Real Brokerage Inc (REAX) 2025 Q1 法說會逐字稿

And good morning, ladies and gentlemen, and welcome to the Real Brokerage first quarter 2025 earnings call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. I will now turn the call over to Alex Lumpkin. Ma'am, the floor is yours.

女士們、先生們，早安，歡迎參加 Real Brokerage 2025 年第一季財報電話會議。目前，所有參與者都處於僅收聽模式，我們將在演講結束後開放您的提問和評論。現在我將把電話轉給 Alex Lumpkin。女士，請您發言。

Thanks and good morning. Thank you for standing by and welcome to the Real Brokerage conference call and webcast for the first quarter ended March 31, 2025. We appreciate everyone for joining us today. With me on the call today are Tamir Poleg, our Chairman and Chief Executive Officer, Sharran Srivatsaa, President, and Ravi Jani, our Chief Financial Officer.

謝謝，早安。感謝您的支持，歡迎參加截至 2025 年 3 月 31 日的第一季 Real Brokerage 電話會議和網路廣播。我們感謝大家今天的參加。今天與我一起參加電話會議的還有我們的董事長兼執行長 Tamir Poleg、總裁 Sharran Srivatsaa 和財務長 Ravi Jani。

This morning, Rio published an earnings press release, including results for the first quarter ended March 31, 2025. The press release, along with the unaudited consolidated financial statements and related management's discussion and analysis for the quarter ended, had been filed with the US Securities and Exchange Commission on EDGAR and with the Canadian Securities regulators on SEDAR.

今天上午，力拓發布了一份獲利新聞稿，其中包括截至 2025 年 3 月 31 日的第一季業績。該新聞稿以及本季度未經審計的合併財務報表和相關管理層的討論與分析已透過 EDGAR 提交給美國證券交易委員會，並透過 SEDAR 提交給加拿大證券監管機構。

Before we get started, I'd like to remind everyone that statements made in this conference call that are not historical facts, including statements about future time periods, may be deemed to constitute forward-looking statements. Our actual results may differ materially from these forward-looking statements, and the risk factors that could cause these differences are detailed in our Canadian continuous disclosure documents and SEC reports.

在我們開始之前，我想提醒大家，本次電話會議中所作的非歷史事實的陳述，包括有關未來時間段的陳述，可能被視為構成前瞻性陳述。我們的實際結果可能與這些前瞻性陳述有重大差異，可能導致這些差異的風險因素在我們的加拿大持續揭露文件和 SEC 報告中詳細說明。

Real disclaims any intent or obligation to update these forward-looking statements. Except is expressly required by law. With that, I'd like to turn the call over to Chairman and Chief Executive Officer Tamir Poleg. Tamir, please proceed.

Real 不承擔更新這些前瞻性聲明的任何意圖或義務。法律明確要求的除外。說到這裡，我想把電話轉給董事長兼執行長 Tamir Poleg。塔米爾，請繼續。

Good morning and thank you, Alex. I will start with an overview of our strategy and recent business highlights. Sharon will provide an update on actions we are taking to drive agent growth and improve agent experience, and Ravi will provide a more in-depth discussion of our financial results. I'll then provide a few closing remarks before opening up the call for Q&A.

早安，謝謝你，亞歷克斯。我將首先概述我們的策略和最近的業務亮點。Sharon 將介紹我們為推動代理商成長和改善代理商體驗而採取的行動，而 Ravi 將更深入地討論我們的財務表現。在開始問答環節之前，我將發表一些結束語。

To begin, Re is a real estate technology company that is differentiated in our industry. Unlike traditional real estate brokerage firms, we provide real estate agents with a compelling combination of financial incentives, a proprietary software-based technology platform which eliminates the need for an agent's physical office space and a collaborative culture that we believe is unique in our industry.

首先，Re 是一家在我們行業中與眾不同的房地產科技公司。與傳統的房地產經紀公司不同，我們為房地產經紀人提供極具吸引力的財務激勵組合、基於專有軟體的技術平台（無需經紀人的實際辦公空間）以及我們認為在行業中獨一無二的協作文化。

Our vision is to simplify life's most complex transaction, that is a purchase or sale of a home by providing agents with the tools, technology, and resources they need to grow both their businesses and as individuals while delivering a seamless experience for clients. In the short term, this vision includes the rollout of a consumer facing product which streamlines the client experience and enhanced attachment of our higher margin ancillary services.

我們的願景是簡化生活中最複雜的交易，即購買或出售房屋，透過為代理商提供他們發展業務和個人所需的工具、技術和資源，同時為客戶提供無縫體驗。短期內，這個願景包括推出面向消費者的產品，簡化客戶體驗並增強我們高利潤輔助服務的依附性。

In the long term, we expect our platform to encompass a holistic ecosystem of financial technology products and investment planning tools, providing agents with an avenue to build long-term wealth. Ultimately, as the platform matures, we believe home buyers and sellers could also benefit from the breadth of our service offering. Our goal is to redefine the role of a real estate brokerage in the lives of our agents and in the broader housing industry.

從長遠來看，我們期望我們的平台能夠涵蓋金融科技產品和投資規劃工具的整體生態系統，為代理商提供創造長期財富的途徑。最終，隨著平台的成熟，我們相信購屋者和賣家也可以從我們廣泛的服務中受益。我們的目標是重新定義房地產經紀在代理商生活以及更廣泛的住房行業中的作用。

Importantly, Just like our institutional investors, many of our agents are also shareholders in our company. That is why we will remain relentless in our focus on delivering long-term value for our agents, for their clients, and for our shareholders.

重要的是，就像我們的機構投資者一樣，我們的許多代理商也是我們公司的股東。這就是為什麼我們將繼續堅持不懈地致力於為我們的代理商、他們的客戶以及我們的股東提供長期價值。

Turning to the quarter this morning, Ri reported record first quarter results. Revenue of $354 million increased 76% compared to $201 million in the prior year, driven by a 77% increase in the number of transactions closed, which reached 33,600. This compares favorably to the 2% decline in existing home sale industry transactions during the quarter.

今天上午談到本季度，Ri 報告了創紀錄的第一季業績。營收為 3.54 億美元，較上年的 2.01 億美元成長 76%，這得益於交易數量成長 77%，達到 33,600 筆。這與本季現房銷售行業交易量 2% 的下降相比有所改善。

Gross profit in the first quarter of 2025 was $33.9 million an increase of 63%, while net loss improved to $5.1 million from a loss of $16.1 million in the prior year. Our strong top line growth contributed to adjusted E of $8.3 million a significant improvement from $3.6 million in the first quarter of 2024.

2025 年第一季毛利為 3,390 萬美元，成長 63%，淨虧損從去年同期的 1,610 萬美元改善至 510 萬美元。我們強勁的營收成長推動調整後 E 達到 830 萬美元，較 2024 年第一季的 360 萬美元有顯著改善。

We ended the first quarter with 26,870 agents, up 61% versus the prior year. As of this morning, our agent count exceeds 27,700, meaning we've added over 800 agents since the start of the second quarter. We continue to see strong momentum across our technology platform and high margin ancillary businesses, including mortgage, title, and real wallet, which grew by a combined 50% versus the prior year.

