財報爐邊談話，隨後回顧第第四季度和EXP首席財務官兼首席會計官Kent Cheng介紹了2023年全年財務要點。世界控股。在我們準備好的發言之後，我們將開始與 ESP 進行問答環節。World Holdings 涵蓋了提交給 EXP 的分析師和問題。

But first, let me begin with a review of our forward-looking statements. There will be a number of forward-looking statements made today that should be considered in conjunction with the cautionary statements contained in the Company's SEC filings and forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

但首先，讓我回顧一下我們的前瞻性陳述。今天將做出許多前瞻性聲明，應與公司向美國證券交易委員會提交的文件中包含的警示性聲明結合起來考慮，前瞻性聲明受到各種風險和不確定性的影響，可能導致我們的實際結果與實際結果有重大差異這些陳述。

Please see our filings with the SEC, including our most recently filed annual report on Form 10 K and quarterly reports on Form 10 Q for a discussion of specific risks that may affect our business performance and financial condition. We assume no obligation to update or revise any forward-looking statements or information. As a reminder, today's call is being recorded and a replay will also be made available on EXP World Holdings.com.

請參閱我們向 SEC 提交的文件，包括我們最近提交的 10 K 表年度報告和 10 Q 表季度報告，以了解可能影響我們業務績效和財務狀況的特定風險的討論。我們不承擔更新或修改任何前瞻性陳述或資訊的義務。謹此提醒，今天的電話會議正在錄音，並且還將在 EXP World Holdings.com 上提供重播。

Now for a few logistics and we'll get started. (Event Instructions)

現在我們開始進行一些後勤工作。（活動須知）

Now I'll turn the fireside chat over to our speakers before opening the call to questions. Glenn, you may begin.

現在，在開始提問之前，我將把爐邊談話轉交給我們的發言人。格倫，你可以開始了。

All right. Thank you, Denise, and thank you, everyone, and thank you again. Obviously, this is the first event that we've done publicly for frame of VR. And this is a platform we've actually been developing. And since 2019 timeframe is actually the first meta first platform that works on desktop mobile and immersive hardware like the MedQuest three. And if you're lucky enough to have won the Apple vision Pro, it's kind of like Squarespace.

好的。謝謝你，丹尼斯，謝謝大家，再次謝謝你們。顯然，這是我們第一次公開針對 VR 框架的活動。這是我們實際上一直在開發的平台。自 2019 年以來，timeframe 實際上是第一個適用於桌上型行動裝置和沈浸式硬體（如 MedQuest 3）的元優先平台。如果你夠幸運贏得了 Apple Vision Pro，它有點像 Squarespace。

But for the special web, we're really excited about the technology stack. It was presented by the CTO of Microsoft that Microsoft build 2023 and a frame now powers EXP. dot world. It's now our Brown New browser-based immersive collaboration platform. It's faster and easier for our staff and agents to collaborate online. .And specifically, EXP agents can now create their own spaces and also meet with clients up and even in reality, give remote home tours, agents can look at three 60 photos of properties, walk around Matterport scans and navigate Google Street views with others.

但對於特殊的網絡，我們對技術堆疊感到非常興奮。微軟技術長表示，微軟建置2023，現在有一個框架為EXP提供動力。點世界。現在它是我們基於瀏覽器的 Brown New 沉浸式協作平台。我們的員工和代理商可以更快、更輕鬆地進行線上協作。具體來說，EXP 代理商現在可以創建自己的空間，甚至在現實中與客戶會面，進行遠端家庭參觀，代理商可以查看三張60 度的房產照片，在Matterport 掃描周圍走動，並與其他人一起瀏覽Google 街景。

And then in terms of AI., which we've talked a little bit about frame actually uses AI to do real-time translations and closed captioning, but also to help people create their own custom spaces and 3D bots there's more to come in the areas of AI and 3D. We're just getting started. So stay tuned.

然後就人工智慧而言，我們已經討論過框架實際上使用人工智慧來進行即時翻譯和隱藏式字幕，還可以幫助人們創建自己的自訂空間和 3D 機器人，還有更多內容即將推出AI 和3D 領域。我們才剛開始。所以請繼續關注。

Now I'll move on to our fourth quarter earnings call information. So I'll start first with an overview of our business strategy before discussing our results for 2023 in the fourth quarter has most of you are familiar, 2023 has been a difficult year with existing home sales in the US at their lowest level in nearly 30 years despite the industry slowdown, North American Realty continues to gain market share, which I'll discuss in more detail in a moment, but first, I want to touch on our business strategy.

現在我將繼續討論第四季財報電話會議的資訊。因此，在討論 2023 年第四季的業績之前，我將首先概述我們的業務策略。你們大多數人都熟悉，2023 年是艱難的一年，美國現房銷售處於近 30 年來的最低水平。儘管行業放緩，北美房地產多年來仍繼續獲得市場份額，我稍後將更詳細地討論這一點，但首先，我想談談我們的業務策略。

We began sharing our business segment information on this call one year ago to show how the profitability of EXP. North America enables us to invest in other growth opportunities across the business that can that. And that dynamic continued also into 2023. In 2023, our North American royalty segment generated $91 million of adjusted EBITDA, which allowed us to continue to drive our overall business growth initiatives forward. We're also EBITDA positive for the year when not adjusting for stock-based comp.

一年前，我們開始在這次電話會議上分享我們的業務部門信息，以展示 EXP 的盈利能力。北美使我們能夠投資於整個業務的其他成長機會。這種動態也持續到 2023 年。2023 年，我們的北美特許權使用費部門產生了 9,100 萬美元的調整後 EBITDA，這使我們能夠繼續推動整體業務成長計畫。在不調整股票比較的情況下，我們今年的 EBITDA 也為正值。

Our success in North America has enabled us to expand into international markets where we operate in 24th markets, including South Africa, which where I am today at 1205 in the morning, a unique item of about South Africa, as we're now we're the fastest-growing real estate estate agency in South Africa, and we're actually the seventh largest now. So it's pretty pretty cool to see in just a couple of few short years, the amount of impact here. And there's an event last week that was here and a lot of agents came together so far this year.

我們在北美的成功使我們能夠擴展到國際市場，我們在 24 個市場開展業務，其中包括南非，我今天早上 1205 點就在南非，這是南非的一個獨特項目，因為我們現在就是這樣。」我們是南非發展最快的房地產代理機構，實際上我們現在排名第七。因此，在短短幾年內看到這裡的影響力真是太酷了。上週這裡舉辦了一場活動，今年到目前為止，許多經紀人都聚集在一起。

One of our goals is to definitely be more visible internationally that we have our first EXP. con in Lisbon, Portugal in in June of this year. We continue to see international realty as the largest driver of future growth for the Company. We continue to break records in our international segments.

我們的目標之一就是讓我們的第一個 EXP 在國際上更加引人注目。今年六月在葡萄牙里斯本舉行的騙局。我們繼續將國際房地產視為公司未來成長的最大推動力。我們繼續打破國際領域的記錄。

In 2023, we grew international revenues 50% to $53.9 million. In Q4, we increased revenues by 67% year over year to $16 million, while at the same time decreasing our losses on an adjusted EBITDA basis by 14% year over year, while revenues revenues and affiliate services still remains small they're gaining momentum and represent opportunities for meaningful incremental revenue and margins per transaction in the future. eXp Realty, North America and international represent our path to overall revenue growth powered by our cloud-based asset-light model, which allows us to continue iterating on our superior agent value proposition.

2023 年，我們的國際營收成長了 50%，達到 5,390 萬美元。第四季度，我們的營收年增 67%，達到 1,600 萬美元，同時調整後 EBITDA 的虧損同比減少了 14%，而收入和聯營服務仍然很小，而且正在獲得動力並代表著未來每筆交易顯著增加收入和利潤的機會。 eXp Realty、北美和國際代表了我們透過基於雲端的輕資產模型實現整體收入成長的道路，這使我們能夠繼續迭代我們卓越的代理價值主張。

The business areas I'll discuss on the next slide represent our key sources of differentiation. We are constantly iterating to improve the agent value proposition by developing an ecosystem of personal development, health resources and media like SUCCESS magazine and the recent appointment of Brian Ellington inside of EXP. Realty as Chief Learning Officer, which I mentioned last quarter. We have many exciting things going on in training and education that Leo will highlight in a moment.

我將在下一張投影片中討論的業務領域代表了我們差異化的關鍵來源。我們不斷迭代，透過開發個人發展、健康資源和媒體（例如《SUCCESS》雜誌）以及最近在 EXP 內部任命 Brian Ellington 的生態系統來改善代理價值主張。Realty 擔任首席學習官，我在上個季度提到。我們在培訓和教育方面正在進行許多令人興奮的事情，Leo 稍後將重點介紹這些事情。

Our enabling technology platform support our cloud-based brokerage model. And we also use AI and other machine learning technologies to improve our transaction management workflow and eventually plan to use technology to build out an entirely new way of transacting business. We'll continue to invest these resources to enhance the agent value proposition and ultimately increase the satisfaction of our agents as measured by agent NPS, which I'll discuss on the next slide.

