Frontdoor Inc (FTDR) 2026 Q2 法說會逐字稿

Ladies and gentlemen, welcome to Frontdoor's second-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 年第二季財報電話會議。今天的會議將被錄音，並在網際網路上直播。

Beginning today's call is Mr. Matt Davis, Vice President of Investor Relations and Treasurer, and 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 先生開始，他將介紹本次電話會議的其他講者。

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 second-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 年第二季財報電話會議。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.frontdoorhome.com.

今天會議將使用的新聞稿與簡報投影片，可在 Frontdoor 官網的投資人關係專區查閱，網址為 www.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. 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.

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。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出現重大差異。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。

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. All forward-looking statements are made as of today, August 6, 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.

請參閱我們申報文件中的「風險因素」章節，以更深入了解我們的前瞻性陳述，以及與該等陳述相關的風險與不確定性。所有前瞻性陳述均以今日（8 月 6 日）為準；除法律另有規定外，公司不承擔更新任何前瞻性陳述之義務，不論係因新資訊、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 to their 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.

在今天的會議中，我們也會提及若干非 GAAP 財務衡量指標。為協助各位更好理解我們的財務表現，我們已在新聞稿及簡報附錄中提供這些名詞的定義，並將非 GAAP 財務衡量指標與最可比的 GAAP 財務衡量指標進行調節。

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, Matthew, and good morning, everyone. Frontdoor delivered exceptional results in the second quarter across all key areas of the business. At the midyear mark, we are driving member growth with total ending member count up 1%, the first organic growth in five years.

謝謝你，Matthew，各位早安。Frontdoor 在第二季於業務各個關鍵領域都交出了卓越的成果。截至年中，我們正推動會員成長，期末會員總數成長 1%，這是五年來首次的有機成長。

We are successfully scaling our non-warranty and other business, which is rapidly approaching $0.25 billion in annual revenue. We're delivering structurally higher margins, and we continue to maintain capital discipline. We expect to repurchase approximately $330 million of our stock in 2026, which will complete our latest authorization nearly a year ahead of schedule.

我們正成功擴大非保固與其他業務規模，其年化營收正快速逼近 2.5 億美元。我們帶來結構性更高的利潤率，並持續維持資本紀律。我們預期在 2026 年回購約 3.3 億美元的股票，這將使我們最新的回購授權幾乎提前一年完成。

Let's turn to slide 5 to cover the Q2 highlights. Revenue grew 5% to $645 million. Gross profit margin expanded 100 basis points to 59%. Net income grew 13% to $125 million. Adjusted EBITDA increased 10% to $220 million, and we repurchased $181 million worth of shares through July 31.

接著請看第 5 頁，回顧第二季重點。營收成長 5% 至 6.45 億美元。毛利率擴大 100 個基點至 59%。淨利成長 13% 至 1.25 億美元。調整後 EBITDA 成長 10% 至 2.2 億美元，且截至 7 月 31 日我們已回購 1.81 億美元的股份。

It was truly an outstanding quarter. Mid-single-digit revenue growth combined with continued gross margin strength and SG&A leverage drove a double-digit increase in net income, all resulting in adjusted EPS growth of nearly 20%, which also includes the impact of our share repurchases. This powerful combination shows that our model is working.

這確實是一個非常出色的季度。中個位數的營收成長，加上毛利率持續強勁與 SG&A 槓桿效益，推動淨利達到雙位數成長，並使調整後 EPS 成長接近 20%，其中也包含我們股票回購的影響。這個強勁的組合顯示我們的商業模式正在奏效。

Let's turn to slide 6 to take a deeper look at our member count performance. Our direct-to-consumer channel grew 5%. Our real estate channel grew a resounding 7% and our renewal member count was stable due to strong retention rates and sustained growth in our first year channels, another major milestone for our business. Taken together, this translated to total ending member count growth of 1% for the quarter.

請看第 6 頁，更深入檢視會員數表現。我們的直面消費者（DTC）通路成長 5%。房地產通路大幅成長 7%，而續約會員數因留存率強勁以及首年通路持續成長而保持穩定，這也是我們業務的另一個重要里程碑。綜合而言，本季期末會員總數成長 1%。

I want to pause there for a moment because this inflection point is a big deal. Our number one priority at Frontdoor is to grow and retain home warranty members. And for the first time since 2021, our total ending member count is growing again. This reflects the progress we've made across the business and the execution we're seeing in both our first year channels and our renewals.

我想在這裡稍作停頓，因為這個轉折點意義重大。Frontdoor 的首要任務是成長並留住住宅保固會員。而自 2021 年以來，我們的期末會員總數首次再度恢復成長。這反映了我們在整體業務上取得的進展，以及我們在首年通路與續約兩方面所展現的執行力。

Let's take a deeper look at how we are driving direct-to-consumer growth on slide 7. Ending member count in this channel grew 5%, marking our seventh consecutive quarter of year-over-year growth. This kind of consistency proves that our playbook is working. That playbook is built around two things: one, growing demands or brand leadership; and two, improving conversion.

請看第 7 頁，更深入說明我們如何推動直面消費者通路成長。該通路期末會員數成長 5%，並連續第七個季度實現年對年成長。這種一致性證明我們的作戰手冊正在奏效。這份作戰手冊建立在兩件事上：第一，提升需求或品牌領導地位；第二，提高轉換率。

Starting at the top of the funnel. Our Warrantina campaign is reaching more of our audience than ever. More than 40% of homeowners recall seeing our ads. Our brand health metrics, likability, relevance, differentiation, effect on interest, all continue to improve and outperform the category.

先從漏斗頂端開始。我們的 Warrantina 行銷活動觸及的受眾比以往任何時候都更多。超過 40% 的屋主表示記得看過我們的廣告。我們的品牌健康度指標——好感度、相關性、差異化、對興趣的影響——都持續改善，並優於同業類別。

We also intentionally pulled forward the timing of our planned marketing spend to align with our selling season, and it is paying off. We continue to shift more of our marketing spend to performance channels where we can be more targeted, more flexible and reach consumers at the right moment.

我們也刻意將原先規劃的行銷支出時點提前，以配合我們的銷售旺季，而這正帶來成效。我們持續把更多行銷預算轉向成效型通路，讓我們能更精準、更具彈性，並在正確的時刻觸及消費者。

We are also expanding demand through our multi-brand strategy and proving we can accelerate growth by elevating acquired brands to our operating standards. 2-10 is a great example. When we acquired it, we talked to all of you about revenue synergies we believe we could unlock by bringing 2-10 onto our platform, and we're now starting to see those synergies come through.

我們也透過多品牌策略擴大需求，並證明我們能將併購品牌提升至我們的營運標準，從而加速成長。2-10 就是一個很好的例子。當我們收購它時，我們曾向各位談到，透過將 2-10 納入我們的平台，我們相信可以釋放營收綜效，而我們現在開始看到這些綜效逐步顯現。

By applying the AHS toolkit, we are meaningfully growing the 2-10 brand. This is exactly the kind of value creation we can drive when we put our full weight behind a smaller brand.

透過套用 AHS 的工具組，我們正在顯著推動 2-10 品牌成長。這正是當我們全力支持一個較小品牌時，所能創造的價值。

Turning to the second area of the playbook: improving conversion. How consumers find us is changing across traditional search engines such as Google and increasingly, AI. We're recreating our content and restructuring our sites to stay prominently positioned and it's already improving our search outcomes.

