eXp World Holdings Inc (EXPI) 2025 Q1 法說會逐字稿

--Good afternoon and welcome to the eXp World Holdings first quarter 2025 earnings fireside chat via live stream and our metaverse on the web frame.

——下午好，歡迎透過直播和網路框架上的元宇宙參加 eXp World Holdings 2025 年第一季收益爐邊談話。

My name is Denise Garcia, and I manage investor relations for eXp World Holdings. Today, we will begin our fireside chat with remarks from Glenn Sanford, Founder, Chairman and Chief Executive Officer of eXp World Holdings; Leo Pareja, CEO of eXp Realty; Wendy Forsythe CMO of eXp Realty; Jessie Hill, Interim Chief Financial Officer of eXp World Holdings; and Felix Bravo, Managing Director International.

我叫 Denise Garcia，負責 eXp World Holdings 的投資人關係。今天，我們將以 eXp World Holdings 創辦人、董事長兼執行長 Glenn Sanford、eXp Realty 執行長 Leo Pareja、eXp Realty 行銷長 Wendy Forsythe、eXp World Holdings 臨時財務長 Jessie Hill 和國際董事總經理 Felix Bravo 的演講開始我們的爐邊談話。

Following our prepared remarks, we will open the call to a Q&A session with our speakers. But first, let's begin with a review of the forward-looking statements.

在我們準備好發言之後，我們將開始與演講者的問答環節。但首先，讓我們先回顧一下前瞻性陳述。

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

——今天將會做出一些前瞻性聲明，這些聲明應與公司提交給美國證券交易委員會 (SEC) 的文件中所述的警示性聲明一起考慮。前瞻性陳述受各種風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與這些陳述有重大差異。他們查看了我們向美國證券交易委員會提交的文件，包括我們最近提交的 10K 表年度報告和 10Q 表季度報告，以討論可能影響我們業務表現和財務狀況的具體風險。我們不承擔更新或修改任何前瞻性陳述或資訊的義務。提醒一下，今天的電話會議正在錄音，重播也將在 expworldholdings.com 上提供

Now, for a few logistics and we'll get started.

現在，處理一些後勤事宜，我們就可以開始了。

Welcome to our metaverse on the web. For those of you joining in frame today.

歡迎來到我們的網路元宇宙。對於今天加入框架的各位來說。

(Event Instructions).

（活動說明）。

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

現在，在開始提問之前，我將把爐邊談話交給我們的發言人。格倫，你可以開始了。

Hey, thanks, Denise, and thank you everyone joining us here today, from agents to shareholders, partners, and obviously teammates across the world. Your continued support is what makes this platform work and we don't take it for granted. Before we jump into the Q1 numbers. I want to take a moment to step back and frame what we've really built here and it's a platform business made up of four strategic parts, eXp Realty in the US and Canada, our international brokerage, division, and Success Enterprises and FrameVR.io where we're meeting today. Together, these aren't just business units, they're an interconnected platform designed to serve agents at every level of their growth journey.

嘿，謝謝丹尼斯，也感謝今天在座的各位，從代理商到股東、合作夥伴，當然還有世界各地的隊友。您的持續支持使得這個平台能夠正常運轉，我們不會將其視為理所當然。在我們討論第一季的數據之前。我想花點時間回顧一下我們在這裡真正建立的東西，它是一個由四個戰略部分組成的平台業務，即美國和加拿大的 eXp Realty、我們的國際經紀部門以及我們今天開會的 Success Enterprises 和 FrameVR.io。總之，它們不僅僅是業務部門，更是一個互聯的平台，旨在為代理商在其成長歷程的各個階段提供服務。

At the center is eXp Realty North America, our engine of profitability and the foundation that has allowed us to invest consistently for more than 15 years. That disciplined reinvestment has given us the leverage to eXp and globally, evolve our offerings, and deepen our tech stack, all without needing to chase capital.

其核心是 eXp Realty North America，它是我們的獲利引擎，也是我們 15 年來持續投資的基礎。這種有紀律的再投資為我們提供了槓桿，讓我們能夠在全球範圍內擴展我們的產品，並深化我們的技術堆疊，而所有這些都不需要追逐資本。

That brings me to international, which has been a personal focus for me for about nine months now, where we built a scalable country by country playbook that allows us to launch, localize, and empower agent communities across the world, all connected by the same core platform. Then there's success enterprises, our leadership, mindset, and personal development brand. For us this isn't a media property, it's a strategic part of the agent journey. We believe deeply in whole agent development and success allows us to equip our agents and really anyone in our ecosystem with the coaching, content, and confidence to lead. And finally, frameVR.io, our immersive technology platform. Frame is how we futureproof our community infrastructure. It's not just virtual meeting space, it's the architecture of what agent collaboration will look like in the AI era, global, immersive, and always on. We've also made heavier and international investment in technology and AI. Particularly in the last few quarters, and these are not short term bets. We believe the real returns on AI-driven productivity, automation, and platform leverage will show up meaningfully in future periods, and we're building now for that future. Our North Star remains clear to build the most agent centric real estate brokers on the planet. Every decision, every investment, every innovation is filtered through that lens. So when we talk about the eXp platform, we're talking about all four parts working in harmony eXp Realty North America as the engine, international as the expansion frontier, success as our culture and growth layer, and FrameVR.io as our virtual infrastructure.

這讓我想到了國際化，這已經成為我個人關注的焦點大約九個月了，我們構建了一個可擴展的國家/地區劇本，使我們能夠在世界各地啟動、本地化和授權代理商社區，所有這些都通過同一個核心平台連接起來。然後是成功企業、我們的領導力、思維方式和個人發展品牌。對我們來說，這不是媒體財產，而是代理旅程的策略部分。我們深信整個代理商的發展和成功使我們能夠為我們的代理商以及我們生態系統中的任何人提供指導、內容和領導信心。最後，frameVR.io，我們的沉浸式技術平台。框架是我們確保社區基礎設施面向未來的方式。它不僅僅是虛擬會議空間，它也是人工智慧時代代理協作的架構，全球化、沉浸式且永遠在線。我們也在技術和人工智慧方面進行了更大規模的國際投資。特別是在最近幾個季度，這些都不是短期賭注。我們相信，人工智慧驅動的生產力、自動化和平台槓桿的真正回報將在未來時期得到顯著體現，我們現在正在為這個未來而努力。我們的北極星始終清晰，那就是打造地球上最以代理商為中心的房地產經紀公司。每一個決定、每一項投資、每一項創新都經過這個鏡頭的過濾。因此，當我們談論 eXp 平台時，我們談論的是所有四個部分的和諧運作：eXp Realty North America 作為引擎，國際作為擴張前沿，成功作為我們的文化和增長層，FrameVR.io 作為我們的虛擬基礎設施。

No other brokerage operates like this, and no one else gives agents a platform that includes a full stacked marketing suite, deep ongoing personal development through success, health and wellness resources, and a fully immersive global collaboration layer with Frame. Everything we're doing, whether it's new market launches, AI co-pilots, or digital community tools is designed to help agents build scalable, sustainable businesses.

沒有其他經紀公司以這種方式運營，也沒有其他公司為代理商提供一個平台，其中包括全套行銷套件、透過成功實現的深度持續個人發展、健康和保健資源以及與 Frame 的完全沉浸式全球協作層。我們所做的一切，無論是新市場推出、人工智慧副駕駛或數位社群工具，都是為了幫助代理商建立可擴展、永續的業務。

Before I hand it off, I want to acknowledge the leaders sharing the stage with me today, Leo Pareja, CEO of eXp Realty, Jesse Hill, Interim CFO of eXp World Holdings Inc. Wendy Forsythe, CMO for eXp and Felix Bravo, our new managing director of International.

在交接之前，我想感謝今天與我同台的領導人，eXp Realty 執行長 Leo Pareja、eXp World Holdings Inc. 臨時財務長 Jesse Hill、eXp 首席行銷長 Wendy Forsythe 和我們新任國際董事總經理 Felix Bravo。

And finally, a heartfelt thanks to more than 2000 staff working behind the scenes across 26 countries. You are the backbone of this platform. Your commitment, innovation, and daily execution makes all this possible. Now, speaking of global momentum, I want to turn over to Felix Bravo, who will walk you through our newest market launches and share how we're thinking about the next phase of international expansion. Felix, over to you.

最後，衷心感謝26個國家幕後工作的2,000多位員工。你們是這個平台的中堅份子。您的承諾、創新和日常執行使這一切成為可能。現在，談到全球發展勢頭，我想請 Felix Bravo 來介紹我們最新的市場發布情況，並分享我們對下一階段國際擴張的看法。菲利克斯，交給你了。

Thank you, Glenn. It's an honor to be here today. I'm excited to share a quick update on our growth, new market launches, and where we're headed next. International is coming off the back of our strongest quarter ever across all metrics. Not only was revenue up 103% year over year, but we also had our most successful new country launches to date. This year, our international expansion strategy is laser focused. We launched operations in Peru and Turkey, and we're currently preparing launches in Egypt. Our long term objective is to reach 50,000 agents across 50 countries by 2030. How are we going to get there through strategic launches into high income and emerging markets using self-managed regionalized teams. This local alignment not only gives us the speed and scalability that we need, but it's also a model that we've refined over time. What's different this year is how we launch. We've revamped our marketing strategy to include in-person launches with our international leadership team alongside our local and regional teams. This approach has helped us build the marketing muscles of our organization, and more importantly, it's helped us document and refine a repeatable playbook for future launches. We're scaling smarter and faster than ever before. So let's take a look at Peru. We officially launched on March 21, and it was our largest international launch to date. We had over 600 agents attend our kickoff events in Lima, and in just the first 30 days, more than 100 agents onboarded with transactions already flowing in eXp Peru. The excitement and momentum we've seen here shows what's possible when we combine local leadership with a strong global platform.