第一季結束時，我們擁有 26,870 名代理商，比上年增長 61%。截至今天上午，我們的代理商數量已超過 27,700 名，這意味著自第二季開始以來我們已經增加了 800 多名代理商。我們的技術平台和高利潤輔助業務（包括抵押貸款、產權和實體錢包）持續保持強勁勢頭，與去年相比成長了 50%。

As a reminder, these business lines typically generate growth margins that are typically 5 to 8 times higher than our core brokerage segment and are central to our long-term strategy for driving margin expansion and operating leverage. That momentum is also being driven by the rapid evolution of Leo CoPilot, our AI-powered agent assistant.

提醒一下，這些業務線通常產生的成長利潤率比我們的核心經紀業務高出 5 到 8 倍，並且是我們推動利潤率擴張和經營槓桿的長期策略的核心。這一勢頭也受到我們人工智慧代理助理 Leo CoPilot 快速發展的推動。

In April, we transitioned all inbound agent support calls to Leo, making real one of the first brokerages to automate its primary support layer with AI. Leo now handles thousands of agent interactions daily across mobile and voice and continuously learns from those interactions to deliver faster, more accurate, and more personalized assistance.

今年 4 月，我們將所有入站代理支援電話轉接至 Leo，成為首批使用 AI 實現主要支援層自動化的經紀公司之一。Leo 現在每天透過行動和語音處理數千次代理交互，並持續從這些交互中學習，以提供更快、更準確、更個人化的幫助。

This represents a meaningful step forward in our vision to build a scalable, intelligent brokerage platform that increases agent productivity while driving efficiency across our operation. RealWallet continues to show strong progress across both product development and adoption.

這代表著我們朝著建立可擴展、智慧的經紀平台的願景邁出了有意義的一步，該平台可提高代理商的生產力，同時提高整個營運的效率。RealWallet 在產品開發和採用方面持續取得強勁進展。

This quarter we were pleased to welcome Dominik Pari to Real as general manager of RealWallet. Dominik brings over a decade of experience in fintech and lending, including prior roles at Funding Circle and BCG, and we're excited about the future of the platform under his leadership.

本季度，我們很高興歡迎 Dominik Pari 加入 Real 擔任 RealWallet 總經理。Dominik 在金融科技和借貸領域擁有十多年的經驗，曾在 Funding Circle 和 BCG 任職，我們對該平台在他的領導下的未來感到興奮。

We've expanded product functionality with new Apple Pay and Google Pay integrations, and in March launched dedicated tax planning business checking accounts to help agents better manage their tax liabilities. In the US, over 3,200 agents now use real wallet business checking accounts, with total deposits reaching approximately $8 million including nearly 300 agents using the new tax-focused business checking accounts.

我們透過新的 Apple Pay 和 Google Pay 整合擴展了產品功能，並於 3 月推出了專門的稅務規劃業務支票帳戶，以幫助代理商更好地管理他們的稅務責任。在美國，目前有超過 3,200 名代理商使用真實錢包商業支票帳戶，總存款額達到約 800 萬美元，其中近 300 名代理商使用新的以稅收為重點的商業支票帳戶。

In Canada, we've extended over $2 million in credit to 200 agents through our production-based lending program. To put that in perspective, it took Real 7 years to reach 3,000 agents. RealWallet hit that same milestone in just seven months, highlighting the demand for agent aligned financial tools. In Q, One RealWallet generated $126,000 in revenue.

在加拿大，我們透過基於生產的貸款計劃向 200 家代理商提供了超過 200 萬美元的信貸。換個角度來看，Real 花了 7 年才有 3,000 名經紀人。RealWallet 僅用七個月就達到了同樣的里程碑，凸顯了代理商對金融工具的需求。在 Q 季度，One RealWallet 創造了 126,000 美元的收入。

And we now estimate the annualized run rate revenue exceeds $700,000 an increase from $500,000 at the time of our last earnings call, and we expect meaningful upside as adoption and product offerings continue to expand. At one real title, we are executing a strategic pivot under new leadership to position the business for greater scalability.

我們現在估計年化運行率收入超過 70 萬美元，比我們上次財報電話會議時的 50 萬美元有所增加，並且隨著採用率和產品供應的不斷擴大，我們預計會有顯著的增長。在一個真實的頭銜中，我們正在新的領導下執行策略轉變，以使業務具有更大的可擴展性。

Rather than expanding via individual team-based joint ventures, we are now pursuing statewide strategy which provides more consistent operating leverage and allows us to grow more efficiently. We're launching our first 3 state level JVs this month, with 3 more expected next month. This model will position us for a re-acceleration in tidal growth in the back half of the year.

我們現在不再透過基於單一團隊的合資企業進行擴張，而是推行全州策略，以提供更一致的營運槓桿，並使我們能夠更有效地發展。本月我們將啟動首批 3 家州級合資企業，預計下個月還將啟動另外 3 家。這種模式將使我們在今年下半年重新加速成長。

At One Real mortgage, we continue building an agent aligned mortgage business. In the first quarter, we introduced a new stock award program that enables loan officers the opportunity to earn RSUs and participate in real's long-term upside, similar to programs offered to our agents.

在 One Real 抵押貸款公司，我們繼續建立代理商導向的抵押貸款業務。在第一季度，我們推出了一項新的股票獎勵計劃，使貸款人員有機會賺取 RSU 並參與 Real 的長期上漲，類似於我們為代理商提供的計劃。

This initiative enhances alignment across the transaction and reinforces our commitment to attracting and retaining top performing LOs who share our vision to reshape the home buying and selling experience. We now have 97 loan officers, over half of whom are real agents licensed to originate loans under the.

這項措施增強了整個交易的一致性，並加強了我們吸引和留住表現最佳的 LO 的承諾，這些 LO 與我們有著共同的願景，即重塑購房和賣房體驗。我們目前有 97 名貸款人員，其中超過一半是根據《貸款法》獲得許可發放貸款的真正代理人。

Delivering a more connected, transparent financing experience for clients. Altogether these initiatives reflect our continued focus on building a tech-enabled real estate platform that supports agents at every step of the transaction and strengthens our financial profile in the process. With that, I'll turn it over to Sharon for an update on our growth and agent initiatives.

為客戶提供更互聯、透明的融資體驗。總而言之，這些舉措反映了我們持續致力於建立一個技術支援的房地產平台，該平台在交易的每一步都為代理商提供支持，並在此過程中增強我們的財務狀況。接下來，我將把話題交給 Sharon，讓她介紹一下我們的成長和代理計劃的最新情況。

Thank you, Tamir, and good morning everyone. I'll provide an update on our brokerage business in a quick top five format. So let's dive in and discuss some of the key highlights and areas of focus this quarter. Number 1, a sluggish market, but real agents are leaning in. The housing market has kicked off 2025 on a slow note with existing home sale.

謝謝你，塔米爾，大家早安。我將以快速前五名的形式提供有關我們經紀業務的最新資訊。那麼，讓我們深入討論本季的一些關鍵亮點和重點領域。第一，市場低迷，但真正的經紀人正在加入。2025 年伊始，房地產市場發展緩慢，現房銷售緩慢。

Down about 2% year over year during the first quarter, reflecting the ongoing affordability pressures that have weighed on the market. In fact, our latest agent survey indicates a shift occurring under the surface. Buyers are gaining more leverage and sellers are adjusting pricing expectations lower accordingly.

