Frontdoor Inc (FTDR) 2026 Q1 法說會逐字稿

Ladies and gentlemen, welcome to Frontdoor's first-quarter 2026 earnings call. Today's call is being recorded and broadcast on the internet.

各位女士、先生，歡迎參加 Frontdoor 2026 年第一季財報電話會議。今天的會議將被錄音並透過網際網路播出。

Beginning today's call is Matt Davis, Vice President of Investor Relations and Treasurer. He will introduce the other speakers on the call.

今天會議首先由投資人關係副總裁兼財務主管 Matt Davis 開場。他將介紹本次電話會議的其他發言人。

At this time, we'll begin today's call. Please go ahead, Mr. Davis.

現在，我們將開始今天的會議。Davis 先生，請開始。

Thank you, operator. Good morning, everyone, and thank you for joining Frontdoor's first-quarter 2026 earnings conference call. Joining me today are Bill Cobb, Chairman and CEO; and Jason Bailey, Senior Vice President and CFO.

謝謝，接線員。各位早安，感謝各位參加 Frontdoor 2026 年第一季財報電話會議。今天與我一同出席的有董事長兼執行長 Bill Cobb，以及資深副總裁兼財務長 Jason Bailey。

The press release and slide presentation that will be used during today's call can be found on the Investor Relations section of Frontdoor's website, which is located at www.investors.frontdoorhome.com.

今天會議將使用的新聞稿與簡報投影片，可於 Frontdoor 官網的投資人關係專區取得，網址為 www.investors.frontdoorhome.com。

As stated on slide 3 of the presentation, I'd like to remind you that this call and webcast may contain forward-looking statements.

如簡報第 3 頁所述，我想提醒各位，本次電話會議與網路直播可能包含前瞻性陳述。

These statements are subject to various risks and uncertainties, which could cause actual results to differ materially from those discussed here today. These risk factors are explained in detail in the company's filings with the SEC. Please refer to the Risk Factors section in our filings for a more detailed discussion of our forward-looking statements and the risks and uncertainties related to such statements.

這些陳述受多項風險與不確定性影響，可能導致實際結果與我們今天討論的內容有重大差異。相關風險因素已在公司向美國證券交易委員會（SEC）提交的文件中詳細說明。請參閱我們申報文件中的「風險因素」章節，以取得對前瞻性陳述以及相關風險與不確定性的更詳細討論。

All forward-looking statements are made as of today, April 30, and except as required by law, the company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

所有前瞻性陳述均以今天（4 月 30 日）為準；除法律要求外，公司不承擔更新任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。

We will also reference certain non-GAAP financial measures throughout today's call. We have included definitions of these terms and reconciliations of these non-GAAP financial measures for the most comparable GAAP financial measures in our press release and the appendix to the presentation in order to better assist you in understanding our financial performance.

我們在今天的會議中也會提及若干非 GAAP 財務衡量指標。為協助各位更好理解我們的財務表現，我們已在新聞稿與簡報附錄中提供這些名詞的定義，以及與最可比 GAAP 財務衡量指標之間的調節表。

I will now turn the call over to Bill Cobb for opening comments. Bill?

接下來我將把電話交給 Bill Cobb 進行開場致詞。Bill？

Thanks, Matt Davis. Coming into 2026, we laid out an ambitious plan, grow the member base, deliver structurally higher margins and maintain a disciplined capital allocation framework to create shareholder value. I am happy to report that we are off to a fast start in 2026 and executing on each of these.

謝謝你，Matt Davis。進入 2026 年之際，我們提出了一項具企圖心的計畫：擴大會員基礎、實現結構性更高的利潤率，並維持嚴謹的資本配置框架，以創造股東價值。我很高興向各位報告，我們在 2026 年開局迅速，並且正在逐項落實這些目標。

Turning to slide 5. Revenue grew 6% to $451 million. Gross profit margin remained strong at 55%. Net income grew 11% to $41 million. Adjusted EBITDA increased 3% to $104 million and we bought back $60 million worth of shares.

請看第 5 頁投影片。營收成長 6% 至 4.51 億美元。毛利率維持強勁，為 55%。淨利成長 11% 至 4,100 萬美元。調整後 EBITDA 成長 3% 至 1.04 億美元，且我們回購了 6,000 萬美元的股票。

Operationally, our member count trend continues to move in the right direction with growth in our first-year channels accelerating to 3%. Combining this with our strong execution in the renewal channel, we now anticipate total member count will grow approximately 1% for the year. This would be a major milestone and would mark the first-year of organic member count growth since 2020.

在營運面，我們的會員數趨勢持續朝正向發展，第一年渠道的成長加速至 3%。再加上我們在續約渠道的強勁執行力，我們目前預期全年總會員數將約成長 1%。這將是一個重要里程碑，並將標誌著自 2020 年以來首次出現有機會員數成長的一年。

Complementing our core business, our HVAC upgrade program continues to be a significant driver of growth and adds meaningful value for our home warranty members.

作為核心業務的補充，我們的 HVAC 升級計畫持續成為重要的成長動能，並為我們的房屋保固會員帶來顯著價值。

Let's now turn to slide 6 to take a deeper look at channel performance. Starting with the direct-to-consumer channel, where ending member count grew 3% versus the prior year period, marking the sixth consecutive quarter of year-over-year member growth, proof that our strategy is working.

接著請看第 6 頁投影片，更深入檢視各渠道表現。先從直面消費者（DTC）渠道開始，期末會員數較去年同期成長 3%，連續第六個季度實現年對年會員成長，證明我們的策略正在奏效。

Our approach to DTC is anchored in three key areas: strengthening brand leadership, growing demand, and improving conversion.

我們的 DTC 策略聚焦於三個關鍵領域：強化品牌領導地位、擴大需求，以及提升轉換率。

First, strengthening brand leadership. We continue to benefit from strong brand awareness, which we further reinforced in March with the launch of our latest Warrantina campaign. Campaign results continue to be terrific, with improvements across key brand metrics, including unaided awareness up 6% to 28%, purchase consideration up 5 points to 35% and likelihood to recommend up 8 points to 63%.

第一，強化品牌領導地位。我們持續受惠於強勁的品牌知名度，並在 3 月推出最新的 Warrantina 行銷活動，進一步加以鞏固。活動成效依然非常出色，多項關鍵品牌指標均有提升，包括無提示知名度提升 6% 至 28%、購買考量度提升 5 個百分點至 35%，以及推薦意願提升 8 個百分點至 63%。

Second, we are growing demand through an optimized value proposition, a more refined targeting approach and enhanced performance marketing. These efforts are allowing us to drive higher intent to purchase traffic while maintaining discipline around our marketing investments. In short, we are improving both the quality and quantity of demand entering the funnel.

