Real REMAX Group Inc. (REAX) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Real Brokerage first quarter ended March 31, 2026, earnings call. (Operator Instructions) I will now turn the call over to Alexandra Lumpkin at The Real Brokerage. Ma'am, the floor is yours.

各位女士、先生，早安，歡迎參加 Real Brokerage 截至 2026 年 3 月 31 日止第一季財報電話會議。(接線員指示) 現在我將把電話交給 Real Brokerage 的 Alexandra Lumpkin。女士，請開始。

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, 2026.

謝謝，各位早安。感謝各位等候，歡迎參加 Real Brokerage 截至 2026 年 3 月 31 日止第一季的電話會議與網路直播。

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. This morning, Real published an earnings press release, including results for the first quarter ended March 31, 2026.

感謝各位今天加入我們。今天與我一同參與電話會議的有：我們的董事長兼執行長 Tamir Poleg；營運長 Jenna Rozenblat；以及財務長 Ravi Jani。今天早上，Real 已發布財報新聞稿，包含截至 2026 年 3 月 31 日止第一季的業績結果。

The press release, along with the 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.

該新聞稿連同合併財務報表及本季相關之管理階層討論與分析（MD&A），已提交至美國證券交易委員會的 EDGAR 系統，以及加拿大證券監理機關的 SEDAR 系統。

Before we get started, I'd like to remind everyone that statements made on this conference call that are not historical facts, including statements about future time periods, may be deemed to constitute forward-looking statements.

在開始之前，我想提醒各位，本次電話會議中所作、非屬歷史事實的陳述（包括關於未來期間的陳述），可能被視為前瞻性陳述。

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存在重大差異；可能導致差異的風險因素已在我們於加拿大的持續揭露文件及向 SEC 提交的報告中詳述。除非法律明確要求，Real 不承擔更新這些前瞻性陳述的任何意圖或義務。

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

接下來，我想把電話交給董事長兼執行長 Tamir Poleg。Tamir，請開始。

Thank you, Alex, and good morning, everyone. I will cover our Q1 results and the RE/MAX transaction. Jenna will provide an update on key brokerage initiatives. Ravi will walk through our financials in greater detail, and then I'll come back to close. I'll start with a quick overview of our results.

謝謝你，Alex，各位早安。我將說明我們第一季的業績以及 RE/MAX 交易。Jenna 將更新幾項關鍵經紀業務計畫。Ravi 將更詳細地帶大家檢視財務數據，之後我會再回來做結語。我先快速概述我們的業績。

Real delivered another impressive first quarter, and I think the numbers speak for themselves. Revenue of $466 million, up 32%. Operating loss of $3.4 million improved by $1.8 million year-over-year. Adjusted EBITDA of $14.9 million increased 80%, and our unrestricted cash and investments balance increased by $30 million in the quarter to a record $62.9 million.

Real 再次交出令人印象深刻的第一季表現，我認為數字已充分說明一切。營收 4.66 億美元，年增 32%。營業虧損 340 萬美元，較去年同期改善 180 萬美元。調整後 EBITDA 為 1,490 萬美元，成長 80%；本季不受限制的現金與投資餘額增加 3,000 萬美元，達到創新高的 6,290 萬美元。

All of this occurred in one of the softest markets we've seen in years. US existing home sales were essentially flat at trough levels, and Canadian home sales activity declined mid- to high single digits. Despite this, our agents closed nearly 42,000 transactions, up 25% year-over-year.

這一切都發生在我們多年來所見最疲弱的市場環境之一。美國成屋銷售基本持平、處於谷底水準；加拿大房屋銷售活動則下滑中到高個位數百分比。儘管如此，我們的經紀人仍完成近 42,000 筆交易，年增 25%。

Gross profit grew faster than operating expenses, and adjusted EBITDA grew 2.5times faster than revenue that is the model working exactly as we designed.

毛利成長速度快於營業費用，而調整後 EBITDA 的成長速度是營收的 2.5 倍——這正是我們所設計的商業模式在發揮作用。

We ended the first quarter with approximately 33,500 agents and as of May 6, that number has grown to over 33,900.

第一季結束時，我們約有 33,500 名經紀人；截至 5 月 6 日，該數字已成長至超過 33,900 名。

This is happening while agents across the industry are struggling, transaction volumes are down and productivity is under pressure.

在整個產業的經紀人都面臨困境、交易量下滑且生產力承壓之際，這樣的成長仍在發生。

The fact that we are both growing rapidly and improving retention in that environment demonstrates the value the platform delivers for agents. On our ancillary businesses, the progress we're making is starting to become very tangible.

在這樣的環境下，我們仍能快速成長並提升留任率，顯示平台為經紀人帶來的價值。至於我們的附屬業務，我們所取得的進展正開始變得非常具體可見。

On Real Wallet, revenue more than tripled year-over-year to $436,000. We now have 8,000 active agents on the platform, which represents 23% of our total agent base, including 40% of those agents who generate over $150,000 in annual gross commissions.

在 Real Wallet 方面，營收較去年同期成長逾三倍，達到 436,000 美元。目前平台上有 8,000 名活躍經紀人，約占我們經紀人總數的 23%；其中也包括年總佣金毛額超過 150,000 美元的經紀人中有 40% 使用該平台。

Weekly debit card spend has now exceeded $1 million a week, while deposit balances have grown to over $25 million.

每週簽帳金融卡消費金額現已超過每週 100 萬美元，而存款餘額已成長至超過 2,500 萬美元。

We ended the quarter with approximately $9 million of credit extended to agents across Canada and the US and we are now seeing early data showing a direct link between wallet adoption and lower agent churn.

本季結束時，我們在加拿大與美國合計向經紀人提供約 900 萬美元的授信；我們也開始看到初步數據顯示，錢包採用與較低的經紀人流失率之間存在直接關聯。

We're still in the early stages of what Real Wallet can become, but I'm very excited to bring it to even more agents and following the RE/MAX closing franchisees across the country.

Real Wallet 的潛力仍在早期階段，但我非常期待把它帶給更多經紀人，並在 RE/MAX 加盟店完成交割後，推廣至全國各地的加盟業者。

On One Real Title, revenue increased 22% in the quarter. That is the strongest quarterly growth we have seen since Q1 of last year. We now operate 13 title joint ventures across 19 states, and we expect to open Colorado in the second quarter, bringing the total to 20 states.

在 One Real Title 方面，本季營收成長 22%。這是自去年第一季以來我們所見最強勁的單季成長。我們目前在 19 個州營運 13 個產權（title）合資企業，並預期在第二季於科羅拉多州開業，使覆蓋州數達到 20 個州。

The state based JV model is the right model to efficiently scale, and I am pleased that we are starting to see that play out in the numbers.

以州為基礎的合資模式，是能夠高效率擴張的正確模式；我很高興我們開始在數字上看到這一點的展現。

On One Real Mortgage, revenue increased 20% year-over-year. Kate Gurevich, who joined as CEO in January, is focused on realigning the loan officer base with our current agent footprint while improving the cost structure.

在 One Real Mortgage 方面，營收年增 20%。今年 1 月加入並擔任執行長的 Kate Gurevich，正專注於讓貸款專員（loan officer）團隊與我們目前的經紀人版圖重新對齊，同時改善成本結構。

We are migrating to a new loan origination system in Q2, which will meaningfully reduce our per file cost. Meanwhile, we are actively evaluating new lender partners to ensure we are offering clients a more comprehensive range of competitive financing options. I think mortgage is on the right track, and we will continue to see that reflected in the numbers as the year progresses.

我們將在第二季遷移至新的貸款發起系統（loan origination system），這將顯著降低我們每件案件的成本。同時，我們也正積極評估新的放款機構合作夥伴，以確保能為客戶提供更全面且具競爭力的融資選項。我認為房貸業務正走在正確軌道上，隨著年度推進，我們將持續在數字上看到反映。

Now on RE/MAX. Last week, we announced a definitive agreement to acquire RE/MAX Holdings, Inc. in a transaction that implies an enterprise value for RE/MAX of approximately $880 million as of the transaction announcement date. I know this is top-of-mind for everyone on the call, so let me tell you why we announced this transaction and why now.

