Anywhere Real Estate Inc (HOUS) 2025 Q1 法說會逐字稿

Good morning and welcome to the Anywhere Real Estate first quarter 2025 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.

早安，歡迎參加透過網路直播的 Anywhere Real Estate 2025 年第一季財報電話會議。今天的電話會議將被錄音，書面記錄將在公司的投資者資訊部分提供。

Website tomorrow. A webcast replay will also be made available on the company's website. At this time, I would like to turn the conference over to Anywhere's Senior Vice President, Alicia Swift. Please go ahead, Alicia.

明天的網站。網路直播重播也將在公司網站上提供。現在，我想將會議交給 Anywhere 的高級副總裁 Alicia Swift。請繼續，艾麗西亞。

Thank you, Rebecca. Good morning and welcome to the 1st quarter of 2025 earnings conference call for anywhere real estate. On the call with me today arewhe CEO and President Ryan Schneider and Chief Financial Officer Charlotte Seinelli.

謝謝你，麗貝卡。早安，歡迎參加 Anywhere 房地產 2025 年第一季財報電話會議。今天與我一起通話的有執行長兼總裁 Ryan Schneider 和財務長 Charlotte Seinelli。

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 current expectations and the current economic environment.

如簡報第 3 張投影片所示，本公司將在本次電話會議中就其未來業績和其他前瞻性陳述發表聲明。這些聲明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 developments.

前瞻性陳述、估計和預測本質上受重大經濟、競爭、反壟斷和其他訴訟、監管和其他不確定因素和意外事件的影響，其中許多因素超出了管理層的控制範圍，包括但不限於行業和宏觀經濟發展。

Actual results may differ materially from those expressed or implied in the forward-looking statements. References made to April month to date in these remarks are reflect data through April 25th, 2025. We have 3 large previously disclosed and expected one-time free cash flow headwinds in 2025, which total approximately $115 million.

實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。這些評論中提到的四月迄今的數據反映的是截至 2025 年 4 月 25 日的數據。我們先前曾揭露 3 項預計在 2025 年將出現的一次性自由現金流逆風，總計約 1.15 億美元。

We have excluded from our free cash flow guidance and for further discussion of these matters, please see our SEC periodic reports. Important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our earnings relief issued today as well as in our annual and quarterly SEC filings.

我們已將其排除在我們的自由現金流指導之外，有關這些事項的進一步討論，請參閱我們的 SEC 定期報告。我們今天發布的收益公告以及我們向美國證券交易委員會提交的年度和季度文件中列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, April 29th, and have not been updated subsequent to the initial earnings call. Now I will turn the call over to our CEO and President, Ryan Schneider.

對於那些收聽此簡報重播的人，我們提醒您，此處的評論截至今天（4 月 29 日）為止，並且在首次收益電話會議之後尚未更新。現在我將電話轉給我們的執行長兼總裁 Ryan Schneider。

Thank you, Alicia. There's no one in real estate like Anywhere. We have distinct advantages across our iconic brands, luxury leadership, franchise octane, and end to end integrated business model. Our strengths are evident when you look at what's happening in the broker's ecosystem in the first quarter of 2025. We continue to sell more luxury real estate than anyone else, gaining share even as others try to catch up to our industry leading position.

謝謝你，艾莉西亞。在房地產領域，沒有誰能與 Anywhere 相比。我們的標誌性品牌、奢侈品領導地位、特許經營辛烷值以及端到端整合業務模式擁有獨特的優勢。當你觀察 2025 年第一季經紀商生態系統的動態時，我們的優勢就顯而易見。我們繼續銷售比其他任何人都多的豪華房地產，即使其他人試圖趕上我們的行業領先地位，我們的市場份額仍在不斷擴大。

We generate very strong economics from our high margin franchise business during a time when we saw private capital investing in this attractive market segment.

當我們看到私人資本投資於這個具有吸引力的細分市場時，我們從高利潤的特許經營業務中獲得了非常強勁的經濟效益。

Our integrated business model covers every step of the real estate transaction experience from brokers to title and mortgage, a strategic opportunity clearly resonating with others as you saw by their actions in the quarter. We are transforming our business at scale with the early adoption of emerging technologies like all leading companies.

我們的綜合業務模式涵蓋了從經紀人到產權和抵押貸款的房地產交易體驗的每個步驟，正如您在本季度看到的那樣，這是一個與其他公司產生共鳴的策略機會。與所有領先公司一樣，我們正在透過早期採用新興技術來大規模轉型我們的業務。

Now you can see our advantage position in our Q1 performance. Despite a historically challenging housing market, we continue to demonstrate strong financial performance and strategically invest in the business to propel us for future success faster.

現在您可以看到我們在第一季的業績中的優勢地位。儘管房地產市場歷來充滿挑戰，但我們仍然保持強勁的財務業績，並對業務進行策略性投資，以推動我們更快地取得未來的成功。

We generated $1.2 billion of revenue and effectively break-even operating EBITDA do. Our 6% volume increase, overwhelmingly organic, substantially outperformed our 3% volume growth in the quarter. Our market share gain in the quarter was driven primarily by our luxury success.

我們創造了 12 億美元的收入，並且有效地實現了營業 EBITDA 收支平衡。我們的銷量成長了 6%，其中絕大多數是有機成長，大大超過了本季 3% 的銷量成長。本季我們的市佔率成長主要得益於我們在奢侈品領域的成功。

Our luxury segment outperformed our portfolio and the market with share gains driven by growth in both units and price. April volumes are relatively flat, softer than Q1 due to market and macroeconomic volatility, and luxury continues to outperform in April.

我們的豪華車市場表現優於我們的投資組合和市場，份額的成長得益於銷售和價格的成長。由於市場和宏觀經濟波動，4 月銷量相對平穩，比第一季減弱，而奢侈品市場在 4 月繼續表現出色。

We launched Reimagine 25 in Q1 to transform how we operate as a company. Reimagine 25 enables us as early adopters of new technologies to jumpstart a more innovative future and will serve as the foundation of our continued efforts to deliver better experiences for our customers faster and at lower cost.

我們在第一季推出了 Reimagine 25，以改變我們公司的運作方式。Reimagine 25 讓我們作為新技術的早期採用者能夠開啟更具創新性的未來，並將成為我們繼續努力以更快、更低成本為客戶提供更好體驗的基礎。

And speaking of cost, we deliver $14 million of cost savings in Q1 and continue to target full year 2025 cost savings of $100 million reinforcing our commitment to permanently lowering our cost base and enhancing our earnings power.

說到成本，我們在第一季實現了 1,400 萬美元的成本節約，並繼續以 2025 年全年 1 億美元的成本節約為目標，這進一步鞏固了我們永久降低成本基礎和提高盈利能力的承諾。

Strategic growth highlights in Q1 include we meaningfully expanded our luxury leadership across Sotheby's International Realty, Corcoran, and Coldwell Banker Global Luxury. Which are fueled by our unique value propositions and targeted talented agent networks. Our luxury volume is up 16% year over year in the quarter with both unit and price growth. Luxury listings increased 12% year over year.

第一季的策略成長亮點包括我們大幅擴大了在蘇富比國際房地產、科科蘭集團和 Coldwell Banker Global Luxury 的奢侈品領導地位。這一切都得益於我們獨特的價值主張和有針對性的優秀代理商網絡。本季我們的奢侈品銷量年增 16%，單位和價格均有所成長。豪華房產掛牌量較去年同期成長 12%。

We sell more luxury homes than anyone across all luxury price points. For example, in Q1, we sold 345 $10 million plus homes, nearly doubling our Q1 2024 results and our best Q1 results since 2022.