第二，我們透過最佳化的價值主張、更精準的目標客群策略，以及強化的成效型行銷來擴大需求。這些努力讓我們在維持行銷投資紀律的同時，帶動更高購買意圖的流量。簡而言之，我們正在同時提升進入漏斗的需求品質與數量。

Additionally, we have started to see increased demand from the integration of 2-10 onto our platform with better SEO performance and an improved user experience.

此外，隨著我們將 2-10 整合至平台，並改善 SEO 表現與使用者體驗，我們也開始看到需求增加。

And third, we are improving conversion. We continue to refine our sales funnel through optimized marketing content for LLMs, AI tools to improve sales performance and promotional pricing, all to drive stronger conversion. The beauty of our promotional pricing strategy is that we are able to deliver member count growth without compromising long-term renewal performance. Most importantly, the renewal rates for our promotional cohorts are consistently exceeding those of non-discounted member cohorts.

第三，我們正在提升轉換率。我們持續透過針對 LLM 最佳化的行銷內容、用於提升銷售表現的 AI 工具，以及促銷定價來精進銷售漏斗，以推動更強的轉換。我們促銷定價策略的優勢在於，能在不犧牲長期續約表現的情況下，實現會員數成長。最重要的是，我們促銷族群的續約率一貫高於未折扣會員族群。

Now moving on to the first-year real estate channel. While existing home sales remain near 30-year lows, home inventory continues to rise. This improvement in inventory is creating a more favorable selling environment for home warranties. To capitalize on this, we have been deliberately investing at the local level and leveraging targeted promotions to position our brands for success.

接著看第一年房地產渠道。雖然成屋銷售仍接近 30 年低點，但房屋庫存持續上升。庫存改善正在為房屋保固創造更有利的銷售環境。為把握此機會，我們刻意在地方層級加大投資，並運用精準促銷，為品牌成功布局。

Here's a great metric. Our attach rate has improved now for eight consecutive months and was at nearly 6% of existing home sales in March. As a result, ending member count for first-year real estate grew 3%, the first time we have organically grown this channel in years. This is a very big deal.

這裡有一個很好的指標。我們的附掛率已連續 8 個月改善，3 月達到成屋銷售量的接近 6%。因此，第一年房地產渠道的期末會員數成長 3%，這是多年來我們首次在該渠道實現有機成長。這非常重要。

Now turning to renewals, where our performance has been nothing short of amazing. Renewal rates remain near record highs, supported by a combination of factors, continuous improvement in the end-to-end member experience and reduced cancellations driven by engaging with members at the right time with the right message.

接著談續約，我們的表現可說是驚人。續約率仍接近歷史新高，背後有多項因素支撐，包括端到端會員體驗的持續改善，以及在適當時間以適當訊息與會員互動所帶來的取消率下降。

Now moving to non-warranty and other, we continue to scale during the quarter with revenue growth of 23% year over year to $41 million. HVAC upgrades remain the primary driver and we continue to optimize how we run the program. By routing a greater share of HVAC claims to higher converting contractors, we have seen significant improvements in both quote rates and orders.

再來看非保固及其他業務，本季我們持續擴張，營收年增 23% 至 4,100 萬美元。HVAC升級仍是主要驅動力，我們也持續最佳化該計畫的營運方式。透過將更高比例的 HVAC 理賠案件導向轉換率更高的承包商，我們在報價率與訂單量兩方面都看到顯著改善。

Let me now turn to slide 7 to discuss our strategic priorities driving value creation. Last quarter, we were clear about the priorities that matter most for our business.

接下來請看第 7 頁投影片，我將說明推動價值創造的策略重點。上季我們已清楚指出，哪些優先事項對我們的業務最為關鍵。

First, member growth. Improving first-year acquisition trends, combined with strong renewal rates, gives us confidence that we expect to deliver approximately 1% member count growth this year.

第一，會員成長。第一年獲客趨勢的改善，加上強勁的續約率，讓我們有信心預期今年可實現約 1% 的會員數成長。

Second, we continue to scale non-warranty revenue in a disciplined manner. We have proven our ability to expand share of wallet while deepening engagement with our member base.

第二，我們將以嚴謹的方式持續擴大非保固營收規模。我們已證明有能力提升客戶錢包占比，同時加深與會員基礎的互動。

Third, deliver structurally higher margins. Last quarter, we increased our long-term margin targets, underpinned by dynamic pricing and cost discipline. This margin performance translates into strong cash generation, which brings us to our final priority, disciplined capital allocation to drive long-term value creation.

第三，實現結構性更高的利潤率。上季我們上調了長期利潤率目標，其基礎來自動態定價與成本紀律。這樣的利潤表現轉化為強勁的現金創造能力，進而帶出我們最後一項優先事項：以嚴謹的資本配置推動長期價值創造。

Our capital allocation priorities remain unchanged. First, we invest to accelerate growth through organic initiatives and selective M&A. Second, we maintain a strong balance sheet and financial profile. And finally, we return excess cash to shareholders and we are on track to complete our current share repurchase authorization by early 2027.

我們的資本配置優先順序維持不變。第一，透過有機計畫與選擇性的併購（M&A）投資以加速成長。第二，維持強健的資產負債表與財務狀況。最後，將多餘現金回饋股東；我們也正按計畫於 2027 年初前完成目前的股票回購授權。

Execution across all of these long-term goals is clearly reflected in our financial performance.

我們在所有這些長期目標上的執行，已清楚反映在我們的財務表現上。

With that, let me turn it over to Jason to walk through the financials and our outlook in more detail. Jason?

接下來，我把時間交給 Jason，請他更詳細地帶大家檢視財務狀況與我們的展望。Jason？

Thanks, Bill. Good morning, everyone. Let's start on slide 9, where I will quickly cover some of the financial highlights for the quarter.

謝謝，Bill。各位早安。我們先看第 9 頁投影片，我會快速說明本季的一些財務重點。

We are off to an excellent start in 2026. Our first-quarter results reflect focused execution and consistency across the business. Versus the prior year period, revenue grew 6% to $451 million. Gross margins remained strong at 55%. Adjusted EBITDA increased 3% to $104 million. And lastly, adjusted diluted EPS grew 14% to $0.73 per share, reflecting strong earnings growth and the positive impact of our share repurchase program.

