Anywhere Real Estate Inc (HOUS) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Realogy Holdings Corp. First Quarter 2022 Earnings Conference Call via webcast. Today's call is being recorded and a written transcript will be made available in the Investor Information section of the company's website tomorrow. A webcast replay will also be made available on the company's website.

早安，歡迎透過網路直播參加 Realogy Holdings Corp. 2022 年第一季財報電話會議。今天的電話會議正在錄音，明天將在公司網站的投資者資訊部分提供書面記錄。該公司網站上也將提供網路廣播重播。

At this time, I'd like to turn the conference over to Realogy's Senior Vice President, Alicia Swift. Please go ahead, Alicia.

這次，我想將會議轉交給 Realogy 的高級副總裁 Alicia Swift。請繼續，艾麗西亞。

Thank you, Chris. Good morning, and welcome to Realogy's First Quarter 2022 Earnings Conference Call. On the call with me today are Realogy's CEO and President, Ryan Schneider; and Chief Financial Officer, Charlotte Simonelli.

謝謝你，克里斯。早安，歡迎參加 Realogy 2022 年第一季財報電話會議。今天與我通話的是 Realogy 的執行長兼總裁 Ryan Schneider；財務長夏洛特·西蒙內利。

As shown on Slide 3 of the presentation, the company will be making statements about its future results and other forward-looking statements during this call. These statements are based on the current expectations and the current economic environment. Forward-looking statements and projections are inherently subject to significant economic, competitive and other uncertainties and contingencies, many of which are beyond the control of management including, among others, constrained inventory levels, rising inflation and mortgage rates and uncertainties related to the continued strength of the housing market and the ongoing COVID crisis. Actual results may differ materially from those expressed or implied in the forward-looking statements.

如簡報投影片 3 所示，該公司將在本次電話會議期間發表有關其未來業績的聲明和其他前瞻性聲明。這些陳述是基於當前的預期和當前的經濟環境。前瞻性陳述和預測本質上受到重大經濟、競爭和其他不確定性和意外事件的影響，其中許多因素超出了管理層的控制範圍，其中包括庫存水準受限、通膨和抵押貸款利率上升以及與持續強勢相關的不確定性房地產市場和持續的新冠危機。實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, April 28, and have not been updated subsequent to the initial earnings call. Important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our earnings release issued today as well as in our annual and quarterly SEC filings.

對於那些收聽重播本簡報的人，我們提醒您，本文中的言論截至今天 4 月 28 日，在首次財報電話會議後尚未更新。我們今天發布的收益報告以及我們向 SEC 提交的年度和季度文件中詳細說明了可能導致實際結果與前瞻性陳述中的結果存在重大差異的重要假設和因素。

Also, certain non-GAAP financial measures will be discussed on this call, and per SEC rules, important information regarding these non-GAAP financial measures is included in our earnings press release and slides.

此外，本次電話會議還將討論某些非 GAAP 財務指標，並且根據 SEC 規則，有關這些非 GAAP 財務指標的重要資訊包含在我們的收益新聞稿和幻燈片中。

Last, the industry data referenced during today's call is based on NAR's most recent public estimates, which are now subject to review and revision. Factors that may impact the comparability of our home sales statistics to NAR are outlined in our annual and quarterly reports filed with the SEC.

最後，今天電話會議中引用的行業數據是基於 NAR 的最新公開估計，目前正在接受審查和修訂。我們向 SEC 提交的年度和季度報告中概述了可能影響我們的房屋銷售統計數據與 NAR 的可比性的因素。

Now I will turn the call over to our CEO and President, Ryan Schneider.

現在我將把電話轉給我們的執行長兼總裁 Ryan Schneider。

Good morning, everyone. I'm incredibly excited to be with you today to discuss our strong first quarter 2022 results. Realogy continues to strategically transform our business as we move real estate to what's next. When we last spoke in February, I shared Realogy's 2021 progress as we completed the first chapter of our transformation, highlighted by profitable organic growth, substantial market share gains, a transformed balance sheet with much lower net leverage and proven cost discipline, all driven by great talent and our increasing technology leadership. Q1 of 2022 continued that success. Excluding the unseasonably high 2021, we delivered the best first quarter top and bottom line results in the company's history.

大家，早安。我非常高興今天能與大家一起討論我們 2022 年第一季的強勁業績。隨著我們將房地產轉向未來，Realogy 繼續對我們的業務進行策略性轉型。當我們上次在2 月發言時，我分享了Realogy 在2021 年完成轉型第一章時取得的進展，其中突出的是盈利性有機增長、大幅市場份額增長、淨槓桿率大幅降低的資產負債表轉型以及經過驗證的成本控制，所有這些都是由優秀的人才和我們不斷增強的技術領先地位。 2022 年第一季延續了這一成功。排除 2021 年反常的高點，我們實現了公司歷史上最好的第一季營收和淨利潤業績。

Revenue was $1.6 billion and operating EBITDA was $69 million, the latter is more than double recent Q1 results by $32 million in 2020 and $34 million in 2018. We grew our luxury and premium heavy owned brokerage business 10% year-over-year, substantially outperforming the industry. We saw some really powerful geographic trends with standout strength in New York City and Florida. Our franchise business volume was up 1% year-over-year, and overall Realogy delivered 4% year-over-year volume growth in the quarter, in line with the industry and our expectations, including higher prices with a bit fewer units. Our core business drivers continue to perform very well. We increased brokerage agents 6% year-over-year, the seventh consecutive quarter of sequential growth. We achieved incredibly high brokerage agent retention as our very strong product technology and brand value propositions, increasingly attract to retain agents at tremendous scale. As our franchise business expanded, we're especially excited by the ongoing growth of our corporate high-end franchise brand.

收入為16 億美元，營業EBITDA 為6,900 萬美元，後者是最近第一季業績的兩倍多，2020 年為3,200 萬美元，2018 年為3,400 萬美元。我們的奢侈品和高端重金經紀業務同比成長10%，大幅成長表現優於產業。我們看到了一些非常強大的地理趨勢，在紐約市和佛羅裡達州表現尤為突出。我們的特許經營業務量年增 1%，本季 Realogy 整體銷量年增 4%，符合行業和我們的預期，包括單位數量較少但價格較高。我們的核心業務驅動力持續表現出色。我們的經紀代理數量年增 6%，這是連續第七個季度實現環比增長。我們實現了令人難以置信的高經紀代理保留率，因為我們非常強大的產品技術和品牌價值主張，越來越吸引大規模的保留代理商。隨著我們的特許經營業務的擴大，我們對我們企業高端特許經營品牌的持續成長感到特別興奮。

We fortified our balance sheet by retiring $1.1 billion of our highest coupon notes, which will lower our annual interest expense by over $40 million. We printed a 3x net leverage ratio, the best Q1 results in the company's history. This result is right in line with our target and what we expected given the return to seasonality.

我們透過收回 11 億美元的最高息票票據來強化我們的資產負債表，這將使我們的年度利息支出減少超過 4000 萬美元。我們公佈了 3 倍的淨槓桿率，這是公司歷史上最好的第一季業績。這結果完全符合我們的目標以及我們對季節性迴歸的預期。

Now strategically, we closed our underwriting joint venture with Centerbridge Partners in March. We received our $210 million purchase price for 70% of the business and are excited for the future upside of this growth venture given our continued ownership stake.

現在，從策略上講，我們在三月關閉了與 Centerbridge Partners 的承保合資企業。我們收到了 2.1 億美元的收購價，收購了該公司 70% 的業務，並且鑑於我們繼續持有所有權股份，我們對這家成長型企業的未來發展前景感到興奮。

On another strategic topic, we are really focused on our RealSure joint venture. Remember, we remain skeptical of the pure iBuying concept, but we are compelled by the power of helping consumers buy and sell their homes in an easier way. We continue to invest in RealSure, expanding our RealSure buy product to 7 cities in the quarter, and our RealSure sell product is now in 25 cities. We are pleased by what we're learning from both our direct-to-consumer and our agent marketing and believe we are building a special thing in this part of the market.

在另一個策略主題上，我們真正關注的是我們的 RealSure 合資企業。請記住，我們仍然對純粹的 iBuying 概念持懷疑態度，但我們被幫助消費者以更簡單的方式買賣房屋的力量所驅使。我們繼續投資 RealSure，本季將我們的 RealSure 買入產品擴展到 7 個城市，我們的 RealSure 賣出產品現已覆蓋 25 個城市。我們對從直接面向消費者和代理商行銷中學到的東西感到高興，並相信我們正在這部分市場中打造一個特殊的產品。

Now the biggest challenge we saw in Q1 was in our mortgage joint venture, where we lost $8 million in the quarter, lapping a much higher mark-to-market from last year, combined with very tough rate and margin trends that emerged in Q1 negatively affected both Q1 results and our mortgage outlook for the full year 2022. But overall, we are really upbeat about the Q1 results we delivered, especially versus history, and we love the momentum we continue to generate.

現在，我們在第一季看到的最大挑戰是我們的抵押貸款合資企業，本季我們損失了800 萬美元，按市值計價比去年高得多，再加上第一季度出現的非常嚴峻的利率和利潤率趨勢，出現了負面影響影響了第一季的業績和我們2022 年全年的抵押貸款前景。但總的來說，我們對我們交付的第一季的業績非常樂觀，特別是與歷史相比，我們喜歡我們繼續產生的勢頭。

Looking ahead for 2022, we now expect to deliver operating EBITDA in the $750 million to $800 million range with the change driven primarily by the challenges we and others are seeing in the mortgage business since we set our guidance. We will remain proactive on cost management, including the execution of the full year cost savings plan we outlined for you last quarter. And with increasing uncertainty about housing in the near term, we always try to share with you what we're seeing. So on the positive side, we continue to see very strong demand.

