eXp World Holdings Inc (EXPI) 2024 Q1 法說會逐字稿

Let's get started and good afternoon, and welcome to Exp World Holdings First Quarter 2024 earnings fireside chat via live stream and our metaverse on the web [crane].

讓我們開始吧，下午好，歡迎透過直播和我們在網路上的虛擬宇宙觀看 Exp World Holdings 2024 年第一季收益爐邊談話[起重機]。

My name is Denise Garcia, and I manage Investor Relations for Exp World Holdings. Today, we will begin with our earnings fireside chat. With prepared remarks are Glenn Sanford, the Founder, Chairman and CEO of Exp World Holdings and Leo Pareja, CEO Ext Realty, followed by a review of the first quarter 2024 financial highlights presented by Kent Chang, 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 Exp World Holdings covering analysts and questions submitted to Exp.

我叫丹尼斯·加西亞 (Denise Garcia)，負責管理 Exp World Holdings 的投資者關係。今天，我們將從我們的財報爐邊談話開始。Exp World Holdings 創辦人、董事長兼執行長Glenn Sanford 和Ext Realty 執行長Leo Pareja 發表了準備好的講話，隨後Exp World 財務長兼首席會計長Kent Chang 回顧了2024 年第一季的財務亮點世界控股。在我們準備好的演講之後，我們將開始與 Exp World Holdings 舉行問答會議，涵蓋分析師和提交給 Exp. 的問題。

Let's begin with the review of the Safe Harbor. 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.

讓我們先回顧一下安全港。今天將發表一些前瞻性聲明，應與該公司向 SEC 提交的文件中包含的警示性聲明結合起來考慮。

Forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Please see our filings with the SEC, including our most recent filed annual report on Form 10K and quarterly reports on Form 10Q for a description of specific risks that may affect our business performance and financial condition. We assume no obligation to update or revise any forward-looking information.

前瞻性陳述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這些陳述有重大差異。請參閱我們向 SEC 提交的文件，包括我們最近提交的 10K 表年度報告和 10Q 表格季度報告，以了解可能影響我們業務績效和財務狀況的特定風險的描述。我們不承擔更新或修改任何前瞻性資訊的義務。

As a reminder, today's call is being recorded and a replay will also be made available from expworldholdings.com.

謹此提醒，今天的電話會議正在錄音，也將在 expworldholdings.com 上提供重播。

Now for a few logistics, and then we'll get started for those of you joining and frame today to zoom in on a specific screen, you can click on that screen and then click zoom in if the content on that screen disappears or if you lose audio simply refresh your page while in frame if you need help just use the help button at the bottom right.

現在進行一些後勤工作，然後我們將開始為您今天加入並框架放大特定螢幕，您可以單擊該螢幕，然後如果該螢幕上的內容消失或如果您丟失音訊只需在框架中刷新頁面即可，如果您需要協助，只需使用右下角的幫助按鈕即可。

If you wish to ask a question during our presentation, you can enter your questions by scanning the QR code presented on this screen with your mobile phone or go to slido.com and in the event code EXPI from there. You can submit a question or vote up an existing question by giving a thumbs up. If you'd also like that question to be asked, the screen will remain up and on the right hand side of the stage for the duration of our presentation.

如果您想在我們的演示過程中提出問題，您可以使用手機掃描螢幕上顯示的二維碼來輸入您的問題，或者訪問 slido.com 並在活動中輸入代碼 EXPI。您可以提交問題或透過按讚來對現有問題進行投票。如果您也想問這個問題，在我們的演示期間，螢幕將保持在舞台右側。

Now I'll turn the call over to Glenn to begin our fireside chat.

現在我將把電話轉給格倫，開始我們的爐邊談話。

Awesome. Thanks, Denise. And thanks, everyone, for joining us and before we are we jump into our first quarter results. I want to just review our business strategy and provide an update on our structure on our strategy has from the beginning is to ultimately create the most agent centric real estate brokerage on the planet and to really drive that value.

驚人的。謝謝，丹妮絲。感謝大家加入我們，在此之前我們先來看看第一季的業績。我只想回顧一下我們的業務策略，並提供我們結構的最新信息，我們的策略從一開始就是最終創建全球最以經紀人為中心的房地產經紀公司，並真正推動這一價值。

One of the things we've been able to do is from the profitability of North America, it's actually enabled us to invest in growth opportunities across the business, including international, which we see as the largest potential driver of growth for the company. Through the profitability of EXP North America, we've been able to build a platform for agents worldwide that includes personal development, Health Resources media and technology.

我們能夠做的事情之一是北美的獲利能力，它實際上使我們能夠投資於整個業務的成長機會，包括國際業務，我們認為這是公司成長的最大潛在驅動力。透過 EXP North America 的獲利能力，我們已經能夠為全球代理商建立一個平台，其中包括個人發展、健康資源媒體和技術。

And this quarter, we increased our operational efficiencies by focusing entirely on frame our metaverse, where we're meeting today. And we've actually discontinued our Virbela operation at a high level. We're now reporting on three business segments, North American Realty International Realty, and then other affiliated services, which is all the other businesses, which include success and frame Virbela -- will also review the results of each segment in a moment.

本季度，我們透過完全專注於我們今天開會的元宇宙框架來提高營運效率。事實上，我們已經在高層停止了 Virbela 業務。我們現在報告三個業務部門，北美房地產國際房地產，然後是其他附屬服務，即所有其他業務，包括成功和框架 Virbela - 也將在稍後審查每個部門的結果。

We are also increasing the transparency of our operating expenses. Starting this quarter, we're reporting our technology and development expenses separately. And as you'll see from our financials, we are a technology company really at our core. We have achieved significant scale moving forward. We expect to leverage our investment to support margin expansion while continuing to innovate and lead in technology.

我們也提高了營運費用的透明度。從本季開始，我們將分別報告我們的技術和開發費用。正如您從我們的財務數據中看到的那樣，我們實際上是一家核心技術公司。我們已經取得了顯著的進展。我們希望利用我們的投資來支持利潤率擴張，同時繼續創新和引領技術。

But now I'll move to some highlights from the first quarter. I'll start with NPS net out the work we did in 2023 to improve the agent value proposition, increased support (Inaudible) during the market downturn helped drive a higher net promoter score, which resulted in a three point increase from last year from 70 to 73.

但現在我將轉向第一季的一些亮點。我將從NPS 淨值開始，我們在2023 年為改善代理價值主張所做的工作，在市場低迷期間增加的支持（聽不清楚）有助於推動更高的淨推薦值，這導致比去年的70分增加了3 分到 73。

As you know, agent net promoter score is a good indicator of our future growth and our retention, an important measure of our success, but is often not reflected in the current quarter's financial results. I'm also pleased to report a 5% increase in real estate transactions, an 11% increase in our volume, our overall revenue, we continue to add multiple highly productive teams and agents around the world.

如您所知，代理商淨推薦值是我們未來成長和保留的良好指標，是衡量我們成功的重要指標，但通常不會反映在當前季度的財務表現中。我還很高興地報告，房地產交易量增加了 5%，我們的交易量和整體收入成長了 11%，我們繼續在世界各地增加多個高效的團隊和代理商。

And during this quarter as well, which we highlight a separate press release like we did back in mid April. We think our focus on bringing teams of agents will not only improve the quality of our agents. It will lead to productivity gains particularly when the market downturn ends. And we have some confident about this because our internal research shows the eXp agents on teams are 77% more productive than individual agents. Last quarter, I mentioned that I expect international realty to be the largest driver of future growth for the company.

在本季度，我們也像四月中旬那樣發布了一份單獨的新聞稿。我們認為，我們對引進代理商團隊的關注不僅會提高代理商的品質。它將帶來生產力的提高，特別是當市場低迷結束時。我們對此充滿信心，因為我們的內部研究表明，團隊中的 eXp 座席的工作效率比個人座席高出 77%。上個季度，我提到我預計國際房地產將成為公司未來成長的最大動力。

And the international segment continues to outperform with revenue from international increasing 45% over the first quarter of 2023. We continued to strengthen the agent value proposition and expand our management team across a variety of key functions such as human resources, technology, marketing and growth.