謝謝你，格倫。我很榮幸今天能來到這裡。我很高興與大家分享我們的發展、新市場發布以及下一步的發展方向。國際業務正經歷有史以來最強勁的一個季度，各項指標均有所提升。我們不僅營收年增 103%，而且我們還成功開拓了迄今為止最成功的新國家。今年，我們的國際擴張策略重點明確。我們在秘魯和土耳其開展了業務，目前正準備在埃及開展業務。我們的長期目標是到 2030 年涵蓋 50 個國家的 50,000 名代理商。我們如何利用自我管理的區域化團隊，透過策略性地進軍高收入和新興市場，實現這一目標？這種局部對齊不僅為我們提供了所需的速度和可擴展性，而且也是我們隨著時間的推移而不斷改進的模型。今年的不同之處在於我們的發布方式。我們修改了行銷策略，包括與我們的國際領導團隊以及本地和區域團隊一起進行現場發布。這種方法幫助我們增強了組織的行銷實力，更重要的是，它幫助我們記錄和完善了可重複的未來發布劇本。我們的擴展速度比以前更聰明、更迅速。讓我們來看看秘魯。我們於 3 月 21 日正式發布，這是我們迄今為止最大的國際發布會。我們有超過 600 名代理商參加了在利馬舉行的啟動活動，僅在前 30 天，就有超過 100 名代理商加入，並且 eXp Peru 中的交易已經開始。我們在這裡看到的興奮和勢頭表明，當我們將本地領導力與強大的全球平台結合時，可以實現一切。

Next up was Turkey. We launched on April 17, and this was another strategic success. One highlight was being able to announce key partnerships live on stage with influential broker owners and team leaders from across the country.

接下來是土耳其。我們於 4 月 17 日推出，這是另一個戰略上的成功。其中一個亮點是能夠與來自全國各地有影響力的經紀人所有者和團隊領導在舞台上現場宣布重要的合作夥伴關係。

That credibility and alignment drove immediate adoption and reinforced our belief that the right local partnerships accelerate everything.

這種信譽和一致性推動了立即的採用，並強化了我們的信念，即正確的本地合作夥伴關係可以加速一切。

Looking ahead, we're extremely excited about what's next. We've actively, we're actively preparing to launch and not just Japan but also Ecuador with more markets under evaluation. Every new country is an opportunity, not just to grow, but to deepen our local presence, support agents with better tools, and raise the standard of real estate globally. There's real energy behind our movement, and we can't wait to share more in the months ahead. International is scaling rapidly and we're just getting started. With that, I'll hand it over to Leo to take us through some highlights from North America and how we're leading across the US market. Leo.

展望未來，我們對接下來的事情感到非常興奮。我們正在積極準備推出該產品，不僅是日本，還有厄瓜多爾，還有更多市場正在評估中。每個新的國家都是一個機會，不僅可以發展，還可以深化我們的本地影響力，為代理商提供更好的工具支持，並提高全球房地產的標準。我們的運動背後有著真正的能量，我們迫不及待在未來的幾個月分享更多。國際業務正在迅速擴張，而我們才剛起步。接下來，我將讓 Leo 向我們介紹北美的一些亮點以及我們如何引領美國市場。利奧。

Thank you, Felix, and thank you for everyone that's joining us today.

謝謝你，菲利克斯，也謝謝今天加入我們的所有人。

Clear cooperation is something you've heard me probably very loud across the media, whether it's CNN, Market Watch Barons, or Business Insider. I have very strong opinions about this. This comes from the March 15 update that NAR delivered on CCP. And we've taken very strong stances just like last summer when they delivered the NAR settlement, we made business decisions that superseded the actual agreement and we've done the same this time. We believe that delayed marketing will create customer confusion, and we are not participating.

您可能已經在各大媒體上聽過我大力強調明確的合作，無論是 CNN、Market Watch Barons 還是 Business Insider。我對此有非常強烈的看法。這是 NAR 在 3 月 15 日發布的有關 CCP 的更新內容。我們採取了非常強硬的立場，就像去年夏天他們達成 NAR 和解協議一樣，我們做出了超越實際協議的商業決策，這次我們也做了同樣的事情。我們認為延遲行銷會給客戶帶來困惑，因此我們不會參與。

On April 16, I recorded a full length explanation of our stance and our positioning on the subject.

4月16日，我錄製了一段完整的錄音，闡述了我們在這個問題上的立場和定位。

In the later slide, I'll have the link so you guys can jot that down if you want a very deep dive.

在後面的幻燈片中，我會提供鏈接，以便你們可以記下來，如果你們想要深入了解的話。

Next slide.

下一張投影片。

On April 10, we made a press release of our partnership with Zillow where we announced our commitment to transparency in real estate, and we will be launching all of our eXp listings on the first day of advertising.

4 月 10 日，我們發布了與 Zillow 合作的新聞稿，宣布了我們對房地產透明度的承諾，並將在廣告首日推出所有 eXp 房源。

Furthermore, I've made that available to every other major portal. As you can see, the vast majority of buyers start online with massive amount of exposure and eyeballs on the biggest portals. So whether it's Zillow, Redfin, Trulyourhomes.com, we're happy to give out our API because we want as many eyeballs as soon as possible as we understand the value of having the most exposure for a consumer. And a lot of our vantage point comes from our global footprint. If you see and experience what we see outside of North America, you have a different appreciation for the complete data set that we enjoy in this country. Outside of the US and Canada, it is a fragmented data set that is inconsistent with confusion that leads to longer days on the market and much more difficult in the execution process.

此外，我已將其提供給所有其他主要入口網站。如您所見，絕大多數買家都是透過最大的入口網站上的大量曝光和關注開始進行線上購物的。因此，無論是 Zillow、Redfin 還是 Trulyourhomes.com，我們都很樂意提供我們的 API，因為我們希望盡快吸引盡可能多的眼球，因為我們知道對消費者來說獲得最多曝光的價值。我們的優勢很大程度上來自於我們的全球足跡。如果您看到並體驗到我們在北美以外所看到的一切，您會對我們在這個國家享有的完整資料集有不同的理解。在美國和加拿大以外，資料集支離破碎，不一致且混亂，導致市場停留時間更長，執行過程也更加困難。

Next slide.

下一張投影片。

With the update to the CCP requirement, there was a new disclosure requirement that was embedded in the rule set. It went into effect March of 2025. There is a grace period through September 30, so I don't think there's been much conversation around it, but just like last summer, we decided to create our own form. It's one page. It's simple and it's really easy to understand.

隨著 CCP 要求的更新，規則集中嵌入了新的揭露要求。該法案於 2025 年 3 月生效。到 9 月 30 日為止有一個寬限期，所以我認為圍繞它沒有太多的討論，但就像去年夏天一樣，我們決定創建自己的表格。一頁而已。它很簡單，而且很容易理解。

And we've made it available to any market participant that wants it.

我們已將其提供給任何需要它的市場參與者。

You can find it on our website that we can make available here on the next slide and consumers, independent brokers, anyone who wants the education, agents, and independent brokers can download it. It's completely open source like all of our other tools, and you can find the video that I referenced where we go into detail about the history, how the DOJ has already given us quite a bit of guidance as an industry, and I'll end this subject with a very important reminder. It is the open and available data that created the company that you now see before you. If the Val feeds could have been. Isolated and kept away from small independent startup companies like the one Glenn founded, we would not be here today. We believe in an open market that allows Any startup, the ability to compete if they have a valuable proposition for both consumers and agents alike. Now let's move on to something I'm extremely excited about.

您可以在我們的網站上找到它，我們可以在下一張投影片中提供它，消費者、獨立經紀人、任何想要接受教育的人、代理商和獨立經紀人都可以下載它。它和我們所有其他工具一樣是完全開源的，你可以找到我引用的視頻，我們在其中詳細介紹了歷史，司法部如何為我們這個行業提供了相當多的指導，我將以一個非常重要的提醒來結束這個主題。正是開放和可用的數據創造了您現在看到的公司。如果 Val 能夠提供的話。如果與格倫創辦的小型獨立新創公司隔絕，我們就不會擁有今天的成就。我們相信，開放的市場允許任何新創企業參與競爭，只要它們對消費者和代理商都有有價值的主張。現在讓我們來談談令我非常興奮的事情。

Co-sponsorship. It is effective as of May 1.

共同贊助。本規定自5月1日起生效。

Next slide.

下一張投影片。

The power of 2, that's one primary sponsor plus a co-sponsor which will help agents reach unlimited potential with double the insights and double the impact. We call it shared success.

2 的力量，即一個主要贊助商加上一個共同贊助商，這將幫助代理商發揮無限潛力，獲得雙倍的洞察力和雙倍的影響力。我們稱之為共同成功。

The co-sponsorship program was built on a basic framework. Let's enable more leaders to support and attract agents beyond their direct organization. The co-sponsored program creates a new engine for scalable, sustainable agent growth. New agents and advisors now benefit from leadership and experience of two sponsors when available, offering broader support and faster growth.