展望 2022 年，我們現在預計將實現 7.5 億至 8 億美元的經營 EBITDA，這項變更主要是由我們和其他人在製定指導方針以來在抵押貸款業務中看到的挑戰所驅動的。我們將繼續積極主動地進行成本管理，包括執行我們上季度為您制定的全年成本節約計劃。隨著近期住房的不確定性不斷增加，我們總是試圖與您分享我們所看到的情況。因此，從積極的一面來看，我們繼續看到非常強勁的需求。

Over 50% of our listings are selling within 2 weeks. Multiple offers per home and sales price above list price measures are still meaningfully above historical norms in our portfolio. And the premium and luxury parts of our portfolio are showing the most strength, as you can see in our Q1 brokerage numbers. And our number of listings on $500,000 and up property is actually up versus 2021. If we have more housing supply, we could definitely sell it across all price points.

我們超過 50% 的商品在兩週內售出。每套房屋的多個報價和高於標價衡量標準的銷售價格仍然明顯高於我們投資組合的歷史正常水平。正如您在我們第一季的經紀數據中看到的那樣，我們投資組合中的高端和奢侈品部分錶現出了最強的實力。與 2021 年相比，我們掛牌的 50 萬美元及以上房產的數量實際上有所增加。如果我們有更多的住房供應，我們絕對可以在所有價位上出售它。

On the more challenging side, the combination of limited supply and rising rates is clearly hurting the lower end of the market, especially the first-time home buyer. Our number of listings on properties below $300,000 in our franchise business and below $400,000 in our owned brokerage business are down versus 2021. And to give you a sense of our latest data through about the third week of April, our closed transaction volume looks in line with our current forecast, and our open volume is a bit below our current forecast for the month.

更具挑戰性的一面是，有限的供應和不斷上漲的利率顯然正在損害低端市場，尤其是首次購屋者。與2021 年相比，我們的特許經營業務中30 萬美元以下的房產掛牌數量以及我們自有經紀業務中40 萬美元以下的房產掛牌數量均有所下降。為了讓您了解我們截至4 月第三週的最新數據，我們的已成交交易量看起來與2021 年相符。根據我們目前的預測，我們本月的持倉量略低於我們目前的預測。

So our volume guidance for 2022 is currently unchanged at mid-single digits, but we're watching this closely and we'll keep you updated on these calls on what we're seeing. And remember the rough metric that about 1 percentage point of volume is worth about $15 million of operating EBITDA in our business. So while the near-term volatility in the housing market is tough to predict, we remain convinced the medium-term outlook for housing, especially over the course of this decade, anchored in positive demographics and social trends remains bright.

因此，我們對 2022 年的銷售指引目前保持在中個位數不變，但我們正在密切關注這一情況，並將隨時向您通報我們所看到的最新情況。請記住一個粗略的衡量標準：大約 1 個百分點的銷售量相當於我們業務中約 1500 萬美元的營運 EBITDA。因此，儘管房地產市場的近期波動難以預測，但我們仍然相信，基於積極的人口統計和社會趨勢，房地產的中期前景，特別是在這十年中，仍然是光明的。

So I'll now turn the call over to Charlotte to discuss Q1 in more detail.

因此，我現在將把電話轉給夏洛特，更詳細地討論第一季。

Thank you, Ryan. Good morning, everyone. Realogy once again delivered another strong quarter of results. As Ryan mentioned, our Q1 revenue was the best on record, and our Q1 operating EBITDA was second only to the outstanding results we delivered in Q1 last year and more than double that of 2020. This consistency of delivery, strong financial discipline and continued momentum reflects the strength of our underlying business, and we are leveraging the strong foundation to execute on the offense as we embark on the next phase of our company's transformation.

謝謝你，瑞安。大家，早安。 Realogy 再次交付了另一個強勁的季度業績。正如Ryan 所提到的，我們第一季的營收是有史以來最好的，我們第一季的營運EBITDA 僅次於我們去年第一季交付的出色業績，是2020 年的兩倍多。這種交付的一致性、嚴格的財務紀律和持續的勢頭反映了我們基礎業務的實力，當我們開始公司轉型的下一階段時，我們正在利用堅實的基礎來執行進攻。

Now let's get into the Q1 financial highlights. Q1 revenue was $1.6 billion, an increase of $88 million or 6% versus prior year, our best ever, due predominantly to 4% transaction volume growth in line with our expectations. This was led by outsized performance in brokerage with transaction volume growth of 10% year-over-year, and our strong Q1 results were on top of an already strong Q1 '21 with volume up 44% year-over-year.

現在讓我們來看看第一季的財務亮點。第一季營收為 16 億美元，比前一年增加 8,800 萬美元，即 6%，是我們有史以來最好的收入，主要是由於 4% 的交易量成長符合我們的預期。這得益於經紀業務的出色表現，交易量同比增長 10%，而我們強勁的第一季業績是在 21 年第一季本已強勁的基礎上實現的，交易量同比增長 44%。

Q1 operating EBITDA was $69 million, down $93 million versus prior year due to lower mortgage JV earnings, higher operating expenses and lower title agency earnings. Even with the mortgage headwinds, Q1 EBITDA of $69 million was much stronger than Q1 2020 of $32 million, Q1 2019 of negative $4 million and Q1 2018 of $34 million. In the quarter, we realized $11 million in cost savings and are on track to deliver approximately $70 million of savings for the full year.

第一季營運 EBITDA 為 6,900 萬美元，比上年同期減少 9,300 萬美元，原因是抵押貸款合資公司收益下降、營運費用增加以及產權代理收益下降。即使面臨抵押貸款不利因素，第一季EBITDA 仍高達6,900 萬美元，遠高於2020 年第一季的3,200 萬美元、2019 年第一季的負400 萬美元和2018 年第一季的3,400 萬美元。本季度，我們實現了 1,100 萬美元的成本節省，並預計全年實現約 7,000 萬美元的成本節省。

For this program, we are focused on driving continued efficiency and agility driven by automation, systems integration and other personnel-related efficiencies. Q1 interest expense improved by $20 million year-over-year due to higher mark-to-market gains on interest rate swaps and lower interest expense due to our Q1 debt reduction and refinancing. And we closed the 70% sale of our underwriter business to Centerbridge on March 29 and remain very excited about the growth prospects of this JV.

對於該計劃，我們專注於透過自動化、系統整合和其他與人員相關的效率來推動持續的效率和敏捷性。由於利率掉期以市價計價的收益增加，以及我們第一季債務削減和再融資導致的利息支出下降，第一季利息支出較去年同期減少了 2,000 萬美元。我們於 3 月 29 日完成了將承銷商業務 70% 出售給 Centerbridge 的交易，並對這家合資企業的成長前景仍然感到非常興奮。

The transaction drove a $131 million gain on sale recognized in Q1. Post-close, our retained ownership is reported in equity earnings from unconsolidated businesses along with our mortgage JV. As a reminder, the operating EBITDA impact is worth about $40 million versus prior year and will impact year-over-year comparisons to revenue and other P&L metrics.

該交易在第一季帶來了 1.31 億美元的銷售收益。交割後，我們保留的所有權將在未合併業務以及我們的抵押貸款合資企業的股本收益中報告。需要提醒的是，與前一年相比，營運 EBITDA 的影響價值約為 4000 萬美元，並將影響與收入和其他損益指標的同比比較。

Now I will briefly highlight our business unit results. Realogy Franchise Group, which includes leads and relocation, delivered one of the best first quarters on record with Q1 revenue of $267 million, an increase of $13 million versus prior year, and net royalty per side of $413 was an increase of $31 versus prior year. Operating EBITDA of $138 million was largely flat to the high of Q1 2021.

現在我將簡要介紹我們業務部門的業績。 Realogy Franchise Group（包括銷售線索和搬遷）實現了有史以來最好的第一季之一，第一季收入為2.67 億美元，比去年同期增加1,300 萬美元，每邊淨特許權使用費為413美元，比去年同期增加31 美元。營運 EBITDA 為 1.38 億美元，與 2021 年第一季的高點基本持平。

Realogy Brokerage Group delivered its strongest top line quarter, with Q1 revenue of $1.3 billion, up $93 million versus prior year. Transaction volume growth of 10% was driven by strength in Sotheby's International Realty and Corcoran. Operating EBITDA was negative $40 million, a decline of $35 million versus prior year, largely due to expense timing, higher commission costs and the return to more normal seasonality in our P&L. RBG generated operating EBITDA of $46 million before the transfer of intercompany royalties and marketing fees paid to our franchise business.

Realogy Brokerage Group 實現了最強勁的季度營收，第一季營收為 13 億美元，比去年同期成長 9,300 萬美元。蘇富比國際房地產 (Sotheby's International Realty) 和 Corcoran 的實力推動了交易量成長 10%。營運 EBITDA 為負 4000 萬美元，比上年減少 3500 萬美元，這主要是由於費用時間安排、佣金成本上升以及損益表回歸到更正常的季節性。在將公司間特許權使用費和行銷費用轉移給我們的特許經營業務之前，RBG 的營運 EBITDA 為 4,600 萬美元。

We grew our owned brokerage agent base 6% year-over-year with Q1, our seventh consecutive quarter of sequential agent growth, and continue to have the highest agent retention on record for RBG. Commission splits increased 254 basis points, driven predominantly by strong volume growth, agent mix, recruiting and retention. We like the agent investments we are making to drive profitable growth. We expect some of these trends to continue, which will put further upward pressure on splits versus what I had shared with you last quarter and are reflected in our updated guidance.