第一季較去年同期下降約 2%，反映出市場持續承受的負擔能力壓力。事實上，我們最新的代理商調查表明，表面之下正在轉變。買家獲得了更多的槓桿，而賣家則相應降低價格預期。

Against this backdrop, real agents delivered a 5% year over year increase in average transactions per agent. We believe it's a clear signal that our agents are well equipped to navigate this market with skill and focus. Number 2.

在此背景下，真實代理商的每位代理商平均交易量年增了 5%。我們相信這是一個明確的訊號，表明我們的代理商有能力憑藉技能和專注力駕馭這個市場。2號。

While the industry debates, we stay focused. Now I've been in this industry for nearly 2 decades, and the narrative is always shifting from lawsuits and commission rates to today's focus on exclusivity and listing access. It's important to understand that at real we don't chase headlines.

儘管業界爭論不休，我們仍保持專注。現在我已經在這個行業工作了近 20 年，而敘述總是從訴訟和佣金率轉向今天的獨家經營權和上市訪問權。重要的是要明白，實際上我們並不追逐頭條新聞。

We stay focused on building a model that works in any market. Number 1, when conditions tighten, agents join us to lower their cost structure. Number 2, when the market strengthens, they join us to retain more of the upside and participate in ownership.

我們專注於建立適用於任何市場的模型。第一，當條件收緊時，代理商加入我們，以降低他們的成本結構。第二，當市場走強時，他們會加入我們，以保留更多的上漲空間並參與所有權。

And number 3, as a TOP10 brokerage, we have the scale to launch a massive exclusive listing network if we believed it was in the best interest of agents and their clients. But we also know there is no one size fits all approach in real estate. Our job is to empower agents and their clients with flexibility and not force them into any single playbook.

第三，作為排名前十的經紀公司，如果我們認為這符合代理商及其客戶的最佳利益，我們就有足夠的規模推出龐大的獨家上市網絡。但我們也知道，房地產領域沒有放諸四海皆準的方法。我們的工作是賦予代理商及其客戶靈活性，而不是強迫他們遵循任何單一的劇本。

That's how we continue to grow by staying grounded in what actually helps agents succeed. So number 3. Continuing our growth momentum as we march towards Realex. We welcomed over 2,700 net new agents in Q1, which was one of our strongest quarters ever.

這就是我們持續成長的方式，我們始終立基於真正幫助代理商成功。所以是第三點。在我們向 Realex 邁進的過程中，我們將繼續保持成長勢頭。我們在第一季迎來了超過 2,700 名淨新代理商，這是我們有史以來最強勁的季度之一。

Importantly, our attraction pipeline remains robust, especially among top producing teams. I'm excited to showcase the breadth of our platform next week at Realex, our annual virtual conference open to the entire industry. With thousands already registered, Realex has become a powerful engine for introducing agents to our model, our technology, and most importantly, our culture.

重要的是，我們的景點管道依然強勁，尤其是在頂級製作團隊中。我很高興能在下週的 Realex（我們面向整個產業開放的年度虛擬會議）上展示我們平台的廣度。Realex 已擁有數千名註冊用戶，已成為向代理商介紹我們的模式、我們的技術以及最重要的我們的文化的強大引擎。

I look forward to seeing you all there. Number 4, the industry is shifting and skill. Is the new commission. We believe real estate remains one of the most complex transactions that consumer can face, even with an agent's guidance along the way. That's why we see the future of this industry anchored by highly skilled agents who are empowered by AI and systems, not replaced by them.

我期待在那裡見到你們。第四，產業正在轉變，技能也不斷提升。是新的委託。我們相信，即使有代理人的指導，房地產仍然是消費者可能面臨的最複雜的交易之一。這就是為什麼我們認為這個行業的未來將由人工智慧和系統賦能的高技能代理商支撐，而不是被它們取代。

But make no mistake, the skill of the agent is still the most important variable. So for context, in just the past 12 months, two foundational pillars of the real estate industry model, which are buyer agency and clear cooperation, have come under fire.

但請不要誤會，經紀人的技能仍然是最重要的變數。因此，就背景而言，在過去的 12 個月中，房地產行業模式的兩個基本支柱，即買方代理和明確的合作，受到了抨擊。

On top of that, agents are navigating volatile macro conditions, evolving policies, and rising interest rates. In fact, the national data now clearly shows a widening GAAP in per agent sales productivity. The skill GAAP is real and it's growing. That's why we're doubling down on skill building with 3 focused delivery formats.

除此之外，代理商還要應對動盪的宏觀環境、不斷變化的政策和不斷上升的利率。事實上，現在全國數據清楚地表明，每個代理商的 GAAP 銷售效率正在不斷提高。GAAP 技能是真實存在的，而且還在不斷發展中。這就是為什麼我們要透過 3 種重點交付形式加倍重視技能培養。

Number 1, master class style training through Royal Academy. This is where agents can learn new skills, new tools and capabilities on demand. Number 2, high impact regional roadshows where our leaders are traveling and educating in local markets.

第一，透過皇家藝術學院接受大師班風格的訓練。在這裡，代理商可以根據需要學習新技能、新工具和新能力。第二，高影響力的區域路演，我們的領導者在當地市場旅行和教育。

And number 3, functional masterminds like the $100 million dollar roundtable, which is ultra focused on our largest enterprise teams and the luxury mastermind for agents serving the high-end markets. We believe a well trained agent operating on a world-class platform like Real can navigate any change in legislation or policy or market conditions and still deliver exceptional results for their clients.

第三，功能性策劃者，例如價值 1 億美元的圓桌會議，主要關注我們最大的企業團隊和為服務高端市場的代理商提供的奢侈品策劃者。我們相信，在 Real 這樣的世界級平台上運作的訓練有素的代理商可以應對任何立法、政策或市場條件的變化，並且仍然為客戶帶來卓越的成果。

While real estate is getting harder, our agents are getting smarter. Number 5. Strengthening the flywheel for long term success. So as I step into a new role on Real's board next month, I've never been more confident in the foundation we've built. Real is now one of the largest brokerages in North America with a leadership team, culture, and platform that continue to raise the bar.

雖然房地產變得越來越難，但我們的經紀人卻變得越來越聰明。5號。加強飛輪以獲得長期成功。因此，當我下個月擔任皇馬董事會的新職位時，我對我們所建立的基礎從未如此有信心。Real 現在是北美最大的經紀公司之一，其領導團隊、文化和平台不斷提升標準。

In Q1, we advanced that foundation further with enhancements to Leo co-pilot. And a real wallet and team driven innovations like Pro Teams and private label. These aren't just features, they're part of a growing flywheel that creates long term value for agents, clients, and shareholders alike.

在第一季度，我們透過對 Leo Co-Pilot 的增強進一步推進了這一基礎。還有真正的錢包和團隊驅動的創新，如專業團隊和自有品牌。這些不僅僅是功能，它們還是不斷增長的飛輪的一部分，為代理商、客戶和股東創造長期價值。

In short, I'm incredibly proud of our team and even more excited about what lies ahead. So to our employees and our agents, thank you. None of this would be possible without you. Now I'll pass it to Ravi for the financials.