接下來談 RE/MAX。上週，我們宣布已簽署最終協議，將收購 RE/MAX Holdings, Inc.；該交易以公告日計算，隱含 RE/MAX 的企業價值約為 8.8 億美元。我知道這是所有與會者最關心的議題，因此我來說明我們為何宣布這筆交易，以及為何是現在。

At its core, Real RE/MAX Group will unite an iconic real estate brand and franchise network with our innovative technology and the fastest-growing major public real estate brokerage.

從核心來看，Real RE/MAX Group 將把一個具代表性的房地產品牌與加盟網路，與我們創新的科技，以及成長最快的主要上市房地產經紀公司結合在一起。

Real has built the platform, the technology and the agent-aligned community and economics. RE/MAX has the brand recognition, the global network and decades of trust with some of the most productive agents in the business.

Real 已建立平台、技術，以及與經紀人利益一致的社群與經濟模式。RE/MAX 擁有品牌知名度、全球網路，以及數十年來在業界最具生產力的經紀人之間建立的信任。

Together, we believe we can create a platform that is genuinely differentiated and purpose-built to be a leading presence in this industry for the next generation of real estate professionals and entrepreneurs. The financials are compelling.

我們相信，雙方結合後能打造一個真正具差異化、並為下一代房地產專業人士與創業者量身打造的平台，成為本產業的領先力量。財務面也相當具吸引力。

Based on 2025 results, RE/MAX generated approximately $94 million of high-margin adjusted EBITDA, mostly from recurring franchise fees, representing a transaction value of roughly 9times trailing Adjusted EBITDA or about 7times post-synergies.

以 2025 年業績為基礎，RE/MAX 產生約 9,400 萬美元的高毛利調整後 EBITDA，主要來自經常性的加盟費；這代表交易價值約為過去 12 個月調整後 EBITDA 的 9 倍，或在協同效益後約為 7 倍。

As a reminder, these figures are based on results at the bottom of the housing cycle. Last year, the combined Real and RE/MAX networks closed over 700,000 transaction sites in the United States alone that reflects a significant opportunity to grow our ancillary title and mortgage businesses.

提醒各位，這些數字是以房市景氣循環底部的業績為基礎。去年，Real 與 RE/MAX 合併後的網路僅在美國就完成超過 700,000 個交易案量，這反映出我們在附屬的產權與房貸業務上有顯著的成長機會。

To put some numbers around what that means, we estimate a 1% attachment rate on One Real Mortgage across that addressable transaction base would generate approximately $25 million of high-margin revenue for the combined company post-closing.

為了讓各位更具體理解其意涵，我們估計在該可觸及的交易基礎上，One Real Mortgage 若達到 1% 的附加率（attachment rate），在交割後可為合併公司帶來約 2,500 萬美元的高毛利營收。

Similarly, we estimate a 1% attachment rate on Title would generate over $10 million of revenue for the combined company. Our goal over time is to be much higher than 1%, so you can see how these numbers can genuinely transform the P&L over time.

同樣地，我們估計產權（Title）若達到 1% 的附加率，將可為合併公司帶來超過 1,000 萬美元的營收。我們長期目標是遠高於 1%，因此各位可以看到，隨著時間推進，這些數字確實能對損益表（P&L）帶來實質性的轉變。

We also see significant opportunity to utilize our AI-powered consumer home search portal, HeyLeo, to further nurture and monetize the 1 million annual leads generated across remax.com and remax.ca given the brand's strong trust with consumers. RE/MAX is a brand built on production.

我們也看到一個重大機會：運用我們的 AI 驅動消費者找房入口網站 HeyLeo，進一步培育並變現每年在 remax.com 與 remax.ca 產生的 100 萬筆潛在客戶線索，因為該品牌在消費者心中具有高度信任。RE/MAX 是一個以業績產出為核心建立的品牌。

The average RE/MAX agent closes over 10 transactions a year, roughly double the industry average. These are exactly the kind of high-producing full-time professionals that our technology platform and ancillary businesses are designed to support.

RE/MAX 經紀人平均每年完成超過 10 筆交易，約為產業平均的兩倍。這正是我們的科技平台與周邊（附屬）業務所要支援的那類高產能全職專業人士。

Meanwhile, the cost-synergy opportunity of $30 million is grounded in real visible, and duplicative costs, two public company cost structures, shared services, vendor contracts, nothing that we believe is aspirational.

同時，3,000 萬美元的成本綜效機會是建立在真實、可見且重複的成本之上：兩家上市公司的成本結構、共享服務、供應商合約等，我們認為這些都不是「理想化」的假設。

We are standing up our integration team now, and we will keep investors updated as we make additional progress. I also want to speak directly to agents on both sides of this combination because I know there are questions about what this means for you.

我們現在正在組建整合團隊，並將在取得更多進展時持續向投資人更新。我也想直接對這次合併雙方的經紀人說幾句，因為我知道大家對這對你們意味著什麼有疑問。

The answer is straightforward. Real and RE/MAX will continue to operate as separate brands with separate and distinct value propositions.

答案很直接。Real 與 RE/MAX 將繼續以獨立品牌運作，並各自提供不同且明確的價值主張。

If you are a RE/MAX agent who thrives working in office, side-by-side with your Broker-Owner and your team, that is not changing.

如果你是 RE/MAX 經紀人，喜歡在辦公室工作，與你的 Broker-Owner（經紀公司業主）及團隊並肩作戰，這一點不會改變。

What you can look forward to is access to new technology tools and services that Real has built, which will be available to you upon closing and if you are a real agent, you will continue to have all the flexibility and benefits of our model.

你可以期待的是：取得 Real 所打造的新科技工具與服務，這些將在交易完成後提供給你；而如果你是 Real 的經紀人，你將持續享有我們模式的所有彈性與優勢。

Nothing about that changes. These are complementary businesses, each serving different agents in different ways, soon to be operating under one roof.

這些都不會改變。這是互補的業務，各自以不同方式服務不同的經紀人，並將很快在同一個屋簷下運作。

When you have rezen as your single system of record, Leo AI helping you run your business every day, Real Wallet getting you paid faster with access to lines of credit and integrated title and mortgage services, all inside one ecosystem, it's really hard to walk away from that.

當你以 rezen 作為唯一的系統紀錄（system of record），每天有 Leo AI 協助你經營業務，Real Wallet 讓你更快收款並可取得信用額度，以及整合的產權與房貸服務，全部都在同一個生態系裡，要離開就真的很難。

Every tool we add makes the platform more valuable and every agent who joins makes the community stronger. And I think Q1 is showing exactly that.

我們新增的每一項工具都讓平台更有價值，而每一位加入的經紀人都讓社群更強大。我認為第一季正好清楚展現了這一點。

With that, I'll hand it over to Jenna.

接下來，我把時間交給 Jenna。

Thank you, Tamir, and good morning. We have several exciting updates on the brokerage operations front. Starting with leadership.

謝謝你，Tamir，大家早安。在經紀業務營運方面，我們有幾項令人振奮的更新。先從領導團隊開始。

In March, we named Jason Cassity as Chief Growth Officer, a newly-created executive role designed to accelerate agent growth and continue building one of the industry's most innovative, collaborative agent communities.

3 月，我們任命 Jason Cassity 擔任首席成長長（Chief Growth Officer），這是一個新設立的高階職位，旨在加速經紀人增長，並持續打造業界最具創新與協作精神的經紀人社群之一。

Before joining our executive team, Jason spent 13 years as a top-producing REALTOR and team leader in San Diego.

在加入我們的高階團隊之前，Jason 在聖地牙哥擔任頂尖產能的 REALTOR（房地產經紀人）與團隊領導者長達 13 年。

He also served as a growth ambassador for Real, working closely with agents and leadership to attract top talent and strengthen community engagement.

他也曾擔任 Real 的成長大使（growth ambassador），與經紀人及管理層密切合作，吸引頂尖人才並強化社群互動。

Jason stepped away from his personal production to ensure that every agent who joins real and soon the Real RE/MAX Group has the tools, the technology and the community they need to achieve their own greatness.

Jason 暫停了個人業績產出，為的是確保每一位加入 Real、以及即將加入 Real RE/MAX Group 的經紀人，都擁有達成自身卓越所需的工具、科技與社群。

Jason will own agent acquisition, activation and engagement strategy across our markets, partnering closely with our Growth Ambassador network and top teams and agents.