國際業務持續表現出色，國際業務收入較 2023 年第一季成長 45%。我們持續強化代理價值主張，並在人力資源、技術、行銷和成長等多個關鍵職能領域擴大我們的管理團隊。

Last week, Wendy Forsythe joined our team as our Chief Marketing Officer. And earlier in the month, we actually named Leo Pareja as CEO of eXp Realty. Handing the reins over to eXp two eXp Realty over to Leo, so I can focus on more macro opportunities at the eXp World Holdings level.

上週，Wendy Forsythe 加入我們的團隊，擔任我們的行銷長。本月早些時候，我們實際上任命 Leo Pareja 為 eXp Realty 的執行長。將控制權移交給 eXp，將兩個 eXp Realty 移交給 Leo，這樣我就可以專注於 eXp World Holdings 層面的更多宏觀機會。

Leo's truly an innovative and well-recognized leader in the industry is iterated and improved on the agent value proposition since joining eXp two years ago. And I think he'll continue to add value to our agents, strengthening our competitive advantage and drive growth for eXp. royalty across the board.

Leo自兩年前加入eXp以來，在代理價值主張上不斷迭代和改進，是真正的創新和行業公認的領導者。我認為他將繼續為我們的代理商增加價值，增強我們的競爭優勢並推動 eXp 的成長。全面的版稅。

With that, I'll turn I'll turn the call over to Leo, we'll kind of walk you through the first quarter highlights in our core businesses. Leo?

接下來，我將把電話轉給 Leo，我們將向您介紹我們核心業務的第一季亮點。利奧？

Glenn. Thanks, everyone, for joining us today. While this my first time, I've joined our quarterlies call. This is my first time as CEO of eXp Realty. I'm excited to be here, and I'm excited about the growth potential this year and the years to come. We're doing exciting things, and I've had the good fortune to be part of that.

格倫.謝謝大家今天加入我們。這是我第一次參加我們的季度電話會議。這是我第一次擔任 eXp Realty 的執行長。我很高興來到這裡，並對今年和未來幾年的成長潛力感到興奮。我們正在做一些令人興奮的事情，我很幸運能夠參與其中。

And we've started to see the results from our efforts across the business. I'll start with an industry update. Homesale transactions in the US were down nearly 3%. Despite that, eXp Realty was up 2% as we continue to do better than the industry. We continue to grow our market share market share grew nearly 5%, increasing to 4.4% all home sale transactions in the United States, thanks to the hard work of our agents and teams during what's undoubtedly one of the most challenging markets most of us have ever experienced in our careers.

我們已經開始看到整個企業的努力所取得的成果。我將從行業更新開始。美國房屋銷售交易量下降近 3%。儘管如此，eXp Realty 仍上漲了 2%，因為我們的表現繼續優於行業。我們的市佔率持續成長，市佔率成長了近5%，在美國所有房屋銷售交易中的佔有率增至4.4%，這要歸功於我們的代理商和團隊在這無疑是我們大多數人所面臨的最具挑戰性的市場之一期間的辛勤工作在我們的職業生涯中曾經經歷過。

Moving on to agents. As Glenn mentioned, NPS is our leading indicator for our future growth, reflecting on our agent satisfaction with eXp and NPS helps us at the management team, understand where we can improve and where we can focus our resources here we said we focus on delivering vetted high-quality opportunities to agents, expanding personal and professional services like success, revenue, share, equity opportunities and affiliate agreements, streamlining operational support to our agents and enhancing our technology.

轉向代理。正如格倫所提到的，NPS 是我們未來成長的領先指標，反映了我們的代理商對eXp 的滿意度，NPS 幫助我們的管理團隊了解我們可以改進的地方以及我們可以在哪裡集中我們的資源，我們說我們專注於提供經過審查的資源為代理商提供高品質的機會，擴大個人和專業服務，如成功、收入、份額、股權機會和附屬協議，簡化對代理商的營運支援並增強我們的技術。

We deliver all these promises in 2023, and we believe it's reflected in the higher agent NPS scores this year. More specifically, agents have told us that they are happy about our expert care docs because they're able to get a quick resolution to their issues and have one phone number to contact 24 hours a day seven days a week worldwide.

我們將在 2023 年兌現所有這些承諾，我們相信這反映在今年更高的代理商 NPS 分數上。更具體地說，代理商告訴我們，他們對我們的專家護理文件感到滿意，因為他們能夠快速解決問題，並且可以透過一個電話號碼在全球範圍內每週 7 天、每天 24 小時與他們聯繫。

They've also told us that they are particularly happy about our transition from Virbela to eXp.world or frame. They're enjoying frame because it's web-based, which makes it easier to access wherever they are working. Transaction processes have also improved with 87% of our you just rating the process, a 9 or a 10 on a scale of 1 to 10.

他們也告訴我們，他們對我們從 Virbela 過渡到 eXp.world 或框架感到特別高興。他們喜歡框架，因為它是基於網路的，這使得無論他們在哪裡工作都可以更輕鬆地訪問。交易流程也得到了改善，87% 的人只是對流程進行評分，從 1 到 10 分，分為 9 或 10。

Leo, you can do just a quick refresh. I think we'll get your audio back. I see you will find that indicates here in (Inaudible).

獅子座，你可以快速刷新一下。我想我們會找回你的音訊。我看到你會發現這裡有指示（聽不清楚）。

Yeah. We actually announced our EXP revenue share 2.0 program on so that so you may have seen the press release that went out earlier today. Obviously, this last year, we paid out more than $230 million in a combination of revenue share and equity benefits to our agents and brokers. And with the new model and just anecdotally, our agents are ecstatic about our revenue share model 2.0. We recognize that there we have competition in the industry. And since we really created this new rev-share model.

是的。實際上，我們已經宣布了 EXP 收入分成 2.0 計劃，因此您可能已經看到了今天早些時候發布的新聞稿。顯然，去年我們向我們的代理商和經紀人支付了超過 2.3 億美元的收入分成和股權收益。有趣的是，有了新模型，我們的代理商對我們的收入分成模型 2.0 感到欣喜若狂。我們認識到我們在行業中存在競爭。自從我們真正創建了這個新的收益分享模型以來。

We redesigned it to give agents the best rev-share opportunity that exists in the market today. And we also have a fast-start program that's going to be kicking in July which we think is also going to be super exciting that we talked about in the press release. Let me know if you've arrived back in, I can certainly turn it back over to you and let's go on to the next slide. And, you know, keep things moving here.

我們重新設計了它，為代理商提供當今市場上最好的收益分享機會。我們還有一個快速啟動計劃，將於 7 月啟動，我們認為這也將是我們在新聞稿中談到的超級令人興奮的。如果您回來了，請告訴我，我當然可以將其轉回給您，然後讓我們繼續觀看下一張投影片。而且，你知道，讓這裡的事情繼續發展。

Sorry, (Inaudible) - (microphone inaccessible).

對不起，（聽不清楚）-（麥克風無法存取）。

Well then, I will wait for you to take over a slide 12 here.

那麼，我就在這裡等你接下第12張投影片。

So Slide 12. Sorry about that. Perfect. I'm very proud of the eXp.

所以投影片 12。對於那個很抱歉。完美的。我對 eXp 感到非常自豪。

We're going to be losing Leo again. Because Internet connection must be up having issues from I'm sorry, just to note, and obviously, we have a number of agents who have been named to our to the 2023 Producer list. And what things were kind of interesting is that if you actually looked at those agents that were listed our top 200 in 258 agents, they would have actually ranked in you're as a single brokerage in the top five or six brokerages in the in the entire industry.

