eXp World Holdings Inc (EXPI) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to eXp World Holdings second quarter 2024 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.

下午好，歡迎透過直播和我們在網路上的虛擬世界 Frame 參加 eXp World Holdings 2024 年第二季財報爐邊聊天。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 will begin with our earnings fireside chat with prepared remarks from Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings; and Leo Pareja, CEO of eXp Realty; followed by a review of the second quarter 2024 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 eXp World Holdings covering analysts and questions submitted to eXp in advance.

今天，我們將以 eXp World Holdings 創始人、董事長兼執行長 Glenn Sanford 準備好的演講開始我們的財報爐邊談話；以及 eXp Realty 執行長 Leo Pareja；隨後，eXp World Holdings 財務長兼首席會計長 Kent Cheng 回顧了 2024 年第二季的財務亮點。在我們準備好的演講之後，我們將開始與 eXp World Holdings 舉行問答環節，涵蓋分析師和提前提交給 eXp 的問題。

Let’s begin with a review of the 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. Forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

讓我們先回顧一下前瞻性陳述。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。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。

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. As a reminder today’s call is being recorded and a reply will also be made available on expworldholdings.com.

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。謹此提醒，今天的通話將會被錄音，也會在 expworldholdings.com 上提供回應。

Now for a few logistics and then we’ll get started. For those of you joining in frame today, welcome to our Metaverse on the web. To zoom into 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 on the bottom right to link with tech support.

現在進行一些後勤工作，然後我們就可以開始了。對於今天加入框架的人，歡迎來到我們的網路元宇宙。若要放大特定螢幕，您可以按一下該螢幕，然後按一下「放大」。如果該畫面上的內容消失或音訊遺失，只需刷新頁面即可。在框架中，如果您需要協助，只需使用右下角的幫助按鈕即可連結到技術支援。

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 type in the event eXp. From there, you can submit a question or vote up an existing question by giving a thumbs up. If you’d also like another question asked. This screen will remain up on the right-hand side of the stage throughout our presentation.

如果您想在我們的簡報過程中提問，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，或造訪 slido.com 並輸入事件 eXp。從那裡，您可以提交問題或透過豎起大拇指對現有問題進行投票。如果您還想問另一個問題。在整個演示過程中，該畫面將始終位於舞台的右側。

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，我將把爐邊談話轉給我們的發言人。格倫，你可以開始了。

Thanks, Denise, and thanks, everyone, for attending this Q2 earnings call. Obviously, what we’re doing here is really iterating on the agent value proposition. That’s what we talk about all the time at eXp. And really, we’ve got a unique overall platform that focuses on personal development, helping agents sell more property.

謝謝丹尼斯，也謝謝大家參加第二季的財報電話會議。顯然，我們在這裡所做的實際上是對代理價值主張的迭代。這就是我們在 eXp 上一直在討論的話題。事實上，我們擁有一個獨特的整體平台，專注於個人發展，幫助代理商出售更多房產。

Obviously, we have Success Magazine, which is tied into that personal development side of the business. And then we’ve got companies like Frame, which is obviously the Metaverse that we’re in now. But all of this is really designed to help us as a brokerage scale around the world. You’ll notice like in the next slide, in Q2, our NPS, our agent Net Promoter Score actually increased from 72 to 76, which is world-class to say the least, and this really reflects our investments in services, faster payments.

顯然，我們有成功雜誌，它與業務的個人發展面緊密相關。然後我們還有像 Frame 這樣的公司，這顯然就是我們現在所處的元宇宙。但這一切其實都是為了幫助我們成為全球的經紀規模。您會注意到，就像下一張投影片中的那樣，在第二季度，我們的NPS、我們的代理商淨推薦值實際上從72 增加到76，至少可以說這是世界一流的，這確實反映了我們在服務、更快支付方面的投資。

We’ve got platforms like revenues, our global referral network that’s actually starting to take shape, how we’re approaching international, which I’m actually more involved in now for obvious reasons. Some of you may know about some of the changes there. But we’re really focused on what -- how do we improve the agent value proposition because we do know that NPS is a leading indicator for both our future growth retention and retention, which ultimately translates to sort of long-term financial viability of the company.

我們有收入等平台，我們的全球推薦網絡實際上已經開始形成，我們如何走向國際，我現在實際上更多地參與其中，原因顯而易見。你們中的一些人可能知道其中的一些變化。但我們真正關注的是如何改進代理價值主張，因為我們確實知道 NPS 是我們未來成長保留和保留的領先指標，這最終轉化為某種長期財務生存能力。

Real estate sales transaction increased by 1%. Revenue grew by 5%. And really, that was driven by a 6% increase in our overall agent productivity, which is pretty amazing to see our agents producing more in a difficult market.

房地產銷售交易成長1%。收入增長了 5%。事實上，這是由我們的整體座席生產力提高了 6% 推動的，看到我們的座席在困難的市場中產出更多，真是令人驚訝。

We have productivity gains from providing more tools and incentives to highly productive agents. I know Leo is going to talk a little bit about -- I think he’s going to talk a little bit about (inaudible) a really cool program relative to our revenue Share 2.0. That’s again, geared toward attracting productive agents and at helping agents during their first year really outproduce maybe where they would have normally because they’ve got more encouragement from their upline and some other things that go along with that.

透過向高生產力的代理商提供更多工具和激勵措施，我們提高了生產力。我知道 Leo 會談論一些——我想他會談論一些（聽不清楚）相對於我們的收入分享 2.0 來說非常酷的計劃。這又是為了吸引富有成效的代理商，並幫助代理商在第一年真正超越他們通常的產出，因為他們從上線和其他一些隨之而來的事情中得到了更多的鼓勵。

But we’re really positioned to capture growth around the world. Internationally, revenues jumped by 69% year-over-year. There was strong performance in both sales, volume, productivity. Our agent count really didn’t change a whole bunch overall, but that’s because a lot of our agents that were in international in the sort of initial launch into international. We’re non-productive, we actually changed it to looking at agents who have 2 years or more experience are the ones that we’re actually bringing over to eXp now, and that’s really changed the trajectory internationally. You’ll obviously notice that our losses are reduced over previous time frames.

但我們確實有能力抓住全球成長的機會。在國際市場，營收年增 69%。在銷售額、銷量和生產力方面均表現強勁。我們的代理商數量實際上並沒有改變整體，但那是因為我們的許多代理商在最初進入國際市場時就在國際上。我們沒有生產力，實際上我們將其改為尋找具有 2 年或以上經驗的代理商，我們現在實際上將其引入 eXp，這確實改變了國際發展軌跡。您顯然會注意到，我們的損失比之前的時間範圍有所減少。

But really, it’s an untapped opportunity when we look at the fact that there’s likely somewhere around, it’s hard to track the stats, but there’s likely around 20 million plus real estate professionals in the markets that we want to compete in over time. And so if we really think about that as our target market, and we get to a similar size that we are in the US, that’s almost 1 million agents worldwide that could eventually be on the eXp platform. So we’re really excited about that long-term we’ll just say, 10-year vision of where we’re going.

但實際上，當我們考慮到周圍可能存在的事實時，這是一個尚未開發的機會，雖然很難追蹤統計數據，但該地區可能有超過 2000 萬房地產專業人士我們希望隨著時間的推移參與競爭的市場。因此，如果我們真的將其視為我們的目標市場，而我們的規模與美國相似，那麼全球將有近 100 萬代理商最終可能會出現在 eXp 平台上。因此，我們對我們的長期發展目標感到非常興奮，我們只能說，我們的十年願景。

And actually, even more recently, I’m actually working directly with the international team, bringing a lot of the start-up culture into international personally and working with various team leaders, country leaders, our existing amazing team that we’ve got growing international. But as I’ve mentioned in previous calls, this is really important to me. And between going to [Lisbon] in June for our first EXPCON internationally to take another trip there in September to work with some of our international team in September, October.