接著談作戰手冊的第二個面向：提升轉換率。消費者找到我們的方式正在改變，除了 Google 等傳統搜尋引擎之外，也越來越多透過 AI。我們正在重製內容並重新架構網站，以維持顯著的曝光位置，而這已經改善了我們的搜尋成效。

With the assistance of AI tools, we are also reshaping how our inside sales team operates. Real-time enablement tools guide our agents during calls, pinpoint the best time and channel to reach prospects and surface the behaviors that drive conversion. This is helping newer agents ramp faster and sell more efficiently.

在 AI 工具的協助下，我們也正在重塑內勤銷售團隊的運作方式。即時賦能工具在通話期間引導我們的客服專員，找出觸及潛在客戶的最佳時間與通路，並揭示能推動轉換的行為。這有助於新進專員更快上手，並以更高效率完成銷售。

And finally, promotional pricing continues to be a strategic acquisition tool. Renewal performance of these cohorts continues to hold up as well as, if not better than, our nonpromotional cohorts. That means that the long-term unit economics remain very strong.

最後，促銷定價仍然是重要的策略性獲客工具。這些客群的續約表現也持續維持，甚至不亞於我們的非促銷客群。這表示長期的單位經濟效益仍然非常強勁。

Let's turn to slide 8 and the real estate channel, which had a standout quarter as ending member count grew 7%.

請看第 8 頁的房地產通路，本季表現突出，期末會員數成長 7%。

Let me set the context on the housing environment first. Inventory has improved to 4.5 months of supply from the 2.6 months in 2022. That gives buyers more leverage and is allowing home warranties to be a more frequent part of the home transaction again.

我先說明一下房市環境的背景。庫存已從 2022 年的 2.6 個月供給改善至 4.5 個月供給。這讓買方擁有更大的議價能力，也使住宅保固再次更常成為房屋交易的一部分。

But let me be clear, the broader market remains challenged. Existing home sales are still sluggish and are expected to finish around 4 million homes sold for the fourth year in a row as higher mortgage rates and affordability issues continue to limit transactions.

但我要說清楚，更廣泛的市場仍面臨挑戰。由於房貸利率較高與可負擔性問題持續限制交易，成屋銷售仍然疲弱，預計將連續第四年以約400萬戶的銷售量作收。

Against that backdrop, we are engaging more directly with real estate agents. This means expanding our geographic coverage, running targeted promotions where the opportunity is the greatest, and bringing agents the strongest value proposition in the market.

在此背景下，我們正更直接地與房地產經紀人互動。這意味著擴大我們的地理覆蓋範圍、在機會最大的地區推出精準促銷，並為經紀人提供市場上最強的價值主張。

As a result, even though existing home sales remained flat, our attach rate improved 30 basis points versus the prior year period. Put another way, in the second quarter, we attached a home warranty to over 5% of existing homes sold in the United States.

因此，即使成屋銷售維持持平，我們的附加率較去年同期提升了30個基點。換句話說，在第二季，我們在美國售出的成屋中，超過5%都附加了房屋保固。

Now, let's turn to renewals, the foundation of our business, on slide 9. A decision to renew with us is made across multiple moments during the member journey, and we think about enhancing that journey in four stages.

現在，讓我們在第9頁投影片轉到續約——這是我們業務的基石。會員是否選擇與我們續約，是在會員旅程中的多個時點做出的決定；我們將提升這段旅程分為四個階段來思考。

It starts with onboarding, the first impression, getting a new member set up quickly, helping them understand their coverage, and making that first experience a good one. From there, it's about engagement, the day-to-day of being a member. Every claim we handle well, every contractor who does the job right, that's where trust is built. Then comes the renewal itself, where all the moments of the member journey come together to drive our high retention rates.

首先是導入（onboarding），也就是第一印象：讓新會員能快速完成設定、協助他們理解保障內容，並讓第一次體驗是良好的。接著是互動（engagement），也就是成為會員後的日常。每一件我們妥善處理的理賠、每一位把工作做好承包商，都是建立信任的地方。然後是續約本身，會員旅程中的所有時刻在此匯聚，推動我們的高留存率。

And finally, post-renewal, because once a member renews, the next journey begins, and we want them with us for years to come.

最後是續約後（post-renewal），因為一旦會員續約，下一段旅程就開始了，我們希望他們未來多年都與我們同行。

On the next slide, I'll walk through the results for renewals. The proof is in our retention rate. We continue to be near all-time highs in the quarter at 79.6%, a clear sign our strategy is working.

在下一頁投影片，我將說明續約的成果。證據就在我們的留存率。本季留存率達79.6%，持續接近歷史高點，清楚顯示我們的策略正在奏效。

Two things are driving it. First, the member experience and nothing is more paramount in this business. Our differentiated technology is designed to get members a faster answer, a faster fix and a better outcome, conveniently and sometimes virtually.

有兩個因素在推動這一點。第一是會員體驗，而在這個業務中沒有什麼比這更重要。我們具差異化的科技，旨在讓會員更快得到回覆、更快完成修復並獲得更好的結果，且流程便利，有時甚至可透過虛擬方式完成。

Our app is a great example of that, and members are using it more than ever. Active users engaging with our app is up 65% year over year and usage of our video chat with an expert feature through the app more than doubled during the quarter.

我們的App就是很好的例子，會員使用頻率比以往更高。與我們App互動的活躍用戶年增65%，而本季透過App使用「與專家視訊聊天」功能的次數更是翻倍以上。

But technology is only part of it. Trust is really earned when something breaks, and that's where our service delivery comes through. We continue to drive strong volume to our preferred contractor network with 84% of our jobs, which delivers a more consistent and higher quality service experience. And our service ratings improved again this quarter, record high five-star ratings and record low one-star ratings, a trend we have seen now for 36 straight months.

但科技只是其中一部分。真正的信任是在東西壞掉時贏得的，而這正是我們服務交付發揮作用之處。我們持續將強勁的案件量導入我們的優選承包商網路，目前84%的工作由其承接，帶來更一致且更高品質的服務體驗。而且我們的服務評分在本季再次提升：五星評價創新高、一星評價創新低，這個趨勢已連續36個月。

The second driver is operational, the blocking and tackling of the renewal itself. This is where discipline and focus matter, and we continue to raise our game. Our save program keeps getting sharper, reaching members who choose not to renew with the right offer at the right moment to win them back.

第二個推動因素是營運面，也就是續約本身的基本功。這裡紀律與專注至關重要，而我們持續提升表現。我們的挽留（save）計畫愈來愈精準，在會員選擇不續約時，於適當時點以適當方案觸達，將他們贏回來。

Autopay is our most effective retention tool, and we are making it an easier choice for our members. Enrollment is now at 85% and near all-time highs. And we're seeing that same autopay benefit as we migrate 2-10 members onto our platform, where enrollment has increased meaningfully. Individually, these are small disciplined improvements. Together, they compound, and that's a large part of what returned us to total member growth this quarter.

自動扣款（autopay）是我們最有效的留存工具，而我們正讓會員更容易選擇它。目前加入率已達85%，接近歷史高點。同時，隨著我們將2-10會員遷移到我們的平台，我們也看到同樣的自動扣款效益，加入率顯著提升。單看每一項，都是小而有紀律的改善。合在一起就會產生複利效應，而這也是我們本季重回總會員成長的重要原因之一。

Now, let me turn to non-warranty, which is anchored by our new HVAC upgrade program on slide 11. This program is a prime example of our strategy to expand share of wallet and deepen our relationship with members. This business has scaled remarkably fast, growing from $13 million to an expected $170 million in just four years, and it comes with little to no customer acquisition cost, and we keep getting better at it.