我們將再次失去利奧。因為網路連線必須出現問題，抱歉，請注意，顯然，我們有許多代理商已被列入 2023 年生產者名單。有趣的是，如果您實際上查看了我們在258 家代理商中列出的前200 名代理商，您會發現，他們實際上會在您作為單一經紀公司中排名前五或六名的經紀公司中。

So pretty cool just to see a lot of the accolades. And here a few weeks ago, I was actually awarded the Bravo Leadership Award from [RDSU] and eXp was awarded the number one spot in transactions in the 2024 Resi Media [power brokerage report]

看到很多榮譽真是太酷了。幾週前，我實際上獲得了 [RDSU] 頒發的 Bravo 領導獎，eXp 被授予 2024 年 Resi Media 交易第一名【電力經紀報告】

I want to make sure that it is important to note that these rankings really reflect our continued our focus on our agents and that really rings true and why we've been able to get the awards that we have and have continued to get all of the various different accolades.

我想確保的是，值得注意的是，這些排名確實反映了我們對代理商的持續關注，這確實是真實的，也是為什麼我們能夠獲得我們已經獲得的獎項，並繼續獲得所有這些獎項各種不同的榮譽。

So let's go ahead and move to the next slide here. Tom, one thing that you've heard us talk a lot about is AI across our entire business, and we're actually almost ready to roll out what we're referring to as Luna our two points, and this is headed up under our innovation team headed up by Seth Siegler, Chief Innovation Officer. But we're actually ready to roll out 28 separate AI agents that each contain their own in-depth knowledge about topics and countries, and it's able to actually handle multiple languages and lots of other cool features.

那麼讓我們繼續看下一張投影片。湯姆，你經常聽到我們談論的一件事是我們整個業務中的人工智慧，我們實際上幾乎準備好推出我們所說的 Luna 我們的兩點，這是在我們的由首席創新官Seth Siegler 領導的創新團隊。但我們實際上已經準備好推出 28 個獨立的人工智慧代理，每個代理都包含自己對主題和國家的深入了解，並且它能夠實際處理多種語言和許多其他很酷的功能。

So similar to Luna, we plan to develop more customized generative AI. Our personal assistants are responsive to both eXp agent and the broader industry questions in terms of the we have a document creation and review process that we have that we're working on improving.

與 Luna 類似，我們計劃開發更多客製化的生成式 AI。我們的私人助理能夠回應 eXp 代理和更廣泛的行業問題，我們正在努力改進文件建立和審核流程。

And another example is deploying technology to increase operational flexibility by creating what Patrick O'Neill, our Chief Operating Officer calls following the sun strategy to leverage both AI and people to enable 24 operations worldwide in support of agents and driving enhanced productivity. So AI for us represents an enormous long-term opportunity. We're doing a lot of things with. We've got a number of different projects we're working with various our vendors and others to really focus on the AI side.

另一個例子是部署技術來提高營運靈活性，我們的營運長 Patrick O'Neill）稱之為遵循太陽策略，利用人工智慧和人員來支援全球24 個營運點，以支援代理商並提高生產力。因此，人工智慧對我們來說代表著巨大的長期機會。我們正在一起做很多事情。我們正在與不同的供應商和其他人合作進行許多不同的項目，以真正專注於人工智慧方面。

Leo are you back?

獅子座你回來了？

I hope so Slide 14. We're also excited about our progress against our $20 million profit improvement plan. We made good progress in implementing several initiatives in Q1 to drive our profit and cost savings on an annualized basis. These initiatives that we put in place in Q1 will drive $27.3 million in incremental profit and cost savings per year because many of these initiatives were implemented in the first quarter.

我希望如此幻燈片 14。我們也對 2000 萬美元利潤改善計劃的進展感到興奮。我們在第一季實施多項措施方面取得了良好進展，以推動我們的年度利潤和成本節約。我們在第一季實施的這些措施將每年帶來 2,730 萬美元的增量利潤和成本節約，因為其中許多措施是在第一季實施的。

They are not reflected in our first quarter financials and may have even been booked as some costs like severance towards them, which Kent will discuss in a moment with three quarters left in 2024, we expect to realize $6.8 million per quarter or $20.4 million this year.

它們沒有反映在我們第一季的財務報表中，甚至可能已被記入一些費用，例如對他們的遣散費，肯特將在2024 年還剩三個季度時討論這些費用，我們預計每季度實現680萬美元，即今年2,040 萬美元。

Turning to the next slide. Lastly, I want to provide an update on the real estate market, which in addition to the market downturn caused by higher interest rates, has also impacted by anti-trust lawsuits aimed at agent commissions.

轉到下一張投影片。最後，我想介紹房地產市場的最新情況，除了利率上升導致的市場低迷之外，還受到針對代理佣金的反壟斷訴訟的影響。

Understandably, our agents have lots of questions about what this means for them and their clients. We've been providing support and education to agents through regional rallies, where we can be there to answer questions about antitrust lawsuits, but also engage, educate and celebrate and inspire their profession.

可以理解的是，我們的代理商對這對他們及其客戶意味著什麼有很多疑問。我們一直透過區域集會為代理商提供支援和教育，我們可以在那裡回答有關反壟斷訴訟的問題，但也可以參與、教育、慶祝和激勵他們的職業。

During April, we hosted and impacted rallies in 20 locations, we plan to host more throughout the year. We've also created a buyer representation toolkit, which includes a suite of tools to help the eXp agents enhanced and empower the value proposition for clients lose time.

4 月份，我們在 20 個地點舉辦並影響了集會，我們計劃全年舉辦更多集會。我們還創建了一個買家代表工具包，其中包括一套工具，可協助 eXp 代理商增強並賦予客戶價值主張，讓客戶節省時間。

With that, I'll turn the call over to Kent, who will walk you through the financials, and we'll open it up for questions. Thank you.

這樣，我會將電話轉給肯特，他將向您介紹財務狀況，然後我們將開放提問。謝謝。

Thank you, Leo. As we review our performance for the first quarter of 2024, I'm pleased to highlight several key metrics that underscore our progress and strategic and strategic initiatives thus far with our agent Net Promoter Score NPS. This quarter, we achieved NPS of 73, which is a three point improvement compared to the first quarter of last year. This increase is a direct result of our continued investment in operational support for our agents and the enhancement to our technology platform that Glenn and Leo discussed earlier.

謝謝你，利奧。在我們回顧 2024 年第一季的業績時，我很高興強調幾個關鍵指標，這些指標強調了我們迄今為止與代理淨推薦值 NPS 的進展以及策略和策略舉措。本季度，我們的 NPS 為 73，比去年第一季提高了 3 個百分點。這一增長是我們持續投資於代理商營運支援以及格倫和利奧之前討論過的技術平台增強的直接結果。

Moving on to our agent network, we saw a slight decrease of 2% in our agent count year-over-year. This illustrates both the challenging market condition and our strategic decision to all go a significant number of unproductive agents in the US during the fourth quarter of last year, the first quarter of this year. This move is aligned with our focus on enhancing our productivity and efficiency.

繼續看我們的代理網絡，我們發現代理數量同比略有下降 2%。這不僅說明了充滿挑戰的市場狀況，也說明了我們的策略決定，在去年第四季和今年第一季期間，我們在美國裁掉了大量生產力低下的代理商。此舉符合我們對提高生產力和效率的關注。

In terms of real estate transaction, obviously sell transaction units grew by 5% year over year. This growth is not only a testament to our team's hard work and also indicate that we are outperforming the industry and continuing to gain market share in the US. While our cost per transaction experienced a slight increase year over year, they remain among the most competitive in the industry. We anticipate the real estate transaction costs will decrease as we leverage technology more effectively and move through the typical seasonal variation in 2024.

從房地產交易情況來看，顯性銷售交易套數較去年同期成長5%。這一增長不僅證明了我們團隊的辛勤工作，也表明我們正在超越行業並繼續獲得美國市場份額。雖然我們的每筆交易成本比去年同期略有增加，但它們仍然是業內最具競爭力的。我們預計，隨著我們更有效地利用技術並度過 2024 年的典型季節性變化，房地產交易成本將會下降。

Now let me discuss our financial objectives. I'm happy to report that our revenue for the fourth quarter was $943 million, 11% increase year over year on the adjusted EBITDA front, we generated $11 million in a very challenging market condition.

