Real Brokerage Inc (REAX) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Real Brokerage second-quarter earnings call. (Operator Instructions) I will now turn the call over to Ms. Alex Lumpkin, Chief Legal Officer, at the Real Brokerage. Ma'am, the floor is yours.

女士們、先生們，早安，歡迎參加 Real Brokerage 第二季財報電話會議。（操作員指示）我現在將電話轉給 Real Brokerage 的首席法律官 Alex Lumpkin 女士。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 second quarter ended June 30, 2025. We appreciate everyone for joining us today. With me on the call today are Tamir Poleg, our Chairman and Chief Executive Officer; Jenna Rozenblat, our Chief Operating Officer; 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 6 月 30 日的第二季 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、我們的營運長 Jenna Rozenblat 和我們的財務長 Ravi Jani。

This morning, Real published an earnings press release, including results for the second quarter ended June 30, 2025. The press release, along with the unaudited consolidated financial statements and related management's discussion and analysis for the quarter, have been filed with the US Securities and Exchange Commission on EDGAR and with the Canadian securities regulators on SEDAR.

今天上午，Real 發布了一份收益新聞稿，其中包括截至 2025 年 6 月 30 日的第二季業績。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.

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。

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. Real disclaims any intent or obligation to update these forward-looking statements, except as expressly required by law.

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。除非法律明確要求，否則 Real 不承擔更新這些前瞻性聲明的任何意圖或義務。

With that, I'd like to turn the call over to Chairman and Chief Executive Officer, Tamir Poleg. Tamir, please proceed.

接下來，我想將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; Jenna will provide an update on actions we are taking to drive agent growth, improve agent experience and enhance operational efficiency; 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；詹娜將介紹我們為推動代理商成長、改善代理商體驗和提高營運效率而採取的行動；拉維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, Real is a real estate technology company that is fundamentally different 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，Real 是一家與我們這個產業有著根本差異的房地產科技公司。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、專有的基於軟體的技術平台（從而無需經紀人擁有實體辦公空間）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 empowering agents with the tools, technology, and resources they need to grow both their businesses and as individuals, all while delivering a more seamless experience for clients.

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，透過為代理商提供發展業務和個人所需的工具、技術和資源，同時為客戶提供更無縫的體驗。

In the near term, this vision includes the rollout of a consumer-facing product, which streamlines the client experience and enhances attachment of our higher-margin ancillary services. Long term, we envision our platform encompassing a holistic ecosystem of real estate services and financial technology products, providing agents with avenues to build long-term wealth.

短期內，這個願景包括推出面向消費者的產品，以簡化客戶體驗並增強我們對高利潤輔助服務的依戀。從長遠來看，我們設想我們的平台涵蓋房地產服務和金融科技產品的整體生態系統，為代理商提供創造長期財富的途徑。

Our goal is to redefine the role of a real estate brokerage in the lives of our agents and in the broader housing industry. 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 all of our shareholders.

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。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、他們的客戶以及所有股東提供長期價值。

Moving to the quarter. This morning, Real reported record second quarter results. Revenue in the second quarter increased by 59% versus the prior year to $541 million, driven by a 62% increase in the number of transactions closed. This compares favorably to the total existing home sales market, where industry transactions declined by 1% during the quarter. Importantly, all of our growth continues to be organic.

轉到季度。今天上午，皇馬公佈了創紀錄的第二季業績。第二季營收較上年同期成長 59%，達到 5.41 億美元，這得益於交易數量成長 62%。這與整個現房銷售市場相比表現良好，該市場本季的行業交易量下降了 1%。重要的是，我們所有的成長仍然是有機的。

Gross profit in the second quarter increased 50% to $47.9 million and outpaced a 42% increase in operating expenses, which totaled $46.2 million. I'm proud to say that this resulted in our first ever quarter of positive operating income, which was $1.7 million in the quarter and positive net income of $1.6 million. Adjusted EBITDA was positive $20 million, a 43% improvement from $14 million in the second quarter of 2024 and contributed to strong cash flow from operating activities of $41 million.

第二季毛利成長 50%，達到 4,790 萬美元，而營運費用則成長 42%，達到 4,620 萬美元。我很自豪地說，這使我們本季首次實現了正營業收入，本季為 170 萬美元，淨收入為 160 萬美元。調整後的 EBITDA 為正 2,000 萬美元，較 2024 年第二季的 1,400 萬美元成長 43%，並帶來 4,100 萬美元的強勁經營活動現金流。

Now turning to our agent community. We ended the second quarter with 28,000 agents, marking a 43% increase versus the prior year. And as of this morning, our agent count exceeds 29,200. This sustained growth underscores the compelling strength of our value proposition. During second quarter, we offboarded over 1,500 agents who had either not renewed their real estate licenses or had not paid mandatory association dues.

現在轉向我們的代理商社群。截至第二季末，我們擁有 28,000 名代理商，比上年增長了 43%。截至今天上午，我們的代理商數量已超過 29,200 名。這種持續的成長凸顯了我們價值主張的強大力量。第二季度，我們解雇了 1,500 多名未更新房地產執照或未繳納強制性協會會費的經紀人。

The outcome of this is clear in our performance metrics, where we saw transactions per average agent increased by 7% year over year, significantly outpacing industry averages. Moreover, our revenue churn, which remains a key indicator of our ability to retain our most productive agents, held firm at what we believe represents a best-in-class 2% in the quarter.

這一結果在我們的績效指標中顯而易見，我們發現平均每位代理商的交易量同比增長了 7%，大大超過了行業平均水平。此外，我們的營收流失率（這仍然是我們保留最高效代理商的能力的關鍵指標）在本季度保持穩定，我們認為這代表了最佳的 2%。

Beyond our core brokerage strength, a significant part of our long-term strategy involves the growth and scalability of our ancillary business lines, which today include One Real Mortgage, One Real Title, and Real Wallet. These segments are particularly strategic as they typically generate gross margins that are 5 times to 8 times higher than our core brokerage, representing powerful future profit drivers.

除了我們的核心經紀優勢之外，我們長期策略的一個重要部分涉及輔助業務線的成長和可擴展性，目前包括 One Real Mortgage、One Real Title 和 Real Wallet。這些部門尤其具有戰略意義，因為它們產生的毛利率通常比我們的核心經紀業務高出 5 倍到 8 倍，代表著強大的未來利潤驅動力。

In the second quarter, our ancillary business lines grew by a combined 50%, contributing approximately 1% of total revenue and nearly 5% of our gross profit.

第二季度，我們的輔助業務線整體成長了50%，貢獻了總營收的約1%和毛利的近5%。

One Real Mortgage saw exceptional revenue growth of 80% in the quarter. with performance driven by the continued expansion of our loan officer network and successful promotional offers. For One Real Title, revenue growth was 7%. This deceleration was anticipated and is primarily due to the strategic shift in our title strategy that we discussed last quarter.

One Real Mortgage 本季營收成長顯著，高達 80%，業績成長得益於貸款專員網路的持續擴張和成功的促銷活動。One Real Title 的營收成長率為 7%。這種減速是可以預料到的，主要是由於我們上個季度討論過的標題策略的戰略轉變。

We are purposefully transitioning from less scalable team-based joint ventures to more robust and profitable state-based JVs. In Q2, we launched the first three of our new state joint ventures. And while the revenue contribution from these JVs was minimal in the quarter given the necessary ramp-up time, we are confident in this model's long-term scalability and profitability.