事實上，甚至最近，我實際上直接與國際團隊合作，親自將許多創業文化帶入國際，並與各個團隊領導、國家領導人以及我們現有的令人驚嘆的團隊合作變得越來越國際化。但正如我在之前的電話中提到的，這對我來說非常重要。六月前往[里斯本]參加我們的第一次國際 EXPCON，九月再次前往里斯本與我們的一些國際團隊一起工作，九月、十月。

We’re taking a lot more hands-on approach to international growth. We also launched just Elevate coaching, which is really an extension of our eXp University and mentor programs and we’ve launched that also. And then we -- the global agent referral platform is amazing how we’re able to -- because of our size, be able to share both consumers that are looking to buy or sell real estate and also sharing properties on an international basis, especially when you get to that luxury market, where the international luxury buyer could be looking at multiple countries around the world for opportunities.

我們正在採取更多實際行動來實現國際成長。我們還推出了 Elevate 輔導，這實際上是我們 eXp 大學和導師計劃的延伸，我們也推出了該計劃。然後，我們——全球代理商推薦平台令人驚奇的是，我們能夠——由於我們的規模，能夠分享想要購買或出售房地產的消費者，並在國際範圍內分享房產，尤其是當你進入奢侈品市場時，國際奢侈品買家可能會在世界多個國家尋找機會。

So really a lot of unique stuff that’s going on around that. And then with that, let me go and turn it over to Leo, who will walk you through some of the second quarter highlights in North America. Leo?

因此，圍繞這一點確實發生了很多獨特的事情。然後，讓我把它交給 Leo，他將帶您了解北美第二季度的一些亮點。利奧？

Thanks, Glenn, and thanks for everyone for joining us today. I’ll start off with our Q2 performance compared to the industry. Last week, we saw June home existing sales at a low point for 2024, down more than 5% year-over-year, month-over-month. This downward pressure for Q2 home sale transactions in the US which were down nearly 3.5% year-over-year. Despite the industry being down nearly 3.5% eXp Realty is only down 3%. Year-to-date, the industry is down slightly more than 3% and over last year, while eXp is basically flat by being down less than 1%.

謝謝格倫，也謝謝大家今天加入我們。我首先將我們第二季的表現與產業進行比較。上週，我們看到 6 月房屋現有銷售量處於 2024 年的低點，較去年同期下降超過 5%。這種下行壓力導緻美國第二季房屋銷售交易較去年同期下降近3.5%。儘管該行業下跌了近 3.5%，但 eXp Realty 僅下跌了 3%。今年迄今為止，該行業比去年下降了 3% 以上，而 eXp 基本持平，下降了不到 1%。

I truly believe that our market share gains are a reflection on the quality of agents and talent we’re attracting to our company. Kendall Bonner joined eXp Realty as a VP of Industry Relations, who has recently named 2024 Housing Woman of influence Tonami TV host and real estate expert has joined eXp during that quarter. And 44% of our agents made the list for the 2024 Real Trends and – thousand awards which has the 5 top -- 500 top agents and 500 top teams in the US by transaction and volume count.

我堅信，我們的市佔率成長反映了我們為公司吸引的代理商和人才的品質。Kendall Bonner 加入 eXp Realty 擔任行業關係副總裁，最近被任命為 2024 年有影響力的住房女性 Tonami 電視主持人和房地產專家已於該季度加入 eXp。我們的代理商中有 44% 進入了 2024 年真實趨勢和千人獎榜單，其中按交易量和交易量計算，該榜單擁有美國 5 強——500 名頂級代理商和 500 支頂級團隊。

We recognize that in order to maintain the highest quality agent base in the industry, we constantly have to iterate on our agent value proposition to remain the most agent-centric brokerage on the planet. During last earnings call, we announced revenue Share 2.0 in the first 60 days of the program. We paid out nearly $7 million in real-time revshare.

我們認識到，為了維持業界中最優質的代理基礎，我們必須不斷迭代我們的代理價值主張，以保持全球最以代理為中心的經紀公司的地位。在上次財報電話會議上，我們宣布了該計劃前 60 天內的收入分成 2.0。我們支付了近 700 萬美元的即時收益分成。

During Q2, we also launched our global referral program, which extends the reach of all of our agents to our additional 22 international markets, so agents can find partners across the globe and across the ocean to expand their business. And more recently, we launched fast start attraction bonus program, July 1 and which offers direct upline sponsorship of a 50% payout on the revenue share pool on all qualifying Level 1 transactions for an agent joining their first year at eXp.

第二季度，我們還啟動了全球推薦計劃，將我們所有代理商的覆蓋範圍擴展到另外 22 個國際市場，以便代理商可以在全球和大洋彼岸尋找合作夥伴來擴展業務。最近，我們於 7 月 1 日推出了快速啟動吸引獎金計劃，該計劃為加入 eXp 第一年的代理商提供所有符合條件的 1 級交易的收入分成池中 50% 的直接上線贊助。

Some of the initiatives we started last year have really started to gain traction. Some of the ones I’m most excited about, I’ll share about eXp exclusives, which went live late last year has started to gain traction and really add a value proposition to our agents as we navigate this low inventory environment in this changing landscape. Express offers, which we rebooted and with a partnership with open door led to over 2,300 property submissions to open door alone in Q2 eXp luxury, our platform that provides agents with tools and resources to increase their production, increase the number of agents by over 130% year-over-year.

我們去年開始的一些舉措確實開始受到關注。其中一些我最興奮的，我將分享 eXp 獨家產品，它在去年年底上線，已經開始獲得關注，並在我們應對這個低庫存環境時真正為我們的代理商增加了價值主張。我們重新啟動了Express Offers，並與Open Door 合作，僅在第二季度eXp Luxury 就收到了超過2,300 份房產提交，我們的平台為代理商提供工具和資源以提高產量，使代理商數量增加了130多% 同比。

We’re seeing higher adoption rates for training and educations, which increased 127% in attendance year-to-date for 2024 compared to 2023 for the same time period. Paying out our real-time payment program we launched in order to pay folks faster, which is particularly important in these times where agents are closing fewer transactions is taking off like wildfire. We’re happy to see our agents take advantage of the kind of programs we’ve created in order to help them lead more productive lives and make their businesses run smoother.

我們看到培訓和教育的採用率更高，與 2023 年同期相比，2024 年迄今的參與人數增加了 127%。我們推出的即時支付程序是為了更快地向人們付款，這在代理關閉交易減少的時代尤為重要，這一點正在像野火一樣迅速發展。我們很高興看到我們的代理商利用我們創建的此類計劃來幫助他們過上更富有成效的生活並使他們的業務運作更順利。

We’ve discussed our significant opportunities to see an agent improvement productivity with integrating AI technologies across our entire enterprise. We have an enterprise license with open AI that we’re leveraging with ChatGPT to increase our staff productivity. Our staffs had more than 1 million messages in Q2, up 108% from Q1 of this year by leveraging AI to become more productive internally.

我們已經討論了我們看到代理商透過在整個企業中整合人工智慧技術來提高生產力的重大機會。我們擁有開放式 AI 的企業許可證，我們將其與 ChatGPT 結合使用來提高員工的工作效率。透過利用人工智慧來提高內部工作效率，我們的員工在第二季度收到了超過 100 萬條訊息，比今年第一季成長了 108%。

The task center has also aided the completion of over 710,000 tasks of agents, invoices and transaction documents across 5 different operational teams and 15 different role types year-to-date. We continue to leverage hubspot technology to service agents, and we’ve closed over 1 million agent tickets worldwide in Q2. And most recently, we replaced Rebel with the web-based frame technology that we’re all using right now to make it faster and easy for our staff and agents to collaborate online and has been wildly popular with more than 1.1 million visits in the first half of 2024.