我們在 2026 年有一個非常出色的開局。第一季的結果反映了我們在全公司聚焦執行與一貫性。相較去年同期，營收成長 6% 至 4.51 億美元。毛利率維持強勁，為 55%。調整後 EBITDA 成長 3% 至 1.04 億美元。最後，調整後稀釋每股盈餘（EPS）成長 14% 至每股 0.73 美元，反映強勁的獲利成長以及我們庫藏股回購計畫的正面影響。

Now let's turn to slide 10 for a deeper look at our revenue performance. As I just highlighted, total revenue grew 6% to $451 million. This was driven by approximately 5% from higher realized price and 1% from higher volume, primarily due to the HVAC upgrade program.

現在我們看第 10 頁投影片，更深入檢視營收表現。如我剛才強調的，總營收成長 6% 至 4.51 億美元。這主要由已實現價格上升約 5% 以及銷量增加 1% 所帶動，銷量成長主要來自 HVAC 升級計畫。

From a channel perspective, compared to the prior year period, renewal revenue grew 6%, driven by higher price. First-year real estate revenue increased by 3% as higher volume was partially offset by slightly lower pricing. First-year direct-to-consumer revenue decreased 5%, driven by our promotional pricing strategy aimed at increasing member count growth.

從通路角度來看，相較去年同期，續約營收成長 6%，主要由較高價格帶動。第一年房地產通路營收成長 3%，因銷量增加部分抵銷了略低的定價。第一年直銷消費者（DTC）營收下滑 5%，主要因我們採取促銷定價策略，以提升會員數成長。

This lower pricing reflects a higher mix of discounted first-year members from the past 12 months of new member acquisition, which was partially offset by higher volume as we added more new members.

較低的定價反映了過去 12 個月新會員招募中，折扣第一年會員占比提高；同時我們新增更多新會員帶來較高銷量，部分抵銷了上述影響。

Lastly, non-warranty and other revenue increased 23% due to both higher price and volume driven by our HVAC upgrade program.

最後，非保固及其他營收成長 23%，係由 HVAC 升級計畫帶動的價格與銷量雙雙提升所致。

Now moving down the P&L to gross profit and gross margin on slide 11. Gross profit increased 5% versus the prior year period to $248 million, while gross profit margin held strong at 55%. For the first quarter, our gross profit margin reflects higher price realization of 5% or $19 million, disciplined cost management leading to low single digit cost inflation, slightly higher incidence or service requests per member, which includes approximately $1 million from unfavorable weather in the quarter.

接著往下看損益表，在第 11 頁投影片檢視毛利與毛利率。毛利較去年同期成長 5% 至 2.48 億美元，而毛利率仍維持強勁的 55%。第一季的毛利率反映：價格實現提升 5%（或 1,900 萬美元）、嚴謹的成本管理使成本通膨維持在低個位數、每位會員的事故率或服務請求略為上升，其中約 100 萬美元來自本季不利天候。

This gross profit margin also reflects the ongoing expected revenue mix shift as non-warranty and other revenue continue to scale within the portfolio.

毛利率亦反映了我們預期中的營收組合持續轉移，因非保固及其他營收在產品組合中持續擴大規模。

Turning to slide 12 to review our net income and adjusted EBITDA. For the first quarter, net income grew 11% to $41 million versus the prior year period. Adjusted EBITDA grew 3% to $104 million. As planned, SG&A increased during the quarter to capitalize on the strong momentum from 2025 in the direct-to-consumer channel.

接著看第 12 頁投影片，檢視淨利與調整後 EBITDA。第一季淨利較去年同期成長 11% 至 4,100 萬美元。調整後 EBITDA 成長 3% 至 1.04 億美元。如同規劃，SG&A 在本季增加，以把握 2025 年在直銷消費者通路累積的強勁動能。

Adjusted EBITDA margin remained strong at 23%, reflecting disciplined cost management and solid operational execution despite the higher levels of marketing investments.

調整後 EBITDA 利潤率維持強勁的 23%，反映在較高行銷投資水準下，我們仍保持嚴謹的成本管理與穩健的營運執行。

Let's now turn to slide 13 to discuss our free cash flow and capital deployment. Our recurring revenue and capital-light business model continued to generate excellent free cash flow of $114 million in the quarter. As a reminder, we expect to convert adjusted EBITDA to free cash flow at a rate of over 60% in 2026.

接著看第 13 頁投影片，討論自由現金流與資本配置。我們的經常性收入與輕資本商業模式，在本季持續創造優異的自由現金流 1.14 億美元。提醒一下，我們預期在 2026 年將調整後 EBITDA 轉換為自由現金流的比率超過 60%。

In the quarter, we returned $60 million to shareholders through share repurchases. We ended the quarter with a strong liquidity position of $698 million and a low net leverage ratio. More broadly, this financial strength supports the capital allocation strategy Bill outlined earlier, providing the capacity to invest in long-term growth, maintaining balance sheet strength and returning excess cash to shareholders.

本季我們透過股票回購向股東回饋 6,000 萬美元。季末我們的流動性部位強勁，達 6.98 億美元，且淨槓桿比率偏低。更廣泛而言，這樣的財務實力支持 Bill 先前概述的資本配置策略，使我們有能力投資長期成長、維持資產負債表強度，並將多餘現金回饋給股東。

When stepping back, Q1 was another proof point of what our business model is built to do. We continue to deliver strong earnings, generate significant free cash flow and return substantial capital to shareholders while accelerating growth investments.

回頭來看，第一季再次證明我們的商業模式正是為了達成這些目標而打造。我們持續交出強勁獲利、產生可觀的自由現金流，並在加速成長投資的同時，向股東回饋大量資本。

Let's now turn to our second quarter outlook on slide 14. For the second quarter of 2026, we expect revenue to be in the range of $635 million to $650 million. This outlook reflects a low single digit increase in renewal revenue, a mid-single digit increase in first-year real estate revenue, a low single digit decrease in first-year direct-to-consumer revenue and a mid-20% increase in non-warranty and other revenue.

接著看第 14 頁投影片，說明第二季展望。對於 2026 年第二季，我們預期營收將落在 6.35 億至 6.50 億美元區間。此展望反映：續約營收低個位數成長、第一年房地產通路營收中個位數成長、第一年直銷消費者營收低個位數下滑，以及非保固及其他營收約中 20% 的成長。

We expect adjusted EBITDA to be in the range of $198 million to $208 million. This reflects higher gross profit from revenue conversion, low single digit inflation, continued revenue mix shift to non-warranty and our strategic decision to increase sales and marketing spend with the strong momentum we are seeing in the first-year channels.