接著我來談非保固（non-warranty）業務，其核心是第11頁投影片的全新HVAC升級計畫。這個計畫是我們擴大錢包份額並加深與會員關係策略的最佳例證。這項業務擴張速度驚人，僅四年就從1,300萬美元成長到預期1.7億美元，且幾乎不需要客戶取得成本，而我們也持續做得更好。

For example, contractor participation, quote rates, and win rates are all improving. And we're now applying dynamic pricing to this business, the same approach we use across the rest of our model, weighing many variables to price each offer with precision.

例如，承包商參與度、報價率與得標率都在改善。我們也正將動態定價導入這項業務，採用與我們模型其他部分相同的方法，權衡多項變數，以精準為每一個方案定價。

But what excites me most is the built-in demand funnel with our existing 2.1 million members, something that other companies would have to spend heavily to create. We have made excellent strides, and there's a lot of runway ahead. We've penetrated just 3% of our member base so far, and HVAC is only the beginning. It's the proof point for our model we can duplicate across other trades over time.

但最令我振奮的是，我們既有的210萬名會員帶來內建的需求漏斗——其他公司必須投入大量資金才能打造。我們已取得非常出色的進展，未來仍有很長的成長跑道。目前我們僅滲透會員基礎的3%，而HVAC只是起點。這是我們模型的驗證點：隨著時間推進，我們可以將其複製到其他工種領域。

In summary, we had a great second quarter. We are firing on all cylinders, and we are extremely optimistic about where this business is heading.

總結來說，我們第二季表現非常出色。我們各方面火力全開，並對這項業務的發展方向極為樂觀。

With that, I will now turn the call over to Jason to cover the financials in more detail.

接下來，我將把電話會議交給Jason，請他更詳細說明財務狀況。

Thanks, Bill. We had an excellent quarter, and I want to start by focusing on how we keep delivering these strong results. It starts with a predictable renewal-driven base that gives us a recurring revenue foundation. On top of that, operational excellence is driving structurally higher margins than just a few years ago. That combination generates a lot of cash where we converted adjusted EBITDA to free cash flow at more than 60%.

謝謝，Bill。我們本季表現非常亮眼，我想先聚焦在我們如何持續交出這些強勁成果。首先是可預測、由續約驅動的基礎，為我們提供經常性收入的根基。在此之上，營運卓越正推動結構性毛利率高於幾年前的水準。這樣的組合帶來大量現金，我們將調整後EBITDA轉換為自由現金流的比率超過60%。

And we're putting that cash to work, returning around $900 million to shareholders through share repurchases since 2021. This is a durable model that is turning consistent execution into real cash and real returns.

我們也讓這些現金發揮效益，自2021年以來透過庫藏股回購已向股東回饋約9億美元。這是一個具韌性的模型，能把穩健的執行轉化為實質現金與實質回報。

So let me take you through the financial results on slide 14, where you'll see those four pieces at work. I'll start briefly with the first-half highlights before jumping into the details of the second quarter.

接著我將帶各位看第14頁投影片的財務結果，你會看到這四個要素如何共同運作。我會先簡要回顧上半年重點，然後再深入說明第二季的細節。

The progression of these metrics from left to right tells you in one line that this business model is working: revenue growth, an exceptionally strong margin profile and operating leverage amplified by share repurchases.

這些指標由左至右的變化，用一句話就能說明這個商業模式正在運作：營收成長、異常強勁的利潤率結構，以及在庫藏股回購放大下的營運槓桿。

Through the first six months of the year, revenue grew 5% to $1.1 billion. Adjusted EBITDA increased 8% to $324 million. Net income grew 13% to $167 million. And lastly, adjusted diluted EPS grew 17% to $2.66 per share. You will see similar patterns in both our first-half and second-quarter results.

今年前六個月，營收成長5%至11億美元。調整後EBITDA成長8%至3.24億美元。淨利成長13%至1.67億美元。最後，調整後稀釋每股盈餘（EPS）成長17%至每股2.66美元。你會在我們上半年與第二季的結果中看到類似的模式。

Let's turn to slide 15 for a deeper look at our Q2 results, starting with revenue. Total revenue grew 5% to $645 million. This was driven by over 3% from higher realized price and over 1% from higher volume. From a channel perspective, renewal revenue grew 4%, driven by higher price from our dynamic pricing model.

讓我們看第15頁投影片，更深入檢視第二季結果，先從營收開始。總營收成長5%至6.45億美元。其中超過3%來自已實現價格提高，超過1%來自銷量增加。從通路角度來看，續約營收成長4%，主要由我們動態定價模型帶來的較高價格所驅動。

First-year real estate revenue increased by 3%, driven by higher volume as balanced housing market conditions supported higher capture rates, partially offset by lower realized price. First-year direct-to-consumer revenue decreased 2% due to lower price from our promotional pricing strategy, partially offset by higher volume from growth in new home warranty members.

第一年房地產通路營收成長3%，主要由較高銷量帶動；均衡的房市環境支撐了較高的捕獲率，但部分被較低的已實現價格所抵銷。第一年直銷消費者（DTC）營收下降2%，原因是我們促銷定價策略導致價格較低，但部分被新屋保固會員成長帶來的較高銷量所抵銷。

Lastly, non-warranty and other revenue increased 19% due to both higher volume and price driven by our new HVAC upgrade program.

最後，非保固及其他收入因我們新的 HVAC 升級計畫帶動的更高量與更高價格而成長 19%。

Now, moving to gross profit and gross margin on slide 16. Gross profit increased 5% versus the prior-year period to $378 million and gross margin improved approximately 100 basis points to 59%. Revenue conversion added about $16 million, reflecting the results of our dynamic pricing model. We also benefited from lower incidents across our member base. This included approximately $5 million of favorable weather in the quarter as well as the impacts of long-term efforts across HVAC upgrades and tune-ups.

接著看第 16 頁的毛利與毛利率。毛利較去年同期成長 5% 至 3.78 億美元，毛利率提升約 100 個基點至 59%。收入轉換貢獻約 1,600 萬美元，反映我們動態定價模型的成果。我們也受惠於會員基礎中的事故發生率下降。其中包括本季約 500 萬美元的有利天候因素，以及我們在 HVAC 升級與保養調校方面長期努力所帶來的影響。

Our operational excellence continues to deliver through our supply chain scale, tighter cost controls and smarter job routing across our contractor network, all capabilities that we're now extending to 2-10. This helped offset the impacts from low-single digit cost inflation across labor, parts and equipment and the ongoing revenue mix shift as non-warranty scales. To put it simply, our process improvements and favorable weather more than offset macro cost pressure in the quarter.

我們的營運卓越持續透過供應鏈規模、更嚴格的成本控管，以及在承包商網路中更智慧的派工路由來交付成果，而這些能力我們現在也正延伸至 2-10。這有助於抵銷勞務、零件與設備的低個位數成本通膨影響，以及非保固業務擴張所帶來的持續收入組合轉移。簡而言之，本季我們的流程改善與有利天候，已足以抵銷總體成本壓力。

Turning to slide 17. Let's review our net income and adjusted EBITDA. For the second quarter, net income grew 13% to $125 million versus the prior-year period. Adjusted EBITDA grew 10% to $220 million with adjusted EBITDA margin expanding 200 basis points to 34%. Strong margins have become our expectation, but because any single quarter can move around with weather, seasonality and timing, the trend is best viewed on a full year basis.