今年迄今為止，任務中心還幫助 5 個不同的營運團隊和 15 個不同的角色類型完成了超過 710,000 項代理商、發票和交易文件任務。我們繼續利用 hubspot 技術為代理商提供服務，第二季度我們已在全球範圍內關閉了超過 100 萬張代理商票證。最近，我們用基於網路的框架技術取代了Rebel，我們現在都在使用該技術，以便我們的員工和代理商能夠更快、更輕鬆地進行線上協作，該技術在全球範圍內廣受歡迎，訪問量超過110 萬次。

We’re really excited to continue the integration of cutting-edge technology solutions on our platform, the long-term opportunity AI could represent as we continue to seek operational efficiencies, which I’ll discuss on the next slide. This quarter, we reduced our SG&A expenses in North American Realty by $4 million over last year. At the same time, we reduced our cost per transaction in North America Realty by nearly 10% year-over-year and improved our operating efficiencies, increasing North American adjusted EPA by 13%.

我們非常高興能夠繼續在我們的平台上整合尖端技術解決方案，隨著我們繼續尋求營運效率，人工智慧可能代表著長期機遇，我將在下一張幻燈片中討論這一點。本季度，我們將 North American Realty 的 SG&A 費用比去年減少了 400 萬美元。同時，我們將北美房地產的每筆交易成本比去年同期降低了近 10%，並提高了營運效率，將北美調整後的 EPA 提高了 13%。

For an update on the real estate market, we have been providing as much education and tools through our regional rallies, virtual meetings and as many places as we can communicate with our agents. Our buyer representation toolkit, which includes the buyer-broker representation agreement that the CFA recently recognized is much simpler, clearer and pro consumer than any other agreement that’s been created recently is something we’ve open source. So all agents in the industry have access to what’s being considered the best-in-class documents in order to make this transition as smooth as possible, which will go into effect on August 17.

為了了解房地產市場的最新情況，我們一直透過我們的區域集會、虛擬會議以及盡可能多的地方與我們的代理商溝通，提供盡可能多的教育和工具。我們的買方代表工具包（其中包括 CFA 最近認可的買方經紀人代表協議）比最近創建的任何其他協議都簡單、清晰且有利於消費者，並且我們已將其開源。因此，業內所有代理商都可以獲得被認為是一流的文件，以使這一過渡盡可能順利，該過渡將於 8 月 17 日生效。

Many people have asked me how this will impact the number of agents and market in the process. First, buyers have the option not have an agent represent them just like they did in the past, but most have chosen to hire an agent because the process is very time-consuming and complicated than most people understand prior to engaging with an agent. My opinion, buyers will still choose representation and we’ll continue to need expert guidance throughout their process.

很多人問我這會對代理商數量和市場產生什麼影響。首先，買家可以選擇不再像過去那樣讓代理人代表他們，但大多數人選擇聘請代理人，因為這個過程比大多數人在與代理人接觸之前所理解的更加耗時和複雜。我認為，買家仍然會選擇代理，我們將在整個過程中繼續需要專家指導。

After August 17, we’ll likely experience an adjustment period, which I’ve been calling on several formats and stages, the messy middle as both agents and consumers adjust to the new rules of engagement. With that, I’ll turn the call over to Kent, who will walk you through our financials, and we’ll open the call up for questions.

8 月 17 日之後，我們可能會經歷一個調整期，我一直在呼籲多種形式和階段，在代理商和消費者都適應新的參與規則的過程中，中間會出現混亂的情況。這樣，我會將電話轉給肯特，他將向您介紹我們的財務狀況，然後我們將開始電話提問。

Thank you, Leo. As we review our performance for the second quarter of 2024, I’m pleased to highlight several key metrics that underscore our progress and strategic initiatives, thus far with our aged Net Promoter Score or aNPS. This quarter, we achieved an aNPS of 76, which is a 4-point improvement compared to the second 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, the Leo and Glenn discover discussed earlier.

謝謝你，利奧。在我們回顧 2024 年第二季的業績時，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的進展和策略舉措，包括我們的舊淨推薦值或 aNPS。本季度，我們的 aNPS 為 76，比去年第二季度提高了 4 個百分點。這一成長是我們持續投資於代理商營運支援以及增強我們的技術平台的直接結果，正如前面討論的 Leo 和 Glenn 所發現的那樣。

Moving on to our agent network. Our agent income increased 2% sequentially from the first quarter to the second quarter. On a year-over-year basis, our Q2 agent count declined 1%. This reflects both the challenging market condition and our strategic decision to over a significant number of unproductive agents in the U.S. during the last few quarters. This move is aligned with our focus on enhancing overall productivity and efficiency.

繼續我們的代理網路。從第一季到第二季度，我們的代理收入季增了2%。與去年同期相比，我們第二季的客服人員數量下降了 1%。這不僅反映了充滿挑戰的市場狀況，也反映了我們在過去幾季對美國大量生產力低下的代理商所做的戰略決策。此舉符合我們對提高整體生產力和效率的關注。

Turning to our other operating metrics. Real estate sales transaction unit grew 1% year-over-year. This growth is not only a testament to our teams hardware, but also indicate that we are outperforming the industry and continue to gain market share in the US. Realty cost per transaction decreased 8% as we began to leverage the knowledge to eliminate time consuming manual processes. We believe we are among the most efficient company in our industry and we remain focused on reducing our cost per transaction moving forward. Now let me discuss our financial metrics.

轉向我們的其他營運指標。房地產銷售交易單位較去年同期成長1%。這種成長不僅證明了我們團隊的硬件，也表明我們正在超越行業並繼續獲得美國市場份額。隨著我們開始利用這些知識來消除耗時的手動流程，每筆交易的房地產成本下降了 8%。我們相信我們是行業中效率最高的公司之一，我們將繼續致力於降低每筆交易的成本。現在讓我討論一下我們的財務指標。

I’m happy to report that our revenue for the second quarter was $1,295 million, a 5% increase year-over-year. Our Q2 revenue growth was due to higher real estate sales volume and an increase in agent productivity, which I will detail in my next slide. Second quarter adjusted EBITDA was $32.9 million, up 22% year-over-year driven by higher revenue and lower SG&A expenses relative to the prior year quarter, thanks to solid execution across the company, I’m pleased to report that our $20 million profit improvement plan remain on track.

我很高興地報告，我們第二季的營收為 12.95 億美元，年增 5%。我們第二季的營收成長歸因於房地產銷售的增加和代理商生產力的提高，我將在下一張投影片中詳細介紹這一點。第二季調整後EBITDA 為3,290 萬美元，年成長22%，原因是與去年同期相比，營收增加，SG&A 費用減少，這要歸功於整個公司的穩健執行，我很高興地報告，我們的2000萬美元利潤改善計劃仍按計劃進行。

Moving now to our Q2 expenses, general and administrative expenses were $61.2 million, down 6% compared to the second quarter of 2023, primarily due to cost containment initiatives partially offset by increased legal expenses related to the antitrust losses. Our GAAP net income from continuing operations for the quarter was up 4% to $11.8 million year-over-year. In spite of a 44% increase of operating income due to an unfavorable higher tax rate on ongoing operations, including its continued operation, net income would have grown 31% and to $12.4 million in 2024 compared to $9.4 million in 2023.

現在來看第二季的費用，一般和管理費用為 6,120 萬美元，比 2023 年第二季下降 6%，這主要是由於成本控制措施被反壟斷損失相關的法律費用增加部分抵消。本季持續營運業務的 GAAP 淨利潤年增 4%，達到 1,180 萬美元。儘管由於持續營運（包括其持續營運）的不利稅率較高，營業收入成長了 44%，但淨利潤仍將成長 31%，到 2024 年達到 1,240 萬美元，而 2023 年為 940 萬美元。

Moving on to cash flow and capital allocation. Q2 adjusted operating cash flow was $60.4 million, and we repurchased $48.2 million of share during the quarter, demonstrated our commitment to shareholder return. On the next slide, I will provide some detail about the driver of our revenue increase for the second quarter.