第一季度，我們自有經紀代理基數年增 6%，這是我們連續第七個季度實現代理增長，並且繼續保持 RBG 有記錄以來最高的代理保留率。佣金分配增加了 254 個基點，主要是由於銷售強勁成長、代理商組合、招募和留任。我們喜歡為推動獲利成長而進行的代理投資。我們預計其中一些趨勢將持續下去，與我上季度與您分享的情況相比，這將給分拆帶來進一步的上行壓力，並反映在我們更新的指導中。

Realogy Title Group Q1 revenue was $190 million, a decline of $11 million year-over-year. The revenue decline was driven by 3 less days from our underwriter business due to the timing of the sale. Lower purchase and refinance volumes coming off the unseasonal highs of 2021 were offset by favorable purchase unit fees. Operating EBITDA was negative $3 million, a decline of $64 million year-over-year driven predominantly by lapping exceptionally strong GRA JV earnings in the prior year.

Realogy Title Group 第一季營收為 1.9 億美元，年減 1,100 萬美元。由於出售時間的原因，我們的承銷商業務減少了 3 天，導致收入下降。 2021 年非季節性高點後的購買量和再融資量下降，被有利的購買單位費用所抵銷。營業 EBITDA 為負 300 萬美元，年減 6,400 萬美元，主要是由於上一年 GRA 合資企業的獲利異常強勁。

In Q1 2021, GRA benefited from sizable mark-to-market adjustments, higher gain on sale margins and high refinance volumes. In Q1 this year, the industry saw higher mortgage rates and lower purchase and refinance volumes, which prompted a dramatic increase in mortgage competition, driving lenders to compress margin. We closed Q1 2022 with a very strong balance sheet, and we will continue to execute against our disciplined approach to capital allocation. We ended Q1 with a senior secured leverage ratio of 0x and a net debt leverage ratio of 3x, and we will continue to target a 3x net leverage ratio through cycle moving forward.

2021 年第一季度，GRA 受惠於大規模的市價調整、更高的銷售利潤率和高再融資量。今年第一季度，該行業的抵押貸款利率上升，購買和再融資量下降，導致抵押貸款競爭急劇加劇，導致貸款機構壓縮利潤率。我們在 2022 年第一季結束時擁有非常強勁的資產負債表，我們將繼續執行嚴格的資本配置方法。第一季結束時，我們的優先擔保槓桿率為 0 倍，淨債務槓桿率為 3 倍，並且我們將在整個週期中繼續以 3 倍淨槓桿率為目標。

As a result of January's successful $1 billion 5.25% notes offering, we reduced gross debt by $100 million and redeemed $1.1 billion of high coupon notes. We reduced annualized interest expense by over $40 million and reduced our fixed rate cost of capital to 4.6% from nearly 8% just a year earlier.

由於 1 月成功發行了 10 億美元、年息 5.25% 的票據，我們的總債務減少了 1 億美元，並贖回了 11 億美元的高息票票據。我們將年化利息支出減少了超過 4,000 萬美元，並將固定利率資本成本從一年前的近 8% 降至 4.6%。

Cash on hand at the end of Q1 was $306 million. This is after taking into consideration $152 million of regulatory cash that was sold with the underwriter business and also includes $100 million of debt reduction and associated fees to retire our higher coupon debt. Free cash flow was a use of $275 million, a typical seasonal outflow for the business.

第一季末手頭現金為 3.06 億美元。這是考慮到與承銷商業務一起出售的 1.52 億美元監管現金，還包括 1 億美元的債務減免和相關費用，以償還我們較高的票面債務。自由現金流使用了 2.75 億美元，這是該企業典型的季節性流出。

Finally, our capital allocation position remains unchanged. We remain committed to repaying the $407 million of 2023 notes on or before their maturity. Our highest capital allocation priority is investing for profitable growth. This includes investing more in the organic growth that has helped us grow share. And we continue to see opportunities for strategic M&A in our core business. We also see opportunities for M&A and investments in adjacent businesses and in technology to further accelerate our transformation.

最後，我們的資本配置狀況維持不變。我們仍然致力於在到期日或之前償還 4.07 億美元的 2023 年票據。我們資本配置的最高優先順序是投資於獲利成長。這包括更多地投資於有機成長，幫助我們增加份額。我們繼續在核心業務中看到策略併購的機會。我們也看到了對相鄰業務和技術進行併購和投資的機會，以進一步加速我們的轉型。

Finally, excess free cash flow beyond what we think are good investments can be returned to shareholders with our Board-authorized stock repurchase program. We continue to execute strategically and employ well disciplined financial strategies and are excited by our future path to growth, which we will cover in more depth during Investor Day on May 12.

最後，超出我們認為良好投資範圍的多餘自由現金流可以透過董事會授權的股票回購計畫回饋給股東。我們繼續執行策略並採用嚴格的財務策略，並對我們未來的成長之路感到興奮，我們將在 5 月 12 日的投資者日期間更深入地介紹這一點。

Realogy is leading the market and growing share with a strong core business, additional growth vectors like RealSure and other JVs, first-class brands, talent and technology. We are at a very exciting time in our journey, and we believe we are well positioned to further accelerate growth and shareholder value. I will now turn the call back to Ryan.

Realogy 憑藉強大的核心業務、RealSure 和其他合資企業等額外成長載體、一流的品牌、人才和技術，引領市場並持續成長份額。我們正處於旅程中非常令人興奮的時刻，我們相信我們處於有利地位，可以進一步加速成長和股東價值。我現在將電話轉回給瑞安。

Thank you, Charlotte. Looking ahead, I am most excited about where our business is going in the upcoming years, which we will share during our May 12 Investor Day. To give you a preview, we plan to build on the attractive business that we have today and articulate new strategic opportunities for Realogy with the consumer to help transform home buying and home selling. We believe these opportunities will be great for consumers and agents anywhere in the transaction journey and will be economically attractive for Realogy, will help future-proof the company and will even be part of moving Realogy to a different competitive set.

謝謝你，夏洛特。展望未來，我最興奮的是我們的業務在未來幾年的發展方向，我們將在 5 月 12 日的投資者日分享這一點。為了讓您先睹為快，我們計劃以我們今天擁有的有吸引力的業務為基礎，向消費者闡明 Realogy 的新戰略機會，以幫助轉變購房和房屋銷售。我們相信，這些機會對於交易過程中任何地方的消費者和代理商來說都是巨大的，並且對Realogy 來說都具有經濟吸引力，將有助於公司面向未來，甚至將成為將Realogy 推向不同競爭環境的一部分。

Our new COO, Melissa McSherry, who joined us in February from Visa will also describe this transformation, including product and technology innovation proof points we are already delivering. And Charlotte will share our 2026 financial targets, including the new growth opportunities, sizing and what it means for our balance sheet and capital allocation. Finally, I want to give you more exposure to our great talent as an important component of our Investor Day, and we're really proud of the recent recognition as one of LinkedIn's top 50 companies for talent in the U.S. for the second year in a row.

我們的新任營運長 Melissa McSherry 於 2 月從 Visa 加入我們，她也將描述這一轉變，包括我們已經提供的產品和技術創新證明點。夏洛特將分享我們 2026 年的財務目標，包括新的成長機會、規模以及它對我們的資產負債表和資本配置的意義。最後，我想讓您更多地了解我們的優秀人才，作為投資者日的重要組成部分，我們對最近連續第二年被評為 LinkedIn 美國 50 強人才公司之一感到非常自豪。排。

So with my excitement about what's ahead for us, we will now take your questions.

因此，我對我們的未來感到興奮，現在我們將回答你們的問題。

(Operator Instructions) Our first question is from Ryan McKeveny with Zelman & Associates.

（操作員說明）我們的第一個問題來自 Zelman & Associates 的 Ryan McKeveny。

So Ryan, the '22 guidance change, you called out the impact of higher rates and in particular the impact on the mortgage JV. And I think Charlotte, you also mentioned higher splits are a component too. So I guess reading between the lines, do those comments generally imply that the embedded outlook for volume at the brokerage and franchise has not changed much since last quarter, even with higher rates, and it's more so just, again, the mortgage and split dynamic? So maybe if you can start with connecting those dots and maybe just give us a general update on kind of how you're thinking about the resale market and transaction volume playing out through the year and ultimately embedded in that guidance.

Ryan，22 年指導方針的變化，你指出了利率上升的影響，特別是對抵押貸款合資企業的影響。我認為夏洛特，你也提到更高的分裂也是一個組成部分。因此，我想從字裡行間看，這些評論是否通常意味著，自上季度以來，經紀和特許經營業務的內在交易量前景沒有太大變化，即使利率較高，而且更重要的是，抵押貸款和分割動態？因此，也許您可以從連接這些點開始，也許只是向我們提供一般性更新，說明您如何看待全年的轉售市場和交易量，並最終納入該指導。

Well, thank you for the question, Ryan. Look, it's more than implied. To be blunt, I did literally say our volume guidance is currently unchanged at mid-single-digit growth. Because we look at what happened in the first quarter, what's happened in April, our mortgage business and the whole mortgage industry took a pretty tough hit. And the lion's share of that $50 million kind of shift in the guidance is mortgage. It does incorporate a few other things around the margin. But we've kept the volume guidance where it is really given the, frankly, quite strong demand that we're seeing out there in the market, especially in the kind of $500,000 and up area, which is where our business does kind of skew.