現在讓我討論一下我們的財務目標。我很高興地向大家報告，我們第四季的營收為 9.43 億美元，調整後 EBITDA 年成長 11%，在極具挑戰性的市場條件下，我們創造了 1,100 萬美元的營收。

The first quarter adjusted EBITDA was lower than the [$14.6 million] from the prior year's first quarter due to increased SG&A, which I will explain that we have also enhanced the transparency of our financial reporting by publishing. Our operating expense to include could include technology and development costs, affirming our commitment to being a technology company at heart.

由於 SG&A 增加，第一季調整後 EBITDA 低於去年第一季的 [1,460 萬美元]，我將解釋說，我們也透過發布提高了財務報告的透明度。我們的營運費用可能包括技術和開發成本，證實了我們內心致力於成為一家科技公司的承諾。

General and administrative expenses were $63 million, up 15% over the first quarter of 2023, primarily due to increased transaction volume and effort to improve our NPS, coupled with higher severance and legal expenses.

一般和管理費用為 6,300 萬美元，比 2023 年第一季增加 15%，主要是由於交易量增加和改善 NPS 的努力，以及遣散費和法律費用增加。

This quarter, we recorded a provision of $60 million for the antitrust litigation contingency is important to note this $50 million contingency is provisional and subject to change as the cases involved. The net of cash impact on earning of the provision is $11.4 million. Our GAAP net loss for this quarter was $15.6 million, which also improved at $1.8 million loss from the discontinued operation of the gondola segment.

本季度，我們記錄了 6000 萬美元的反壟斷訴訟應急準備金，值得注意的是，這 5000 萬美元的應急準備金是臨時性的，可能會根據所涉及的案件發生變化。該撥備對獲利的淨現金影響為 1,140 萬美元。本季我們的 GAAP 淨虧損為 1,560 萬美元，由於吊艙業務的終止運營，淨虧損為 180 萬美元。

Excluding the anti-trust contingency provision and the discontinued operation, our adjusted loss was $2.4 million with an adjusted loss per diluted share of $0.02 in terms of liquidity, our adjusted operating cash flow was $29.4 million.

不包括反壟斷應急準備金和終止經營業務，我們的調整後虧損為240萬美元，就流動性而言，調整後每股攤薄虧損為0.02美元，調整後經營現金流量為2940萬美元。

We have continued our commitment to shareholder returns by repurchasing $33 million of shares during the quarter, the number of this year, we repurchased completely offset the share issue via our agent equity program and the agent grow incentive program in the first quarter in the next slide, I will provide more detail about the driver of the higher revenue.

我們繼續履行對股東回報的承諾，在本季度回購了3300 萬美元的股票，今年我們透過代理股權計劃和代理增長激勵計劃回購的股票數量完全抵消了下一張幻燈片第一季的股票發行，我將提供有關更高收入驅動因素的更多詳細資訊。

This chart shows the drivers behind the increase of the revenue from the first quarter of 2023 through the first quarter of 2024. In Q1 2023, our revenues stood at $849 million, as shown by the bar on the left for the same period in 2024, revenue increased to $943 million, as indicated by the bar on the right, making a year-over-year increase of $95 million or 11%.

這張圖表顯示了 2023 年第一季至 2024 年第一季營收成長背後的驅動因素。2023 年第一季度，我們的營收為 8.49 億美元，如左側長條所示；2024 年同期，營收增加至 9.43 億美元，如右側長條所示，年增9,500 萬美元或 11%。

This increase was primarily driven by significant gains in our North America royalty segment, which includes US and Canada, contributed an additional $90 million revenue growth. The International Beauty segment also saw a rise contributed $5 million.

這一增長主要是由於我們的北美特許權使用費部門（包括美國和加拿大）的顯著增長推動的，額外貢獻了 9000 萬美元的收入增長。國際美容部門也貢獻了 500 萬美元的成長。

Revenue increased next five deeper into the North America royalties and a 2% decline in our agent base impacting our revenue negatively by approximately $8 million. US home sales in the first quarter 2024 declined 2.7% year-over-year, which pressured our Asian production.

接下來的五年裡，由於北美特許權使用費的增加，我們的收入進一步增長，而我們的代理商基礎下降了 2%，對我們的收入產生了約 800 萬美元的負面影響。我們2024 年第一季房屋銷售年減 2.7%，這對我們的亞洲生產造成壓力。

We estimated that decrease overall real estate market reduced our revenue by $11 million. However, the market decline were more than offset by gains from several areas in our business relative to the performance of the real estate market and increase of our agent productivity over prior year added $48 million of revenue. Higher home sales prices contributed incremental revenue of $46 million. Additionally, our strategic focus on expanding our lease deferral and other ancillary services brought an extra $50 million top line growth.

我們估計，整體房地產市場的下滑使我們的收入減少了 1,100 萬美元。然而，市場下滑被我們多個業務領域相對於房地產市場表現的收益所抵消，而且我們的代理生產力比前一年增加的收入增加了 4800 萬美元。房屋銷售價格上漲貢獻了 4,600 萬美元的增量收入。此外，我們的策略重點是擴大租賃延期和其他輔助服務，帶來了 5,000 萬美元的額外收入成長。

Our next slide, I will discuss financial for SME with UBS. This quarter, we streamlined our reporting by reducing number of seven from [four to three]. This change follows the discontinuation of a banner operation as we shift our focus entirely to web-based metaverse frame, which is now included in the other affiliated services.

我們的下一張投影片，我將與瑞銀討論中小企業的財務問題。本季度，我們透過將報告數量從 7 人減少到 7 人來簡化報告。[四比三]。這項變更是在橫幅操作停止之後發生的，因為我們將重點完全轉移到基於網路的元宇宙框架，該框架現在已包含在其他附屬服務中。

North America, we Realty segment this segment continued to be the primary driver of both revenue and profit for this quarter. For the company, we reported an 11% increase in revenue, as I discussed previously. However, our EBITDA saw a [16%] decline of $18 million.

北美，我們房地產部門該部門仍然是本季收入和利潤的主要驅動力。正如我之前所討論的，對於公司來說，我們的收入成長了 11%。然而，我們的 EBITDA [16%] 下降了 1800 萬美元。

This was largely due to our investment in personnel and to support future growth and improved NPS, an increase in legal and severance expenses, which were partially offset by higher revenue net of agent commission and other agent related costs. International unit revenue was [$60 million], an increase of 45%. Adjusted EBITDA loss was $3.4 million, which is 9% improvement from prior-year other related services, including frame and success, contributed modest revenue and adjusted EBITDA loss.

這主要是由於我們對人員的投資以及支持未來成長和改善淨推薦值、法律和遣散費的增加，這些費用被扣除代理佣金和其他代理相關成本的收入增加部分抵消。國際單位收入為 [6,000 萬美元]，成長 45%。調整後 EBITDA 損失為 340 萬美元，比前一年其他相關服務（包括框架和成功）提高了 9%，貢獻了適度的收入和調整後 EBITDA 損失。

So this slide summarize our Q1 highlights, which I have discussed in the previous slide. I'm happy to report that we are off to a great start to 2024, and we are well-positioned to capitalize on upcoming market growth opportunity.

因此，這張投影片總結了我們在上一張投影片中討論過的第一季亮點。我很高興地向大家報告，我們在 2024 年有了一個良好的開端，並且我們已做好充分準備，充分利用即將到來的市場成長機會。

With that overview, I'd like to turn the presentation back to Denise, who will facilitate the Q&A section.

有了這個概述，我想將演示轉回丹尼斯，她將主持問答部分。

Thank you.

謝謝。

Great. Thanks, Kent and --. A question on for everyone on the team before we open the call up to our covering analysts. And first, Glenn this one's for you and you announced some enhancements to the eXp rev share model earlier today, and I think you took us through some of the highlights of I suppose the next question is what on what made you decide to to make these updates now?