接下來討論現金流和資本配置。第二季調整後的營運現金流為 6,040 萬美元，我們在本季回購了 4,820 萬美元的股票，這反映了我們對股東回報的承諾。在下一張投影片中，我將提供有關第二季營收成長驅動因素的一些詳細資訊。

This chart shows the driver behind the increase in revenue from the second quarter of 2023 to the second quarter of 2024. In Q2 2023, our revenue stood at $1,231 million, as shown by the bar on the left. For the second quarter of 2024, revenue increased to $1,295 million, as indicated by the bar on the right, marking a year-over-year increase of $64 million or 5% increase. This increase was primarily fueled by significant gains in our North America Realty segment, which includes the US and Canada, contributing a $55 million revenue growth.

這張圖表顯示了 2023 年第二季至 2024 年第二季營收成長背後的驅動因素。2023 年第二季度，我們的營收為 12.31 億美元，如左側長條所示。如右側條所示，2024 年第二季營收增至 12.95 億美元，年增 6,400 萬美元，即成長 5%。這一成長主要得益於北美房地產業務的顯著成長，其中包括美國和加拿大，貢獻了 5,500 萬美元的收入成長。

The International Realty Segment also saw a rise contributed an $8 million revenue increase. Let’s dive deeper into the North American Realty segment. Our US agent base, excluding referral agent decline and actively impact our revenue by approximately $51 million US home sales in the second quarter 2024 declined 3.4% year-over-year, which pressured our agent production. We estimated the decrease of overall real estate market reduced our revenue by $37 million. However, these market declines were more than offset by gains from several areas in our business.

國際房地產領域的收入也有所增長，收入增加了 800 萬美元。讓我們更深入地了解北美房地產領域。我們的美國代理商基礎（不包括推薦代理商的下降）對我們的收入產生了積極影響，2024 年第二季度美國房屋銷售量約為5100 萬美元，同比下降3.4%，這給我們的代理商生產帶來了壓力。我們估計整個房地產市場的下滑使我們的收入減少了 3700 萬美元。然而，這些市場下滑被我們業務的多個領域的收益所抵消。

Relative to the performance of the real estate market, an increase of agent productivity over prior year added $81 million of revenue. Higher home sales prices contributed incremental revenue of $55 million. Additionally, our strategic focus on expanding our lease, referral and other ancillary services brought an extra $7 million top line growth.

相對於房地產市場的表現，代理商生產力比去年有所提高，增加了 8,100 萬美元的收入。房屋銷售價格上漲貢獻了 5500 萬美元的增量收入。此外，我們的策略重點是擴大租賃、推薦和其他輔助服務，帶來了 700 萬美元的額外收入成長。

On the next slide, I will discuss the financials for each segment in more detail for the quarter. The North American Realty segment continued to be the primary driver of both revenue and profit for the company. Segment revenue was $1,275 million, a 5% increase from prior year due to increased real transactions and home sales prices despite a challenging residential real estate market.

在下一張投影片中，我將更詳細地討論本季每個部門的財務狀況。北美房地產部門仍然是該公司收入和利潤的主要驅動力。儘管住宅房地產市場充滿挑戰，但由於實際交易和房屋銷售價格增加，該部門收入為 12.75 億美元，較上年增長 5%。

Adjusted EBITDA was $38.5 million, a 30% increase year-over-year due to improved business efficiency and reduced cost. International Realty segment revenue was $20 million, an increase of 69%, primarily due to increased real estate transaction driven by improved agent production in previously launched markets. Adjusted EBITDA loss was $2.4 million, a 37% improvement from prior year due to increased revenue and cost reduction initiatives.

由於業務效率提高和成本降低，調整後 EBITDA 為 3,850 萬美元，年增 30%。國際房地產部門收入為 2000 萬美元，增長 69%，主要是由於先前推出的市場中代理生產的改善推動了房地產交易的增加。由於收入增加和成本削減舉措，調整後 EBITDA 損失為 240 萬美元，比上年減少 37%。

Other affiliated services, including frame and success contributing modest revenue and adjusted EBITDA loss. This slide highlights our strong Q2 performance across key operational and financial metrics, which I have detailed in the previous slides. Looking ahead to the second half of this year, according to the latest NAR existing home sales, June saw a 5.4% decline in existing home sales for May reaching a seasonally adjusted annual rate of 3.9 million units.

其他附屬服務，包括貢獻適度收入和調整後 EBITDA 損失的框架和成功。這張投影片強調了我們在關鍵營運和財務指標上的第二季強勁表現，我在先前的幻燈片中對此進行了詳細介紹。展望今年下半年，根據最新的 NAR 成屋銷售數據，6 月成屋銷售較 5 月下降 5.4%，經季節調整後的年率達到 390 萬套。

Sales also fell 5.4% compared to the same period last year. We anticipate this downward trend in the US existing home sales to persist in the next quarter, barring any significant macroeconomic shifts. The current uncertain real estate market have promised us to adopt rolling real-time projections to enhance our agility and entrepreneurial approach in business management. We plan to continue to invest in our international market and agent grow initially to boost our production in the US.

銷售額也比去年同期下降了5.4%。我們預計，除非宏觀經濟發生重大變化，否則美國現有房屋銷售的下降趨勢將在下個季度持續下去。目前不確定的房地產市場使我們能夠採用滾動即時預測來增強我們在業務管理方面的敏捷性和創業精神。我們計劃繼續投資國際市場和代理商成長，以提高我們在美國的產量。

Our gross margin percentage for the second half of the year expected to be generally consistent with a typical seasonal pattern and last year’s performance. In conclusion, I’m happy to report another quarter of solid execution, which gives us well positioned to capitalize on accounting market growth opportunities. We continue to gain share one real estate market terms and recovers positively.

我們下半年的毛利率預計將與典型的季節性模式和去年的業績基本一致。總之，我很高興地報告又一個季度的穩健執行，這使我們能夠充分利用會計市場的成長機會。我們繼續擴大房地產市場份額並積極復甦。

With that, I’d like to turn the presentation back to Denise who will facilitate the Q&A session. Thank you.

說到這裡，我想將演示轉回丹尼斯，她將主持問答環節。謝謝。

Thanks, Kent. I’ll kick off with the question for everyone on the team before we open the call to our covering analysts. First, Glenn, I’ll start with you. Where are you spending most of your time? Where are you most focused?

謝謝，肯特。在我們向我們的分析師進行電話會議之前，我將首先向團隊中的每個人提出這個問題。首先，格倫，我將從你開始。你大部分時間都花在哪裡？你最專注的地方在哪裡？

So thanks. So for the last couple of weeks, especially, and it’s actually something I’ve been focused more and more time on. I mean actually focused on the international side. We actually had our first international EXPCON in Lisbon, Portugal last month so that we -- which was well attended from agents, especially in Europe, when we had some agents come over from other parts of the world as well and had a lot of good meetings. I know that we ended up bringing over one or two good-sized real estate teams for meetings at Leo and I were part of Felix and others. So that was really positive.

所以謝謝。因此，尤其是在過去幾週，這實際上是我越來越關注的事情。我的意思是實際上專注於國際方面。實際上，我們上個月在葡萄牙里斯本舉辦了第一屆國際EXPCON，因此，我們的代理商參加了許多活動，尤其是在歐洲，當時我們也有一些來自世界其他地區的代理商，並獲得了很多好的成果會議。我知道我們最終邀請了一兩個規模較大的房地產團隊參加 Leo 會議，而我是 Felix 和其他人的一部分。所以這確實是正面的。

And here in the last two weeks, I’ve actually been working directly with the international team, building a bunch of new systems out to help us grow and then refreshing the agent value proposition in a number of countries, which I think is being super well received by both our country leaders and our agents on the ground. So pretty exciting to work on that.

