Anywhere Real Estate Inc (HOUS) 2024 Q2 法說會逐字稿

Good morning and welcome to the Anywhere Real Estate second quarter 2024 earnings conference call via webcast.

早安，歡迎透過網路直播參加 Anywhere Real Estate 2024 年第二季財報電話會議。

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.

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。

A webcast replay will also be made available on the company's website.

該公司網站上也將提供網路廣播重播。

At this time, I would like to turn the conference over to Anywhere Senior Vice President Alicia Swift.

這次，我想將會議轉交給 Anywhere 資深副總裁 Alicia Swift。

Please, go ahead, Alicia.

請繼續，艾麗西亞。

Thank you, Eric.

謝謝你，埃里克。

Good morning and welcome to the second quarter 2024 earnings conference call for Anywhere Real Estate.

早安，歡迎參加 Anywhere Real Estate 2024 年第二季財報電話會議。

On the call with me today are Anywhere CEO and President Ryan Schneider; and Chief Financial Officer Charlotte Simonelli.

今天與我通話的是 Anywhere 執行長兼總裁 Ryan Schneider；和財務長夏洛特·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.

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。

These statements are based on the current expectation and the current economic environment.

這些陳述是基於當前的預期和當前的經濟環境。

Forward looking statements, estimates and projections are inherently subject to significant economic, competitive, antitrust and other litigation, regulatory and other uncertainties and contingencies, many of which are beyond the control of management, including, among others, industry and macroeconomic development.

前瞻性陳述、估計和預測本質上受到重大經濟、競爭、反壟斷和其他訴訟、監管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，其中包括行業和宏觀經濟發展。

Actual results may differ materially from those expressed or implied in the forward looking statements.

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。

As we've shared before, we have two large expected one time free cash flow headwinds.

正如我們之前所分享的，我們面臨著兩個巨大的預期一次性自由現金流阻力。

The first headwind is our approved $83.5 million litigation settlement and a reminder that $10 million of that was paid in 2023.

第一個不利因素是我們批准了 8,350 萬美元的訴訟和解金，並提醒人們，其中 1,000 萬美元已於 2023 年支付。

In the second quarter of 2024, we paid $20 million of this, which means there is 53.5 million remaining, which will be due when appeals are resolved.

2024 年第二季度，我們支付了其中 2000 萬美元，這意味著剩餘 5350 萬美元將在上訴解決時到期。

The appeals timing is uncertain, depending on developments in the proceedings, and could be delayed until 2025.

上訴時間尚不確定，取決於訴訟程序的進展，可能會推遲到 2025 年。

Second, the 1999 sell side legacy tax matter, approximately $40 million is due shortly after notice is received, which has not yet happened but still anticipated in 2024.

其次，1999 年賣方遺留稅務問題，在收到通知後不久應繳納約 4,000 萬美元，雖然尚未發生，但仍預計在 2024 年發生。

We previously estimated over $100 million of these free cash flow headwinds in 2024, and our current best guess is approximately $60 million for 2024.

我們先前估計 2024 年這些自由現金流逆風將超過 1 億美元，而我們目前的最佳猜測是 2024 年約為 6000 萬美元。

For further discussion of these matters, see our SEC periodic reports, including the Form 10-Q we filed this morning.

有關這些事項的進一步討論，請參閱我們的 SEC 定期報告，包括我們今天早上提交的 10-Q 表格。

Our free cash flow estimates referenced do not include any potential impacts relating to the implementation of industry settlement practice changes, which remain uncertain.

我們引用的自由現金流估計不包括與實施行業結算慣例變更相關的任何潛在影響，這些影響仍然不確定。

The reference to core franchise in these remarks is the franchise segment excluding relocation and leaves.

這些評論中提到的核心特許經營是指不包括搬遷和離職的特許經營部分。

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.

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。

For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, August 1, and have not been updated subsequent to the initial earnings call.

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 8 月 1 日，在首次財報電話會議後尚未更新。

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

現在我將把電話轉給我們的執行長兼總裁布萊恩‧施耐德 (Brian Schneider)。

Thank you, Alicia.

謝謝你，艾莉西亞。

Good morning.

早安.

Anywhere Real Estate delivered powerful financial results in the second quarter.

Anywhere Real Estate 在第二季取得了強勁的財務表現。

We are demonstrating success delivering on what we can control, leveraging our strategic strengths across advantaged areas like franchise, luxury and scaled ancillary services and building financial octane for the future.

我們正在展示我們在控制範圍內的成功，利用我們在特許經營、豪華和規模化輔助服務等優勢領域的戰略優勢，並為未來打造金融辛烷。

Real estate remains in a tough part of the cycle.

房地產仍處於週期的艱難階段。

Macroeconomic uncertainty continues to impact housing, including elevated mortgage rates and very limited supply, putting 2024 on track to be another historically low year for home sale transactions.

宏觀經濟的不確定性繼續影響房屋市場，包括抵押貸款利率上升和供應非常有限，這使得 2024 年房屋銷售交易有望再次創下歷史新低。

And the practice changes coming out of the industry wide litigation settlement are creating uncertainty.

整個產業訴訟和解帶來的實務變化正在帶來不確定性。

While the entire industry faces these two uncertainties, we are using this time of change to position us for growth and further differentiate versus the competition.

雖然整個行業都面臨這兩個不確定性，但我們正在利用這次變革來為我們的成長做好準備，並進一步在競爭中脫穎而出。

During the second quarter of 2024, we delivered $1.7 billion of revenue and $139 million of operating EBITDA.

2024 年第二季度，我們實現了 17 億美元的營收和 1.39 億美元的營運 EBITDA。

We realized approximately $30 million of cost savings and increased our full year savings target to $120 million.

我們實現了約 3,000 萬美元的成本節省，並將全年節省目標提高到 1.2 億美元。

We grew transaction volume 3% year over year consistent with the market results.

我們的交易量年增了 3%，與市場結果一致。

The dynamics we are seeing include continued unit transaction weakness driven by the combination of high interest rates and the lock in effect hurting supply.

我們看到的動態包括單位交易持續疲軟，這是由高利率和鎖定效應損害供應共同推動的。

Units declined in about 40 states, including many of the largest like California, Texas and Florida.

大約 40 個州的公寓數量下降，其中包括加利福尼亞州、德克薩斯州和佛羅裡達州等許多最大的州。

There was about 8% price growth in our portfolio versus the prior year, with more than 90% of the country seeing price gains and over 10 states having double digit price growth, including some of the largest like Florida, New Jersey and California.

與去年相比，我們的投資組合價格增長了約8%，全國90% 以上的地區價格上漲，超過10 個州的價格增長達到兩位數，其中包括佛羅裡達州、新澤西州和加利福尼亞州等一些最大的州。

We generated $83 million of free cash flow in the quarter, excluding the $20 million litigation settlement payment.

本季我們產生了 8,300 萬美元的自由現金流，不包括 2,000 萬美元的訴訟和解付款。

And we received final court approval for our nationwide settlement in the sell side antitrust class action cases.

我們在賣方反壟斷集體訴訟案件中的全國和解獲得了法院的最終批准。

We are incredibly focused ensuring our agents and franchisees are prepared for the upcoming industry practice changes and are best positioned to win in the market.

我們非常專注，確保我們的代理商和特許經營商為即將到來的行業實踐變化做好準備，並處於贏得市場的最佳位置。

Turning to our strategic progress in the quarter, we continue to leverage our competitive advantages to transform Anywhere Real Estate with strategic investments to drive growth and streamline operations.

談到本季的策略進展，我們繼續利用競爭優勢，透過策略性投資對 Anywhere Real Estate 進行轉型，以推動成長並簡化營運。

Some examples include, we are disproportionately invested in luxury and we love our luxury leadership results.

一些例子包括，我們對奢侈品的投資不成比例，並且我們喜歡我們的奢侈品領導成果。

Our Corcoran and Sotheby's International Realty brands volume meaningfully outperformed both the market and our book, including having positive year over year unit growth, and our Coldwell Banker Global Luxury agents also substantially outperformed the market and our book in both units and price.

我們的Corcoran 和Sotheby's International Realty 品牌的成交量顯著優於市場和我們的帳簿，包括單位數量同比正增長，而我們的Coldwell Banker Global Luxury 代理商在數量和價格方面也大幅優於市場和我們的帳簿。

We had over $310 million plus transactions in the quarter with our volume from $10 million plus deals up 41% versus the prior year.

本季我們的交易量超過 3.1 億美元，交易額從 1,000 萬美元以上成長了 41%。

This includes multiple record sales in different geographies, a number of iconic properties and 15 sales above 50 million.

其中包括不同地區的多項銷售記錄、眾多標誌性房產以及 15 個銷售額超過 5000 萬美元的房產。

And we currently have over 1,000 $10 million plus listings and over 25 listings above $50 million active in our portfolio.

目前，我們的投資組合中有超過 1,000 個價值 1,000 萬美元以上的掛牌房產和超過 25 個價值超過 5,000 萬美元的掛牌房產。

We continue to strategically grow our great franchise business.