我們的支援技術平台支援我們基於雲端的經紀模式。我們也使用人工智慧和其他機器學習技術來改善我們的交易管理工作流程，並最終計劃利用技術建立一種全新的業務交易方式。我們將繼續投入這些資源來增強客服人員的價值主張，並最終提高客服人員的滿意度（透過客服人員 NPS 衡量），我將在下一張投影片中對此進行討論。

But one area that we've been highlighting focused focus is on NPS. In fact, we added Fred Wright held the creator of Net Promoter System to our board last year. It's very important for us because we believe NPS is a leading indicator of our future success. I'm thrilled to share. So agent NPS improved throughout 2023 to reach 73 for the year. And we actually had a fair I called on anomalous 77 because it was a little bit of an outlier for the fourth quarter, but it just shows the strength of our of our model and how well it resonates with our agents and brokers. I believe this is is the result of constant iteration, our agent value proposition and are key sources of differentiation.

但我們一直強調重點關注的一個領域是 NPS。事實上，我們去年將淨推薦值系統的創建者 Fred Wright 加入了我們的董事會。這對我們來說非常重要，因為我們相信 NPS 是我們未來成功的領先指標。我很高興能分享。因此，2023 年代理商 NPS 有所改善，全年達到 73。實際上，我們舉辦了一場博覽會，我呼籲異常 77，因為它在第四季度有點異常，但這只是顯示了我們模型的優勢以及它與我們的代理商和經紀人的共鳴程度。我相信這是不斷迭代的結果，是我們代理人的價值主張，也是差異化的關鍵來源。

As discussed on the last slide. Also last year, our operations team made many improvements and investments to reduce agents' time spent on non-revenue generating tasks to enable them to be more productive. And a few examples are listed here. Most notably, we improved onboarding and transaction support with applications like Luna we launched Express pay and the expert care desk.

正如最後一張投影片中所討論的。同樣在去年，我們的營運團隊進行了許多改進和投資，以減少客服人員花在非創收任務上的時間，從而提高他們的工作效率。這裡列出了一些範例。最值得注意的是，我們透過 Luna 等應用程式改進了入職和交易支持，我們推出了 Express pay 和專家服務台。

We expanded benefits within EXT. Asian healthcare powered by Clearwater to provide agents with exclusive access to industry leading plans for themselves and their families with low co-pays, load of pocket costs and $0 deductibles now over 2000 agents and their families get affordable quality health care from EXPH. in health care, we improved our marketing center in the U.S. and launched also into all other countries.

我們擴大了 EXT 中的優勢。由Clearwater 提供支援的亞洲醫療保健為代理商及其家人提供了獨家獲得行業領先計劃的機會，且共付額低、零負擔費用和0 美元免賠額，目前超過2000 名代理商及其家人可以從EXPH 獲得負擔得起的優質醫療保健。在醫療保健領域，我們改進了在美國的行銷中心，並擴展到所有其他國家。

We also launched agent advisory councils in more jurisdictions. These operational improvements resulted in helping our agents get support, get paid and get more business. Ultimately, we hope to improve our agents live with ongoing operational improvements. We will expand on our operational improvements and additional products in a moment.

我們也在更多司法管轄區設立了代理諮詢委員會。這些營運改善幫助我們的代理商獲得支援、獲得報酬並獲得更多業務。最終，我們希望透過持續的營運改善來改善我們的代理商的生活。我們稍後將擴展我們的營運改進和其他產品。

But first, I want to share some recognition awards we've received for EXP. and our agents on the next slide, both EXP. and EXP. agents have been recognized widely for our shared success. One award that I believe is driven by our high NPS scores as glass doors Best Places to Work.

但首先，我想分享一下我們因 EXP 而獲得的一些認可獎項。以及下一張投影片上我們的代理，都是經驗豐富的。和經驗。代理商因我們共同的成功而受到廣泛認可。我相信這項獎項是由我們作為玻璃門最佳工作場所的高 NPS 分數推動的。

We've made the list six years in a row in the US and we moved up to number seven from 15 in Canada. Also in 2023, our agent teams have been recognized across the industry. And EXP was named the number one growth leader across agent count volume in transactions at Real Trends, tier three and power broker.

我們在美國連續六年上榜，在加拿大也從第 15 名上升到第 7 名。同樣在2023年，我們的代理團隊得到了整個產業的認可。EXP 被評為 Real Trends、第三級和權力經紀商交易中代理商數量增長第一名。

Turning to the next slide, Tom. We've been updating this table for over a year now and the numbers keep proving that our platform is even stickier for productive agents in a down market, consistent with previous quarters. The majority of our attrition is with lower producing agents in the zero to two transactions per year category with home sales in the US and Canada at their lowest levels we've seen in decades. We proactively took off boarded many non-productive agents in the fourth quarter, such as agents that had no sides in the last 12 months and agents, which is also not that paid their fees.

轉向下一張投影片，湯姆。我們已經更新該表一年多了，數據不斷證明我們的平台對於低迷市場中的高效代理來說更具黏性，與前幾季一致。我們的流失主要是每年零到兩筆交易的生產量較低的代理商，美國和加拿大的房屋銷售量處於幾十年來的最低水準。我們在第四季主動關閉了許多非生產性代理商，例如過去12個月內沒有加盟的代理商和未支付費用的代理商。

We ended the year with 87,515 agents, which was up 2% over 2022, but down 1.8% from Q3. This is the first time in our history. Their agent counts declined quarter over quarter. Cover our agent value proposition remains strong with big teams and agents joining worldwide and agent NPS at their highest it's ever been. I think that are high. NPS scores will further drive retention of HTEX. these top agents. We're more likely than ever to recruit additional agents to the company.

截至年底，我們擁有 87,515 名客服人員，比 2022 年成長 2%，但比第三季下降 1.8%。這在我們的歷史上還是第一次。他們的經紀人數量逐季下降。隨著大型團隊和代理商在全球的加入，我們的代理商價值主張仍然強勁，代理商 NPS 達到了歷史最高水準。我認為那是高的。NPS 分數將進一步推動 HTEX 的保留。這些頂級代理商。我們比以往任何時候都更有可能為公司招募更多代理商。

Our focus continues to be to be on building the future of real estate with the most productive agents in the industry. So that ultimately when the market turns will be an optimal position to gain an outsized share of transactions in the market, which I'll discuss on the next slide.

我們的重點仍然是與業內最俱生產力的代理商一起建立房地產的未來。因此，最終當市場轉向時，將成為在市場上獲得巨大交易份額的最佳位置，我將在下一張幻燈片中討論這一點。

So this slide actually compares EXPUS. residential sales transactions to US residential real estate industry as measured by transaction size on the left side and our market share on the right on the left, you can see that EXP Realty US residential real estate transactions were down less than 2% year over year in Q4 and approximately 8% for the full year. This compares to a US residential real estate industry, which was down over 10% year over year and Q4 over 17% in 2023.

所以這張投影片其實是在比較 EXPUS。從左側的交易規模和右側的市場份額來衡量，美國住宅房地產行業的住宅銷售交易，您可以看到 EXP Realty 美國住宅房地產交易量同比下降了不到 2%第四季度和全年約為8%。相較之下，美國住宅房地產產業年減超過 10%，2023 年第四季較去年同期下降超過 17%。

As a result, we grew our transaction size market share, which I've talked about, focusing on the last almost two years, 8.4% in 2023 and nearly 7% in Q4 to 4.2% in the US. Before turning it over to Leo, I'll conclude with a few takeaways from 2023 and why I'm so optimistic about EMC's prospects in 2024.

結果，我們的交易規模市佔率有所成長，我已經談到了這一點，重點是過去近兩年，2023 年成長 8.4%，第四季成長近 7%，在美國達到 4.2%。在將其交給 Leo 之前，我將總結 2023 年的一些要點，以及為什麼我對 EMC 2024 年的前景如此樂觀。

On the next slide, we're entering 2024 with very strong momentum. To recap. Our value proposition remains strong with high agent NPS scores of 73 for 2023 and 77 for Q4 and big teams and agents are joining worldwide, and we are retaining our most productive agents.

在下一張幻燈片中，我們將以非常強勁的勢頭進入 2024 年。回顧一下。我們的價值主張仍然強勁，2023 年代理商 NPS 得分為 73 分，第四季為 77 分，全球都有大型團隊和代理商加入，我們正在保留最高效的代理商。

We continue to grow our market share from 3.9% in 2022 to 4.2% in 2023, reflecting over 8% growth year over year. We're leveraging technology and increasing our operational efficiencies. And lastly, with 2023 behind us, we're entering 2024 in a position of strength with increased momentum with a solid vision for 2024.

我們的市佔率繼續從 2022 年的 3.9% 成長到 2023 年的 4.2%，年成長超過 8%。我們正在利用技術並提高營運效率。最後，隨著 2023 年的過去，我們將以更強勁的勢頭進入 2024 年，並為 2024 年制定了堅定的願景。

And now I'll turn it over to Leo, who will take you through our 2024 goals.

現在我將把它交給 Leo，他將帶您完成我們的 2024 年目標。

Thank you, Glenn. If I were to characterize 2023, I would call it a year of operational excellence. No doubt it was a rough year and a tough one for the market. It's literally the worst year we've had since 1995, even worse than 2008. So what we've been focused on is what we can control with increased support for XP agents during these times by helping our agents reduce the time they spend on non-revenue generating tasks, we can increase their productivity so they can do what they do best, which is sell real estate.