共同贊助計劃建立在一個基本框架上。讓我們讓更多的領導者能夠支持和吸引其直接組織以外的代理商。該共同贊助計劃為可擴展、可持續的代理商成長創造了新的引擎。新的代理商和顧問現在可以從兩個贊助商的領導和經驗中受益，從而獲得更廣泛的支持和更快的成長。

It's got stronger reward rewards. Co-sponsors earn Level 1 revenue, share, and the 50% fast start bonus, adding new incentives for experienced leaders to invest in agents' success. And the best part with zero disruption. The core benefit of the primary sponsor remains untouched, including all revenue shared beyond Level 1 in stock incentives. Now I'll turn the call over to Wendy.

它有更豐厚的獎勵。共同發起人可獲得 1 級收入、份額和 50% 的快速啟動獎金，為經驗豐富的領導者投資代理商的成功增加了新的激勵。最好的部分是零幹擾。主要贊助商的核心利益保持不變，包括第一級股票激勵以外的所有收入分成。現在我將把電話轉給溫迪。

Thanks, Leo and hello everyone. It's a pleasure to be here with you today. Well, Q1 started off with great excitement as we were named the #1 company in the country by transactions for the third straight year in a row, and this is a Tremendous way to start the year and it is a tremendous achievement for our organization and one that of course we are extremely proud of and it is a great testament to the amount of work that each one of our agents do out in the market. It especially in what has been a challenging market across the country. So it is a great opportunity to say thank you to all of our agents here today for making this accomplishment possible and that it certainly was a great way to start our Q1 this year with this accomplishment. And much like the entertainment industry, the first quarter of the year is award season here in the real estate industry, and we definitely led the way, with many great acknowledgements and a lot of recognition for eXp in the first quarter. Not only the recognition of Being number one in the market by transactions here in the US that I just mentioned, but we were also named for the first time on a very distinguished list by the USA Today's top workplaces, and this is a particular prominence because it is a survey done of our employees done by a third party that then ranks feedback by our employees and we were ranked number 18 on this list. So we're particularly proud of this ranking and of this feedback based on culture and community of our employee base here at eXp.

謝謝，Leo，大家好。我很高興今天能和大家在一起。好吧，第一季開始時我們非常興奮，因為我們連續第三年被評為全國交易量第一的公司，這是一個非常棒的開始，對於我們的組織來說是一個巨大的成就，當然我們對此感到非常自豪，這充分證明了我們每個代理商在市場上所做的工作量。尤其是在全國充滿挑戰的市場。因此，這是一個很好的機會，向今天在座的所有代理商表示感謝，感謝他們使這一成就成為可能，並以這一成就開啟我們今年第一季無疑是一個很棒的方式。與娛樂業非常相似，每年的第一季是房地產行業的頒獎季，我們絕對處於領先地位，在第一季度，eXp 獲得了許多高度認可和廣泛認可。我們不僅獲得了我剛才提到的在美國市場交易量排名第一的認可，而且我們還首次被《今日美國》評選為最佳工作場所，這是一個特別突出的獎項，因為這是一項由第三方對我們的員工進行的調查，然後根據員工的反饋進行排名，我們在這份名單上排名第 18 位。因此，我們對這項排名以及基於 eXp 員工文化和社群的回饋感到特別自豪。

We also received a lot of industry recognition and you'll see a number of the various icons and logos there at the bottom for various leaders within our organization that we're very proud of that really speaks to the testament of the importance of our leadership. And of course, many of our leaders have stepped to the forefront, in particular, Leo, that you just heard talk about the many challenges and changes that are happening in our industry, and we have very much been a champion and a voice of, in some cases, reason of what's happening in the industry around clear cooperation and other changes. So that's very much been a prominent. Part of our focus in the first quarter of the year. So it was a very active first quarter, in terms of industry thought leadership and recognition, and we expect that that will continue throughout the rest of the year.

我們還獲得了許多業界的認可，您會在底部看到我們組織內各個領導者的各種圖標和徽標，我們對此感到非常自豪，這真正證明了我們領導力的重要性。當然，我們的許多領導人都走到了前列，特別是 Leo，你剛剛聽到他談到了我們行業正在發生的許多挑戰和變化，在某些情況下，我們一直是行業中圍繞明確合作和其他變化所發生事件的倡導者和代言人。所以這非常突出。這是我們今年第一季關注的部分內容。因此，就行業思想領導和認可而言，第一季非常活躍，我們預計這種情況將在今年剩餘時間持續下去。

Changing gears just a little bit, we showed you this graph for the first time in our last fireside chat, and I wanted to pull it up again because we got so many questions about it and so many requests to share it after we debuted it last quarter. And this is what we call our value stack. And what we wanted to do is put together for you all in one place all of the various tools and services and technology that we have available for our agents to operate their business and categorize them in sort of a very simple way. It's a classic sort of one pager, and I'm not a big fan of the one pager. And I loved, and I'm going to borrow this analogy from one of our agents. And we shared this at our mastermind in February. The way that he described this is he said that being at eXp is like having access to the very best buffet that has like the best food ever on it, that you can go to that buffet three times a day and get the like the best meal ever. Every time you go to that buffet, you don't pick everything off of the buffet to eat every time you go to sit down to to eat. You pick different things depending on what you're looking to to do and what you need to fuel your body or fuel your business in this case, to use the analogy, and that's exactly what our agents here at eXp had the opportunity to do every day is take this from the value stack, the tools, services, and technology that they need at a particular time to fuel their business and get their business to that next level. So I wanted to give you sort of the analogy, building off that analogy, an example of some of the top tools we've seen in Q1, our agents leverage in their businesses. And we're seeing our agents use these tools to build their brands, lean into building their skills throughout a changing market and leverage these tools into the process management and the operational side of their businesses. And we're seeing increased usage of our agents from these tools. So to add some numbers to this so that you can see some of the actuality of these tools, here's some examples I'm taking from this.

稍微換個話題，我們在上次爐邊談話中第一次向你們展示了這張圖表，我想再次提起它，因為自從上個季度我們首次推出它之後，我們收到了很多關於它的問題和很多分享它的請求。這就是我們所說的價值堆疊。我們希望將我們為代理商經營業務提供的各種工具、服務和技術集中在一個地方，並以非常簡單的方式對它們進行分類。這是一種典型的單頁紙形式，但我並不是單頁紙的忠實粉絲。我很喜歡，我將藉用我們的一位經紀人的這個比喻。我們在二月的智囊團會議上分享了這一點。他是這樣描述的：在 eXp 就像可以享用最好的自助餐，那裡有最美味的食物，你可以每天去三次自助餐，享受最好的一餐。每次你去自助餐廳吃飯時，你不會每次坐下來吃飯時都把自助餐廳裡的所有東西都拿來吃。您可以根據自己想要做的事情以及需要什麼來為您的身體或業務提供能量來選擇不同的東西，打個比方，這正是我們 eXp 的代理每天所做的事情，就是從價值堆棧中獲取他們在特定時間需要的工具、服務和技術，以推動他們的業務並將他們的業務提升到一個新的水平。所以我想給你一個類比，在這個類比的基礎上，舉一個我們在第一季看到的一些頂級工具的例子，我們的代理商在他們的業務中利用這些工具。我們看到我們的代理商使用這些工具來建立他們的品牌，在不斷變化的市場中培養他們的技能，並將這些工具運用到流程管理和業務運營方面。我們看到我們的代理商越來越多地使用這些工具。因此，為了添加一些數字，以便您可以看到這些工具的一些實際情況，這裡有一些我從中獲得的範例。

For Canvas, or from building brand, and we knew that Canva was such a critical tool when we rolled it out last year. We rolled it out in December and immediately saw tremendous adoption of the tool. Going into Q1, we averaged just under 3,500 unique designs per day. And we saw just over 4,700, almost 4,800 designs per day either published, shared, or downloaded by our agents. So we're seeing tremendous adoption of Canva as a design oried technology tool for our agents in their businesses. We're also seeing our agents continue to invest in developing their skills. And I think this is particularly important as Leo talked about all the changes that are happening in the industry, the importance of staying up to date. We're seeing our agents show up and get involved with our university programs at a higher rate. In fact, we saw 118% increase in attendees and views of eXp university trainings at Q1 year over year. So great adoption and participation in our eXp university programs.

對於 Canvas 或從打造品牌來說，我們在去年推出 Canva 時就知道它是一個至關重要的工具。我們在 12 月推出了該工具，並立即看到了該工具的廣泛採用。進入第一季度，我們平均每天有近 3,500 個獨特的設計。我們每天都會看到代理商發布、分享或下載超過 4,700 個、幾乎 4,800 個設計。因此，我們看到我們的代理商在其業務中大量採用 Canva 作為設計導向的技術工具。我們也看到我們的代理商繼續投資於發展他們的技能。我認為這一點尤其重要，因為 Leo 談到了行業正在發生的所有變化以及保持最新狀態的重要性。我們看到我們的代理商以更高的比例出現並參與我們的大學計畫。事實上，我們發現第一季 eXp 大學培訓的參與人數和瀏覽量年增了 118%。我們的 eXp 大學計劃的採用和參與度非常高。

Similar with market expansion. Our eXp luxury program continues to grow and continues to be well adopted by our agents. We saw a 36% increase in eXp luxury revenue quarter over quarter.