我們繼續策略性地發展我們偉大的特許經營業務。

We expanded with over 15 new franchisees joining us in the quarter, including in high growth geographies like Florida, North Carolina, Tennessee and Colorado.

我們在本季新增了超過 15 家新加盟商，其中包括佛羅裡達州、北卡羅來納州、田納西州和科羅拉多州等高成長地區。

Each of our six brands added new franchisees and we are excited to continue growing this business we love.

我們的六個品牌中的每一個都增加了新的特許經營商，我們很高興能夠繼續發展我們喜愛的這項業務。

We expanded our upward title JV offering two franchisees into its 6th state and we have five more states in the pipeline.

我們將我們的向上頭銜合資企業擴大到了第六個州，提供兩個特許經營商，並且我們還有五個州正在籌備中。

We love the upward title momentum in the business because it opens new earnings opportunities for our franchisees.

我們喜歡該業務的上升勢頭，因為它為我們的特許經營商帶來了新的盈利機會。

It enhances our value proposition, deepens our relationship with participating franchisees and we like the economics.

它增強了我們的價值主張，加深了我們與參與加盟商的關係，我們喜歡這種經濟效益。

We remain relentlessly focused on simplifying, automating and streamlining our operations for speed, quality and cost benefits.

我們仍然堅持不懈地致力於簡化、自動化和精簡我們的運營，以實現速度、品質和成本效益。

You can see that in the progress of our cost agenda with $60 million realized year to date and thus increasing our annual target to $120 million.

您可以在我們的成本議程進展中看到這一點，迄今為止已實現 6,000 萬美元，從而將我們的年度目標提高到 1.2 億美元。

And as we told you last quarter, we are integrating and digitizing our brokerage and title operations.

正如我們上季度告訴您的那樣，我們正在整合和數位化我們的經紀和產權業務。

This benefits agents and consumers, makes it easier to capture title and mortgage economics, and contributes to a lower cost base.

這有利於代理商和消費者，更容易掌握產權和抵押貸款經濟學，並有助於降低成本基礎。

Since we last spoke to you, we've doubled our implementation to two thirds of the country and we will finish our national rollout later this year.

自從我們上次與您交談以來，我們已將實施範圍擴大了一倍，覆蓋全國三分之二的地區，並將於今年稍後完成全國推廣。

And finally, we are actively engaging and executing our AI agenda to drive innovation, speed, quality and lower costs across many parts of our company, with recent successes deploying new generative AI solutions in marketing and in multiple operational areas.

最後，我們正在積極參與和執行我們的人工智慧議程，以推動公司許多部門的創新、速度、品質和降低成本，最近在行銷和多個營運領域成功部署了新的生成式人工智慧解決方案。

So, for example, we recently introduced new AI capabilities to listing concierge.

例如，我們最近為房源禮賓引入了新的人工智慧功能。

Using photos from the home, our generative AI tool automatically drafts listing descriptions, photo captions and property tags for the over 50% of our Coldwell Banker Realty agents who utilize this great product.

我們的生成式 AI 工具使用家中的照片，自動為超過 50% 使用這款出色產品的 Coldwell Banker Realty 代理商起草房源描述、照片標題和房產標籤。

And our brokerage operation team that processes transactions receive around 15,000 documents every single day.

我們處理交易的經紀營運團隊每天會收到約 15,000 份文件。

Leveraging generative AI, we are automating much of this work, including opening emails, recognizing documents, reviewing them and applying them to the appropriate transaction.

利用生成式人工智慧，我們正在自動化大部分工作，包括打開電子郵件、識別文件、審查它們並將其應用於適當的交易。

This substantial automation not only lets us accomplish these tasks faster, but lets us operate 24/7, delivers better quality with meaningfully lower error rates, and critically lowers our costs.

這種實質性的自動化不僅使我們能夠更快地完成這些任務，而且使我們能夠全天候 (24/7) 運行，以顯著降低的錯誤率提供更好的質量，並顯著降低我們的成本。

I'm excited by our strategic progress as we invest in the business for the future.

當我們投資未來業務時，我對我們的策略進展感到興奮。

And remember, our other top capital allocation priority is reducing debt.

請記住，我們的另一個首要資本配置優先事項是減少債務。

I continue to believe the medium term outlook for housing should be quite strong, fueled by demographic trends and a continued desire for homeownership.

我仍然認為，在人口趨勢和對擁有住房的持續渴望的推動下，住房的中期前景應該相當強勁。

Anywhere has a proven track record of delivery and we are seizing this moment to further transform our company to capture greater strategic and financial results in the future, especially in stronger housing markets.

Anywhere 擁有良好的交付記錄，我們正在抓住這一時機進一步改造我們的公司，以在未來取得更大的策略和財務成果，特別是在更強勁的房地產市場。

Now, before I turn over to Charlotte, I'd like to discuss the August 17 industry practice changes mandated by the National Association of Realtors Litigation settlement.

現在，在向夏洛特提問之前，我想討論全國房地產經紀人協會訴訟和解協議規定的 8 月 17 日行業慣例變更。

While we expect there to be challenges and uncertainty as these complex changes are implemented, there is an opportunity for Anywhere and our agents and franchisees to embrace the future with confidence and differentially succeed, something we've been focused on delivering for our agents and franchisees since we announced our settlement in Q3 of 2023.

雖然我們預計在實施這些複雜的變化時會遇到挑戰和不確定性，但Anywhere 以及我們的代理商和特許經營商有機會充滿信心地擁抱未來並取得差異化的成功，這是我們一直致力於為我們的代理商和特許經營商提供的服務自我們於 2023 年第三季宣布和解以來。

One of the key changes is mandatory buyer agreements.

關鍵變化之一是強制性買方協議。

We support these agreements for the transparency they offer consumers.

我們支持這些協議，因為它們為消費者提供了透明度。

Anywhere is committed to a thoughtful rollout of buyer agreements, with two core concepts guiding our approach.

Anywhere 致力於深思熟慮地推出買方協議，並以兩個核心概念指導我們的方法。

The first is simplicity.

首先是簡單性。

Buyer agreements must be clear, concise and free of legal jargon.

買方協議必須清晰、簡潔且不含法律術語。

So, for example, if the agreement cannot be understood and executed electronically in just a few minutes before showing a home, it's too complex.

因此，舉例來說，如果協議無法在展示房屋前幾分鐘內以電子方式理解和執行，那就太複雜了。

The other principle is flexibility.

另一個原則是靈活性。

Consumers and agents will likely want different options for buyer agreements depending on the scenario.

根據具體情況，消費者和代理商可能會希望買家協議有不同的選擇。

For example, we envision consumers and agents wanting a buyer agreement that just covers showing a home, or a buyer agreement that helps a customer purchase a specific home, or a buyer agreement that covers a multi month journey to find the right home for a family.

例如，我們設想消費者和代理商想要一份僅涵蓋展示房屋的買方協議，或幫助客戶購買特定房屋的買方協議，或涵蓋為家庭尋找合​​適房屋的數月旅程的買方協議。

And to this end, we're providing multiple buyer agreement templates so consumers and agents can select the version that best suits their needs.

為此，我們提供了多個買方協議模板，以便消費者和代理商可以選擇最適合他們需求的版本。

Another significant change is the display of buyer broker compensation.

另一個重大變化是買家經紀人薪酬的顯示。

We believe voluntary offers of buyer broker compensation help sellers secure the best offer for their home and the highest certainty in their transaction.

我們相信，買家經紀人自願提供的補償有助於賣家獲得最佳的房屋報價和最高的交易確定性。

We encourage agents to educate sellers on their options and as always, to act in the seller's best interest.

我們鼓勵代理商對賣家的選擇進行教育，並一如既往地以賣家的最佳利益為出發點。

And to date, we see sellers in the market continuing to see value in offers of buyer broker compensation.

到目前為止，我們看到市場上的賣家繼續看到買家經紀人報酬的價值。

And we will be displaying offers of buyer broker compensation on our owned brokerage websites.

我們將在我們擁有的經紀網站上顯示買方經紀人報酬的報價。

Now remember, these changes affect everyone in the industry, and that means opportunity for those of us who can best embrace the new reality and help agents and franchisees navigate it successfully.

現在請記住，這些變化影響著行業中的每個人，這對我們這些能夠最好地擁抱新現實並幫助代理商和特許經營商成功駕馭的人來說意味著機會。

And we believe we're in a unique position to do that the best.

我們相信我們處於獨特的地位，可以做到最好。

We have an advantage because of our first mover decision to settle commission related litigation last year as we've been implementing the changes for longer than others and we have a nationwide network of agents and franchisees that provide us insights on how these industry practice changes are playing out differently across both geographies and price points.

我們擁有優勢，因為我們去年決定解決與佣金相關的訴訟，因為我們實施這些變革的時間比其他人更長，而且我們擁有全國性的代理商和特許經營商網絡，可以為我們提供有關這些行業實踐變革如何發生的見解。

Having more data and insights enables us to adjust faster and adopt best practices better than our competitors who don't have our scale.

擁有更多數據和洞察力使我們能夠比沒有我們規模的競爭對手更快地調整併更好地採用最佳實踐。

We're leveraging these advantages to cut through the noise and to clarify confusion.