簡而言之，我為我們的團隊感到無比自豪，並對未來更加興奮。因此，我要向我們的員工和代理商表示感謝。如果沒有你，這一切都不可能實現。現在我將把它交給拉維 (Ravi) 來處理財務事宜。

Thanks Sharon. We're pleased to report another quarter of impressive performance as we continue to deliver consistent growth and improving profitability. Revenue in the first quarter rose to $354 million an increase of 76% versus the first quarter of 2024. This was driven primarily by a 77% increase in brokerage revenue, which reached $352 million while ancillary businesses contributed $2.2 million in revenue this quarter, an increase of 50% year over year.

謝謝莎倫。我們很高興地報告，我們又一個季度取得了令人印象深刻的業績，我們繼續保持持續成長並提高獲利能力。第一季營收增至 3.54 億美元，較 2024 年第一季成長 76%。這主要得益於經紀收入成長 77%，達到 3.52 億美元，而輔助業務本季貢獻了 220 萬美元的收入，較去年同期成長 50%。

Growth in ancillary was led by a 55% increase in one real mortgage and 30% growth in one real title. As Tamir mentioned, we generate approximately $126,000 in real wallet revenue during its first full quarter, and while still early, RealWallet is gaining traction and should continue to grow sequentially as we roll out new products and features.

輔助業務的成長主要得益於一筆實際抵押貸款成長 55% 和一筆實際產權成長 30%。正如 Tamir 所提到的，我們在第一個完整季度中創造了約 126,000 美元的真實錢包收入，儘管仍處於早期階段，但 RealWallet 正在獲得發展動力，並且隨著我們推出新產品和新功能，應該會繼續持續增長。

Gross profit for the first quarter came in at $33.9 million, up 63% from $20.8 million in Q1 2024. Gross margin was 9.6% consistent with our expectations and compares to 10.3% in the prior year. The year over year decline reflects the growing share of production from agents who have reached their annual commission cap.

第一季毛利為 3,390 萬美元，較 2024 年第一季的 2,080 萬美元成長 63%。毛利率為 9.6%，符合我們的預期，去年同期為 10.3%。年比下降反映了已達到年度佣金上限的代理商的產出份額不斷增加。

For contexts, at the end of Q1, approximately 12% of our agent base had capped, up from 8% a year ago. These agents contributed roughly 50% of total commission revenue in the quarter compared to 40% in Q1 2024. As a reminder, once an agent caps, they stop paying the standard 15% split and instead pay a $285 per transaction fee, resulting in lower gross margin on those transactions.

具體來說，截至第一季末，我們大約有 12% 的代理商達到上限，高於一年前的 8%。這些代理商在本季度貢獻了總佣金收入的約 50%，而 2024 年第一季這一比例為 40%。提醒一下，一旦代理商達到上限，他們將停止支付標準的 15% 分成，而是支付每筆交易 285 美元的費用，導致這些交易的毛利率降低。

Looking ahead, we remain focused on driving gross margin expansion over time as our ancillary services scale. While the shift in revenue mix toward more productive capped agents will likely continue in Q2, we expect this to be partially offset by the fee changes implemented earlier this year, along with the improving contributions from our ancillary business lines.

展望未來，隨著輔助服務規模的擴大，我們仍將專注於推動毛利率的持續擴大。雖然收入結構向更俱生產力的封頂代理商的轉變可能會在第二季度繼續，但我們預計，今年稍早實施的費用變化以及輔助業務線貢獻的提高將部分抵消這一變化。

Operating expenses, including GNA, marketing, and R&D totaled $39.1 million or 11.1% of revenue in the first quarter compared to 436.5 million or 18.2% of revenue during Q1 2024. Now the prior year period included a $9.3 million dollar litigation settlement. Excluding that, our operating expenses increased by approximately $12 million year over year.

第一季包括 GNA、行銷和研發在內的營運費用總計 3,910 萬美元，佔營收的 11.1%，而 2024 年第一季的營運費用為 4.365 億美元，佔營收的 18.2%。現在，去年同期包括 930 萬美元的訴訟和解金。除此之外，我們的營運費用比去年同期增加了約 1,200 萬美元。

Approximately $5.5 million was related to higher revenue share and agent equity-based compensation, with the remaining increase driven by corporate investments across the business, including operations, R&D, back office functions, as well as higher professional fees, including those incurred related to our transition to US GAAP.

約 550 萬美元與更高的收入份額和代理商股權薪酬有關，其餘增長來自整個業務的企業投資，包括營運、研發、後台職能，以及更高的專業費用，包括與我們向美國 GAAP 過渡相關的費用。

Adjusted operating expense, which is a non-GAAP measure and meant to provide insight into what we do as our recurring fixed cash OpEx, total $21.2 million in the first quarter, or 6% of revenue. That's a roughly 80 basis point improvement from 6.8% in Q1 2024. We're pleased to see this metric continue to improve, particularly considering the significant investments we continue to make across the business.

調整後的營運費用是一項非 GAAP 指標，旨在深入了解我們作為經常性固定現金營運支出所做的工作，第一季總計 2,120 萬美元，佔收入的 6%。這比 2024 年第一季的 6.8% 提高了約 80 個基點。我們很高興看到這項指標不斷改善，特別是考慮到我們在整個業務中持續進行的大量投資。

Operating loss improved to $5.2 million compared to a loss of $15.7 million in Q1 2024, while net loss was $5.1 million compared to a net loss of $16.1 million in the first quarter of 2024. Adjusted EBITDA more than doubled to $8.3 million, up from $3.6 million in the first quarter of 2024, driven by our strong revenue and gross profit growth, which outpaced growth in our ongoing cash operating expenses.

營業虧損從 2024 年第一季的 1,570 萬美元改善至 520 萬美元，淨虧損為 510 萬美元，而 2024 年第一季的淨虧損為 1,610 萬美元。調整後的 EBITDA 從 2024 年第一季的 360 萬美元增長了一倍多，達到 830 萬美元，這得益於我們強勁的收入和毛利潤增長，超過了我們持續現金運營費用的增長。

Total stock based compensation for the quarter was $12.7 million, broken down as follows $8 million related to our agent stock purchase program, which is reflected in cost of sales, $3 million in agent equity awards, recorded marketing, and $1.7 million in employee-related stock compensation.

本季股票薪酬總額為 1,270 萬美元，細分如下：800 萬美元與我們的代理商股票購買計劃有關，反映在銷售成本中，300 萬美元的代理商股權獎勵、記錄的營銷以及 170 萬美元的員工相關股票薪酬。

Stock comp is excluded from both adjusted operating expense and adjusted EBA, and full reconciliations are provided in our earnings release and investor presentation. We ended the quarter with a very strong balance sheet and net unrestricted cash and investments of approximately $35 million up from $33 million at year end.

股票補償不包括在調整後的營業費用和調整後的 EBA 中，完整的對帳資訊在我們的收益報告和投資者報告中提供。本季末，我們的資產負債表非常強勁，淨無限制現金和投資約為 3,500 萬美元，高於去年年底的 3,300 萬美元。

We generated $16 million in operating cash flow and returned $6 million to shareholders through the repurchase of 1.3 million shares. We continue to operate with no debt and ample liquidity to support our growth while maintaining flexibility to return capital to shareholders and opportunistically invest in M&A.