我們正在有意地從可擴展性較差的基於團隊的合資企業轉型為更強大、更有利可圖的基於國家的合資企業。在第二季度，我們啟動了前三家新的國有合資企業。儘管由於必要的成長時間，這些合資企業在本季度的收入貢獻微乎其微，但我們對該模式的長期可擴展性和盈利能力充滿信心。

Lastly, Real Wallet continues to demonstrate strong progress across both product development and adoption and generated Q2 revenue of $250,000; its growth has been particularly impressive.

最後，Real Wallet 在產品開發和採用方面繼續取得強勁進展，並在第二季度創造了 25 萬美元的收入；其成長尤其令人印象深刻。

In the US, approximately 3,600 agents now use Real Wallet business checking accounts. This includes 850 agents utilizing the new tax-focused business checking accounts, which are specifically designed to help them better plan for their tax liabilities. Total Real Wallet deposits now exceed $14 million, a nearly 70% increase since our last earnings call in May.

在美國，目前約有 3,600 名代理商使用 Real Wallet 商業支票帳戶。其中包括 850 名代理商使用新的以稅收為重點的商業支票帳戶，這些帳戶專門用於幫助他們更好地規劃稅務責任。Real Wallet 存款總額現已超過 1,400 萬美元，自 5 月上次財報電話會議以來成長了近 70%。

In Canada, we've extended $4 million in lines of credit to over 250 agents through our production-based lending program. In the third quarter, we will begin piloting our US lending product and also formally launching Real Wallet rewards points. Given our US agent base is nearly 10 times larger than our Canadian agent base, we are incredibly excited for the potential to significantly increase the size and impact of the Real Wallet portfolio.

在加拿大，我們透過基於生產的貸款計劃向 250 多家代理商提供了 400 萬美元的信用額度。第三季度，我們將開始試行我們的美國借貸產品，並正式推出 Real Wallet 獎勵積分。鑑於我們的美國代理商基礎幾乎比加拿大代理商基礎大 10 倍，我們對大幅增加 Real Wallet 投資組合的規模和影響力的潛力感到非常興奮。

Lastly, before turning it over to Jenna, I want to discuss a recent strategic move that we believe significantly accelerates our consumer road map. The acquisition of Flyhomes' AI-powered consumer home search portal and related technology assets, which we announced on July 1. We believe this is a major step towards delivering an end-to-end AI-driven home buying experience.

最後，在交給珍娜之前，我想討論一下最近的一項策略性舉措，我們認為這將大大加速我們的消費者路線圖。我們於 7 月 1 日宣布收購 Flyhomes 的人工智慧消費者房屋搜尋入口網站及相關技術資產。我們相信這是實現端到端人工智慧驅動的購屋體驗的重要一步。

Our vision has always been to leverage technology to enhance every facet of the real estate transaction. The Flyhomes platform with its deep MLS integrations, real-time market insights, and user-friendly interface is a perfect fit.

我們的願景一直是利用科技來增強房地產交易的各個方面。Flyhomes 平台具有深度 MLS 整合、即時市場洞察和使用者友善介面，非常適合。

It will be integrated into Leo for Clients, our upcoming consumer-facing product, allowing us to offer a more intelligent and personalized home search journey. This acquisition is not just about technology, it also brings a talented team of experienced engineers with deep real estate and AI expertise into Real's R&D organization, bolstering our in-house capabilities.

它將被整合到我們即將推出的面向消費者的產品 Leo for Clients 中，使我們能夠提供更智慧和個人化的房屋搜尋之旅。這項收購不僅涉及技術，也為 Real 的研發機構帶來了一支由經驗豐富的工程師組成的優秀團隊，他們擁有深厚的房地產和人工智慧專業知識，增強了我們的內部能力。

In addition, our mortgage broker subsidiary, One Real Mortgage, is offering Flyhomes' innovative Buy Before You Sell, financing solutions to clients, providing another powerful tool for our agents and their clients in competitive markets.

此外，我們的抵押貸款經紀子公司 One Real Mortgage 也為客戶提供 Flyhomes 創新的「先買後賣」融資解決方案，為我們的代理商及其客戶在競爭激烈的市場中提供另一個強有力的工具。

The acquisition and our minority equity investment in Flyhomes were funded with cash on hand, and we expect the ongoing operating expense impact to be approximately $2 million to $3 million annually. We view this as a highly strategic investment that significantly strengthens our competitive position and accelerates our technology road map.

此次收購以及我們對 Flyhomes 的少數股權投資均由現金資助，我們預計持續營運費用影響每年約 200 萬至 300 萬美元。我們認為這是一項高度策略性的投資，它大大增強了我們的競爭地位並加速了我們的技術路線圖。

Now for more detail on our operational performance, I'll turn it over to our Chief Operating Officer, Jenna Rozenblat, for an update on our growth and agent initiatives.

現在，為了更詳細地了解我們的營運業績，我將把問題交給我們的營運長 Jenna Rozenblat，以介紹我們的成長和代理計畫的最新情況。

Thank you, Tamir. Good morning, everyone. It's a pleasure to join you today. As Real's Chief Operating Officer, I'm excited to share our progress this quarter. I'll do this in a top five format, showing you how we're directly investing in our agents and constantly improving how we operate.

謝謝你，塔米爾。大家早安。我很高興今天能和你們在一起。作為 Real 的首席營運官，我很高興分享我們本季的進展。我將以前五種形式來介紹這一點，向您展示我們如何直接投資於我們的代理商並不斷改進我們的營運方式。

Number one, boosting agent support with AI. At Real, our overarching goal is to make sure our agents have every tool they need to succeed, and that starts with great support. We're constantly asking ourselves, how can we make things easier, faster, and more seamless for our agents.

第一，利用人工智慧增強代理支援。在 Real，我們的首要目標是確保我們的代理商擁有成功所需的一切工具，而這一切始於強大的支援。我們不斷地問自己，如何讓我們的代理商的工作變得更輕鬆、更快捷、更無縫。

This quarter was a real breakthrough as we fully integrated Leo CoPilot, our proprietary AI assistant to be the first point of contact for agent support. This means when agents use the recent app to call our support line, Leo steps in first, providing immediate answers to their questions.

本季取得了真正的突破，因為我們完全整合了專有的 AI 助理 Leo CoPilot，使其成為代理商支援的第一個聯絡點。這意味著當代理商使用最近的應用程式撥打我們的支援熱線時，Leo 會先介入，立即回答他們的問題。

Because of this, Leo reduced the number of calls received by our human support team by 28% during the second quarter. That's a huge win. It means agents get answers and solutions faster than ever before, and it frees up our expert human teams to focus on the more complex issues, truly improving the quality of our service.

正因為如此，Leo 在第二季將我們的人工支援團隊接到的電話數量減少了 28%。這是一個巨大的勝利。這意味著代理商可以比以往更快地獲得答案和解決方案，並且讓我們的專家團隊專注於更複雜的問題，從而真正提高我們的服務品質。

Number two, streamlining operations with advanced automation. Our focus on efficiency extends beyond support and is woven into every part of how we run our business. This quarter, we reached a big milestone in transaction processing.