謝謝你，格倫。如果讓我來形容 2023 年，我會稱之為卓越營運的一年。毫無疑問，這是艱難的一年，對市場來說也是艱難的一年。這確實是自 1995 年以來最糟糕的一年，甚至比 2008 年還要糟糕。因此，我們一直關注的是，在這段時間內，我們可以透過增加對XP 代理的支援來控制什麼，透過幫助我們的代理人減少他們花在非創收任務上的時間，我們可以提高他們的生產力，以便他們可以做他們所做的事情最好的，就是賣房地產。

In terms of operations, while we focus our efforts on three key areas faster onboarding, faster access to service, faster payments that Glenn mentioned earlier, we're obsessed with supporting our agents and making incremental improvements that will make a big difference in their lives as we continue to do so in 2024 in an evolving real estate commission landscape, we launched EXP exclusives, an initiative that could become increasingly important in this environment.

在營運方面，雖然我們將工作重點放在格倫之前提到的三個關鍵領域：更快的入職、更快的服務獲取、更快的付款，但我們仍致力於支持我們的代理商並進行漸進式改進，這將為他們的生活帶來巨大變化隨著我們在2024 年繼續在不斷變化的房地產佣金格局中這樣做，我們推出了EXP 獨家計劃，這一舉措在這種環境下可能會變得越來越重要。

Exclusives was literally launched last quarter and we've had over 7,000 agents use the application with creating hundreds of unique listings only specific to our ecosystem. We launched EXPEXP. luxury with an astounding results already. We've had over 1,100 agents in the program and we began expanding globally. We've launched in five countries in 23. We then plan to expand to every country. In 2024. We've already expanded to Portugal, Spain, France, Italy, Germany and Greece so far this year.

Exclusives 於上季度正式推出，已有 7,000 多名代理商使用該應用程序，創建了數百個僅針對我們的生態系統的獨特清單。我們推出了 EXPEXP。奢華已經取得了驚人的成果。我們已經有超過 1,100 名代理商參與該計劃，並且我們開始在全球擴張。我們已在 23 個國家的 5 個國家推出了產品。然後我們計劃擴展到每個國家。2024年。今年到目前為止，我們已經擴展到葡萄牙、西班牙、法國、義大利、德國和希臘。

We created a first of its kind collaboration with Opendoor them very excited about for a true Instant Offer for our agents and their sellers in the 50 plus markets they serve across United States revenues has increased the number of leads we deliver to agents by 250% compared to 22 ME two, delivering over 22,800 leads that led to over 1.1 billion in close volume in 2023. We also doubled down on our commitment to do more training and coaching programs by hiring Brian and intent as our first ever, Chief Learning Officer, as Glenn mentioned earlier.

我們與Opendoor 建立了首次此類合作，他們非常高興能夠為我們的代理商及其在美國服務的50 多個市場中的賣家提供真正的即時優惠，收入使我們向代理商提供的潛在客戶數量增加了250%到 22 ME 2，提供了超過 22,800 條線索，導致 2023 年成交量超過 11 億筆。正如格倫之前提到的，我們還加倍致力於開展更多培訓和輔導計劃，聘請布萊恩和意圖擔任我們的第一位首席學習官。

We launched several programs that have been super well received, accelerate for new agents boost to attract independent brokers. TXP., which has already attracted some of the largest brokerages in the country to speak, including the being group at Boston and Justin Bieber and associates in Calgary, Canada that I discussed last quarter and thrive a program focused on incentivizing teams to join XP, partly through an equity incentive program. And we initiated a very important profitability improvement plan in the fourth quarter to reduce operational costs by approximately $20 million and identifying new revenue opportunities in 2024, which out discuss the next slide.

我們推出了幾個非常受歡迎的計劃，加速新代理商的推動，以吸引獨立經紀人。TXP.，已經吸引了國內一些最大的經紀公司發言，包括我上個季度討論過的波士頓的being group和賈斯汀·比伯（Justin Bieber）以及加拿大卡爾加里的同事，並大力發展了一個專注於激勵團隊加入XP的計劃，部分透過股權激勵計劃。我們在第四季度啟動了一項非常重要的盈利能力改進計劃，以減少約 2000 萬美元的營運成本，並在 2024 年確定新的收入機會，這將在下一張幻燈片中討論。

In 2024, we will continue to innovate and drive efficient growth through a number of initiatives starting with technology, we will continue to leverage our technology to improve operational efficiency and productivity. A great example is my EXP. app currently in beta, and it will become the center of the universe for our agents with easy access to their commissions, settlements, rupture and all of EXP technology services.

2024年，我們將透過一系列從科技著手的舉措，持續創新、驅動高效成長，持續利用科技提升營運效率與生產力。我的 EXP 就是一個很好的例子。應用程式目前處於測試階段，它將成為我們代理商的宇宙中心，可以輕鬆存取他們的佣金、結算、破裂和所有 EXP 技術服務。

We expect to see dramatic improvements as we launch my experience in the next few months with our goal to continue to make technology simple mobile and easily accessible for one place for our agents. We will be working with many more software deals, lead partners at no additional cost to our agents, including providing tracking information that our agents have been asking for. The success of the luxury division encourage us to launch additional divisions this year, farm and ranch sports, entertainment and green to help our agents further differentiate themselves from our competitors in Ahmar.

當我們在接下來的幾個月內推出我的體驗時，我們預計會看到顯著的改進，我們的目標是繼續使技術變得簡單移動，並讓我們的代理商在一個地方輕鬆訪問。我們將與更多的軟體交易、主要合作夥伴合作，無需向我們的代理商支付額外費用，包括提供我們的代理商一直要求的追蹤資訊。奢侈品部門的成功鼓勵我們今年推出更多部門，包括農場和牧場運動、娛樂和綠色部門，以幫助我們的代理商進一步從艾哈邁爾的競爭對手中脫穎而出。

While we expanded and hired a Chief Learning Officer, Brian, anything you can expect to see more announcements in training coaching, including some familiar faces that were partner within our EXP ecosystem. We're also launching a live streaming real estate radio station to further establish our agents as thought leaders in the space. The station will feature podcast channels, content creators and industry experts to discuss new strengths, strategies and tactics to grow agent businesses, and it's expected to be live soon.

雖然我們擴大並聘請了首席學習官 Brian，但您可以期待在培訓輔導方面看到更多公告，包括我們 EXP 生態系統中的一些熟悉的合作夥伴。我們還推出了一個即時串流房地產廣播電台，以進一步確立我們的代理商作為該領域思想領袖的地位。該電台將邀請播客頻道、內容創作者和行業專家討論發展代理業務的新優勢、策略和策略，預計很快就會上線。

And last but not least, I'm personally focused on continuing to help our agents increase their productivity and operating business more efficiently. In 2024, we will be paying close attention to our unit economics through in SG&A to unit cost as a new KPI to measure efficiencies in 2024.

最後但並非最不重要的一點是，我個人致力於繼續幫助我們的代理商提高生產力並更有效地經營業務。2024 年，我們將密切關注我們的單位經濟效益，透過 SG&A 將單位成本作為衡量 2024 年效率的新 KPI。

On that note, I'll pass along to Kent to provide additional insight into into Q4 and 2023 financial results.

在這一點上，我將請肯特提供有關第四季度和 2023 年財務業績的更多見解。

Leo, thank you. Fourth quarter, NPS increased to 77, which was an outstanding result of our investment in operational excellence in 2023. Due to our compounding agent value proposition, we increased our agent count by 2% year over year. While we off-boarded a significant number of unproductive agents during the fourth quarter resulted in a decrease in our agent count for the third quarter we retain our most productive agent cohort.

利奧，謝謝你。第四季度，NPS 增至 77，這是我們 2023 年卓越營運投資的傑出成果。由於我們的複合代理價值主張，我們的代理數量比去年同期增加了 2%。雖然我們在第四季解雇了大量效率低下的客服人員，導致第三季客服人員數量減少，但我們保留了效率最高的客服人員群體。

Our real estate transactions unit grew 6% year over year, outperformed the industry. This was really a remarkable outcome and thanks for the hard work of our higher productive agents and dedicated staff.

我們的房地產交易部門年增 6%，表現優於同業。這確實是一個了不起的成果，感謝我們生產力更高的代理商和敬業的員工的辛勤工作。

Our two most important financial objectives are revenue and adjusted EBITDA. Our Q4 revenue was $983 million, an increase of 5% year-over-year. We generated $0.5 million adjusted EBITDA compared to $3.6 million in prior year quarter. Reported gross profit was $71 million, a decrease of 15%.

我們最重要的兩個財務目標是收入和調整後的 EBITDA。我們第四季的營收為 9.83 億美元，年增 5%。我們產生了 50 萬美元的調整後 EBITDA，而去年同期為 360 萬美元。報告毛利為 7100 萬美元，下降 15%。

You might recall we started to report agent grow incentive compensation expense in the cost of sales in 2023. In the previous year, the expense was reported in the sales, general and administrative expenses. If this expense has been excluded in both years, 2023 inventory gross profit would have been consistent with last year.

您可能還記得我們從 2023 年開始在銷售成本中報告代理商成長激勵補償費用。上一年度，該費用計入銷售、一般及管理費用。如果這兩年均剔除該費用，2023 年庫存毛利將與去年一致。

Reported SG&A was $89.4 million, a 5% decrease from the fourth quarter in the prior year, primarily due to the above mentioned, the reallocation of agent grow incentive stock compensation to the cost of sale. In addition, the fourth quarter, including approximately $8 million of one-time costs related to EST. con and a position for workforce reduction.

報告的 SG&A 為 8,940 萬美元，比上年第四季下降 5%，主要是由於上述將代理成長激勵股票報酬重新分配到銷售成本。此外，第四季還包括約800萬美元的與EST相關的一次性成本。反對和減少勞動力的立場。

Net loss was $21.2 million in Q4 2023 compared to a net loss of $7.2 million in Q4 2022, driven by $9.2 million of impairment charge with the related to Virbela segment and $8 million dollar one-time SG&A costs as I mentioned previously. Adjusted operating cash flow was $42.3 million, and we repurchased $25.9 million of share during the quarter. In the next slide, I will provide more detail about the driver of our revenue change in the fourth quarter.