我們產生了 1,600 萬美元的營運現金流，並透過回購 130 萬股股票向股東返還了 600 萬美元。我們繼續以無債務和充足的流動性運作以支持我們的成長，同時保持靈活性以向股東返還資本並適時投資於併購。

I'll close with a few KPIs. Our gross transaction value was $13.5 billion up 80% year over year. Our median sale price was $380,000 in the first quarter, up 2% year over year. Adjusted OpEx per transaction was $631 down 12% year over year from $715 in Q1 2024.

最後，我將以幾個 KPI 來結束。我們的總交易額為 135 億美元，年增 80%。我們第一季的房屋售價中位數為 38 萬美元，年增 2%。調整後每筆交易的營運支出為 631 美元，較 2024 年第一季的 715 美元年減 12%。

And our headcount efficiency ratio, which we define as the number of full-time brokerage employees divided by the number of agents on our platform, was 1 to 88 at the end of the first quarter. Notably, this is down from 1 to 136 as of the end of 2024, and this is due to the fact that during the quarter we transitioned 136 employees in India from contractor status to full-time employees, including 70 employees in our R&D organization.

我們的員工效率比率（我們將其定義為全職經紀員工數量除以我們平台上的代理商數量）在第一季末為 1 比 88。值得注意的是，截至 2024 年底，這一數字從 1 人下降至 136 人，這是因為在本季度，我們將印度的 136 名員工從承包商身分轉為全職員工，其中包括我們研發部門的 70 名員工。

Even with this transition, we continue to believe we have one of the most efficient brokerage operations in the industry from a headcount standpoint. More details on our results and key operating metrics can be found in the earnings press release and investor presentation that accompanied this call.

即使經歷了這樣的轉變，我們仍然相信，從員工人數的角度來看，我們的經紀業務是業界最高效的經紀業務之一。有關我們的業績和關鍵營運指標的更多詳細信息，請參閱本次電話會議附帶的收益新聞稿和投資者介紹。

As we don't provide formal guidance, but we do continue to expect significant improvements in revenue, gross profit, and adjusted EIA for the year, and we're certainly off to a good start. I will now turn it back to Tamir.

由於我們不提供正式指導，但我們確實繼續預計今年的收入、毛利和調整後的 EIA 將有顯著改善，而且我們肯定有一個好的開始。我現在將其交還給塔米爾。

Thank you Ravi. As we close today's call, I want to acknowledge the backdrop we're operating in. We know it's been an uncertain time for agents, for consumers, and for the broader economy, but at the same time, we're equally convinced that the world is entering one of the most transformative technological eras in history.

謝謝你，拉維。在我們結束今天的電話會議時，我想承認我們目前所處的背景。我們知道，對於代理商、消費者和更廣泛的經濟來說，這是一個不確定的時期，但同時，我們也相信，世界正在進入歷史上最具變革性的科技時代之一。

The rise of AI is not just another tool, but a fundamental shift that in our view, will reshape industries, professions, and entire business models. Our industry is no exception. What gives us confidence is that Real was built for moments like this, as we've demonstrated this quarter and over the past several years, we believe we've developed a model designed to win in any environment. While others brace for change, we lean into it.

人工智慧的興起不僅僅是一種工具，而是一場根本性的轉變，在我們看來，它將重塑產業、職業和整個商業模式。我們的行業也不例外。讓我們充滿信心的是，Real 就是為這樣的時刻而建立的，正如我們在本季度和過去幾年中所展示的那樣，我們相信我們已經開發出一種旨在在任何環境中取勝的模式。當其他人準備迎接改變時，我們傾向於改變。

That's why despite the noise, we continue to invest in innovation, expand our mode, and deliver value for our agents by embracing the future, not resisting it. In fact, as a small but meaningful signal of where we're headed, I'll let you in on something. My prepared remarks today, including this section, were read entirely by Leo AI.

這就是為什麼儘管存在噪音，我們仍繼續投資創新，擴展我們的模式，並透過擁抱未來而不是抵制未來為我們的代理商提供價值。事實上，作為一個表明我們前進方向的微小但有意義的信號，我會告訴你一些事情。我今天準備的發言稿，包括這部分，全部由Leo AI宣讀。

That's not a gimmick. It's a reflection of how far we've come and a hint of where we're going. At this time, Leo is able to have real-time voice conversations, and we are planning to test these capabilities with our agents in the coming weeks. Now let's move to the Q&A session.

那不是一個花招。它反映了我們已經走了多遠，也暗示了我們要去哪裡。目前，Leo 能夠進行即時語音對話，我們計劃在未來幾週與我們的代理商一起測試這些功能。現在讓我們進入問答環節。

Certainly. Everyone at this time will be conducting a question answer session for analysts. (Operator Instructions). Darren Aftahi from Roth Capital Partners.

當然。此時每個人都會為分析師進行問答環節。（操作員指令）。羅斯資本合夥公司的 Darren Aftahi。

Hey, this is Dan for Darren. Thanks for taking my questions. First, on sort of AI and Leo, could you talk about how agent adoption is of using those services? I know you said you switched all the inbound calls over to Leo, but do you have any metrics that you're tracking you can share about how these tools you're introducing or helping agents that are already quite productive become more productive.

嘿，我是達倫的丹。感謝您回答我的問題。首先，關於人工智慧和 Leo，您能談談代理商採用這些服務的情況嗎？我知道您說過您將所有來電轉接到 Leo，但是您是否有任何正在跟踪的指標可以分享，說明您如何引入這些工具或如何幫助已經非常高效的代理提高工作效率。

Yeah, thanks for the question. Leo co-pilot is focused on delivering a better service to the agents. So currently, as we said, Leo is taking all of the inbound phone calls and also having thousands of daily interactions with agents. Those are typically questions that have to do with compliance with tech related questions, things that agents need in order to perform or operate on the platform.

是的，謝謝你的提問。Leo co-pilot 致力於為代理商提供更好的服務。因此，正如我們所說，目前，Leo 正在接聽所有來電，並且每天與代理商進行數千次互動。這些通常與技術合規性問題有關，是代理商在平台上執行或操作所需的事情。

What we are now building and started testing is all of those things that Leo can assist with agents and their clients. So everything that is consumer facing, this is still not ruled out. So currently I don't think we have any metrics that relate to how Leo can.

我們現在正在建造並開始測試的是 Leo 可以為代理商及其客戶提供幫助的所有東西。因此，所有面向消費者的事物，這仍然不會被排除。所以目前我認為我們沒有任何與 Leo 如何做到相關的指標。

Help agents perform better or serve clients in a better way, but we do have, we do track the metrics of providing better service to our agents through faster support, faster answers, help with documents, review and all of those things. So obviously at the end of the day Leo helps agents save time on every transaction, but still not consumer facing.

幫助代理商表現更好或以更好的方式為客戶服務，但我們確實有，我們確實透過更快的支援、更快的答案、文件幫助、審查和所有這些事情來追蹤為我們的代理商提供更好服務的指標。因此，顯然，Leo 最終可以幫助代理商節省每筆交易的時間，但仍然不是面向消費者的。

Got it, thanks. And if I ask one more, Ravi, on gross margins and capping, like, can you help us think about the trends in in gross margins? I know like 50% of the revenue was from capped agents, and you're working on the new ancillary programs, they're not quite at scale yet, like how do you sort of Get us to think about the trend in in gross margins and some of the expansion.