第二，利用先進的自動化技術簡化操作。我們對效率的關注不僅限於支持，還融入我們業務營運的每個部分。本季度，我們在交易處理方面取得了重大里程碑。

Thanks to our proprietary reason software and increased focus on automation, we have tested and proven out our ability to automate the closing and payment processing for almost 50% of our transactions with the oversight of only a handful of remote employees.

由於我們專有的 Reason 軟體和對自動化的日益重視，我們已經測試並證明了我們能夠在僅由少數遠端員工監督的情況下自動完成近 50% 交易的結算和付款處理。

To give you some context, for a traditional brokerage to handle the same volume of transactions, it would likely require hundreds of US-based employees working in a physical office space. As we move into the second half of the year, we're doubling down on automation, and that means standing up Real's very own in-house AI automation team. Their job is to look at every single process across all of our departments and find even smarter ways to use AI and technology to scale our business effectively and efficiently.

為了讓您了解一些背景資訊，對於傳統經紀公司來說，要處理相同數量的交易，可能需要數百名美國員工在實體辦公空間工作。隨著進入下半年，我們將加倍重視自動化，這意味著要建立 Real 自己的內部 AI 自動化團隊。他們的工作是審查我們所有部門的每個流程，並找到更聰明的方法來利用人工智慧和技術有效、有效率地擴展我們的業務。

Number three, investing in productivity for all agents. Beyond our operational improvements, we're making a significant investment in the real estate agent community. This fall, we're launching Agent Breakthrough, a free 60-day virtual program designed to significantly boost agent productivity.

第三，投資提高所有代理商的生產力。除了營運改善之外，我們還對房地產經紀人社區進行了大量投資。今年秋天，我們將推出 Agent Breakthrough，這是一項為期 60 天的免費虛擬計劃，旨在顯著提高代理商的工作效率。

It will cover high-impact marketing strategies, practical AI training, and so much more. It will be kicked off by one of the industry's most renowned coaches and backed by top industry and internal experts. This program represents a strategic commitment to agent success across the industry, and we're making it available to all real estate agents, no matter which brokerage they are affiliated with.

它將涵蓋高影響力的行銷策略、實用的人工智慧培訓等等。此次培訓將由業內最知名的教練之一主持，並由業內和內部頂尖專家提供支援。該計劃代表了對整個行業代理商成功的戰略承諾，我們將向所有房地產經紀人提供該計劃，無論他們隸屬於哪家經紀公司。

Number four, building community with our Further Together Event Series. We believe that we go further together. That's why we're focused on fostering real connections and shared learnings through the new Further Together program.

第四，透過我們的「進一步攜手」活動系列建立社區。我們相信，攜手並進，我們一定會走得更遠。這就是為什麼我們致力於透過新的「Further Together」計畫建立真正的聯繫和共同學習。

Starting in Q3, our agents will be driving a series of in-person coaching events across the country. These gatherings are designed to level up their skills and encourage deeper collaboration across teams, states, and regions.

從第三季開始，我們的代理商將在全國各地開展一系列面對面的輔導活動。這些聚會旨在提高他們的技能並鼓勵跨團隊、跨州和跨地區進行更深入的合作。

These events are agent-led and spearheaded by many of our top growth ambassadors and local market leaders and enabled with the full support of Real. What makes Further Together unique is its focus, no fluff, no pitches, just real strategies and playbooks used by our best agents, demonstrating what's actually working to sell more homes today. It's about agents helping agents win and elevating our collective community.

這些活動由代理商主導，並由我們的許多頂級成長大使和當地市場領導者牽頭，並得到 Real 的全力支持。Further Together 的獨特之處在於它的專注，沒有空談，沒有推銷，只有我們最好的經紀人使用的真實策略和劇本，展示了當今真正有效的銷售更多房屋的方法。這是關於代理商幫助代理商獲勝並提升我們的集體社區。

Number five, enhancing our economic model for agent success. So finally, to really strengthen our value proposition, starting this month, we are rewarding agents with our recently announced revenue share model changes, which will allow agents who cap, hit Elite, and our grow large networks to unlock more revenue share tiers even faster. These changes are entirely focused on rewarding our most productive and ambitious agents and network builders.

第五，增強我們的代理商成功的經濟模式。最後，為了真正加強我們的價值主張，從本月開始，我們將透過最近宣布的收入分成模式變化來獎勵代理商，這將使達到上限、達到精英水平以及我們不斷發展的大型網路的代理商能夠更快地解鎖更多的收入分成等級。這些變化完全是為了獎勵我們最有生產力和最有雄心的代理商和網路建設者。

By making it possible for them to earn even more as they reach new milestones, we believe we are making Real an even more compelling and rewarding place to build a successful and lasting real estate career. This holistic approach from AI technology and efficient operations to our robust educational and community initiatives is designed to help our agents excel. This is the engine driving our financial performance.

透過讓他們在達到新的里程碑時賺取更多收入，我們相信我們正在使 Real 成為一個更具吸引力和回報的地方，以建立成功和持久的房地產職業生涯。這種從人工智慧技術和高效運作到我們強大的教育和社區計劃的整體方法旨在幫助我們的代理商脫穎而出。這是推動我們財務表現的引擎。

And for a closer look at the numbers, here is Ravi.

為了更詳細地了解這些數字，請看拉維 (Ravi)。

Thank you, Jenna, and good morning, everyone. I'm pleased to report on our financial performance for the second quarter, particularly as we achieved an important milestone in our journey with our first ever quarter of positive net income.

謝謝你，珍娜，大家早安。我很高興地報告我們第二季度的財務業績，特別是我們取得了歷史上的一個重要里程碑，即我們第一個季度實現了正淨收入。

Our top line growth remains impressive with revenue in the second quarter increasing 59% year over year to a record $541 million. This was primarily driven by our Brokerage segment, which saw a 62% increase in the number of transactions closed, which exceeded 49,000 in the quarter.

我們的營收成長依然令人印象深刻，第二季營收年增 59%，達到創紀錄的 5.41 億美元。這主要得益於我們的經紀業務部門，該部門完成的交易數量增加了 62%，本季超過 49,000 筆。

Revenue from our ancillary businesses totaled $3.3 million during the second quarter, an increase of 50% year over year, with growth led by One Real Mortgage and supplemented by One Real Title and Real Wallet. As Tamir mentioned, Real Wallet generated approximately $250,000 in its second full quarter with an annualized run rate now above $1 million.

我們第二季輔助業務的營收總計 330 萬美元，年增 50%，其中 One Real Mortgage 引領成長，One Real Title 和 Real Wallet 也起到補充作用。正如 Tamir 所提到的，Real Wallet 在其第二季度創造了約 25 萬美元的收入，年化運行率現已超過 100 萬美元。

Gross profit also showed strong performance, increasing 50% year over year to $47.9 million, up from $31.9 million in the second quarter of 2024. Gross margin of 8.9% in the second quarter compares to 9.4% in the prior year. This year-over-year change reflects the growing share of revenue generated by agents who had reached their annual cap.

毛利也表現強勁，從 2024 年第二季的 3,190 萬美元年增 50% 至 4,790 萬美元。第二季毛利率為 8.9%，去年同期為 9.4%。這一同比變化反映出已達到年度上限的代理商所創造的收入份額不斷增長。

For context, at the end of Q2, approximately 14% of our total agent base is capped, up from 11% a year ago. These agents contributed roughly 60% of total commission revenue in the quarter compared to approximately 54% in Q2 2024. As a reminder, once an agent caps, they stop paying the standard 15% commission split and instead pay a flat per transaction fee of $285, which results in a lower gross margin on those transactions.