接著看第 17 頁。我們來檢視淨利與調整後 EBITDA。第二季淨利較去年同期成長 13% 至 1.25 億美元。調整後 EBITDA 成長 10% 至 2.20 億美元，調整後 EBITDA 利潤率擴張 200 個基點至 34%。強勁的利潤率已成為我們的預期，但由於單一季度可能受天候、季節性與時點影響而波動，最佳的觀察方式是以全年趨勢來看。

Let's turn to slide 18 to look at that margin evolution. The takeaway is clear. This is a fundamentally more profitable business than it was just a few years ago. This improvement has come from three things working together.

我們轉到第 18 頁來看利潤率的演進。重點很清楚。這是一個本質上比幾年前更具獲利能力的業務。這項改善來自三個因素的共同作用。

First, pricing. Our dynamic pricing model lets us price to each member's individual risk and usage, catching up on price where we've fallen behind and better aligning price with cost to serve across the book. Alongside that, we've been steadily raising our trade service fees, which further strengthens the underlying economics at the point of service.

第一，定價。我們的動態定價模型讓我們能依每位會員的個別風險與使用情況定價，針對過去落後的部分追上價格，並在整體客群中更好地使價格與服務成本對齊。同時，我們也持續穩步調升技術服務費，進一步強化在服務交付端的基本經濟性。

Second, operational excellence. Preferred contractors are one of our best levers on cost and service, and we now route about 84% of jobs to them, up from about 82% just three years ago. On the supply side, our purchasing power lets us source parts and equipment more efficiently than anyone else in the category.

第二，營運卓越。優選承包商是我們在成本與服務上的最佳槓桿之一，我們目前約 84% 的工單會派給他們，較三年前約 82% 提升。在供應端，我們的採購規模使我們能比同業任何公司更有效率地取得零件與設備。

And third, operating leverage. We're growing revenue while continuing to be disciplined with how we invest behind it, particularly in marketing, where smarter targeting and better conversion mean each dollar works harder and more of our growth reaches the bottom line.

第三，營運槓桿。我們在成長營收的同時，仍對相關投資保持紀律，特別是在行銷方面；更智慧的投放與更高的轉換率意味著每一美元都更有效率，讓更多成長直接反映到最終獲利。

Together, these efforts, combined with our strong retention rates have helped expand our full-year adjusted EBITDA margin by roughly 1,400 basis points over a four-year period from 13% in 2022 to a forecasted 27% this year based on the increased guidance I will cover shortly.

綜合上述努力，再加上我們強勁的留存率，已協助我們在四年期間將全年調整後 EBITDA 利潤率擴張約 1,400 個基點，從 2022 年的 13% 提升至今年依我稍後將說明的上調指引所預測的 27%。

It's also why we raised our long-term margin target to the mid-20% range earlier this year. We're currently operating at the high end of that range, helped in part by favorable conditions, but the more important point is that the entire range now sits well above where this business used to operate. That profitability, combined with our capital-light model, generates significant free cash flow.

這也是我們今年稍早將長期利潤率目標上調至 20% 中段區間的原因。我們目前的營運表現位於該區間的高端，部分受惠於有利條件，但更重要的是，整個區間如今都遠高於這項業務過去的營運水準。這樣的獲利能力，加上我們的輕資本模式，能產生可觀的自由現金流。

Let's turn to slide 19 to review our free cash flow and financial position as of quarter end. Through the first half of the year, we generated $233 million of free cash flow, and we continue to expect to convert more than 60% of adjusted EBITDA into free cash flow for the year. We are operating our balance sheet from a position of strength. At the end of the second quarter, we had $472 million of unrestricted cash and total liquidity of $722 million.

我們轉到第 19 頁，回顧截至季末的自由現金流與財務狀況。今年上半年我們產生 2.33 億美元的自由現金流，且我們仍預期全年可將超過 60% 的調整後 EBITDA 轉換為自由現金流。我們以強健的態勢管理資產負債表。截至第二季末，我們擁有 4.72 億美元的不受限制現金，總流動性為 7.22 億美元。

Taken together with our low leverage, we have ample flexibility to create value through our capital allocation strategy, which we will now turn to on slide 20.

結合我們的低槓桿水準，我們在資本配置策略上具備充足彈性以創造價值；接下來我們將在第 20 頁說明。

Our capital allocation framework remains anchored in a disciplined approach designed to drive long-term value creation. We are focused on three core priorities.

我們的資本配置框架仍以一套嚴謹的方法為核心，旨在推動長期價值創造。我們聚焦於三項核心優先事項。

First, investing for growth. We start by investing in the business, both organically and through disciplined M&A.

第一，投資成長。我們從投資本業開始，包含有機成長以及透過具紀律的併購（M&A）。

Second, maintaining a strong financial profile. We remain committed to maintaining ample liquidity and low leverage, ensuring we can invest in the business while preserving strategic optionality.

第二，維持強健的財務體質。我們仍致力於維持充足流動性與低槓桿，確保在投資本業的同時保留策略彈性。

And third, returning excess cash to shareholders. This business is a strong cash generator and repurchasing shares amplifies how we create value.

第三，將多餘現金回饋股東。這項業務具備強勁的現金創造能力，而庫藏股買回能放大我們創造價值的方式。

Let's now turn to the next slide for a deeper look at share repurchases. Given our cash generation and conviction in the returns, we plan to accelerate our share repurchases in the second half. We now expect to buy back approximately $330 million of shares this year, which puts us on track to complete the current authorization in 2026, well ahead of our original timeline.

接著看下一頁，更深入說明股票回購。基於我們的現金創造能力以及對報酬的信心，我們計畫在下半年加速股票回購。我們目前預期今年將回購約 3.30 億美元的股票，這使我們有望在 2026 年完成現行授權，遠早於原先時程。

Our conviction here isn't new. Repurchasing our shares remains one of the highest return uses of our capital, and we've leaned into it consistently. And the effect compounds. Since 2021, we've deployed approximately $900 million to repurchases, buying back nearly a quarter of the company and driving more than a 20% benefit to our earnings per share, all while building our cash balance, reducing our net leverage ratio and allocating cash to strategic M&A like 2-10.

我們在這方面的信心並非新近才有。回購本公司股票仍是我們資本運用中報酬最高的用途之一，我們也持續加大投入。而且其效果會複利累積。自 2021 年以來，我們已投入約 9.00 億美元進行回購，買回接近公司四分之一的股份，推動每股盈餘提升超過 20%，同時也增加現金餘額、降低淨槓桿比率，並將資金配置於如 2-10 等策略性併購。

From here, we will stay disciplined about where every dollar goes. But given the cash this business generates, we are not done returning capital to shareholders, and we'll step up our pace in the second half.

接下來，我們將持續對每一美元的去向保持紀律。但考量這項業務所產生的現金，我們尚未停止回饋股東，且將在下半年加快步伐。

Let's now pivot to a discussion on our updated financial outlook on slide 22, starting with the full year. We are pleased to announce that we are raising our full year financial guidance. We are raising our revenue expectations by $25 million at the midpoint to a range of $2.19 billion to $2.21 billion. This is underpinned by a 3% to 4% increase in realized price and a 1% to 2% increase in volume.

現在我們轉到第 22 頁，討論更新後的財務展望，先從全年開始。我們很高興宣布上調全年財務指引。我們將營收預期在中位數上調 2,500 萬美元至 21.9 億至 22.1 億美元區間。此一展望以已實現價格上升 3% 至 4% 以及銷量增加 1% 至 2% 為支撐。

By channel, we expect low- to mid-single-digit increases in renewal channel revenue, a low-single-digit increase in real estate revenue, a low-single-digit decrease in direct-to-consumer revenue, and $230 million to $240 million in non-warranty and other revenue.