2023 年第四季的淨虧損為2,120 萬美元，而2022 年第四季的淨虧損為720 萬美元，這是由與Virbela 部門相關的920 萬美元減損費用和我之前提到的800 萬美元一次性SG&A 成本推動的。調整後的營運現金流為 4,230 萬美元，我們在本季回購了 2,590 萬美元的股票。在下一張幻燈片中，我將提供有關第四季度收入變化驅動因素的更多詳細資訊。

This chart helps to explain what drove the change in the fourth quarter revenue between 2022 and 23. 2022, revenue was $933.4 million, as indicated by the bar on the left. 2023 revenue was $983 million, indicated by the bar on the right. Year-over-year increase in revenue was $50 million or 5%. The increase was attributable to a $45 million increase in North America realty segment, which consists of the US and Canada and a $6.5 million increase in international loyalty segment. I will dive into more detail of the $45 million revenue growth in North America beauty segment, which included the bars under the heading. North America royalty settlement revenue change plus $45 million.

此圖表有助於解釋 2022 年至 23 日期間第四季度收入變化的原因，如左側條所示，2022 年收入為 9.334 億美元。 2023 年收入為 9.83 億美元，如右側條所示。營收年增 5000 萬美元，即 5%。這一增長歸因於北美房地產部門（包括美國和加拿大）增加了 4,500 萬美元，以及國際忠誠度部門增加了 650 萬美元。我將更詳細地介紹北美美容市場 4500 萬美元的收入成長，其中包括標題下的金條。北美特許權使用費結算收入變動加上 4,500 萬美元。

Our agent base grew 2% and contributed $21 million of additional revenue. According to NAR, assistant home sales and US Census Bureau's new home sales data, US residential home sales size decreased approximately 8%, which pressured our Asian production. We calculated the negative impact of lower home sales to our revenue as $62.6 million.

我們的代理商數量增加了 2%，並貢獻了 2,100 萬美元的額外收入。根據NAR、助理房屋銷售和美國人口普查局的新屋銷售數據，美國住宅銷售規模下降約8%，對我們亞洲的生產造成壓力。我們計算出房屋銷售下降對我們收入的負面影響為 6,260 萬美元。

Normalize the impact of lower home sales of the ore markets, an increase of our agent productivity over prior year contributed $42 million revenue increase. Higher home sales prices and more affordable, more favorable commission mix also brought in $30.8 million incremental incremental revenue. Lastly, our focus on growing our lease rental and other ancillary services contributed additional $13.5 million in revenue. I will discuss certain financials for the quarter on the next slide.

礦石市場國內銷售下降的影響正常化後，我們的代理商生產力比前一年有所提高，貢獻了 4,200 萬美元的收入成長。更高的房屋銷售價格和更實惠、更優惠的佣金組合也帶來了 3,080 萬美元的增量收入。最後，我們對增加租賃租金和其他輔助服務的關注額外貢獻了 1,350 萬美元的收入。我將在下一張投影片中討論本季的某些財務數據。

On this slide, you can see our Q4 2023 seven revenue and adjusted EBITDA for each of our four business segments and the breakdown of corporate and elimination, our North America royalty segment was the primary driver of the revenue and profit of the company. Revenue was $965 million, an increase of 5% over prior year. Adjusted EBITDA was $8.6 million. International realty segment revenue was $16.3 million, an increase of 67%. Adjusted EBITDA loss was $3.6 million.

在這張投影片上，您可以看到我們的2023 年第四季七個收入和我們四個業務部門中每個部門的調整後EBITDA 以及公司和消除的細目，我們的北美特許權使用費部門是公司收入和利潤的主要驅動力。營收為 9.65 億美元，比上年增長 5%。調整後 EBITDA 為 860 萬美元。國際房地產部門收入為 1,630 萬美元，成長 67%。調整後 EBITDA 損失為 360 萬美元。

Virbela contributed a modest amount of revenue and adjusted EBITDA was 1.9 million. The other segment, which is primarily success also contributed a modest amount of revenue and generated a small adjusted EBITDA loss. On the next slide, I will recap our full year financial performance on a consolidated basis.

Virbela 貢獻了少量收入，調整後 EBITDA 為 190 萬美元。另一個主要是成功的部門也貢獻了少量的收入，並產生了小幅調整後的 EBITDA 損失。在下一張投影片中，我將綜合回顧我們全年的財務表現。

Next slide, please. For Asia NPS was 73, an increase from 71 in 2022. We completed nearly 0.5 million transmission unit in 2023. Our real estate sale transaction and unit growth growth outperformed the industry. 2023 full year, revenue was $4.3 billion, a decrease of 7% of year over year. Adjusted EBITDA was $57.5 million, a decrease of 5% from prior year. However, we are able to maintain adjusted EBITDA relatively stable to [4.3] level despite a significant market decline.

請下一張投影片。亞洲的 NPS 為 73，高於 2022 年的 71。2023年，我們完成了近50萬台傳動裝置。我們的房地產銷售交易和單位成長增速優於行業。 2023年全年營收為43億美元，年減7%。調整後 EBITDA 為 5,750 萬美元，較上年下降 5%。然而，儘管市場大幅下滑，我們仍能夠將調整後的 EBITDA 維持在 [4.3] 的相對穩定水準。

Reported gross profit was $324 million, a decrease of 5% year over year. As I mentioned before, in 2023, we began including agent grow incentive stock compensation expense in cost of sales. If this expense has been excluded from both. So total cost of sales in both years 20 promising gross profit would have been consistent with 2012.

報告毛利為3.24億美元，年減5%。正如我之前提到的，2023 年，我們開始將代理商成長激勵股票補償費用計入銷售成本。如果這筆費用已被排除在外。因此，20 年毛利承諾的總銷售成本將與 2012 年保持一致。

Reported SG&A was $331.3 million, an 8% decrease from prior year, primarily due to the above mentioned the allocation of stock compensation expense. If the expense has been excluded from both year, 20, essentially, SG&A would have been flat compared to 2022.

報告的 SG&A 為 3.313 億美元，比上年下降 8%，主要是由於上述股票補償費用的分配。如果從這兩年中排除該費用，20 基本上，SG&A 與 2022 年相比將持平。

2023 Net loss was $9 million, primarily due to $9.2 million of non-cash onetime impairment charge recorded in the Virbela. That decline net income year-over-year was primarily due to lower impairment charges, increased agent growth, incentive compensation, and a higher effective tax rate. Finally, we repurchased $161 million of shares during the year. To give you some perspective, our share repurchase in 2011, we repurchased $10.1 million shares, which is equivalent to 91% of share issue. We are our agent grow incentive and agent equity plan.

2023 年淨虧損為 900 萬美元，主要是由於 Virbela 記錄的 920 萬美元非現金一次性減損費用。淨利潤年減的主要原因是減損費用降低、代理人成長增加、激勵性薪資、有效稅率提高。最後，我們在這一年回購了價值 1.61 億美元的股票。為了提供大家一些視角，我們在 2011 年進行了股票回購，我們回購了 1,010 萬美元的股票，相當於發行股票的 91%。我們是我們的代理商成長激勵和代理商股權計劃。

And now I will tell you for the full year 2022 to anniversary revenue change analysis. 2022 revenue was [$4,598 million] indicated by the bar on the left front, Hemisphere revenue was [$4,281 million], as indicated by the bar on the right, the year-over-year decline in revenue was [$370 million]. North America annuity segment contributed [$333] million revenue decrease, partially offset by an $18 million revenue increase in the international loyalty segment.

現在我就跟大家講一下2022年全年至週年紀念日的收入變化分析。 2022 年收入為 [45.98 億美元]，如左前方的條形所示，Hemisphere 收入為 [42.81 億美元]，如右側的條形所示，收入同比下降[3.7億美元]。北美年金部門的收入減少了 [3.33 億美元]，但被國際忠誠部門收入增加 1,800 萬美元部分抵消。

Let me dive into more detail of the North America Europe segment revenue change in 2023. Our agent base grew 2%, which contributed to $280 million of additional revenue. According to NAR, existing home sales and U.S. Census Bureau's new home sales data, US residential wholesale sites decreased approximately 17.3%. We calculated the negative impact of lower home sales. Slow revenue was a reduction of $759 million.

讓我更詳細地了解 2023 年北美歐洲部門的收入變化。我們的代理商數量增加了 2%，貢獻了 2.8 億美元的額外收入。根據 NAR、現有房屋銷售和美國人口普查局的新屋銷售數據，美國住宅批發網站下降了約 17.3%。我們計算了房屋銷售下降的負面影響。收入緩慢減少 7.59 億美元。

Normalized the impact of lower home sales of all markets. Our Asian productivity improvement contributed an increase of $93 million in revenue, higher home sales price and a more affordable commission mix of more favorable commission has brought in additional revenue $11 million. Lastly, growing our lease deferral and other ancillary services contributed $43 million revenue addition. In summary, due to our superior agent value proposition and the Louisville resilience and hard work of our agent and staff, our revenue growth outperformed the industry.