具體來說，截至第二季末，我們代理商總數中約有 14% 受到限制，高於一年前的 11%。這些代理商在本季度貢獻了總佣金收入的約 60%，而 2024 年第二季度這一比例約為 54%。提醒一下，一旦代理商達到上限，他們將停止支付標準的 15% 佣金分成，而是支付每筆交易 285 美元的固定費用，這會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 businesses scale. However, we do expect the trend of more revenue being generated by more productive capped agents to continue in the second half of 2025 with this mix shift partially offset by the model changes we announced earlier in the year.

展望未來，隨著輔助業務規模的擴大，我們仍將專注於推動毛利率的持續擴大。然而，我們確實預計，2025 年下半年，生產力更高的封頂代理商創造更多收入的趨勢將繼續下去，而這種組合轉變將部分被我們今年早些時候宣布的模型變化所抵消。

Our total operating expenses, which include G&A, marketing, and R&D expenses totaled $46.2 million in the second quarter, a 42% increase from $32.5 million in the prior year. The largest component of this increase was revenue share expense, which rose 41% to $17.6 million, up from $12.5 million in the prior year period. The remaining increase reflects investments to support our rapid growth, including expanding our operations and R&D teams and enhancing our technology platform.

我們第二季的總營運費用（包括一般行政費用、行銷費用和研發費用）總計 4,620 萬美元，比去年同期的 3,250 萬美元成長 42%。這一增長的最大組成部分是收入分成費用，從去年同期的 1,250 萬美元增長 41% 至 1,760 萬美元。剩餘的成長反映了支持我們快速成長的投資，包括擴大我們的營運和研發團隊以及增強我們的技術平台。

Total OpEx as a percentage of revenue was 8.5% in the second quarter of 2025, a 100 basis point improvement from 9.5% during the second quarter of 2024 while adjusted operating expense, which is a non-GAAP measure, was $22.6 million or 4.2% of revenue compared to 4.3% of revenue in the prior year period. On a per transaction basis, adjusted operating expense per transaction declined by 5% year over year to $459, demonstrating our ability to scale efficiently.

2025 年第二季度，總營運支出佔收入的百分比為 8.5%，比 2024 年第二季度的 9.5% 提高了 100 個基點，而調整後的營運費用（非 GAAP 指標）為 2,260 萬美元，佔收入的 4.2%，而去年同期為 4.3%。以每筆交易計算，每筆交易的調整後營運費用年減 5% 至 459 美元，證明了我們有效擴展的能力。

Importantly, growth in gross profit outpaced growth in operating expenses, resulting in operating income of positive $1.7 million in the second quarter, an improvement from a loss of $0.6 million in the prior year. Net income was positive $1.6 million, an improvement from a net loss of $1.1 million in the prior year period.

重要的是，毛利的成長超過了營業費用的成長，導致第二季的營業收入為正 170 萬美元，較上年同期的 60 萬美元虧損有所改善。淨收入為正 160 萬美元，較去年同期的淨虧損 110 萬美元有所改善。

It's worth noting that our core brokerage segment generated $3 million in operating income in the quarter. However, this was partially offset by our ancillary business lines, where we are investing today to build profit drivers for the future.

值得注意的是，我們的核心經紀部門本季創造了 300 萬美元的營業收入。然而，這部分被我們的輔助業務線所抵消，我們今天對這些業務線進行投資是為了為未來打造利潤驅動力。

Adjusted EBITDA rose to $20 million, a 43% improvement from $14 million in the second quarter of 2024, driven by our strong revenue and gross profit growth, which outpaced growth in our ongoing cash operating expenses.

調整後的 EBITDA 增至 2,000 萬美元，較 2024 年第二季的 1,400 萬美元成長 43%，這得益於我們強勁的收入和毛利成長，超過了我們持續現金營運費用的成長。

Stock-based compensation was approximately $18 million in the quarter, broken down as follows: $12 million reflected in cost of sales related to the agent stock purchase program; $3.5 million in agent equity awards recorded in marketing; and $2 million in employee-related stock compensation.

本季股票薪酬約為 1,800 萬美元，細分如下：1,200 萬美元反映在與代理商股票購買計畫相關的銷售成本中；350 萬美元記錄在行銷中的代理商股權獎勵；200 萬美元的員工相關股票薪酬。

During the quarter, Real generated cash from operating activities of $41 million, including $16 million in customer deposits and allocated $2.7 million to share repurchases. We ended the quarter with unrestricted cash and investments at an all-time high of $55 million on our balance sheet, and we continue to have no debt.

本季度，Real 從營運活動中產生的現金為 4,100 萬美元，其中包括 1,600 萬美元的客戶存款，並分配 270 萬美元用於股票回購。本季末，我們的資產負債表上的非限制現金和投資達到了歷史最高的 5,500 萬美元，而且我們仍然沒有債務。

Given our strong cash position and confidence in our outlook, we expect to increase our pace of share repurchases in the second half of the year under our recently announced buyback authorization.

鑑於我們強大的現金狀況和對前景的信心，我們預計根據我們最近宣布的回購授權，我們將在今年下半年加快股票回購的步伐。

To close, I'll recap a few KPIs we are commonly asked about: the total value of homes transacted over our platform increased to $20.1 billion in the second quarter, a 60% year-over-year increase; the median sale price of properties sold by our agents was $387,000, which represents a 1% year-over-year increase; and our headcount efficiency ratio, which we define as the number of full-time employees, excluding title and mortgage employees, divided by the number of agents on our platform was 1:87 at the end of the second quarter.

最後，我將回顧我們經常被問到的幾個 KPI：第二季度，我們平台上的房屋交易總價值增至 201 億美元，同比增長 60%；我們的代理商出售的房產中位數售價為 387,000 美元，同比增長 1%；我們的員工效率比率（我們將其定義為員工數量（不包括產權數量（不包括在第二個季度）員工在第二個季度上的員工。

As we look ahead, while we don't provide formal guidance, it's important to provide some context for the second half of the year. Consistent with typical industry seasonality, we anticipate revenue in the third quarter to decline modestly from second quarter levels, consistent with peer reports. This period also generally sees a higher mix of agents reaching their annual commission caps, which would lead to a sequentially lower gross margin percentage.

展望未來，雖然我們沒有提供正式的指導，但提供一些下半年的背景資訊很重要。與典型的行業季節性一致，我們預計第三季的收入將較第二季略有下降，與同業報告一致。這段期間通常還會有更多代理商達到年度佣金上限，這將導致毛利率百分比持續下降。

From an OpEx perspective, we expect an increase in the third quarter relative to second quarter levels, reflecting headcount additions across the business, expenses related to the acquisition of Flyhomes' consumer search portal, investments in AI automation efforts, and higher professional fees.

從營運支出的角度來看，我們預計第三季的營運支出將相對於第二季有所增加，這反映了整個業務的員工人數增加、收購 Flyhomes 消費者搜尋入口網站的相關費用、對人工智慧自動化工作的投資以及更高的專業費用。

As always, we will remain disciplined in managing OpEx, balancing near-term priorities with a focus on driving long-term value. More details on our results and key operating metrics can be found in the earnings press release and investor presentation that accompany this call.