好的，謝謝你的提問，瑞安。看吧，這不只是暗示。坦白說，我確實說過我們的銷售指導目前保持在中個位數成長不變。因為我們看看第一季發生的事情，四月發生的事情，我們的抵押貸款業務和整個抵押貸款行業都受到了相當嚴重的打擊。指南中 5000 萬美元的轉變中最大的部分是抵押貸款。它確實在邊緣包含了一些其他內容。但我們保留了銷售指導，坦白說，我們在市場上看到了相當強勁的需求，特別是在 50 萬美元及以上的區域，這是我們業務確實存在偏差的地方。

But there's a lot of uncertainty, but I think the headlines are probably more negative than the data is out there. And so we tried to give you the positives we were seeing on the market volume side as well as a couple of places where there are some negatives, and we worry about it. But for now, we're sticking with the kind of mid-single digits. It's what we delivered in Q1. It's what April is looking pretty close to -- or at on volume in terms of closed volume. And obviously, we'll see where it's going from here. But the rate and margin dynamics in mortgage took a really big hit in our mortgage business in the quarter, as you saw with the $8 million loss. And again, that is the majority of the reason that we've changed the guidance is what's happening to our mortgage business.

但存在著許多不確定性，但我認為頭條新聞可能比現有數據更負面。因此，我們試圖向您提供我們在市場成交量方面看到的積極因素，以及一些存在消極因素的地方，我們對此感到擔憂。但目前，我們仍堅持使用中個位數的數字。這是我們在第一季交付的。這與四月的情況非常接近——或者說就成交量而言是在成交量上。顯然，我們會看到它的發展方向。但抵押貸款的利率和利潤動態在本季度對我們的抵押貸款業務造成了很大的打擊，正如您所看到的 800 萬美元的損失。再說一次，這就是我們改變指導方針的主要原因是我們的抵押貸款業務發生了什麼。

Got it. And Charlotte, I guess, on the cost structure, if we fast forward beyond '22 and let's just say if 2023 is a year where for the industry there is lower transaction volume, can you talk about the levers or how you think about the levers that can be pulled to try to limit margin or the margin impact if, let's say, for the industry and let's say, for you guys if revenue in the brokerage segment and even the franchise segment is down? Would those costs or expense categories be similar to ones you're already focused on with the cost savings? Or are there other categories you'd take a closer look at if it turns out that the market does start to slow more materially next year?

知道了。夏洛特，我想，關於成本結構，如果我們快進到 22 年後，假設 2023 年是該行業交易量較低的一年，您能否談談槓桿或您如何看待槓桿如果對於整個行業來說，如果經紀業務甚至特許經營業務的收入下降，那麼可以拉動它來限制利潤或利潤影響？這些成本或費用類別是否與您已經關注的成本節省類似？或者，如果明年市場確實開始大幅放緩，您是否會更仔細地關注其他類別？

Thanks for the question. So we're excited. We're actually going to share more about this on May 12 at our Investor Day, too. It's really 2 streams. Like the stuff that we're doing now, there's definitely a lot more we can do on the efficiency front, and we'll share more about that on May 12. So I think we have years ahead of us where we have still additional cost savings that we can go get through efficiencies, automation, more systems integration, things like that. But the housing market is a separate thing, and I think we showed you during COVID, depending on how dramatic there are movements in the housing market, there are other things we can do of a more temporary nature like calling back, travel and entertainment, meetings and conferences, whatever. There's more discretionary spend that we would attack if there was something dire going on in the housing market.

謝謝你的提問。所以我們很興奮。事實上，我們也將在 5 月 12 日的投資者日分享更多相關資訊。這確實是2個流。就像我們現在正在做的事情一樣，我們在效率方面肯定還有很多事情可以做，我們將在5 月12 日分享更多相關資訊。所以我認為我們還有很多年的時間，我們仍然需要額外的成本我們可以透過提高效率、自動化、更多的系統整合等來節省成本。但房地產市場是另一回事，我想我們在新冠疫情期間向大家展示了，根據房地產市場的劇烈波動，我們還可以做其他一些臨時性的事情，比如回電、旅行和娛樂，會議和會議，無論什麼。如果房地產市場出現可怕的情況，我們會攻擊更多可自由支配的支出。

So I see it as really 2 streams, and they're both accessible to us. And we're full steam ahead on what we consider the more transformational ones that will set us up for future success ongoing but the discretionary ones are always available to us, too, depending on dramatic swings in housing.

所以我認為它實際上是兩個流，而且我們都可以訪問它們。我們正在全力推動我們認為更具變革性的項目，這些項目將為我們未來的成功奠定基礎，但我們也可以隨時選擇可自由支配的項目，這取決於房屋市場的劇烈波動。

Ryan, we have a pretty good proof point on that in terms of 2020 and what we did on a lot of the discretionary stuff there at the start of COVID. And so we can talk more about that in 10 days, but that's a proof point that we've actually delivered on what you're asking in the past.

Ryan，就 2020 年而言，我們有一個很好的證據來證明這一點，以及我們在新冠疫情開始時在許多可自由裁量的事情上所做的事情。因此，我們可以在 10 天內對此進行更多討論，但這證明我們實際上已經滿足了您過去提出的要求。

Our next question is from Anthony Paolone with JPMorgan.

我們的下一個問題來自摩根大通的 Anthony Paolone。

I guess first couple for Charlotte. I understand the tough comps in 1Q that you laid out. But can you maybe help us with a bit more as we try to roll into the second quarter? And anything to think about as it relates to whether it's the mortgage JV or sale of underwriting, try to just make sure we clean up numbers for 2Q?

我想夏洛特的第一對。我理解你在第一季制定的艱難的比賽。但是，當我們努力進入第二季度時，您能否為我們提供更多幫助？還有什麼需要考慮的，因為它涉及抵押貸款合資企業還是承銷銷售，盡量確保我們清理第二季的資料？

Yes. So I'll start at the top of the P&L with revenue. So we are lapping 85.5% volume growth last year, and the industry was at like 53%. So we have a very, very strong volume quarter that we're lapping. So keep that in mind.

是的。因此，我將從損益表頂部的收入開始。因此，去年我們的銷量成長了 85.5%，而整個產業的成長率約為 53%。因此，我們的季度銷售非常非常強勁。所以記住這一點。

And you're right, the sale of the underwriter has a material impact on our revenues in the title business. So I think we've laid out the split between sort of title agency and underwriter pretty clearly, but I think that's definitely going to impact revenue. And on the mortgage side, we had this outsized mark-to-market adjustment, which was much more sizable in Q1 than it was in Q2. It will still be an impact, but the impact is probably more driven by lower gain on sale margins this year as it relates to the competition that's going on in mortgage because of the lower volumes.

你是對的，出售承銷商對我們產權業務的收入產生了重大影響。因此，我認為我們已經非常清楚地列出了產權代理機構和承銷商之間的劃分，但我認為這肯定會影響收入。在抵押貸款方面，我們進行了大規模的按市值計算的調整，第一季的調整幅度比第二季的調整幅度大得多。這仍然會產生影響，但這種影響可能更多是由於今年銷售利潤率的下降造成的，因為這與抵押貸款領域由於銷量下降而發生的競爭有關。

So I think mortgage definitely will continue to be a struggle for us, but it's less about the prior year comp. We definitely need to strip out the underwriter both at revenue and at EBITDA. And then on volume, really, that 80 -- just don't forget about that 86% volume growth.

因此，我認為抵押貸款肯定會繼續成為我們的一個難題，但這與去年的比較無關。我們絕對需要在收入和 EBITDA 方面剔除承銷商。然後是銷量，實際上是 80%，只是不要忘記 86% 的銷量成長。

The thing that impacted us too in the first quarter that won't be quite as bad of an impact is operating expenses. So the operating expenses were intentionally higher in the first quarter as we caught up a bunch on sort of the travel and meetings and agent-facing things that we hadn't done in Q1 of last year. So while it was a severe impact in Q1, it will definitely be less of an impact.

第一季也對我們產生了影響，但影響不會那麼嚴重的是營運費用。因此，第一季的營運費用故意較高，因為我們趕上了去年第一季沒有做過的大量旅行、會議以及面向代理商的事情。因此，雖然第一季的影響很嚴重，但影響肯定會較小。

So on the underwriter, don't forget to just add back in sort of our less than 1/3 share of that. But those are the biggest drivers, I would say. And if there's anything else you need, just let us know.

因此，在承銷商方面，不要忘記添加回我們不到 1/3 的份額。但我想說，這些都是最大的驅動因素。如果您還有其他需要，請告訴我們。

Okay. And my other question was going to be around expenses and you kind of touched on that. But as we think about the rest of the year, you had mentioned the higher OpEx in 1Q. So if we look at that number, is that higher just than it normally would be seasonally? Or is it -- do you think it will actually -- OpEx will be lower in 2Q than it was in 1Q?

好的。我的另一個問題是關於費用的，你也談到了這個問題。但當我們考慮今年剩餘時間時，您提到第一季的營運支出較高。那麼，如果我們看一下這個數字，它是否比通常的季節性數字要高？或者，您認為第二季的營運支出實際上會低於第一季嗎？

So how I think about it is let's start with the cost savings. We had $11 million in the first quarter. I would expect the rest of the year, they would build as we go. So you could expect sort of a similar amount in Q2 and then it will probably improve as we get into Q3 and Q4.

所以我的想法是讓我們從節省成本開始。第一季我們有 1100 萬美元。我預計今年剩下的時間裡，他們會隨著我們的進展而建造。因此，您可以預期第二季度會有類似的金額，然後隨著我們進入第三和第四季度，它可能會有所改善。

The $35-ish million higher OpEx in Q1 was driven by those -- predominantly by those things I was referring to like catch-up expenses. There were some one-offs. So I think that you should assume that, that huge uptick versus prior year would be much, much, much smaller than it was. So you could sort of back off, like, call it, $25 million or $30 million worth in the second quarter of that increase year-over-year.