在過去的兩周里，我實際上一直在與國際團隊直接合作，構建了一系列新系統來幫助我們成長，然後刷新了許多國家的代理價值主張，我認為這正在成為現實。人和我們在當地的代理人的熱烈歡迎。從事這方面的工作非常令人興奮。

And so I’m also going to be heading back in September attending a large international MLS meeting actually in Milan. I believe, in October. And then we’ll have a number of meetings in different parts of Europe. So that’s leading up towards EXPCON. So that’s a little bit of what I’ve been up to. And that’s why actually my focus is. Many of you have heard me talk a ton about the future of international. I think we’re couldn’t be more excited about it. And just rolling up my sleeves personally every single day on that has been good for me, but I think also good for the team at large.

因此，我也將於 9 月返回參加實際上在米蘭舉行的大型國際 MLS 會議。我相信，十月。然後我們將在歐洲不同地區舉行多次會議。這就是 EXPCON 的前奏曲。這就是我一直在做的一點點事情。這其實就是我關注的焦點。你們中的許多人都聽過我大量談論國際化的未來。我想我們對此感到非常興奮。每天親自捲起袖子，這對我有好處，但我認為對整個團隊也有好處。

Great, thanks. All right. Next question for you, Leo. Can you discuss what drove the quarter-to-quarter increase in agent count?

太好了，謝謝。好的。下一個問題要問你，利奧。您能否討論一下是什麼推動了座席數量的季度成長？

Yes. So we did a very strategic acquisition of Realty Connect, which is a limited function referral company. So we did it for multiple reasons. It’s going to be a great tool for retention as a very real number of agents at large in the industry are contemplating or choosing to get out of the industry, especially with the changes coming from NAR. So we wanted to have a vehicle for to retain these licenses.

是的。因此，我們對 Realty Connect 進行了非常策略性的收購，這是一家功能有限的推薦公司。所以我們這樣做有多種原因。這將成為留住人才的絕佳工具，因為業內有大量代理商正在考慮或選擇退出該行業，尤其是考慮到 NAR 帶來的變化。因此，我們希望有一種工具來保留這些許可證。

And the company has a really interesting model where it actively drips on these agents databases to get them. I think their per-person productivity is like 0.5, which is actually higher than most referral companies through a proprietary CRM and generate very good high-margin referrals for our active agents. And then hopefully, we can boomer them back if they choose to get back into production actively.

該公司有一個非常有趣的模型，它積極地利用這些代理資料庫來獲取它們。我認為他們的人均生產力約為 0.5，這實際上高於大多數透過專有 CRM 進行推薦的公司，並為我們的活躍代理商產生了非常好的高利潤推薦。然後希望，如果他們選擇積極恢復生產，我們可以讓他們回歸。

And the great thing is that they’re also -- it’s a brand-agnostic brokerage that attracts referral agents from all diversity of brokerages. And also, this is a very high-margin business, right? There’s very low operational cost to it as it’s all of the transaction and processing of the transactions would happen at eXp Realty at the core. So it’s a nice little business that makes very good sense tucked into our core business.

最棒的是，他們也是一家與品牌無關的經紀公司，吸引了來自各種經紀公司的推薦代理商。而且，這是一項利潤率非常高的業務，對吧？它的營運成本非常低，因為所有交易和交易處理都將在 eXp Realty 的核心進行。因此，這是一項不錯的小業務，對我們的核心業務非常有意義。

All right. Thanks, Leo. And one for you, Kent. Can you discuss the second quarter gross margin and your thoughts on gross margin for the remainder of the year?

好的。謝謝，利奧。還有一份給你，肯特。您能否討論一下第二季的毛利率以及您對今年剩餘時間毛利率的看法？

Sure. As you know, we are primarily focused on revenue and adjusted EBITDA as key financial measures. But it’s worth noting that in the second quarter, we have more agent reached their cap. We’re also investing in our agent and gross profit, including stock-based compensation and revenue share expenses as our under Slide 27 in the fireside chat presentation. Excluding these expenses our non-GAAP gross margin was 12.8% in the second quarter.

當然。如您所知，我們主要關注收入和調整後的 EBITDA 作為關鍵財務指標。但值得注意的是，在第二季度，我們有更多的經紀人達到了上限。我們也投資於我們的代理商和毛利，包括以股票為基礎的薪酬和收入分成費用，如爐邊聊天簡報中幻燈片 27 所示。不計這些費用，我們第二季的非 GAAP 毛利率為 12.8%。

Year-to-date, non-GAAP gross margin percentage is 13.3%. Given our current team of highly productive agents. We expect additional agent to reach the cap in the second half. We will continue to invest in agent in the third and fourth quarter. We anticipate gross margin in the second half. You follow a typical seasonal pattern and be approximately similar to the back half of 2023.

年初至今，非 GAAP 毛利率為 13.3%。鑑於我們目前的高效能代理商團隊。我們預計下半年會有額外的代理商達到上限。第三季和第四季我們將繼續對代理商進行投資。我們預計下半年的毛利率。您遵循典型的季節性模式，與 2023 年下半年大致相似。

All right. Thanks, Leo. So now I’ll open the call up to our analysts on the left-hand side of the stage. I’ll take the first question from Tom at D.A. Davidson & Company. Tom, I think you have a question. You want to go ahead.

好的。謝謝，利奧。現在我將向舞台左側的分析師發起電話會議。我將回答 D.A. 湯姆提出的第一個問題。戴維森公司。湯姆，我想你有一個問題。你想繼續。

Yes, great. Thank you Denise. And thanks for taking my questions guys. A couple, if I could. I guess I just maybe on the following up on the realty connect. Can you just -- was there a specific number of agents that kind of came over? Are they all domestic agents? That’s sort of my first question.

是的，太好了。謝謝丹妮絲。謝謝你們回答我的問題。如果可以的話，一對。我想我可能只是在跟進房地產連接。你能不能──有具體數量的特工過來嗎？都是國內代理商嗎？這是我的第一個問題。

And then just maybe like stepping back on kind of the domestic business, I don’t know, maybe just it’d be interesting to hear your latest view on how you’re feeling about the competitiveness of your value prop and the overall kind of appeal of the platform versus some of the kind of smaller guys that have copied your model in recent years. Like why does an agent today, do you think -- what are the main reasons that they choose eXp over one of the other guys? And then I had a quick follow-up.

然後，也許就像退出某種國內業務一樣，我不知道，也許只是聽聽你對你的價值支柱的競爭力和你的價值支柱的最新看法會很有趣。複製您模型的一些較小的公司相比。就像今天的經紀人為什麼會選擇 eXp 而不是其他人一樣，您認為他們選擇 eXp 的主要原因是什麼？然後我進行了快速跟進。

Yeah. So great question. So the first is the sizing, I think it was roughly 2,900 agents just to answer your first question. And secondly, overall, I think I’ve talked to on other calls. There’s endemic churn that’s inherent with the industry. So agnostic of brands, there’s churn component that hits everyone at scale. So the denominator is bigger. Obviously, adding at the top of the funnel has pressured because of there’s just kind of a natural attrition that exists, whether agents get completely out of the business or they go to a competitor.

是的。很好的問題。首先是規模，我認為大約有 2,900 名代理商來回答你的第一個問題。其次，總的來說，我想我已經在其他電話中進行了交談。本行業固有的普遍流失現象。品牌如此不可知，因此流失因素會大規模影響每個人。所以分母更大。顯然，在漏斗頂部增加業務會帶來壓力，因為無論代理商是完全退出該業務還是轉向競爭對手，都會存在自然消耗。

So overall, based on the downward pressure at scale, I think we’re actually doing great with the teams that we’re attracting. And I’m not sure who saw the press release on that team out of Missouri that just joined us, 100 transaction team. They’ll probably be our number one agent for 2024. Our number one team in production wise, and this is the type of team that was able to interview and I know they did all of our other competitors.

因此，總的來說，基於規模上的下行壓力，我認為我們所吸引的團隊實際上做得很好。我不確定誰看到了剛加入我們的密蘇裡州團隊（100 人交易團隊）的新聞稿。他們可能會成為我們 2024 年的頭號代理商。我們在製作方面排名第一的團隊，這是能夠接受採訪的團隊類型，我知道他們接受了我們所有其他競爭對手的採訪。

And some with the Metfedic team that joined last week, and we have another announcement coming next week, where tough producers, folks that do this at a very high level, are actually asking very detailed questions about profitability, sustainability, operations and we’re continuing to see the highest level of operators, join the company that they feel has longevity, sustainability and it’s not a startup.