與往常一樣，我們將嚴格管理營運支出，平衡近期優先事項並專注於推動長期價值。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。

I will now turn it back to Tamir.

我現在將其交還給塔米爾。

Thank you, Ravi and Jenna. I'm particularly proud of our performance this quarter, which should stand as powerful proof our model works. It's generating substantial cash flow and now profitability even in the most challenging market environment seen in decades.

謝謝你，拉維和珍娜。我對我們本季的表現特別自豪，這有力地證明了我們的模式是有效的。即使在幾十年來最具挑戰性的市場環境中，它也能產生大量現金流並實現盈利。

We believe this should provide confidence in our future knowing that we are still in the early innings of transforming this industry. It's evident that the housing market today faces headwinds. Agents across the board are battling volatile interest rates and fundamental changes in how business is conducted. But it is precisely in this environment that Real's unique model shines.

我們相信，這應該會讓我們對自己的未來充滿信心，因為我們仍處於改變這個產業的早期階段。顯然，當今房地產市場面臨阻力。所有代理商都在應對波動的利率和業務開展方式的根本變化。但正是在這樣的環境下，皇馬獨特的模式得以閃耀光芒。

Our platform was built not just to navigate these challenges, but to empower our agents to truly dominate. We are more convinced than ever that a significant majority of agents in this industry are leaving substantial income on the table by affiliating with any brokerage other than Real.

我們建立的平台不僅是為了應對這些挑戰，而且是為了讓我們的代理商真正佔據主導地位。我們比以往任何時候都更加確信，該行業中絕大多數的經紀人透過與 Real 以外的任何經紀公司合作而損失了大量的收入。

And crucially, with the investments we are making in powerful AI tools, next-generation technology, and unparalleled training, we believe those operating outside of Real are also soon to find themselves outskilled and outmaneuvered as technology fundamentally reshapes the home buying and selling experience.

至關重要的是，隨著我們對強大的人工智慧工具、下一代技術和無與倫比的培訓的投資，我們相信，隨著技術從根本上重塑房屋買賣體驗，那些在 Real 之外運營的人很快也會發現自己在技能和策略上都比不上別人。

We understand that in life and in business, cycles never work in a straight line. The old playbooks and strategies that worked in past cycles simply no longer apply, and we know that because we're the ones rewriting them.

我們知道，在生活和商業中，週期從來不會直線運行。過去週期中有效的舊劇本和策略不再適用，我們知道這一點，因為我們是重寫它們的人。

We remain laser-focused on building something genuinely unique, a comprehensive platform for solo agents, large teams, and independent brokerages to build businesses that deliver long-term wealth, manage business finances, and provide clients with unparalleled service, certainty and a seamless offering of real estate services to make the home buying and selling journey incredible.

我們始終專注於打造真正獨特的產品，為個人代理商、大型團隊和獨立經紀商打造一個綜合平台，以創建能夠創造長期財富、管理企業財務並為客戶提供無與倫比的服務、確定性和無縫的房地產服務，讓購房和賣房之旅變得不可思議。

This company and all its success is a direct result of the hard work, dedication, and entrepreneurial spirit of every agent on our platform and employee on our team. We are confident that delivering on our mission can create significant enduring value for all of our stakeholders. We are excited about the opportunities ahead, and we look forward to updating you on our continued progress.

這家公司及其所有成功都直接歸功於我們平台上的每一位代理商和團隊的每一位員工的辛勤工作、奉獻精神和創業精神。我們相信，完成我們的使命可以為所有利害關係人創造重大且持久的價值。我們對未來的機會感到興奮，並期待向您報告我們持續取得的進展。

Now let's move to the Q&A session.

現在讓我們進入問答環節。

(Operator Instructions)

（操作員指示）

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

First one here just on the revenue share model enhancements. Just wanted to ask how should investors be thinking about the potential financial impact from these changes? How could it change the financial model?

首先，我們來談談收入分成模式的增強。只是想問投資人應該如何看待這些變化帶來的潛在財務影響？它如何改變財務模式？

As you may recall, revenue share is capped at 60% of our split and those changes do not impact that. So there will be no financial impact on our financial statements. There will be some sort of a redistribution of revenue share internally within the agent community. So the company will continue to pay the same amount in revenue share, but it's going to be distributed a little bit differently within the agent community.

您可能還記得，收入份額上限為我們的分成比例的 60%，而這些變化不會對此產生影響。因此，這不會對我們的財務報表產生任何財務影響。代理商社群內部將會進行某種形式的收入份額重新分配。因此，公司將繼續支付相同金額的收入分成，但在代理商社群內的分配方式會略有不同。

Okay. Got it. Makes sense. And then on gross margins, I think, Ravi, you noted expecting a sequential decline 2Q to 3Q just given as more revenue comes through capped agents. But should we be assuming, I guess, as we think about the second half of the year, as we think about year over year, I mean, would it be fair to think that gross margins are going to be down year over year in the second half?

好的。知道了。有道理。然後關於毛利率，拉維，我認為您曾指出，由於更多的收入來自封頂代理商，預計第二季至第三季的毛利率將出現連續下降。但是，我想，當我們考慮下半年的情況，當我們考慮同比情況時，我們是否應該假設下半年的毛利率將同比下降，這樣合理嗎？

Stephen, yes, thanks for the question. Yes, I mean, I think given the dynamic you've seen in the first half of the year, you would -- where margins were down, you would expect that to continue. And it's really the high-class problem of more revenue being generated by more productive agents on our platform.

史蒂芬，是的，謝謝你的提問。是的，我的意思是，我認為鑑於你在今年上半年看到的動態，你會——利潤率下降，你會預期這種情況會持續下去。這確實是一個高級問題，即我們平台上更有效率的代理商可以創造更多的收入。

Now, in a more normalized market, when you have some of the less productive agents contributing more revenue, we would expect that mix shift to go the other way. But I think it's a bit of a sign of the times, and you've seen that in other reports that in the current market environment, the best agents are getting more of the market share, and that's what's leading to the margin trends you noted.

現在，在一個更規範化的市場中，當一些生產力較低的代理商貢獻更多收入時，我們預計這種組合轉變會朝著相反的方向發展。但我認為這有點像時代的標誌，而且您在其他報告中也看到，在當前的市場環境下，最好的代理商獲得了更多的市場份額，這就是您提到的利潤趨勢的原因。

Got it. Yes, that makes sense. Maybe just last one for me. It would just be great to get an update on what you're seeing in the agent and team recruiting pipelines? How is that looking? And maybe just an update there.

知道了。是的，這很有道理。對我來說也許只是最後一個。如果您能了解經紀人和團隊招募管道的最新情況，那該有多好啊？看起來怎麼樣？也許只是那裡的更新。

Sure. The pipeline is very strong, both with the fellow agents and teams of various sizes. As you can see, we added around 1,200 agents since the beginning of the quarter, so in a period of about five weeks. That gives you an indication that growth is strong.

當然。無論是與同業代理商或與各種規模的團隊，通路都非常強大。正如您所看到的，自本季初以來，我們增加了約 1,200 名代理，大約花了五週的時間。這表明增長強勁。

I think that what happened in the second quarter was -- or the somewhat of a slowdown in the net agent count was because of a significant offboarding of a large amount of agents that we indicated, more than 1,500 agents that were -- almost all of them were nonproductive were offboarded.