我們銷售的豪宅數量比任何豪宅公司都多。例如，在第一季度，我們售出了 345 套價值 1000 萬美元以上的房屋，幾乎是 2024 年第一季業績的兩倍，也是自 2022 年以來最好的第一季業績。

We sold 35% more $5 million plus homes in Q1 than in Q1 2024. Our concierge auction business, which earns both a buyer premium and a seller commission, ran successful auctions in New York City and Dubai in the quarter, selling high-end properties with an average sale price over $4 million.

與 2024 年第一季相比，我們第一季售出的 500 萬美元以上的房屋數量增加了 35%。我們的禮賓拍賣業務可賺取買方溢價和賣方佣金，本季在紐約市和杜拜成功舉辦拍賣會，售出的高端房產平均售價超過 400 萬美元。

And our Corcoran brand is leveraging its unparalleled expertise in new development to expand within its franchise network. Excitingly, we are initiating our first new development project with a franchisee, an 84 unit development in Nashville slated to launch this spring.

我們的 Corcoran 品牌正在利用其在新開發領域無與倫比的專業知識來擴展其特許經營網絡。令人興奮的是，我們正在與特許經營商合作啟動我們的第一個新開發項目，這是一個位於納許維爾的 84 個單元的開發項目，計劃於今年春天推出。

Now both our own brokerage and franchise value propositions are increasingly resonating and paying off in our recruiting results. In Q1, our producing agent recruiting program and advisors delivered 30% year over year growth, with growth over 100% versus some of our biggest competitors. And in franchise, we welcomed 11 new US franchisees to our high margin franchise network and added a couple of new international franchisees.

現在，我們自己的經紀和特許經營價值主張在我們的招募結果中越來越引起共鳴並產生回報。在第一季度，我們的生產代理招募計劃和顧問實現了同比增長 30%，與我們的一些最大競爭對手相比，增長率超過 100%。在特許經營方面，我們歡迎 11 家新的美國特許經營商加入我們的高利潤特許經營網絡，並增加了幾家新的國際特許經營商。

And we accelerated our aggressive AI agenda, deploying gendered AI at scale across many parts of our business to drive better experiences faster and at lower cost. We expect it to increasingly shape our culture, employee training, goal setting, and daily operations. We shared with you before AI-driven successes in different parts of our company customer facing applications like listing concierges, product strategy, operational efficiency like brokerage document processing, and employee productivity.

我們加快了積極的人工智慧議程，在我們業務的許多部分大規模部署性別人工智慧，以更快、更低成本地帶來更好的體驗。我們希望它能夠越來越多地塑造我們的文化、員工培訓、目標設定和日常營運。我們之前與您分享了公司面向客戶的不同部分在人工智慧方面的成功案例，例如清單禮賓服務、產品策略、經紀文件處理等營運效率以及員工生產力。

And since we last spoke, a couple of our newer developments include piloting AI assistance to enhance productivity for both agents and employees, experimenting with using AI to evaluate listing images to ensure the best photos are utilized for marketing the home, and piloting the automating production of more complex documents like a first draft of a franchise agreement.

自從我們上次談話以來，我們的一些新進展包括試行人工智慧輔助以提高代理商和員工的工作效率，嘗試使用人工智慧評估房源圖片以確保使用最佳照片進行房屋行銷，以及試行自動生成更複雜的文檔，例如特許經營協議的初稿。

And now as we approach the 9 month mark since significant industry practice changes, we remain confident in our proactive approach to change and how our agents and franchisees have successfully navigated these shifts and consistently demonstrated their value to consumers. We are leveraging these changes to enhance our end to end capabilities. For instance, we are beginning to pilot mortgage and title marketing within the buyer broker agreements we use with customers to increase revenue capture opportunities and be a new avenue for future growth.

現在，距離行業實踐發生重大變化已經過去了 9 個月，我們仍然對自己積極主動的變革方式以及我們的代理商和加盟商如何成功應對這些變化並始終如一地向消費者展示他們的價值充滿信心。我們正在利用這些變化來增強我們的端到端能力。例如，我們開始在與客戶簽訂的買方經紀協議中試行抵押貸款和產權行銷，以增加收入獲取機會並成為未來成長的新途徑。

Now speaking of industry change, since we last spoke, NAR released a slightly modified clear cooperation policy. The debates about private listings have continued, and both Redfin and Zillow have announced that certain listings that start as private listings will ultimately not be permitted to be displayed on their websites.

現在談到產業變化，自我們上次談話以來，NAR 發布了略微修改的明確合作政策。關於私人房源的爭論仍在繼續，Redfin 和 Zillow 都宣布，某些以私人房源開始的房源最終將不允許在其網站上顯示。

While the implementation of all of these topics is deeply in flux and we expect a lot more change to occur, let me tell you our current thinking and why anywhere agents and franchisees are well positioned for success.

雖然所有這些主題的實施都處於不斷變化之中，並且我們預計會發生更多變化，但讓我告訴您我們目前的想法以及為什麼任何地方的代理商和特許經營商都能夠獲得成功。

Anywhere real estate is aggressively advocating for transparency and the broad and public distribution of nearly all listings because we believe it is best for buyers to see all the inventory and most critically, it helps sellers get the highest price for their home, full stop.

Anywhere 房地產正在積極倡導透明度以及幾乎所有房源的廣泛公開發布，因為我們相信讓買家看到所有庫存是最好的，最重要的是，它可以幫助賣家以最高的價格出售他們的房屋。

With the recent announcements by Zillow, Redfin, and others intended to prevent certain private listings from ever appearing on their websites, we believe our strategic view gets even stronger. Specifically, I do not think that advising the vast majority of sellers to do a private risk listing and risk their property not getting displayed on some of the most prominent public portals is a winning strategy.

隨著 Zillow、Redfin 和其他公司最近宣布將阻止某些私人房源出現在其網站上，我們相信我們的策略觀點會變得更加強大。具體來說，我不認為建議絕大多數賣家進行私人風險上市並冒著他們的財產不會在一些最著名的公共入口網站上展示的風險是一個成功的策略。

Now anywhere real estate is the world's largest network of trusted agents who are incentivized only to do what's right for their customer, even if a different action is more beneficial to the brokerage.

現在，任何地方的房地產都是世界上最大的值得信賴的代理商網絡，這些代理商只會為客戶做正確的事情，即使其他行動對經紀公司更有利。

And we remain committed to doing what's right for buyers and sellers, which we believe starts with advocating for transparency, consumer choice, and the broad and public distribution of listings. With that, let me turn over to Charlotte for more details on Q1 2025.

我們始終致力於為買家和賣家做正確的事情，我們認為這首先要倡導透明度、消費者選擇以及廣泛和公開的房源資訊。接下來，請容許我向夏洛特介紹有關 2025 年第一季的更多詳細資訊。

Good morning, everyone. Anywhere delivered strong Q1 2025 financial results, achieving about break even Q1 operating, which is our best Q1 since 2022, directly underscoring the power of having a core business that combines leading brands, technology-powered agents, and the ability to deliver an end-to-end real estate transaction. Because of this solid foundation and our proactive approach, we are actively executing on the offense as we embark on the next phase of our company's transformation.

大家早安。Anywhere 2025 年第一季的財務表現強勁，第一季的營運基本上達到收支平衡，這是我們自 2022 年以來表現最好的第一季度，這直接凸顯了擁有結合領先品牌、技術支援的代理商以及提供端到端房地產交易的能力的核心業務的力量。由於擁有堅實的基礎和積極主動的態度，我們在公司轉型的下一階段積極採取攻勢。

I will now highlight our Q1 2025 financial results. Q1 revenue was $1.2 billion up 7% versus prior year, and operating EBITA was negative $1 million, an increase of 12 million, or 92% versus prior year, primarily due to higher transaction volume and cost savings. We realized $14 million of cost savings and are on target to achieve 100 million of cost savings for 2025, with 85% of our savings already identified.