明白了，謝謝。拉維，如果我再問一個關於毛利率和上限的問題，你能幫我們思考毛利率的趨勢嗎？我知道大約 50% 的收入來自封頂代理商，而且您正在開發新的輔助計劃，但它們尚未達到規模，您如何讓我們思考毛利率的趨勢和一些擴張。

Yeah, thanks, Dylan. I think as I mentioned, we did start out the year with a higher mix of capped agents and capped revenue. I mean, it's a high class problem to have just more productive agents on the platform. As I mentioned, I do think that dynamic will continue into Q2, but the partial offset will be the fact that we have some fee program changes in February that will start to phase in. So I think you'll see that mixed impact that you saw in the first quarter, but that will be more and more offset as the year progresses as ancillary and some of the fee changes roll out.

是的，謝謝，迪倫。我想，正如我所提到的，我們確實在年初就擁有了更高的代理商上限和收入上限。我的意思是，在平台上擁有更多高效的代理是一個高級問題。正如我所提到的，我確實認為這種動態將持續到第二季​​度，但部分抵銷因素是我們在二月將開始逐步實施一些費用計劃變更。因此，我認為您會看到第一季看到的混合影響，但隨著時間的推移，隨著輔助費用和一些費用變化的推出，這種影響將越來越多地被抵消。

Got it, thank you. That's it for me.

明白了，謝謝。對我來說就是這樣。

Stephen Sheldon from William Blair.

威廉布萊爾 (William Blair) 的史蒂芬謝爾頓 (Stephen Sheldon)。

Hey, good morning, thanks, and congrats on the strong start to the year, and it's both incredible and scary how much that sounded like you, Tamir. .

嘿，早安，謝謝，祝賀你今年有一個良好的開端，這聽起來多麼像你，塔米爾，真是令人難以置信，也令人害怕。。

So maybe just on that topic with Voice AI, it sounds like you guys have been playing around with it quite a bit. Where do you see the opportunities to take voice AI and kind of leverage it, I guess within the value proposition for agents? How are you guys thinking about that?

所以也許只是關於語音 AI 這個主題，聽起來你們已經對此進行了很多嘗試。您認為在代理商的價值主張範圍內，語音 AI 有哪些應用和利用機會？你們對此有何看法？

Thanks, Stephen. Actually my mom couldn't distinguish between my actual voice and my AI voice, so yeah, it's pretty scary, but also opens up your mind to a lot of possibilities. I think that when it comes to AI and especially voice application of AI, we see it in two ways. First of all, later this month we're going to transition Leo phone line, agent support phone line to my voice, so agents.

謝謝，史蒂芬。實際上，我媽媽無法區分我的真實聲音和我的人工智慧聲音，所以，是的，這很可怕，但也為你打開了很多可能性。我認為，當談到人工智慧，特別是人工智慧的語音應用時，我們會從兩個角度來看它。首先，本月稍後我們將把 Leo 電話線、代理支援電話線轉換為我的聲音，也就是代理。

Who call into our support line will be answered by my voice and can have a conversation with me. We're currently testing real-life conversations between Leo and potential buyers and sellers, so Leo can now have a conversation about what is your desired property, what are you looking for, what's your financial situation. If you want to schedule a showing at a specific house, Leo can already do that, which is extremely impressive.

誰撥打我們的支援熱線都會聽到我的聲音並可以與我交談。我們目前正在測試 Leo 與潛在買家和賣家之間的真實對話，因此 Leo 現在可以談論您想要的房產是什麼、您在尋找什麼、您的財務狀況如何。如果您想安排在特定房屋進行展示，Leo 已經可以做到，這非常令人印象深刻。

So I think that moving forward, we will continue to expand Leo capabilities with supporting our agents internally and just saving us a lot of overhead and human capital when it comes to internal support, but at the same time I think that the biggest potential is equipping our agents with a phone number where they can actually train their own AI to use their own voice and then take their clients' phone calls and answer all of their questions.

因此，我認為，展望未來，我們將繼續擴展 Leo 的功能，為我們的代理商提供內部支持，並在內部支持方面節省大量的開銷和人力資本，但同時，我認為最大的潛力是為我們的代理商配備一個電話號碼，他們可以實際訓練自己的人工智能使用自己的聲音，然後接聽客戶的電話並回答他們的所有問題。

And in addition to that, throughout that process, I think that lies a tremendous opportunity to also push our ancillary services through those direct interactions that Leo will have with consumers. So this is where we're heading. It's moving very quickly and as I said, even this month we will experiment with some things that I don't think that anybody else in the industry is trying to do.

除此之外，在整個過程中，我認為這也蘊藏著一個巨大的機會，透過 Leo 與消費者的直接互動來推動我們的輔助服務。這就是我們要去的地方。它進展非常快，正如我所說，即使是這個月，我們也會嘗試一些我認為業內其他人還沒有嘗試過的事情。

Got it, yeah, it'll be fascinating to see how that that all progresses. And then just maybe on the agent recruiting side, you guys are becoming more and more of an outlier in the industry by growing agent count when most are losing agents.

明白了，是的，看看這一切如何進展將會非常有趣。然後也許在代理商招募方面，當大多數公司都在失去代理商時，你們卻在增加代理商數量，從而越來越成為行業中的異類。

So I guess is there any part of a real value proposition that's really resonating right now, or in initiatives like private label and pro teams that are gaining even more traction. Is there anything that that when you look out there that that stands out as having an outsized impact on your ability to recruit in this environment?

所以我想，是否存在真正能引起共鳴的真正價值主張，或者像自有品牌和專業團隊這樣的舉措正在獲得更多的關注。當您觀察時，是否有任何事物對您在這種環境下的招募能力產生了巨大影響？

Yeah, I can take that. I think that on Asian attraction what we've been doing very well for many years now is finding the right balance between providing value and constantly growing that value and the cost of operating on our platform, and I think that with all the technological advances and innovation that we're planning and also putting into place at the moment.

是的，我可以接受。我認為，在亞洲景點方面，我們多年來一直做得很好的一點就是在提供價值和不斷增加價值與平台運營成本之間找到了適當的平衡，而且我認為，隨著我們目前正在規劃和實施的所有技術進步和創新，這一點我們做得很好。

That value only increases. So, you mentioned private label and proteins. It's a part of the mix. At the end of the day, agents join us either as fellow independent agents or as teams or as brokerages that are coming in under private label, but, we don't think that there is any one specific reason at the moment, that we can identify that agents are joining because of it's a combination of value and cost at the end of the day.

該價值只會增加。所以，您提到了自有品牌和蛋白質。這是混合物的一部分。最終，代理商要么以獨立代理商的身份加入我們，要么以團隊的形式加入我們，要么以自有品牌的經紀公司的形式加入我們，但我們認為目前沒有任何一個特定的原因，我們可以確定代理商加入是因為歸根結底是價值和成本的結合。

Got it. That's helpful. And then just last one for me on the conversion of some employees in India to full time, get that there won't be a financial impact I think a material financial impact, but will that have any changes on ability to get products and capabilities to market on the development side? Yeah, I guess just generally, how could this impact speed the market for some of the initiatives you have underway?