我認為第二季度發生的情況是——或者說淨代理數量有所放緩，是因為大量代理被解僱，我們指出，超過 1,500 名代理——幾乎所有沒有生產力的代理都被解雇了。

So that resulted in somewhat of a slowdown in agent count, but at the same time, an improvement in the per agent productivity that rose 7%, but we're back on track, and we added around 1,200 agents in the past five weeks, and the pipeline is still very strong.

因此，這導致代理數量有所放緩，但與此同時，每個代理的生產率提高了 7%，但我們已經回到正軌，並且在過去五週內增加了約 1,200 名代理，而且渠道仍然非常強勁。

Good to hear. And are you through kind of that churn process, I guess, with the unproductive agents? Or will there be more --

很高興聽到這個消息。我想，您是否已經經歷過這種對效率低下的代理商的流失過程了？或者會有更多--

This is very much market dependent. I think that we've seen that across the industry. And I recently read some quote by the National Association of Realtors. They expect about 200,000 agents to leave between now and the same time next year. So I think that the number of agents in the industry is going down, but we are retaining the agents that are actually closing deals.

這很大程度取決於市場。我認為我們已經在整個行業中看到了這種情況。我最近讀到了全國房地產經紀人協會的一些引言。他們預計從現在到明年同一時間將有大約 20 萬名代理商離職。因此我認為行業中的代理商數量正在下降，但我們正在保留那些真正達成交易的代理商。

So obviously, we care deeply about agents, and we care about transactions, and we're very happy to retain the transactions. So this is kind of a normal course of business in our industry. When the markets are -- is tough, agents leave the industry and when the market is good, agents join the industry. But at the same time, I think that we're pretty much the only company that is growing market share significantly at this point. So we're taking market share from everybody else.

顯然，我們非常關心代理商，我們關心交易，我們非常樂意保留交易。這是我們行業的正常業務流程。當市場不景氣時，代理商就會離開該行業；當市場繁榮時，代理商就會加入該行業。但同時，我認為我們幾乎是目前唯一一家市佔率大幅成長的公司。因此，我們正在從其他所有人手中搶佔市場份額。

Matthew Erdner, JonesTrading.

馬修·埃德納，JonesTrading。

Congrats on the continued growth. Turning to the ancillary services that will drive further margin expansion. You guys have touched on the productive agents. What goals do you have internally to help those guys kind of cross-sell those other products as they complete a transaction?

恭喜您繼續成長。轉向將進一步推動利潤率擴大的輔助服務。你們已經談到了生產因素。當這些人完成交易時，你們內部有什麼目標來幫助他們交叉銷售其他產品？

We've been communicating that our belief is that meaningful ancillary services adoption will come through product enhancements and not necessarily through the kind of the traditional way of attaching mortgage and title, meaning reaching out to our agent community and trying to persuade them to bring their deals over.

我們一直在傳達這樣的信念：有意義的輔助服務採用將透過產品增強來實現，而不一定透過傳統的抵押和所有權方式來實現，這意味著要聯繫我們的代理商社群並試圖說服他們帶來交易。

Having said that, we did make a change in our title JV, and we went from team-based JV to state-based JV, and we're getting very encouraging signs of that actually working and picking up. So I think that, that will drive significant growth in the coming quarters.

話雖如此，我們確實對我們的合資企業進行了更改，從基於團隊的合資企業轉變為基於州的合資企業，並且我們得到了非常令人鼓舞的跡象，表明這種做法確實有效並且正在好轉。所以我認為這將推動未來幾季的顯著成長。

On the mortgage side, we grew 80% year over year. I think that there's a lot of initiatives that we can take from very simple things such as introducing you to your lender or kind of contact person at One Real Mortgage once an agents onboard our platform through things that are a little bit more complicated and sophisticated, which are AI-driven.

在抵押貸款方面，我們年增了 80%。我認為我們可以採取很多舉措，從非常簡單的事情開始，例如一旦代理商加入我們的平台，就將您介紹給您的貸款人或 One Real Mortgage 的聯絡人，再到更複雜、更精密的事情，這些都是由人工智慧驅動的。

So I think that a combination of what we're doing currently with the upcoming launch of Leo for Clients is going to drive meaningful adoption in the next few years. But for now, attach rates are around 4% on mortgage and about 1% on title. And obviously, we want this to get to the double digits as soon as we can.

因此，我認為，我們目前正在做的事情與即將推出的 Leo for Clients 相結合，將在未來幾年推動有意義的採用。但目前，抵押貸款的附加利率約為 4%，產權貸款的附加利率約為 1%。顯然，我們希望這個數字盡快達到兩位數。

And just to clarify, it's 4% title and 1% mortgage.

需要澄清的是，產權率為 4%，抵押率為 1%。

And by the way, just one thing. We didn't mention Real Wallet, but Real Wallet is growing faster than we thought. I indicated a little bit about the revenue that it's generating. We still haven't launched the lines of credit in the US, which is the most profitable product, which we're going to launch in the next few weeks. So we anticipate Wallet to drive meaningful revenue growth and profitability even in the short term.

順便說一下，只有一件事。我們沒有提到 Real Wallet，但 Real Wallet 的成長速度比我們想像的還要快。我稍微介紹了一下它所產生的收入。我們還沒有在美國推出信用額度，這是最賺錢的產品，我們將在未來幾週內推出。因此，我們預期 Wallet 即使在短期內也能帶來顯著的營收成長和獲利能力。

And then touching on that credit piece, have you guys kind of talked to the agent so far and gotten any indication of what the usage is going to be and kind of what that initial rollout will look like?

然後談到信用部分，到目前為止，你們是否已經與代理商進行了交談，並了解了其用途以及初步推出的情況？

Sure. So we're going to roll it out in stages. It's not going to be open in all states and for all agents. So just for -- as an indication, agents in Canada used about a little bit north of $4 million in lines of credit in the past few months since we launched it.

當然。因此我們將分階段推出。它不會在所有州和所有代理商開放。因此，僅舉個例子，自我們推出這項服務以來的幾個月裡，加拿大的代理商使用了大約 400 萬美元以上的信用額度。

We have 10 times more agents in the US compared to Canada, so you can assess the potential over there based on those numbers. But I think that the demand is going to be very solid. It's just about our appetite to lend and just the scalability of the product itself.

我們在美國擁有的代理商數量是加拿大的 10 倍，因此您可以根據這些數字評估那裡的潛力。但我認為需求將會非常強勁。這只是關於我們借貸的興趣以及產品本身的可擴展性。

Naved Khan, B. Riley.

納維德汗，B.萊利。

On Title, I understand you're moving to a state level JV. How many states have you launched the JVs in? And any sort of early learnings that you can share would be great.

關於所有權，我了解到您正在轉向州級合資企業。你們在多少州建立了合資企業？如果您能分享任何早期學習經驗，那就太好了。

And in terms of the transaction processing, it's great to see the level of automation you're able to drive. I think you shared some stats about how you don't need hundreds of employees like in a traditional brokerage. Are there more levers to pull here in terms of automation that can drive it even higher? Just talk about that a little bit.