我們預期調整後 EBITDA 將落在 1.98 億至 2.08 億美元區間。這反映：營收轉換帶來較高毛利、低個位數通膨、營收組合持續轉向非保固，以及我們的策略性決策——在第一年通路所見的強勁動能下，提高銷售與行銷支出。

Turning to our full year 2026 outlook on slide 15. We are reaffirming our full year 2026 outlook with key assumptions remaining essentially unchanged, as detailed in our earnings release and shown on the slide. As a reminder, and for those of you that are new to our story, I want to take a moment to discuss how seasonality impacts our financial results.

接著看第 15 頁投影片，說明 2026 全年展望。我們重申 2026 全年展望，關鍵假設基本維持不變，詳見我們的財報新聞稿並如投影片所示。提醒一下，也為了讓剛接觸我們故事的各位了解，我想花點時間說明季節性如何影響我們的財務結果。

With our first-quarter results and second quarter guide, we anticipate that 53% to 54% of our full year 2026 adjusted EBITDA will be generated in the first half of the year. This is similar to the split in 2025. This is a normal part of our business and the reason why I encourage our investors to focus on our full year performance and guidance as the true measure of how we are delivering results.

結合第一季結果與第二季指引，我們預期 2026 全年調整後 EBITDA 的 53% 至 54% 將在上半年產生。這與 2025 年的分布相近。這是我們業務的正常現象，也因此我鼓勵投資人將全年表現與指引視為衡量我們交付成果的真正標準。

While the geopolitical environment has become more complex, our execution across the business, combined with multiple levers we can deploy to offset inflation, give us confidence in our ability to deliver on our expected revenue and adjusted EBITDA growth for the year.

儘管地緣政治環境變得更為複雜，我們在全公司層面的執行力，加上可用來抵銷通膨的多項槓桿，讓我們對於達成今年預期的營收與調整後 EBITDA 成長充滿信心。

With that, back to you, Bill.

那麼，交回給你，Bill。

Thank you, Jason. Our first-quarter results reflect a continuation of the strong execution you've come to expect from Frontdoor. I'd like to highlight three things as we wrap up.

謝謝你，Jason。我們第一季的結果，反映了你們對 Frontdoor 一向期待的強勁執行力延續。在結尾我想強調三點。

First, our member count growth. Our member count is now growing. The team is doing great work and we're seeing that translate into measurable progress. And as a result, we now expect our total member count to increase approximately 1% for 2026, a major milestone for our business.

第一，會員數成長。我們的會員數現在正在成長。團隊做得非常出色，我們也看到這轉化為可衡量的進展。因此，我們現在預期 2026 年總會員數將增加約 1%，這是我們業務的一個重要里程碑。

Second, we are continuing to deliver strong margins in line with our long-term targets. The operating model we have been strengthening over the past several years is allowing us to deliver consistent results.

第二，我們持續交付與長期目標一致的強勁利潤率。過去幾年我們持續強化的營運模式，使我們能夠提供一致的成果。

And finally, our business model is doing what it was designed to do, generate a lot of cash and return that to shareholders through share repurchases. We love the position we're in and we remain focused on executing with discipline as the year progresses.

最後，我們的商業模式正在發揮其設計初衷：產生大量現金，並透過股票回購將其回饋給股東。我們很喜歡目前所處的位置，並將在今年推進過程中持續專注於以紀律執行。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) Mark Hughes, Truist Securities.

（接線員指示）Mark Hughes，Truist Securities。

Can you talk about the real estate channel? It seems like you're having good success there. I wonder if you might touch on the attachment rates. You said they've been improving in recent months. Was it 8% in March? Where did they bottom out at? Where historically have they gotten up to in a stronger market?

你能談談房地產通路嗎？看起來你們在那裡取得了不錯的成效。我想請你提一下附著率（attachment rates）。你說近幾個月有所改善。3 月是 8% 嗎？最低曾到多少？在市場更強勁的時候，歷史上最高曾到多少？

Yes. If you recall, many years ago, and I'm talking six or seven years ago, attach rates in the industry were around 30%. That has fallen through COVID and the real estate sluggishness into the mid-teens. What has happened is we have steadily seen improvements in our attach rate, which is a measure of our warranties divided by existing home sales.

是的。如果你還記得，多年前——我指的是六、七年前——業界的附加率大約在 30% 左右。在 COVID 期間以及房地產市場疲弱之下，這個數字下滑到 10% 多的中段。我們看到的是，我們的附加率持續改善；附加率的衡量方式是：我們的保固（warranties）數量除以既有住宅銷售量。

So in March, we hit 6% on that measure. And I think it reflects some really good work by our real estate team, some work we're doing on shifting our focus away from large MSAs to focusing really on the local real estate agent. We have added some promotional pricing there. It's not at the level of 50% off, but it enables us to basically get the attention of real estate agents.

所以在 3 月，我們在這個指標上達到 6%。我認為這反映了我們房地產團隊做了非常好的工作，也反映了我們正在把重心從大型都會區（MSA）轉移，真正聚焦在在地房仲經紀人。我們也加入了一些促銷定價。雖然不是 5 折那種幅度，但足以讓我們基本上能吸引房仲經紀人的注意。

And we've seen -- we've spent a lot of time talking about the improvements we've made to our members with the app, our experts, et cetera. So it's a combination of factors and we're steadily moving up. And like I said, I watch that measure very closely, the attach rate and our team with 8 consecutive quarters of improvement. That's a lot of what we think is driving the better performance.

而且我們也看到——我們花了很多時間談我們透過 App、專家服務等，為會員所做的改善。所以這是多項因素的組合，我們正穩步向上。如我所說，我非常密切地關注這個指標——附加率——而我們的團隊已經連續 8 個季度改善。我們認為這在很大程度上推動了更好的表現。

Yes. And will the strategy be on renewal, you'll move that up pretty expeditiously like you've been doing in the direct-to-consumer channel?

是的。那在續約方面，你們的策略會像在直面消費者（DTC）通路那樣，把續約率相當快速地往上拉嗎？

Yes, it continues to be around 30%. It's a big initiative for our teams to try to -- we tick up into the 31% level, but we've been kind of stuck at 30%. But if we can unlock that, that would be great. It used to be in the mid-20s. So we have made a lot of progress there. And as you saw in our 10-K, our renewal rates improved by 200 basis points in 2025.