上週加入的Metfedic 團隊中的一些人，我們下週將發布另一項公告，那些堅韌的生產商，那些在非常高水平上做到這一點的人，實際上正在詢問有關盈利能力、可持續性、營運和我們的非常詳細的問題。

We are in turbulent times in our industry. There is a lot of ships coming. And I think having a scaled platform that has already gone through all its pivots and terms, makes a big difference. And to Tom to think that it’s a slightly (inaudible) version, the only decision tree, I think, is not how most professionals and consumers shop and make decisions agnostic of industry but we continue to see the strongest performers and as well as the stand-alone agents choose our company just because of the total value proposition.

我們的產業正處於動盪時期。有很多船來。我認為擁有一個已經經歷了所有關鍵點和條款的規模化平台會產生很大的影響。湯姆認為這是一個稍微（聽不清楚）的版本，我認為唯一的決策樹不是大多數專業人士和消費者在不了解行業的情況下購物和做出決策的方式，但我們繼續看到表現最強勁的企業以及獨立代理商選擇我們公司只是因為整體價值主張。

And I would say that especially with the changes happening in the industry right now, I think a lot of them and again, I’m just quoting what I’m seeing anecdotally on social media, feel a very strong comfort known that we’re fully scaled. We’re fully operational all these markets. We have the staff and the brokers and the systems to support their business. Because at the end of the day, the company they’re choosing to hang their license with is that platform that allows them to operate their business and I think sustainability and operational excellence is a very important part of that decision tree.

我想說，尤其是隨著該行業目前正在發生的變化，我認為其中有很多變化，我只是引用我在社交媒體上看到的軼事，感到非常強烈的安慰，知道我們……完全可擴展。我們正在全面運作所有這些市場。我們有員工、經紀人和系統來支援他們的業務。因為歸根結底，他們選擇懸掛許可證的公司是允許他們運營業務的平台，我認為永續性和卓越營運是決策樹中非常重要的一部分。

Got it. That makes a lot of sense and is very helpful. Maybe just on that topic of kind of the industry change. I’m sitting here in Las Vegas right now at the Inman conference, I saw Kendall Bonner on stage earlier. She’s super impressive the first time I’d heard her. But the August 17 kind of is a hot button topic as you can imagine. Leo, I know you’ve been like super kind of close to this and creating generating a bunch of content and stuff like that.

知道了。這很有意義並且非常有幫助。也許只是關於產業變革的話題。我現在坐在拉斯維加斯的英曼會議上，我早些時候在舞台上看到了肯德爾·邦納 (Kendall Bonner)。當我第一次聽到她的聲音時，她給我留下了深刻的印象。但你可以想像，8 月 17 日是一個熱門話題。Leo，我知道你非常接近這個，並創造了一堆內容和類似的東西。

Can you just -- like at a super high level, you don’t need to go two in the weeds, I guess, but unless you want to, but talk about like what are like the best practices or specific like protocols that you guys are encouraging with your agents that maybe do they differ in any kind of meaningful way from what everyone else is doing? Because that’s one of the main things that I struck me today that I don’t know, it doesn’t seem like everyone is following everyone’s got different terms on their buyers rep agreement, paperwork and exclusive versus nonexclusive visual and sounds a bit messy, as you mentioned. Thank you very much.

你能不能——就像在一個超高的水平上一樣，你不需要在雜草中走兩步，我猜，但除非你願意，但談論什麼是你所認為的最佳實踐或具體的協議人們正在鼓勵你的經紀人，也許他們與其他人所做的事情有任何有意義的不同？因為這是我今天印象深刻但我不知道的主要事情之一，似乎並不是每個人都在關注每個人，他們的買家代表協議、文書工作和排他性條款都有不同的條款正如您所提到的，非排他性的視覺效果和聽起來有點混亂。非常感謝。

Yeah, the Metfedic is the best way to describe it. And I’ve been saying that since March, and then subsequently on that live I did in May, where I’ve been trying to brace the industry because this kind of collective pulling of their head out of the sand didn’t have this no moment that we’re kind of witnessing specifically this week, I would say.

是的，Metfedic 是描述它的最佳方式。我從三月開始就一直這麼說，然後在五月份的現場直播中，我一直在努力支撐這個行業，因為這種集體把頭從沙子裡拔出來的做法並沒有我想說，我們本週沒有專門見證過這樣的時刻。

And by the way, I was at in yesterday and I just moved back so I could be home and in front of my computer to do this with peace and quiet. So we’ve made a stance about no more broker commission share as exactly as stated in the settlement agreement on Paragraph 19 and again, if the seller wants to offer compensation to a stellar directed to buyer broker, that’s perfectly okay.

順便說一句，我昨天在，剛搬回來，這樣我就可以在家，在電腦前安靜地做這件事。因此，我們已經按照和解協議第 19 條中的規定，明確不再收取經紀人佣金份額，並且，如果賣方希望向面向買方的明星經紀人提供補償，那是完全可以的。

I actually spoke about the subject yesterday, and Kendall is a phenomenal addition to the team that I was happy to have as we’re going through this transition. But I would just I did an interview for time this morning, associated press and doing one for CN next week. The material changes that people need to be hyper aware of is buyers are being required to sign a buyer brokered agreement prior to touring and executing a purchase contract and the touring part is even the harder part of the conversation because like this is not an eXp policy. This is squarely out of the NAR settlement agreement.

事實上，我昨天談到了這個主題，肯德爾是團隊的傑出補充，我很高興在我們正在經歷這一轉變時擁有他。但我只想今天早上接受美聯社的採訪，並在下週接受 CN 的採訪。人們需要高度意識到的重大變化是，買家被要求在巡迴演出和執行購買合約之前簽署買家經紀協議，而巡迴部分甚至是對話中更困難的部分，因為這不是 eXp 政策。這完全不符合 NAR 和解協議的規定。

And what I was saying very clearly at Inman and I said it today on a live I did is that it all comes down to your forcibility and the MLSs are the ones targeted to enforce this and the earlier signs that they’re going to do it through punitive penalties. So agents could be subject to $2,500 fine, $5,000 fines with immediate deletion of their listings and some have kind of already floated the fact that they may be even suspending agents. So we’ve been obsessed with this, and you guys have all heard me talking about this without cause since the news broke in March.

我在 Inman 上說得很清楚，我今天在一場現場直播中也說過，這一切都取決於你的強制力，而 MLS 正是執行這一點的目標，以及他們將要做的早期跡象。懲罰性的處罰。因此，代理商可能會被處以 2,500 美元的罰款，甚至會被處以 5,000 美元的罰款，並立即刪除其列表，有些人已經提出了他們甚至可能暫停代理商的事實。所以我們一直對此很著迷，自從三月這個消息傳出以來，你們都聽到我無緣無故地談論這個。

And so for us, it’s been a very offensive strategy of education. And again, anecdotally, while I was at Inman yesterday, I got stopped by many independent brokers who came up to me and said, you’re the only one articulating this clearly. The gentleman who just joined us that the press release went out, Matt, out of Missouri.

因此對我們來說，這是一種非常進攻性的教育策略。有趣的是，昨天我在英曼時，許多獨立經紀人攔住了我，他們走過來對我說，你是唯一一個清楚闡述了這一點的人。剛加入我們新聞稿的那位先生是來自密蘇裡州的馬特。

He specifically was shopping for this, operational excellence, true broker understanding. Not only did he interview me and our position, my understanding of it, he wanted to talk to Holly Mabery, VP of Operations and (inaudible) our SVP of transactions and like really start getting down to the [nadegree].