我們正在利用這些優勢來消除噪音並澄清混亂。

Frankly, the industry needs more leadership helping real estate professionals navigate these changes.

坦白說，該行業需要更多的領導力來幫助房地產專業人士應對這些變化。

And that's why Sue Yannaccone, the CEO of Anywhere Brands and Advisors, and I recently launched Anywhere Voices.

這就是為什麼我和 Anywhere Brands and Advisors 的執行長 Sue Yannaccone 最近推出了 Anywhere Voices。

A new publicly available series to provide guidance to the industry and its professionals as we all navigate the future.

一個新的公開系列，為業界及其專業人士提供指導，幫助我們共同駕馭未來。

And we delivered our first session in mid-July focused on buyer agreements.

我們在七月中旬舉行了第一次會議，重點討論買方協議。

I remain incredibly proud of the excellence our affiliated agents, franchisees and employees have demonstrated during this ongoing industry uncertainty.

我仍然對我們的附屬代理商、特許經營商和員工在當前行業不確定性期間所表現出的卓越表現感到無比自豪。

While the road ahead may present challenges, we believe our agents and franchisees will be best positioned to succeed as we lead real estate to what's next.

儘管前進的道路可能會面臨挑戰，但我們相信，隨著我們帶領房地產走向未來，我們的代理商和特許經營商將處於成功的最佳位置。

With that, let me turn over to Charlotte.

說到這裡，讓我轉向夏洛特。

Good morning everyone.

大家早安。

Our second quarter financials demonstrate our continued resiliency with volume growth, strong profitability and solid free cash flow generation.

我們第二季的財務狀況證明了我們在銷售成長、強勁獲利能力和穩定自由現金流方面的持續彈性。

We believe Anywhere's unique strengths and continued holistic financial discipline drive differentiated performance versus our competitive set and will enable us to emerge even stronger when the housing market improves.

我們相信，Anywhere 的獨特優勢和持續的整體財務紀律將推動我們在競爭中取得差異化的業績，並使我們在房地產市場改善時變得更加強大。

I will now highlight our second quarter financial results.

我現在將重點介紹我們第二季的財務表現。

Q2 revenue was $1.7 billion, essentially flat versus prior year as transaction volume growth was offset by softness in relocation.

第二季營收為 17 億美元，與去年同期基本持平，因為交易量成長被搬遷疲軟所抵銷。

We are encouraged by two consecutive quarters volume growth and are optimistic for housing to recover.

我們對連續兩季的成交量成長感到鼓舞，並對房屋市場的復甦持樂觀態度。

Q2 operating EBITDA was $139 million, an increase of $13 million versus prior year due to 3% transaction volume growth and lower expenses across the enterprise.

第二季營運 EBITDA 為 1.39 億美元，比上年增加 1,300 萬美元，因為交易量增加 3% 以及整個企業的費用降低。

We delivered approximately $30 million of cost savings in the second quarter and are increasing our full year cost savings target by $20 million to $120 million this year.

我們在第二季度實現了約 3,000 萬美元的成本節約，並將今年全年成本節約目標提高了 2,000 萬美元，達到 1.2 億美元。

We continue to prudently manage our cash.

我們繼續審慎管理我們的現金。

Cash on hand at the end of Q2 was $128 million and Q2 free cash flow was $63 million.

第二季末手頭現金為 1.28 億美元，第二季自由現金流為 6,300 萬美元。

Free cash flow excluding our partial legal settlement payment, was $83 million and if you exclude timing on our securitization working capital, free cash flow was about $100 million, which was in line with Q2 2023 on a like for like basis.

不包括部分法律和解付款的自由現金流為 8,300 萬美元，如果排除我們的證券化營運資金的時間安排，自由現金流約為 1 億美元，與 2023 年第二季的同類數據一致。

During the quarter, we paid down a portion of the revolver balance to end the quarter at $410 million, which now sits at $400 million.

在本季度，我們支付了部分左輪手槍餘額，季末金額為 4.1 億美元，目前為 4 億美元。

Now let me go into more detail on our business strategy segment performance.

現在讓我更詳細地介紹我們的業務策略部門的業績。

Our Anywhere brands business, which includes leads and relocation, generated $159 million in operating EBITDA.

我們的 Anywhere 品牌業務（包括銷售線索和搬遷）產生了 1.59 億美元的營運 EBITDA。

Operating EBITDA decreased $5 million year over year, primarily due to lower client volumes in the relocation business.

營運 EBITDA 年比減少 500 萬美元，主要是因為搬遷業務的客戶量減少。

We love our core franchise business and its margin stability over time, and in Q2, our core franchise margins were approximately 73%, our strongest performance over the last seven quarters.

我們喜歡我們的核心特許經營業務及其利潤率隨著時間的推移的穩定性，在第二季度，我們的核心特許經營利潤率約為73%，這是我們過去七個季度中最強勁的表現。

Our Q2 Anywhere advisors operating EBITDA was $4 million, up $14 million versus prior year due to higher volume and lower operating and marketing costs.

由於銷售量增加以及營運和行銷成本降低，我們第二季 Anywhere 顧問營運的 EBITDA 為 400 萬美元，比前一年增加了 1,400 萬美元。

Commission splits in Q2 were 80.5%, up 40 basis points year over year.

第二季佣金分配率為 80.5%，較去年同期上升 40 個基點。

The increase was attributable to higher brokerage volumes, particularly in higher split rate markets such as California.

這一成長歸因於經紀業務量的增加，特別是在加州等分拆率較高的市場。

Agent mix, as our top agents continue to take greater share of transactions and the remainder of the increase about one third coming from other non-core items such as lower new development business and lower company generated leads due to the softness mentioned in the relocation business.

代理商組合，我們的頂級代理商繼續佔據更大的交易份額，其餘增長約三分之一來自其他非核心項目，例如新開發業務的減少以及由於搬遷業務中提到的疲軟而導致公司產生的銷售線索減少。

These increases in splits were partially offset by reduced amortization of prior recruiting and retention payments and some reclasses for one of our brands.

這些分割的增加被先前招聘和保留付款的攤銷減少以及我們品牌之一的一些重新分類所部分抵消。

The average broker commission rate declined in Q2 versus prior year for both brands and advisors by 4 and 7 basis points, respectively.

第二季度品牌和顧問的平均經紀人佣金率與去年同期相比分別下降了 4 個和 7 個基點。

The decline is driven in part by the meaningful outperformance of our luxury portfolio, especially the substantial volume growth Ryan mentioned on transactions north of $10 million, many of which we spoke about during our Q1 earnings call.

這一下降的部分原因是我們的奢侈品投資組合的顯著優異表現，尤其是Ryan 提到的交易量大幅增長超過1000 萬美元，其中許多交易是我們在第一季財報電話會議上談到的。

And we love the economics of these high end transactions independent of their effect on ABCR.

我們喜歡這些高端交易的經濟性，而不管它們對 ABCR 的影響如何。

The decline versus prior year is also driven by a tough prior year comparator as ABCR increased in 2023.

由於 2023 年 ABCR 增加，去年的比較情況嚴峻，導致了與前一年相比的下降。

Other than the luxury effect, our Q2 results are similar to what we saw in Q2 2022 and remember, ABCR fluctuates by quarter and annually depending on the market, price mix and geography.

除了奢侈品效應之外，我們第二季度的結果與我們在 2022 年第二季度看到的結果類似，請記住，ABCR 根據市場、價格組合和地理位置按季度和每年波動。

Anywhere integrated services generated $9 million in operating EBITDA in Q2.

Anywhere 整合服務在第二季產生了 900 萬美元的營運 EBITDA。

Operating EBITDA declined $1 million year over year due to a decrease in the mortgage JV earnings.

由於抵押貸款合資企業收益下降，營業 EBITDA 年比下降 100 萬美元。

Title EBITDA would have increased slightly excluding the mortgage JV.

不包括抵押貸款合資企業，標題 EBITDA 將會略有增加。

Title purchase closings were down 1% versus prior year in the quarter, which is an improved trend versus Q1.

本季產權購買成交量較去年同期下降 1%，與第一季相比趨勢有所改善。

Moving on to cost, we have delivered approximately $60 million of cost savings year to date and are increasing our full year cost savings target by $20 million to $120 million this year.

說到成本，我們今年迄今已節省了約 6,000 萬美元的成本，並將今年全年成本節省目標提高 2,000 萬美元至 1.2 億美元。

The increase is driven by our relentless focus on driving efficiency in our business, and we continue to focus on streamlining processes, reimagining roles and footprints, and using generative AI to automate certain tasks.

這一成長是由於我們不懈地致力於提高業務效率，我們繼續專注於簡化流程、重新構想角色和足跡，以及使用生成式人工智慧來自動化某些任務。

Ryan shared examples of where we are leveraging AI and let me remind you, this can meaningfully improve the speed and quality of our operations and reduce our costs.

Ryan 分享了我們利用人工智慧的例子，我提醒您，這可以有意義地提高我們營運的速度和質量，並降低我們的成本。

We're excited by these results and also by the opportunities that remain in front of us to drive further cost savings.