我現在將重點介紹我們 2025 年第一季的財務表現。第一季營收為 12 億美元，較上年成長 7%，營業 EBITA 為負 100 萬美元，較上年增加 1,200 萬美元，增幅為 92%，主要原因是交易量增加和成本節約。我們實現了 1,400 萬美元的成本節約，並計劃在 2025 年實現 1 億美元的成本節約，其中 85% 的節約已經確定。

Q1 free cash flow was negative $130 million, a $15 million year over year improvement, despite the third consecutive year of a challenging market and our slowest seasonal quarter each year. Consistent with our capital allocation priorities, we used our free cash flow to invest for the future.

儘管連續第三年面臨市場挑戰，且是公司歷來最不景氣的季度，但第一季的自由現金流仍為負 1.3 億美元，較去年同期改善 1,500 萬美元。根據我們的資本配置重點，我們利用自由現金流進行未來投資。

We continue to make selective investments to drive growth, including attracting new agents and franchisees at better margins, expanding our technology platform with new products and services, and streamlining our operations to deliver better experiences faster at lower costs.

我們繼續進行選擇性投資以推動成長，包括以更高的利潤率吸引新的代理商和特許經營商，透過新產品和服務擴展我們的技術平台，並簡化我們的營運以更低的成本更快地提供更好的體驗。

We will continue to proactively seek opportunities to strengthen our capital structure, and I am confident in our position with no springing maturities due before March 2026 and ample liquidity available on our revolver.

我們將繼續積極尋求機會加強我們的資本結構，我對我們的地位充滿信心，因為在 2026 年 3 月之前沒有到期的彈性債券，而且我們的循環信貸額度有充足的流動性。

Now let me go into more detail on our first quarter business segment performance. Our Anywhere brands business, which includes leads and relocation, generated $97 million in operating EBITDA. Operating EBITDA increased $7 million primarily due to increases in transaction volume and lower expenses.

現在讓我更詳細地介紹一下我們第一季業務部門的表現。我們的 Anywhere 品牌業務（包括銷售線索和搬遷）產生了 9,700 萬美元的營業 EBITDA。營業 EBITDA 增加了 700 萬美元，主要原因是交易量增加和費用降低。

Our franchise business expanded margins in the quarter showing improved financial octane with modest changes driven by the market. Our Anywhere advisors operating EBITDA was $47 million, an improvement of $12 million versus prior year driven by higher revenue and lower operating costs.

我們的特許經營業務在本季利潤率有所擴大，顯示在市場推動下財務狀況有所改善，並出現了適度變化。我們的 Anywhere 顧問營運 EBITDA 為 4,700 萬美元，比上年增加 1,200 萬美元，這得益於收入增加和營運成本降低。

This business generated $21 million in operating EBITDA before the transfer of intercompany royalties and marketing fees paid to our franchise business. Agent commission splits were 80.4%, which marks 12 consecutive quarters with our agent commission split rate about 80%, and this is all despite adding about 650 producing agents in Q1, underscoring our strong agent value proposition.

在轉移支付給我們特許經營業務的內部公司特許權使用費和行銷費用之前，這項業務產生了 2,100 萬美元的營業 EBITDA。代理商佣金分成率為 80.4%，這標誌著我們的代理商佣金分成率連續 12 個季度保持在 80% 左右，儘管第一季度增加了約 650 名生產代理商，但這仍然凸顯了我們強大的代理商價值主張。

Anywhere integrated services Q1 2025 operating EBITDA of $18 million was down $3 million from Q124. Revenue was up $7 million. However, that was offset by higher expenses due to volume, which included unfavorable commercial mix, as well as timing of certain expenses and our continued investment in expansion of upward.

Anywhere 綜合服務 2025 年第一季的營運 EBITDA 為 1,800 萬美元，較 2024 年第一季下降 300 萬美元。收入增加了700萬美元。然而，這被因銷售而增加的費用所抵消，其中包括不利的商業組合，以及某些費用的時間表和我們對向上擴張的持續投資。

Our strong core business also allows us the financial freedom to continue to think about the next phase of transformation for anywhere. Years of financial discipline and proactive planning have strengthened our position today and forced our competitors to play catch up in buying or building the attractive assets we already have.

我們強大的核心業務也使我們擁有財務自由，可以繼續思考任何地方的下一階段轉型。多年的財務紀律和積極主動的規劃鞏固了我們今天的地位，並迫使我們的競爭對手迎頭趕上，購買或建立我們已經擁有的有吸引力的資產。

We continue to enhance our operations through reimagine 25, an ambitious multi-year transformation effort designed to set us up for greater growth and success in the future. This comprehensive program encompasses all aspects of our enterprise, and we expect it will significantly contribute to our savings target for 2025.

我們將繼續透過重新構想 25 來加強我們的運營，這是一項雄心勃勃的多年轉型計劃，旨在為我們未來取得更大的成長和成功做好準備。這項綜合計畫涵蓋了我們企業的各個方面，我們預計它將對我們 2025 年的節省目標做出重大貢獻。

By leveraging technology to reduce manual processes, we aim to enhance our value proposition and unlock growth opportunities. No area of our business is out of scope for this transformation. All of our core businesses and corporate teams are engaged, finding new and innovative ways to deliver better experiences faster and at lower costs.

透過利用技術減少手動流程，我們旨在增強我們的價值主張並釋放成長機會。我們業務的任何領域都參與到這一轉型之中。我們所有的核心業務和企業團隊都參與其中，尋找新的創新方式，以更快、更低的成本提供更好的體驗。

Some of our most recent examples include in tidal operations, we established a national operations center to seamlessly reassign specialists across states to cover surges in demand, showcasing the power of our newly centralized and standardized team without requiring incremental resources.

我們最近的一些例子包括在潮汐作業中，我們建立了一個國家營運中心，可以無縫地重新分配各州的專家來滿足激增的需求，展示了我們新集中和標準化團隊的力量，而無需增加資源。

We are piloting a new AI-driven process to automate bank statement review and commission allocation. Improving efficiency and enabling faster payments to agents. And automation of journal entries and other manual accounting tasks has resulted in the reduction of about 35% of previously manual tasks with more to go.

我們正在試行一個新的人工智慧驅動流程，以自動化銀行對帳單審查和佣金分配。提高效率並加快向代理商付款。日記帳分錄和其他手動會計任務的自動化已經使先前的手動任務減少了約 35％，並且還有更多的工作要做。

Our capital allocation priorities remain investing in the business and reducing debt. We plan to both reduce our gross debt and improve our earnings through the financial momentum we are building now.

我們的資本配置重點仍然是投資業務和減少債務。我們計劃透過目前正在建立的財務動能來減少我們的總債務並提高我們的收益。

Using an illustrative $600 million operating EBITDA. Our leverage would decrease by 2.9 turns based on EBITDA improvement alone. At $750 million operating EBITDA, leverage would be reduced by 3.8 turns. This brings us much closer to our target 3 times leverage, and we will not stop there as deleveraging remains a top priority for us.

以 6 億美元的營業 EBITDA 為例。僅基於 EBITDA 改善，我們的槓桿率就會下降 2.9 倍。當營業 EBITDA 為 7.5 億美元時，槓桿率將降低 3.8 倍。這使我們更接近 3 倍槓桿的目標，而且我們不會就此止步，因為去槓桿仍然是我們的首要任務。

Now turning to our 2025 estimates. Given what we know today, we still expect operating IEA for the full year to be about $350 million, with the biggest swing factor being the housing market itself, which is inherently volatile.