偉大的。謝謝，肯特和--.在我們向我們的覆蓋分析師進行電話會議之前，有一個問題要問團隊中的每個人。首先，格倫，這是給你的，你今天早些時候宣布了對 eXp rev share 模型的一些增強，我想你向我們介紹了一些亮點，我想下一個問題是什麼讓你決定製作這些現在更新？

Yeah. So there was a few things that went into this '20 in 2019, we announced our sustainable revenue share cloud platform, which basically was our commitment to paying up 50% of company dollars. But it was based on the model that we originally rolled out in 2009 where if you actually calculate the numbers, we expected more caught more breakage in the system.

是的。因此，2019 年發生了一些事情，我們宣布了我們的永續收入共享雲端平台，基本上是我們承諾支付公司 50% 的資金。但它是基於我們最初在 2009 年推出的模型，如果你實際計算這些數字，我們預計系統中會出現更多的損壞。

But we ended up overheating the rupture system to the point where we would fundamentally not be a sustainable company. So we introduced in 2019 where we are committed to paying out 50% of company dollar, but embedded in that is that we used 50% of the company to pay the bills and run the company and all of that.

但我們最終導致破裂系統過熱，以至於我們從根本上無法成為一家可持續發展的公司。因此，我們在 2019 年提出，我們承諾支付公司 50% 的資金，但其中的內涵是，我們用公司 50% 的資金來支付帳單和營運公司等等。

The second part of it was because of the way it was calculated. It was a little bit from unclear for a lot of our agents, actually how the numbers rolled out because it was using what we refer to as a buffering system. So we got a lot of feedback that our agents wanted on something that was easier to calculate.

第二部分是因為它的計算方式。對於我們的許多代理商來說，這有點不清楚，實際上這些數字是如何推出的，因為它使用了我們所說的緩衝系統。因此，我們收到了很多回饋，我們的代理商想要更容易計算的東西。

But then the other piece was we definitely got feedback around agents who would say our mid-level tractors would build reasonably large organizations and eXp and really they are key to the growth of the company, but they weren't on opening and more of the levels and yet they were instrumental in the growth of the company.

但另一件事是，我們肯定得到了代理商的反饋，他們會說我們的中級拖拉機將建立相當大的組織和 eXp，實際上它們是公司發展的關鍵，但他們並沒有開放和更多水平，但它們對公司的發展發揮了重要作用。

So what we have seen, though, is some of the attrition that we were seeing come when agents were leaving to some of our competitors was really that group of agents who were kind of in the middle. They weren't super big agent attractors, meaning they weren't knowing and in 30 40, 50 people personally, but their organizations, they were really involved in supporting them.

因此，我們所看到的是，當代理商離開我們的一些競爭對手時，我們看到的一些人員流失實際上是中間的那群代理商。他們不是超級大的代理商吸引者，這意味著他們不知道，在 30、40、50 個人中，但他們的組織，他們確實參與了支持他們。

Basically the program, as it's laid out, is that come starting in the US and Canada May 9, levels, one through three are opened up for all agents in the company and then levels four, five and six or are opened up with 5, 10 and 15 agents that they personally brought in.

基本上，按照計劃，該計劃將於5 月9 日在美國和加拿大開始，向公司內的所有代理商開放一級到三級，然後向四級、五級和六級開放，或向5 級開放，他們親自引進的10名和15名特工。

We're still left level seven at the same, which was 30 or more. And so that's really for those people who are I'll call it, the Brinker owner Persona, the sales manager percentage, that's what they do is they do a lot of recruiting and that's how they're wired. But for them for the masses of agents. We wanted to make it more accessible.

我們仍然保持七級，也就是 30 級或更多。所以這確實是針對那些我稱之為 Brinker 所有者角色的人，銷售經理百分比，這就是他們所做的，他們進行了大量的招聘，這就是他們的聯繫方式。但對他們來說對於廣大的特工來說。我們想讓它更容易訪問。

Our two agents. And just as I mentioned, the anecdotal evidence, I'm just the feedback today has been on really, really positive. So many people saying this is exactly what we needed to get. You're excited about sort of the next evolution of eXp And so I'm pretty excited. We're going to go with this, and we'll be rolling this out across the globe, but we launched it in the US and Canada.

我們的兩個經紀人。正如我所提到的，軼事證據，我只是今天的回饋非常非常積極。很多人說這正是我們需要得到的。你對 eXp 的下一步發展感到興奮，所以我也很興奮。我們將繼續這樣做，我們將在全球範圍內推廣它，但我們在美國和加拿大推出了它。

Great. Makes sense. The next question is for Leo. I have a couple of questions for you about agent growth trends first, just a near-term question about the first quarter if it was continued to be impacted by the cleanup of non-productive agents that you undertook last quarter and more longer term, what are you focused on in terms of agent growth?

偉大的。說得通。下一個問題是問獅子座的。首先，我有幾個關於代理商成長趨勢的問題，只是一個關於第一季度的近期問題，如果它繼續受到上季度和更長期的非生產性代理商清理的影響，會發生什麼？於代理商的成長？

Thanks, Denise. Yeah, there are two drivers impacting agent count. First, some agents have left the industry due to tougher selling environment that we've been experiencing over the last 18 months. And second, the cost of non-productive agents, such as technology support and other things.

謝謝，丹妮絲。是的，有兩個因素影響座席數量。首先，由於過去 18 個月我們經歷的銷售環境更加嚴峻，一些代理商已經離開了這個行業。其次，非生產性代理的成本，例如技術支援等。

So, we purposely offboarded a large number in the fourth quarter and yes, it did extend into the first quarter. We're really focused on building our agent base with the highest quality of agents in the industry. We have been very encouraged by the number of teams that have joined eXp in 2023 and again in Q1 of 2024, along with the increase in our agent productivity.

因此，我們故意在第四季度裁掉了大量人員，是的，這種情況確實延續到了第一季。我們真正專注於建立我們的代理基地，擁有業內最高品質的代理。我們對 2023 年和 2024 年第一季加入 eXp 的團隊數量以及我們代理生產力的提高感到非常鼓舞。

We invest quite a bit in tech to support our agents, which is offset a bit by the agent fees. For example, subscription to kvCORE, which would cost an individual agent hundreds of dollars per month to pay directly, is included in our $85 a month agent fee. We believe the fee deflects nonproductive agents, who can be counted at brokerages that don't charge fees. Clearly, our agent value proposition is resonating with productive agents and teams of agents joining us.

我們在技術上投入了大量資金來支持我們的代理商，這被代理商費用所抵消。例如，訂閱 kvCORE 需要個人代理商每月直接支付數百美元，但已包含在我們每月 85 美元的代理商費用中。我們認為，這筆費用轉移了非生產性代理人的注意力，這些代理人可以被算作不收取費用的經紀公司。顯然，我們的代理商價值主張與富有成效的代理商和加入我們的代理商團隊產生了共鳴。

And we believe our focus on these agents will put us in an optimal position to capture growth as the market turns.

我們相信，我們對這些代理商的關注將使我們處於最佳位置，以隨著市場的轉變而成長。

Got it. And now the last one for Kent, can you discuss the components of the $20 million profit improvement plan?

知道了。現在是肯特的最後一個問題，您能討論一下 2000 萬美元利潤改善計劃的組成部分嗎？

Yeah, happy to do that. We know there are a few adjustments we initiated in the first quarter with regard to the risk management fee, Agent Equity Program discount and other profit enhancement opportunities. Those initiatives have helped us on profit generating side. We estimate they will contribute about $30.3 million on an annualized basis.

是的，很高興這樣做。我們知道，我們在第一季對風險管理費、代理股權計畫折扣和其他利潤增強機會進行了一些調整。這些措施在創造利潤方面幫助了我們。我們估計他們每年將貢獻約 3,030 萬美元。

On the cost savings side, we took action in the first quarter to reduce personnel costs, primarily through the headcount reduction, by estimate, about $10.9 million in the realty business and $3 million in the VirBELA business on an annualized basis. The combined of these two actions approximately will generate about $13.9 million annualized cost savings. So overall, you add them together, we get about $27 million overall profit improvement.