我們對這些結果感到興奮，也對我們面前仍然有機會進一步節省成本感到興奮。

And to give further clarity on our cost structure, here are some additional details by reported business segments.

為了進一步明確我們的成本結構，以下是所報告業務部門的一些其他詳細資訊。

The brand's business segment, with its high margins is approximately 75% fixed and 25% variable.

該品牌的業務部門利潤率較高，約 75% 是固定的，25% 是可變的。

Our owned brokerage business is approximately 85% variable including commission expense and 15% fixed.

我們自有的經紀業務約 85% 是可變的，包括佣金費用，15% 是固定的。

We have driven the fixed percentage down 5 percentage points in the last five years as we continue to optimize our ways of working.

隨著我們不斷優化工作方式，過去五年我們將固定百分比降低了 5 個百分點。

Title expenses are approximately 70% fixed and 30% variable.

產權費用約 70% 是固定的，30% 是變動的。

All that said, we are benefiting from improved margins on each of these businesses year over year in spite of continued historically low volumes which further inflate the fixed percentages.

話雖如此，儘管銷量持續處於歷史低位，進一步推高了固定百分比，但我們仍受益於這些業務逐年提高的利潤率。

And we believe as we continue to drive cost savings, this will further favorably impact our results, especially in more normal housing markets.

我們相信，隨著我們繼續推動成本節約，這將進一步有利地影響我們的業績，特別是在更正常的房地產市場。

Our focus on optimizing our balance sheet is always a priority.

我們始終將重點放在優化資產負債表上。

We will address our term loan A by Q4, which will be approximately $190 million at that time.

我們將在第四季度解決定期貸款 A，屆時貸款金額約為 1.9 億美元。

We are evaluating many options, including repaying it with a combination of our revolver and free cash flow or refinancing it with other debt.

我們正在評估許多選擇，包括用我們的左輪手槍和自由現金流相結合來償還它，或用其他債務進行再融資。

Our free cash flow delivery is quite strong in both good and bad markets given the stability of our free cash flow generation in the last three quarters of each year.

鑑於我們每年最後三個季度自由現金流產生的穩定性，無論市場好壞，我們的自由現金流交付都相當強勁。

For example, in 2023 and 2022, some of the most challenging years for housing in decades, we generated approximately $105 million and $197 million of free cash flow, respectively, before any one time items in the last three quarters of those years and we expect our full year 2024 free cash flow, excluding one-time items to be about $100 million as favorable working capital, robust savings programs and our cash management discipline will help counterbalance yet another tough year in housing.

例如，在2023 年和2022 年，這是幾十年來住房業最具挑戰性的一年，我們在過去三個季度的任何一次性項目之前分別產生了約1.05 億美元和1.97 億美元的自由現金流，我們預計我們的2024 年全年自由現金流（不包括一次性項目）約為1 億美元，作為有利的營運資金、強勁的儲蓄計劃和我們的現金管理紀律，將有助於抵消住房市場又一個艱難的一年。

This free cash flow generation is a true differentiator in our industry and gives us tremendous flexibility to continue to invest for the future and reduce debt, which remains a top capital allocation priority.

這種自由現金流的產生是我們行業真正的差異化因素，為我們提供了巨大的靈活性，可以繼續投資未來並減少債務，這仍然是資本配置的首要任務。

Overall, our second quarter results highlight Anywhere's resilience and strategic focus.

總體而言，我們第二季的業績凸顯了 Anywhere 的韌性和策略重點。

We remain committed to driving efficiency, managing costs and optimizing our balance sheet.

我們仍然致力於提高效率、管理成本和優化資產負債表。

As we navigate the current housing market, our unique strengths position us for continued success and growth.

在我們駕馭當前的房地產市場時，我們獨特的優勢使我們能夠持續取得成功和成長。

Let me now turn the call back to Ryan for some closing remarks.

現在讓我把電話轉回給瑞安，讓他發表一些結束語。

Thank you Charlotte.

謝謝夏洛特。

I'm proud of how the Anywhere team is leading and delivering through the challenging housing market and the ongoing industry uncertainty.

我對 Anywhere 團隊在充滿挑戰的房地產市場和持續的行業不確定性中的領導和交付感到自豪。

We continue to seize this moment to further transform our company, leveraging our market leading position including resilient profitability, luxury leadership, scaled ancillary services and some of the most iconic brands in the industry with the best agent and franchise networks.

我們繼續抓住這一時機，進一步改造我們的公司，利用我們的市場領先地位，包括彈性盈利能力、奢侈品領先地位、規模化的輔助服務以及一些業內最具標誌性的品牌以及最好的代理和特許經營網絡。

We are executing on what we can control, delivering on our strategic agenda and utilizing our competitive advantages to position us for future growth, to outperform the market and to deliver value for our agents, franchisees and shareholders.

我們正在執行我們可以控制的事情，實現我們的策略議程，並利用我們的競爭優勢為我們未來的成長做好準備，超越市場並為我們的代理商、特許經營商和股東創造價值。

With that note, we will now take your questions.

有了這個說明，我們現在將回答您的問題。

(Operator Instructions) Soham Bhonsle, BTIG.

（操作員說明）Soham Bhonsle，BTIG。

Hi, guys.

嗨，大家好。

Good morning.

早安.

Ryan, I guess first one for you.

瑞安，我想第一個適合你。

One of your peers last night painted a picture that suggests that there could be some thought given to sort of managing their inventory more tightly going forward.

昨晚你的一位同事描繪了一幅圖畫，表明未來可能會考慮更嚴格地管理庫存。

And you noted your intent to display commissions on your own listings on the website.

並且您注意到您打算在網站上自己的清單中顯示佣金。

So I'm just wondering, how does this, in your view, change agent workflow or consumer behavior as we go forward and then maybe just highlight any other way that you're looking to leverage your combined market share on units, which is still the largest in the industry?

所以我只是想知道，在您看來，隨著我們的前進，這將如何改變代理工作流程或消費者行為，然後可能只是強調您希望利用單位的綜合市場份額的任何其他方式，這仍然是行業內最大的？

Thanks.

謝謝。

Can you say what you mean by this?

你能說說你的意思嗎？

I'm sorry, I don't fully understand the question.

抱歉，我不完全理解這個問題。

Maybe you could give it to me again.

也許你可以再給我一次。

What is the

什麼是

--

--

Yes, so I think I'm talking about just inventory being managed more tightly, right, going forward by brokerages potentially.

是的，所以我認為我正在談論的只是經紀公司可能會更嚴格地管理庫存，對吧。

And then how you think just displaying commissions on your website can change workflow for either the agent and then just consumer behavior going forward?

那麼您認為僅在網站上顯示佣金就可以改變代理商的工作流程，然後改變消費者的行為？

Well, look, displaying commissions on our website and our franchisees displaying it on their website and competitors displaying it on their website, I tend to think that's a good thing just because it shares the information that people want out there in the ecosystem.

好吧，看，在我們的網站上顯示佣金，我們的特許經營商在他們的網站上顯示佣金，競爭對手在他們的網站上顯示佣金，我傾向於認為這是一件好事，因為它分享了人們在生態系統中想要的資訊。

And there was even a push three or four years ago by a lot of constituents in the world to display that stuff publicly, which we've done.

三、四年前，世界上許多選民甚至呼籲公開展示這些東西，而我們已經這麼做了。

And so we're going to keep doing it.

所以我們將繼續這樣做。

So that's pretty easy.

所以這很容易。

Look, inventory is pretty tough out there right now, but we have a market leading position.

看，目前庫存非常緊張，但我們擁有市場領先地位。

I think what your question really gets to is, and we'll see, is just bluntly what role the MLSs play in the future.

我認為你的問題真正涉及的是，而且我們會看到，坦白說，MLS 在未來扮演什麼角色。

If MLSs don't do a good job serving their customers, then scale companies like us may have other options for how we display and use our inventory.

如果 MLS 不能很好地為客戶提供服務，那麼像我們這樣的規模公司可能會有其他選擇來展示和使用我們的庫存。

If MLSs do a good job serving their customers, who are the agents, then we may continue as is.

如果 MLS 能夠很好地為他們的客戶（即代理商）提供服務，那麼我們可能會繼續保持現狀。

But I think that's one of the TBDs of how the ecosystem evolves.

但我認為這是生態系如何演變的待定問題之一。

And I talked about the complexity of all the industry changes.

我談到了所有行業變化的複雜性。

You have 500 MLSs writing different rules at the moment, which will be an interesting thing to watch kind of play out.

目前有 500 個 MLS 正在編寫不同的規則，觀看比賽結果將是一件有趣的事情。

But look, we love our advantage position, right?

但看，我們喜歡我們的優勢地位，對嗎？

I mean, to your point, if there is a change in how inventory is managed in our industry, we're going to be the number one beneficiary of it because across our six brands and our networks, we have by far the most.