使所有市場房屋銷售下降的影響正常化。我們亞洲生產力的提高貢獻了 9,300 萬美元的收入成長，更高的房屋銷售價格和更實惠的佣金組合帶來了 1,100 萬美元的額外收入。最後，我們的租賃延期和其他輔助服務的成長貢獻了 4,300 萬美元的收入增量。總而言之，由於我們卓越的代理人價值主張以及路易斯維爾的韌性和我們的經紀人和員工的辛勤工作，我們的收入成長優於業界。

Now I will take you through our full year segment performance. Turning to the three North America loyalty segment revenue $4.2 billion decreased 7% year over year. Adjusted EBITDA was $91.1 million. Again, our core North American VLT business verse profitable. International royalty revenue was up 50% to a record $53.4 million in 20 and three due to our continued investment in the international royalty. Adjusted EBITDA loss was $13.7 million.

下面我就帶大家回顧一下我們全年的分部表現。北美三大忠誠度細分市場營收為 42 億美元，較去年同期下降 7%。調整後 EBITDA 為 9,110 萬美元。我們的北美核心 VLT 業務再次實現盈利。由於我們對國際特許權使用費的持續投資，國際特許權使用費收入在 20 年和 3 年增長了 50%，達到創紀錄的 5,340 萬美元。調整後 EBITDA 損失為 1,370 萬美元。

Virbela revenue was down 14% in 20. Obviously, while our adjusted EBITDA loss improved by 41% year over year due to cost reduction actions. And revenue in Other segment was down 6% in tons, obviously to a $4.8 million with adjusted EBITDA loss of $3.8 million.

Virbela 的收入在 20 年下降了 14%。顯然，由於成本削減措施，我們調整後的 EBITDA 虧損年增了 41%。其他部門的收入以噸計下降了 6%，明顯降至 480 萬美元，調整後 EBITDA 損失為 380 萬美元。

And next slide will summarize the highlights. This slide summarize our highlights for the year, most of which I have discussed in the previous slides was important to point out is our plan for 2020. For the Leo mentioned previous at the end of the year, we identified approximately $20 million of cost savings and other profit improvement initiatives for 2010 before.

下一張投影片將總結亮點。這張投影片總結了我們今年的亮點，其中大部分內容是我在之前的幻燈片中討論過的，值得指出的是我們的 2020 年計劃。對於前面提到的Leo，我們在年底確定了2010 年約2,000 萬美元的成本節約和其他利潤改善措施。

We will continue to monitor our business volume and cost stays and identify additional profit improvement opportunities throughout on the floor. We are well positioned for 24. I'm confident ESP. will emerge from current market downturn into a much stronger position to capitalize the future market growth opportunity.

我們將繼續監控我們的業務量和成本保持情況，並在整個場內尋找額外的利潤改善機會。我們已經為 24 做好了準備。我對ESP有信心。將從當前的市場低迷中擺脫出來，並處於更有利的地位，以利用未來的市場成長機會。

With that, I will turn it back to Deniseto take your questions.

接下來我將把問題轉回給丹尼塞托回答你們的問題。

Great. Thanks, Kent. I'll kick it off with a question for you speaker before we open the call to our analysts and questions from the audience. First, starting with you, Glenn agent count grew 2% year over year, but it declined slightly from the third quarter. Can you discuss what happened to your agent count from the third quarter to the fourth quarter?

偉大的。謝謝，肯特。在我們開始向我們的分析師和觀眾提問之前，我將向您的演講者提出一個問題。首先，從您開始，Glenn 代理人數年增 2%，但較第三季略有下降。您能討論一下從第三季到第四季您的代理人數發生了什麼變化嗎？

Yes. So I touched on it in my prepared remarks, but basically, we obviously we have a tough housing market. And as a result agents come I've sold less real estate has been one one aspect. So there's definitely been just industry churn. The other part was that we actually had a number of nonproductive agents that were on our on our rosters and had weren't contributing any work costs, not every agent that's with the XP. There's a there's a there's a cost to have them involved technology support and other things.

是的。因此，我在準備好的發言中談到了這一點，但基本上，我們顯然面臨著一個艱難的房地產市場。結果，代理商來了，我出售的房地產減少了，這是一方面。所以肯定只是產業的流失。另一部分是，我們的花名冊上實際上有一些非生產性特工，並且沒有貢獻任何工作成本，並不是每個擁有 XP 的特工。讓他們參與技術支援和其他事情是有成本的。

So we did off for them, but they hadn't sold real estate for a piece of real estate for over 12 months and had been paying fees, most cases a similar length of time. So it was really just them and trimming the numbers to be really our productive agents who were actually focused on being here on moving forward, we expect our agent count to return. It's growth over time as we continue to sort of retain our highly productive agents and demonstrate, obviously, and that's because demonstrated really by our strong agent satisfaction.

所以我們為他們做了交易，但他們已經超過 12 個月沒有出售任何房產，並且一直在支付費用，大多數情況下的時間長度相似。因此，實際上只有他們，並削減了我們的高效座席人數，他們實際上專注於繼續前進，我們預計我們的座席人數將會回歸。隨著時間的推移，隨著我們繼續保留我們高生產力的代理商並進行展示，它會隨著時間的推移而增長，顯然，這是因為我們強大的代理商滿意度確實證明了這一點。

But we're going back to the drawing board on a few different things that we we're I'm really excited to be here, work on and hopefully be able to announce here in the not too distant future that we think's going to be really helpful as well.

但我們將重新開始一些不同的事情，我很高興能來到這裡，繼續努力，並希望能夠在不久的將來在這裡宣布我們認為將會是也確實很有幫助。

Great. Now as Leo a question, you mentioned a lot of initiatives at EXP. kicked off in 2023 that would improve agents' lines and your plans for 2024. Is there any one that truly differentiate the value proposition from the competition?

偉大的。現在，作為 Leo 的問題，您提到了 EXP 的許多舉措。於 2023 年啟動，這將改善代理商的線路和您 2024 年的計劃。有沒有一種產品能夠真正將其價值主張與競爭對手區分開來？

Yes, one of the strongest value propositions that gives us an advantage over everybody is scale. We've achieved scale profitability consistently, which allows us to reinvest and take advantage of new opportunities. And we're hyper-focused on initiatives that are unique and on replicatable due to our size and scale, whether that's, you know, technology that's proprietary and or substantially cheaper than retail all the way to just advantages like exclusive due to size. A lot of our copycat competitors have undercurrent our economic model and have yet to prove any net profitability ith no path forward.

是的，讓我們比其他人更具優勢的最強大的價值主張之一就是規模。我們持續實現了規模盈利，這使我們能夠進行再投資並利用新機會。由於我們的規模和規模，我們高度關注獨特且可複製的舉措，無論是專有技術還是比零售便宜得多的技術，一直到由於規模而具有排他性等優勢。我們的許多模仿競爭對手已經暗中破壞了我們的經濟模式，並且尚未證明任何淨利潤，沒有前進的道路。

Got it. And then and then I'll wrap up with one for Kent. Can you discuss the components of the $20 million profit improvement plan?

知道了。然後我會為肯特寫一篇文章作為結尾。您能否討論一下 2000 萬美元利潤改善計劃的組成部分？

You mentioned Yes, no, we're very excited about it. But ordinary profit improvement is really important impact on operating costs, which impacted our cost of sales and SG&A and also some additional revenue opportunity.

你提到是的，不，我們對此感到非常興奮。但普通利潤的提高確實對營運成本產生了重要影響，這影響了我們的銷售成本和SG&A，以及一些額外的收入機會。

All right. I will I'll move over to our covering analysts and then open up the call for John Campbell from Stephens.

好的。我會轉到我們的報道分析師那裡，然後打開對史蒂芬斯的約翰坎貝爾的電話。

Thanks, Denise. You've mentioned I think, cynicism Hey, guys, Glenn, maybe a couple of quick questions or kind of stay on the topic of the decision to offer them productive agents. I guess a few questions there. Why why now would be the first one?

謝謝，丹妮絲。你提到過，我認為，憤世嫉俗嘿，夥計們，格倫，也許有幾個簡單的問題，或者停留在為他們提供富有成效的經紀人的決定的主題上。我想那裡有幾個問題。為什麼現在會是第一個？

And then do you feel like that this is kind of a one-time cleanup effort? Or is this like you're going to have iterations over the next couple of months next couple quarters? And then I guess from a bigger picture, does this imply that you might have a minimum for agents over a year or so? Is there a timeframe? Is there a minimum that you might be exploring now?

然後你覺得這是一次性的清理工作嗎？還是說您將在接下來的幾個月或接下來的幾季進行迭代？然後我從更大的角度來看，這是否意味著您的代理商最低限度可能超過一年左右？有時間表嗎？您現在可能正在探索的最低限度有嗎？

No -- I we're know it from. We had really cleaned up a lot of our we'll say, our operations in the last year or so. And when one thing that we had noted was fairly significant one. We've cleaned up a whole bunch of what we call accounts receivable, which basically means there was a lot of things that we hadn't collected that needs to be collected. And in that it sort of revealed as we kind of got more granular on that. We've got a group of agents who are for all intents and purposes.

不——我們是從我那裡知道的。在過去一年左右的時間裡，我們確實清理了許多我們的業務。當我們注意到的一件事相當重要時。我們已經清理了一大堆我們所說的應收帳款，這基本上意味著我們有很多沒有收集的東西需要收集。當我們對此有了更細緻的了解時，它就顯露出來了。我們有一群代表所有意圖和目的的特工。

We're just on our on our roster ARM, but there's you know, we're providing there's there's a number of tools and technologies. So you figure out that each agent has. It has a monthly cost and they just we had worked with them. We had tried to get them in production. A lot of really effectively goes to us as an organization. So they weren't even really communicating with us.