是的，目前仍大約在 30% 左右。對我們團隊來說，這是一項重大倡議，想要——我們希望能提升到 31% 的水準，但一直有點卡在 30%。不過如果能把這個瓶頸打開，那就太好了。以前是在 20% 多的中段。所以我們在這方面已經取得很大進展。而且如你在我們的 10-K 年報中看到的，我們在 2025 年的續約率提升了 200 個基點。

So I think that the combination of efforts is why we feel so good about where the renewal book is coming. And if we can continue to grow the first-year channels, the renewal book is catching up and that's why we are now at 1% ending member count growth, what we're forecasting for '26.

所以我認為，這些努力的組合就是我們對續約客群（renewal book）未來走勢感到很有信心的原因。如果我們能持續成長第一年通路，續約客群也在追上來，這就是為什麼我們現在預測 2026 年期末會員數將成長 1%。

And then one more, if I can. You talked about the 2-10 that you're integrating onto the platform, you're seeing some momentum as a result of that. Could you expand on that point?

然後如果可以再問一個。你提到把 2-10 整合到平台上，因此看到一些動能。你能再多談談這點嗎？

Yes. We now run it as one, and this was always the plan. We thought that the synergies we could start to drive in revenue. So we run HSA, AHS and now 2-10, all of our DTC actions, all of our real estate transactions, all of our renewal transactions are all on one platform. This gives our teams an ability to do specific initiatives.

可以。我們現在把它當作一個整體來運作，而這一直都是計畫。我們認為可以開始在營收端帶來協同效益。所以我們把 HSA、AHS，現在加上 2-10——所有 DTC 行動、所有房地產交易、所有續約交易——全部都放在同一個平台上。這讓我們的團隊能夠推動特定的專案。

So for example, now 2-10 can do 50% off on the DTC channel. Now we can do the same kind of tactics that we've used to help drive the renewal channel. So that's why it makes it a lot easier for us to execute 2-10 as being part of the platform.

例如，現在 2-10 可以在 DTC 通路做 5 折。現在我們也能採用同樣的戰術，來協助推動續約通路。所以這就是為什麼把 2-10 納入平台後，我們執行起來容易得多。

Yes, I'd add, Bill, to the other good examples would be our dynamic pricing tools can be applied, our contractor algorithms. It's just a great --

是的，我補充一下，Bill，其他很好的例子還包括：我們的動態定價工具可以套用、我們的承包商演算法也可以套用。這真的是一個很棒的--

Yes. So we now have one integrated contractor relations team, one integrated customer support team, et cetera.

是的。所以我們現在有一個整合的承包商關係團隊、一個整合的客服支援團隊，等等。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

I want to go a little bit deeper in how you continue to get message around scaling marketing investments around your brands, around driving customer acknowledgment of the product set and customer adoption of products broadly.

我想更深入了解：你們如何持續傳達訊息，來擴大在各品牌上的行銷投資規模、提升客戶對產品組合的認知，以及推動客戶更廣泛地採用產品。

And how are you thinking also about applying marketing to the balance you want to strike between the warranty business and the non-warranty business over the long term in terms of the messaging you want to put in front of consumers?

另外，從長期來看，在你們希望在保固業務與非保固業務之間取得的平衡上，你們也如何思考把行銷運用在要呈現給消費者的訊息上？

Yes. Our primary focus is on the warranty business because the non-warranty business is primarily, at this point, a B2B2C business where we work very closely with our contractors. But there's a halo effect on the brands that come from talking about American Home Shield and what that does for our members.

是的。我們的主要重點在保固業務，因為非保固業務在目前主要是一個 B2B2C 的業務模式，我們與承包商密切合作。但談論 American Home Shield 以及它為會員帶來的價值，會對品牌產生光環效應（halo effect）。

So the way we operate is we talk about our marketing funnel. It starts at the top with our broad advertising message. We use the warranty as our main message. But that's a portion of our marketing investment because there are all the elements of search marketing, direct mail, social media. There's a variety of tactics that we use in our overall marketing.

所以我們的運作方式是談我們的行銷漏斗。從最上層的廣告主訊息開始。我們以保固作為主要訊息。但那只是我們行銷投資的一部分，因為還包含搜尋行銷、直郵、社群媒體。我們在整體行銷中使用各式各樣的戰術。

Then what we do with non-warranty is that we're really marketing to our members directly. So with a 2.1 million member base, we find that very efficient for us. That's why we call it relatively CAC-free when we talk about non-warranty.

至於非保固業務，我們主要是直接對會員行銷。以 210 萬會員基礎來看，我們發現這對我們非常有效率。這也是為什麼我們在談非保固業務時，稱之為相對「幾乎不需要 CAC（客戶取得成本）」的原因。

And we have such a good relationship with our contractors. They're very excited about this additional piece of business that they can put in new equipment. And frankly, it has a downstream effect of less truck rolls because the equipment is so new. So we think it's a virtuous cycle working together.

而且我們與承包商的關係非常好。他們對這塊新增的業務非常興奮，因為他們可以安裝新設備。坦白說，這也會帶來下游效應：因為設備很新，出車次數（truck rolls）會更少。所以我們認為這是一個彼此合作的良性循環。

Like I said, the primary focus is on American Home Shield, but we have a number of techniques that we're using, including some of the AI tools I referenced in my remarks. And it's really come together. The marketing team's done a terrific job.

如我所說，主要重點是 American Home Shield，但我們也運用許多方法，包括我在發言中提到的一些 AI 工具。而且整體真的已經整合起來了。行銷團隊做得非常出色。

Jeff Schmitt, William Blair.

Jeff Schmitt，William Blair。

So the new promotional strategy in real estate seems to be off to a good start. Are you seeing competitors respond to that? Are some starting to do the same thing? Or do you anticipate that happening?

所以房地產端新的促銷策略看起來有個不錯的開始。你們有看到競爭對手對此做出回應嗎？有些是否開始做同樣的事？或你們預期會發生嗎？

We haven't gotten much intelligence that others have done that. Now we believe that they probably are taking a look at that. But right now we're trying to -- we're very focused on the local real estate agents. So that's where our focus is, but we haven't picked up a lot of noise around others trying to do that.

我們沒有得到太多情報顯示其他人也這麼做。當然我們相信他們可能正在觀察。但目前我們正努力——我們非常聚焦在在地房仲經紀人。所以我們的重點在那裡，但我們還沒有聽到太多其他人也想這麼做的風聲。

Yes. I think I'd add, too, our focus there in that strategy is more, as Bill said in his remarks, about engagement. And so I think in addition to the promotional pricing, we can drive engagement by highlighting the app, our experts and kind of our overall improvements to customer experience. And so I think this is just another tool in our kit that allows our field sales team to really succeed.