知道了。這很有幫助。最後我想說的是，關於將印度的一些員工轉為全職員工，這不會產生財務影響，我認為這不會產生實質性的財務影響，但這會對開發方面將產品和能力推向市場的能力產生任何影響嗎？是的，我想總的來說，這會如何影響您正在進行的一些舉措的市場發展？

Yeah, there wouldn't be any financial impact. I think that as you bring in independent contractors and turn them into employees and a part of the family, maybe the connection, the bond and the commitment is a little bit stronger.

是的，不會有任何財務影響。我認為，當你引入獨立承包商並將他們變成員工和家庭的一部分時，也許聯繫、紐帶和承諾會更加牢固。

We are expanding that team, so it will be difficult to compare apples to apples just because that team is continuously growing, but I think that it's a positive move overall that, yes, will help us with time to market. Great thank you. Thanks, Stephen.

我們正在擴大該團隊，因此很難進行同類比較，因為該團隊正在不斷壯大，但我認為總體而言這是一個積極的舉措，是的，它將幫助我們縮短產品上市時間。非常感謝。謝謝，史蒂芬。

Matthew Erdner from Jones Trading.

來自 Jones Trading 的 Matthew Erdner。

Hey, good morning guys. I'd like to build off of that last question a little bit, and then again, congrats on a great quarter, but, with regard to the pipeline, are you guys still seeing the same growth that kind of the top of the funnel there, and then, as you brought on kind of more people recently, has the on boarding time changed at all, when you guys are bringing on these teams or private label, brokerages.

嘿，大家早安。我想稍微補充一下最後一個問題，然後再次祝賀您取得了出色的季度業績，但是，就渠道而言，你們是否仍然看到漏斗頂部的相同增長，然後，隨著你們最近引進更多人才，當你們引進這些團隊或自有品牌、經紀公司時，入職時間是否有所改變。

Thanks, Matt. Yeah, the pipeline is still very strong. We've added about 900 agents since the beginning of the quarter, and we have a strong pipeline, as I mentioned. I don't see any change in the onboarding time. What we do see is maybe more pain overall in the industry.

謝謝，馬特。是的，管道仍然非常強大。正如我所提到的，自本季初以來，我們增加了約 900 名代理商，並且我們擁有強大的管道。我沒有看到入職時間有任何變化。我們確實看到的可能是整個產業面臨更多痛苦。

The market conditions are very challenging for agents, so obviously. That has an effect on, agent movements and teams movements. We're getting into the selling season, the summer season of the housing market, which is typically slower for aging transitions, but overall, I think that we still have a very strong pipeline and we didn't see any significant change, either way.

顯然，市場條件對代理商來說非常具有挑戰性。這會對經紀人的調動和團隊的調動產生影響。我們正進入銷售季節，即房地產市場的夏季，由於老化轉型，這個季節通常發展較慢，但總體而言，我認為我們仍然擁有非常強勁的銷售管道，無論如何，我們都沒有看到任何重大變化。

Got it. That's helpful. And then, sorry, Robbie, go ahead.

知道了。這很有幫助。然後，抱歉，羅比，請繼續。

Yeah, Matt, I just wanted to add that, Jenna Rosenblatt and her team, they've added a ton of talent on the agent success, agent experience, and onboarding side. And so as private label and pro teams have grown, we've added, some really skilled leaders that are doing a great job on boarding teams. So relative to a year ago it is getting smoother, but it's because we put the resources in place.

是的，馬特，我只是想補充一點，詹娜·羅森布拉特和她的團隊在代理成功、代理經驗和入職方面增加了大量人才。隨著自有品牌和專業團隊的成長，我們增加了一些真正熟練的領導者，他們在帶領團隊方面做得很好。因此，相對於一年前來說，情況變得更加順利，但這是因為我們投入了資源。

Right, that, that's great. And then, as a follow up switching to ancillary services, looking at title and mortgage kind of on that slide 32 where you guys are located, how much additional I guess revenue do you think you could pick up by, getting license in all 50 states and that, how big of a priority is that for you guys to kind of get rolled out in all 50 states, and then yeah I guess just what are your thoughts there?

對，那，那太好了。然後，作為後續轉向輔助服務，看看幻燈片 32 上的產權和抵押貸款，你們在哪裡，我猜你認為通過在所有 50 個州獲得許可可以獲得多少額外收入，這對你們來說是一個多大的優先事項，以便在所有 50 個州推廣，是的，我想知道你對此有何看法？

Yeah, at the moment we're not looking to expand to all 50 states either on title or mortgage. I think that we have a lot of work to do within the geographies that we're already in. So that's what we focus on. We, on the title side, we did identify that we had a service level issue that we corrected and now we go out to our agents and as Ravi mentioned.

是的，目前我們並不打算將業務擴展到所有 50 個州，無論是產權還是抵押貸款。我認為我們在現有的地域內還有很多工作要做。這就是我們關注的重點。在標題方面，我們確實發現我們有一個服務等級問題，我們已經糾正了這個問題，現在我們去找我們的代理商，正如拉維所提到的。

We're changing a little bit the JV structures going from stage AV from team focused JVs to stay JVs, and we're starting to see the revenue ramping up. Both mortgage and title had record revenue month in April, so we're seeing a lot of momentum, but we just think that it's better for us to focus on the markets that they operate in at the moment instead of going and trying to expand to all 50 states.

我們正在對合資企業結構進行一些改變，從以團隊為中心的合資企業階段性 AV 轉變為以合資企業為主，我們開始看到收入的增長。4 月份，抵押貸款和產權貸款的收入均創歷史新高，因此我們看到了很大的發展勢頭，但我們認為，我們最好專注於他們目前運營的市場，而不是試圖擴展到所有 50 個州。

Got it. That's helpful. Thank you guys.

知道了。這很有幫助。謝謝你們。

Thank you. There are no further questions from analysts in the queue. I'll now hand the floor over to CFO Ravi Jani for questions from retail investors.

謝謝。隊列中沒有分析師的其他問題。現在我將把發言權交給財務長拉維賈尼 (Ravi Jani)，回答散戶投資者的問題。

Great, thank you, Matthew. And so now that we've concluded the analyst portion, we wanted to address some of the questions we received from shareholders on the Say technologies Q&A portal that was opened last week. We received a number of excellent questions and so thank you to all who participated.

太好了，謝謝你，馬修。現在我們已經結束了分析師部分，我們想回答上週開放的 Say technologies 問答入口網站上股東提出的一些問題。我們收到了許多非常好的問題，感謝所有參與者。

First question for Tamir is a combination of two questions, but what acquisitions or tech developments are on the horizon that serve Real's agents and how does Real plan to prioritize in-house R&D versus external partnerships or subscriptions?

對 Tamir 的第一個問題是兩個問題的結合，但即將進行的收購或技術開發有哪些可以為 Real 的代理商提供服務，以及 Real 計劃如何優先考慮內部研發與外部合作或訂閱？

Thank you everybody for the questions. Obviously technology is something I'm very passionate about, and we are highly active in evaluating M&A and tech opportunities that could add unique capabilities or accelerate the time to market for us. As the prop tech industry has seen billions of dollars in investment over the. Past few years and now many of these companies are trading at far more compelling valuations than just 12 or 18 months ago.