與市場擴張類似。我們的 eXp 豪華計劃不斷發展，並繼續受到我們代理商的青睞。我們發現 eXp 奢侈品收入較上季成長了 36%。

And lead generation continues to be a focus for our agents, and through our various lead generation programs offered through eXp Revenues and eXp Solutions, we've seen our referral teams facilitate 70% more closed deals. Year over year, Q1 from 2024 to 2025. So we're very happy with the increased adoption, increased participation, and of course, that value stack coming to life every single day for our agents.

銷售線索產生繼續成為我們代理商的重點，透過 eXp Revenues 和 eXp Solutions 提供的各種銷售線索產生計劃，我們看到我們的推薦團隊促成了 70% 以上的交易完成。年比來看，2024 年至 2025 年第一季。因此，我們非常高興看到採用率和參與度的提高，當然，價值堆疊每天都在為我們的代理商帶來活力。

We also continue to attract the very best of the best to eXp. Our tagline of where the pros go to grow is true, and every single day we welcome new agents to eXp who are truly the best in the business.

我們也將持續吸引最優秀的人才加入 eXp。我們的口號是“專業人士的成長之地”，這句口號是正確的，而且我們每天都歡迎業內真正最優秀的新代理商加入 eXp。

Three of those examples from the last quarter are highlighted here, and I want to really call out one of the trends that we have discussed in the past that we're continuing to see independent brokerages.

這裡重點介紹了上個季度的三個例子，我想真正指出我們過去討論過的趨勢之一，即我們繼續看到獨立經紀業務。

Merge into and choose eXp as a platform for their businesses. And Kelly Falter, who you see on the left on the screen, is an example of that. She ran a very successful independent brokerage and decided to join us here at eXp with her and her team. And it's really an opportunity for many independent brokerages to look at what the future of brokerage looks like and really align in a different way to run their businesses as mega team leaders. And as team leaders under our eXp umbrella, and our growth team is having those conversations every single day with independent brokerages across the country, and we expect to see that trend continue as we go through the current market conditions.

融入並選擇 eXp 作為其業務的平台。您在螢幕左側看到的凱利法爾特 (Kelly Falter) 就是一個例子。她經營著一家非常成功的獨立經紀公司，並決定與她和她的團隊一起加入 eXp。對於許多獨立經紀公司來說，這確實是一個機會，讓他們了解經紀業務的未來，並以不同的方式作為大型團隊領導者來經營業務。作為 eXp 旗下的團隊領導，我們的成長團隊每天都在與全國各地的獨立經紀公司進行對話，我們預計，隨著我們經歷當前的市場狀況，這種趨勢將繼續下去。

We also see teams and solo agents, as you see the other two examples that we've pulled here continue to choose eXp as their destination brokerage. So we're very excited to continue to welcome these agents and be that brokerage for the pros out in the industry to choose, to partner with.

我們還看到團隊和單獨代理商，正如您看到我們在此處提出的另外兩個示例，繼續選擇 eXp 作為他們的目的地經紀公司。因此，我們非常高興繼續歡迎這些代理商，並成為業內專業人士選擇和合作的經紀公司。

Last up, we successfully executed in Q1, our first of our three major eXp events for 2025, and that was eXp in Montreal, which I guess technically happened just outside of Q1. It happened the 1st of April, but the planning for it definitely happened in Q1. So we had the eXp con, Montreal and the 1st 4 days of April, it was a tremendous event, very successful. We had a higher attendance rate than the previous year. We're now into planning our eXp Barcelona and eXp Miami events for this year and very much looking forward to welcoming our eXp agents across the globe at both of those events.

最後，我們在第一季成功舉辦了 2025 年三大 eXp 活動中的第一場，那就是蒙特利爾 eXp，我猜從技術上講，它就在第一季之外舉行。它發生在 4 月 1 日，但計劃肯定在第一季進行。因此，我們在 4 月的前 4 天在蒙特利爾舉辦了 eXp con，這是一次盛大的活動，非常成功。我們的出勤率比去年高。我們現在正在計劃今年的 eXp 巴塞隆納和 eXp 邁阿密活動，並非常期待在這兩個活動中歡迎來自全球的 eXp 代理商。

And with that, I am going to hand the floor over to Jessie Hill, our interim Chief Financial Officer. Jessie, over to you.

現在，我將把發言權交給我們的臨時財務長傑西希爾 (Jessie Hill)。傑西，交給你了。

Thank you, Wendy. I'm pleased to be here to present earnings as the Interim CFO. Just a quick introduction for those that may not know me. I've been at eXp over 6 years. I've had the opportunity to lead finance teams in every business segment in the company, most recently heading up the international finance team as well as the corporate FPNA team, and I'm looking forward to sharing more details about the business overall and walking everyone through our financial and operational highlights for Q1 2025, starting on the next slide.

謝謝你，溫迪。我很高興以臨時財務長的身份來到這裡報告收益。對於那些可能不認識我的人，我做一個簡短的介紹。我在 eXp 工作已經 6 年多了。我有機會領導公司各個業務部門的財務團隊，最近領導了國際財務團隊以及企業 FPNA 團隊，我期待分享更多有關整體業務的細節，並從下一張投影片開始向大家介紹 2025 年第一季的財務和營運亮點。

Starting with revenue, we generated $954.9 million in the first quarter, despite admittedly a continued tough macroeconomic environment.

從收入開始，儘管宏觀經濟環境持續嚴峻，我們在第一季仍創造了 9.549 億美元的收入。

Real estate sales volume was up 4% in the first quarter, driven by an increase in home sales price, as well as increased productivity in our international segment.

第一季房地產銷售量成長 4%，這得益於房屋銷售價格上漲以及國際部門生產力提高。

We did see a lower agent count at 81,904. However, we saw an increase in transactions per agent, which indicates that we do continue to attract and retain the highest productive agents in the industry.

我們確實看到代理商數量下降，為 81,904 人。然而，我們發現每個代理商的交易量有所增加，這表明我們確實繼續吸引和留住了業內生產力最高的代理商。

The Majority of our departing agents continue to be in the low producing cohort of 0 to 2 sales per year.

在我們離職的代理商中，大多數仍屬於每年銷售額為 0 至 2 的低產群體。

Our non-GAAP gross margin, and we use this metric, it's it's a comparable benchmark to what other brokerages in the industry use. It pulls out stock comp and revenue share was 13%. This was 70 basis points down from prior year. Our GAAP gross margin was 8%, which is 30 basis points down from prior year, and both of these were impacted due to the high producing agents that we saw in Q1, as I mentioned, we saw a notch up in transactions per agent. And when that happens, you generally have more agents cap, and that's what we saw here which puts some downward pressure on our margin percentage.

我們的非公認會計準則毛利率，我們使用這個指標，它是與業內其他經紀公司使用的可比較基準。其股票補償和收入份額為 13%。比前一年下降了 70 個基點。我們的 GAAP 毛利率為 8%，比前一年下降了 30 個基點，這兩項指標都受到了第一季高產代理商的影響，正如我所提到的，我們看到每個代理商的交易量都有所增加。當這種情況發生時，你通常會有更多的代理商上限，這就是我們在這裡看到的，這給我們的利潤率帶來了一些下行壓力。

Our adjusted EBITDA was $2.2 million, which continues to be positive but was down year over year, partially driven by the margin compression that I just mentioned, as well as increased investments in the agent value stack. So technologies such as Canvas, CSU, Fixer, internally we've been using AI, CODA, and other additional tools to find efficiencies to support the brokerage in the back office. And so as we've continued these investments to build out the agent value stack and have more efficient operations, we do see some incremental expenses here which compressed our adjusted EBITDA.

我們的調整後 EBITDA 為 220 萬美元，繼續保持正值，但同比有所下降，部分原因是我剛才提到的利潤率壓縮，以及對代理價值堆疊的投資增加。因此，我們在內部一直在使用 Canvas、CSU、Fixer 等技術，AI、CODA 和其他附加工具來提高效率，以支援後台經紀業務。因此，隨著我們繼續這些投資以建立代理價值堆疊並實現更有效率的運營，我們確實看到了一些增量費用，這壓縮了我們的調整後 EBITDA。

That said, and I will say this, we're actively reviewing our expenses. We acknowledge the headwinds that our largest market, the US, is facing, and we as a leadership team are building a plan to have more efficient operations in the back half of 2025.

話雖如此，我要說的是，我們正在積極審查我們的開支。我們承認我們最大的市場美國正面臨逆風，我們作為領導團隊正在製定計劃，以在 2025 年下半年實現更有效率的營運。

Cash continued to be strong. We ended the quarter up 6% year over year with $115.7 million in cash.

現金持續保持強勁。本季末，我們的現金餘額年增 6%，達到 1.157 億美元。

Now in the next slide, I'll take you through our financial results by segment for the quarter.

現在，在下一張投影片中，我將向您介紹本季各部門的財務表現。

The North America Realty segment continues to be the largest revenue and profit generator for the company.

北美房地產部門繼續成為該公司最大的收入和利潤來源。

North America revenue was $923 million for Q1, with adjusted EBITDA of $7.7 million.

第一季北美營收為 9.23 億美元，調整後 EBITDA 為 770 萬美元。

I would like to note on this slide, for the first time we're showing operating loss or income by segment. It's one additional view that we utilize internally as a leadership team, and we wanted to begin including that for our analyst and investor perspective here.