Jason 將負責我們各市場的經紀人招募、啟用與互動策略，並與我們的成長大使網絡以及頂尖團隊與經紀人密切合作。

We are very excited to welcome him into this role. Second, on operations, you will notice from our press release that our headcount efficiency ratio, defined as the number of agents per full-time brokerage employee was 85:1 at the end of the first quarter.

我們非常期待他在這個職位上的表現。第二，關於營運方面，從我們的新聞稿你會注意到，我們的人力效率比率（定義為每位全職經紀業務員工所對應的經紀人數）在第一季末為 85:1。

For context, during the quarter, we onboarded 34 full-time employees into roles that were previously performed by outside contractors, primarily in brokerage operations and compliance.

作為背景說明，本季我們將 34 名全職員工納入編制，這些職務先前主要由外部承包商負責，主要集中在經紀業務營運與合規領域。

From a P&L standpoint, this conversion is expected to be largely neutral, but from a practical standpoint, bringing these roles in-house means our agents get better service, better support and more hands-on local expertise.

從損益表（P&L）的角度看，這項轉換預期大致為中性；但從實務角度看，把這些職能內部化意味著我們的經紀人能獲得更好的服務、更好的支援，以及更多在地的實務專業。

And importantly, our new full-time brokers are being incentivized not just on agent satisfaction, but also on driving ancillary attachment rates in their markets.

而且重要的是，我們新的全職經紀主管（brokers）的激勵不僅以經紀人滿意度為依據，也會以其市場的附屬服務綁定率（ancillary attachment rates）提升為目標。

That aligns their personal success directly with the growth of One Real Title, One Real Mortgage and Real Wallet, which is exactly the kind of structural change that compounds over time.

這讓他們的個人成功與 One Real Title、One Real Mortgage 以及 Real Wallet 的成長直接連結，這正是會隨時間累積放大的結構性改變。

Third, HeyLeo. In March, we officially beta launched HeyLeo, our consumer home search portal and AI relationship management platform to our agent base, and I want to share some early data.

第三，HeyLeo。3 月，我們正式向經紀人群體推出 HeyLeo 的 Beta 版——這是我們的消費者找房入口網站與 AI 關係管理平台——我想分享一些早期數據。

As a reminder, HeyLeo ingests live MLS data to allow buyers and agents to search, explore, and interact natively throughout the platform.

提醒一下，HeyLeo 會匯入即時 MLS 資料，讓買方與經紀人能在平台內原生地搜尋、探索並互動。

We now have ingested 357 MLS and are on track to reach 400 plus by the end of Q2 with full Canadian coverage already live.

我們目前已匯入 357 個 MLS，並有望在第二季末達到 400 個以上；加拿大已完成全境覆蓋並已上線。

Today, HeyLeo already covers over 85% of our agents' geographic distribution. That data foundation is what makes AiRM genuinely useful. We currently have 450 agents in the beta test with another 4,500 on the waitlist.

目前 HeyLeo 已覆蓋我們經紀人地理分布的 85% 以上。這個資料基礎使 AiRM 真正具備實用性。目前有 450 位經紀人參與 Beta 測試，另有 4,500 位在候補名單上。

This phased rollout is deliberate as we want agents and their clients to have a great experience before we open the flood gates.

這種分階段推出是刻意為之，因為我們希望在全面開放之前，經紀人及其客戶能先獲得很好的使用體驗。

We are seeing early success with HeyLeo re-engaging and providing tools for agents to nurture dormant leads, while early engagement data is also encouraging.

我們看到 HeyLeo 在重新喚醒沉睡線索、並提供工具讓經紀人培育這些線索方面已取得早期成效，同時早期互動數據也令人鼓舞。

We are seeing many client conversations with HeyLeo running to 10, 15, even 20-plus messages covering property details, neighborhoods, schools and ownership costs.

我們看到許多客戶與 HeyLeo 的對話可達 10、15，甚至 20 則以上訊息，內容涵蓋物件細節、社區、學校與持有成本。

These are typical high-quality buyer interactions that our agents no longer have to manually respond to around the clock, and I'm very excited about rolling the platform out to our entire agent base as the product matures.

這些都是典型的高品質買方互動，而我們的經紀人不再需要全天候手動回覆；隨著產品成熟，我也非常期待把平台推廣到我們全部的經紀人群體。

And finally, on RE/MAX. I have taken on the role of Chief Integration Officer for the combined company, and I want to share why I am so confident that we can deliver significant value, both at the company level and at the individual office level. That confidence comes from our DNA.

最後，關於 RE/MAX。我已接任合併後公司的首席整合長（Chief Integration Officer），我想分享為什麼我非常有信心能在公司層級與各個辦公室層級都交付顯著價值。這份信心來自我們的 DNA。

We have spent over a decade using technology to streamline brokerage operations at scale, building rezen, deploying Leo AI and automating workflows that used to require manual intervention. We know how to run a lean technology-enabled brokerage efficiently, and we know how to bring agents onto a platform in a way that enhances their businesses without disrupting what they have built.

十多年來，我們一直運用科技在規模化下精簡經紀業務營運：打造 rezen、部署 Leo AI，並將過去需要人工介入的工作流程自動化。我們知道如何高效率地營運精實、以科技賦能的經紀公司，也知道如何以不干擾經紀人既有成果的方式，將經紀人導入平台並強化其業務。

That experience is directly transferable to RE/MAX franchisees, and it is the foundation of our on-the-ground integration approach.

這些經驗可直接移轉到 RE/MAX 的加盟主（franchisees），也是我們在地整合方法的基礎。

The RE/MAX franchise network is filled with thousands of franchisees who have built incredible businesses and who deserve the best tools, the best support and the best technology the industry has to offer.

RE/MAX 的加盟網絡擁有數千位加盟主，他們建立了令人驚嘆的事業，並值得擁有業界所能提供的最佳工具、最佳支援與最佳科技。

I genuinely look forward to working with the RE/MAX team, agents and franchisees to build the technology-enabled real estate platform of the future together.

我真心期待與 RE/MAX 團隊、經紀人與加盟主合作，一起打造面向未來、以科技賦能的不動產平台。

The opportunity in front of us is significant, and I believe we have exactly the right team and foundation to capture it.

我們面前的機會非常可觀，我相信我們具備完全正確的團隊與基礎來把握它。

With that, I'll turn it over to Ravi.

接下來，我把時間交給 Ravi。

Thank you, Jenna, and good morning, everyone. Consolidated revenue for the first quarter was $466 million, up 32% year-over-year. Growth was led by our North American Brokerage segment, where closed transactions rose 25%, substantially outperforming the US and Canadian home sales markets. Ancillary revenue of $3 million grew 34% year-over-year, with growth across the board.

謝謝你，Jenna，大家早安。第一季合併營收為 4.66 億美元，年增 32%。成長主要由北美經紀業務部門帶動，成交筆數上升 25%，顯著優於美國與加拿大房屋銷售市場。附屬業務營收為 300 萬美元，年增 34%，各項業務均有成長。

Real Wallet generated $436,000 in revenue in the first quarter, up nearly 250% from Q1 2025. One Real Title returned to double-digit growth despite the year-over-year headwind resulting from the shift to state-based joint ventures, which will anniversary in the second half of the year.

Real Wallet 第一季創造 43.6 萬美元營收，較 2025 年第一季成長近 250%。儘管因轉向以州為基礎的合資企業而帶來年對年逆風（該影響將在下半年進入同比基期），One Real Title 仍回到雙位數成長。

Gross profit increased 24% to $42.2 million in the first quarter compared to $33.9 million in the same period last year. Gross margin was 9.1%, compared to 9.6% in the prior-year first quarter.

第一季毛利較去年同期的3,390萬美元增加24%，達到4,220萬美元。毛利率為9.1%，相較於去年第一季的9.6%。

The primary year-over-year driver was transaction mix as approximately 40% of our closed transaction size came from capped agents, up approximately 200 basis points year-over-year.

年對年變動的主要驅動因素是交易組合，因為我們已完成交易的規模中約有40%來自已達佣金上限（capped）的經紀人，年對年約提升200個基點。

Total operating expenses, including G&A, marketing, R&D and acquisition-related costs were $45.6 million in the first quarter, up 17% from $39.1 million last year.