他特別看重的是卓越的營運、真正的經紀人理解。他不僅採訪了我和我們的職位以及我對此的理解，他還想與營運副總裁和（聽不清楚）我們的交易高級副總裁 Holly Mabery 交談，並開始真正開始討論[na學位]。

I think I said it on the last earnings call, Tom, I fully expect 6, 12, 18 months from now as this messy metal plays out, where folks are probably going to be fatigue from the breakage and the headaches with it and also probably tired of the actual -- like if you read the press release from Matt in Missouri, he specifically said, I didn’t want the liability. And I just -- I wanted to partner with an outlook that understood this partner because I think it’s going to be probably more meaningful in total than folks are giving an attention to right now.

我想我在上次財報電話會議上說過，湯姆，我完全預計從現在起6、12、18 個月後，這種混亂的金屬就會發揮作用，人們可能會因破損和頭痛而感到疲勞，也可能厭倦了現實——就像你讀了密蘇裡州馬特的新聞稿一樣，他特別說，我不想承擔責任。我只是——我想與一個能夠理解這個合作夥伴的伙伴合作，因為我認為它總體上可能比人們現在所關注的更有意義。

Great. Very helpful. I’ll get back in the queue. Thanks.

偉大的。非常有幫助。我會回到隊列中。謝謝。

Thanks, Tom. We’ll take our next question from Matt Filek at William Blair. Matt, if you had a question, you can go ahead.

謝謝，湯姆。我們將回答威廉布萊爾的馬特菲萊克提出的下一個問題。馬特，如果你有問題，可以繼續。

Yes. Thanks, Denise. Hey everyone. You have Matt Filek on for Stephen Sheldon. Thank you for the questions. No agent churn continues to largely stem from lower producing agents, but curious if you’re starting to see some churn among the top producing agents as well? And just related to that, can you remind us on some of the incentives you have in place to help retain those top producing agents.

是的。謝謝，丹妮絲。嘿大家。馬特·菲萊克 (Matt Filek) 替補史蒂芬·謝爾頓 (Stephen Sheldon)。謝謝你的提問。沒有經紀人流失主要是由產量較低的經紀人造成的，但你是否好奇，是否也開始看到產量最高的經紀人也出現了一些流失？與此相關的是，您能否提醒我們一些為幫助留住頂級生產代理商而採取的激勵措施。

That’s a great question. I don’t know that we had it in the presentation deck, but the numbers are maintaining where the disproportionate amount of churn is focused around our non-productive agents, at the top side of the industry, there’s always the outliers who move with incentives, and we are no different in attracting them.

這是一個很好的問題。我不知道我們在演示文稿中是否有這樣的內容，但數字一直在變化，不成比例的流失集中在我們的非生產性代理身上，在行業的頂端，總是存在異常值他們受到激勵而行動，我們在吸引他們方面也不例外。

But to reference your exact question, the boost program, which we developed, I think, last October with Michael -- that we brought over is the incentive that we’re using for small to midsized independents. Again, I think a perfect example of that was the press release we made today.

但要提到你的具體問題，我認為去年 10 月我們與邁克爾一起開發的提升計劃是我們對中小型獨立人士使用的激勵措施。同樣，我認為我們今天發布的新聞稿就是一個完美的例子。

And again, our sweet spot is that small to midsize independent who runs a similar model, right? So we are not -- we have not traditionally have historically been a perfect fit for a flat fee brokerage, for example, because that creates quite a bit of breakage since we do have a split. But we’re constantly evaluating, making sure that we’re being competitive in the market and reacting to the landscape that’s as I promised.

再說一遍，我們的最佳選擇是經營類似模式的中小型獨立企業，對吧？所以我們不是——例如，我們傳統上一直不適合固定費用經紀業務，因為這會造成相當多的損失，因為我們確實有分裂。但我們不斷評估，確保我們在市場上具有競爭力，並對情況做出反應——正如我所承諾的那樣。

Got it. That's helpful.

知道了。這很有幫助。

I don’t want to add. We have a slide on the fireside chat depth in the appendix, right? In Q2, 75% agent that left ESP have 0 to 2 sell transaction. So a majority of the departure agents are a very low producing [agent]

我不想補充。我們在附錄中有一張關於爐邊聊天深度的幻燈片，對吧？第二季度，75% 離開 ESP 的經紀人有 0 到 2 筆賣出交易。所以大多數離境代理人的產量都非常低[代理人]

Perfect, thank you Kent. And then I just wanted to follow up on a question, Tom had on the competitive landscape. Just curious, would you ever consider tweaking the agent compensation structure to further enhance the attractiveness of the platform from the agent’s perspective? And if you were to consider such changes, what could they possibly look like?

完美，謝謝肯特。然後我只想跟進湯姆提出的關於競爭格局的問題。只是好奇，您是否會考慮調整代理商的薪酬結構，以從代理商的角度進一步增強平台的吸引力？如果你要考慮這些變化，它們會是什麼樣子？

Yes. So I can’t comment on a specific material change. I will tell you that we’re constantly looking at it. And I think a good example of that is what we did with REV Share 2.0, which has received massive positive reception from agents with us and the ones that joined since there were folks that literally said that was why they got off the fence in the last quarter. So we’re always looking at that. But I would caution that making sure that you’re not giving away the farm and then creating a not sustainable business model.

是的。因此，我無法對具體的重大變化發表評論。我會告訴你，我們一直在關注它。And I think a good example of that is what we did with REV Share 2.0, which has received massive positive reception from agents with us and the ones that joined since there were folks that literally said that was why they got off the fence in the last四分之一.所以我們一直在關注這一點。但我要提醒你的是，確保你不會放棄農場，然後創造一個不可持續的商業模式。

Which is what I think a lot of the competitors who are trying to be us have done in the sense that their core business, especially once you take out -- share and stock-based competition, which I don’t think they disclosed as clearly as we do, but we actually do an analysis of our competitors and do that there’s a lot of our competitors who their gross margin is sub 4%, 5% in their core business mathematically just can’t ever get to profitability. And so they’re banking on ancillary services are yet to be proven economic models to be their growth engine.

我認為，許多試圖成為我們的競爭對手都是這樣做的，因為他們的核心業務，特別是當你剔除股份和基於股票的競爭後，我認為他們並沒有將其披露為和我們一樣清楚，但我們實際上對我們的競爭對手進行了分析，發現我們的許多競爭對手的核心業務毛利率低於4%、5%，從數學上講，他們永遠無法實現盈利。因此，他們指望尚未經過驗證的經濟模式的輔助服務能夠成為他們的成長引擎。

And I just think it’s very dangerous to create a model that never gets to profitability as we’ve seen so many examples in the last decade of well-funded disruptors who are no longer around or struggling to be around because of that.

我只是認為創造一個永遠無法獲利的模式是非常危險的，因為我們在過去十年中看到了許多資金充足的顛覆者的例子，他們因此不再存在或掙扎著存在。

Got it. Leo, that makes sense. I’ll jump back in the queue.

知道了。獅子座，說得有道理。我會插回隊列。

Great, thanks. I’d like to invite anyone in the audience who would like to ask a question to go to slido.com and enter eXp if you want to submit a question or just scan the QR code that’s on the right-hand side of the stage and the screen behind us. So we haven’t gotten any questions yet. So I’ll go to Jonathan Bass from Stephens. Jon, I think you might have a question. You can open your line and go ahead.

太好了，謝謝。我想邀請觀眾中任何想提問的人訪問 slido.com，如果您想提交問題或只需掃描右側的二維碼，請輸入 eXp我們身後的舞台和螢幕。所以我們還沒有收到任何問題。所以我會去找史蒂芬斯的喬納森·巴斯。喬恩，我想你可能有一個問題。您可以打開線路並繼續。

Yes, thank you Denise. This is Jonathan on for John. So looking at the OpEx line and stripping out a one timer from last quarter, it looks like OpEx decreased modestly from 1Q despite a much higher REV base, so that’s great. Can you guys help us frame out frame up how we should think about OpEx for the rest of the year? And then I think you touched on this on the call, but are you guys still on track to deliver that $6.8 million of profit improvement each quarter for the rest of the year?