我想在這張投影片上指出，我們第一次按部門顯示了營業虧損或收入。這是我們作為領導團隊在內部利用的另一種觀點，我們希望將其納入我們的分析師和投資者的視角。

International continues to stay at scale as Felix mentioned. Revenue was up 103% year over year and we significantly narrowed our adjusted EBITDA loss, which improved 52% year over year.

正如 Felix 所提到的，國際業務繼續保持規模。營收年增 103%，調整後 EBITDA 損失大幅縮小，年增 52%。

I will note something specific, and now in 26 markets and growing, we won't take you through every macroeconomic event in every country, but there was a pretty big tax change in the UK in April, and we think that that affected, it negatively impacted buyers. It's an additional tax that they see depending on the home sale price, and we think that that pulled forward some transactions into February and March. And as that is one of our more material markets, it probably positively impacted our revenue here in Q1. And so it's more or less going to be pulled forward from Q2.

我要指出一些具體的事情，現在已有 26 個市場並且還在不斷增長，我們不會帶您了解每個國家的每個宏觀經濟事件，但 4 月份英國的稅收發生了相當大的變化，我們認為這影響了買家，產生了負面影響。這是根據房屋銷售價格徵收的額外稅，我們認為這會將一些交易提前到二月和三月。由於這是我們更重要的市場之一，它可能對我們第一季的收入產生積極影響。因此，它或多或少會從第二季開始提前。

And with the really strong growth that we have overall in the segment, we're not too concerned with it, but I did just want to call out that note here for transparency.

由於我們在該領域整體實現了強勁增長，因此我們對此並不太擔心，但是為了透明度，我只是想在這裡指出這一點。

Our other affiliated services segment, which is primarily success, contributed modest revenue growth and an adjusted EBITDA a loss of $1.5 million.

我們的其他附屬服務部門主要取得成功，貢獻了適度的收入成長和調整後的 EBITDA 虧損 150 萬美元。

Now in the next slide, we'll take a quick look at some of our agent productivity statistics.

現在，在下一張投影片中，我們將快速瀏覽一些代理生產力統計資料。

So what's driving these results on the top end where we are maintaining a market position in what is really a challenging macroeconomic environment in the United States is that we do continue to maintain and add high quality, highly productive agents which we show here. This is our agent attrition in Q1, and we show it by loss of agents and the productive cohort that they are in. And so you can see that the majority of our departing agents are in the lowest producing cohort with 77% of agent attrition having 0 to 2 sales. And then the logic flows down. The more productive our agents are, the stickier they are, and our most productive agent-based 21 sales was only 2% of our attrition in Q1.

因此，在美國真正充滿挑戰的宏觀經濟環境中，我們之所以能夠保持市場地位並取得如此高的業績，是因為我們確實繼續保持並增加了我們在此展示的高品質、高生產力的代理商。這是我們第一季的代理商流失情況，我們透過代理商的流失和他們所在生產群體的流失來體現。因此您可以看到，我們離職的代理商中大多數屬於生產力最低的群體，其中 77% 的離職代理商的銷售額為 0 到 2 筆。然後邏輯就會向下流動。我們的代理商效率越高，他們的黏著度就越強，我們效率最高的基於代理商的 21 個銷售額僅佔第一季員工流失率的 2%。

One additional stat I'd just like to call out here while we're talking agent nutrition, we actually saw this metric materially improve this quarter. It improved 22% year over year. So while we did see a net agent down, we see this metric improving overall as we continue into 2025 here.

當我們談論代理營養時，我想在這裡指出一個額外的統計數據，我們實際上看到這個指標在本季度有了實質性的改善。較去年同期成長22%。因此，雖然我們確實看到淨代理數量下降，但隨著我們進入 2025 年，我們看到這項指標總體上有所改善。

And now in the last slide I'll take us through just a summary of all of these results. Our agent NPS actually hit a record for Q1, so highest all-time Q1 NPS at 78 versus 73 in prior year, and this speaks to the agent value stack that I discussed and that we continue to recruit the highest productive agents and retain them as well.

現在，在最後一張投影片中，我將帶大家回顧所有這些結果的摘要。我們的代理商 NPS 實際上創下了第一季度的最高紀錄，因此第一季 NPS 達到了歷史最高水平，達到 78，而去年同期為 73，這說明了我所討論的代理商價值堆棧，並且我們將繼續招募最有生產力的代理商並留住他們。

Sales volume per transaction was up 6% year over year, driven by a 4% increase in volume and 2% increase in agent productivity.

每筆交易的銷售量較去年同期成長 6%，這得益於交易量成長 4% 和代理商生產力成長 2%。

We do continue to achieve positive adjusted EBITDA with $2.2 million in the first quarter.

我們第一季的調整後 EBITDA 繼續為正，達到 220 萬美元。

International revenue continued to gain momentum and scale with 103% revenue growth year over year driven by all-time high and productive agent count and an adjusted EBITDA loss improvement by 52% year over year.

國際營收持續維持成長動能和規模，年增 103%，這得益於創歷史新高且高效的代理商數量，調整後的 EBITDA 虧損年增 52%。

And finally we ended the quarter with a strong cash position of $115.7 million, which provides us with the flexibility to navigate the current market environment and also invest strategically should opportunities present themselves.

最後，我們在本季結束時擁有 1.157 億美元的強勁現金狀況，這使我們能夠靈活地應對當前的市場環境，並在機會出現時進行策略性投資。

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

話雖如此，我想將演講交還給 Denise，她將主持問答環節。

Thank you.

謝謝。

Great. Thanks, Jessie. I'll kick off with a question for everyone on the team before we open the call to questions generally. First, Glen, can you share more details on how eXp is leveraging AI now and what an enabled eXp platform might look like in the future?

偉大的。謝謝，傑西。在我們開始提問之前，我先向團隊中的每個人提出一個問題。首先，Glen，您能否分享更多有關 eXp 現在如何利用 AI 以及未來啟用的 eXp 平台可能會是什麼樣子的細節？

Yeah, so thank, thanks, Denise, for the question. So, we are, we have been kind of in this mode now for about two years of really getting to a pivot point where we can actually make rapid changes with AI. We did a enterprise deal with Open AI about a year ago. Of course, there's a lot of other tools now that are available. We're big. Google Workspace users, so we've got, access to Gemini 2.5, and there's a lot of tools coming at us really quick. One of the probably the more notable things that we're doing with AI is on the international side of the house, and I, obviously I've been spending some time over there. I'm, to say the least, just, a slight geek. And we have actually started to take things that would normally have been built by developers. We're actually turning those over to the subject matter expert to actually build and this is all a result of really very recent, technology shifts that have become available in the last really three months, I would say. So, the shift is real. We have teams in South Africa, in France, and it really in all the markets, starting to actually build out a lot of the tech stack by the country leaders or the, or staff on their teams or people who lead up, domains, on the international team. And then that's also had ripple effects into into North America, as well, in significant ways. So we've got a lot of new things being stood up very quickly that previously would have taken months and in some cases we're doing it in hours. One example that I'll call out is in Peru.

是的，謝謝丹尼斯提出這個問題。所以，我們現在已經處於這種模式大約兩年了，真正到達了一個轉折點，我們可以利用人工智慧真正做出快速的改變。大約一年前，我們與 Open AI 達成了一項企業交易。當然，現在還有很多其他可用的工具。我們很大。Google Workspace 用戶，所以我們可以造訪 Gemini 2.5，而且有很多工具可以很快提供給我們。我們在人工智慧領域所做的最引人注目的事情之一可能是在國際方面，顯然我在這方面花了一些時間。至少可以說，我只是一個有點怪的人。我們實際上已經開始著手處理那些通常由開發商建造的東西。我們實際上正在將這些交給主題專家來實際構建，我想說，這都是最近三個月內技術轉變的結果。所以，這種轉變是真實的。我們在南非、法國以及所有市場都設有團隊，實際上，我們已開始由國家領導人、團隊中的員工或國際團隊中負責各個領域的人員建立大量技術堆疊。這也對北美產生了重大的連鎖反應。因此，我們可以非常快速地建立許多新事物，而以前這些事物可能需要幾個月的時間，在某些情況下，我們甚至可以在幾個小時內完成。我要舉的例子是秘魯。

We were in the middle of launching, maybe 56 weeks ago, I think it was. And Felix can certainly add to this as well, but, we had a website that was built by a third party, the website wasn't actually that great, even though we were, positioned to effectively pay them a lot of money over time, and, they went on vacation and we actually rebuilt, the Peru website in a matter of hours, with our, non-technical teams. And we've taken that approach now from Peru, now to Turkey, and now we're rolling it out really in each country where they're going to actually be responsible for building out their own tech stacks, getting APIs where needed for some of the things that are that that have been built previously by the domestic team, but we're really leveraging this. And we think about just the unlock that's going to take place because of this shift. We think that it's going to be pretty incredible. And of course on international, we're seeing it front and center playing out in front of our eyes, and we think that it's a really great proving ground for the rest of the company. So super excited, super stoked. I think that it's, it changes the game. We have some internal metrics of what we think we want to automate, on a monthly basis in terms of percentage of manual workflows, automated or things that need to go to technical teams, being done by the subject matter experts. And, we're already seeing that just in one was really the first time where we were able to create true citizen developers, subject matter experts, and give them the tools that would actually allow them to be full blown software developers. So it's been pretty cool to see how all that's played out.