現在轉向我們對 2025 年的預測。根據我們目前掌握的信息，我們仍然預計全年 IEA 營運額約為 3.5 億美元，其中最大的波動因素是房地產市場本身，而房地產市場本身就具有波動性。

Q2 operating EBITDA should look similar to prior year as we anticipate investments in the business will partially offset our savings delivery in the quarter. We have proven our free cash flow delivery remains strong in both good and bad markets, and we anticipate our 2025 free cash flow, excluding one-time items to be similar to 2024.

由於我們預期業務投資將部分抵銷本季的節省支出，因此第二季的營運 EBITDA 應與去年同期相似。我們已經證明，無論市場好壞，我們的自由現金流交付都保持強勁，我們預計 2025 年的自由現金流（不包括一次性項目）將與 2024 年相似。

Free cash flow like EBITDA is driven by the overall housing market and may also be impacted by additional investments we make to drive growth and advance our technology strategy. I am proud of what we have accomplished in the 1st quarter and even more excited for the future.

EBITDA 等自由現金流受整體房地產市場驅動，也可能受到我們為推動成長和推進技術策略而進行的額外投資的影響。我為我們在第一季的成就感到自豪，並對未來更加充滿期待。

We have demonstrated anywhere strength, agility, and resilience, and I am even more excited for what comes next as our strong results afford us the ability to aggressively plan for tomorrow. We are transforming how we operate, driving new efficiencies. We are going to continue to lead from the front and will seize any opportunity to strengthen our market leading position.

我們已經在各個方面展現了實力、敏捷性和韌性，我對接下來的事情更加興奮，因為我們強勁的業績使我們能夠積極地規劃未來。我們正在改變營運方式，提高效率。我們將繼續保持領先地位，並抓住任何機會鞏固我們的市場領先地位。

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

現在，請允許我把電話轉回給瑞安，請他作一些結束語。

Thank you, Charlotte. Anywhere has proven our ability to deliver results in a tough housing market and through changing industry dynamics, all while propelling our strategic progress forward and delivering better experiences faster and at lower costs. As we accelerate our strategic growth and capitalize on our competitive advantages, we are ready to charge ahead. With that, we will take your questions.

謝謝你，夏洛特。Anywhere 已證明我們有能力在艱難的房地產市場和不斷變化的行業動態中取得成果，同時推動我們的策略進步，並以更快的速度和更低的成本提供更好的體驗。隨著我們加快策略成長並利用競爭優勢，我們已準備好向前邁進。我們將回答您的問題。

(Operator instruction)

（操作員指令）

Your first question comes from the line of Anthony Polon with JP Morgan.

您的第一個問題來自摩根大通的安東尼波隆 (Anthony Polon)。

Thanks. Good morning. I guess Ryan, you gave some views on your view on clear cooperation policy. Can you maybe just talk a bit more about how it's being approached just within the system by like your franchisees and your own brokers and also maybe just, if we're thinking about it from the vantage point of investors like how to think about that coming back to, either benefit or work against like investors in the stock?

謝謝。早安.我想 Ryan，您對明確的合作政策發表了一些看法。您能否再多談一下您的特許經營商和您自己的經紀人在系統內部如何處理這個問題，或者如果我們從投資者的角度來考慮這個問題，我們如何看待這個問題，是讓股票投資者受益還是受損？

Yeah, so look, I hear loud and clear not only from our own agents and franchisees, but I hear it from other companies' agents that, the consensus is you want as many people to see a listing as possible to get the best price. You want your buyers to have access to that inventory and you know it's the way people want to do business.

是的，所以你看，我不僅從我們自己的代理商和特許經營商那裡聽到了響亮而清晰的聲音，而且我從其他公司的代理商那裡聽到了這樣的聲音，他們的共識是，你希望盡可能多的人看到列表，以獲得最優惠的價格。您希望您的買家能夠獲得這些庫存，並且您知道這是人們想要做生意的方式。

They want to do what's best for the customer even if you could make a different decision and push for something that might be better for the brokerage. So, I hear that out there in the market and then I see, Zillow and Redfin's choice that is theirs to make that if they don't want to display listings that were private, then that's their choice, and I think having your listings on.

他們希望為客戶提供最好的服務，即使你可以做出不同的決定並推動對經紀公司更有利的事情。所以，我聽說市場上有這種說法，然後我看到，Zillow 和 Redfin 的選擇是他們的，如果他們不想顯示私人列表，那麼這是他們的選擇，我認為他們會顯示您的列表。

Public portals is a helpful thing in selling your selling your house. So, we're leaning in pretty hard to not clear cooperation itself, but more just the fact that the broad distribution of listings is best for the customer, whether buyers or sellers.

公共入口網站對於您出售房屋很有幫助。因此，我們非常傾向於不明確合作本身，而更傾向於這樣一個事實：廣泛分佈的房源資訊對客戶（無論是買家還是賣家）來說都是最好的。

Now look, there is a role for private listings out there, and we sell private listings today and our own broker. Brands Coldwell Banker, Corker, and Sotheby's International Realty all have private listing capabilities that are active today, and we sell, private listings where it's right for the customer, but it's a pretty small share of those things.

現在看看，私人房源在那裡發揮作用，我們今天出售私人房源，還有我們自己的經紀人。Coldwell Banker、Corker 和 Sotheby's International Realty 等品牌都具備目前活躍的私人房源功能，我們也在適合客戶的地方出售私人房源，但這只是其中很小的一部分。

We are going to go ahead, like I told you last quarter, Tony, and finish building the private listing capabilities for our franchise brands. Partly because there is a subset of, listings that you know should be private or people want private and we want them to have that choice and so we want that but we also want to build it so that we're we're never at a competitive disadvantage if private listings really does become more prevalent out there in the industry. So we're definitely going to have that. And so, I think the way it comes back to to.

就像我上個季度告訴你的那樣，托尼，我們將繼續前進，完成為我們的特許經營品牌建立私人上市功能。部分原因是，你知道有一部分清單應該是私人的，或者人們想要私人的，我們希望他們有這個選擇，所以我們想要這樣，但我們也希望建立它，這樣，如果私人清單真的在行業中變得更加普遍，我們就不會處於競爭劣勢。所以我們肯定會實現這一點。所以，我認為它又回到了原點。

To investors is, where are you likely to see the success with the end customer, not just in the near term on the current listing but over time, right? I think you can probably talk a customer into doing something against their interests once. But over time, that those kinds of things aren't tend not to be really sustainable business approaches, so we want to do what's right for the customer no matter what, and we think for almost everybody it starts with that broad distribution of listings.

對於投資者來說，您最有可能在哪裡看到最終客戶的成功，不僅是在當前上市的短期內，而且是隨著時間的推移，對嗎？我認為你或許可以說服顧客做一些違背他們利益的事。但隨著時間的推移，這些事情往往不會成為真正可持續的商業方法，因此，無論如何，我們都想為客戶做正確的事情，我們認為幾乎每個人的出發點都是廣泛分發清單。

And we have a belief that'll pay off, not just in us selling and helping people buy homes, but in how we're able to actually recruit more agents and more franchisees. And we saw that in our recruiting results in the first quarter. We had some, actual, very successful agents coming to join us in Q1. We had some amazing results against our competition and some of the feedback on that was, they liked the way we were dealing with listings and customers.

我們相信，這會帶來回報，不僅在於我們銷售房屋和幫助人們購買房屋，還在於我們能夠招募更多的代理商和更多的特許經營商。我們在第一季的招募結果中看到了這一點。我們有一些真正非常成功的代理商在第一季加入我們。我們在競爭中取得了一些驚人的成績，一些回饋是，他們喜歡我們處理清單和客戶的方式。

Okay, that's really helpful. Thank you. And then just my second question is with regards to commission rates, they were down a little bit, year over year, but can you maybe comment on, what, portion of that was maybe from pressure on buyside commissions and just maybe where we are in terms of finding out where that ultimately settles out here?