第一季營運支出增加了 3500 萬美元左右，這是由這些因素推動的——主要是我提到的追趕費用等因素。有一些一次性的事情。所以我認為你應該假設，與前一年相比的巨大上升將比現在小得多。因此，你可以在第二季度同比增長中削減 2500 萬美元或 3000 萬美元。

Got it. Okay. And then just maybe a couple for Ryan. You mentioned last quarter your objective this year of gaining market share, and I think the 4% system volume was pretty close to NAR, I think, in the first quarter, so it seemed consistent. But I guess just more specifically, when you say gaining market share, what are you looking at to measure that? Because agent count is up 6%, but I don't know what NAR agent count was. So I was just trying to gauge like how you're measuring that.

知道了。好的。然後也許只是瑞安的幾個。您上季度提到了今年獲得市場份額的目標，我認為 4% 的系統銷售量非常接近第一季的 NAR，所以看起來是一致的。但我想更具體地說，當你說要獲得市場佔有率時，你用什麼來衡量？因為特工數量增加了 6%，但我不知道 NAR 特工數量是多少。所以我只是想像你一樣衡量這一點。

Yes. You've already got it, Tony. We look at total volume, literally just total volume, and we do use the NAR volume as kind of as a core metric there. So we kind of held share in the first quarter our owned brokerage business where we make kind of higher unit -- higher money per unit, kind of was more than double NAR in terms of growth. So we feel really good about that. But that's kind of the metric that we use. We're excited about our business drivers. We do have a little bit of inorganic kind of growth happening likely this year as we -- Charlotte talked about strategically. But we absolutely still have that as our objective, and we'll measure it against kind of that public number and so you'll be able to see it and obviously we'll talk about it.

是的。你已經明白了，東尼。我們關注總交易量，實際上只是總交易量，我們確實使用 NAR 交易量作為核心指標。因此，我們在第一季持有我們擁有的經紀業務的份額，我們賺取了更高的單位——每單位更高的資金，就增長而言，NAR 是兩倍多。所以我們對此感覺非常好。但這就是我們使用的衡量標準。我們對我們的業務驅動力感到興奮。正如夏洛特在戰略上談到的那樣，今年我們確實可能會出現一些無機增長。但我們仍然將其作為我們的目標，我們將根據該公眾號來衡量它，因此您將能夠看到它，顯然我們將討論它。

And to that point, Tony, just remember, too, like we were significantly ahead of the NAR last year in Q1 and Q2, like I just mentioned. The latest full year NAR forecast is, I think, minus 1 or something, and we're still sort of in the mid-single digits. So you may not see it every quarter, but it's sort of -- it evens out and awash based on sort of part of the prior year comparison so...

就這一點而言，托尼，也請記住，就像我們去年在第一季和第二季明顯領先 NAR 一樣，就像我剛才提到的那樣。我認為，最新的全年 NAR 預測是負 1 左右，而且我們仍然處於中等個位數的水平。所以你可能不會每個季度都看到它，但它是基於上一年比較的一部分而平衡和淹沒的，所以...

Okay. I understand. And then last question, there have been some headlines in the last week and even your filing around some of the lawsuits in the industry, which seem to be geared toward buy-side commissions. I don't know how much you could really say about the lawsuits, but just bigger picture, can you comment on just how you're thinking about if something does change with regards to perhaps unbundling commissions, like how you would react or what the plan would be for Realogy or what you think the implications on the industry would be?

好的。我明白。最後一個問題，上週出現了一些頭條新聞，甚至您針對行業內的一些訴訟提起了訴訟，這些訴訟似乎是針對買方佣金的。我不知道你對這些訴訟到底能說多少，但從更大的角度來看，如果分拆佣金方面確實發生了變化，你能評論一下你的想法嗎？比如你會如何反應，或者計劃將針對Realogy，或是您認為對產業的影響是什麼？

Yes. Well, look, as you kind of said, there's really -- there's not a lot of comments that I can do on pending litigation, Tony. We believe the lawsuits obviously don't have merit, and we're going to defend them vigorously. But to your question, I think you should know, we take them seriously, and we've got an experience both executive and legal team on this kind of big litigation matter both in this industry and in other industries. And with 1 year now, I think we're doing all of the strategic and legal things that our shareholders would want us to. But at the end of the day, we believe they don't have merit. We're going to defend them vigorously. And I really just am not going to be able to comment much on pending litigation.

是的。好吧，聽著，正如你所說，對於未決訴訟，我確實沒有太多評論，托尼。我們認為這些訴訟顯然沒有法律依據，我們將積極為其辯護。但對於你的問題，我想你應該知道，我們認真對待它們，我們的執行團隊和法律團隊在本行業和其他行業的此類重大訴訟事務上都有豐富的經驗。現在已經一年了，我認為我們正在做股東希望我們做的所有策略和法律事務。但歸根結底，我們認為他們沒有優點。我們將積極捍衛他們。我真的無法對未決訴訟發表太多評論。

Our next question is from John Campbell with Stephens.

我們的下一個問題來自約翰·坎貝爾和史蒂芬斯。

I think you guys have probably given us enough puzzle pieces to kind of put this together, but I'm hoping you guys might be able to shortcut this. After stripping out the title underwriter earnings, what's the underlying EBITDA margin for the Title Agency business?

我認為你們可能已經給了我們足夠的拼圖來將其組合在一起，但我希望你們能夠捷徑化。剔除產權承銷商收入後，產權代理業務的基本 EBITDA 利潤率是多少？

Yes. I don't want to misquote that. I don't have that right at my fingertips, but we'll follow -- I know we have calls later to follow up with you on that. I don't want to misquote it, so I'll give it to you when we're on our later call. It's a 40-60 split, though, before -- like if you strip out the GRA piece, it's a 40-60 split.

是的。我不想錯誤引用這句話。我手頭上沒有這些信息，但我們會跟進——我知道我們稍後會打電話來跟進此事。我不想錯誤引用它，所以當我們稍後通話時我會把它給你。不過，之前的比例是 40-60——就像如果你去掉 GRA 部分，那就是 40-60 的比例。

Okay. Great. And then I saw the Coldwell Banker Bain acquisition. Can you guys talk to just the expected impact to volumes for you guys and whether that's kind of a one-off opportunity to bill or if that's a sign of kind of the growing appetite for M&A? It sounds like you guys kind of hinted that, but just curious about your thoughts.

好的。偉大的。然後我看到了科德韋爾銀行家貝恩公司的收購。你們能談談對你們銷售的預期影響嗎？這是否是一次性的計費機會，或者這是否是併購興趣不斷增長的跡象？聽起來你們有點暗示了，但只是好奇你們的想法。

Yes. We're glad to have done the Coldwell Banker Bain up in the Pacific Northwest. It's the one geography where we don't have -- if you -- if I step back, John, our own brokerage business skew is luxury and premium, right? We're in about 50 geographies. Average price point in the Coldwell Banker side is like $560,000. Average price point in Southeast Corcoran is like $1 million-plus, right? And the business is kind of architected to be in some of the best geographies with both that luxury end kind of skew but also with high growth.

是的。我們很高興在太平洋西北地區建立了科德威爾銀行家貝恩公司。這是我們所沒有的地理區域——如果你——如果我退後一步，約翰，我們自己的經紀業務偏向奢侈品和高端，對吧？我們分佈在大約 50 個地區。 Coldwell Banker 方面的平均價格約為 56 萬美元。東南 Corcoran 的平均價格約為 100 萬美元以上，對嗎？該業務的設計是為了在一些最好的地區開展業務，既具有奢侈品終端的傾斜，又具有高成長。

And when you look at our map, there's really one place where we actually don't have a presence as a kind of luxury premium kind of owned brokerage business, and it's right up there in the Pacific Northwest. And so we think Bain is a good opportunity to really kind of build that strategic gap in our portfolio.

當你查看我們的地圖時，你會發現，確實有一個地方我們實際上並沒有作為一種豪華高端自營經紀業務存在，而它就在太平洋西北地區。因此，我們認為貝恩是一個很好的機會，可以真正在我們的投資組合中建立策略差距。

It was an existing franchisee, and so there's -- so the volume change in the near term is just kind of swapping from franchise to brokerage. But obviously, we make a lot more money every unit on the brokerage side. And then we're excited about both the growth potential under our leadership and kind of the market growth potential. So kind of not having something up in that Seattle area kind of stuck out when you look at kind of our geographic footprint. And this was a really nice kind of market -- one of the market-leading company ways to fill that. And so we did go ahead and do that here this month. We can give you more financial detail in next quarter's call, but that was an April thing.

它是一個現有的特許經營商，所以短期內的數量變化只是從特許經營到經紀業務的轉變。但顯然，我們在經紀業務方面的每個單位都能賺更多的錢。然後，我們對我們領導下的成長潛力和市場成長潛力感到興奮。因此，當你看看我們的地理足跡時，西雅圖地區沒有什麼突出的東西。這是一個非常好的市場——市場領先的公司填補這個市場的方法之一。所以我們這個月確實在這裡繼續這樣做。我們可以在下個季度的電話會議中向您提供更多財務細節，但那是四月份的事情。

And we're glad to have done it, and hopefully, consistent with kind of the luxury premium kind of lean that we have. And again, that's the place we're actually still seeing a huge amount of strength in the market as demand is way outweighing supply. And so we're really happy to have Bain and all their agents and our -- and employees part of the company.

我們很高興做到了這一點，並希望與我們所擁有的奢華優質精益一致。再說一次，我們實際上仍然看到市場的巨大實力，因為需求遠遠超過供應。因此，我們非常高興貝恩及其所有代理商以及我們的員工成為公司的一部分。

Okay. That's great to hear. And then, Ryan, if I could squeeze in one more. You talked about April -- the April closings kind of holding the line on the low single-digit growth. Do you have the exact sort of details around just the open orders of the listing you've seen thus far in April?