按通路來看，我們預期續約通路營收將有低至中個位數成長，不動產營收低個位數成長，直面消費者營收低個位數下滑，非保固及其他收入為 2.30 億至 2.40 億美元。

We expect our gross margins to be approximately 55%, and we now expect SG&A of $685 million to $695 million, which reflects a second-half step-up in investment that I'll come back to in a moment.

我們預期毛利率約為 55%，並且目前預期 SG&A 為 6.85 億至 6.95 億美元，反映下半年投資將有所加碼，我稍後會再回到這點。

We are increasing our adjusted EBITDA expectations by $20 million at the midpoint to a range of $585 million to $600 million. This translates to an adjusted EBITDA margin of approximately 27% at the midpoint. Our adjusted EBITDA outlook considers about $45 million of stock compensation and integration costs and about $20 million of interest income. We also expect capital expenditures of approximately $30 million. Our effective tax rate remains unchanged at approximately 25%.

我們將調整後 EBITDA 預期在中位數上調 2,000 萬美元至 5.85 億至 6.00 億美元區間。這相當於中位數約 27% 的調整後 EBITDA 利潤率。我們的調整後 EBITDA 展望包含約 4,500 萬美元的股票薪酬與整合成本，以及約 2,000 萬美元的利息收入。我們也預期資本支出約 3,000 萬美元。我們的有效稅率維持不變，約為 25%。

Before I get to the third quarter, let me give you some context on the shape of the second half. At the midpoint, the change to our updated full-year guidance compared to our prior outlook implies a $3 million increase to our second-half adjusted EBITDA, which is after the impact of the following items.

在我談到第三季之前，先提供一些關於下半年走勢的背景。以中點來看，我們更新後的全年指引相較於先前展望，意味著下半年調整後 EBITDA 將增加 300 萬美元，這已反映以下項目的影響。

First, we're increasing our marketing spend by more than $10 million weighted towards the third quarter to build on our current momentum. And even after that spend, we still expect to deliver SG&A leverage for the year.

第一，我們將把行銷支出提高超過 1,000 萬美元，並將支出重心偏向第三季，以延續目前的動能。即使在增加這些支出之後，我們仍預期全年能實現 SG&A 槓桿效益。

Second, we are anticipating the weather benefit from the second quarter to largely reverse in the third quarter, and we saw that start to play out in July.

第二，我們預期第二季的天氣利多在第三季將大致反轉，而我們在 7 月已開始看到這種情況。

One final point. With the first half complete, roughly 55% of our expected full-year adjusted EBITDA is now behind us, in line with the pacing of 2025. This timing is a normal feature of our business, and it's why we point investors to full year performance as the best measure of how we're delivering.

最後一點。上半年結束後，我們預期的全年調整後 EBITDA 約有 55% 已經完成，與 2025 年的節奏一致。這樣的時點分布是我們業務的正常特徵，也因此我們提醒投資人，以全年表現作為衡量我們交付成果的最佳指標。

Please turn to slide 23, and we'll review the third-quarter outlook. For the third quarter specifically, we expect revenue of $642 million to $652 million. By channel, we expect a low- to mid-single-digit increase in renewal revenue, a low-single-digit increase in real estate revenue, a low-single-digit decrease in direct-to-consumer revenue and an over 20% increase in non-warranty and other revenue.

請翻到第 23 頁投影片，我們將回顧第三季展望。就第三季而言，我們預期營收為 6.42 億至 6.52 億美元。按通路來看，我們預期續約營收將有低至中個位數成長，不動產通路營收將有低個位數成長，直面消費者（DTC）營收將有低個位數下滑，而非保固及其他營收將成長超過 20%。

For adjusted EBITDA, we expect to be in the range of $197 million to $207 million. This reflects higher revenue conversion, partially offset by the timing of the weather benefit from Q2 and incremental second half SG&A investment. And while the external environment has grown more complex, our execution, combined with the multiple levers we have to offset inflation, gives us confidence in our ability to deliver another record year in 2026.

就調整後 EBITDA 而言，我們預期落在 1.97 億至 2.07 億美元區間。這反映較高的營收轉換率，部分被第二季天氣利多的時點影響以及下半年額外的 SG&A 投資所抵銷。儘管外部環境變得更為複雜，我們的執行力，加上我們用以抵銷通膨的多項槓桿，讓我們對於在 2026 年再創紀錄的一年充滿信心。

With that, back to you, Bill.

接下來交回給你，Bill。

Thank you, Jason. Before we open it up to questions, I want to emphasize three key takeaways.

謝謝你，Jason。在開放提問之前，我想強調三個關鍵重點。

First, our total member count is past the inflection point. Even with one of the most challenging housing markets we've seen in a generation, we're growing total member count again.

第一，我們的會員總數已經越過拐點。即使面對我們一代人以來最具挑戰性的房市之一，我們的會員總數仍再次成長。

Second, our operating model is doing what we built it to do quarter after quarter, and we are delivering structurally higher margins in line with our long-term targets.

第二，我們的營運模式一季又一季地發揮我們當初打造它的作用，並且我們正交付結構性更高的利潤率，符合我們的長期目標。

And third, we expect to finish our latest share repurchase authorization by the end of this year, almost a full year early.

第三，我們預期在今年年底前完成最新一輪的庫藏股回購授權，幾乎比原計畫提早整整一年。

None of these results happen on their own. They happen because 2,000-plus associates and thousands of contractors show up for our members every single day.

這些成果不會憑空發生。之所以能達成，是因為超過 2,000 名同仁以及數千名承包商每天都為我們的會員挺身而出。

To all of you, well done. You are the driving force behind this performance.

對各位而言，做得很好。你們是這項表現背後的驅動力量。

Operator, please open the line for questions.

接線員，請開放提問線路。

(Operator Instructions) Mark Hughes, Truist.

(接線員指示) Mark Hughes，Truist。

In the real estate channel, that 7% growth in member count seems pretty strong in this environment. How much price sensitivity or elasticity do you see there? Is the price useful in terms of trying to improve attachment rates?

在不動產通路方面，在這樣的環境下會員數成長 7% 看起來相當強勁。你們在那裡看到多少價格敏感度或需求彈性？價格在提升附著率（attachment rates）方面是否有幫助？

Yeah. We're using -- not at the level of the DTC area, but we do use some discounting in real estate on a selective basis. But really, I think that it is a tough backdrop. We're very pleased with the work that our real estate team did this quarter. And I think it just shows that as we focused more locally and combined it with a lot of education about -- I talked about our app and all the improvements we've made there.

是的。我們會使用——雖然不像 DTC 那邊的程度——但我們確實會在不動產通路有選擇性地做一些折扣。不過我認為，整體背景確實艱難。我們對不動產團隊本季的工作成果非常滿意。我想這也顯示，當我們更聚焦在在地化，同時結合大量教育——我先前提到我們的 App 以及我們在那裡做的各項改善。

I think it's a combination of things. It's a grind, but I think 7% was a good showing for Q2.

我認為這是多種因素的組合。過程很辛苦，但我覺得第二季能有 7% 的表現很不錯。

Yeah. You talked about kind of refining some of the strategy around 2-10. How do you position 2-10 differently than the American Home Shield brand? What's the dynamic there that differentiates in the mind of potential customers?

是的。你提到你們在 2-10 方面有些策略上的精煉。你們如何把 2-10 與 American Home Shield 品牌做出不同定位？在潛在客戶心中，兩者的差異化動態是什麼？

Yes. It's not really that different. It's just -- we call it our multi-brand strategy. We think that the basic value proposition for home warranty is the same. We're obviously focused on the renewal book of 2-10, which has been very strong, especially as it's come on to the platform.