好的，這確實很有幫助。謝謝。我的第二個問題是關於佣金率的，佣金率比去年同期略有下降，但您能否評論一下，其中有多少部分可能來自買方佣金的壓力，以及我們最終在哪裡找到解決方案？

Yeah, we're the one company that does that shares this data publicly and you know they were down, a few basis points, 2 basis points in one of our businesses and 6 basis points, in the other.

是的，我們是唯一一家公開分享這些數據的公司，你知道它們下降了幾個基點，我們的一個業務下降了 2 個基點，另一個業務下降了 6 個基點。

A little bit of the drop was by side, and a little bit of the drop was on the list side. And so, we've now had like 3 quarters in a row here where there really hasn't been that much movement, frankly less than we had predicted when we did our budget for this year, to be H1st. The one dynamic you should probably know is there's a little more drop in luxury.

有一點點下降是在旁邊，有一點點下降是在列表的一側。因此，我們現在已經連續 3 個季度沒有太大的變動，坦白說，比我們制定今年預算時預測的要少，成為 H1st。您可能應該知道的一個動態是奢侈品的價格略有下降。

So, where you actually see it showing up more is a little bit more in the luxury side, Tony, when I say a little bit more we're talking, single digit basis points here, not anything bigger than that. But you know I I do think there's something about the savvy buyer and seller maybe being a little more sophisticated and maybe negotiating a bit harder. But on the flip side, when you're doing $10 to $50 million. Dollar deals or whatever. There's always been a lot of commission negotiation happening there in history, so I'm probably not that surprised by it.

所以，托尼，你實際上看到它更多地出現在奢侈品方面，當我說更多一點時，我們談論的是個位數的基點，而不是比這更大的東西。但你知道，我確實認為精明的買家和賣家可能更老練，談判也更賣力。但另一方面，當你賺到 1000 萬到 5000 萬美元。美元交易或其他什麼的。歷史上那裡一直發生著很多佣金談判，所以我可能對此並不感到驚訝。

But to that point though, Tony, because we had twice as many $10 million and above listings, that has a natural pressure on ABCR because those price points tend to have as.

但是，托尼，由於我們的 1000 萬美元及以上的掛牌數量是原來的兩倍，因此這對 ABCR 來說是一個自然的壓力，因為這些價格點往往會有。

Many sales that's sales, yeah.

很多銷售都是銷售，是的。

Yeah, that tends to put pressure on the ABCR, just a mix of the business.

是的，這往往會給 ABCR 帶來壓力，這只是業務的混合。

Got it. I appreciate it. Thank you.

知道了。我很感激。謝謝。

Your next question comes from the line of John Campbell with Stevens Incorporated.

您的下一個問題來自史蒂文斯公司的約翰坎貝爾。

Hey guys, good morning.

大家好，早安。

Hey, so Ryan, I think you probably anticipated a few of these CCP questions. I'm hoping we can revisit that, maybe zoom out a little bit on where you stand.

嘿，Ryan，我想你可能已經預料到了一些關於中共的問題。我希望我們可以重新討論這個問題，也許可以稍微縮小一下你的立場。

So, you obviously got just framing it up, you've got Zillow, EXP, Redfin on one side with a pretty firm stance, and you've got Compass on the other side, in your prepared remarks you called out advocating for both consumer transparency and choice. Those seem to be kind of the battle cries on each side of the debate, but You, I don't want to put words in your mouth, but if I captured this correctly, you believe that listing should be syndicated to the portals, but you disagree with the Zillow move where it's basically banning, all private listings that don't follow their standards. So, it doesn't seem like you're willing to.

所以，你顯然已經將其概括出來了，一邊是立場堅定的 Zillow、EXP、Redfin，另一邊是 Compass，在你準備好的發言中，你呼籲提倡消費者的透明度和選擇權。這些似乎是辯論雙方的戰鬥口號，但是你，我不想替你說話，但如果我理解正確的話，你認為列表應該聯合到門戶網站，但你不同意 Zillow 的舉動，因為它基本上禁止所有不符合其標準的私人列表。所以，看起來你並不願意這麼做。

That's not right, John. I'm for the Zillow. Now it benefits Zillow and it may come back to be a problem for, everybody else, but in general we fall down like I mean look, choice is fine and like I said, we sell some private listings today kind of thing, but I think the best thing for customers for almost Everybody is broad distribution of your listings because that's how you get the best price.

那是不對的，約翰。我支持 Zillow。現在它對 Zillow 有利，但可能會反過來成為其他所有人的問題，但總的來說，我們會失敗，我的意思是，看，選擇很好，就像我說的，我們今天出售一些私人房源之類的東西，但我認為對幾乎所有客戶來說最好的事情是廣泛分發您的房源，因為這樣您才能獲得最優惠的價格。

And again, I could tell my agents, hey, do this and we'll make a little more money on this deal, but we'll do it probably at the customer's expense is my personal feelings, John.

再說一次，我可以告訴我的經紀人，嘿，這樣做，我們會在這筆交易中賺更多的錢，但我們這樣做可能會以犧牲客戶利益為代價，這是我的個人感受，約翰。

And so, we come down stronger on the broad distribution. We come down stronger on being totally fine if private listings aren't on the public portals, and we think there's still a place for private listings. And again, we probably have as many as anybody given our luxury business, but you know that's okay.

因此，我們在廣泛分銷方面表現得更強勁。如果私人清單不在公共入口網站上，我們完全可以接受，而且我們認為私人清單仍然有其存在的意義。再說一次，考慮到我們的奢侈品業務，我們可能擁有和其他人一樣多的產品，但你知道這沒關係。

So we're leaning pretty heavily into that, the one side of that debate. Now we have all the private listing capabilities. We have them in 3 brands already. We're going to have them in our franchise brands, here in the 2nd quarter.

因此，我們非常傾向於這一觀點，即這場辯論的一方。現在我們擁有所有的私人清單功能。我們已經有 3 個品牌了。我們將於第二季將它們納入我們的特許經營品牌。

But I would position that more as, for the niche people who need them and as kind of a defensive move that if the world becomes much more focused on that, then we have the ability to make sure our agents are never disadvantaged.

但我更願意將其定位為針對需要它們的利基人群的一種防禦措施，如果世界對此更加關注，那麼我們就有能力確保我們的代理商永遠不會處於不利地位。

And our franchisees, but we're more on the we're more on the broad distribution side because we think it's best for the customer. It really comes down to just best for the customer.

還有我們的特許經營商，但我們更專注於廣泛的分銷方面，因為我們認為這對客戶來說是最好的。歸根結底，這只是為了給客戶最好的服務。

Okay, that makes sense. I appreciate you clarifying that. And then maybe if you could share any kind of insights on, I know Corcoran launched the private listing network, kind of what your senses for trends there if you're seeing anything different than the rest of the business?

好的，這很有道理。感謝您澄清這一點。然後，也許您可以分享一些見解，我知道 Corcoran 推出了私人上市網絡，如果您看到與其他業務不同的東西，您對那裡的趨勢有什麼看法？

No, I mean we've got, we've had a private listing network in Corcoran before. It was just kind of, I don't know, relaunched with a different brand name is the right way to think about it. We have one in Sotheby's. We have one in Coldwell Banker, and we sell some listings, privately today.

不，我的意思是我們之前在科科倫有一個私人上市網路。我只是不知道，以不同的品牌名稱重新推出才是正確的思考方式。我們在蘇富比有一件。我們在 Coldwell Banker 有一個，今天我們私下出售一些房源。

I don't, I know the number. I'm not going to disclose it, but it's really is more of a niche thing, especially skewing in the luxury area, and we haven't seen any change in that trend because our agents, they just are usually they're doing what is best for the customer, what the customers want, and in the vast majority of situations, the best thing to do is to get as many people looking at a listing as you can to get the best price and then also have, our buyers be able to see as many listings as possible so.