就交易處理而言，很高興看到你們能夠達到的自動化程度。我認為您分享了一些統計數據，說明您不需要像傳統經紀公司那樣僱用數百名員工。在自動化方面是否還有更多的槓桿作用可以推動其進一步發展？就此稍微談一下。

Sure. So the intention is to open up about 12 state JVs in the near term, and some of them are already set up, some of them started working, and on others we're actually working as we speak. And we just see great buy-in and great demand from agents. So we think that this is going to be super successful, and we also have initial very positive signs from a couple of states where we already launched.

當然。因此，我們的目標是在短期內開設大約 12 家國有合資企業，其中一些已經成立，一些已經開始運營，而其他一些我們正在實際開展工作。我們看到代理商的大力支持和巨大需求。因此我們認為這將會非常成功，而且我們已經從幾個已經開展業務的州獲得了非常積極的初步信號。

But again, those things take a little bit of time, and we've seen a little bit of dip in the growth during the second quarter due to that change in strategy. But we're very confident that we'll get back on track and get to a very meaningful growth in Title.

但同樣，這些事情需要一點時間，而且由於策略的改變，我們看到第二季的成長略有下降。但我們非常有信心，我們會回到正軌，並在 Title 上實現非常有意義的成長。

In terms of efficiency, maybe I'll let Jenna touch on that.

就效率而言，也許我會讓珍娜談談這一點。

Yes, absolutely. So there are definitely more levels of automation for us to pull. We have a road map that we're working through and we're really excited about in Q3. So we are building out an AI and automation team that's going to be really diving in head first to get going even faster in the next quarter. So really excited to see the outcome of that over the next few weeks and months.

是的，絕對是。因此，我們肯定可以實現更多層級的自動化。我們正在製定路線圖，我們對第三季的進展感到非常興奮。因此，我們正在組建一支人工智慧和自動化團隊，該團隊將在下個季度全力投入工作，以更快地工作。所以真的很興奮能夠看到未來幾週和幾個月的結果。

But yes, we're just getting started. So a lot more to come.

但是的，我們才剛開始。未來還會有更多。

And then maybe just a quick clarification. On the mortgage revenue growth, it's really good to see these growth rates here. Did you change something in the incentives, whether it's for the customer -- end customer or whether it's for the agent that kind of is contributing to this? How should we think about this?

然後也許只是快速澄清一下。就抵押貸款收入成長而言，看到這樣的成長率確實令人欣慰。您是否改變了激勵措施，無論是針對客戶（最終客戶）還是針對對此有所貢獻的代理商？我們該如何看待這個問題？

Yes. Some of the growth was driven by some incentive that we provided to the end client, meaning the buyer or the borrower in terms of a rebate at closing. There was no incentive to the agent, but just incentive to the client. However, we do think that we can even accelerate that growth, not necessarily with additional promotions.

是的。部分成長是由我們向最終客戶提供的一些激勵措施推動的，這些激勵措施包括交易結束時向買方或借款人提供的回扣。對代理商沒有任何激勵，但對客戶只有激勵。然而，我們確實認為我們甚至可以加速這種成長，而不一定需要額外的促銷。

(Operator Instructions)

（操作員指示）

Nick McAndrew, Zelman & Associates.

尼克麥克安德魯 (Nick McAndrew)，澤爾曼與合夥人公司。

I wanted to focus a bit on the agent productivity side of things. And it looks like the growth in transactions relative to agent count was very strong, and you've outpaced the industry really over the past two years. And so can you just give a little color on maybe what's driving some of that outperformance? And is it a function of high-quality teams and brokerages joining the platform? Or is it the tools and tech that you're rolling out to agents that are making them more efficient?

我想稍微關註一下代理生產力方面的事情。看起來，相對於代理商數量的交易量增長非常強勁，並且在過去兩年中，你們確實已經超越了整個行業。那麼，您能否稍微解釋一下是什麼推動了這種優異的表現？這是優質團隊和經紀公司加入平台的結果嗎？或者您向代理商推出的工具和技術是否使他們更有效率？

Yes. Nick, thanks for the question. It's really a combination. I think on the quality of teams joining, for sure, I think with rolling out private label and pro teams over the last 18 to 24 months, we've just seen the uptick with some of the most productive teams in the industry joining our platform really accelerate relative to 2020 through 2023.

是的。尼克，謝謝你的提問。這確實是一個組合。我認為就加入的團隊的品質而言，當然，我認為隨著過去 18 到 24 個月自有品牌和專業團隊的推出，我們剛剛看到一些業內最有成效的團隊加入我們的平台，相對於 2020 年至 2023 年而言，這一速度確實有所加快。

And so I think the mix of agents and the teams that are joining are just really some of the top quality, most productive teams in the industry. And I think you'll see that trend continue. And thank you for pointing it out that really over the last 2-plus years, you've seen our average productivity per agent outpace the industry. That is a trend that we do expect to continue.

因此，我認為加入的代理商和團隊確實是業界品質最高、效率最高的團隊。我認為你會看到這種趨勢持續下去。感謝您指出，在過去兩年多的時間裡，我們每位代理商的平均生產力確實超過了整個產業。我們確實希望這一趨勢能夠持續下去。

But to your other point of the question, is it the efficiencies we're enabling? I mean, we certainly hope so with everything we're doing on the AI side. And on the technology side, the agents can spend less time doing the manual tasks that get done in an office and more time out in the field with clients. And so I think it's a combination of both of those things, and we expect both trends to continue well into the future.

但對於你問題的另一個觀點，這是我們所實現的效率嗎？我的意思是，我們當然希望我們在人工智慧方面所做的一切都能如此。從技術方面來看，代理商可以減少在辦公室完成手動任務的時間，而將更多的時間花在現場與客戶打交道。所以我認為這是兩者的結合，我們預計這兩個趨勢將持續到未來。

Great. That's helpful. And maybe just one on the retention side of things. You've called out that notable gap between agent churn and revenue churn in the past, which suggests that agents leaving are generally lower producing agents. So I guess building off of that, are you starting to see any correlation between deeper adoption of the ecosystem and retention?

偉大的。這很有幫助。也許只是在保留方面有一個。您過去曾指出代理商流失率和收入流失率之間存在顯著差距，這表明離開的代理商通常是生產力較低的代理商。因此，我想基於此，您是否開始看到生態系統的深度採用與保留之間的任何關聯？

And I guess what I mean by that is, is Wallet, for example, something that can become more of a retention lever as well in addition to that uncorrelated revenue stream?

我想我的意思是，例如，除了不相關的收入流之外，錢包是否也可以成為一種保留槓桿？

Yes, it's a great question. Yes, I can address it and Tamir can also weigh in. But definitely, on the Wallet side, I think when we look at adoption of Wallet and who is the most active users of Wallet, it's definitely those agents who are generating north of $100,000 of gross commission income.

是的，這是一個很好的問題。是的，我可以解決這個問題，塔米爾也可以參與其中。但毫無疑問，在 Wallet 方面，我認為，當我們考慮 Wallet 的採用情況以及誰是 Wallet 最活躍的用戶時，肯定是那些產生超過 100,000 美元總佣金收入的代理商。

And so I think you're exactly right in that thesis, and I'm hopeful that as US lending launches that you'll see that trend get even stronger. So yes, early days, but the signs are certainly pointing in that direction, which is encouraging. Tamir, anything you wanted to add?