我的意思是，就你的觀點而言，如果我們行業的庫存管理方式發生變化，我們將成為最大的受益者，因為在我們的六個品牌和網絡中，我們擁有迄今為止最多的庫存。

So I don't have a crystal ball, but I think we've got a little bit of a track record of being more thoughtful about this than most people, whether it's in terms of how we approach the litigation and the differential success there, or what we're doing now to position our agents and franchisees to do better and kind of what happens with our inventory no matter how the market evolves, we're going to be in the advantaged position with our scale.

所以我沒有水晶球，但我認為我們在這方面比大多數人都更加深思熟慮，無論是我們如何處理訴訟以及那裡的不同成功，或者我們現在正在做的事情是為了讓我們的代理商和特許經營商數做得更好，無論市場如何發展，我們的庫存會發生什麼變化，我們都將憑藉我們的規模處於優勢地位。

It's a great topic, but it is wound up in kind of the future of the MLSs.

這是一個很棒的主題，但它的主題是 MLS 的未來。

And it's way too early to say what's the winning approach, but we have the asset that you would want, which is the most scale, no matter how that plays out.

現在說什麼是致勝之道還為時過早，但我們擁有您想要的資產，這是最大規模的，無論結果如何。

Yes.

是的。

Okay.

好的。

And then Charlotte on splits this quarter, you walked through the moving parts there, but it was higher than the last few quarters.

然後夏洛特在本季度的分拆中，你經歷了那裡的移動部分，但它比前幾季要高。

And so how should we just be thinking about it in the back half of the year here and just give us any other moving parts there.

因此，我們應該如何在今年下半年考慮這個問題，並在那裡給我們任何其他活動部件。

Thank you.

謝謝。

Yes, I mean, I think we expect the full year to look similar to what we experienced in the quarter.

是的，我的意思是，我認為我們預計全年的情況與本季的情況相似。

This agent mix thing is a phenomenon that's been with us a while.

這種混合代理的現像已經存在了一段時間了。

And then when you add in the results that we had in the quarter with all the luxury over delivery and some of the geography that we saw, assuming those things continue, we expect the full year to kind of look like what we saw in Q2.

然後，當您將我們在本季度的結果加上所有奢侈的超額交付和我們看到的一些地理位置時，假設這些情況繼續下去，我們預計全年將類似於我們在第二季度看到的情況。

Great.

偉大的。

Thank you.

謝謝。

Anthony Paolone, JPMorgan.

安東尼保隆，摩根大通。

Hi Tony.

嗨托尼。

Thanks.

謝謝。

Good morning.

早安.

Hi.

你好。

So, Ryan, I appreciate the brackets around how you guys are approaching the buyer agreements.

所以，瑞安，我很欣賞你們如何處理買方協議的括號。

Maybe can you give us an example perhaps of like what an agreement where you're just -- the buyer just wants to be shown a house and what that looks like versus some of the other examples you gave.

也許你能給我們一個例子，例如你所簽訂的協議——買家只是想看看房子以及它的樣子，而不是你給的其他一些例子。

Sure.

當然。

I'll just kind of go through all three.

我將簡單介紹這三個部分。

And again, there's tons of versions of these, but I'll give you one thing that happens all the time, right?

再說一遍，這些有很多版本，但我會給你一件經常發生的事情，對吧？

Somebody flies down to Florida, wants to see a neighborhood and see some houses, but has no idea where they're going with their life and their future.

有人飛到佛羅裡達州，想要參觀一個社區並參觀一些房屋，但不知道他們的生活和未來將走向何方。

That probably lends itself to just a showing agreement.

這可能只是表明協議而已。

You don't have to get into all the compensation and stuff like that.

你不必考慮所有的補償和類似的事情。

You just agree.

你只是同意而已。

Look, I'm going to show you the homes.

聽著，我要帶你去看那些房子。

That's kind of how the world works today.

這就是當今世界的運作方式。

People show people homes and neighborhoods all the time with kind of, no, we'll see what comes of it.

人們總是向人們展示房屋和社區，不，我們會看看會發生什麼。

But that meets the requirements of the mandatory agreements, but just gives people kind of an easy, flexible way to do it.

但這滿足了強制性協議的要求，但只是為人們提供了一種簡單、靈活的方式來做到這一點。

We call it a touring agreement and you can see people using that a lot.

我們稱之為巡迴協議，你可以看到人們經常使用它。

Second is I'm a customer, I know the home I want to actually go after, I contract with the agent, hey, let's go bid on this home.

其次，我是客戶，我知道我真正想要的房子，我與經紀人簽訂合同，嘿，讓我們去投標這個房子。

And the nice thing about that is if you're bidding on a specific home, you can negotiate the compensation.

這樣做的好處是，如果您競標特定的房屋，您可以協商補償。

But you also know what seller offer of compensation is being given on that home.

但您也知道賣方對該房屋提供了哪些補償。

So you can just write that into the buyer agreement and boom, you're on your way.

因此，您只需將其寫入買方協議即可，然後就可以了。

And then the third is the little more kind of, hey, I know I want a home.

第三個是有點，嘿，我知道我想要一個家。

It's probably going to be a long journey.

這或許將是一段漫長的旅程。

Let's do an agreement for 180 days to take me on this journey.

讓我們簽訂 180 天的協議，帶我踏上這段旅程。

And that one probably has a little more flexibility or nuances to it.

那個可能有更多的靈活性或細微差別。

But point is, I think just we want it to be flexible and simple.

但重點是，我認為我們只是希望它靈活且簡單。

And the idea that there's like one agreement that's going to cover all these cases, I don't think it probably works.

我認為有一個協議可以涵蓋所有這些情況的想法可能行不通。

And that's when you also get into like a bunch of stuff in agreements that don't apply to people and you got to start crossing stuff out.

那時你也會陷入協議中的一堆不適用於人的內容，你必須開始劃掉這些內容。

So we're taking this flexibility and simplicity approach, put our agreements to be public, if other people want to use them, that's great, right?

所以我們採取這種靈活和簡單的方法，將我們的協議公開，如果其他人想使用它們，那就太好了，對吧？

And we'll learn from others agreements if someone does a better one.

如果有人做得更好，我們將從其他協議中學習。

But we just think there's enough difference in how people actually approach buying a home or looking at homes that it lends itself to different types of agreements.

但我們只是認為，人們實際購買房屋或看房的方式有很大差異，因此適合不同類型的協議。

I understand.

我明白。

And I mean the showing one sounds fairly simple, like at what point does there need to be some agreement on dollars and cents as to what's actually paid there?

我的意思是，展示聽起來相當簡單，就像什麼時候需要就實際支付的金額達成某種協議？

Well, everything's negotiable so agents and customers can do whatever they want.

嗯，一切都是可以協商的，所以代理商和客戶可以為所欲為。

But for us, the showing agreement is just how the world works today.

但對我們來說，展示協議正是當今世界的運作方式。

And they're probably, I don't recommend agents put a lot of time into compensation for just giving somebody a neighborhood tour or showing one home.

我可能不建議代理商花大量時間來補償僅僅為某人提供社區參觀或展示一套房屋。

But when you get into a here's homes we want to bid on or I want to be in a longer term relationship here, then absolutely, you want the compensation there.

但是，當您進入我們想要競標的這裡的房屋或我想在這裡建立長期關係時，那麼您絕對想要那裡的補償。

And again, like I said, if you know the home, you can go look up the seller offer of compensation.

再說一次，就像我說的，如果你知道房子，你可以去找賣家的賠償報價。

You can put that in the agreement and boom, you're on your way on that side plus anything else you negotiate.

你可以把它寫在協議中，然後繁榮，你就在那一邊加上你談判的任何其他東西。

And if you're on a longer term one, then you do have to come to an agreement, including what you want to do with seller offers of comp.

如果您的合約期限較長，那麼您必須達成協議，包括您想如何處理賣方提供的補償。

But it'll be easier, I think, if you know what your customer's trying to accomplish as opposed to a single form.

但我認為，如果您知道客戶想要完成什麼，而不是使用單一表格，那麼事情會更容易。

Got it.

知道了。

Understand.

理解。

And then just my follow up is any color around what, July and August, what the pipeline looks like.

然後我的後續行動是關於七月和八月管道的任何顏色。

Look, July.

看，七月。

So I've got the data through July 26, so it's accurate through that.

我得到了截至 7 月 26 日的數據，所以數據是準確的。

I haven't got the later.

後面的我還沒拿到

Couple things.

夫婦的事情。

Look, the real trends are about the same.

看，真正的趨勢是差不多的。

If you look at the market, units are down and prices are up.

如果你看看市場，單位數量下降，價格上漲。

The one thing we all got to watch out for is July has two more business days than last year, Tony.

我們都需要注意的一件事是，七月比去年多了兩個工作日，托尼。

So if people don't adjust for that, July actually looks quite strong, units up and price up meaningfully.

因此，如果人們不對此進行調整，七月實際上看起來相當強勁，單位數量和價格都有意義地上漲。

If you adjust for the two business days, you see this trend of still a struggle in units, but price is still up.

如果對這兩個工作日進行調整，您會發現單位數量仍然存在掙扎的趨勢，但價格仍在上漲。

So the headline numbers are units up and price up, but the real numbers are unit weakness continuing, but price is up in July.