在成本節約方面，我們在第一季採取了減少人員成本的行動，主要是透過裁員，據估計，按年化計算，房地產業務約為 1090 萬美元，VirBELA 業務約為 300 萬美元。這兩項行動相結合大約將節省約 1,390 萬美元的年度成本。總的來說，將它們加在一起，我們的整體利潤提高了約 2700 萬美元。

Got it. OK. Now I'll open up the call to our analysts to ask questions. I'll start with Jonathan Bass, who's sitting in for John Campbell from Stephens. you can open up you mick and ask the questions? Jonathan.

知道了。好的。現在我將致電我們的分析師詢問問題。我將從喬納森·巴斯開始，他將代替史蒂芬斯的約翰·坎貝爾。你可以打開你的米克並提出問題嗎？喬納森.

Hey guys. Thanks for taking my questions. I wanted to start off on agent count growth. It sounds like the offboarding of non-producing agents continued into 1Q.

大家好。感謝您回答我的問題。我想從座席數量的成長開始。聽起來非生產代理商的離職一直持續到第一季。

Is that expected to flow into 2Q and potentially beyond? And then looking forward on agent count growth, maybe like breaking it down between North America as well as international growth, could you talk about what you're expecting for the remainder of the year?

這預計會流入第二季甚至更長嗎？然後展望代理商數量的成長，也許就像將其細分為北美和國際成長一樣，您能談談您對今年剩餘時間的預期嗎？

Leo, do you want to take that? Or

利奧，你想接受嗎？或者

I was going to ask you the same thing.

我也想問你同樣的事情。

OK. Sure. Yeah, so going into Q2, obviously, we rolled out what we talked about, REV Share 2.0. So that, we believe, is going to be helpful for on the growth side.

好的。當然。是的，進入第二季度，顯然，我們推出了我們談論的 REV Share 2.0。因此，我們相信，這將有助於成長。

On the offboarding side, it's still a pretty tough market. A lot of our agents that we were offboarding and have offboarded and those who have voluntarily offboarded, a lot of them were behind on their fees, their MLS dues and other things that are obligation to them and they weren't selling any homes. So, it was just natural that there was some attrition.

在離職方面，這仍然是一個相當艱難的市場。我們的許多經紀人都被我們解雇了，已經被解雇了，還有那些自願離職的經紀人，他們中的許多人拖欠了他們的費用、MLS會費和其他他們應承擔的義務，而且他們沒有出售任何房屋。因此，出現一些磨損是很自然的。

What I found and this is just anecdotal, but I believe that even NAR quit a couple of months ago of publishing their numbers of members because I think their numbers are dwindling at the moment.

我發現的只是軼事，但我相信就連 NAR 幾個月前也不再公佈其會員人數，因為我認為他們的人數目前正在減少。

So, I think there's some industry attrition going on at the moment that's affecting us. And obviously, we're still we're seeing our productive agents sticking with us for the most part, which is why you're seeing volumes pick up and transaction counts pick up as the lower production. Anything you want to add there, Leo?

因此，我認為目前正在發生的一些行業消耗正在影響我們。顯然，我們仍然看到我們的生產代理商在很大程度上堅持我們，這就是為什麼隨著產量的降低，您會看到交易量增加和交易數量增加。利奧，你還有什麼要補充的嗎？

Yeah, We're and again, people need to remember that when you don't stay current with your MLS and association dues, once you get turned off, we have to offboard you. And so we have the larger denominator. And so the churn that's endemic to this market cycle is going to be present.

是的，我們再次強調，人們需要記住，當你不及時繳納 MLS 和協會會費時，一旦你被關閉，我們就必須解僱你。所以我們有更大的分母。因此，這個市場週期中普遍存在的流失將會出現。

But the one thing I will say that I'm having, and so is Glenn, very promising conversations with small- and mid-sized independents, where the fear of the changing model rules to from the NAR settlement, we'll probably see some more activity of independents joining us in larger numbers, 50, 100, 200, 500 agents at a time.

但我要說的一件事是，我和格倫正在與中小型獨立人士進行非常有希望的對話，其中擔心 NAR 和解中模型規則的變化，我們可能會看到一些更多獨立人士的活動更多地加入我們，一次有50、100、200、500 名代理人。

Right. OK. All right. Thank you for the color there.

正確的。好的。好的。謝謝你那裡的顏色。

Go ahead. Jonathan, did you have another add-on, follow-on to that question?

前進。喬納森，您對這個問題還有另一個補充嗎？

Yeah, if I could, if could add one more, if I could, maybe switching topics. Could you guys maybe elaborate on how EXPI and your agents are preparing for the mandated bio rep agreement rule change that's expected to come this summer? What are the discussions you're having with agents? And what are you?

是的，如果可以的話，如果可以再增加一個，如果可以的話，也許可以換個話題。你們能否詳細說明一下 EXPI 和你們的代理商如何準備預計將於今年夏天實施的強制生物代表協議規則變更？您與代理商進行了哪些討論？而你又是什麼？

Yeah, I'll jump into that. We're being extremely proactive. I want to say we're probably the leading scaled company who's been very proactive. A couple of weeks ago, we rolled out a one-page bio representation agreement that becomes only binding for one property and basically one day.

是的，我會跳進去。我們非常積極主動。我想說，我們可能是規模領先且非常積極的公司。幾週前，我們推出了一份一頁的生物代表協議，該協議僅對一個財產具有約束力，基本上在一天內有效。

The one thing I keep reminding agents, because I'm probably talking to 300 at a time a couple of times a day just to make sure that they're well prepared, is that nobody knows what's actually going to happen. The final settlement needs to be completely fleshed out. The DOJ could opine. But it's really operationalizing the change.

我不斷提醒特工的一件事是，沒有人知道實際上會發生什麼，因為我可能每天一次與 300 人交談幾次，只是為了確保他們做好充分準備。最終的解決方案需要完全充​​實。美國司法部可以發表意見。但它確實正在實施這項變革。

And so what we're doing is we're preparing our agents with the most tactical scripts, tools, bio presentations. We've even gotten it down to a slogan of treat your buyers like you treat your sellers. And what we're encouraging them to do is to start being prepared today. So we've given them the forms and the tools that we think will help get them through the transition and making sure that the objections and the concerns that come up, we've already roleplayed, we've already prepared them for it.

因此，我們正在做的就是用最具戰術性的腳本、工具和個人簡介來為我們的特工做好準備。我們甚至將其歸結為一句口號：像對待賣家一樣對待買家。我們鼓勵他們今天就開始做好準備。因此，我們為他們提供了我們認為將有助於他們完成過渡的表格和工具，並確保我們已經角色扮演了出現的反對意見和擔憂，我們已經為他們做好了準備。

And the one advantage that we have as a company is we're the largest scaled by transaction count. According to RealTrends last year, we did 355,000 sites. That's 40% more than number two. And so what we have is this phenomenal collaborative feedback loop.

作為一家公司，我們擁有的一個優勢是我們是交易數量規模最大的公司。根據 RealTrends 去年的數據，我們建立了 355,000 個網站。這比第二名高出 40%。所以我們擁有的是這個驚人的協作回饋循環。

So as our agents are in the field dealing with consumers directly, we'll be able to support their change. And the one thing I keep saying to agents is we're a platform to allow real estate practitioners to build the size of business they want. And so what that means as long as it's legal and the ethical and it falls within the rules, we're here to support whatever type of business they would like to innovate on. And in a couple of years, we'll probably have a new normal.

因此，由於我們的代理商在現場直接與消費者打交道，因此我們將能夠支持他們的變革。我一直對代理商說的一件事是，我們是一個平台，允許房地產從業者建立他們想要的業務規模。這意味著，只要合法、符合道德且符合規則，我們就會支持他們想要創新的任何類型的業務。幾年後，我們可能會進入新常態。

But we're very prepared proactively to guide them through the, I'm calling it, the messy middle as we adjust to the new rules of engagement.