謝謝大家的提問。顯然，我對科技非常熱衷，我們積極評估可以增加獨特能力或加速產品上市時間的併購和技術機會。由於道具科技產業在過去已經獲得了數十億美元的投資。過去幾年，這些公司中的許多公司的估值都比 12 或 18 個月前高得多。

That said, we'll stay disciplined and we'll only pursue opportunities that truly enhance our agent value proposition and add differentiated capabilities. Improve retention and or improve productivity and so we'll always invest organically in our own platform in things like AI and fintech, which we've been focused on in the past year and a half, but we see an opportunity to add features or features that that we don't have we'll be opportunistic as long as we believe it creates value for our agents and our shareholders. And as I said at the beginning, we remain very active in looking into potential M&A opportunities.

也就是說，我們將保持紀律，只尋求真正增強我們的代理價值主張和增加差異化能力的機會。提高保留率和/或提高生產力，因此我們將始終在自己的平台上進行有機投資，例如人工智慧和金融科技，這是我們在過去一年半中一直關注的重點，但我們看到了添加功能或我們沒有的功能的機會，只要我們相信它能為我們的代理商和股東創造價值，我們就會抓住機會。正如我在一開始所說的，我們仍然非常積極地尋找潛在的併購機會。

Great. Thanks, Tamir. Next question for Sharon, what is real investing in with regards to agent support, technology, and growth opportunities?

偉大的。謝謝，塔米爾。下一個問題是 Sharon，就代理支援、技術和成長機會而言，真正的投資是什麼？

Awesome, thank you, Ravi. We're actually investing across the board now, whether it may be AI tools and technology, as you heard me talk about to make agents productive because the more time they can spend, taking care of their operating, needs, the less time they can spend on their operating needs, the more time they can spend on their clients.

太棒了，謝謝你，拉維。實際上，我們現在正在全面投資，無論是人工智慧工具還是技術，正如你聽到我所說的，都是為了讓代理商更有效率，因為他們花在處理營運需求上的時間越多，花在營運需求上的時間就越少，花在客戶身上的時間就越多。

And so, and then developing these fintech products like the roll to give agents more financial flexibility, especially in a time like this where there's kind of up and down. And market volatility. Also, as the markets change, we're expanding our operations and support infrastructure, maybe broker support or estimate talked about kind of support for agents to get their back of the office stuff done much faster so they can be a bigger and a better service advisor to our clients.

因此，開發這些金融科技產品（如roll）可以為代理商提供更多的財務彈性，特別是在這種起伏不定的時期。以及市場波動。此外，隨著市場的變化，我們正在擴大我們的營運和支援基礎設施，也許是經紀人支持或估計談到對代理商的支持，以便他們更快地完成辦公室工作，這樣他們就可以成為我們客戶更大更好的服務顧問。

And of course this is not a one time non changing thing. We're sticking to our strategy and always looking for more ways to find. And make our agents more productive and of course to generate more income for them.

當然，這不是一次性的、不變的事。我們堅持我們的策略並始終尋找更多的方法。並提高我們代理商的生產力，當然也為他們創造更多的收入。

Great, thanks, Sharran. Next question I'll take, which is how is real balancing fiscal responsibility with growth and expansion given the industry slowdown, as we've been disciplined from day one. We're focused on building a business with strong unit economics, and even as the broader market has contracted the past several years, we've continued to grow and improve profitability by keeping our cost structure lean and leveraging technology.

太好了，謝謝，Sharran。我要回答的下一個問題是，鑑於行業放緩，我們如何平衡財政責任與成長和擴張，因為我們從第一天起就一直受到嚴格約束。我們專注於打造具有強大單位經濟效益的企業，儘管過去幾年大盤出現萎縮，但我們仍透過保持精簡的成本結構和利用技術來持續增長並提高盈利能力。

And so at the same time we're continuing to invest in high impact areas in technology and agent support and other initiatives that support long-term growth, but we're always going to be very disciplined and focused on costs and execution, and we're fortunate that our balance sheet remains in a really strong place.

因此，與此同時，我們將繼續在技術、代理支援和其他支持長期成長的舉措等高影響力領域進行投資，但我們始終會非常自律，專注於成本和執行，而且我們很幸運，我們的資產負債表仍然處於非常強勁的狀態。

We have $35 million in cash, no debt, and so we can continue to invest in our business, support our agents, while also returning capital to shareholders via share repurchases like we did this quarter. And so, the last question for Tamir, as the role of the MLS in real estate continues to evolve, what is Real's perspective on its future and what strategic adjustments is Re making?

我們擁有 3500 萬美元現金，沒有債務，因此我們可以繼續投資我們的業務，支持我們的代理商，同時還可以像本季一樣透過股票回購向股東返還資本。因此，對於塔米爾來說，最後一個問題是，隨著 MLS 在房地產領域的作用不斷演變，皇馬對其未來的看法是什麼，以及皇馬正在進行哪些戰略調整？

Thanks for the question. There's been a lot of noise in the industry around the role of the MLS, and it's true that the landscape is evolving as one of the largest brokerages in the country. A lot of companies are involving us in their ideas or their initiatives and trying to kind of collaborate with us on that. But it's real, our perspective is pretty simple.

謝謝你的提問。業內對 MLS 的作用存在著許多爭論，而且作為全國最大的經紀公司之一，其格局確實正在改變。許多公司讓我們參與他們的想法或計劃，並試圖與我們合作。但這是真實的，我們的觀點非常簡單。

Any change in how homes are listed and discovered should ultimately benefit the consumer. Some companies are approaching this from a lens of trying to gain a competitive advantage, but we're focused on what delivers the best possible experience for buyers and sellers.

房屋列出和發現方式的任何改變最終都應該使消費者受益。一些公司從試圖獲得競爭優勢的角度來處理這個問題，但我們專注於為買家和賣家提供最佳體驗。

The reality is, the more exposure a listing has, the better the outcome. This is what we believe in, and that's the foundation of an efficient marketplace. So while the MLS conversations will likely continue here at Rio, we'll stay focused on building for the future.

事實是，清單的曝光度越高，結果就越好。這就是我們的信念，也是高效率市場的基石。因此，儘管 MLS 的討論可能會在裡約繼續進行，但我們將繼續專注於未來的建設。

Thanks, Tamir. I think it's a great way to wrap it up. If you have any additional questions on today's earnings release, please feel free to contact me directly. Matthew, would you please give the conference call replay instructions once again? Thank you.

謝謝，塔米爾。我認為這是一個很好的總結方式。如果您對今天的收益報告有任何其他疑問，請隨時直接與我聯繫。馬修，您能再一次給出電話會議重播的說明嗎？謝謝。

Certainly, ladies and gentlemen, today's conference will be available for replay. The replay phone number is 877-481-4010, and the replay code is 52080. Once again, the replay phone number is 877-481-4010, and the replay code is 52080. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

當然，女士們、先生們，今天的會議將提供重播。重播電話號碼是877-481-4010，重播代碼是52080。再次強調，重播電話號碼是877-481-4010，重播代碼是52080。此時您可以斷開電話線並享受美好的一天。感謝您的參與。