我不知道，我知道這個號碼。我不會透露，但這確實更像是一種利基市場，尤其是在豪華領域，我們沒有看到這種趨勢有任何變化，因為我們的代理商通常只會做對客戶最有利的事情，滿足客戶的需求，在絕大多數情況下，最好的辦法是讓盡可能多的人查看房源，以獲得最優惠的價格，同時讓我們的買家能夠看到盡可能多的房源。

It's great to have the capabilities. It's great to use it, in those niche cases that we've done for years and decades, frankly, and it's great to have the capability just, from a defensive standpoint, but but there there's not any sort of flood of customers, to that approach because again I think most people realize the best way to get. The best price on your house is to have, a lot of people looking at it.

擁有這樣的能力真是太好了。坦白說，在我們多年來和幾十年來一直在處理的那些小眾案例中，使用它真是太好了，而且從防禦的角度來看，擁有這種能力也很棒，但是，這種方法並沒有吸引大量客戶，因為我再次認為大多數人都意識到了獲得最佳方法。您的房子的最佳價格是讓很多人看它。

Yeah, it makes a lot of sense. And then Ryan, I apologize if I missed the details here, but did you provide the exact year of year change in April open versus closed volumes?

是的，這很有道理。然後 Ryan，如果我遺漏了這裡的細節，我深感抱歉，但是您是否提供了 4 月份開倉量與平倉量的具體同比變化情況？

Yeah, it was basically flat. Yeah, open and closed volumes, basically flat so far, and that's through April 20th or something and through Friday. It looks really flat, the macro market and macro volatility, and I don't mean housing market, I mean the broader, economy.

是的，基本上是平的。是的，截至 4 月 20 日左右以及截至週五，開倉量和平倉量基本上持平。宏觀市場和宏觀波動看起來確實很平緩，我不是指房地產市場，而是指更廣泛的經濟。

There's clearly been a lot of volatility in April. That's the biggest thing I'm hearing from agents is what's affecting April versus Q1. So it's flat so far through the month.

四月顯然出現了很多波動。我從代理商那裡聽到的最重要的事情是，什麼對 4 月和第一季產生了影響。因此本月到目前為止，情況持平。

There may be a little headwind with where Easter fell this year versus last year in the April numbers, but mostly the overall market of macro volatility is what our agents are saying is has it more, flat in our data at least.

今年復活節與去年 4 月的數據相比可能存在一些阻力，但總體而言，宏觀波動的整體市場表現更為強勁，至少在我們的數據中是持平的。

Yeah, it makes sense. And I mean we've heard that's better than what we've heard from maybe some other market proxies that sounds good on your end. I don't know if you have the granularity of this and it might not matter too much, but you mentioned volatility. We've heard that a lot as well. Obviously rates moved a lot and throughout April.

是的，這很有道理。我的意思是，我們聽說這比我們從其他一些市場代理商那裡聽到的要好，這聽起來不錯。我不知道您是否了解這一點，而且這可能不太重要，但您提到了波動性。我們也常聽到這樣的話。顯然，利率在整個四月波動很大。

Any sense for how the transaction trends moved kind of week to week, maybe what that exit rate was last week?

您是否了解交易趨勢每周如何變化，上週的退出率是多少？

Not really. I mean, it moves around, but some of that is just bluntly kind of like how our reporting kind of works as we grab out of franchisees, some people report in one day, some people it takes a few extra days sometimes, so not really anything week to week that we've seen.

並不真地。我的意思是，它會四處移動，但其中一些只是直截了當地類似於我們的報告工作方式，當我們從特許經營商那裡搶奪時，有些人會在一天內報告，有些人有時需要多花幾天時間，所以我們實際上並沒有看到任何每週都有的變化。

I just think kind of flat's a good number for the month and it wasn't like March was flat, March was pretty consistent with the quarter, but definitely there was a lot of. Macro change here in our economy in April and I think you can see it kind of, getting us to kind of the flat year over year and opens and closed in the month so far.

我只是認為，對於這個月來說，持平是一個不錯的數字，而 3 月份的數據並非持平，3 月份的數據與上一季的數據相當一致，但肯定有很多不同。四月我們的經濟發生了宏觀變化，我想你可以看到，四月份的開局和收盤情況與去年同期相比基本持平。

Excellent. Thanks.

出色的。謝謝。

Your next question comes from Tommy McJoynt with KBW.

您的下一個問題來自 KBW 的 Tommy McJoynt。

Hey, good morning, guys.

嘿，大家早安。

Good morning.

早安.

Yeah, a question on the integrated services or title segment. So, the bottom-line trends there, underperformed the improvements seen in the brands and the adviser segments, and I think you called out some investments in that segment.

是的，關於綜合服務或標題部分的一個問題。因此，那裡的底線趨勢表現不如品牌和顧問領域的改善，我認為您呼籲對該領域進行一些投資。

Can you maybe quantify what that investment drag is and then when we will, potentially see that conclude?

您能否量化投資阻力是什麼，然後我們什麼時候才能得出結論？

Yeah, so on the investment side, it's a couple of different things. So, we're making investments in the agents to recruit, agents, and you saw our results there, right? So. We had 600, about 650 producing agents recruited, but I think Ryan also mentioned that the GCI attributed to those was like 30% up. So they're very solidly producing agents and so there's a little bit of an influx there.

是的，從投資方面來說，有幾件不同的事情。所以，我們正在對代理商進行投資，招募代理商，您看到了我們的成果，對嗎？所以。我們招募了 600 到 650 名生產代理，但我認為 Ryan 也提到，這些代理商帶來的 GCI 成長了 30%。因此，他們正在非常穩定地培養代理商，因此那裡有少量的代理商湧入。

I think some of the other increases are around our technology investments because we are investing in the short term to deliver some of the efficiencies from our Reimagined 25 program. And so, the savings are actually more heavily weighted to the back half of the year and so you'll see that come through.

我認為其他一些成長與我們的技術投資有關，因為我們正在進行短期投資，以實現 Reimagined 25 計畫的一些效率。因此，儲蓄實際上更多地集中在下半年，所以你會看到這一點。

The other thing is upwards, so you know it has a drag in title because, until we have critical mass in that business, it's still in the bill phase and a lot of these businesses take, 1 year, 2 years, whatever to get to full critical mass. So that's another piece of some of the investments. But I think what you're going to see in the back half of the year across our businesses is that the savings are going to step up in a material way.

另一件事是向上的，所以你知道它在標題上有一個拖累，因為在我們在該業務中達到臨界規模之前，它仍然處於賬單階段，而許多此類業務需要 1 年、2 年或任何時間才能達到完全臨界規模。這是另一項投資。但我認為，今年下半年你將會看到，我們的各項業務的儲蓄將大幅增加。

And then the longer some of these upward titled ventures are on the books, they're starting to become much more productive. So this was always going to be the case, these things are pretty much on or ahead of our plans, so I feel good about it and I feel good that we also have 85% of our savings identified.

然後，這些向上命名的企業在帳面上存在的時間越長，它們的生產力就開始變得越來越高。所以情況一直都是這樣的，這些事情基本上都在我們的計劃之內或之前，所以我對此感覺很好，而且我很高興我們已經確定了 85% 的節省。

Got it. And can you just remind us sort of what success looks like in that that upward title investment, whether it comes through and something quantifiable like attach rates on title or anything else that you guys can point to for metric wise?

知道了。您能否提醒我們，向上產權投資的成功是什麼樣的，它是否能夠實現，以及是否有一些可量化的東西，例如產權附加率，或者其他任何你們可以指出的衡量標準？

Well, I mean, look, each of them is their own company, and remember it is us and a group of franchisees. So you know the core metric of success is just the bottom line results that come out of it, but it's got the strategic halo of, being helpful to franchisees, open up a new profit pool that they never had access to before because They weren't big enough to have their own title company and then it's got that, also Halo of, recruiting new franchisees with that as part of the value proposition and then again hopefully tightening the relationship with the franchisee that will again hopefully help us at renewal.