是的。其實沒有太大不同。我們稱之為多品牌策略。我們認為房屋保固的基本價值主張是一樣的。我們顯然聚焦在 2-10 的續約客群（renewal book），這一直非常強勁，尤其是在併入平台之後。

But we've gone after it and it has its strength in certain markets. But we come at it with what we call our multi-brand strategy, which is a consistent strategy driving the value proposition for home warranty.

不過我們也積極推進，而它在某些市場具有優勢。但我們採取的是我們所稱的多品牌策略，也就是以一致的策略來推動房屋保固的價值主張。

Very good. And then I think, Jason, you had alluded to maybe July or July weather. Could you expand on that? Was that -- it seems like there's a lot of hot weather out there. How meaningful was that in terms of the start of the 3Q here?

很好。另外我想，Jason，你提到可能是 7 月或 7 月的天氣。你能再多說一些嗎？那是——外面看起來有很多炎熱天氣。就第三季開局而言，那有多重要？

Yeah, Mark, it was -- what I was really trying to highlight is June was a little milder than we expected, and then we saw some of that come back in July. So we viewed it as a bit of a timing item, and we just wanted everybody to be aware of that as we think about kind of the Q2 and Q3 results combined, if you think about that summer season and when the weather really hits. So that's really what I'm trying to highlight.

是的，Mark，我真正想強調的是 6 月比我們預期更溫和一些，而我們在 7 月看到部分情況回來了。因此我們把它視為一個時點因素，我們只是希望大家在看第二季與第三季合併的結果時能注意到這點，特別是考量夏季旺季以及天氣真正發威的時間點。這就是我想強調的。

And it's where the weather hits, too, Mark, because depending on -- as you know, the home warranty business is kind of the smile states. And so depending upon how weather is in California, Texas, Florida, et cetera, it has an impact. But I think we're just trying to show that, in Q3, we had a weather benefit, we estimated about $5 million, and we anticipate, especially the way July started with all the heat, that will reverse in Q3.

而且也取決於熱浪落在哪些地區，Mark，因為——如你所知——房屋保固業務有點像是「微笑州」（smile states）。因此加州、德州、佛州等地的天氣狀況不同，都會帶來影響。但我想我們只是想說明，在第三季，我們在天氣方面有一個利多，我們估計約 500 萬美元，而我們預期——尤其是 7 月在高溫下的開局——這個利多在第三季將會反轉。

Yeah. And then just quickly, were there any reserve gains in the quarter, you didn't call any out?

了解。最後快速問一下，本季是否有任何準備金回沖（reserve gains）？你們沒有特別提到。

Yes. It was about $4 million of favorable cost development. That's part of the beat there, too, Mark. We saw claims costs come in a little better. And so it's $4 million, and I think that compares to about $4 million in the same period a year ago.

有的。大約有 400 萬美元的有利成本發展（favorable cost development）。這也是超預期表現的一部分，Mark。我們看到理賠成本表現稍微更好一些。所以是 400 萬美元，我認為這與去年同期大約 400 萬美元相當。

Sergio Segura, KeyBanc.

Sergio Segura，KeyBanc。

I'll keep it to a few questions here. Maybe first, just talking about and building on Mark's question about weather. Just if you could talk about the EBITDA margin outperformance. I mean you're coming off a record year last year, and we saw some expansion in the first half, and I think you're guiding to expansion for the full year. So could you just talk about the key factors driving the expansion even versus last year's record performance? How much of that is weather and how much of that is just other things within the business driving that performance?

我這邊問幾個問題就好。也許先延續 Mark 關於天氣的問題。想請你談談 EBITDA 利潤率超預期的表現。你們去年剛創下紀錄，我們也看到上半年有些擴張，而且我想你們指引顯示全年也會擴張。所以能否談談，即使相較於去年創紀錄的表現，推動利潤率擴張的關鍵因素是什麼？其中有多少是天氣因素，有多少是業務內部其他因素在推動這樣的表現？

Yeah. And thinking about year over year, Sergio, for the quarter, we estimated weather at about a $5 million better impact this year. That helped offset what we're calling low-single-digit inflation -- kind of cost inflation at the contract cost level. We had a little bit of other favorable incidents. And then we did have some small benefit as we brought 2-10 onto our platform and kind of normalize -- started to normalize their cost structure towards ours.

是的。而且從年對年來看，Sergio，就本季而言，我們估計天氣因素今年帶來約500萬美元較佳的影響。這有助於抵銷我們所稱的低個位數通膨——也就是合約成本層級的成本通膨。我們也有一些其他有利事件。另外，當我們把2-10納入我們的平台，並開始將他們的成本結構朝向我們的水準正常化時，我們確實也獲得了一些小幅的效益。

I'd give a lot of credit to our contractor relations team. They're doing a great job managing costs against -- we were -- I think we were a little conservative coming into the quarter just with uncertain macro, if you think about the news changing daily with world events. But the team is doing a really, really good job there keeping that inflation number down.

我會把很大的功勞歸於我們的承包商關係團隊。他們在控管成本方面做得非常出色——我們——我想我們在進入本季時稍微保守一些，主要是因為宏觀環境不確定，如果你想到世界事件導致新聞每天都在變。但團隊在這方面真的做得非常、非常好，把通膨數字壓低。

So I think percent of preferred remains near all-time highs. So both cost and service are doing really, really well there.

所以我認為偏好供應商的占比仍接近歷史高點。因此在成本與服務兩方面的表現都非常、非常好。

Yeah. The other thing, Sergio, is, and I'm really proud of the company, we make -- and I talked about it in the script that we make these small improvements that compound over time. And it's almost every facet of the business. I went through the renewal journey, and Jason just referenced the contractor relations team and our service ops team.

是的。另外一點，Sergio，我也為公司感到非常自豪，我們會——我在講稿裡也提到——我們做這些隨時間累積的小幅改善。而且幾乎涵蓋業務的每個面向。我談到了續約旅程，Jason剛才也提到承包商關係團隊以及我們的服務營運團隊。

We continue to get better at just operating the company. And I think that, on the margin, it helps us year over year.

我們持續在公司營運上做得更好。我認為在邊際上，這有助於我們年對年的表現。

Sergio, I'd probably add, too, as we thought about our margin targets, our long-term targets, this was a big part of how we had the confidence to raise that to the mid-20s.

Sergio，我可能也要補充，當我們思考我們的利潤率目標、長期目標時，這是我們有信心把目標提高到20%中段的一個重要原因。

Yeah, that makes sense. And maybe just one on the raised outlook on both the renewals channel and the realized pricing. Is there any broad-based pricing increase in there? Or is it more just kind of dynamically pricing and you guys are seeing the benefit from that?

是的，這說得通。另外想問一下，關於你們上調續約通路與已實現定價的展望。這裡面有任何廣泛性的漲價嗎？還是更多是動態定價的優化，而你們正看到其帶來的效益？

We'd attribute that mostly to the optimization around dynamic pricing, Sergio. We are also seeing continued strong performance in our renewal rates. So I'd say it's a combination of both. But we just get better. As Bill said, it's that incremental investment even in our tools like dynamic pricing where we get better and better each day.

我們會把這主要歸因於動態定價周邊的最佳化，Sergio。我們也看到續約率持續強勁的表現。所以我會說兩者兼具。但我們就是持續變得更好。如Bill所說，這些增量投資——即使是在像動態定價這樣的工具上——讓我們每天都能越做越好。

(Operator Instructions) Ian Zaffino, Oppenheimer.