因此，總體數據是單位上漲和價格上漲，但實際數字是單位持續疲軟，但 7 月價格上漲。

So very similar to the trends in the market that we saw in Q2.

與我們在第二季度看到的市場趨勢非常相似。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Matthew Bouley, Barclays.

馬修·博利，巴克萊銀行。

Morning, everyone.

早安，大家。

Thanks for taking the questions.

感謝您提出問題。

Of course.

當然。

So on the commission rates, the seven basis point reduction on the brokerage side and then four basis points on the franchise side, is the difference between those two a good way to think about what the mix headwind was that you mentioned with the higher price transactions?

因此，就佣金率而言，經紀業務方面減少了 7 個基點，特許經營方面減少了 4 個基點，這兩者之間的差異是思考您提到的較高價格交易的混合逆風的好方法？

Obviously trying to get a sense of what's happening with core commission rates in the industry.

顯然是想了解該行業核心佣金率的變化。

If you could sort of tell on a like for like basis, are you starting to see more transactions occurring at lower commissions, buy side or sell side?

如果您可以在類似的基礎上進行判斷，您是否開始看到更多的交易以較低的佣金發生，買方還是賣方？

Thank you.

謝謝。

I think Charlotte covered.

我想夏洛特已經涵蓋了。

Look, the big difference between advisors and brands is advisors skews even more luxury.

看，顧問和品牌之間的最大區別是顧問更偏向奢侈品。

And you heard the luxury numbers, especially at the high end.

你也聽過奢侈品的數字，尤其是高端產品。

And the luxury effect on ABCR was bigger in advisors than it was in brands.

奢侈對 ABCR 的影響對顧問的影響比對品牌的影響更大。

But when we look at the data, we don't see any change in seller offers of compensation.

但當我們查看數據時，我們沒有看到賣家提供的補償有任何變化。

We don't see any change in unrepresented buyers.

我們沒有看到無人代表的買家有任何變化。

What we did see was a heck of a lot of luxury success and it affected both of our businesses' ABCR.

我們確實看到了奢侈品行業的巨大成功，它影響了我們兩家公司的 ABCR。

But advisors does skew more luxury, hence the little bit bigger effect.

但顧問確實偏向更多的奢侈，因此影響更大一些。

So keep in mind what I said about our prior year comparator.

因此，請記住我關於前一年比較器所說的話。

Like in our bookers business, last year, ABCR was actually up.

就像我們的預訂業務一樣，去年 ABCR 實際上有所上升。

And so, in our business, if you look versus two years ago, it's pretty consistent with what we saw then, excluding this luxury effect.

因此，在我們的業務中，如果你對比兩年前，你會發現與我們當時看到的情況非常一致，排除了這種奢侈效應。

Got it.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

And secondly, there's a fair bit of talk last night with your competitor around M&A and sort of consolidation towards the bigger players.

其次，昨晚與你的競爭對手就併購以及對更大的參與者進行整合進行了相當多的討論。

From Anywhere's perspective, how are you thinking about that now going forward?

從 Anywhere 的角度來看，您現在如何看待未來的發展？

Is there kind of any limits around how you think about M&A, whether it be either the balance sheet or how where some of these targets may be in the settlement with the NAR process, how that plays into M&A?

您對併購的看法是否有任何限制，無論是資產負債表還是其中一些目標在與 NAR 流程的和解中可能處於什麼位置，這對併購有何影響？

Just your broader thoughts on that.

只是您對此的更廣泛的想法。

Thank you.

謝謝。

Yes.

是的。

Look, I mean, I've been public.

聽著，我的意思是，我已經公開了。

I think consolidation is inevitable.

我認為整合是不可避免的。

I think the bigger players, including us, will benefit from that.

我認為包括我們在內的更大的參與者將從中受益。

And it's a little easier probably -- on one dimension, it's a little easier on the settlement side because people have started to work out settlements.

這可能會容易一些——在一個方面，在定居點方面會容易一些，因為人們已經開始製定定居點。

On the other, there is a lot of industry uncertainty here.

另一方面，這裡存在著許多行業不確定性。

But we think it's inevitable.

但我們認為這是不可避免的。

But the big question for everybody is price.

但對每個人來說最大的問題是價格。

If there's one thing you need to remember about us is we are incredibly focused on margin.

如果您需要記住關於我們的一件事，那就是我們非常關注利潤。

We're not going to do a bad deal just to show growth.

我們不會僅僅為了展示成長而做出糟糕的交易。

Let's be blunt about that.

讓我們直言不諱。

And the deal's got to be good for both sides.

這筆交易必須對雙方都有好處。

And so we're pro M&A.

所以我們支持併購。

We think we'd be a bet we'll be a beneficiary of that.

我們認為我們會成為其中的受益者。

We think consolidation is inevitable, but it's got to be at good prices.

我們認為整合是不可避免的，但必須以良好的價格進行。

And just doing deals for deal sake is not part of our gig.

為了交易而做交易並不是我們工作的一部分。

So, we'll see what happens, but we're forward and we don't have any restrictions.

所以，我們會看看會發生什麼，但我們正在前進，我們沒有任何限制。

We got tons of liquidity.

我們有大量的流動性。

I've probably got more liquidity than anybody, is my guess.

我猜，我的流動性可能比任何人都多。

We got tons of liquidity and we're ready to go for the right things, but it's got to be a good deal.

我們擁有大量的流動性，我們已經準備好去做正確的事情，但這必須是一筆划算的交易。

And that's, again, a good deal for me is the bottom line not the top line.

再說一遍，對我來說，最重要的是底線而不是頂線。

I better be creating some value with the deal, not just growing the top line.

我最好透過這筆交易創造一些價值，而不僅僅是增加收入。

Got it.

知道了。

Thanks, Ryan.

謝謝，瑞安。

Good luck, guys.

祝你好運，夥計們。

Thanks, Matt.

謝謝，馬特。

Tommy McJoynt, KBW.

湯米·麥克喬恩特，KBW。

Hi, good morning, guys.

嗨，早上好，夥計們。

Can you talk about just sort of the process of getting your house into shape for the upcoming business practice changes, thinking about the training programs for your agents, whether or not they've been mandatory, and then just whether is the onus going to be on you as the broker to monitor and force your own agent base to make sure that they're kind of compliant with these new changes?

您能否談談為即將到來的業務實踐變化而調整您的房屋的過程，考慮您的代理商的培訓計劃，無論它們是否是強制性的，然後是否需要承擔責任作為經紀人，您需要監控並強制您自己的代理商基礎，以確保他們遵守這些新的變更？

Well, a couple of things.

嗯，有幾件事。

So look, we've got our duty to supervise our agents is a critical thing and we take it very seriously and we apply it to everything.

所以看，我們有責任監督我們的代理人，這是一件至關重要的事情，我們非常認真地對待它，並將其應用於一切。

And we're here to support and help our agents whether it's on data security or fair housing or anything else.

無論是在資料安全、公平住房或其他方面，我們都會為我們的代理商提供支援和協助。

So this is just another place where, of course we're going to be good stewards of our responsibilities there.

因此，這只是另一個地方，我們當然要好好地履行我們的責任。

We're pumped about our rollout, man, and we think we're in a great spot, especially on a relative basis when we hear the stories from others.

我們對我們的推出感到興奮，夥計，我們認為我們處於一個很好的位置，特別是當我們聽到其他人的故事時相對而言。

And again, part of that is because we saw a little farther ahead, I think, on this stuff than others and have been working on it longer.

我想，部分原因是我們在這方面比其他人看得更遠，並且在這方面的工作時間更長。

But we've already got training being rolled out, agents, franchisees, et cetera.

但我們已經開始對代理商、加盟商等進行培訓。

We're in weekly kind of communication.

我們每週都會進行一次溝通。

Sue and I, like I said, are even going public with some of our thoughts.

正如我所說，蘇和我甚至公開了我們的一些想法。

We want people to know.

我們希望人們知道。

And we're getting a ton of learning from our nationwide network.

我們從我們的全國網路中獲得了大量的知識。

There are parts of the market where there have been buyer agreements in place we can share each other's.

市場的某些部分已經簽訂了買方協議，我們可以互相分享。

There are certain markets, by the way, where MLSs have made changes already that we already are learning from and making us better kind of nationally.

順便說一句，MLS 已經在某些市場做出了改變，我們已經從中學習並讓我們在全國範圍內變得更好。

And so we're really excited about it.

所以我們對此感到非常興奮。

I mean, heck, we're doing things like we're telling our agents to invite a friend to some of our training on this stuff because they're not getting what they need from their brokers.

我的意思是，哎呀，我們正在做的事情就像我們告訴我們的經紀人邀請朋友參加我們的一些關於這方面的培訓，因為他們沒有從經紀人那裡得到他們需要的東西。

So they're coming to our stuff.

所以他們會來找我們的東西。

And that's both a recruiting opportunity but also making the industry better.

這既是一個招募機會，也讓這個產業變得更好。

And then again, we're going to do another one of these Anywhere Voice series, totally open to the public.

再說一遍，我們將製作另一個完全向公眾開放的 Anywhere Voice 系列。

It'll be in second half of August and we'll take this stuff head on for everybody.