是的。我也補充一下，我們在那個策略上的重點，更多是如 Bill 在發言中所說，關於互動（engagement）。因此除了促銷定價之外，我們也能透過強調 App、我們的專家，以及整體客戶體驗的改善來提升互動。所以我認為這只是我們工具箱裡的另一項工具，讓我們的外勤銷售團隊能真正成功。

I think that's right, Jason, because I think what we try to think about is we need to keep bringing the agent new news, whether that happens to be during a promotional pricing period or the other elements that we've added to our arsenal.

我認為你說得對，Jason，因為我們的思考是：我們需要持續帶給經紀人新的訊息，不管那是在促銷定價期間，或是我們加入武器庫的其他要素。

Okay. And then, so there's 5% of realized pricing in the quarter, that was better than we had expected. Did you push through another round of pricing increases in December? And at what level? Or was that more from your dynamic pricing?

好的。另外，本季已實現的價格（realized pricing）有 5%，比我們預期更好。你們在 12 月是否又推了一輪漲價？幅度大概是多少？還是主要來自你們的動態定價？

It's no incremental pricing since our last update. I think it's just the effectiveness of our dynamic pricing tools. We're pretty much in line with where we were expecting or where we are expecting the year to land.

自我們上次更新以來，沒有任何額外的增量定價。我認為這只是我們動態定價工具的有效性所致。我們基本上與我們原先預期、或我們目前預期全年落點的水準一致。

Yes. I think, Jeff, when we talk dynamic pricing, what we're really saying is we're constantly looking at, frankly, increasing our prices. But some members get a price decrease and that's the advantage of dynamic pricing. We're really priced to the person. So it really was a continuation of what we're trying to do with our [1/12] at a time recognized revenue base.

是的。我想，Jeff，當我們談動態定價時，我們真正想表達的是：坦白說，我們一直在持續檢視並提高我們的價格。但有些會員會得到降價，這就是動態定價的優勢。我們基本上是「因人定價」。所以這確實是我們在以每次[1/12]認列的遞延收入基礎上，持續推進的作法。

We're able to -- while there's a disadvantage that it takes 12 months for it to be fully realized, there's an advantage that we can act very quickly and enact pricing changes and that's really what we've done. But I think we're pleased with that effort. I think it also ties back to the strong renewal rates we've had, which also enables us to show a nice increase in pricing.

我們能夠——雖然缺點是需要12個月才能完全反映出來，但優點是我們可以非常快速地採取行動並落實價格調整，而這正是我們所做的。不過我認為我們對這項努力感到滿意。我認為這也與我們強勁的續約率相呼應，這同樣使我們能夠展現不錯的價格提升。

Yes. I think there's probably a little bit of timing in there in the compare to the Q1 versus Q1 of the prior year. We're still targeting that kind of low 2% to 3% full-year realized price impact.

是的。我認為在與去年第一季相比時，裡面可能有一點時點因素。我們仍以全年已實現的價格影響約低2%到3%為目標。

Ian Zaffino, Oppenheimer.

Ian Zaffino，Oppenheimer。

This is Isaac Sellhausen on for Ian. So the question would just be on the customer retention for the quarter. It looks like that was just down slightly compared to last year. Not sure if that is a timing thing, but maybe you could just touch on that piece of it, maybe in relation to the renewals channel specifically and then kind of your expectations for retention as you move through the year.

我是代替Ian提問的Isaac Sellhausen。問題是關於本季的客戶留存率。看起來相較去年略有下降。不確定這是否是時點因素，但也許你們可以談談這一塊，特別是與續約通路相關的部分，以及你們對今年接下來留存率的預期。

Yes. It's down slightly in Q1. That's just timing of 2-10 rolling into the book. I think we mentioned at acquisition, their retention rates were lower than ours. Now that they're fully in our book, I'd say that's just a minor impact in the quarter. By year-end, we expect retention to be relatively flat.

是的。第一季確實略有下降。這只是2-10併入我們保單組合的時點所致。我想我們在收購時提過，他們的留存率低於我們。現在他們已完全納入我們的保單組合，我會說這只是本季的輕微影響。到年底，我們預期留存率將大致持平。

The other thing I'd kind of point to is our renewal rates continue to be strong. I think Bill mentioned earlier, we were up almost 200 basis points year over year at the end of '25. And now with 2-10 on our platform, that's one of the upsides we see just as we put our tools and techniques on the base, we'll see that their rates come up to higher.

另外我想指出的是，我們的續約率仍然強勁。我想Bill先前提到，截至25年底，我們的續約率年增將近200個基點。而現在2-10已在我們的平台上，這是我們看到的上行空間之一：當我們把工具與方法導入其客群基礎後，他們的續約率將提升到更高水準。

Yes. So Jason is right. It's a mix issue, but AHS retention rates continue to be very strong.

是的。所以Jason說得對，這是組合因素，但AHS的留存率仍然非常強勁。

Okay. Understood. And then just as a follow-up, as far as the gross margin outlook for the year, you guys reaffirmed that. Maybe if you could just touch on the cost side, whether it be parts or equipment or labor, maybe just how things have trended in the first quarter and then the confidence you have in that as you move through the year to reach that margin target?

好的。了解。接著追問一下，關於今年的毛利率展望，你們已再次確認。能否談談成本端，不論是零件、設備或人力，第一季的趨勢如何，以及你們對於今年達成該毛利率目標的信心？

Yes. We're at low -- I'd say low single digit inflation in Q1. Our contractor relations team has done a great job working with our contractor network. We feel good about our outlook for the year. I would obviously say Bill and I are monitoring macro conditions daily and working with the team. So we're pretty confident that we'll be right in line with our guide.

是的。第一季通膨大約在低個位數。我們的承包商關係團隊在與承包商網路合作方面做得非常好。我們對今年的展望感覺良好。當然，我也要說Bill和我每天都在監控總體環境並與團隊合作。所以我們相當有信心，結果會與我們的指引非常一致。

The outlook is pricing flowing through, similar incidence rates to prior year and then low single digit inflation for the full year. Pretty normal weather is our expectation. And then we've obviously considered the mix of non-warranty as it grows all in that guide.

展望包含：定價逐步反映、出險率與去年相近，以及全年低個位數通膨。我們預期天氣將相當正常。此外，隨著非保固業務成長，其組合影響也已納入該指引之中。

Sergio Segura, KeyBanc Capital Markets.