第一季總營業費用（包含一般及行政費用、行銷、研發及併購相關成本）為4,560萬美元，較去年的3,910萬美元增加17%。

Operating expenses included approximately $300,000 in expenses related to the RE/MAX acquisition. As a percentage of revenue, operating expenses improved to 9.8%, down approximately 130 basis points from 11.1% a year ago, reflecting our commitment to grow OpEx at a slower pace than revenue and gross profit.

營業費用包含約30萬美元與RE/MAX收購案相關的費用。以營收百分比計，營業費用改善至9.8%，較一年前的11.1%下降約130個基點，反映我們致力於讓營業費用的成長速度低於營收與毛利的成長速度。

I do want to flag that we expect Q2 operating expenses to reflect a more material step-up in RE/MAX acquisition-related costs.

我也想提醒一下，我們預期第二季營業費用將反映出RE/MAX收購相關成本更為顯著的增加。

We will break these out as non-recurring items in our disclosures. Operating loss improved to $3.4 million in the first quarter compared to an operating loss of $5.2 million in the first quarter of 2025.

我們會在揭露中將這些項目拆分為非經常性項目。第一季營業虧損改善至340萬美元，相較於2025年第一季的營業虧損520萬美元。

Operating margin improved to negative 0.7% for the quarter from negative 1.5% in the prior year period, reflecting strong growth and operating leverage.

本季營業利益率改善至負0.7%，較去年同期的負1.5%提升，反映強勁成長與營運槓桿。

On a non-GAAP basis, adjusted EBITDA rose to $14.9 million in the first quarter, an 80% improvement from $8.3 million in Q1 2025.

以非GAAP基礎計算，第一季調整後EBITDA上升至1,490萬美元，較2025年第一季的830萬美元改善80%。

Real generated cash flow from operating activities of $23.3 million in the first quarter and ended the quarter with $62.9 million in unrestricted cash and short-term investments and continue to carry no debt.

Real第一季營運活動產生的現金流為2,330萬美元，季末持有不受限制的現金及短期投資6,290萬美元，且仍維持零負債。

While we don't provide formal guidance, we expect Q2 revenue to improve sequentially, consistent with normal seasonal patterns in the housing market.

雖然我們不提供正式財測，但我們預期第二季營收將較前一季改善，符合房市正常的季節性型態。

Gross margin will follow a similar trajectory to prior years, declining through the year as more agents reach their annual commission caps, which is a natural function of our model.

毛利率將呈現與往年類似的走勢，隨著更多經紀人達到年度佣金上限，毛利率將在全年逐步下滑，這是我們商業模式的自然結果。

On operating expenses, we expect Q2 to reflect a step-up in acquisition-related costs, which we will disclose as non-recurring items.

在營業費用方面，我們預期第二季將反映併購相關成本的增加，我們會將其揭露為非經常性項目。

But on an underlying basis, we remain focused on the same discipline that drove our Q1 results, managing fixed costs to deliver continued year-over-year improvement in adjusted EBITDA.

但在基本面上，我們仍專注於推動第一季成果的同樣紀律，管理固定成本，以在調整後EBITDA上持續實現年對年改善。

More details on our results and key operating metrics can be found in the earnings press release and investor presentation that accompany this call.

更多關於我們業績與關鍵營運指標的細節，可參閱隨本次電話會議一併提供的財報新聞稿與投資人簡報。

I'll now turn it back to Tamir.

我現在把時間交還給Tamir。

Thank you, Ravi, and thank you, Jenna. I'd like to ask you all to imagine a world where buying a home is as seamless as any other digital experience. where a buyer talks to an AI that knows every listing, every neighborhood, every school and every mortgage rate. And when the right property hits the market, that buyer is connected instantly to an experienced real-estate agent who is ready and prepared to serve them, where that agent then manages and closes the transaction on one platform, gets paid through it, finances their business through it and offers integrated closing services without ever having to leave the ecosystem, where every step of the most important financial decision of that client's life is connected, intelligent and has less friction.

謝謝你，Ravi，也謝謝你，Jenna。我想請各位想像一個世界：買房像任何其他數位體驗一樣順暢無縫；買家與一個AI對話，這個AI了解每一筆房源、每一個社區、每一所學校以及每一個房貸利率。當合適的物件一上市，買家會立刻連結到一位經驗豐富、隨時準備好服務的房地產經紀人；而該經紀人接著在同一個平台上管理並完成交易、透過平台收款、透過平台為其業務融資，並提供整合式交割服務，全程無需離開這個生態系；客戶人生中最重要的財務決策之每一步都彼此連結、智慧化，且摩擦更少。

That is the platform we are building, and that has been our vision since day one. We didn't have to pivot to AI. We didn't white-label our way into fintech. We've built the infrastructure transaction by transaction, agent by agent, year after year because we knew that someday technology would catch up to the vision.

這就是我們正在打造的平台，也是我們從第一天起的願景。我們不需要為了AI而轉向。我們也不是靠白牌（white-label）方式切入金融科技。我們一筆交易接著一筆交易、一位經紀人接著一位經紀人、年復一年地建立基礎設施，因為我們知道總有一天科技會追上這個願景。

That day has arrived and with the RE/MAX transaction, we will soon have the network and the reach to bring it to life at a scale that we believe can transform how people buy and sell homes.

那一天已經到來，而透過RE/MAX這筆交易，我們很快就能擁有足夠的網路與觸及範圍，將其以我們相信足以改變人們買賣房屋方式的規模落地實現。

You cannot vibe-code this. You have to dream it, build it, and earn it and we have spent over a decade doing exactly that.

這不是靠「氛圍寫程式」（vibe-code）就能做出來的。你必須先夢想它、打造它、並且靠實力贏得它，而我們花了十多年正是在做這件事。

I speak to you today as CEO, as a Co-Founder, and as one of the largest individual shareholders of this company. I have never been more excited about our future than I am right now. The opportunity in front of us is generational, and I deeply believe the best days of this company are ahead of us.

我今天以執行長、共同創辦人，以及本公司最大的個人股東之一的身分與各位對話。我從未像現在這樣對我們的未來感到興奮。眼前的機會是世代級的，我深信本公司最好的日子還在前方。

Operator, please open the call for questions.

接線員，請開放提問。

(Operator Instructions) Naved Khan, B. Riley Securities.

（接線員指示）Naved Khan，B. Riley Securities。

Great. Thanks so much, and congrats on the reserves. Just a couple of questions for me, please, and both are related to ancillary. So, first question is, what kind of tax rates are you seeing from the agents who are part of the JVs?

很好。非常感謝，也恭喜你們的儲備金。我這邊有兩個問題，兩個都與附加服務（ancillary）相關。第一個問題是，參與合資企業（JV）的經紀人，你們看到的稅率大概是多少？

How is that trending? And then secondarily, just in terms of participation of the agent on the JVs for title. Where does that stand and what are the steps you're taking to take that higher? Thank you.

這個趨勢如何？第二個問題是，就產權（title）合資企業而言，經紀人的參與度目前到什麼程度？你們採取了哪些步驟來提高參與度？謝謝。

I know, but thanks for the question. So, the attach rates on the JVs, we're seeing some JVs with attach rates of 40%, 50%. We have seen a couple with as high as 80%. So the trajectory is obviously encouraging and obviously and as the JVs are only on the title side.

我知道，不過謝謝你的問題。就合資企業的綁定率（attach rates）而言，我們看到有些JV的綁定率達40%、50%。也有看到少數高達80%。所以這個走勢顯然令人鼓舞，而且目前JV只在產權（title）端。

The participation of agents, I'm not sure I understood the question. Are you asking about how many agents actually opt in into the JVs or was it?

至於經紀人的參與，我不確定我是否理解你的問題。你是在問實際有多少經紀人選擇加入JV，還是？

Yeah, that was the that was the essence of the question like what are you doing on your end to increase more agents per space and become part of the JV so that you know there's more volume flowing through it?

對，問題的核心就是這個：你們這邊做了哪些事情來讓更多經紀人加入JV，讓更多交易量能流經JV？

Sure. So we want to make sure that the JVs are valuable and that we're driving meaningful transactions through them.