好的。聽到這個消息我很高興。然後，瑞安，如果我能再擠一會兒的話。你談到了四月——四月份的成交量有點維持在低個位數成長。您是否掌握四月迄今所看到的掛牌訂單的確切詳細資訊？

I have the exact and, frankly, without giving you the exact which I'm not going to do, the listings being up in -- $500,000 and up includes April. The listings being down at the lower end includes April. And then, as I said, the open volume for April, it's a bit below our current forecast for the month. And then the closed stuff is kind of right on our current forecast.

我有確切的信息，坦白說，我不會告訴你確切的信息，但清單的價格在 50 萬美元及以上，包括 4 月。 4月的掛牌量處於較低水準。然後，正如我所說，四月份的開放量略低於我們目前對該月的預測。然後關閉的東西就符合我們目前的預測。

Our next question is from Matthew Bouley with Barclays.

我們的下一個問題來自巴克萊銀行的 Matthew Bouley。

So on the mortgage JV, realizing there's lot of moving pieces around competition in that world and maybe the speed change in interest rates makes a difference here, too. And again, I know the business is early in its scaleup. But just curious for a little handholding on that. At today's scale, is there kind of a framework for what kind of mortgage rate drives, I don't know, call it, breakeven profitability? And then as you scale this up over the years, where can you sort of take that breakeven interest rate, if that makes sense.

因此，在抵押貸款合資企業中，意識到世界上的競爭存在著許多變化，也許利率的快速變化也會產生影響。再說一遍，我知道該業務正處於規模擴張的早期階段。但只是想知道一點。在今天的規模下，是否存在一種框架來驅動什麼樣的抵押貸款利率，我不知道，稱之為盈虧平衡盈利能力？然後，當你多年來擴大規模時，如果有意義的話，你可以在哪裡採取盈虧平衡利率。

Yes. So it's a couple of different things you got to think about. This is -- you're right. So the speed of which the mortgage rate change definitely had an impact on competition. You've seen this for decades as it's just what happens in the industry. And there's an acute period of a couple of months, 2, 3, 4, where everyone sort of gives on margin and then eventually it sort of evens itself out. So in some cases, you just can't look at one quarter. You've got -- it's something that's going to flow throughout the quarter.

是的。所以你必須考慮幾個不同的事情。這是——你是對的。因此，抵押貸款利率變化的速度肯定會對競爭產生影響。幾十年來你已經看到了這種情況，因為這正是產業中發生的事情。有一個為期幾個月、2、3、4個月的緊急時期，每個人都在某種程度上做出保證金，然後最終會自行平衡。所以在某些情況下，你就是看不到四分之一。這是整個季度都會發生的事情。

But on top of what's going on with the gain on sale margins and lapping these big mark-to-market adjustments, we're still making conscious choices to invest in this business to grow. That's a choice we're making. We don't have to do that. But we're still recruiting some officers. There's still expenses that we have that are discretionary. So even in like today's environment, we could be making different choices and sort of breaking even or making a little more money than we're making now. But this is more about the bigger picture for us. And we love integration of this business to ours. So we're willing to take a little bit of short-term pain for the long term.

但除了銷售利潤率的提高和這些重大的按市值計價的調整之外，我們仍在做出有意識的選擇，投資於這項業務以實現成長。這是我們正在做出的選擇。我們不必這樣做。但我們仍在招募一些官員。我們仍然有一些可自由支配的費用。因此，即使在今天的環境下，我們也可能會做出不同的選擇，實現收支平衡或比現在賺更多的錢。但這對我們來說更重要。我們喜歡將這項業務與我們的業務整合起來。因此，我們願意為了長期的利益而承受一些短期的痛苦。

So I think we already have the tools to be able to do that. We're just choosing to invest in this business for growth at this time. And the way you have to think about it, too, is it's like purchase versus refi. And the refi is just gravy when you get it. There are periods of time over history where that's just going to be sort of an additional volume benefit, but you can't count on that for the long term. So you got to plan for what you think your purchase volume is going to be, and that's really why we're making these investments for the future to kind of grow share.

所以我認為我們已經擁有能夠做到這一點的工具。我們此時只是選擇投資這項業務以實現成長。你也必須考慮它，就像購買與改裝一樣。當你拿到它時，refi只是肉汁。在歷史上的某些時期，這只是一種額外的銷售效益，但你不能長期指望這一點。因此，您必須計劃您認為的購買量，這就是我們為未來進行這些投資以增加份額的真正原因。

Got it. Okay. That's very helpful. And then on the commission split commentary, apologies if I misheard it, but I mean, it sounds like -- obviously, the change in the guide, predominantly the mortgage JV. And you're saying that, I don't know if we should maybe just back into what that change in commission splits, if that's the rest of the difference. I'm just curious if you can give kind of an updated target on that and maybe thoughts on the cadence of splits through the year?

知道了。好的。這非常有幫助。然後關於委員會分裂的評論，如果我聽錯了，我很抱歉，但我的意思是，聽起來很明顯，指南發生了變化，主要是抵押貸款合資企業。你是說，我不知道我們是否應該回到佣金分配的變化上，如果這就是剩下的區別。我只是好奇你能否給出一個更新的目標，也許還有全年分裂節奏的想法？

Yes. So the splits are definitely a much smaller impact to the guidance change, in fact, very small. There's a bit of sort of what I'll call like seasonality in some of these split increases. So what we're seeing in Q1, we still -- we have a bunch of recruiting that we're doing that we like -- but as you bring in an agent, the volume doesn't sort of hit so later in the year. So we're seeing higher split increases versus prior year as the agents are just coming on board and the volume kind of comes later. So that's part of the driver.

是的。因此，分裂對指引變化的影響肯定要小得多，事實上，非常小。在其中一些分割成長中，有一些我稱之為季節性的東西。因此，我們在第一季看到的情況是，我們仍然在進行大量的招聘，我們正在做我們喜歡的事情，但是當你引入經紀人時，數量不會在今年晚些時候達到預期的水平。因此，與去年相比，我們看到了更高的分割成長，因為代理商剛剛加入，數量也較晚。這就是驅動程式的一部分。

There still was a small hit from Property Frameworks, the sale of that business in Q1. So that's, call it, a 20 basis point hit. So Q1 is definitely higher than what we see. It's not like -- I wouldn't forecast the Q1 rate increase for the rest of the year. But to the degree we're still doing active recruiting -- and the recruiting we're doing is what we call company dollar positive. So the revenue we're getting from these agents more than offsets whatever we're doing on commission splits with them. So I would say the phasing, it's more acute in Q1 for some of the reasons that I just said.

Property Frameworks 在第一季出售該業務，仍然造成了小幅打擊。所以，這就是，20 個基點的打擊。所以第一季肯定比我們看到的還要高。這不像——我不會預測今年剩餘時間第一季的利率會上漲。但就某種程度上來說，我們仍在積極招募——我們正在進行的招募就是我們所說的公司美元正值。因此，我們從這些代理商獲得的收入遠遠抵消了我們與他們的佣金分成。所以我想說，由於我剛才所說的一些原因，第一季的分階段更為尖銳。

But the one thing you can't -- which is a variable that we're just all stuck with and it's sort of like a feast of riches here. But when your volume is high and you're growing volume on top of already high volume that you had in the prior year, this is driving agents to be at the higher end of their table. And they stay at the higher end of their table until the volumes sort of fade away. So we actually like the higher volume, and we'll take the higher split that goes along with it.

但有一件事你不能——這是一個我們都被困住的變量，這有點像這裡的財富盛宴。但是，當您的交易量很高，並且在上一年已經很高的交易量的基礎上繼續增長時，這會促使代理商處於他們的高端。他們一直處於表格的較高端，直到交易量逐漸消失。所以我們實際上喜歡更高的音量，並且我們將採取隨之而來的更高的分割。

One other factor too is agent mix. When inventory is so tight, we are continuing to see the higher-end agents get a bigger share of the volume and they are at higher rates. So that is -- again, it is (inaudible) live with, but hopefully, that extra color helps.

另一個因素是代理組合。當庫存如此緊張時，我們繼續看到高端代理商獲得了更大的銷售份額，並且價格更高。所以，這就是——再一次，它（聽不清楚）是可以接受的，但希望額外的顏色能有所幫助。

Our next question is from Tommy McJoynt with KBW.

我們的下一個問題來自 KBW 的 Tommy McJoynt。

With many of your brands catering towards the high end of the market, is it fair to think that Realogy's buyer cohort is somewhat less exposed to higher rates given more all cash or no financing purchases? And do you know how specifically what percentage of your volumes are all cash versus those figures that we can see reported by NAR monthly?

由於你們的許多品牌都迎合高端市場，考慮到更多的全現金或無融資購買，Realogy 的買家群體受到較高利率的影響較小，這是否公平？您知道與 NAR 每月報告的數據相比，您的交易量中全部是現金的具體百分比是多少嗎？

I don't have the all cash numbers to give you kind of by brand here. But where I would start is, your statement is really actually very true for our brokerage business. I mean our own brokerage business, like I talked about, is architected to be in the higher growing, higher priced, more luxury skewing geographies as is our Sotheby's franchise business and our Corcoran franchise business. And so those parts of our portfolio, which are quite large, I mean it's by far the majority, do skew much more luxury and are, I think, a little less rate sensitive. We know the percent of deals are all cash are much higher, et cetera, et cetera.