Sergio Segura，KeyBanc Capital Markets。

First question I just had was on the full year outlook. So can you maintain that? I guess last year, you had a pretty steady cadence of beating and raising. So you beat this quarter in 1Q. So maybe just walk us through why you chose to keep the annual outlook unchanged despite the stronger-than-expected performance.

我第一個問題是關於全年展望。你們能維持該展望嗎？我想去年你們幾乎是穩定地「超預期並上調」。而你們在今年第一季也超預期。所以能否說明一下，為何在表現優於預期的情況下，仍選擇維持全年展望不變？

Yes, Sergio. I'd say the Q1 is just a little bit of timing on the beat. We're very confident in how we're operating. We just -- since we just gave the guidance and obviously watching all the macro news, we felt really good about reaffirming where we are.

是的，Sergio。我會說第一季的超預期主要是一些時點因素。我們對營運方式非常有信心。只是——因為我們才剛給出指引，同時也在關注所有總體新聞，我們覺得再次確認目前的指引非常合適。

We think the team, both top line and bottom line, are operating very, very well. So that's just kind of how we ended up on reaffirming where we are.

我們認為團隊在營收端與獲利端的執行都非常、非常到位。所以我們最後就決定維持並再次確認目前的指引。

Yes. It's a little bit of an anomaly because we report Q4 so late. It's like two months into the year and then we come right back only a month into Q2 to report Q1. But giving the guidance 60 days ago and we felt like we did beat. It wasn't a large beat, but we're very proud of it.

是的。這有點不尋常，因為我們第四季的財報公布得很晚。等於是進入新年度兩個月後才公布，接著又在第二季才過一個月就回來公布第一季。但我們是在60天前給出指引，而我們確實有超預期。幅度不大，但我們對此非常自豪。

And so we felt like let's stay, let's reaffirm guidance at this point, and then we'll see -- we'll take another look at midyear.

因此我們覺得目前先維持、再次確認指引，然後我們會——在年中再重新檢視一次。

Understood. And then the second one I had, which is somewhat related, has to do with just the geopolitical tensions we're seeing and the macro uncertainty that you mentioned. Any comments you can provide on how the higher and volatile oil prices might be impacting your input costs and how much of a swing factor that could be to margins for this year?

了解。第二個問題也有點相關，關於你們提到的地緣政治緊張與總體不確定性。你們能否評論一下，較高且波動的油價可能如何影響你們的投入成本，以及這對今年毛利率可能造成多大的波動因素？

Yes. Like I said a minute ago, Bill and I monitor this really probably almost hour to hour, day to day, Sergio. But the team is operating very, very well. In Q1, we were really successful. We haven't seen a huge impact from fuel costs. It's definitely an input for our contractors.

是的。就像我剛才說的，Bill和我確實幾乎是按小時、按天在監控這些狀況，Sergio。但團隊的運作非常、非常好。第一季我們做得很成功。我們尚未看到燃料成本帶來很大的影響。燃料成本確實是我們承包商的一項投入成本。

But remember, we manage cost overall on a total cost per job. And the levers as we think about there are probably four or five key tools we use to kind of manage that cost base.

但請記得，我們是以「每件工單的總成本」來管理整體成本。而我們在思考這件事時的槓桿，大概有四到五個我們用來管理該成本基礎的關鍵工具。

One, I'd start with, we're always thinking about our mix of preferred contractors and how much business we have with them and trying to optimize that mix.

第一，我會先從我們一直在思考的部分開始：我們偏好承包商的組合，以及我們與他們之間的業務量，並嘗試最佳化這個組合。

Two, Bill and I continue to remain laser-focused on SG&A and how we control costs there and what levers we have.

第二，Bill和我仍然高度聚焦於SG&A，以及我們如何控制那裡的成本、有哪些可用的槓桿。

Three, we are in a great position with our supply chain and being able to manage among multiple vendors and suppliers as we think about where we want to put our volume.

第三，我們在供應鏈方面處於非常有利的位置，能在多家供應商與供貨商之間進行管理，並決定我們希望把量放在哪裡。

And then the last two would be probably the more normal things you think of, but that's how we manage our trade service fees and how we manage dynamic pricing if we need to go to that level. So I think we've got a lot of tools in our toolkit to help us manage through this as we think about kind of the big macro picture right now.

最後兩項可能是你想到的較常見作法：我們如何管理我們的工種服務費，以及在需要時我們如何運用動態定價到那個程度。所以我認為，面對目前這種大的總體環境，我們的工具箱裡有很多工具可以幫助我們加以管理。

Cory Carpenter, JPMorgan.

Cory Carpenter，摩根大通。

I wanted, Bill, to go back to a comment you made in the prepared remarks. I think you said renewal rates for the promotional cohorts are exceeding those for the non-promotional cohorts. Can you just expand a bit on that? Obviously, that's a bit counterintuitive.

Bill，我想回到你在事先準備的發言中提到的一點。我記得你說，促銷批次的續約率高於非促銷批次。你能否再多說明一下？顯然，這有點違反直覺。

And then, does that make you want to lean more perhaps even into that discounting strategy?

另外，這是否會讓你更傾向於、甚至更進一步採用這種折扣策略？

Yes. It is counterintuitive, Cory. And we talk about this all the time and I press the team multiple times, but these numbers, right, I think it has to do with consumer behavior beyond just home warranties. This is a tactic that a lot of consumer services companies are using where you really discount your first year and then there's almost an expectation among consumers that I got a great deal in the first year, I'm going to have to absorb an increase in pricing.

是的。這確實違反直覺，Cory。我們一直在談這件事，我也多次追問團隊，但這些數字——我認為這與消費者行為有關，不僅僅是房屋保固。許多消費者服務公司都在使用這種策略：第一年大幅折扣，之後消費者幾乎會有一種預期——第一年拿到很划算的價格，接下來就得吸收價格上調。

As we've said, however, we believe or we've proven, we've been at this for about three years now. So we've been able to see that we're able to climb back up to the, if you will, normalized pricing level within 18 to 24 months. So we test this all the time, but I think what has happened is that it just proves out that people and it has to do with what kind of service they get, do they have the right contractors, a lot of factors.

不過如我們所說，我們相信——或者說我們已經證明——我們做這件事大約三年了。因此我們能看到，在18到24個月內，我們可以把價格拉回到（如果你願意這麼說）正常化的定價水準。我們一直在做測試；但我認為發生的情況是，這也證明了人們的續約與他們獲得的服務類型有關：是否有合適的承包商等，因素很多。

The moment of truth is really the most important piece there. So I know it's counterintuitive, but we've been testing this and proving it out continuously.