所以我認為你的論點完全正確，我希望隨著美國貸款的推出，你會看到這種趨勢變得更加強勁。是的，雖然還處於早期階段，但跡象肯定指向這個方向，這是令人鼓舞的。塔米爾，您還有什麼要補充的嗎？

Yes. I mean we do expect Wallet to drive retention of higher producing agents because of a couple of points. Obviously, if somebody is using the line of credit, this is something that is not available to them anywhere else, and this is a good enough reason to stay beyond everything else that we offer.

是的。我的意思是，我們確實希望 Wallet 能夠因為以下幾點而推動高產代理商的保留。顯然，如果有人使用信用額度，這是他們在其他任何地方都無法獲得的，這是一個足以讓他們選擇我們提供的其他服務的理由。

Number two, with the point/reward system, if you will consider leaving Real, you will be leaving money on the table because of the points that you have. And I think that ultimately, the Wallet is going to allow you to manage all of your finances.

第二，有了積分/獎勵系統，如果你考慮離開皇馬，那麼由於你擁有積分，你就會失去金錢。我認為最終錢包將允許您管理您的所有財務。

So retirement, some investment tools as well, better planning. And I think that this is just going to keep people on the platform also in addition to all of the other reasons.

所以退休後，也有一些投資工具，更好的規劃。我認為，除了其他原因之外，這也將使人們繼續留在該平台上。

There are no further questions from the analysts in the queue.

隊列中的分析師沒有其他問題。

Great. Thanks, Matthew. Well, now that we've concluded the analyst portion of the call, we will address some of the questions received from shareholders on the Say Technologies portal that was opened last week. We received a number of excellent questions, and so thank you to all who participated.

偉大的。謝謝，馬修。好了，現在我們已經結束了電話會議的分析師部分，我們將回答上週開通的 Say Technologies 入口網站上股東提出的一些問題。我們收到了許多很好的問題，感謝所有參與者。

First question for Tamir. How are you adapting operational strategies to the current macro challenges in the market? And what specific actions are you preparing to take in the next 12 to 18 months?

第一個問題問塔米爾。您如何調整營運策略以適應當前市場面臨的宏觀挑戰？您準備在未來12到18個月內採取哪些具體行動？

That's an interesting question, and it gets to the heart of our technology. We're working on big things at Real and our initiatives are not designed to respond to short-term changes in the market, even though sometimes it is tempting to do so.

這是一個有趣的問題，它觸及了我們技術的核心。我們在 Real 致力於大事，我們的舉措並不是為了應對市場的短期變化，儘管有時我們很想這樣做。

Instead, we are building a business for the long term and so our strategic framework is to balance our continued growth with relentless focus on technology and AI to keep our model lean and efficient. This long-term mindset is how we ensure that Real cannot only withstand challenging environments, but can emerge even stronger from them. And this is how we actually kind of conducted ourselves since day one, and this is how we will continue to do.

相反，我們正在建立一項長期業務，因此我們的策略框架是平衡我們的持續成長與對技術和人工智慧的不懈關注，以保持我們的模式精簡和高效。這種長遠的思維模式確保了皇馬不僅能夠承受充滿挑戰的環境，而且能夠變得更強大。從第一天起，我們就一直這樣做，並且我們將繼續這樣做。

Great. Thanks, Tamir. Next question for Jenna. Could you explain how contract labor is utilized by Real and what functions or tasks are being done by contractors versus full-time employees?

偉大的。謝謝，塔米爾。下一個問題是詹娜。您能否解釋一下 Real 如何利用合約工，以及承包商與全職員工分別負責哪些職能或任務？

Sure, absolutely. So our focus has always been to leverage technology to enable us to scale efficiently with a relatively lean full-time employee base, and we believe that, that is a significant competitive advantage that we have. With that said, we do strategically use a mix of contract labor and full-time employees to support our growth.

當然，絕對是如此。因此，我們的重點一直是利用技術使我們能夠在相對精簡的全職員工基礎上有效地擴大規模，我們相信，這是我們擁有的顯著競爭優勢。話雖如此，我們確實策略性地使用合約工和全職員工的組合來支持我們的成長。

In the first quarter, we converted about 130 contractors based in India to full-time employees. And there are still certain functions in the US and Canada that are being handled by contractors, but we evaluate those roles on an annual basis just to ensure that we have the right balance.

第一季度，我們將約 130 名位於印度的合約工轉為全職員工。在美國和加拿大，仍有某些職能由承包商負責，但我們每年都會對這些職位進行評估，以確保我們擁有適當的平衡。

Thanks, Jenna. I'll take the third question, which is what are your goals and time line to achieve a positive earnings per share? And besides share buybacks, what else do you plan to do with your cash flow?

謝謝，珍娜。我來回答第三個問題，即您實現每股盈餘為正的目標和時間表是什麼？除了股票回購之外，您還計劃用現金流做什麼？

So happy to say that we've answered the first question this quarter, and our goal will be to continue to build on this momentum in the future. On the capital allocation front, as I mentioned, we will be active on the buyback front in the second half of the year. And we will also remain opportunistic with M&A, both looking at technology as well as profitable businesses that could add unique capabilities to our platform.

很高興地說，我們已經回答了本季度的第一個問題，我們的目標是在未來繼續保持這一勢頭。在資本配置方面，正如我所提到的，我們將在今年下半年積極進行回購。我們也將繼續抓住併購機會，既專注於技術，也關注能夠為我們的平台增添獨特功能的獲利業務。

And for our last question for Tamir. Could you please elaborate on the R&D prioritization strategy for the coming years?

最後一個問題是問塔米爾。您能否詳細說明未來幾年的研發優先策略？

Sure. So first, we will continue to strengthen our core proprietary technology and our recent platform. Second, we are focused on leveraging AI to drive greater efficiency across the entire company, which you heard Jenna talk about in her remarks. Third, we are making a significant investment in our consumer road map, specifically with Leo for Clients.

當然。因此，首先，我們將繼續加強我們的核心專有技術和我們最近的平台。其次，我們專注於利用人工智慧來提高整個公司的效率，正如詹娜在演講中所談到的。第三，我們正在對消費者路線圖進行大量投資，特別是針對 Leo for Clients。

We believe this will have a meaningful impact on the agent experience, strengthening our competitive advantage, and driving higher attachment of our higher-margin ancillary services.

我們相信這將對代理商體驗產生重大影響，增強我們的競爭優勢，並推動我們高利潤輔助服務的更高附加價值。

And finally, we will continue to invest heavily in the evolution of Real Wallet, where we believe we are creating a new business model for agents by providing them with powerful financial tools to manage their business finances and also grow their wealth.

最後，我們將繼續大力投資 Real Wallet 的發展，我們相信，透過為代理商提供強大的金融工具來管理他們的商業財務並增加他們的財富，我們正在為代理商創造一種新的商業模式。

Great. Thanks, Tamir. Matthew, if you could provide instructions for the replay, that would be great.

偉大的。謝謝，塔米爾。馬修，如果你能提供重播的說明，那就太好了。

Absolutely. (Operator Instructions) The replay will be available at 11:00 AM Eastern today.

絕對地。（操作員指示）重播將於今天東部時間上午 11:00 提供。

Ladies and gentlemen, this does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開電話線，祝您有美好的一天。感謝您的參與。