我這裡沒有按品牌分類的所有現金數字。但我首先要說的是，您的說法對於我們的經紀業務來說確實非常正確。我的意思是，正如我所談到的，我們自己的經紀業務被設計為在增長更快、價格更高、更豪華的地區，就像我們的蘇富比特許經營業務和科克倫特許經營業務一樣。因此，我們投資組合中那些相當大的部分，我的意思是到目前為止，它們佔了大多數，確實偏向了更多的奢侈品，而且我認為，它們對利率的敏感度較低。我們知道全部現金交易的百分比要高得多，等等。

Now we still do a lot of deals in the mass market side. We do 1 million transactions at a $345,000 price point. Those are 100% franchised those. The economics are a little different. And so I wouldn't -- we're not immune at all as a company, but we do have more skew towards the part of the market that uses mortgages less and maybe a little less rate sensitive on some of that stuff.

現在我們仍然在大眾市場方面做很多交易。我們以 345,000 美元的價格進行了 100 萬筆交易。這些都是 100% 特許經營的。經濟學有點不同。所以我不會——作為一家公司，我們根本不能倖免，但我們確實更傾向於使用抵押貸款較少的市場部分，也許對某些東西的利率敏感度較低。

Okay. That's helpful, Ryan. And then kind of along a similar kind of thinking about the affordability constraints with mortgage rates having risen. Do you have any concerns or kind of any intuition that some of the recent activity in housing has been a pull forward ahead of fears that rates could continue to rise further?

好的。這很有幫助，瑞安。然後，對抵押貸款利率上升的負擔能力限制進行了類似的思考。您是否有任何擔憂或直覺認為最近的一些房地產活動是在擔心利率可能繼續進一步上升之前推動的？

Actually, no. I mean, look, I think in 2020, we saw a little pull forward maybe of people buying second homes kind of in the depths o COVID. But no, I mean we are operating in a world where rates are rising, but it's very supply constrained, right? And demand is incredibly strong, right? You've got a demographic thing happening with demand not only just the millennial generation guys, but like the 5 biggest birth years of millennials are going to be turning 35 here in the next few years, effectively. And so like it's the biggest part of the biggest generation. You also have the migration to better tax weather environment. We have the remote work thing. Demand is just a lot higher than supply out there. We have more houses we could sell them, and rates are not necessarily stopping that.

事實上，沒有。我的意思是，看，我認為在 2020 年，我們看到人們在新冠肺炎疫情最嚴重的情況下購買第二套住房的情況可能有所推進。但不，我的意思是我們生活在一個利率不斷上升的世界，但供應卻非常有限，對吧？需求非常強勁，對嗎？人口統計問題正在發生，不僅是千禧世代的需求，千禧世代的 5 個最大出生年份將在未來幾年內年滿 35 歲。就像它是最偉大一代中最重要的一部分。您還可以遷移到更好的稅務天氣環境。我們有遠距工作的東西。需求遠高於供應。我們有更多的房子可以出售，而利率不一定能阻止這一點。

At the risk of going a little long here, I was reading a transcript from one of the builders. And they did a survey and they said, and it's just kind of from their transcript, that in response to higher mortgage rates impacting people's home search, only a single-digit percentage of respondents said they would stop their home search as affordability became their constraint. Then they talk about people would pivot to smaller or differed. And they also did that survey back in '18, and they said the numbers were twice as high in '18 that people would stop their home search with higher mortgage rates.

冒著說得有點長的風險，我正在閱讀一位建築商的文字記錄。他們做了一項調查，他們說，從他們的筆錄來看，為了應對抵押貸款利率上升影響人們的房屋搜索，只有個位數的受訪者表示他們會停止房屋搜索，因為負擔能力成為他們的限制。然後他們談論人們會轉向更小的或不同的。他們也在 18 年進行了這項調查，他們表示，隨著抵押貸款利率上升，人們會停止尋找房屋的人數是 18 年的兩倍。

So we got rising rates in a supply-constrained environment where demand is very high. And while our mortgage business, I think, is going to take some pain given what's happened in the mortgage market, part of the reason we haven't changed our volume outlook is what we actually see on this demand thing happening even with rising rates. So it's a very interesting thing to have rates rise in such a supply-constrained environment when demand is both high and I predict continue to stay high not just probably for this year, but I think there's a demographic thing for, frankly, most of this decade.

因此，在需求非常高、供應有限的環境下，我們的利率不斷上升。我認為，考慮到抵押貸款市場發生的情況，我們的抵押貸款業務將會遭受一些痛苦，但我們沒有改變銷售前景的部分原因是，即使利率上升，我們實際上也看到了這種需求情況的發生。因此，在這樣一個供應受限的環境中，利率上升是一件非常有趣的事情，當時需求很高，而且我預計不僅今年可能會繼續保持高位，但坦率地說，我認為這大部分與人口因素有關。十年。

Our next question is from Justin Ages with Berenberg Capital Markets.

我們的下一個問題來自 Berenberg Capital Markets 的 Justin Ages。

I was just hoping to first get an update on RealSure. I know you mentioned you opened in more cities, but hoping to get a sense of the translation from interest in the service and people want to sell the home, and that's turning into transactions where Realogy has an agent on the actual transaction.

我只是希望首先獲得 RealSure 的更新。我知道您提到您在更多城市開設了分店，但希望從對服務的興趣和人們想要出售房屋的情況中獲得翻譯的感覺，而這正在轉變為Realogy 在實際交易中擁有代理人的交易。

Yes. Look, we like what we're doing. We think there's a few other people usually, frankly, kind of smaller kind of start-up kind of companies trying to do the same thing, and we think it's great. We think there's a real opportunity. We think we've got something special here because we don't think what traditional brokerages are doing is enough, and we don't think the iBuying thing is the future fully either.

是的。看，我們喜歡我們正在做的事情。坦白說，我們認為通常還有其他一些小型新創公司也在嘗試做同樣的事情，我們認為這很棒。我們認為這是一個真正的機會。我們認為我們在這裡有一些特別的東西，因為我們認為傳統經紀公司所做的還不夠，而且我們也不認為 iBuying 完全是未來。

So we really like it. Look, we're winning a bunch of incremental listings. I've given you stats on that in the past. We don't end up buying very, very few houses because, again, our agents are successful selling them. But we're also still in the growing phase. We're only in 7 cities on the buy side. We're still training agents in places, and we're still experimenting with different direct-to-consumer and agent marketing kind of thing.

所以我們真的很喜歡它。看，我們贏得了一堆增量清單。我過去曾給過你這方面的統計數據。我們最終不會購買非常非常少的房子，因為我們的經紀人再次成功地出售了它們。但我們也仍處於成長階段。我們的買方僅涵蓋 7 個城市。我們仍在各地培訓代理商，並且仍在嘗試不同的直接面向消費者和代理商行銷之類的事情。

So it's a good growth thing that we're really going to invest in this year. But part of the reason we're investing is the things we see about winning listings, gaining share from this, getting more deals, succeeding with the model that we've got, we like the early proof points.

因此，這是我們今年真正要投資的一個好的成長點。但我們投資的部分原因是我們看到贏得上市、從中獲得份額、獲得更多交易、利用我們現有的模式取得成功，我們喜歡早期的證據。

All right. That's helpful. And then switching gears and maybe this one is for Charlotte. On capital allocation, and sorry if I missed it. Can you just talk about when the share buyback becomes more attractive, I guess, vis-a-vis the organic growth that you put at the top of your list?

好的。這很有幫助。然後換個方向，也許這個是給夏洛特的。關於資本配置，如果我錯過了，抱歉。我想，相對於您放在首位的有機成長，您能否談談股票回購何時變得更具吸引力？

So there's 2 ways to think about it. I was trying to be pretty clear in the script. Our priorities are we're definitely retiring our 4 0 7 due 2023. We've committed to that, and we're going to do that. And it shouldn't be lost on you the effects that a lot of the investments we're making are having in our core business and in the market share.

所以有兩種思考方式。我試著在劇本中說得非常清楚。我們的首要任務是我們肯定會在 2023 年退役我們的 4 0 7。我們已經承諾這一點，我們也會這樣做。您不應該忽視我們正在進行的大量投資對我們的核心業務和市場份額產生的影響。

So to the extent that those opportunities are available to us and we like the returns, we're going to get -- we're going to do those. But it's not lost on us what's happening in the sort of the capital markets, and we watch this stuff. So the priorities are in the order that I gave you on the call, but don't misunderstand that we don't watch things and that we're on top of things and we'll make the right choice at the right time for our business and for our shareholders.

因此，只要我們能獲得這些機會，而我們喜歡回報，我們就會得到——我們就會這樣做。但我們並沒有忽略資本市場正在發生的事情，我們也在關注這些事情。因此，優先事項是按照我在電話中給你的順序排列的，但請不要誤解我們不關注事情，我們掌控一切，我們會在正確的時間為我們的業務做出正確的選擇。業務和我們的股東。

Our final question for today will come from Kwaku Abrokwah with Goldman Sachs.

我們今天的最後一個問題將來自高盛的 Kwaku Abrokwah。

Congrats on the quarter. I just have a couple of questions, if you don't mind. I think, Ryan, you talked about inventory being tight and demand exceeding the supply. So I'm trying to get a sense of -- I think I've asked this question before multiple times, but sort of what will incentivize the home owner to bring new supply onto the market? I'm trying to get your perspective here. Given that we've been in multiple markets now, a low rate environment now in the high rate environment, I'm trying to get a sense of what -- at what point do you think the homeowner will become more interested in listing their home?

恭喜本季。如果你不介意的話，我只有幾個問題。我想，瑞安，你談到了庫存緊張和需求超過供應。所以我想了解一下——我想我之前已經問過這個問題了，但是什麼會激勵房主將新的供應推向市場呢？我試著在這裡了解你的觀點。鑑於我們現在已經處於多個市場，低利率環境現在高利率環境中，我試圖了解您認為房主何時會對列出他們的房屋更感興趣？

Well, the first thing I'd say is I think we should always go back to the difference between inventory and supply. So for example, somebody referenced the National Association of Realtors forecast. If you look at the forecast they put out yesterday, they're forecasting about 5.6 million units being traded in the resale market this year. Now that's down from about 6 million units of last year, and that's consistent with our guidance that we think we'll have fewer units but higher price.