我們只是在我們的 ARM 名冊上，但你知道，我們提供了許多工具和技術。所以你會發現每個特工都有。它有每月費用，而且我們只是與他們合作。我們曾嘗試將它們投入生產。作為一個組織，很多真正有效的東西都流向了我們。所以他們甚至沒有真正與我們溝通。

So that was that was it was so we did onboard some in Q4. We onboarded a few more here in Q1 and but I think we're pretty much done and then Dennis should be a much more. There shouldn't be like big blocks of agents are afforded for this reason because we do want to stay a little bit more up to speed on it so that we don't show a higher agent count and truly active and productive with eXp.

就是這樣，我們在第四季就做了一些工作。我們在第一季增加了一些人，但我認為我們已經完成了，然後丹尼斯應該會更多。基於這個原因，不應該提供大量的代理，因為我們確實希望保持更多的更新速度，這樣我們就不會顯示出更高的代理數量以及 eXp 的真正活躍度和生產力。

Okay. That's helpful. And then maybe this is a question for Kent. But on the gross margin, hopefully, we get a solid rebound in US housing this year. I mean, it sounds like that would maybe apply a little bit of underlying pressure on gross margin with more capping.

好的。這很有幫助。也許這是肯特的問題。但就毛利率而言，我們希望今年美國房地產市場能夠強勁反彈。我的意思是，聽起來這可能會給毛利率帶來一點潛在壓力，並增加上限。

You've got the incentive programs in place like boost comp. Seems like that's going to provide a little bit of an impact at least this year, and then you'll lap that and it kind of goes away. So maybe can't it. I don't know if you want to put a fine tooth comb on it and give us some direction on where you think gross margin goes exactly or maybe just high level, do you think it's up or down relative to 23.

您已經制定了激勵計劃，例如提升補償。看起來這至少會在今年產生一點影響，然後你就會把它圈起來，它就會消失。所以也許不能。我不知道你是否想仔細梳理一下，並給我們一些指導，告訴我們你認為毛利率到底在哪裡，或者只是處於高水平，你認為它相對於 23 是上升還是下降。

Yeah if talk about like 2023, your logo on the full-year base, as I talk about is we in 2003, we started to report the agent growth incentive expense in the cancer cell by if you take that out, right, not a like-to-like comparison on the full year base at your our gross margin percentage is higher. It honestly was funded in 22.

是的，如果談論2023 年，你在全年基礎上的標誌，正如我所說的是我們在2003 年，我們開始報告癌細胞中的代理生長激勵費用，如果你把它去掉，對吧，不是類似的與​​全年相比，我們的毛利率更高。老實說，它是在22年資助的。

And so so I would say if going forward, I mean, our number is difficult to forecast because a lot of variable One is your cat? Yes, agents are compensation. But in general, what we would expect our age, our gross margin percentage more like more or less similar like similar at this level by 2020 20, 24, similar to 23 level.

所以我想說，如果繼續前進，我的意思是，我們的數字很難預測，因為有很多變量，其中之一是你的貓？是的，代理就是補償。但總的來說，我們期望我們的年齡、我們的毛利率百分比或多或少相似，就像到 2020 年 20、24、23 的水平相似。

Okay. And then also just to help pinpoint it for us, I guess, in what quarter was it 3Q restarted adding on the agent growth incentive going to gross more into cost of goods?

好的。然後，為了幫助我們確定這一點，我想，第三季是在哪個季度重新啟動的，增加了代理商成長激勵，從而增加了商品成本的總收入？

Now that started Q1 2023.

現在從 2023 年第一季開始。

Okay. So we're going to annualize that in 1Q 24.

好的。因此，我們將在 24 年第一季對其進行年化。

Yeah

是的

Okay. That's all I wanted to know. Thank you.

好的。這就是我想知道的。謝謝。

Great. Thanks, John. I will take our second question from Matt Filek from William Blair that you may go ahead.

偉大的。謝謝，約翰。我將回答威廉布萊爾的馬特菲萊克提出的第二個問題，請繼續。

Thank you, Denise. Hey, everyone. You have met filing on for Stephen Sheldon, thank you for taking my questions and the opportunity to experience the frame platform. Wanted to start with one on agent growth. How are you thinking about the agent growth potential in 2024? And how should we be thinking about the agent growth between the United States and international markets? And there's kind of a second part to that question also, curious if you feel agent growth trends are being impacted by any sort of changes in the competitive landscape?

謝謝你，丹妮絲。嘿大家。您已經認識了 Stephen Sheldon 的申請，感謝您提出我的問題並有機會體驗框架平台。想從代理成長開始。您如何看待 2024 年代理商的成長潛力？我們應該如何思考美國和國際市場之間的代理商成長？這個問題還有第二部分，好奇您是否認為代理商的成長趨勢受到競爭格局任何變化的影響？

Yeah. So certainly domestically, certainly, we felt some competitive pressures. We were effectively the only cloud-based brokerage model for the first 11 years of our existence. Now there's there's a bunch you probably know the names, but there's real LPT. Epic, and there's there's a number of others as well. So there's a there's a bunch of these these these for lack of better term copycat, cheaper versions of the model. And so we've definitely felt some pressure.

是的。當然，在國內，我們確實感受到了一些競爭壓力。在我們成立的頭 11 年裡，我們實際上是唯一基於雲端的經紀模式。現在有很多你可能知道名字的東西，但有真正的LPT。史詩般的，還有很多其他的。因此，有許多這樣的產品，因為缺乏更好的術語模仿、更便宜的模型版本。所以我們確實感受到了一些壓力。

Certainly, agents have had lost agents to some of these other models. And we've also gained back from from some of those models already, even though they're pretty young in their lifecycle. So So domestically, we probably see some of that. But internationally, we are in a completely Blue Ocean.

當然，代理商已經失去了一些其他模型的代理商。我們也已經從其中一些模型中獲得了回報，儘管它們的生命週期還很年輕。所以在國內，我們可能會看到一些這樣的情況。但在國際上，我們完全處於藍海之中。

I mentioned earlier that in South Africa and just a couple of years, we've grown to about 1,200 agents, seventh largest state agency in South Africa, but we're growing fast and South Africa, France, Dubai still U.K., which has been a really great market for us and we're getting we're getting traction in different markets. We also have some markets where we haven't really grown.

我之前提到，在南非，短短幾年內，我們已經發展到大約 1,200 名代理商，是南非第七大國家機構，但我們成長很快，南非、法國、杜拜還有英國，這一直是對我們來說這是一個非常好的市場，我們在不同的市場上都受到了關注。我們還有一些尚未真正發展的市場。

And so we're either looking at leadership changes or just seeing if the model needs to be tweaked and some some capacity. But we really expect that international is going to be and our big growth in the next to the next coming years. And I'm super excited about it. It's really these are anecdotal numbers because there's there's not statistics like NAR in most of these countries, but we figure there's there's approximately 20 million real estate professionals worldwide.

因此，我們要么關注領導層的變化，要么只是看看是否需要調整模型和一些能力。但我們確實預計國際業務將在未來幾年內實現巨大成長。我對此感到非常興奮。這些確實是軼事數字，因為大多數國家都沒有像 NAR 這樣的統計數據，但我們估計全球約有 2000 萬房地產專業人士。

And I believe over the next 10, 15 years can get to a similar market penetration that we have in the US and Canada. And that puts us gives us a path to yes to a potential million agents, which is a crazy number to think about under one umbrella. But because we're very unique in the way that we approach the model. We think there's a lot a lot of growth potential there, and that's where we're spending a fair bit of time really figuring that piece out.

我相信在未來 10、15 年裡我們可以達到與美國和加拿大類似的市場滲透率。這為我們提供了一條獲得潛在百萬代理的途徑，在一個保護傘下考慮這是一個瘋狂的數字。但因為我們處理模型的方式非常獨特。我們認為那裡有很大的成長潛力，這就是我們花了相當多的時間來真正弄清楚這一點的地方。

That's very helpful. Thank you, Glenn. A quick clarification on when most of the international growth come from existing markets, I believe last time we spoke the focus was on ramping profitability and growth within the countries you're already in? Or do you expect to start entering new countries over the course 2024?

這非常有幫助。謝謝你，格倫。快速澄清一下大部分國際成長何時來自現有市場，我相信上次我們談論的重點是提高您所在國家/地區的獲利能力和成長？還是您預計在 2024 年開始進入新的國家？

Yeah, we already have some at least one or two countries that are fairly fairly mature in the in the discussions to open up those new countries. One country we expect all day one of those start with hundreds of agents. And so we've got a number of good partners in terms of international.

是的，我們已經有至少一兩個國家在開放這些新國家的討論中相當成熟。我們預計有一個國家一整天都會有數百名特工。所以我們在國際上有很多很好的合作夥伴。

But one of the things we're doing though, is we're actually going back to the drawing board and how we actually operate international parks now got enough experience opportunities running international markets to go back and retool in a way that we think is going to reduce our expense to run a international market substantially.

但我們正在做的一件事是，我們實際上正在回到繪圖板，我們實際運營國際公園的方式現在已經獲得了足夠的運營國際市場的經驗機會，可以以我們認為正在發生的方式回去和重組.大幅減少我們經營國際市場的費用。

So in the early days of EXP, we could cooperate in a given state in the U.S. with the managing broker and Tom can then just the EXP. back office stuff, but we can operate now $10,000 a month or so with no transactions. We think that there is a way to do some an analog to that when we grow internationally so that our expense load is substantially lower.