（接線員指示）Ian Zaffino，Oppenheimer。

I just wanted to drill down a little bit more on the real estate business and member count. So nice growth there. But can you tell us maybe -- because if we look at it, existing home sales were kind of flat, but yet your customer count grew. How much of that was driven by, let's just say, attachment rate or maybe just market share gains? And maybe specifically, can you tell us what kind of this local strategy is and what people are doing on your side to sign more real estate customers up?

我想再更深入了解一下房地產業務與會員數。那邊成長不錯。但你們能否說明一下——因為如果我們看，成屋銷售大致持平，但你們的客戶數卻成長了。其中有多少是由，例如說，附加率（attachment rate）或是市占率提升所帶動？另外更具體地，你們能否說明這個在地策略是什麼，以及你們這邊的人員如何讓更多房地產客戶加入？

Yeah. The local strategy -- we had been investing a lot of money in MSAs and kind of changed our strategy on that. We still have a couple, but we wanted to take that money and effectively invest it at the local level with the local franchisees and brokers and really as opposed to trying to write the big check to the corporate area. We really wanted to put that money into the field. And that has really helped.

好的。在地策略——我們過去在都會統計區（MSA）投入了很多資金，並且對此調整了策略。我們仍保留幾個，但我們希望把那筆錢有效地投入到在地層級，與在地加盟主與經紀人合作，而不是試圖在總部層級開出一張大支票。我們真的希望把那筆錢投到前線。而這確實帶來很大幫助。

And it's a number of issues. We've had a number -- an increase in the number of sessions we've had with agents. And really, the catalyst for that is also showcasing our technology, both the app and the video chat with an expert. We do have -- did introduce discounting about nine months ago or so, which is having an effect because it gives people something to sell against. So -- because I think a lot of the times with the real estate agent, it's more a matter of having them -- giving them something to sell.

而且這牽涉到多個因素。我們與房仲的會談場次增加了不少。而其催化因素也包括展示我們的科技能力，包括App以及與專家進行視訊聊天。我們確實——大約九個月前左右——導入了折扣策略，這正在產生效果，因為它讓大家有一個可以拿來銷售對比的賣點。所以——因為我認為很多時候對房仲而言，更重要的是讓他們——給他們一個可以賣的東西。

And then finally, we touched on the inventory levels increasing. So what that does is it has an ability for people to -- sellers to begin to attach a home warranty more than they did a few years back. So that combination of things, but it's a grinding business. I mean, it's one that our agents are out grinding against, calling on agents and brokers every day.

最後，我們也提到庫存水位在上升。這帶來的效果是，賣方開始能夠比幾年前更常把房屋保固（home warranty）作為附加項。所以是這些因素的組合，但這是一門需要長期耕耘的生意。我的意思是，我們的業務人員每天都在努力耕耘，打電話拜訪房仲與經紀人。

And that's why I said in the call, I'm really proud of the -- our real estate leadership, our real estate -- our market managers, et cetera, who are doing this every day for us. And so being able to drive against that attach rate, how many more home warranties can you generate is really, I think, what combined to drive it up 7%.

這也是我在電話會議中說的，我對——我們的房地產領導團隊、我們的房地產——市場經理等等每天為我們做的這些事感到非常自豪。因此，能夠推動附加率、也就是能產生多少更多的房屋保固，我認為這些合在一起，推動其成長7%。

Okay. And then on the HVAC upgrade side, that's actually going very well. How do you feel about future growth in that business and what you're seeing? And maybe you could touch upon margins a little bit. And then any kind of comments on how the business performs with refrigerant changes? There's the 410A changes or at least implementations of that. So maybe any color there, too.

好的。接著在HVAC升級業務方面，實際上進展非常順利。你們如何看待該業務未來的成長，以及你們目前看到的情況？也許你們可以稍微談一下利潤率。另外，關於冷媒變更時業務表現的任何評論？例如410A的變更，或至少其導入實施。所以也請提供一些相關看法。

Yeah. I'll start and then, Jason, you can kick in on the margin stuff. I think we're on to something here, and we think we've refined the model. As we said, we're applying our pricing tools now. We're getting more targeted geographically.

好的。我先開始，然後Jason你可以補充利潤率的部分。我認為我們在這裡找到了一些方向，而且我們覺得已經把模式精煉得更成熟。如我們所說，我們現在正在套用我們的定價工具。我們在地理區域上也變得更有針對性。

When we first started this, we just would go anywhere to do it. But now we're engaging contractors all across the country. We've continued to increase the number of contractors participating.

剛開始做這件事時，我們幾乎哪裡都去做。但現在我們正在與全國各地的承包商合作。我們也持續增加參與的承包商數量。

And I think we mentioned in one of the slides, we've penetrated about 3% of the business over time. And that's -- if we start back and you add up all the revenue, and I think it's -- Jason, you did this the other day, it's like $450 million of historic revenue we've done here, which is up against about $60 million, $65 million -- 60,000 or 65,000 of our customers.

而且我想我們在其中一張投影片提到，隨著時間推移，我們大約滲透了3%的業務。而那是——如果你回頭從一開始把所有營收加總，我想——Jason，你前幾天算過——大概是4.5億美元的歷史營收，對應到大約6,000萬、6,500萬——我們大約6萬或6萬5千名客戶。

So we think the penetration rates can go very high here because HVAC equipment wears out and it wears out at different times. And so we think we're getting to a point where we continue to drive that. And the downstream effect is really positive because with newer equipment there, we reduce claims.

所以我們認為這裡的滲透率可以提高到很高，因為HVAC設備會老化，而且會在不同時間點老化。因此我們認為我們正走到一個可以持續推動這件事的階段。而下游效應非常正面，因為設備更新後，我們的理賠會下降。

So with that, I'll let Jason talk about the margin profile.

所以在此我讓Jason來談談利潤率結構。

Yeah, Ian, we're pretty excited about this business opportunity. As Bill mentioned, it started with our scale and purchasing power around equipment, and we found a way to monetize that and increase share of wallet. I think we've said before, the margins are lower than our home warranty product. They're probably low 20%, I'd say, is where we are right now. But as we've implemented dynamic pricing, we look to move that up over time.

好的，Ian，我們對這個業務機會感到相當興奮。如Bill提到的，它起步於我們在設備方面的規模與採購力，而我們找到一種方式將其變現並提高錢包占比（share of wallet）。我想我們之前說過，這項業務的利潤率低於我們的房屋保固產品。我會說目前大概在20%出頭的水準。但隨著我們導入動態定價，我們希望隨時間推移把它提高。

And then as Bill mentioned, we get the ancillary benefit kind of as that new equipment rolls into the system.

然後如 Bill 所提到的，隨著新設備逐步導入系統，我們也會獲得一些附帶的效益。

One other part of your question, you asked about the impact of refrigerant. We're constantly monitoring that. I wouldn't say it's had a big impact one way or the other on our ability to sell and implement the upgrade program. And we're constantly aware of that as a normal part of our business even on the home warranty side.

你問題的另一部分，你問到冷媒的影響。我們一直在持續監測。我不會說它對我們銷售並推動升級方案的能力有任何一邊倒的重大影響。而且我們也一直把這點視為業務的正常一環來關注，即使是在居家保固那一塊也是如此。

Michael Rindos, The Benchmark Company.

Michael Rindos，Benchmark Company。

Can you comment more on the real estate side? Are there any particular brokers that you're more or less aligned with, given that industry continues to consolidate?