我想，我們當時正處於發布階段，大概是 56 週前。菲利克斯當然也可以補充這一點，但是，我們的網站是由第三方建立的，該網站實際上並不是那麼好，儘管我們有能力隨著時間的推移有效地向他們支付一大筆錢，而且，他們休假了，我們實際上在幾個小時內就重建了秘魯網站，與我們的非技術團隊一起。現在，我們已經從秘魯採取了這種方法，現在又推廣到土耳其，我們正在每個國家推廣這種方法，他們實際上要負責建立自己的技術堆疊，在需要的地方獲取 API，這些東西之前是由國內團隊構建的，但我們確實在利用這一點。我們思考的只是因為這種轉變而發生的解鎖。我們認為這將會非常令人難以置信。當然，在國際上，我們親眼目睹了這一切的發生，我們認為這對公司的其他部門來說是一個非常好的試驗場。超興奮，超興奮。我認為它改變了遊戲規則。我們有一些內部指標來衡量我們想要實現的自動化程度，以每月衡量手動工作流程的百分比、自動化程度或需要交給技術團隊並由主題專家完成的工作。而且，我們已經看到，這是我們第一次真正創造出真正的公民開發人員、主題專家，並為他們提供真正讓他們成為成熟軟體開發人員的工具。所以看到這一切的進展真是太酷了。

Great. Thanks, Glenn. The next question is for Felix. Felix, can you discuss what you learned about opening new countries and what's the difference in your launches today compared to a year ago?

偉大的。謝謝，格倫。下一個問題是問菲利克斯的。菲利克斯，您能談談開拓新國家的經驗嗎？與一年前相比，您今天的新業務有何不同？

Yeah, absolutely.

是的，絕對是如此。

Thank you, Denise. Very similar to what Glenn has said, over the past year, we've completely evolved the way we approach international launches. We're leveraging a ton of that technology that we just spoke about and it's really streamlined, the process across onboarding, training, and operations. We're really focused as well on partnering with the right in-country leaders, so you'll see protocol in Turkey and Ricardo Alfaro in Peru have been really Leading the charge, and that's been an important part of our formula. We've been building strong local value propositions ahead of the launch. So we're actually spending the time up front to understand the real pain points that aging agents are facing in that specific market. And then we're blending that with our global model and tools, and our top tier local solutions and our own technology that we're not building, that resonates with the agents. So this localized approach. Which has really become one of our greatest strengths. We've also shifted to self-managed and regionalized teams that take ownership and move quickly. So you'll see Adam Day, regional director of AMIA, Virginia Restrepo, regional director of latam Ralla, and this structure really gives us more accountability and agility on the ground to be making decisions really from a son to son, strategy. And finally we've really revamped our marketing strategy. Sarah Hutchinson, our VP of. National marketing has come in, and we've really created more momentum by leading with social campaigns, localized storytelling, and those in-person launch events that we just talked about really helped bring the brand to life at a local level with our international presence. So that's helped us build energy and trust from day one, and the combination of all these elements has made our recent launches the most impactful that we've had to date, and we will just continue to improve and get better as we continue to scale into new markets.

謝謝你，丹尼斯。與格倫所說的非常相似，在過去的一年裡，我們徹底改變了處理國際發布的方式。我們正在利用剛才談到的大量技術，它確實簡化了入職、培訓和營運的流程。我們也非常注重與合適的國內領導人合作，因此你會看到土耳其的禮賓和秘魯的里卡多·阿爾法羅 (Ricardo Alfaro) 一直處於領先地位，這是我們方案的重要組成部分。在發布之前，我們一直在建立強大的本地價值主張。因此，我們實際上會提前花時間了解老年代理商在特定市場中面臨的真正痛點。然後，我們將其與我們的全球模型和工具、我們的頂級本地解決方案以及我們自己未建立的技術相融合，以引起代理商的共鳴。所以這是本地化的方法。這確實已成為我們最大的優勢之一。我們也轉向了自我管理和區域化的團隊，這些團隊擁有自主權並能快速行動。因此，您會看到 AMIA 區域總監 Adam Day 和拉丁美洲 Ralla 區域總監 Virginia Restrepo，這種結構確實讓我們在實地承擔更多責任，更加靈活，能夠真正根據子孫後代製定戰略決策。最後，我們確實修改了我們的行銷策略。我們的副總裁 Sarah Hutchinson。全國行銷已經開始，我們透過引領社交活動、本地化故事講述以及我們剛才談到的那些面對面的發布活動真正創造了更多的勢頭，真正幫助品牌在國際影響力下在當地煥發活力。因此，這有助於我們從第一天起就建立起活力和信任，所有這些因素的結合使我們最近推出的產品成為迄今為止最具影響力的產品，隨著我們繼續擴展到新市場，我們將繼續改進、變得更好。

Thanks Felix. Appreciate the color. And this one for Leo. Leo, can you dive a bit deeper on the agent count trends that that Jesse pointed out we saw this quarter?

謝謝菲利克斯。欣賞色彩。這是給 Leo 的。Leo，您能否更深入地談談 Jesse 指出的我們本季看到的代理商數量趨勢？

Yes, we continue to retain our most productive agents, which is the metric I'm most focused on over the last 18 months or so, we've really focused on attracting the most productive agents in teams. And that's because agents on teams are 67% more productive than just individual agents.

是的，我們繼續留住最有效率的代理商，這是我在過去 18 個月左右最關注的指標，我們真正專注於吸引團隊中最有效率的代理商。這是因為團隊代理的生產力比單一代理商高出 67%。

And with that comes a longer onboarding cycle. Teams take longer to onboard. The strategy is working and showing up in our results 41% of our agents were on teams in Q1. And we have more productive agents in Q1 this year, with more agents capping. And this quarter, agent nutrition improved 22% for the fourth quarter, so quarter over quarter, not year over year. And we're excited about that moment. We're seeing what this means for future agent count. So not sure when we'll make that, turning point this year, but super excited about what more productive groups of agents mean to eXp long term. And to that effect, we have two, huge joiners, that literally joined in the last 72 hours, so as we were preparing the slides, we didn't have a time to get the press releases in there cause they were just, published on Friday.

隨之而來的是更長的入職週期。團隊需要更長的時間才能加入。該策略正在發揮作用，並在我們的結果中體現出來：第一季 41% 的代理商加入了團隊。今年第一季度，我們的高效率代理商數量有所增加，且代理商數量有所上限。本季度，代理商營養狀況較第四季度改善了 22%，因此是環比改善，而不是同比改善。我們對那一刻感到興奮。我們正在觀察這對未來代理數量意味著什麼。因此，我們不確定今年何時能實現這一轉折點，但我們對更有效率的代理商群體對 eXp 的長期意義感到非常興奮。為此，我們有兩位重量級的加入者，他們實際上是在過去 72 小時內加入的，所以當我們準備幻燈片時，我們沒有時間將新聞稿放進去，因為它們是在星期五才發布的。

The ERS Real Estate Group out of Nebraska joined us with 60 agents coming to us from Keller Williams, one of the top teams in the state of Nebraska, as well as one of the top teams at Keller Williams. And then as of yesterday, we had the Neil team out of San Antonio join us, who was the number one team at Keller Williams, Texas, and number 2 in units in the entire company with 914 homes sold in 2024. So, the momentum you saw in 2024, followed by Q1 where we saw such big team leaders such as Spring Benson joined, we continue that march forward with this, performance, and I can tell you that we continue to have more active conversations, but as a perfect anecdotal example, I started speaking to the Neil brothers probably 18 months ago, and at that size of team and complexity, it takes a little bit of time to get them over, but that pipeline is full and the excitement continues.

內布拉斯加州的 ERS ​​房地產集團與我們一起加入了我們，他們有 60 名經紀人來自凱勒威廉姆斯 (Keller Williams)，這是內布拉斯加州最頂尖的團隊之一，也是凱勒威廉姆斯 (Keller Williams) 最頂尖的團隊之一。截至昨天，來自聖安東尼奧的 Neil 團隊加入了我們，他們是德克薩斯州凱勒威廉姆斯 (Keller Williams) 的頭號團隊，也是整個公司中房屋銷量排名第二的團隊，2024 年共售出 914 套房屋。因此，您在 2024 年看到的勢頭，以及隨後的第一季度我們看到的 Spring Benson 等重要團隊領導人的加入，我們將繼續在這一表現上向前邁進，我可以告訴您，我們會繼續進行更積極的對話，但作為一個完美的軼事例子，我大概在 18 個月前開始與 Neil 兄弟，在這樣的團隊中繼續交談，但已經需要滿一點，但這條時間已經接受了一點時間，在這樣的團隊中繼續交談。

It's great. Thanks, Leo.

這很棒。謝謝，Leo。

And now moving on to Wendy. Wendy, what are agents saying about the co-sponsor program, how much of a game changer is it?

現在我們來談談溫迪。溫迪，經紀人對共同贊助計畫有何看法？它對遊戲規則的改變有多大？

Agents are very excited about the co-sponsor program and it really dovetails into what Leo was just talking about in terms of momentum and collaboration. And we are currently into the second week of a three-week spring rally sprint that we do each spring, and we're traveling across the country, and we have a series of agent gatherings we call our spring rallies, and co-sponsor is the topic of conversation. So we're seeing, agents make connections where anecdotally, I may be a producing agent that maybe I haven't started to build my RevShare line, or I have a few, agents in my org, but I've been focusing on production. But I'm making a connection with another agent that has built a more mature RevShare organization and has built tools and support and systems around that.