好吧，我要說的第一件事是我認為我們應該始終回到庫存和供應之間的差異。例如，有人引用了全國房地產經紀人協會的預測。如果你看他們昨天發布的預測，他們預計今年轉售市場上的交易量約為 560 萬套。現在，這比去年的約 600 萬台有所下降，這與我們的指導一致，我們認為我們的數量會更少，但價格會更高。

The 5.6 million units is actually, I believe, the biggest number that we would have had as a market, if you look at 2010 to like 2019. So it's literally a year that we'd actually have more units being traded than any time in the last decade. So clearly, there are a lot of people putting their house on the market. But because of the demand being so high, for the reasons I talked about earlier, the houses are moving much quicker at any moment, the inventory is clearly thinner, especially at the first-time homebuyer and the low-price area.

我相信，如果你像 2019 年一樣看待 2010 年，那麼 560 萬個單位實際上是我們作為市場所擁有的最大數字。因此，實際上這一年我們的交易單位數量比以往任何時候都多。過去十年。很明顯，有很多人將自己的房子推向市場。但由於需求如此之高，出於我之前談到的原因，房子在任何時候都移動得更快，庫存明顯變薄，尤其是在首次購房者和低價區域。

So people are putting their house on the market, but they're just not staying there very long, and they're putting the house in the market partly because of those social -- both migration and remote work trends, plus the normal kind of reasons people move.

因此，人們把房子放到市場上，但他們只是不會在那裡待很長時間，他們把房子放到市場上的部分原因是這些社會因素——移民和遠距工作趨勢，加上正常的那種人們搬家的原因。

For me, there's 2 things. One is, is there still a little bit of a like kind of post-COVID kind of bump of people who were kind of -- who didn't really think about moving or selling their house during COVID that could actually help. But the second is just, frankly, just the need for more supply, which is why I spent time with the builders and I'm rooting for them and they're awesome. And also why as an industry leader, Realogy, we spend time at the kind of federal and state level and even local level sometimes doing anything we can to encourage anything that will make homebuilding easier.

對我來說，有兩件事。一個是，是否仍然存在一些類似後新冠疫情時期那樣的人潮——他們並沒有真正考慮在新冠疫情期間搬家或賣掉自己的房子，這實際上會有所幫助。但坦白說，第二個只是需要更多的供應，這就是為什麼我花時間與建築商在一起，我支持他們，他們非常棒。以及為什麼作為行業領導者，Realogy，我們花時間在聯邦和州級別，甚至地方級別，有時會盡我們所能來鼓勵任何能讓住宅建設變得更容易的事情。

So I think we actually have a bit of a kind of social problem with just not enough housing here. But I do want people to remember that it's not that people aren't putting their house on the market, it's the demand is so high that they're not staying on the market for as long because, again, 5.6 million units. And again, that's just somebody's forecast, but I think it's reasonable. That would be the biggest amount of housing sold any time in basically the last decade other than last year. And I find that to be quite striking.

所以我認為我們實際上存在一些社會問題，就是這裡沒有足夠的住房。但我確實希望人們記住，並不是人們不把自己的房子推向市場，而是需求太高，以至於他們不會在市場上停留太久，因為同樣有 560 萬套。再說一次，這只是某人的預測，但我認為這是合理的。這將是過去十年除去年以外的任何時候售出的住房數量最大的一次。我發現這非常引人注目。

And just to give you a sense of why I keep saying, if there were more houses available, we could sell them. That's the issue, not that just inventory is tight at any one moment in time is my personal view.

只是為了讓您了解為什麼我一直說，如果有更多房屋可用，我們可以出售它們。我個人認為，這就是問題所在，而不僅僅是任何時候庫存緊張。

That makes a lot of sense. Moving on, and maybe this is more for Charlotte, but I'm just curious on relocation. Do you guys have any update on where the business is heading through 2020 -- through the end of this year, if you mind, given that the economy is really opening very quickly and we're accelerating into the summer?

這很有意義。繼續前進，也許這對夏洛特來說更重要，但我只是對搬遷感到好奇。鑑於經濟開放速度確實非常快，而且我們正加速進入夏季，你們是否有關於 2020 年業務發展方向的最新信息？如果您介意的話，到今年年底為止？

Great question. We have some green shoots of recovery for sure, and you'll see it in our reported results. Our business is stronger this quarter for sure, and we feel good about the second quarter. So things are definitely coming back. There are 2 other things though to keep in mind. The types of moves may be different, so there may be companies willing to do like a lesser expensive sort of reload, which is maybe a little bit less profitable for us, but there's a ton more of them. So the type of move might have changed a little bit in the short term.

很好的問題。我們肯定有一些復甦的萌芽，您會在我們報告的結果中看到它。本季我們的業務肯定會更加強勁，我們對第二季度感覺良好。所以事情一定會回來的。但還有兩件事要記住。移動的類型可能有所不同，因此可能會有一些公司願意採取更便宜的重新加載方式，這對我們來說可能利潤會少一點，但這樣的公司還有很多。因此，短期內行動類型可能會發生一些變化。

And while the global economy may be coming back a little bit more in some places, there still are some places that are really kind of ravaged by COVID. So it's not the same story in every part of the geography. Financially, our results are definitely improved. So we like the green shoots, but it's still sort of a tale of 2 cities right now depending on the types of moves and the geography that you're in.

儘管全球經濟在某些地方可能會回升，但仍有一些地方確實受到了新冠病毒的破壞。因此，地理上每個地方的情況並不相同。從財務上來說，我們的業績確實得到了改善。所以我們喜歡萌芽，但現在這仍然是一個關於兩個城市的故事，取決於搬家的類型和你所在的地理位置。

I'll give a quick shout out to the team, by the way. Our team and the relocation team has put kind of a couple of really good technology products out, MovePro360 and a new referral platform that both are getting really strong feedback and frankly, I believe, gain some market share in that business, albeit in the tough environment Charlotte described, both with new clients and kind of with more business from existing clients. So we're primarily a U.S. brokerage kind of driven company, but given that you asked the question, it is nice to see a few green shoots and to see that our team is still focused on creating value there for their customers.

順便說一句，我會向團隊快速喊一聲。我們的團隊和搬遷團隊已經推出了一些非常好的技術產品，MovePro360 和一個新的推薦平台，它們都得到了非常強烈的反饋，坦率地說，我相信，儘管在艱難的情況下，在該業務中獲得了一些市場份額夏洛特所描述的環境，既包括新客戶，也包括現有客戶的更多業務。因此，我們主要是一家美國經紀公司，但鑑於您提出了這個問題，很高興看到一些新芽，並看到我們的團隊仍然專注於為客戶創造價值。

That's great. And the last one for me, if you don't mind. The closing of the title underwriter, I'm just curious as to when the $210 million of cash will hit the balance sheet given that I think you recognized the $131 million of the noncash gain in the statement of cash flow. I'm just curious like the timing difference between when the cash will actually show up on the balance sheet.

那太棒了。如果你不介意的話，最後一個是給我的。標題承銷商結束後，我只是好奇 2.1 億美元的現金何時會進入資產負債表，因為我認為您已經在現金流量表中確認了 1.31 億美元的非現金收益。我只是好奇現金實際出現在資產負債表上的時間差異。

Yes. The cash already hit, but a lot of it went right out the door immediately because we had to transfer the statutory -- the regulatory cash tied to that business. So the monies we got in, $152 million went right back out because they went along with the underwriter business. That's regulatory cash tied to that business that has to stay with the business.

是的。現金已經到位，但其中許多立即流失了，因為我們必須轉移與該業務相關的法定現金。因此，我們投入的 1.52 億美元資金立即退出，因為它們與承銷商業務相關。這是與該業務相關的監管現金，必須留在該業務中。

So we already saw it, but it was blunted by the fact that the vast majority of it went back along with the business. It was cash we didn't have access to, to use anyway because it is regulatory cash. It's required to be held in that business. So while it's always within our balance sheet, it wasn't like we were able to use that cash.

所以我們已經看到了它，但由於絕大多數都隨著業務一起返回，這一事實削弱了它。這是我們無法取得、無法使用的現金，因為它是監管現金。它必須在該業務中舉行。因此，雖然它始終在我們的資產負債表內，但我們卻無法使用這些現金。

Yes. And I recall you guys always give the readily available cash number, and I'm guessing that's the difference. And so on a go-forward basis, that difference between your cash and readily available is going to become a lot closer basically?

是的。我記得你們總是給出現成的現金號碼，我猜這就是差別。因此，從長遠來看，您的現金和現成現金之間的差異基本上會變得更加接近？

Yes. Yes. And just also remember that we spent $100 million to retire some debt. We didn't refinance the whole thing in the first quarter. And then that was much higher coupon debt that wasn't -- we had high fees associated to retire that debt, which you'll see in the press release as well as in the Q. So there was a lot of choppy stuff going on in the first quarter.

是的。是的。請記住，我們花了 1 億美元來償還一些債務。我們在第一季沒有為整個專案進行再融資。然後，息票債務要高得多——我們需要支付高額費用來償還該債務，您將在新聞稿和問題中看到這一點。因此，發生了很多不穩定的事情。在第一季度。

There are no further questions, and this will conclude today's conference call and webcast. Thank you for participating. You may now disconnect.

沒有其他問題了，今天的電話會議和網路廣播到此結束。感謝您的參與。您現在可以斷開連線。