八月下半月，我們將為大家介紹這些內容。

So we feel great.

所以我們感覺很棒。

And I think we got a chance to have our folks be in a better position than a lot of others and potentially even get some recruiting and everything else from Anywhere's leadership here.

我認為我們有機會讓我們的員工比其他許多人處於更好的位置，甚至有可能從 Anywhere 的領導層獲得一些招聘和其他一切。

Got it.

知道了。

And just has the process through which prospective homebuyers find and contact agents when starting their home search process.

並且只有潛在購屋者在開始房屋搜尋流程時找到並聯繫代理商的流程。

Has that changed much over the last year?

與去年相比，情況有很大變化嗎？

Thinking about the dependence on the portals or kind of your own websites generating traffic versus other advertising methods, have you seen much of a change over the past year in that?

考慮到對入口網站或您自己的網站產生流量與其他廣告方法的依賴，您在過去的一年中是否看到了很大的變化？

No, but most people don't find their agents online.

不，但大多數人不會在網路上找到他們的代理人。

Let's be incredibly clear about that.

讓我們非常清楚這一點。

Most people find it through a really trusted referral.

大多數人都是透過真正值得信賴的推薦來找到它的。

That's why the conversion rates on online leads are as low as they are, whether it's for portals or for other companies.

這就是為什麼線上銷售線索的轉換率如此之低，無論是入口網站還是其他公司。

But no, we have not seen a change in that.

但不，我們沒有看到這方面的改變。

Got it.

知道了。

Thanks, Ryan.

謝謝，瑞安。

John Campbell, Stephens.

約翰坎貝爾、史蒂芬斯.

Hi, guys.

嗨，大家好。

Good morning.

早安.

From a price growth standpoint, obviously advisors and brands, that was well out of the market.

從價格成長的角度來看，顯然是顧問和品牌，這遠遠超出了市場。

You guys have called out the luxury strength.

你們已經呼喚了奢侈品的力量。

I know you've also got heavy exposure to the higher price western region.

我知道您也對價格較高的西部地區有大量投資。

That seems like that bounced back a good bit in the quarter as well.

這似乎在本季也有所反彈。

But two part question.

但問題分為兩部分。

First, can you maybe unpack the overall price strength across those two components?

首先，您能否分析一下這兩個組成部分的整體價格優勢？

Which one have the biggest influence?

哪一位影響力最大？

And then secondly, just looking ahead, do you expect kind of a similar dynamic where you feel like you can outpace the market relative to price growth?

其次，展望未來，您是否期望出現類似的動態，您認為相對於價格成長，您可以超越市場？

Yes.

是的。

So we saw a lot of what you talked about.

所以我們看到了很多你談到的內容。

I mean, we saw literally, like I said, kind of 10 states with double digit price growth.

我的意思是，正如我所說，我們確實看到了 10 個州的房價增長達到兩位數。

New Jersey, California, Massachusetts had pretty strong price growth, but we even saw it in the Southeast.

新澤西州、加利福尼亞州、馬薩諸塞州的價格增長相當強勁，但我們甚至在東南部也看到了這種情況。

Georgia, North Carolina had double digit price growth in our book.

在我們看來，喬治亞州、北卡羅來納州的價格成長了兩位數。

Florida did also.

佛羅裡達州也這麼做了。

So we saw a lot of that.

所以我們看到了很多這樣的事情。

And I think there's a clearly a demand supply thing happening out there that does show up on the price side.

我認為，顯然存在著供需關係，這確實體現在價格方面。

So what's the second -- can you repeat the second part of your question.

那麼第二個是什麼——你能重複一下你問題的第二部分嗎？

Just looking ahead, if you expect kind of a similar dynamic, do you feel like you're positioned to outpace the market from here?

展望未來，如果您預期會出現類似的動態，您是否覺得自己已經準備好超越市場？

Yes.

是的。

I mean, yes, just because of the supply and demand thing.

我的意思是，是的，只是因為供需關係。

Now, again, I would rather have stronger units and less price growth.

現在，我再次希望擁有更強大的單位和更少的價格成長。

I think it'd be healthier for the market and get more people into homes, et cetera.

我認為這對市場來說會更健康，讓更多的人進入家庭，等等。

But we have the geographic and then the luxury skew that we've got, and we're getting a benefit from both the strength and luxury driving some of our success there, as well as the geographic thing driving some of the success there that you talked about.

但我們有地理優勢，然後是我們所擁有的豪華傾斜，我們從推動我們在那裡取得一些成功的實力和豪華，以及推動我們在那裡取得一些成功的地理因素中受益。

And so like I said to Tony's question, again, in July, if you adjust for the business days, we're seeing the same thing, from unit pressure, but our prices are up pretty meaningfully in the first 26 days of July.

因此，就像我在7 月對托尼的問題所說的那樣，如果您對營業日進行調整，我們會看到同樣的情況，來自單位壓力，但我們的價格在7 月的前26 天大幅上漲。

So we're doing that, and you get these Coldwell Banker global luxury agents and how they're crushing it, and then what Corcoran and some of these international realty are doing, and I think the trends that we're differentiating on will continue.

所以我們正在這樣做，你可以了解這些 Coldwell Banker 全球奢侈品代理商以及他們如何粉碎它，然後 Corcoran 和其中一些國際房地產正在做什麼，我認為我們正在區分的趨勢將繼續下去。

Okay, that's helpful.

好的，這很有幫助。

On the additional $20 million in cost saves.

額外節省了 2000 萬美元的成本。

Charlotte, maybe if you could talk to or give some flavor on where you're sourcing those savings from, and then if you could remind us of what your multiyear cost reduction target is and where you expect to be, how much of that you'd expect to capture by the end of the year.

夏洛特，也許您可以談談或介紹一下您從哪裡獲得這些節省，然後您是否可以提醒我們您的多年成本削減目標是什麼以及您期望達到的目標以及其中的多少。今年年底前完成。

So where the savings are coming from, I think it lends to what Ryan talked about in the transformation of our business.

因此，我認為節省的資金從何而來，這有助於瑞安在我們的業務轉型中談到的內容。

These are, as we go forward, we're looking to literally transform how we operate.

隨著我們的前進，我們希望真正改變我們的運作方式。

And so this is more about advancing our journey.

因此，這更多的是為了推進我們的旅程。

I think it's exciting, some of the developments in using generative AI.

我認為使用生成式人工智慧的一些進展是令人興奮的。

And so basically the extra $20 million is us just trying to pull forward and drive the agenda faster.

因此，基本上，額外的 2000 萬美元只是我們試圖推動並更快地推動議程。

I think you saw a lot of that last year, too, where we increased our target as the year went on just because we're moving with a little more speed and agility at driving the cost savings, so it's going to hit the same line items that it always does because it's relative to where the costs sit in the business.

我想你去年也看到了很多這樣的情況，隨著時間的推移，我們提高了目標，只是因為我們在推動成本節約方面採取了更快的速度和敏捷性，所以它會達到同樣的效果它總是要做的事情，因為它與業務中的成本有關。

And if he's speaking about the brokerage and title integration, which is where the majority of the costs are in our business, you can expect that it's going to hit there.

如果他談論的是經紀和產權整合，這是我們業務中大部分成本的地方，你可以預期它會影響到那裡。

But it's exciting because it's a better quality product.

但這是令人興奮的，因為它是一種品質更好的產品。

It's faster, it's better for the agents.

速度更快，對代理商更好。

So we're really excited about it.

所以我們對此感到非常興奮。

As far as a multi-year journey, you can see what we've delivered over the past several years, and it's on average $100 million or greater.

就多年旅程而言，您可以看到我們在過去幾年中交付的成果，平均為 1 億美元或更多。

And so we haven't given like a prospective target for the next couple of years.

因此，我們還沒有給出未來幾年的預期目標。

But I think our last five years track record speaks for itself.

但我認為我們過去五年的業績記錄不言而喻。

And being in the two worst housing market years and decades, we're pushing it as hard as we can.

在房地產市場最糟糕的兩年和幾十年裡，我們正在盡我們所能地推動它。

Now we have to deliver service and quality, so we're not going to do it at the expense of our business.

現在我們必須提供服務和質量，因此我們不會以犧牲我們的業務為代價。

But while the market is actually softer, we're using that time to actually drive this stuff faster.

但是，雖然市場實際上比較疲軟，但我們正在利用這段時間來實際更快地推動這些事情。

Makes a lot of sense.

很有道理。

Thanks for all the color.

感謝所有的顏色。

Thanks, John.

謝謝，約翰。

Ryan McKeveny, Zelman & Associates.

瑞安麥凱文尼，Zelman & Associates。

Hi, good morning.

嗨，早安。

Thank you for taking the questions.

感謝您提出問題。

Ryan, I wanted to drill in a little on the, the unit transactions, so down about 5% year over year, but you called out the growth in Corcoran and Sotheby's.

Ryan，我想深入研究單位交易，因此同比下降了約 5%，但你指出了 Corcoran 和蘇富比的成長。

So I guess when we think about the brands or the pieces of the business that are down more than 5%, I guess, would you attribute that mostly to just the price point dynamics, geographies, like less luxury exposure?