代理商對聯合贊助計劃感到非常興奮，它與 Leo 剛才談到的動力和合作非常吻合。目前，我們正處於每年春季舉行的為期三週的春季集會衝刺的第二週，我們正在全國各地旅行，並舉行了一系列代理商聚會，我們稱之為春季集會，共同贊助商是討論的主題。因此，我們看到，代理商建立聯繫，據傳聞，我可能是一個生產代理商，也許我還沒有開始建立我的 RevShare 線，或者我在我的組織中有幾個代理商，但我一直專注於生產。但我正在與另一位代理商建立聯繫，該代理商已經建立了更成熟的 RevShare 組織，並圍繞該組織建立了工具、支援和系統。

And with the co-sponsor program, we're able to partner. To bring benefits to one another to drive growth. We're seeing the opposite where I may be a more mature leader that has a RevShare organization, but maybe I have somebody in a local market that I don't have a lot of presence in, but I can partner with a team leader or a solo agent that I can connect with a new agent that wants to join eXp and connect them through the co-sponsor program so that they have a Local connection in that local market, and they get the best of both worlds. So we're seeing the synergies and the connections happening in real time as we're traveling across the countries through rally season. And that's just the tip of the iceberg. So we're excited to see those, numbers, funnel in as the relationships, happen as we move into the latter part of this year.

透過共同贊助計劃，我們能夠建立合作夥伴關係。互利共贏，共同發展。我們看到的情況恰恰相反，我可能是一個擁有 RevShare 組織的更成熟的領導者，但也許我在某個本地市場中有人，而我沒有太多的影響力，但我可以與團隊領導或單獨代理商合作，我可以與想要加入 eXp 的新代理商建立聯繫，並透過共同贊助商計劃將他們聯繫起來，這樣他們就可以在本地市場上建立在這兩全美。因此，當我們在拉力賽季穿越各個國家時，我們即時看到了協同效應和連結的發生。這只是冰山一角。因此，我們很高興看到，隨著我們進入今年下半年，這些數字隨著關係的建立而增加。

Great, thank you, Wendy. And Jessie, a question for you. You mentioned getting more efficient over the course of 2025. How should we think about operating expenses for the remainder of the year and to what extent can your expenses be flexed up or down based on sales?

太好了，謝謝你，溫迪。傑西，我想問你一個問題。您提到了在 2025 年期間提高效率。我們應該如何考慮今年剩餘時間的營運費用，以及您的費用可以根據銷售額在多大程度上增加或減少？

Sure, thank you, Denise. I, I'll start with the second part. We don't flex our cost structure dramatically from quarter to quarter. We do have the ability to dial spending up or down, certainly in specific areas, depending on the driver and the desired outcome.

當然，謝謝你，丹尼斯。我，我將從第二部分開始。我們的成本結構不會在每季之間大幅調整。我們確實有能力根據驅動因素和期望結果增加或減少支出，尤其是在特定領域。

I will say, real estate's an interesting business. The Venn diagram of our fixed and variable expenses has a lot more overlap than than one might imagine. So there's a lot of gray in the middle. It, the variable expenses aren't purely linear with sales. It's more of like a stepped variable function if that makes sense. So every incremental transaction is, it's not like it's adding an incremental [XX] dollars. But every incremental 200 to 300 transactions that that might layer on, an additional staffing requirement or software licensing, that sort of thing. So that's how we look at the business between fixed and variable. Longer term, Glenn took us through where our focus is, right? We're really focusing on AI and automation, and I will say in my tenure here in 6 years, eXp has always been focused on automation and efficiency, paying agents faster, having one of the most efficient brokerage operations. In the world, but now with AI layered on top of that, that's where we're really looking to find some synergies in our unit economics of our expenses, particularly in like the repeatable high volume workflows which, we just closed 90,000 transactions in Q1, so there's a lot of low-hanging fruit there when it comes to AI enablement and and automation.

我想說，房地產是一個有趣的行業。我們的固定費用和變動費用的維恩圖的重疊程度比人們想像的要大得多。所以中間有很多灰色。變動費用與銷售額並非完全呈線性關係。如果有意義的話，它更像是一個階躍變數函數。因此，每筆增量交易並不像是增加了增量 [XX] 美元。但每增加 200 到 300 筆交易，就可能需要額外的人員配備或軟體授權等等。這就是我們看待固定和可變業務的方式。從長遠來看，格倫告訴我們我們的重點在哪裡，對嗎？我們真正關注的是人工智慧和自動化，我想說，在我任職的六年裡，eXp 一直專注於自動化和效率，更快地向代理商付款，擁有最高效的經紀業務之一。在這個世界上，但現在有了人工智慧，我們真正希望的是在我們的費用單位經濟效益中找到一些協同效應，特別是在可重複的大容量工作流程中，我們在第一季度剛剛完成了 90,000 筆交易，所以在人工智慧支援和自動化方面有很多唾手可得的成果。

And then, so just taking that back to the first part of your question, how to model operating expenses for the remainder of 2025, I would say we don't provide for guidance, right, but high level, the trend is your friend. So what we've been doing with the last couple of quarters, and we did see an, a notch up in our unit economics and the SGNA per unit, which we talked through here a bit and we also have some additional color in the queue. I would say the AI layering of of expenses that we're putting in on the front end now should result in synergies in the back half of 2025. And then we're also just taking a traditional look at at our cost basis and where we can find opportunities. We acknowledge some of the headwinds that exist in the US market and like I said, we're always looking for opportunities and efficiencies in our business, so I think that's the high level color I can share on where we're looking to land, as far as our unit economics and and expenses go.

然後，回到你問題的第一部分，如何模擬 2025 年剩餘時間的營運費用，我想說我們不提供指導，對吧，但從高層次來看，趨勢是你的朋友。因此，我們在過去幾個季度中一直在努力，我們確實看到單位經濟效益和每單位 SGNA 有所提高，我們在這裡對此進行了一些討論，並且在隊列中也添加了一些額外的顏色。我想說，我們現在在前端投入的人工智慧費用分層應該會在 2025 年下半年產生協同效應。然後，我們也只是以傳統的眼光看待我們的成本基礎以及我們可以在哪裡找到機會。我們承認美國市場存在一些不利因素，正如我所說，我們一直在尋找業務中的機會和效率，所以我認為就我們的單位經濟和費用而言，我可以分享我們在尋求實現的目標的高水平色彩。

Thanks, Jessie. Appreciate it. Now, we'll open the call to questions, for those of you, in the audience, you can go to Slido or scan the code here, and ask a question there. I, I'll start off with our analysts that are on the stage here, Oscar, first question from you, Oscar and evens, from Stevens, you can go ahead.

謝謝，傑西。非常感謝。現在，我們將開始提問環節，各位觀眾，您可以前往 Slido 或掃描此處的程式碼，然後在那裡提問。我，我先從台上的分析師開始，奧斯卡，第一個問題來自你，奧斯卡，甚至史蒂文斯，你可以繼續了。

Hey, good afternoon. This is Oscar Nieves on for John Campbell at Stevens. So, we have a, Jesse, this one is for you. Earlier you mentioned that I just said I that was down year over year primarily due to the gross margin compression. So we want to know what, what's your expectation for the full year on gross margin and also for operating expenses. How do you see those, moving for the rest of the year?

嘿，下午好。這是史蒂文斯的約翰·坎貝爾的奧斯卡·尼維斯。所以，我們有一個，傑西，這個是給你的。之前您提到，我剛才說過，年減主要是因為毛利率壓縮。因此，我們想知道您對全年毛利率和營運費用的預期是多少。您如何看待今年剩餘時間的走勢？

Yeah, thank you for the question. I would say, it's a bit of a double-edged sword, right? When we talk about our agents are more productive, so it compresses the percentage, right? And it's like that age-old question in business, do you want more rate or volume? Obviously you'd like both. I'd say right now our focus is on volume. We want the most productive agents at our brokerage. It's one of the core metrics that we examine every day here at eXp and so if we have higher productive agents that that cap a bit more just due to the nature of our model and the way that we structured it, and that brings down the the percentage on margin, we're okay on that. Now.

是的，謝謝你的提問。我想說，這有點像一把雙面刃，對吧？當我們談論我們的代理商更有效率時，它壓縮了百分比，對嗎？這就像商業中的古老問題，你想要更高的利率還是更高的數量？顯然你會喜歡兩者。我想說現在我們的重點是數量。我們希望我們的經紀公司擁有最高效的代理商。這是我們在 eXp 每天檢查的核心指標之一，因此，如果我們擁有生產效率更高的代理商，而由於我們的模型性質和構建方式，這個上限會更高一些，並且這會降低利潤率，那麼我們對此是可以接受的。現在。

We know that we're working with smaller margins in general, right? We give a lot of commission and revenue share stock back to our agents and that's the whole essence of the model, but it is something that we pay attention to. I suspect again without providing direct forward guidance, I suspect that you will see this continue as especially the US market continues to face some Headwinds.