嗯，我的意思是，你看，他們每個人都是自己的公司，記住這是我們和一群特許經營商。所以你知道，成功的核心指標只是由此產生的最終結果，但它具有戰略光環，對特許經營者有幫助，開闢一個他們以前從未接觸過的新利潤池，因為他們還不夠大，沒有自己的產權公司，然後它還有這個光環，招募新的特許經營者，作為價值主張的一部分，然後再次希望加強與特許經營者的關係，希望這將再次幫助我們續約。

It's a pure, let's grow our bottom-line kind of approach, but with those kind of strategic franchise Halos that, complements a pretty attractive franchise business already.

這是一種純粹的、讓我們增加底線的方法，但有了 Halos 這種策略特許經營權，就可以補充已經非常有吸引力的特許經營業務。

And some of these individual units are already profitable individually. It's just that as we launch more, there's start up costs, etc.

其中一些單位已經實現盈利。只是，隨著我們推出更多產品，就會產生啟動成本等等。

That makes sense.

這很有道理。

Thank you.

謝謝。

(Operator instruction) Your first question comes from the line of Matthew Bouley with Barclays.

（操作員指示）您的第一個問題來自巴克萊銀行的 Matthew Bouley。

Morning, everyone. Thanks for taking the questions.

大家早安。感謝您回答這些問題。

So maybe sticking on the listing's exclusivity topic, I'm just getting back to that, questions on kind of the specific drawbacks that you guys see to a more I guess robust exclusive platform, so you know you implied that the exclusive listings, I guess in a vacuum would benefit the big scale brokerage financially.

所以也許堅持列表的獨家性話題，我只是回到那個問題，關於你們看到更強大的獨家平台的具體缺點的問題，所以你知道你暗示獨家列表，我猜在真空中會讓大型經紀公司在經濟上受益。

But I guess do you have any math around kind of the benefit of broad public distribution, or is it more kind of, really taking your own agent and home buyer seller feedback and I guess if you could extend that, how does that, your position on this impact recruiting of agents today?

但我想，您是否對廣泛公開分發的好處進行過任何計算，或者是否更像是真正聽取您自己的代理商和購房者賣家的反饋，我想，如果您可以擴展這一點，那麼您對此的立場將如何影響當今代理商的招募？

Thank you. So two things. So first, look, I mean you can look at, you know there are what I would consider some credible third party studies. Bright MLS has done, I believe, 2 now that just show that, broad distributional listings means homes sell for more than homes that are, marketed privately. We've done our own analysis on that. Everybody's done other people have done analysis on it. Almost everybody comes to the same conclusion, which is broad distributional listing means a higher price for the home. So you know that's the reason right there, right? And what's best for the customer kind of thing.

謝謝。所以有兩件事。所以首先，看，我的意思是你可以看看，你知道我認為有一些可信的第三方研究。我認為，Bright MLS 已經完成了 2 項工作，這表明，廣泛的分銷清單意味著房屋的售價高於私人銷售的房屋。我們對此進行了自己的分析。每個人都對此做過分析，其他人也對此做過分析。幾乎每個人都得出了相同的結論，即廣泛的分銷上市意味著房屋價格更高。所以你知道這就是原因，對吧？以及什麼對客戶最有利。

So we really start with that and then, the feedback from our agents of course is important, but like I said, some of our recent recruiting success, which is, frankly was a lot better than it was a year ago as I gave you the stats on, especially versus some of our our bigger competitors.

因此，我們確實從這一點開始，然後，來自我們代理商的反饋當然很重要，但就像我說過的，我們最近的一些招聘成功，坦率地說，比一年前要好得多，正如我給你提供的數據，特別是與我們的一些更大的競爭對手相比。

Is partly because agents like kind of the approach we're taking to listings, and so, again there while there's a role for exclusive and select cases and we sell a bunch of that stuff just because of our luxury presence, I don't think this is that hard of a.

部分原因是因為代理商喜歡我們處理房源的方式，因此，雖然獨家和精選案例有其作用，而且我們僅僅因為我們的奢侈品業務而銷售了大量此類商品，但我認為這並不難。

Of a thing to think through, right? I mean, the more listings I can do exclusively, my brokerage makes more money, but that may not be the best thing for the customer, and I think if you don't do the best thing for the customer in the long term, businesses get into real trouble that way, as do industries. So that's why we believe what we believe and the way we're going to push it, and we think it'll pay off. And, not just again selling homes for higher prices for customers, but recruiting agents who want to do business that way.

值得深思熟慮的事情，對吧？我的意思是，我能獨家代理的房源越多，我的經紀業務就能賺到越多的錢，但這對客戶來說可能不是最好的事情，而且我認為，如果從長遠來看你不為客戶做最好的事情，那麼企業就會陷入真正的困境，行業也是如此。這就是為什麼我們相信我們所相信的，並且會以我們的方式去推動它，而我們認為它會帶來回報。而且，不僅再次以更高的價格向客戶出售房屋，而且還招募願意以這種方式做生意的代理商。

Yeah, let's be clear, we do believe this is a better financial decision too. It is for the customer, but like to Ryan's point, the long term for the agent recruiting and the stickiness of our agent base and selling homes at higher prices, we do believe that's a better financial outcome for us as well.

是的，讓我們明確一點，我們確實相信這也是一個更好的財務決策。這是為了客戶，但就像瑞安所說的那樣，從代理商招募的長期性和代理商基礎的粘性以及以更高的價格出售房屋來看，我們確實相信這對我們來說也是更好的財務結果。

Got it. Okay, yeah, thank you both for that and obviously there was going to be a lot of discussion on this topic today, so thank you for that.

知道了。好的，是的，謝謝你們兩位，顯然今天會就這個主題進行大量討論，所以謝謝你們。

So yeah, second one, I'll shift to a different gear, the balance sheet, I guess just first, any thoughts here as we said in April how you're thinking about addressing the 2026 maturity. And then just any further kind of, step back and broader color around the M&A environment, as you guys spoke about last quarter maybe looking across brokerages and real estate prop tech and all that?

是的，第二個問題，我將轉到不同的角度，資產負債表，我想首先，正如我們在 4 月所說的那樣，您在這裡有什麼想法，如何考慮解決 2026 年到期的問題。然後，再進一步回顧一下併購環境的更廣泛的情況，就像你們上個季度談到的那樣，也許可以看看經紀業務和房地產道具技術等等？

Yeah, sure. So, you know we've spoken at credit conferences, we've spoken externally lots of different ways. We do plan to refinance the 20 the convertible notes, you can always assume that we're ready to go at any time. It's really a market thing. Obviously the market volatility is not helping anybody in any industry right now. We are encouraged.

是的，當然。所以，你知道我們在信用會議上發表過演講，我們也以很多不同的方式在外部發表過演講。我們確實計劃為 20 張可轉換票據進行再融資，您可以隨時假設我們已做好準備。這確實是市場現象。顯然，目前的市場波動對任何行業的任何人都沒有幫助。我們深受鼓舞。

That you know there's a lot of activity starting back up again in the investment grade side so you know we're watching it very closely, but trying to refinance at the most volatile period is probably not the best course of action. So we're seeing glimmers of hope as things start to crack open a little bit. We will be ready to go. We will refinance them at some point. And we have options. We have options whether it's in the syndicated deal or on the private side, and as always, we'll be opportunistic to try to strike at the right time, but you can assume that we're going to be ready whenever that time presents itself. Yeah.