因此，我想，當我們考慮下降超過 5% 的品牌或業務部門時，我想，您是否會將其主要歸因於價格點動態、地理位置，例如奢侈品曝光度的減少？

And if not, I guess I'm just wondering, are there opportunities or strategies you have in place to potentially reinvigorate some of the growth within those non-luxury brands that might be on the underperforming side of the scale?

如果沒有，我想我只是想知道，您是否有機會或策略可以重振那些可能表現不佳的非奢侈品牌的成長？

Thank you.

謝謝。

Yes, it's a great question, Ryan.

是的，這是一個很好的問題，瑞安。

And look, we love our franchise business, which is anchored in some of our more mass market brands, like Century 21 and ERA and others.

看，我們熱愛我們的特許經營業務，它植根於我們一些更大眾市場的品牌，如 Century 21 和 ERA 等。

But the biggest driver, bluntly, is the price point thing.

但坦白說，最大的推動因素是價格問題。

Right?

正確的？

I mean, our luxury businesses kind of speak for themselves, and they're doing awesome, and they obviously play in the luxury area.

我的意思是，我們的奢侈品業務不言而喻，他們做得很好，而且他們顯然在奢侈品領域發揮作用。

But our average price point in some of our mass market brands is more in that $300, 000 to $400,000 area.

但我們一些大眾市場品牌的平均價格在 300、000 至 400,000 美元之間。

And if you look at the data that other people publicly put out for the market, that's the part of the market that has the biggest challenges in terms of inventory, in terms of listings, in terms of units, et cetera.

如果你看一下其他人公開發布的市場數據，你會發現這部分市場在庫存、掛牌量、單位數量等方面面臨最大的挑戰。

And so I actually think that whole segment of the market lags the overall market numbers.

因此，我實際上認為整個市場領域都落後於整體市場數據。

And because some of our brands play there, we obviously are subject to some of that effect, and it just plays out with the portfolio dynamics you talked about.

因為我們的一些品牌在那裡發揮作用，所以我們顯然會受到一些影響，並且它只會隨著您談到的投資組合動態而發揮作用。

But we're excited to do anything we can to grow those brands.

但我們很高興盡我們所能來發展這些品牌。

And like I talked about, every one of our franchise brands added new franchisees in the quarter, and that includes all of our ones that play at those kind of lower price points kind of thing.

正如我所說，我們的每個特許經營品牌在本季度都增加了新的特許經營商，其中包括我們所有以較低價格點開展業務的品牌。

Those companies are big participants in the upward title joint venture.

這些公司是向上產權合資企業的重要參與者。

That's helping to grow and drive their economics and our economics and then deepen our relationships.

這有助於發展和推動他們的經濟和我們的經濟，然後加深我們的關係。

And so we love all of them, but there is that market dynamic that right now is, frankly, a bit of a tailwind for us on luxury, even though we are outperforming the competition on luxury, but is a bit of a headwind for anyone playing in that pure mass market area.

因此，我們喜歡所有這些，但坦白說，目前的市場動態對我們的奢侈品行業來說有點順風，儘管我們在奢侈品方面的表現優於競爭對手，但對任何人來說都有點逆風在那個純粹的大眾市場領域玩耍。

And it does show up in the mix in our book.

它確實出現在我們書中的混合中。

Thank you.

謝謝。

That's helpful.

這很有幫助。

And then a more qualitative one.

然後是更定性的。

Last quarter you mentioned some single family rental companies partnering up with you to sell some homes directly to consumers.

上個季度您提到一些單戶租賃公司與您合作，直接向消費者出售一些房屋。

I guess curious, are you seeing that continue and bigger picture is your sense that that's kind of a mixed thing where a single family rental owner is selling to a consumer instead of another buyer because there's just not as much kind of incremental SFR demand?

我想好奇的是，您是否看到繼續和更大的前景是您的感覺，這是一種混合的事情，單一家庭租賃業主將其出售給消費者而不是另一個買家，因為沒有那麼多增量的SFR 需求？

Or is your sense like, is there a bigger macro trend of investors or SFR companies actually looking to meaningfully exit portfolios at this time?

或者您的感覺是，投資者或 SFR 公司目前是否存在更大的宏觀趨勢，實際上正在尋求有意義地退出投資組合？

Or is it more just repositioning and things like that?

還是只是重新定位之類的事情？

Thank you.

謝謝。

So I don't pretend to speak for them.

所以我不會假裝為他們說話。

You should ask them, obviously.

顯然，你應該問他們。

But let me tell you a couple of things.

但讓我告訴你幾件事。

So first off, we like partnering with SFR buyers and sellers because it's a great way for us to help them generate more leads for us, generate more transactions for us, and we have some relationships that are continuing.

首先，我們喜歡與 SFR 買家和賣家合作，因為這對我們來說是幫助他們為我們產生更多潛在客戶、為我們產生更多交易的好方法，而且我們有一些持續的關係。

I met with another SFR prospect CEO it was Monday of this week or Friday of last week, but it was relatively recently and it was last week, was last week.

我在本週的周一或上週五會見了另一位 SFR 潛在首席執行官，但那是最近的事，而且是上週。

So we continue to actually look into that.

所以我們繼續實際調查這一點。

Look, I think most of what's happening is not anybody exiting the business.

聽著，我認為大部分發生的事情並不是有人退出這個行業。

I think it's that they've shifted from selling blocks of homes to other SFR buyers to realizing at today's price points that they're better off selling direct to consumers.

我認為他們已經從將大片房屋出售給其他 SFR 買家，轉變為意識到在今天的價格點上，他們最好直接向消費者出售。

That is a different model.

那是一個不同的模型。

That's why someone like us, not just to sell the home, but to do the title work, for example, can be a really good partner.

這就是為什麼像我們這樣的人，不僅要賣掉房子，還要做產權工作，例如，可以成為一個非常好的合作夥伴。

And the sense I get from talking to multiple of them and partnering with a few of them is they've got to kind of continually trimming their portfolio around the margins.

我從與他們中的多個人交談並與其中一些人合作中得到的感覺是，他們必須不斷地削減他們的投資組合的利潤。

They're going to still be buyers, they're going to be sellers.

他們仍將是買家，他們將成為賣家。

But the numbers add up to a meaningful number of transactions for us to help them with.

但這些數字加起來對我們來說是一筆有意義的交易，可以幫助他們。

And we like it as kind of a niche area that we think with our scaled ancillary services, our integrated brokerage and title that we can do a good job for them.

我們喜歡它作為一個利基領域，我們認為透過我們規模化的輔助服務、我們的綜合經紀業務和頭銜，我們可以為他們做好工作。

And so we continue to like it, but that's how I see it.

所以我們仍然喜歡它，但這就是我的看法。

But again, I don't want to speak for them strategically, but it's more trimming and inflow and outflow than it is anybody exiting the business.

但同樣，我不想在戰略上為他們說話，但與任何退出該業務的人相比，它的修剪、流入和流出更多。

Sure.

當然。

That makes a lot of sense.

這很有意義。

Thank you very much.

非常感謝。

Great.

偉大的。

Anthony Paolone, JPMorgan.

安東尼保隆，摩根大通。

Thanks.

謝謝。

Hopefully I just got two quick maybe follow ups for Charlotte.

希望我能得到夏洛特的兩次快速跟進。

One, can you maybe give a sense as to what relo revenues were in the quarter?

第一，您能否介紹一下本季的 relo 收入是多少？

And same thing for the year ago quarter.

去年同期也是如此。

Just trying to understand what the drag was there.

只是想了解那裡有什麼阻力。

Yes.

是的。

So in the first quarter, relo was down because the prior year comparator was still strong.

因此，在第一季度，relo 下降了，因為去年的比較仍然強勁。

There were still higher volumes.

成交量仍然較高。

In the current quarter, if you look at the total reported brand segment, it was a pretty material piece of the decline in revenue.

在本季度，如果你看一下報告的品牌細分總額，你會發現這是收入下降的相當重要的部分。

So that's why we called it out.

這就是我們呼籲的原因。

I think the good news is, we're starting to see a little bit of stabilization in that business.

我認為好消息是，我們開始看到該業務有所穩定。

But it was definitely a drag on the quarter.

但這絕對是本季的拖累。

Okay.

好的。

And then just second one.

然後就是第二個。

Any forecast for CapEx for the full year?

全年資本支出有何預測？

Yes, we've tried to be super judicious with our cash.

是的，我們已經盡力非常明智地使用我們的現金。

I think you can see how we trimmed it last year.

我想你可以看到我們去年是如何修剪它的。

We're probably in line with what we spent last year.

我們的支出可能與去年一致。

Hopefully, it's more of a shift to some of these transformation type projects.

希望這更多的是向其中一些轉型類型專案的轉變。

A little more on the tech side, but similar to what we spent last year.

技術方面多了一點，但與我們去年的支出類似。

Okay.

好的。

Thank you.

謝謝。

Thanks, Tony.

謝謝，托尼。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you all for joining, and you may now disconnect.

感謝大家的加入，現在可以斷開連線了。