我們知道，我們的利潤率通常較小，對嗎？我們將大量佣金和收入分成返還給我們的代理商，這就是該模式的全部本質，但這是我們關注的事情。我再次懷疑，如果不提供直接的前瞻性指引，我懷疑你會看到這種情況繼續下去，尤其是美國市場繼續面臨一些阻力。

You're seeing this concentration in productivity where we showed that on the slide, right? A lot of the agents that have two or less transactions are sort of falling out of the industry, unfortunately, and what's happening is those transactions are still occurring, home sales are still occurring. And so you have this sort of this natural function that's happening where maybe an agent that was selling pne or two properties a year unfortunately falls out of the business, an agent that was selling 10 or 12 properties a year now is selling 12 or 14. And so that's going to put some downward pressure on the margin percentage, but we're okay because we're still capturing it in total nominal dollars and we're retaining those agents. And then on the expense question. .

您在投影片上看到了我們所展示的生產力集中度，對嗎？不幸的是，許多交易量不超過兩筆的代理商已經退出了這個行業，但實際情況是，這些交易仍在發生，房屋銷售仍在發生。因此，就會出現這種自然現象：可能以前每年銷售一兩處房產的代理商不幸退出了該業務，而以前每年銷售 10 或 12 處房產的代理商現在則銷售 12 或 14 處房產。因此，這將對利潤率造成一些下行壓力，但我們沒事，因為我們仍然可以獲得總名目美元收入，而我們保留了這些代理商。然後是費用問題。。

Like I think I, took us through it kind of at a high level. I'll just add a bit more color. I mean, we're constantly examining the unit economics.

就像我認為的那樣，我帶領我們以較高的水平經歷了這一切。我只會添加一點顏色。我的意思是，我們一直在研究單位經濟學。

I will say we mostly I think it's fair to say here with the leadership team, we're viewing it from an efficiency perspective, right? We want to pay our agents faster, we want to have the most streamlined process. We're constantly, even on the finance team, we're examining it through a like, do we need 5 steps here or do we need 3, so it's more of an efficiency perspective. And then the follow on from that should be cost savings down the line. And so that's how we're examining our operating expenses. We do acknowledge that they took a notch up in in Q1. I think all of the investment that we're building into the back end of the business is going to provide some opportunity in the back half of 25 here where we can have some stronger unit economics on the SGNA there.

我想說的是，我們主要從效率的角度來看這個問題，對嗎？我們希望更快地向代理商付款，我們希望擁有最簡化的流程。我們經常，甚至在財務團隊中，都會以類似的方式進行審查，我們是否需要 5 個步驟或 3 個步驟，所以這更多的是一個效率的角度。接下來的舉措應該是節省成本。這就是我們審查營運費用的方式。我們確實承認他們在第一季取得了進步。我認為，我們在業務後端進行的所有投資都將在 25 年的後半段提供一些機會，我們可以在那裡的 SGNA 上獲得更強大的單位經濟效益。

All right. And thank you and I have one for Leo. So Leo, earlier you outline your views on CCP and particularly you said that delayed marketing will create marketing confusion.

好的。謝謝你，我有一個給Leo。所以 Leo，你之前概述了你對 CCP 的看法，特別是你說延遲行銷會造成行銷混亂。

And on that note, how does your alignment with Zillow and the new listing standards re do they result in a negative impact or just they have no impact on your private leasing strategy?

就此而言，您與 Zillow 以及新上市標準的一致性如何？它們會對您的私人租賃策略產生負面影響嗎？還是根本沒有影響？

No, so, we've always had an office exclusive strategy which is compliant with CCP. The biggest difference between us and the other company you mentioned is that it's, they're treating it as a business model, which I firmly believe is going to create real liability to themselves and their shareholders. There's almost an article a day dropping right now from CNN to Market Watch. Another one came out today where there, there's very serious, non-industry participants, meaning not a brokerage or portal weighing in from, fair housing violations. And I think every investor on this call needs to pay attention. The decisions we make impact our enterprise value and we want to make sure that we're doing right by the consumer but also not creating Reliability for our shareholders in the enterprise. So our position is one that protects consumers, but also protects the enterprise we run here. And so, just like last summer where I think, my impression was that the settlement was unclear and created some ambiguity, and we made a business decision to no longer co-[br] and we rolled out a whole set of open source forms for the industry. We found ourselves in that same position again. I fundamentally disagreed with delayed marketing. Either property off the market through a private exclusive, or it's on the market, and we don't want any shades of gray in the middle. So once the property has been entered to the MLS, we want it to distribute to as many eyeballs as possible because our job as a fiduciary is to garner the most amount of attention and money for that seller in the shortest amount of time. So, in no way do we think it's detrimental to our business. I think it protects consumers and it actually creates less liability for us as a scaled enterprise.

不，所以我們一直有一個符合 CCP 的辦公室專屬策略。我們與您提到的另一家公司最大的區別在於，他們將其視為一種商業模式，我堅信這將為他們自己和股東帶來真正的責任。現在幾乎每天都有一篇文章從 CNN 發到 Market Watch。今天又出現了一個非常嚴重的問題，非行業參與者，即不是經紀公司或門戶網站，對公平住房違規行為進行了乾預。我認為參加這次電話會議的每一位投資者都需要注意。我們所做的決定會影響我們的企業價值，我們希望確保我們為消費者做出正確的決定，同時也為企業的股東創造可靠性。因此，我們的立場是保護消費者，同時也保護我們在這裡經營的企業。因此，就像去年夏天一樣，我認為，我的印像是解決方案不明確並造成了一些歧義，我們做出了不再合作的商業決定，並為該行業推出了一整套開源表格。我們發現自己又處於同樣的境地。我從根本上不同意延遲行銷。要么透過私人獨家代理商將房產從市場上撤下，要么將其投放到市場上，我們不希望中間出現任何灰色地帶。因此，一旦房產進入 MLS，我們希望它能夠被盡可能多的人看到，因為作為受託人，我們的工作是在最短的時間內為賣家吸引最多的關注和金錢。因此，我們絕不認為這會對我們的業務造成損害。我認為這不僅保護了消費者，而且實際上也減少了我們作為規模化企業的責任。

All right, very clear.

好的，很清楚。

Thank you so much.

太感謝了。

Thanks, Oscar. And every quarter we ask folks to submit questions in advance that they'd like us to ask on the call to investors at expworldholdings.com, and we received some questions from Andrew Thompson. He's our eXp country leader in South Africa. His question to the group is the US going into a recession? And what are your thoughts on the US market in terms of property sales for the balance of this year?

謝謝，奧斯卡。每個季度，我們都會要求人們提前提交他們希望我們在 expworldholdings.com 投資者電話會議上提出的問題，我們收到了 Andrew Thompson 提出的一些問題。他是我們駐南非 eXp 國家負責人。他向該小組提出的問題是美國是否會陷入經濟衰退？您對今年美國房地產市場的銷售狀況有何看法？

I'll Jump in on that one. So.

我會加入這個。所以。

At last, Q4 of 2024 going into this queue, we were feeling optimistic that we were going to have a little bump over 2024 from 2025. I was speaking to one of the economists that helps formulate our forecasts. And I think right now we're almost like in a pause, holding a pattern to see where The full, weight of the April numbers and then we're also all collectively holding our breath tomorrow to see what happens with rates. But, I, this is to Jesse's point is we are watching every single metric. I do think the one thing that hasn't been mentioned, at least by me before, is that, I look at the housing, bowl of soup as three very important ingredients, interest rates for affordability, supply for, what creates the demand supply ratio. But the fourth one that is not talked about enough, which I think is going to become a meaningful impact over the course of 2025 is consumer confidence. And that's a little squishier and harder to underwrite.

最後，進入 2024 年第四季後，我們感到樂觀，認為 2024 年的銷售量將比 2025 年略有成長。我當時正在與一位幫助我們制定預測的經濟學家交談。我認為現在我們幾乎處於暫停狀態，保持一種模式來觀察四月份數據的全部權重，然後我們也都屏住呼吸，看看明天利率會發生什麼變化。但是，我，這就是傑西的觀點，我們正在關注每一個指標。我確實認為有一件事至少我之前沒有提到過，那就是，我認為住房、一碗湯是三個非常重要的因素，即負擔能力的利率、創造需求供應比的供應。但第四個尚未被充分討論的因素是消費者信心，我認為這將在 2025 年產生重大影響。這有點棘手，也更難核保。

But I think that the impact that has, that will be felt by tariffs and other kind of macro, national policies, I don't quite have my finger on and that's where we're going to be watching this extremely carefully. And our entire business model, as I've said on other earnings calls, is scalable up and down. So if we need to adjust quickly, luckily, the model is designed to give us the ability to pivot and react to headwinds that we cannot control.

但我認為，關稅和其他宏觀國家政策將會產生什麼影響，我還不太清楚，因此我們將非常密切地關注此事。正如我在其他收益電話會議上所說的那樣，我們的整個商業模式是可擴展的。因此，如果我們需要快速調整，幸運的是，模型旨在讓我們能夠調整併應對我們無法控制的逆風。

All right, thank you.

好的，謝謝。

Thank you everyone for joining. As always, please stay connected by visiting expworldholdings.com 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 the eXp World Holdings first quarter 2025 earnings.

感謝大家的參與。與往常一樣，請造訪 expworldholdings.com 以獲取有關 eXp 新聞結果和事件的最新更新。此外，您也可以在網站的投資者部分找到本次電話會議的錄音和我們最新的投資者介紹。這是 eXp World Holdings 2025 年第一季的財報。