是的，謝謝你丹妮絲。這是喬納森為約翰代言。因此，請看看營運支出線並剔除上一季的單一計時器，儘管 REV 基礎要高得多，但營運支出似乎較第一季略有下降，所以這很好。你們能否幫助我們制定框架，我們該如何思考今年剩餘時間的營運支出？然後我想你們在電話會議上談到了這一點，但是你們是否仍然有望在今年剩餘時間裡實現每個季度 680 萬美元的利潤改善？

Maybe let me address that question. So we don’t guide to the quarterly OpEx, but I will call your attention to a few items right. Given the success of the international business, we expect to continue to invest in December in second half. Now we also expect mid-single-digit increase in SG&A in second half versus first half of 2024 due to annual adjustment of employee salary coming of the eXp current expense and ongoing legal costs related to antitrust loss.

也許讓我來回答這個問題。因此，我們不會提供季度營運支出的指導，但我會提醒您注意一些正確的項目。鑑於國際業務的成功，我們預計下半年將繼續投資12月。現在，我們也預計 2024 年下半年的 SG&A 將在較上半年出現中個位數成長，原因是 eXp 經常費用和與反壟斷損失相關的持續法律費用對員工薪資進行了年度調整。

Given the June’s low point of system home sales, right, we are not the election of the US and interest rate certainty, we expect some pressure on the revenue side. So this is more as a general guideline, we see in second half, particularly in the SG&A side.

鑑於 6 月份系統房屋銷售的低點，對吧，我們還沒有美國大選和利率確定性，我們預計收入方面會面臨一些壓力。因此，這更多的是作為一般指導方針，我們在下半年看到，特別是在SG&A方面。

What’s your second question? Jonathan?

你的第二個問題是什麼？喬納森？

Are you guys still on track to deliver the $6.8 per quarter of the profit improvement?

你們是否仍有望實現每季 6.8 美元的利潤改善？

Yes, we are on track. The overall the full year is $20 million cost improvement. Yeah.

是的，我們正步入正軌。全年整體成本改善達 2000 萬美元。是的。

Perfect. And as a follow-up, maybe for you, Glenn, given your focus on the international business of late. Could you maybe highlight what markets performed well in 2Q 2024? And what markets you’re most excited about?

完美的。作為後續行動，也許對你來說，格倫，考慮到你最近專注於國際業務。您能否重點介紹一下 2024 年第二季哪些市場表現良好？您對哪些市場最感興趣？

Yeah. So the -- we’ve got a lot of countries really picking up some good steam. South Africa is probably one of our really significant growth parts of the company, I think we were just voted, I believe the most agent-friendly brokerage in South Africa by some independent agent agency. I don’t remember the exact turn, but it was kind of -- it was a cool accolade. We’re getting a lot -- we’re now -- we’re the fastest-growing brokerage in the history of real estate there, similar to what we’ve done, obviously, in the US, Canada and some other countries as well.

是的。因此，我們有很多國家確實獲得了一些良好的動力。南非可能是我們公司真正重要的成長部分之一，我認為我們剛剛被一些獨立代理商投票為南非最適合代理商的經紀公司。我不記得具體的轉彎，但這是一種很酷的榮譽。我們得到了很多——我們現在——我們是那裡房地產歷史上成長最快的經紀公司，顯然與我們在美國、加拿大和其他國家所做的類似。

But South Africa, UK, France, Spain, we should have another pretty significant high-volume team in Portugal joining here in the short run. But what we are doing and which is we’re actually going back to -- there was a question about agent value proposition. Earlier which I think was more geared toward domestic, but we’re actually going back to each country and re-evaluating do we have the right value prop mix for that country because every country is different.

但南非、英國、法國、西班牙、葡萄牙應該在短期內有另一支相當重要的高容量球隊加入。但我們正在做的事情以及我們實際上要回到的方向——存在一個關於代理價值主張的問題。早些時候，我認為更適合國內，但我們實際上會回到每個國家並重新評估我們是否為該國家/地區提供了正確的價值支柱組合，因為每個國家/地區都是不同的。

Some of the tools and technologies that we’ve rolled out initially, while good for the brokerage, meaning that it helped us sort of streamline some operations type elements, weren’t as agent friendly as we need them to be. And as a result, it created a challenge to grow in those countries. And what we found is the countries who have adopted more localized systems and tooling.

我們最初推出的一些工具和技術雖然對經紀業務有利，這意味著它幫助我們簡化了一些操作類型元素，但並不像我們需要的那樣對代理商友好。結果，它給這些國家的發展帶來了挑戰。我們發現有些國家採用了更多在地化的系統和工具。

And some of that has to do, quite frankly, about the real really amazing leaders that we have in some of these countries but they’ve been very consistent that here’s the platforms that we need to use, and we’ve adopted those. And in a lot of cases, that actually resulted in a change in our trajectory in those countries.

坦白說，其中一些與我們在其中一些國家擁有的真正令人驚嘆的領導人有關，但他們非常一致地認為，這就是我們需要使用的平台，而且我們我已經採用了這些。在很多情況下，這實際上導致了我們在這些國家的發展軌跡的改變。

So we’re going through evaluating the agent value proposition, evaluating country leaders. We’re also evaluating how we’re actually comping in-country leaders. We’re actually moving more to an incentive-based model rather than a salary-based model. So that should lower our cost to operate in country in the early stages or given that scale. So pretty excited about that. And so those are some highlights on the international front.

因此，我們正在評估代理商的價值主張，評估國家領導人。我們還在評估我們實際上如何比較國內領導者。實際上，我們更多地轉向基於激勵的模型，而不是基於薪資的模型。因此，這應該會降低我們在早期階段或考慮到該規模在該國運營的成本。對此非常興奮。這些是國際方面的一些亮點。

We’ll have some other ways to -- for those who are interested in international, we get more visibility as to how we’re doing there. But that’s -- it feels like the early days of eXp internationally.

對於那些對國際化感興趣的人來說，我們將有一些其他方式，讓我們更清楚地了解我們在這方面的表現。但那是——感覺就像 eXp 國際化的早期。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Sure. And we do have one question from the audience on Slide. The person asked. Over the past year, it looks like many of the executives in eXp have sold stock, none have bought any, and I had a couple of agents ask, is that a red flag.

當然。我們確實有一個來自 Slide 觀眾的問題。那人問。在過去的一年裡，看起來 eXp 的許多高階主管都出售了股票，沒有人買任何股票，我有幾個經紀人問我，這是一個危險信號嗎？

I’ll just comment on -- for me personally, I have a [10] 5-1 plan in place that has historically targeted between 3% and 5% of my holdings being sold in a given year. So obviously, take me a lot of years to sell. So that’s probably and I’m still by far, the single largest shareholder. So it’s not like I’m done paying shares but it is creating a little bit of cash flow for me personally.

我只想評論一下——就我個人而言，我制定了一個 [10] 5-1 計劃，歷史上的目標是在某一年出售我所持股份的 3% 到 5%。顯然，我需要很多年才能出售。所以這可能是唯一最大的股東，到目前為止我仍然是最大的股東。因此，這並不是說我已經完成了支付股票的任務，而是它為我個人創造了一點現金流。

I think most of the other folks, I think we had a couple execs on last year did sell all of his position and then left actually about the company. So that would be another one. But I think for the most part, it’s very modest in terms of the selling that’s taking place.

我想大多數其他人，我想我們去年有幾位高階主管確實出售了他的所有職位，然後實際上離開了公司。所以那將是另一件事。但我認為在很大程度上，就正在發生的銷售而言，這是非常溫和的。

Thanks, Glenn. That concludes our question-and-answer session. Thank you, everyone, for joining. As always, please stay connected by visiting eXp World Holdings for the latest updates on 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. This concludes eXp World Holdings Second Quarter 2024 Earnings Fireside chat. Thanks for joining.

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