但我們已經做好了積極準備，當我們適應新的參與規則時，引導他們度過我稱之為混亂的中間階段。

That's great. Thank you guys.

那太棒了。感謝你們。

Sure.

當然。

And we'll move on. Tom White from D.A. Davidson. Did you have a question?

我們會繼續前進。D.A. 的湯姆懷特 (Tom White)戴維森。你有問題嗎？

Yeah, a couple, if I could. Glenn, Leo, I was hoping maybe you could share some directional thoughts on how you're feeling about your transaction growth in the second quarter. There have been some other companies in this space that have highlighted the recent uptick in mortgage rates. Just a little bit of kind of directional color there.

是的，一對，如果可以的話。格倫、利奧，我希望您能分享一些關於您對第二季交易成長的感受的方向性想法。該領域還有一些其他公司也強調了近期抵押貸款利率的上升。只是有一點點定向顏色。

And then maybe one for Kent. Operating expenses, specifically kind of G&A plus that new tech and dev line, is that kind of the new level we should think about in terms of like absolute dollars over the next few quarters? Is that a good way to model it kind of from what we saw in the first quarter?

然後也許是給肯特的。營運費用，特別是一般管理費用加上新技術和開發線，是我們在未來幾季應該考慮的新水平嗎？這是根據我們在第一季看到的情況進行建模的好方法嗎？

I could take the directional one. Quarter over quarter, it's looking like a flat year transactionally for the country. So I would venture to bet that what we saw in Q1 is probably pretty representative of Q2. And again, as we shared throughout the other slides, we're really focused on the productive agents.

我可以選擇定向的。從季度來看，該國的交易看起來表現平平。因此，我敢打賭，我們在第一季看到的情況可能很能代表第二季。再次強調，正如我們在其他幻燈片中所分享的那樣，我們真正關注的是高效能代理。

And again, what I actually tell agents is in a market like this, thriving looks like surviving. And so sometimes this is just a market expansion moment. And then once rates, and we get more back to a normalized transactional volume here of $5.5 million, $6 million transactions, which over a 30-year period is probably more average, that will actually pay dividends for us.

再說一次，我實際上告訴代理商的是，在這樣的市場中，繁榮看起來就像生存一樣。所以有時這只是市場擴張的時刻。然後，一旦定價，我們就會回到正常化的交易量，即550 萬美元、600 萬美元的交易量，這在30 年期間可能更為平均，這實際上將為我們帶來獎金。

Yes, maybe to add on the unit side, right, Tom. It's typical, you see that Q1 is very slowest season, right? When you get to Q2 spring season, just the seasonality, the revenue will pick up in the second quarter?

是的，也許要在單位方面添加，對吧，湯姆。這是典型的，你看第一季是最慢的季節，對吧？到了Q2春季，僅是季節性，第二季營收會回升嗎？

OK. Great. Maybe one last one, if I could slip it in. Any chance you can update us on how you're thinking about a potential settlement of the NAR lawsuit.

好的。偉大的。如果我能把它塞進去的話，也許是最後一個。如果有機會，請告訴我們您對 NAR 訴訟的潛在和解的想法。

Some of your brokerages have settled recently. I noticed that litigation contingency pop up on the P&L. So anything you can share there would be helpful. And then I'll get back in the queue.

你們的一些經紀公司最近已經和解了。我注意到損益表上突然出現了訴訟意外事件。因此，您可以在那裡分享的任何內容都會有所幫助。然後我會回到隊列中。

Yes. So, I've spent a fair bit of time, I know Leo does as well, talking through what's going on in the industry from a settlement perspective or a litigation perspective. We're still fairly early on in our in the suits that we're named to -- I think there's 10 suits that we're named to in the US We're still trying to figure out whether there's consolidation of that.

是的。所以，我花了相當多的時間，我知道 Leo 也這麼做了，從和解或訴訟的角度討論行業中正在發生的事情。我們在我們的命名套裝中還處於相當早期的階段——我認為我們在美國有 10 個套裝，我們仍在努力弄清楚是否有整合。

Where does this all set? I think we're maybe the last of the large brokerages that haven't settled yet and are presently not in a settlement discussion at the moment. But obviously, we're open to those conversations. We've had some in the past. But right now, we're still looking at what's going on.

這一切都在哪裡設定？我認為我們可能是最後一家尚未和解且目前尚未進入和解討論的大型券商。但顯然，我們對這些對話持開放態度。我們過去有過一些。但現在，我們仍在關注正在發生的事情。

Obviously, you had Douglas Elliman, you had, of course, HomeServices. Of course, they were on the hook, so to speak, for the previous judgment. And they were kind of the last one in there, so -- but it's still early on. We've still got a couple three years of work to do before it gets into some sort of trial situation is the way that we're looking at it.

顯然，你有道格拉斯·艾麗曼 (Douglas Elliman)，當然還有家庭服務 (HomeServices)。當然，可以說，他們是因為先前的判斷而陷入了困境。他們是那裡的最後一個，所以——但現在還處於早期階段。在進入某種試驗狀態之前，我們還有三年的工作要做，這就是我們正在考慮的方式。

So, we're watching on a day-by-day basis and if there's an opportunity to settle for a number that makes sense for us, then we'll take that opportunity. But if not, we think we've got very good arguments on our side of the equation if we were to go sort of the distance, so to speak.

因此，我們每天都在觀察，如果有機會確定一個對我們有意義的數字，那麼我們就會抓住這個機會。但如果不是，我們認為，如果我們要走得更遠一些，可以這麼說，我們這邊已經有很好的論點了。

Tom, you also asked about SG&A, right, [indiscernible] the rest of the year. Barring from any unforeseen, right, or one-time item, you can assume our Q1 SG&A, essentially it's more like general direction, what we're going to see in the future?

湯姆，你也問過 SG&A，對吧，[音頻不清晰]今年剩下的時間。除非有任何不可預見的、正確的或一次性的項目，你可以假設我們第一季的SG&A，本質上它更像是總體方向，我們未來會看到什麼？

All right, I'll move on. Moving on to Matt Filek from William Blair. Did you have a question?

好吧，我繼續。從威廉布萊爾轉向馬特菲萊克。你有問題嗎？

You have Matt on and Sheldon. To start here, what could the recent changes to the revenue share model mean to company financials, particularly gross margins?

馬特和謝爾頓都在場。首先，最近收入分成模式的變化對公司財務，特別是毛利率意味著什麼？

Yes, short answer not selling?

是的，簡答不賣？

Yeah, I mean, that's the short answer the short answer is that it's how we're paying out the 50% of company dollar is really what it comes down to. And we've done it in a way that helps agents in the company that are working to grow the company.

是的，我的意思是，這就是簡短的答案，簡短的答案是，這就是我們支付 50% 公司資金的方式，這才是真正的問題。我們這樣做的方式是幫助公司致力於發展公司的代理商。

And so we've really just created what we refer to as a model that our agents feel is more aligned with what their interests are over the long haul. So generally, we're paying out the same numbers. We're just doing it slightly differently, which our agents are excited about.

因此，我們實際上只是創建了一個我們所說的模型，我們的代理商認為該模型更符合他們的長期利益。所以一般來說，我們支付的金額是相同的。我們只是採取了稍微不同的方式，我們的代理商對此感到興奮。

Got it. And then since Leo is taking over as the CEO of eXp Realty, and congrats on that opportunity, Leo, Glenn, can you provide some more detail on how you plan to allocate your time? It sounds like macro-level opportunities will be a core focus. But any additional color on what that entails would be helpful.

知道了。然後，由於 Leo 接任 eXp Realty 的首席執行官，並且祝賀您獲得這個機會，Leo、Glenn，您能否提供更多有關您計劃如何分配時間的詳細信息？聽起來宏觀層面的機會將成為核心焦點。但任何關於其含義的附加顏色都會有所幫助。

Yes, so there's when I look at macro, obviously, we've got a few subsidiaries, SUCCESS Enterprises, FrameVR.io. We've got some other business that we made either strategic investments in or -- and other business that we think could be synergetic to eXp. So it's really working on a number of these opportunities. There are some things that I think are pretty exciting that I don't want to talk about yet, so they're nonpublic.