因此，在 EXP 的早期，我們可以在美國的某個州與管理經紀人合作，然後 Tom 就可以只負責 EXP。後台辦公的東西，但我們現在每月可以運營 10,000 美元左右，無需進行任何交易。我們認為，有一種方法可以與我們在國際上發展時的情況進行類似，從而大大降低我們的費用負擔。

So we can keep these markets open while the initial momentum in those countries take place. And so we're trying to kind of regroup on on a lot of that. And that's actually been that was part of our strategic discussions late last year. And going into this year. And we think we've got a good path to really operate these more efficiently with more entrepreneurial mindset, country leaders.

因此，當這些國家出現初步動能時，我們可以保持這些市場開放。因此，我們正在嘗試在許多方面重新組合。這其實是我們去年年底戰略討論的一部分。並進入今年。國家領導人，我們認為我們已經找到了一條很好的途徑，能夠以更具創業精神的方式真正更有效地運作這些計畫。

Got it. Thank you. And then one more, if I may. I was wondering if you could elaborate on the technical advantages of frame compared to for Bala and maybe how those advantages enhance the value proposition for EXP. agents. I know you talked about 3D home tours, which sounds interesting, but any additional color there would be helpful when we think about frame compared to Virbela?

知道了。謝謝。如果可以的話，再來一張。我想知道您是否可以詳細說明框架與 Bala 相比的技術優勢，以及這些優勢如何增強 EXP 的價值主張。代理。我知道您談到了 3D 家庭旅遊，這聽起來很有趣，但是當我們考慮與 Virbela 相比的框架時，任何額外的顏色都會有幫助嗎？

Yeah. So frame it, as I've referred to in the past, when we've talked about it as really kind of geared to do it yourself, metaverse, meaning that it doesn't whereas VirBELA was a fairly heavy application had to do. I didn't have to download a client. And then those clients when you get into large enterprises, investment banks, et cetera, onetime state, you're getting through the Info Security infosec to actually get those things actually allowed or firewalls or other things.

是的。因此，正如我過去提到的那樣，當我們談論它確實適合自己做時，metaverse，這意味著它不適合，而 VirBELA 是一個相當繁重的應用程式必須做。我不需要下載客戶端。然後，當您進入大型企業、投資銀行等的客戶時，您將透過資訊安全資訊安全來真正獲得那些實際允許的東西或防火牆或其他東西。

We're just prevent the application at in the way that we envisioned it when you're doing it through the web. It makes it much more accessible home. We can stringing together rooms very easily put in doors and basically portals to other spaces.

當您透過網路執行此操作時，我們只是以我們設想的方式阻止該應用程式。它使回家變得更加容易。我們可以輕易地將房間串在一起，放入門，基本上就是通往其他空間的門戶。

And you can go to frame VR and I/O and start playing with it today. Like literally from go there, you can set up your own space. You can go and build your I don't know if there's auditoriums and there probably is, but you can you've got yield 50 plus spaces that you can choose from either offices to big campuses to the lodges to what have you and we so there's a lot of things going on behind the scenes just in the metaverse arena on a module, a hubs.

您今天就可以前往框架 VR 和 I/O 並開始使用它。就像從字面上去那裡一樣，你可以建立自己的空間。你可以去建造你的，我不知道是否有禮堂，可能有，但你可以，你有50多個空間，你可以選擇從辦公室到大校園到旅館到你和我們擁有的東西在模組、集線器的在虛擬宇宙舞台上，幕後發生了很多事情。

There's some stuff going on with them right now. We've got. We're actually because EXP is using this at a very high level where this now really what I call enterprise-ready, and that's why we sort of put it out there at this point on for Bell is a great platform that we don't have a number of clients that use that use it, but it never really got the appeal on the enterprise level that we originally expected in 2020 after COVID hit. So we made a big investment before it was really just we were using it primarily for us. And obviously, some clients came.

他們現在有一些事情正在發生。我們有。我們實際上是因為EXP 在非常高的水平上使用它，現在這真的是我所說的企業就緒，這就是為什麼我們在這一點上把它放在那裡，因為貝爾是一個我們不知道的偉大平台有許多客戶正在使用它，但它從未真正在企業層面上獲得我們最初預期的 2020 年新冠疫情爆發後的吸引力。因此，我們在它真正主要用於我們自己之前進行了巨大的投資。顯然，有些客戶來了。

Our frame, I think, is going to have it already has a natural fan base of users because of the way that it's structured from teacher organizations to museums to all kinds of different places because it is much more accessible. So you'll see a lot of that freemium type service coming out of frame. And we think there's a good path to actually create a SaaS based platform that could be significant over time using Frama.

我認為，我們的框架已經擁有了天然的用戶粉絲群，因為它的結構方式從教師組織到博物館再到各種不同的地方，因為它更容易訪問。所以你會看到很多免費增值類型的服務脫離了框架。我們認為，有一條很好的途徑可以實際創建一個基於 SaaS 的平台，隨著時間的推移，使用 Frama 可能會發揮重要作用。

Very helpful. Thank you, Glenn and team.

很有幫助。謝謝格倫和團隊。

Tom White, D.A. Davidson. And Tom, if you have a question, you can go ahead.

湯姆懷特，D.A.戴維森。湯姆，如果你有問題，可以繼續問。

Thanks, guys.Glenn, you mentioned an expectation to return to growth at some point here. Could you maybe talk a little bit about your expectations around domestic agents in the next couple of quarters. If you look at like NAR member rolls over the years, that tends to be kind of an uplift in kind of licensed agents in the spring. Just curious if you're seeing any signs that maybe your business will exhibit some of that. And I guess sort of related.

謝謝，夥計們。格倫，你提到了在某個時候恢復增長的期望。您能否談談您對未來幾季國內代理商的期望？如果你看看多年來 NAR 會員的情況，你會發現，春季許可代理商的數量往往會增加。只是好奇您是否看到任何跡象表明您的企業可能會表現出其中的一些跡象。我想有點相關。

Just was hoping you comment a little bit about the success or traction, maybe that things like accelerate and thrive in those platforms may may be getting you feel like they're helping you kind of go back on offense a little bit in domestic agents or domestic agent count? Or do you still feel like you're maybe a little bit on the defensive and domestically, given some of the competition you touched on earlier?

只是希望您對成功或吸引力發表一些評論，也許這些平台中的加速和蓬勃發展之類的事情可能會讓您覺得他們正在幫助您在國內代理商或國內稍微重新進攻代理數？或者考慮到您之前提到的一些競爭，您是否仍然覺得自己在國內方面可能有點處於守勢？

Yeah. Well, domestically, I think the tire, I think that we're in an industry right now. That's not going to see a huge number of new licensees like we've seen like in 2020, 21, maybe even given 2022 with the decline in real estate transactions, obviously, there's a lot there's a backdrop of what's the industry going to look like in two, three, four years, I think, than a lot of people's minds, even even potential new licensees.

是的。嗯，在國內，我認為輪胎，我認為我們現在處於一個行業。不會像我們在 2020 年看到的那樣出現大量新的被許可人，21，甚至可能考慮到 2022 年房地產交易的下降，顯然，這個行業的前景有很多背景。我認為，在兩年、三年、四年內，比許多人的想法，甚至是潛在的新被授權人的想法都要快。

I think we're kind of in this kind of a little bit of a slower growth, obviously, if the Fed decides to reduce interest rates substantially and then that ultimately adds fuels the fire, maybe we end up picking up more agents wanting to get in the business. So I think the backdrop is we're not going to see a lot of industry changes in terms of IT account books and you'll accelerate THRIVE boost.

我認為我們的成長速度有點慢，顯然，如果聯準會決定大幅降低利率，那麼這最終會火上澆油，也許我們最終會找到更多想要獲得的代理商在業務中。因此，我認為背景是我們不會看到 IT 帳簿方面發生太多行業變化，並且您將加速蓬勃發展。

Those are some tools that we have now that are definitely helping. We think that there's probably more things we can do and to be offensive in terms of a growth. We've got some meetings coming up in early March where we're actually going over on some things that we believe are going to do just that. So we're excited to ARM kept those com master minded and rolled out and by term.

這些是我們現在擁有的一些工具，肯定會有所幫助。我們認為我們可能還有更多的事情可以做，並且在成長方面具有進攻性。我們將在三月初召開一些會議，我們實際上會討論一些我們認為能夠實現這一目標的事情。因此，我們很高興 ARM 能夠保持這些通訊大師的想法並按期限推出。

So I guess the long and short of it is it's a little bit early too early to tell. But we did we have obviously seen more competition, no doubt, and we've seen less agents in the in the industry at-large, which doesn't help in terms of overall growth. But we've still obviously continuing to grow market share, which is really kind of the thing I mentioned a couple of years ago, let's focus on market share because the market's going to be tough and then on. But we think that there's some ways to actually get some good Asian growth by creating some some better ways to monetize from an agent's perspective to BXP.

所以我想總而言之，現在下結論還太早。但毫無疑問，我們確實看到了更多的競爭，而且我們看到整個行業的代理商更少，這對整體成長沒有幫助。但我們顯然仍在繼續成長市場份額，這確實是我幾年前提到的事情，讓我們專注於市場份額，因為市場將會變得艱難。但我們認為，有一些方法可以透過創造一些更好的方式從代理商的角度向 BXP 貨幣化，從而真正實現亞洲的良好成長。

That makes sense. Thanks. Maybe just one quick follow-up or clarification. So the 20 million in annualized benefit your results you called out in the press release, it made it sound like it was a combination of cost saves and kind of revenue enhancements. But then did I did you say in the prepared remarks that that cost adjustments will kind of be the bulk of that. Can you just maybe just clarify a little bit? I'm trying to get a sense of like what your quarterly kind of G&A might look like, you know, kind of starting in starting in the first or second quarter?