真正的關鍵時刻（moment of truth）才是最重要的一環。所以我知道這很違反直覺，但我們一直在測試並持續驗證。

To your point about would this indicate that we would do more, I think that's something we pulse. We stay very close to this every month in terms of how we want to pull the trigger on promotions. We are now moving into early days of dynamic discounting so that it isn't just the broad brush. We'll continue to do broad brush promotions like 50% off.

至於你提到這是否意味著我們會做更多，我認為這是我們會定期檢視的事情。我們每個月都非常密切地追蹤，來決定要如何啟動促銷。我們現在正進入動態折扣的早期階段，讓折扣不再只是大範圍一刀切。我們仍會持續做一些大範圍促銷，例如五折。

But we're encouraged about what is potentially going to happen with dynamic discounting. So I think we're very active in this field. Like I said, we've been at it for about three years and we feel good about it. And obviously, the important point is to make sure that those renewal rates continue to stay high.

但我們對動態折扣可能帶來的效果感到鼓舞。所以我認為我們在這個領域非常積極。如我所說，我們做了大約三年，感覺良好。而且顯然，重點是要確保續約率能持續維持在高水準。

And I wanted to ask one more question on macro. I know you touched on kind of the cost side question earlier, but I wanted to ask it more on the demand side. And there's been a lot of -- the potential for higher inflation and more stress on the lower end consumer. Are you seeing any change at all in consumer behavior?

我還想再問一個關於總體環境的問題。我知道你先前提到過成本端的問題，但我想從需求端來問。目前有很多——更高通膨的可能性，以及對較低收入消費者造成更大壓力。你們是否看到消費者行為有任何改變？

And maybe if you could just remind us of what your kind of mix of consumers demographically looks like?

另外，你能否提醒我們，你們的消費者在人口統計上的組成大概是什麼樣子？

Yes. So let me take that. So the mix of consumers is about 50% below $100,000, 50% above that. The piece that we have not seen, no impact on demand, is because with the budget protection that our core value proposition brings, I think it actually kind of plays to our advantage. It may hurt us a little bit in the real estate sector with the real estate market continuing to be sluggish.

好的。我來回答。我們的消費者組成大約是：50%年收入低於10萬美元，50%高於10萬美元。我們尚未看到需求受到影響，原因是我們核心價值主張所提供的預算保障，我認為反而對我們有利。不過在房地產市場持續疲弱的情況下，房地產相關業務可能會對我們有些許不利。

But I think the core value proposition, which we try to hit very hard and we try to do this on a targeted basis, we talked in the past about targeting more millennials, targeting our Hispanic markets. So I think that has worked to our advantage.

但我認為我們的核心價值主張——我們非常強調這一點，並且嘗試以更精準的方式推進——過去我們談過更聚焦千禧世代、聚焦西語裔市場。所以我認為這些做法對我們是有利的。

So to date, we haven't seen a softness in consumer demand. You can see that from some of our numbers. So -- and I think that speaks to the value proposition of a home warranty.

因此截至目前，我們沒有看到消費者需求轉弱。從我們的一些數據也看得出來。所以——我認為這也反映了房屋保固的價值主張。

Michael Rindos, Benchmark.

Michael Rindos，Benchmark。

Can you talk a little bit about your relationship with SkySlope, how that works and how much business is coming through them?

你能談談你們與SkySlope的合作關係嗎？運作方式是什麼？以及有多少業務是透過他們帶來的？

Yes. Jason has been very close to that relationship. So I am going to let him take that. I may add something. But go ahead, Jason.

好的。Jason一直非常密切地負責這段合作關係。所以我讓他來回答。我可能再補充一些。Jason，你來。

Yes, Mike. SkySlope, we have an ongoing relationship with them, and the announcement you saw was an expansion of that relationship. I think we were originally in four or five states and now we are expanding to over 40 states. It is -- the easiest way to describe it is think of SkySlope as a platform that makes things easier for real estate agents.

好的，Mike。我們與SkySlope一直有持續的合作關係，而你看到的公告是這段合作的擴大。我想我們原本在四、五個州，現在擴展到超過40個州。最簡單的描述方式是：把SkySlope想成一個讓房地產經紀人工作更便利的平台。

And then for us, the way that translates is we're in that workflow. So it's easier to attach a home warranty. We're pleased with the relationship. And again, it's just another tool for our field sales team to be successful and kind of build on the momentum they already have.

對我們而言，這代表我們被整合進那個工作流程中。因此更容易把房屋保固附加進去。我們對這段合作關係感到滿意。而且這也只是我們外勤銷售團隊成功的另一項工具，並在他們既有的動能上繼續加乘。

Okay. And just as a follow-up, is that an exclusive situation that you have there? And also, as far as the growth in the real estate channel, where are you seeing the most growth on a regional basis? And how many competitors do you see in some of those markets?

好的。再追問一下：你們在那邊是獨家合作嗎？另外，就房地產通路的成長而言，你們在哪些地區看到最多成長？以及在那些市場你們看到多少競爭對手？

Yes. I will take that in two parts. The SkySlope relationship is not exclusive, but we're really comfortable with our position there and how well we work together. And then on a regional basis, we're seeing success.

好的。我分兩部分回答。與SkySlope的合作不是獨家，但我們對我們在那裡的定位以及彼此合作的順暢度非常有信心。至於區域面，我們看到不錯的成果。

I think it is pretty consistent with our overall business, what we call the Smile states. And our biggest markets are Texas and California, Georgia, et cetera. I think as far as competitors go, in the real estate part of the DTC, we have a larger share, smaller share, about 1/3 in real estate because we have many more competitors.

我認為這與我們整體業務相當一致，也就是我們所稱的「微笑州」（Smile states）。我們最大的市場是德州與加州，還有喬治亞州等等。至於競爭對手，在直面消費者（DTC）的房地產部分，我們的市占相對較小，大約三分之一，因為競爭者多得多。

But from a geographic perspective, it's pretty consistent with the way our overall business plays out.

但從地理分布的角度來看，基本上與我們整體業務的表現方式相當一致。

Well, we appear to have reached the end of our question-and-answer session and indeed the end of the conference call. This does conclude today's conference, and you may disconnect your phone lines at this time. We thank you for your participation.

看來我們已經到了問答環節的尾聲，也確實到了本次電話會議的結束。今天的會議到此結束，您現在可以掛斷電話線。感謝各位的參與。

Thanks, Jenny.

謝謝你，Jenny。

Thank you so much.

非常感謝。