當然。所以我們希望確保JV是有價值的，並且我們能推動有意義的交易量透過它們。

So we are opening them up to the most productive teams and then most productive agents, and then we're trying to add more and more.

因此我們先對最具生產力的團隊、以及最具生產力的經紀人開放，然後再嘗試逐步增加更多人加入。

But typically it's based on production, and we're happy that currently the ones that actually opted in are the ones that carry most of the transactions in each market. So it's still an effort to add more, but it starts with the top producers in every market.

但通常是以產能（production）為基礎；我們也很高興目前選擇加入的，正是各市場中承載大多數交易的那些人。所以我們仍在努力增加更多人，但會從每個市場的頂尖產出者開始。

Okay. And then did you say in your prepared remarks that the number of Title JV is going to 20?

了解。那你在事先準備的講稿中是否提到，產權JV的數量會到20個？

No, we said that Title is operating in 19 states and we will be opening Colorado soon. So that will be 20 and we have 13 JV's at the moment. So 13 out of the 19 carry JV?

沒有，我們是說產權業務目前在19個州營運，我們很快會在科羅拉多州開業。那樣就會是20個州，而我們目前有13個JV。所以是19個州中的13個有JV？

Is there a gating factor in terms of why you won't contact JV's in all of these 19 states?

那在這19個州中，為什麼不在所有州都成立JV？是否有什麼門檻因素？

No, that's the intention.

沒有，那就是我們的目標。

Not that some JV's.

不是說有些JV……

Go ahead. Sorry.

你繼續。抱歉。

some JV's do have, span across more than one state, so it's not one-to-one.

有些JV確實會跨越不只一個州，所以不是一對一的關係。

Got it. Understood. Thank you, guys.

了解。明白了。謝謝各位。

Thank you.

謝謝。

Stephen Sheldon, William Blair.

Stephen Sheldon，William Blair。

Hey, good morning. Thanks for taking my questions. First, I just wanted to see, I know it's very early, but just what you can share about the feedback you've received so far from RE/MAX franchisees on the deal has there been much pushback?

嗨，早安。謝謝讓我提問。首先，我想了解一下，我知道現在還很早，但就目前為止你們從 RE/MAX 加盟主對這筆交易收到的回饋，有沒有很大的反彈？

And then, I guess, how much interest have they shown, I can't, I know it's earlier, how much interest have they shown in potentially adopting rezen and their broader technology platform since that's something that won't be mandated upon them? I guess, what's kind of the early feedback you're hearing from that network?

然後我想問，他們展現了多少興趣——我知道還很早——對於可能採用 rezen 以及你們更廣泛的科技平台，因為那不是強制要求他們使用的？也就是說，你們從那個網路目前聽到的初步回饋大概是什麼？

Sure. Thanks, Stephen. So RE/MAX management has been working very closely with the RE/MAX network and the franchisees. And the initial feedback, I think, was a little bit of a mixed excitement and surprise. I think that naturally, people don't really like change.

當然。謝謝你，Stephen。RE/MAX 管理團隊一直與 RE/MAX 網路及加盟主非常密切地合作。而初步回饋我認為是興奮與驚訝交雜。我想很自然地，人們通常不太喜歡改變。

So at the beginning, there was a need to heavily communicate and provide them the background and how management looks at the combination of the two companies.

所以在一開始，需要大量溝通，向他們提供背景資訊，以及管理層如何看待兩家公司結合。

I think that very quickly, it shifted to a lot of excitement on the RE/MAX network side. And we also heard that many of them are starting to look into rezen, trying to understand.

我認為很快地，RE/MAX 網路那邊就轉為非常興奮。我們也聽到其中許多人開始研究 rezen，試著理解。

We received some calls from Real agents who received calls from RE/MAX agents who wanted to learn more about the technology.

我們收到一些來自 Real 經紀人的電話，說有 RE/MAX 經紀人打給他們，想更了解這項技術。

So there's definitely a lot of interest and a lot of excitement, and we will need to continue and communicate and make sure that there's a lot of clarity around the combination of the company and the time line -- the companies and the timeline and what will be available to the RE/MAX network and when. But I think that there is a lot of support to the combination and the merger of the two companies.

所以確實有很多興趣與期待；我們也需要持續溝通，並確保對於公司合併以及時間表——兩家公司與時間表——以及 RE/MAX 網路何時能使用哪些內容，都有很清楚的說明。但我認為，對於兩家公司結合與合併，支持度是很高的。

Got it. Yeah, it's really good to hear. Maybe then for Ravi, on gross margins, I know there are always a lot of moving pieces, but just generally, how are you thinking about the trajectory over the rest of the year? I heard the comment, you expect it kind of as normal to trend lower sequentially.

了解。是的，這真的很高興聽到。那接著可能問 Ravi 關於毛利率，我知道這裡面總是有很多變動因素，但整體而言，你們如何看待今年剩餘時間的走勢？我聽到你提到，你預期它會像往常一樣，按季呈現下滑趨勢。

But how should we be thinking about year-over-year trends and gross margins were down a little bit in 1Q relative to last year, kind of how should we think about should it continue to step down, I guess, year-over-year as we think about the rest of the year?

但我們應該如何看待年對年趨勢？第一季毛利率相較去年同期略有下降；那我們在看今年剩餘時間時，年對年是否會持續下滑、逐步走低？

I appreciate the question. I think in Q2, you would expect to see, year-over-year decline, probably similar order of magnitude as you saw in Q1.

謝謝你的問題。我認為在第二季，你會看到年對年下滑，幅度大概與第一季相近。

If we get to the second-half of the year, I think that the year-over-year pace is likely to be a little bit more flattish than relative to what you saw in the first half with respect to the decline and that's just because of the significant step up we saw in post-cap transactions in the second-half of last year.

如果到今年下半年，我認為年對年的下滑速度，相較於上半年你看到的下降，可能會更趨於持平一些；這主要是因為去年下半年 post-cap 交易出現了顯著的跳升。

We wouldn't expect that same order of magnitude of the year-over-year change. I think last year was a bit of a step change across the industry where you saw the highest producing agents take an outsized share of transactions. And while it could modestly tick up this year, I don't think it would be as impactful as you saw the second-half of last year. So we'd expect that year-over-year trend to sort of dissipate the second-half of this year.

我們不預期會出現同樣幅度的年對年變化。我認為去年在整個產業出現了一次階躍式變化：你看到產能最高的經紀人取得了不成比例的交易占比。而今年即使可能小幅上升，我不認為會像去年下半年那樣影響巨大。因此我們預期，這種年對年趨勢在今年下半年會逐漸消退。

Got it, and then if housing activity picks up and you start to see productivity kind of spread out across the agent base, then that could maybe start to support a better trajectory in gross profit when housing activity does pick up, is that kind of the right way to think about it?

了解，那如果房市活動回升，開始看到生產力在經紀人基礎中更平均地分散，那麼當房市活動回升時，可能會開始支撐毛利走勢變得更好；這樣理解對嗎？

Yeah, absolutely. And I think if you rewind the clock back to better markets, you did see higher gross margins because you saw a bigger percentage of the transaction pool being transacted by agents who are pre-cap and so you saw a greater mix of revenue coming in at that 15% gross margin rather than that post-cap gross margin, which is in the single-digits. And so that's been our thesis.

對，完全正確。而且如果你把時間拉回到市場較好的時期，你確實會看到較高的毛利率，因為交易池中有更高比例是由 pre-cap 的經紀人完成，因此你會看到更多收入以 15% 毛利率進來，而不是以 post-cap（單位數毛利率）進來。這一直是我們的論點。

I mean, the history proves that that is typically what happens. I'd say the other thing that we would expect to be a tailwind in the second-half of the year is our ancillary businesses will continue to grow and you saw this year, ancillary growth modestly actually outpaced the brokerage and so ancillaries were a 10 basis point gross margin tailwind in the.

我的意思是，歷史也證明通常就是這樣發生。我想我們預期今年下半年的另一個順風是，我們的附屬業務會持續成長；而你今年也看到，附屬業務的成長其實略微超過經紀業務，因此附屬業務對毛利率帶來了 10 個基點的順風，在這個……

So, those are the two things that if you do see a market pickup in the second-half of the year and beyond, you'll see just a greater contribution from pre-cap agents and transactions, as well as from ancillary services, which come at significantly higher margins than the brokerage.