是的，所以當我看宏觀時，顯然我們有一些子公司，SUCCESS Enterprises、FrameVR.io。我們對其他一些業務進行了策略性投資，或者我們認為其他業務可以與 eXp 產生協同作用。因此，它確實正在努力抓住其中的一些機會。有些事情我認為非常令人興奮，但我還不想談論，所以它們是非公開的。

But there are some areas where, I think, leveraging eXp Realty's scale and what we've been able to accomplish, there are some things that could create some nice aligned synergies that are maybe out -- which are, in fact, outside of the core of realty, so not the traditional affiliated services, but other services that we think could really align well and could be profitable in their own right.

但我認為，在某些領域，利用 eXp Realty 的規模和我們已經能夠完成的工作，有些事情可以創造一些可能已經過時的良好協調協同效應——事實上，這些協同效應超出了我們的預期。的核心，所以不是傳統的附屬服務，而是我們認為可以真正很好地配合並且本身可以盈利的其他服務。

All right. Thank you, Glenn. Very helpful.

好的。謝謝你，格倫。很有幫助。

And then last, Soham Bhonsle at BTIG. Would you like to ask a question?

最後是 BTIG 的 Soham Bhonsle。您想問一個問題嗎？

Evening. Maybe first one for you, Leo. Last fall, you introduced the Boost and Accelerate program. So I'm just curious how those have fared so far. And then if you could just expand on what's incremental here with the Fast Start and the REV Share 2.0 program, that would be great.

晚上。也許第一個適合你，獅子座。去年秋天，您推出了「Boost and Accelerate」計畫。所以我只是好奇到目前為止這些進展如何。然後，如果您可以透過快速啟動和 REV Share 2.0 計劃擴展這裡的增量內容，那就太好了。

Yeah, no, it's definitely opened up lines of communication. Tomorrow, we're filing a press release of a 500-person brokers that joined us here in Miami, 20-year independents, who just -- the interesting talk track that I keep hearing over and over again is, I've been grinding at it for years and years, and this upcoming climate is just giving me the opportunity to think through, do I want the liability? And we're really positioned as a platform to allow these real estate entrepreneurs to continue to grow according to their people. They give us their back end.

是的，不，它確實打通了溝通管道。明天，我們將提交一份新聞稿，介紹在邁阿密加入我們的 500 名經紀人，他們是 20 年的獨立人士，他們只是——我一遍又一遍地聽到的有趣的談話是，我一直在磨礪多年來，這種即將到來的氣候只是讓我有機會思考，我想要承擔責任嗎？我們確實定位為一個平台，讓這些房地產企業家能夠根據他們的員工繼續成長。他們給我們他們的後端。

They give us their liability. And then they can focus on pouring in. And a lot of times, once they get rid of their fixed liabilities in the real estate, it becomes a more profitable enterprise to be in business with us. And so by introducing Boost, it gave us a very powerful talk track.

他們向我們承擔責任。然後他們就可以集中精力湧入。很多時候，一旦他們擺脫了房地產的固定負債，與我們做生意就變成了一個更有利可圖的企業。因此，透過引入 Boost，它為我們提供了一個非常強大的談話軌道。

And I'm in active negotiations with companies ranging of all sizes that I feel like last summer, I would not have an opening to. So it's really been a huge catalyst to having conversations. And then with REV Share 2.0, I think it's going to give a shot in the arm to the folks who are great at attracting. And one of the beautiful things about this company is it's very much agent-led from a voice standpoint.

我正在與各種規模的公司進行積極的談判，我覺得去年夏天我沒有機會參加。所以這確實是對話的巨大催化劑。然後，隨著 REV Share 2.0 的推出，我認為這將為那些善於吸引人的人注入一劑強心劑。這家公司的美妙之處之一是，從聲音的角度來看，它很大程度上是由代理商主導的。

So, when we designed REV Share 2.0, it was strictly with the input of the feedback loop of the agents in the field who are competing for talent. And so, we're pretty excited that it's going to help us attract the smartest and brightest folks in the industry.

所以，我們在設計REV Share 2.0的時候，嚴格考慮了領域內爭奪人才的代理商的回饋迴路的輸入。因此，我們非常高興它將幫助我們吸引業內最聰明、最聰明的人才。

Got it. And then I guess, just one more on productivity, look, it looks like transactions are up. But when I sort of look at just the home sales transactions purely, right, it looks like it's up 2% per your slides. And then you had about 26% growth in other. Is there any way to sort of parse out what productivity was on sort of the core business of like just selling homes?

知道了。然後我想，再談一個關於生產力的問題，你看，交易量似乎增加。但當我純粹看一下房屋銷售交易時，對吧，根據你的幻燈片，它看起來上漲了 2%。然後其他方面的成長約為 26%。有什麼方法可以解析出像銷售房屋這樣的核心業務的生產力是什麼？

Most of the transaction (inaudible) and in general, I would say we don't sell these other transactions to support all the transaction.

大多數交易（聽不清楚），總的來說，我想說我們不會出售這些其他交易來支持所有交易。

I think Kent's Amicas kind of messed up, but Tom, you want to reset your Mike Durkin there yet because he will give you if you want?

我認為 Kent 的 Amicas 有點混亂，但是 Tom，你想在那裡重置你的 Mike Durkin 因為如果你想要的話他會給你？

To answer your question, our home sale transaction increased 5%, right and you asked what activity. We don't have a separate team to support real estate sales transaction versus lease rental for a 1P and to support them. So when we look at productivity, we look upon the overall per-transaction costs by the of real estate related.

回答你的問題，我們的房屋銷售交易增加了5%，對了，你問什麼活動。我們沒有單獨的團隊來支援 1P 的房地產銷售交易與租賃租賃並為其提供支援。因此，當我們考慮生產力時，我們會考慮與房地產相關的每筆交易的整體成本。

Got it. And then, Ken, just on gross margin, any help there? I think you said similar to last quarter, is it similar to 2023? Any updated thoughts there would be great thank you.

知道了。然後，肯，就毛利率而言，有什麼幫助嗎？我想你說的跟上季類似，那是不是跟2023年類似呢？任何更新的想法都會非常感謝。

Yeah, similar. We are about 8.3%, that level, yes.

是的，類似。我們大約是 8.3%，這個水平，是的。

For the year?

今年？

For the year, no, we don't forecast. You can see where our typically, what you see is the gross margin, there's a seasonality, right? When we get across the year, the agents start to cap. So, what you see actually in the summertime, our gross margin tend to be lower and then come back again in Q4.

對於今年，我們沒有預測。你可以看到我們的典型情況，你看到的是毛利率，有季節性，對吧？當我們跨過這一年時，代理商開始限制。因此，正如您在夏季實際看到的那樣，我們的毛利率往往較低，然後在第四季度再次回升。

OK. Thank you for that.

好的。謝謝你。

All right. Well, thank you, everyone. We answered all the questions that were asked on Slido for the most part. I want to thank everyone for joining us on this quarterly call.

好的。嗯，謝謝大家。我們大部分都回答了在 Slido 上提出的所有問題。我要感謝大家參加我們的季度電話會議。

As always, you can stay connected with us through our website for the latest updates on the eXp news, results, and events. And additionally, you'll find a recording of this call in our latest investor presentation on the Investors section of the site. So this concludes the eXp World Holdings first-quarter 2024 earnings fireside chat.

像往常一樣，您可以透過我們的網站與我們保持聯繫，以了解 eXp 新聞、結果和活動的最新動態。此外，您也可以在網站投資者部分的最新投資者簡報中找到本次電話會議的錄音。eXp World Holdings 2024 年第一季財報爐邊談話到此結束。

Thank you.

謝謝。

Thanks, everyone.

感謝大家。