你知道，投資等級領域有很多活動重新開始，所以你知道我們正在密切關注，但在最動蕩的時期試圖進行再融資可能不是最好的行動方案。因此，當事情開始出現一些轉折時，我們看到了一絲希望。我們將準備出發。我們將在某個時候為其再融資。我們還有選擇。無論是銀團交易還是私人交易，我們都有選擇，而且一如既往，我們會抓住機會，在合適的時間發動攻擊，但你可以假設，無論何時時機成熟，我們都會做好準備。是的。

And on the M&A front on the M&A front, look, first off, we're open for business. And we're always looking at some things there, and I do still think that industry consolidation is inevitable, frankly, this whole industry could use more streamlining with all the margin pressure, scale helps, etc.

在併購方面，首先，我們已經開始營業了。我們一直在關註一些事情，我仍然認為產業整合是不可避免的，坦白說，整個產業可以在利潤壓力、規模幫助等方面進行更多的精簡。

But it's been really funny if you think about it. If you go to the start of this year, we're 4 months into the year, there's been very little actual activity, and the biggest deal. Have all come out of the mortgage sector and it's and I find it interesting that the biggest deals have been around building that end to end capabilities, something we've been working on for a while and always, think it's critical. It's really hard whether you're us or some of the people who just invested to try to do more of that, but it's a real opportunity and you know we find it interesting to see that's where the M&A is.

但如果你仔細想想，這真的很有趣。如果你回顧今年年初，現在已經過了 4 個月，但實際活動卻很少，最大的交易卻很少。他們都來自抵押貸款行業，而且我發現有趣的是，最大的交易都圍繞著構建端到端功能，這是我們一直在努力的事情，並且一直認為它至關重要。無論您是我們還是一些剛剛投資並嘗試做更多事情的人，這都非常困難，但這是一個真正的機會，而且您知道，我們很高興看到併購就在這裡。

The other thing we saw in the quarter was we saw private capital actually invest in, one of our franchise competitors, which I think, is at least a positive signal about the opportunities and that kind of pretty high margin, pretty interesting business, albeit one that's, been subject to all the changes our industry had going on. But we like that, especially given how our franchise network.

我們在本季看到的另一件事是，我們看到私人資本實際上投資了我們的一個特許經營競爭對手，我認為這至少是一個積極的信號，表明存在機遇，利潤率相當高，業務相當有趣，儘管它受到了我們行業正在發生的所有變化的影響。但我們喜歡這樣，特別是考慮到我們的特許經營網絡。

Economics benchmark against other public franchise economic players. And then finally, look, we're still seeing more firms looking to sell across brokerage, title mortgage, and prop tech, but you know there's still a pretty big GAAP between the bid and the ask, and that's partly why I think there's been fewer deals so far this year.

與其他公共特許經營經濟參與者進行經濟基準比較。最後，你看，我們仍然看到更多的公司希望在經紀、產權抵押和道具技術領域進行銷售，但你知道買入價和賣出價之間仍然存在相當大的 GAAP 差異，這也是我認為今年迄今為止交易較少的原因之一。

We have helped our franchisees close some M&A deals, in the first quarter, but But you know there's some real opportunity we're looking at spending more time on it as a leadership team but bridging the the the bid ask is a bit of a challenge and but it's a great place to put our effort and we think there should be some opportunities there down the road.

在第一季度，我們已經幫助我們的特許經營商完成了一些併購交易，但是，您知道，我們正在尋找一些真正的機會，作為領導團隊，我們願意花更多的時間在這上面，但彌合出價要求有點挑戰，但這是一個值得我們付出努力的好地方，我們認為未來應該會有一些機會。

Well, great, thanks guys appreciate the thoughts.

好吧，太好了，謝謝大家欣賞的想法。

Your next question comes from the line of Nick McAndrew with Zelman.

您的下一個問題來自 Zelman 的 Nick McAndrew。

Hey guys, thanks for taking my question. Just one for you, Ryan. I'm curious, obviously pretty strong ASP gains year to year and maybe just high level given all the macro volatility with the market sell off throughout April and maybe potential recession fears, just anything to call out that you're noticing so far in April, specifically in a luxury price point in terms of either homes sitting longer in terms of days on market or maybe.

嘿夥計們，謝謝你們回答我的問題。就一個給你，瑞安。我很好奇，顯然平均售價同比漲幅相當強勁，而且考慮到整個四月份市場拋售的宏觀波動以及可能出現的經濟衰退擔憂，可能只是處於高水平，只是你在四月份到目前為止注意到的任何情況，特別是在豪宅價格點，無論是房屋在市場上停留的時間更長，還是可能。

The behavior of that high price point seller, if you're starting to see any more price reductions from a seller's standpoint, just kind of thoughts overall just given that that sell off thing?

高價位賣家的行為，如果您從賣家的角度開始看到更多的降價，那麼考慮到拋售情況，您總體上有什麼想法嗎？

Great question. Look, April, like I said, it's got a lot of kind of, US markets and macro volatility kind of thing, and it's kind of led to, in our book, kind of flat, opens and closed, but just rattle off some stuff. We haven't seen days on market change, in our own portfolio.

好問題。瞧，四月份，就像我說的，有很多美國市場和宏觀波動之類的事情，這在我們看來，有點平淡，開盤和收盤，但只是一些事情。在我們自己的投資組合中，我們還沒有看到市場有任何變化。

It's basically flat, we haven't seen cancellations change in April. That's something that's got a little bit of press write ups about, of deals being canceled, but our cancellation rate is that hasn't really changed in April compared to, Q1 or previous year. So we're not seeing much there and then.

基本上持平，四月我們沒有看到取消情況發生變化。媒體對此有一些報道，稱交易被取消，但與第一季或去年同期相比，我們 4 月的取消率並沒有太大變化。所以我們當時在那裡看不到太多東西。

We are, we're still seeing price growth in April, across all segments, including, the ones that you asked about, but this trend of just not having enough homes and units being down and price being up, has continued in April both on our opened and our closed volumes. So.

我們仍然看到 4 月份所有細分市場的價格都在增長，包括您詢問的那些，但這種房屋和單元數量不足、價格上漲的趨勢在 4 月份一直持續，無論是在開盤量還是平盤量上。所以。

The underlying trends around price versus units around days on market around haven't really changed, but there has been an overall just kind of drop in the level here, down to kind of flat year over year is what we've seen in April so far, but it is pretty volatile out there, so we're kind of watching it closely. Not extrapolating too far from these things, but that that is what we're seeing, and luxury continues to do well.

價格與上市天數之間的潛在趨勢並沒有真正改變，但總體水平有所下降，與去年同期持平，這是我們 4 月份迄今為止看到的，但情況相當不穩定，所以我們正在密切關注。我們不會根據這些情況進行太深的推斷，但這就是我們所看到的，奢侈品市場繼續表現良好。

I mean, like I said, our luxury listings in Q1 were up 12% year over year. That's much better than the rest of our portfolio, probably some more share gain, in that in the future we're hoping and. And luxury outperformed in April. I mean, luxury is not flat in April. Luxury is up in April in volume so far. So that's what we're seeing in terms of some of those more nuanced trends there, Nick.

我的意思是，就像我說的，我們第一季的豪宅房源比去年同期成長了 12%。這比我們投資組合中的其他產品要好得多，未來可能會有更多的份額成長，這也是我們希望的。四月奢侈品市場表現優異。我的意思是，四月奢侈品市場並不穩定。截至目前，四月奢侈品銷量有所上升。這就是我們所看到的一些更微妙的趨勢，尼克。

Awesome, yeah, that all makes sense thank you guys.

太棒了，是的，這一切都很有道理，謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen, at this time there are no further questions.

女士們、先生們，現在沒有其他問題了。

Thank you. Have a good rest of your day.

謝謝。祝您今天剩餘的時間過得愉快。

That concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。