你能再多談談房地產端嗎？鑑於該產業持續整併，你們是否與某些特定經紀商的合作更緊密或較不緊密？

Yeah. I probably wouldn't comment directly on which -- with the size of our business, we have to deal across all brokers. I think there's been a lot of talk about the fact that we no longer have an MSA with Compass. We still continue to do a lot of business with Compass.

是的。我可能不會直接評論是哪一家——以我們業務規模來看，我們必須與所有經紀商往來。我想外界談得很多的是我們不再與 Compass 簽有 MSA。但我們仍然持續與 Compass 有大量業務往來。

As you know, that's not an exclusive arrangement. We had it for years. So we have a great history with a lot of their agents and brokers. So we're dealing with virtually all of the companies and -- because I think we have to, to run a national business like that.

如你所知，那不是獨家安排。我們簽了很多年。因此我們與他們許多經紀人與經紀商有很好的合作歷史。所以我們幾乎與所有公司合作——因為我認為要經營這樣的全國性業務，我們必須如此。

Okay. And when you talk about your service providers and your preferred contractors, can you comment a little bit on how you feel about your coverage there over major MSAs? Is this something that the company might consider improving? Or is it comfortable with its level of coverage of preferred contractors? What's the direction there and the impact on the cost side?

了解。那談到你們的服務供應商與偏好承包商（preferred contractors），你能稍微談談你們在主要都會區（MSA）的覆蓋情況嗎？公司是否可能考慮提升這方面？或是對目前偏好承包商的覆蓋水準感到滿意？這方面的方向以及對成本端的影響是什麼？

We have about 17,000 contractors in our network, of which about 4,000 are what we call preferred contractors. It's national coverage. We don't limit where we service clients. So we feel that we're constantly refreshing that amount because we do rate our contractors on both cost and quality. So we want to make sure the service experience is the most important part.

我們的網絡中大約有 17,000 家承包商，其中約 4,000 家是我們所稱的偏好承包商。覆蓋是全國性的。我們不會限制服務客戶的地點。因此我們覺得我們一直在持續更新這個規模，因為我們會從成本與品質兩方面對承包商進行評分。所以我們希望確保服務體驗是最重要的一環。

But I think we have national coverage. And like I said -- like Jason said, Jacob's our guy who runs contractor relations, that they do a nice job of bringing on new contractors, bringing some up to the preferreds. With retirements and such, we have to keep feeding that group.

但我認為我們具備全國性覆蓋。而且如我所說——也如 Jason 所說，Jacob 是負責承包商關係的同仁，他們在引進新承包商、並把部分承包商提升為偏好承包商方面做得很好。隨著退休等情況，我們必須持續補充那個群體。

But I think -- I don't know, Jason, if you want to add anything.

但我想——我不知道，Jason，你是否想補充？

Yeah. I think I'd just echo your comments, Bill. I'd say we have very -- directly, Michael, we have very good coverage in major MSAs, as you would expect. As Bill said, that mid-80s is near all-time company highs. We like that percentage.

是的。我想我只是呼應你的評論，Bill。我會說，Michael，就主要都會區（MSA）而言，我們的覆蓋非常好，這也符合你的預期。如 Bill 所說，那個 80% 中段的比例接近公司歷史高點。我們喜歡那個比例。

It's both a combination of cost and quality. I'd highlight our preferreds deliver our best service experience on average. So we like that. The last piece I'd say, you asked about the impact, we estimate a 1% change in the preferred rate is somewhere between $8 million and $10 million worth of gross profit. And so we stay focused on that and the execution there has been terrific by the team.

它同時是成本與品質的組合。我想強調的是，我們的偏好承包商平均而言能提供最佳的服務體驗。所以我們很喜歡這點。最後一點，你問到影響，我們估計偏好承包商占比每變動 1%，大約相當於 800 萬到 1,000 萬美元的毛利。因此我們會持續聚焦在這點上，而團隊在執行上表現非常出色。

Got it. And I didn't hear any comments on appliance sales. I thought that was part of the strategy somewhat along the HVAC. Is that still ongoing?

了解。另外我沒有聽到任何關於家電銷售的評論。我原以為那在策略上有點像 HVAC 的一部分。那還在進行中嗎？

Yeah. That's our next trade that we're moving into. It's moving out of pilot now. We're expanding it more in Q4. So -- yes, so we're on pace to what we had said.

是的。那是我們接下來要切入的第二個工種（trade）。目前正從試點走向擴大推行。我們會在第四季（Q4）進一步擴張。所以——是的，我們的進度符合我們先前所說的。

We feel good about the pilot, how it's going. We think we've established the essence of the model with HVAC. It's different because it's a lower price point, but there are a lot more appliances, obviously, in the home. So we think it will be a good business, but we're in motion on that. And it's going to be the second trade that we start to expand nationally.

我們對試點的表現與進展感到滿意。我們認為已經在 HVAC 上建立了該模式的核心要素。家電有所不同，因為單價較低，但顯然家中家電的數量更多。所以我們認為這會是一門不錯的生意，而我們也正在推進中。而且這將會是我們開始在全國擴張的第二個工種。

Got you. And just lastly, when you talk about dynamic pricing, can you expand a little bit on that? What are the dynamics that contribute to dynamic pricing?

明白。最後，當你談到動態定價時，能否再多展開一點？有哪些因素會驅動動態定價？

Yes. So we've refined our dynamic pricing models over the last four to five years. And I'd say our primary focus there is in the renewal book, as you would expect. There are multiple -- I think we're now up to over 60 --

可以。過去四到五年，我們已精進了動態定價模型。我會說我們主要的重點是在續約客群（renewal book）上，這也符合你的預期。有多個——我想我們現在已經超過 60 個——

I think it's 65 factors.

我想是 65 個因素。

Yeah, over 60 factors that go into the model. But the easiest way I'd say it is you could think about things like geography where the home is based, size of the home, past experience with us and then things we learn about the home over time.

對，超過 60 個因素會納入模型。但最簡單的說法是，你可以把它想成像是房屋所在地的地理位置、房屋大小、過去與我們合作的經驗，以及我們隨時間對房屋所掌握到的其他資訊。

So we take all those factors, and that allows us to get much more precise on the amount or price we can charge a customer and any related impact on retention. So we think there's a really nice balance there. And that's something we think we are very differentiated on against our competitors.

我們把所有這些因素納入考量，讓我們能更精準地決定可向客戶收取的金額或價格，以及對續約留存的任何相關影響。因此我們認為在這之間有很好的平衡。而且我們認為這是相較競爭對手非常具差異化的一點。

And like with all machine learning tools, it gets better over time as it gets more information, et cetera. So it's constantly evolving, and we think we're getting better and better at it. And obviously, I think it's -- the proof point is that our retention rates continue to be so strong.

而且就像所有機器學習工具一樣，隨著獲得更多資訊等，它會隨時間變得更好。所以它會持續演進，我們也認為自己在這方面做得越來越好。而且很明顯，我想最好的佐證就是我們的留存率持續非常強勁。

(Operator Instructions) As we have no further questions at this time, this will conclude our question-and-answer session and today's call. You may disconnect your lines at this time.

（接線員指示）由於目前沒有進一步提問，問答環節與今天的電話會議到此結束。您現在可以掛斷電話線。

Thanks, everybody.

謝謝各位。

Sorry, sir, continue.

抱歉，先生，請繼續。

No, I just said thanks, everybody.

沒有，我只是說謝謝各位。

Thank you. You may disconnect your lines at this time, and we thank you for your participation, and have a great day.

謝謝。您現在可以掛斷電話線，感謝您的參與，祝您有美好的一天。