這就說得通了。謝謝。也許只是一個快速的跟進或澄清。因此，您在新聞稿中提到的 2000 萬美元的年化效益，聽起來像是成本節約和收入增加的結合。但我有沒有在準備好的發言中說過，成本調整將是其中的大部分。你能澄清一下嗎？我想了解你們的季度一般管理費用可能會是什麼樣子，你知道，從第一季或第二季開始？

Yeah. I mean, we've got an interesting backdrop of things going on. We've got obviously, we're defending a ton of these commission-based losses. So there's definitely what we've called Risk Management. So there's some risk management fees because we're just our legal costs are going up significantly. So we're working on generating some additional revenue to pay some of that legal cost. And then we made an adjustment to the discount on the stock comp plan again.

是的。我的意思是，我們有一個有趣的事情背景。顯然，我們正在為大量基於佣金的損失進行辯護。所以肯定有我們所謂的風險管理。因此，存在一些風險管理費用，因為我們的法律成本大幅上升。因此，我們正在努力創造一些額外收入來支付部分法律費用。然後我們再次對股票補償計劃的折扣進行了調整。

Yes, it's a little bit noncash. But at the same time, it's still me on item that actually plays a role and sort of our cost to operate in and everything else. So we made a couple of adjustments there. And then we do have we do have new revenues coming down the pike as well. So we don't break all of it out at this point. I think those may be I don't know how much visibility you've had to some of that, but we've got a couple couple of small tweaks on the which through reducing costs on our stock comp, increasing a little bit of revenue on a risk management fees.

是的，這有點非現金。但同時，實際上仍然是我在專案上發揮了作用，並在一定程度上影響了我們的營運成本和其他一切。所以我們在那裡做了一些調整。然後我們確實也有了新的收入。所以我們現在不會把所有的事情分解出來。我認為這些可能是我不知道你對其中的一些有多少可見性，但我們透過降低我們的股票成本，增加一點收入，進行了一些小調整關於風險管理費。

And then we've got other other business opportunities are coming in a lot of our stuff that Leo has been on under the revenues and agent services, affiliated services field, even things like our. We've got some some revenue come from places like that, our Clearwater and some partnership type stuff that we've got there. And then we've got others. So I don't know if, Leo, if you've got any others that you want to touch on, but those are just some they're top of mind.

然後，我們在收入和代理服務、附屬服務領域，甚至像我們這樣的領域，一直在我們的許多東西中獲得其他商業機會。我們有一些收入來自這樣的地方，我們的 Clearwater 和我們在那裡的一些合作夥伴類型的東西。然後我們還有其他人。所以，Leo，我不知道你是否還有其他想要談及的，但這些只是他們最關心的一些。

Yes, I mean it is piggybacking on the last question that was asked, you know, believe it or not. Even with the dark clouds ahead, the conversations have sped up with independents that probably wouldn't have considered folding into a national company and just maintaining independently. So there could be some growth that continues to materialize from the larger companies joining the single agents have struggled the most, and that's where we're seeing our most attrition.

是的，我的意思是，無論你相信與否，它都是在提出最後一個問題。即使前方烏雲密布，與獨立人士的對話仍在加快，他們可能不會考慮合併到一家全國性公司並只是獨立維持。因此，加入單一代理商的大公司可能會繼續實現一些成長，而這正是我們看到的人員流失最多的地方。

But on the profit improvement, it's cost plus additions. So we're hyper focused on unit economics, making sure that we're very efficient from an SG&A dollar unit standpoint and just really focusing on now that we're more of a mature enterprise running it as such. And so we're just being very careful and holding everything accountable.

但利潤的提高是成本加成。因此，我們非常關注單位經濟效益，確保從SG&A美元單位的角度來看我們非常高效，現在真正關注的是我們更像是一個成熟的企業來運作它。所以我們只是非常小心並讓一切負責。

Well. Great. Thanks so much for the color, guys, and I love the new frame via. It's great.

出色地。偉大的。非常感謝你們的顏色，我喜歡新的框架。這很棒。

We have time for one more question from Soham Bhonsle from BTIG. So if you have a question, please go ahead.

我們還有時間回答 BTIG 的 Soham Bhonsle 的另一個問題。因此，如果您有疑問，請繼續。

Great. Good evening, everyone. I guess the first one was just on the agent count up 2%. I was hoping you can maybe help us quantify the impact from the off-boarding of agents in that number and then sort of where agent count growth has been in North America versus international?

偉大的。各位晚上好。我猜第一個是代理數量增加了 2%。我希望您能幫助我們量化該數量的代理商離職所帶來的影響，然後了解北美與國際代理商數量的增長情況如何？

Yeah. Maybe I can tell you one way to answer the question.

是的。也許我可以告訴你回答這個問題的方法。

Yes, I think you've got the more granular data.

是的，我認為您已經獲得了更詳細的數據。

Yeah so we don't violate our addition and termination, right? We have not provided. But what we can say is look at 2023 growth. So much of our Asia growth is come from United States and Canada.

是的，所以我們不會違反我們的添加和終止，對嗎？我們沒有提供。但我們可以說的是 2023 年的成長。我們亞洲的成長大部分來自美國和加拿大。

Okay. And then on the gross margin, I think last quarter you had talked about maybe being above 7.5% for this quarter. I think came in a touch lighter than that. So I'm just wondering what's driving that? Is that sort of any mix shift that's happening within your base, more productive agents doing more or is just sort of we have to pay a higher split into sort of environment which we're hearing as well.

好的。然後就毛利率而言，我認為上個季度您曾談到本季的毛利率可能會高於 7.5%。我認為比這更輕。所以我只是想知道是什麼推動了這一點？您的基地內正在發生這種混合轉變嗎？更有生產力的特工做得更多，或者只是我們必須為我們所聽到的環境支付更高的費用。

Yes, the major driver. Why even compared to if we look at the list on the if you like we talk about Asian stock compensation is included in gross margin. Last year I was received about 8% and Q4 2020. I mean Q4 20 times two is 8% to 400 sorry, 7.2%. So we do talk about 80 basis points upon. Majority is alluding to is the increase of the stock compensation. Now, Sarcom agents are compensation in Q4, about $12.5 million was Q4 22 $8 million. So that's a major driver on that.

是的，主要驅動力。為什麼甚至與我們看一下清單相比，如果你喜歡我們談論亞洲股票薪酬也包含在毛利率中。去年我和 2020 年第四季收到了約 8% 的收入。我的意思是，第四季 20 乘以 2 是 8% 到 400，抱歉，是 7.2%。所以我們確實談論了 80 個基點。大多數指的是股權激勵的增加。現在，Sarcom 代理商在第四季度的薪酬約為 1,250 萬美元，而 22 年第四季為 800 萬美元。所以這是一個主要驅動因素。

Okay. And then last one for SG. and A. is the best way to think about it. I think there was about $8 million of one-time items this quarter. So that would say, you know, $78 million is sort of a normalized run rate and then we sort of take $5 million every quarter and sort of run with that going forward?

好的。最後一張是SG。 A. 是最好的思考方式。我認為本季一次性物品的價值約為 800 萬美元。那麼這就是說，7800 萬美元是一種標準化運行率，然後我們每季拿 500 萬美元，並以此為基礎繼續運行？

Yes, the TR, how I think about it right now, we don't provide guidance about 89.4. I mean that is one part ELIJAH EST. Com, the provision on workforce reduction, basically a base roughly 81 82. If you do a smaller one, Ray rifle for full quarter, give you about $326 million, that kind of cost.

是的，TR，我現在的想法是，我們不提供 89.4 的指導。我的意思是，這是以利亞 EST 的一部分。Com，關於減少勞動力的規定，基本上基數約為81 82。如果你生產一款較小的雷步槍，整個季度的成本約為 3.26 億美元。

And yes, you know, we know Leo and Glen talk about positive significant cost saving or the profit improvement, $20 million is SG&A. So one that answer Tom's question. So with some further reduction in SG&A. Now what you can expect is number our SG&A costs will be lower in 2004 versus 2023.

是的，您知道，我們知道 Leo 和 Glen 談到了積極的顯著成本節約或利潤提高，SG&A 為 2000 萬美元。這就是回答湯姆問題的一個。因此，SG&A 進一步減少。現在您可以預期，我們 2004 年的 SG&A 成本將低於 2023 年。

Great. Thanks a lot for the answers.

偉大的。非常感謝您的回答。

Thank you. And thank you, everyone, for joining us today. And as always, please stay connected by visiting SeaWorld holdings.com for the latest updates on the eXp news results and events. Additionally, you'll find a recording of this call and our latest investor presentation on the Investors section of the site. So this concludes the EXP. road Holdings fourth quarter 2023 fireside chat. Thank you.

謝謝。感謝大家今天加入我們。與往常一樣，請造訪 SeaWorld Holdings.com 保持聯繫，以了解 eXp 新聞結果和活動的最新動態。此外，您還可以在網站的投資者部分找到本次電話會議的錄音以及我們最新的投資者演示。EXP 到此結束。路控股2023年第四季爐邊談話。謝謝。