所以，如果你確實在今年下半年及之後看到市場回升，你會看到兩件事帶來更大的貢獻：一是 pre-cap 經紀人與交易的占比提高；二是附屬服務的貢獻增加，而附屬服務的毛利率顯著高於經紀業務。

Makes sense. All right. Thank you.

明白了。好。謝謝。

Thanks, Stephen.

謝謝你，Stephen。

Jason Weaver, Jones Trading.

Jason Weaver，Jones Trading。

Hi, good morning. Thanks for taking my question. I believe that you held an internal town hall on the date of the announcement of the combination. Can you speak about any of the early reads or concerns on agent perceptions around the combination with RE/MAX and if you think that might influence any significant churn in the population?

嗨，早安。謝謝讓我提問。我相信你們在宣布合併的當天舉辦了一場內部員工大會（town hall）。你能談談對於經紀人對與 RE/MAX 合併的觀感，有哪些初步觀察或疑慮？以及你是否認為這可能會影響經紀人群體出現任何顯著流失？

Thank you, Jason. So yes, one of the first things we did on that morning was to speak to our agent community and invite everybody to a town hall where we presented the transaction and answered a lot of questions.

謝謝你，Jason。是的，我們當天早上做的第一件事之一，就是與我們的經紀人社群對話，並邀請所有人參加一場 town hall，我們在會中介紹了這筆交易並回答了很多問題。

I think that overall there was just immense enthusiasm and excitement around the transaction. And obviously agents wanted to understand a little bit better what does it mean for them, is the model changing, is anything changing.

我認為整體而言，大家對這筆交易抱持極大的熱情與期待。當然，經紀人也想更清楚了解這對他們意味著什麼：模式是否改變、是否有任何改變。

On the technology side, is there anything changing on the revenue share program, on the stock purchase program, we told them that nothing changes for now.

在科技方面、收益分成計畫、股票購買計畫方面是否有任何改變；我們告訴他們，目前沒有任何改變。

It's business as usual, obviously, but we also indicated that this combination will allow us to invest even more in growth, in technology, in more in just strengthening the value proposition, both on the Rio side or on the Rio model and on the RE/MAX model. So the initial feedback was very supportive from Rio's aging community.

顯然一切照常運作，但我們也指出，這次結合將使我們能在成長與科技上投入更多資源，並在強化價值主張上投入更多——無論是在 Rio 端、Rio 模式，或是在 RE/MAX 模式上。因此，初步回饋來自 Rio 的經紀人社群是非常支持的。

Thank you. Good to hear and then I was wondering if you could speak to any thoughts of further over-the-horizon expected synergies upon the longer-scale integration of both companies?

謝謝。很高興聽到。接著我想請教，你能否談談在更長期、兩家公司整合規模更大之後，對於未來更遠期可能出現的協同效益，有沒有任何想法？

Rob, you want to take that?

Rob，你要回答嗎？

Yeah, sure. And I'll let Samir talk on some of the top-line synergies which he addressed in his prepared remarks. But, I think as you've seen in other M&A transactions in the sector.

好，當然。我也會讓 Samir 談談他在事先準備的發言中提到的一些營收端協同效益。不過，我想你在這個領域的其他併購交易中也看過。

What you underwrite the transaction to is based on, from a synergy standpoint, is sort of based on what you can see before you own the combined company, and you can look under the hood and, kudos to Compass.

你在評估（underwrite）一筆交易時，從協同效益的角度，基本上是以你在真正擁有合併後公司之前所能看到的為基礎；等你能深入檢視內部細節——也要稱讚一下 Compass。

They've done a great job of executing on their synergies in a very short period of time and I think you've seen in transactions in this sector and other sectors that once two players combine, there's always more opportunity than you think going in and so.

他們在很短的時間內把協同效益執行得非常好；而且我想你也看到，在這個產業以及其他產業的交易中，一旦兩個參與者合併，往往會出現比你原先預期更多的機會，所以……

We underwrote the transaction with $30 million of synergies if once we own the businesses and we get the best athletes together and figure out how the go-forward business looks for the next decade, could that synergy number change?

我們在評估這筆交易時，納入了 3,000 萬美元的協同效益；等我們真正擁有這些業務，把最優秀的人才聚在一起，並釐清未來十年的業務樣貌之後，這個協同效益數字有可能改變嗎？

Yes, of course, and I think we'll be vigilant and thoughtful in how we execute on that path, but needless to say, that real is a very efficient organization, and we will continue to be very efficient as real RE/MAX Group.

是的，當然，而且我認為我們在執行這條路徑時會保持警覺並深思熟慮；但毋庸置疑，Real 是一個非常高效率的組織，而作為 Real RE/MAX Group，我們也將持續保持高度效率。

Thank you, I appreciate all the help. As I mentioned on my prepared remarks, we think that there is tremendous opportunity in just expanding title mortgage and re-wallet to the re/max network, just with the 700,000 annual transactions in the US, just capturing a portion of that will be used for revenue at a high margin.

謝謝你，我很感謝所有的協助。如我在事先準備的發言中提到的，我們認為僅僅把產權保險、房貸以及 re-wallet 擴展到 RE/MAX 網路，就有巨大的機會；光是在美國每年約 70 萬筆交易，只要能掌握其中一部分，就能以高毛利帶來營收。

Remax.com and remax.ca generate roughly a million leads a year. Those are high intent leads, those are folks that visited the website, looked at properties, and wanted to receive more information.

Remax.com 和 remax.ca 每年大約產生一百萬個潛在客戶線索。這些都是高意向線索，也就是那些造訪網站、查看房源並希望獲得更多資訊的人。

We want to put Leo to work on those websites so Leo can actually nurture the leads and then hand them over to an agent who's ready to transact and take the buyers through the process. So we think that there is a potential to monetize significantly over there and just generally speaking.

我們希望讓 Leo 在這些網站上發揮作用，讓 Leo 能夠實際培育這些線索，然後把它們交給已準備好成交的經紀人，由經紀人帶著買方走完整個流程。因此我們認為那邊有顯著的變現潛力，整體而言也是如此。

I think that coming in with real growth mindset and just a stronger value proposition for the RE/MAX side, I think will help change the trajectory of the growth in agent count in the U.S and Canada.

我認為以 Real 的成長思維切入，並為 RE/MAX 端提供更強的價值主張，將有助於改變美國與加拿大經紀人數成長的軌跡。

We believe that with a stronger value proposition and the right messaging and the right energy, we can get RE/MAX back to growing their agent count in North America and obviously create a platform where every agent in North America.

我們相信，憑藉更強的價值主張、正確的訊息傳遞與正確的能量，我們可以讓 RE/MAX 在北美重新回到經紀人數成長，並且顯然打造一個平台，讓北美的每一位經紀人都能……

Can find a home where there's no better alternative for anyone they can choose either to be on the real model or in the VMAS model, but they don't need to search anywhere else for a brokerage.

找到一個歸屬之處，且對任何人而言都沒有更好的替代方案；他們可以選擇採用 Real 模式或 VMAS 模式，但不需要再到別處尋找經紀公司。

Thank you once again.

再次感謝。

Thanks, Jason.

謝謝你，Jason。

Nick McAndrew, Zelman and Associates.

Nick McAndrew，Zelman and Associates。

Hey guys, thanks for taking my questions. Maybe just wanted to start, I think just given the franchising model of the RE/MAX business, and assuming you're planning on keeping the RE/MAX fee structure in place, do you see this as a way to reduce the cyclicality of the business?

嗨，各位，謝謝回答我的問題。我想先從這點開始：考量到 RE/MAX 業務的加盟模式，並假設你們計畫維持 RE/MAX 的費率結構不變，你們是否認為這是一種降低業務景氣循環性的方式？

And I guess just how different is the productivity profile of a legacy RE/MAX agent versus kind of a more mature REO agent today?

另外我想問，傳統（legacy）的 RE/MAX 經紀人與如今較成熟的 REO 經紀人，在生產力輪廓上到底有多大差異？

Robbie, what do you want me to take it?

Robbie，你要我來回答嗎？

Sure, if you want to address the productivity point, and Nick, the question was on the re/max B model and cyclicality.

可以，如果你想回應生產力那一點；Nick，你的問題是關於 RE/MAX B 模式與景氣循環性。

I mean, I think I can take that, and Tamir can address the second part, but for sure, I think the franchise model, and you've seen REMAX's results have been incredibly resilient throughout, what's been a four-year downturn at this point. They've done an incredible job of protecting the bottom line.

我的意思是，我想我可以回答那個，Tamir 可以回答第二部分；但確實，我認為加盟模式——你也看到 RE/MAX 的表現，在目前已經長達四年的下行週期中一直非常有韌性。他們在守住獲利底線方面做得非常出色。

Which reflects that franchise model, which is just stable and largely recurring with long-term contracts with franchisees and so we think it's a really attractive model. It does reduce cyclicality.

這反映了加盟模式的特性：穩定、且在很大程度上具備經常性收入，並與加盟商簽有長期合約，因此我們認為這是一個非常有吸引力的模式。它確實能降低景氣循環性。

It does generate high margins in an asset-light nature. And so, look, there are a million reasons we're excited about the RE/MAX.

它以輕資產的方式帶來高毛利。所以你看，我們對 RE/MAX 感到興奮的理由有很多。

Transaction in the re/max business, and the less cyclicality in the margins and revenue stream is one of the many.

在 RE/MAX 業務交易中，毛利與營收來源較不具景氣循環性，是眾多理由之一。

On the productivity profile RE/MAX agents in 2025 closed around 10.3 transactions per agent on average. The real side was around six, and I believe we were number three in the industry.

就生產力輪廓而言，RE/MAX 經紀人在 2025 年平均每位經紀人完成約 10.3 筆交易。Real 端大約是 6 筆，而我相信我們在業界排名第三。

So, obviously, the RE/MAX agent productivity is way up there and by far the best in the industry and this is significantly important when we're talking about the potential for ancillary services attachment, because every agent that opts into a title.

因此，很明顯 RE/MAX 經紀人的生產力非常高，且是業界迄今最佳；當我們談到附加服務的綁定潛力時，這點非常重要，因為每一位選擇加入產權保險……

JV or uses one-year mortgage is a potential to drive two times more transactions compared to a real agent or any other agent in the industry on average.

合資（JV）或使用 One-Year Mortgage 的經紀人，相較於 Real 經紀人或業界其他經紀人的平均水準，都有潛力帶來兩倍的交易量。

So we don't necessarily only think about the number of agents that RE/MAX has. We think about the number of transactions that those agents are bringing.

所以我們不會只看 RE/MAX 擁有多少經紀人。我們會看這些經紀人帶來多少交易量。

Great. Yeah. Thanks, guys. It's really helpful. And then maybe just one on the cost side, just thinking about the headcount efficiency. I think moving to 85 to 1 from 94 to 1 last quarter.

很好。是的。謝謝各位。這真的很有幫助。接著想再問一個成本面的問題，關於人力編制效率。我看到從上一季的 94 比 1 改善到 85 比 1。

And I guess just when you think about transitioning RE/MAX franchisees and agents onto reason, does the scale of the RE/MAX network meaningfully accelerate some of the internal AI investments you've already done in brokerage ops, just given that larger agent base?

我想問的是，當你們考慮把 RE/MAX 加盟商與經紀人轉到 Reason（平台）上時，RE/MAX 網路的規模是否會因為更大的經紀人基礎，而在你們已經在經紀業務營運（brokerage ops）上做的內部 AI 投資方面，帶來有意義的加速？

I don't think they're necessarily related, right? Because the technology we're building is really quite scalable, right? It's already being used by 30,000-plus agents across North America and, bringing on another $75,000 in North America, it's not going to require a commensurate increase in our investment.

我不認為它們必然相關，對吧？因為我們正在打造的技術其實非常可擴展，對吧？它已經被北美超過 30,000 名經紀人使用，而在北美再增加 75,000 名，也不會需要按比例增加我們的投資。

I mean, technology is scalable by definition. I think the continued business will continue to invest heavily in AI and tech because that's in our DNA and that's our competitive moat, but I don't think it's going to significantly change the level of intensity of investment, and that's because it's already quite intense relative to peers and relative to our own budget.

我的意思是，技術按定義就是可擴展的。我認為公司仍會持續在 AI 與科技上大力投資，因為那是我們的 DNA，也是我們的競爭護城河；但我不認為這會顯著改變投資強度的程度，因為相較同業、也相較我們自己的預算，目前的強度已經相當高。

With that being said, on the headcount efficiency ratio, I did want to just point out that it is going to be largely P&L neutral.

話雖如此，關於人力編制效率比率，我確實想指出，它在很大程度上將對損益表（P&L）保持中性。

It was a conversion of certain contractor roles to full-time employees, which Jenna mentioned in her script, is really to drive better service, better local market expertise and also, the brokers that we brought on as full-time employees, a portion of their compensation is going to be tied to driving ancillary attachment in their market.

這是把某些承包商角色轉為全職員工；正如 Jenna 在她的講稿中提到的，這主要是為了提供更好的服務、更強的在地市場專業；此外，我們聘為全職員工的經紀主管（brokers），其部分薪酬將與在其市場推動附加服務綁定掛鉤。

So I think it's a win-win for our brokers, for our agents, and for the company.

所以我認為這對我們的經紀主管、我們的經紀人，以及公司而言，是一個雙贏。

Got it. Thanks, Robin. It's helpful.

了解。謝謝，Robin。很有幫助。

Sure. Thanks, Nick.

當然。謝謝你，Nick。

(Operator Instructions) Michael Rindos, Benchmark StoneX.

(接線員指示) Michael Rindos，Benchmark StoneX。

Hey, guys. Thanks for taking the question. Can you talk a little bit about what the firm is doing to stimulate agent growth in markets with higher median sales prices?

嗨，各位。謝謝讓我提問。你們能否談談公司正在做些什麼，以在房屋成交價中位數較高的市場刺激經紀人成長？

Sure. Michael, as we communicated, we added Jason Cassity as our Chief Growth Officer about two months ago. So Jason is now overhauling the entire growth strategy. We're starting to do more outreach. In the past, all of our agent growth has been organic, and we've been fielding inbound inquiries.

當然。Michael，如同我們所溝通的，我們大約兩個月前新增 Jason Cassity 擔任首席成長長（Chief Growth Officer）。因此 Jason 現在正在全面改造整體成長策略。我們開始做更多外部拓展。過去我們的經紀人成長全部是自然成長，主要是接收主動上門的詢問。

And now we're starting to be a little bit more strategic in outreach and nurturing relationships with teams and individual agents in markets that we think are strategic for us. We also have the Luxury Division where the Luxury Division focuses on the high-end properties in each market.

而現在我們開始在外部拓展上更具策略性，並在我們認為對我們具有策略意義的市場中，培養與團隊及個別經紀人的關係。我們也有豪宅事業部（Luxury Division），該事業部專注於各市場的高端房源。

So we're venturing slowly, slowly into higher-price-points in every market. So I hope that answers the question.

因此我們正在每個市場逐步、逐步地切入更高價位帶。希望這能回答你的問題。

I also have to mention that following the announcement of joining forces with RE/MAX, we have seen tremendous inbound inquiries related to growth and a lot of interest and our agents are having a lot of conversations with people that are interested in joining.

我也必須提到，在宣布與 RE/MAX 攜手之後，我們看到與成長相關的主動詢問大量增加，興趣非常高，我們的經紀人也正在與許多有意加入的人進行大量對話。

We believe that once we close the transaction or even before that, we will see an uptick in growth, and that uptick will very likely also be coming from agents that are more productive, care more about the branding, care more about being affiliated with a more established name.

我們相信，一旦我們完成這筆交易，甚至在那之前，我們就會看到成長上升；而這個上升很可能也會來自生產力更高、更重視品牌、更在意與更成熟知名品牌建立關聯的經紀人。

And I think that, that move establishes us as obviously one of the top brokerages, but it gives a lot of comfort to agents that are on higher-end markets.

我認為，那項舉措讓我們顯然成為頂尖經紀公司之一，同時也讓身處高端市場的經紀人更有信心。

Okay. Thank you.

好的。謝謝。

Thanks, Michael.

謝謝你，Michael。

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

謝謝。目前佇列中沒有其他問題。接下來我把時間交給財務長 Ravi Jani，回答零售投資人的提問。

Great. Thank you, Matthew. So now that we've completed the analyst Q&A, I'd like to address some of the questions that were submitted through the Say Technology shareholder portal. We received a number of great questions this quarter, so I appreciate everybody who participated. Tamir, you addressed this a little bit in your prepared remarks, but how will Real increase revenue from the RE/MAX acquisition?

太好了。謝謝你，Matthew。現在我們已完成分析師問答，我想回應一些透過 Say Technology 股東入口網站提交的問題。本季我們收到不少很棒的問題，感謝所有參與的朋友。Tamir，你在事先準備的發言中稍微提到這點，但 Real 將如何透過收購 RE/MAX 來提高營收？

Thanks for the question. We believe that it starts with improving the value proposition for agents and franchisees.

謝謝你的提問。我們相信，這首先要從提升對經紀人與加盟商的價值主張開始。

And as you know, Real has been one of the only major publicly traded brokerages who consistently delivered strong organic growth through both strong and weak housing markets. And we believe that comes from the combination of our technology platform, our flexible model and highly collaborative agent community.

如你所知，Real 一直是少數主要的上市經紀公司之一，能在房市景氣強弱不同的環境下，持續交出強勁的有機成長。我們相信這來自於我們的科技平台、彈性的商業模式，以及高度協作的經紀人社群三者的結合。

So by bringing tools like rezen and Leo AI, Real Wallet and our integrated services into the arsenal of RE/MAX franchisees and agents, we believe we can help drive stronger agent attraction, retention, and franchise growth.

因此，透過把 rezen、Leo AI、Real Wallet 以及我們的整合式服務等工具，納入 RE/MAX 加盟商與經紀人的工具庫，我們相信能推動更強的經紀人招募、留任，以及加盟體系成長。

But beyond that, as I noted in my prepared remarks, the scale of the combined network creates a meaningful opportunity to grow our high-margin mortgage, Title, and Fintech businesses while creating the new revenue streams from website leads and just monetizing those website leads. And while the transaction economics don't depend on these revenue opportunities, we certainly will be focusing on delivering them.

但除此之外，正如我在事先準備的發言中提到的，合併後網路規模將帶來重要機會，讓我們得以擴大高毛利的房貸、產權（Title）與金融科技業務，同時也能從網站線索（leads）以及將這些網站線索變現中，創造新的營收來源。雖然交易的經濟效益並不依賴這些營收機會，但我們當然會專注於把它們落實。

Thanks, Tamir. I'll take the next question. Are you concerned about taking on debt? And what is the time line to pay it down? So we're approaching leverage very conservatively, and we're encouraged because both businesses are highly cash generative.

謝謝你，Tamir。我來回答下一題。你們是否擔心承擔債務？以及償還的時間表是什麼？我們在槓桿運用上非常保守，而我們也感到鼓舞，因為兩項業務都具有很強的現金創造能力。

They're asset-light. RE/MAX brings recurring franchise revenue, which creates a lot of visibility into the future Free Cash Flow of the company and so our first capital allocation priority postclose will be deleveraging, and we expect to reach the 2times net debt to adjusted EBITDA by the end of the second full fiscal year following close and as we delever, we'll see both a stronger balance sheet and stronger earnings as we reduce the associated interest expense. And so we think the debt balance is quite manageable.

它們是輕資產。RE/MAX 帶來可重複的加盟收入，讓我們對公司未來自由現金流有很高的可見度；因此，交易完成後我們的第一個資本配置優先事項將是去槓桿（降低負債）。我們預期在交易完成後的第二個完整會計年度結束前，達到淨負債對調整後 EBITDA 2 倍的水準；而隨著去槓桿，我們將在降低相關利息費用的同時，看到更強健的資產負債表與更強的獲利。因此我們認為債務餘額相當可控。

Even pro forma post-close, the leverage of the business will be lower than RE/MAX stand-alone. And so that's on a net leverage ratio basis. And so we'll continue to have the ability to invest in our Agents, in our Franchisees, in the tech platform, and ancillary businesses. So full speed ahead on that while having significant cash to de-lever.

即使以交易完成後的備考（pro forma）基礎來看，公司的槓桿也會低於 RE/MAX 單獨運作時的水準。這是以淨槓桿比率為基礎。因此，我們仍將有能力投資於我們的經紀人、加盟商、科技平台以及周邊業務。所以我們會全速推進，同時也保有可觀的現金用於去槓桿。

Next question for Jenna. What is the plan to transition RE/MAX agents onto the Real platform? Will there be any changes to the model?

下一題給 Jenna。將 RE/MAX 經紀人轉移到 Real 平台的計畫是什麼？商業模式會有任何改變嗎？

Thanks, Ravi. These are great questions. So first, Real and RE/MAX are going to continue operating as distinct brands with their distinct models and value propositions. There's not going to be any forced migration of RE/MAX agents or franchisees onto the Real model. They'll stay completely separate. What this does open up, though, however, is access to the technology and services that we've built to help make agents' jobs easier and more efficient. That includes our proprietary software rezen, Leo AI, Real Wallet, ancillary services, and consumer lead-generation tools. And these tools are the same tools powering Real's operations. So franchisees stand to benefit from the same operational efficiency that we've built into our own business.

謝謝你，Ravi。這些都是很棒的問題。首先，Real 與 RE/MAX 將繼續以各自獨立的品牌運作，並維持各自不同的模式與價值主張。不會強制 RE/MAX 的經紀人或加盟商遷移到 Real 的模式。兩者將完全分開。不過，這確實會開啟一個機會：讓他們能使用我們打造的科技與服務，協助經紀人的工作更輕鬆、更有效率。其中包括我們的專有軟體 rezen、Leo AI、Real Wallet、周邊服務，以及面向消費者的線索生成工具。而這些工具也正是支撐 Real 營運的同一套工具。因此，加盟商可望受益於我們在自身業務中建立的同等營運效率。

Thanks, Jenna. And last question for Tamir. What is the projected time line to complete the acquisition of RE/MAX? And what are your three largest hurdles pertaining to the deal during this period of time?

謝謝你，Jenna。最後一題給 Tamir。完成收購 RE/MAX 的預計時間表是什麼？在這段期間，與交易相關的三個最大障礙是什麼？

Great question. On time line, we expect to file the necessary documents over the next few weeks. The transaction, as you know, requires shareholder approvals on both sides and standard regulatory clearances. So based on typical time lines for transactions of this type, we are targeting a close in the second half of the year as we communicated before, and we will provide a more specific window as we get further into the process.

好問題。就時間表而言，我們預期在接下來幾週提交必要文件。如你所知，這筆交易需要雙方股東核准，以及一般的監管核准。因此，依照此類交易的典型時程，我們的目標是在今年下半年完成交割，正如我們先前所溝通的；隨著流程推進，我們也會提供更明確的時間區間。

On the three biggest things we are focused on, first, it's ensuring agent and franchisee retention through the transition. RE/MAX Network has built very deep relationships with the franchisees over many, many decades.

至於我們聚焦的三件最大事情，第一，是確保在過渡期間經紀人與加盟商的留任。RE/MAX 網路在過去數十年與加盟商建立了非常深厚的關係。

The most important thing we can do between signing and closing is to communicate very clearly and demonstrating to RE/MAX agents and franchisees as well and also Real Agents that their businesses are going to be better and not disrupted by this combination.

在簽約到交割之間，我們能做的最重要的事，就是非常清楚地溝通，並向 RE/MAX 的經紀人與加盟商，以及 Real 的經紀人，證明他們的業務將因這次結合而變得更好，而不會受到干擾。

And if we do that well, we hope that retention piece will just take care of itself. Second, operational stability on day one. when we close, agents and franchisees on both sides of the combination need to wake up and find their businesses running exactly as they were the day before.

如果我們把這件事做好，我們希望留任這一塊就會水到渠成。第二，是交割當天的營運穩定性。當我們完成交割時，合併雙方的經紀人與加盟商隔天醒來，必須發現他們的業務運作與前一天完全一樣。

This is a non-negotiable for us at this point, and we are doing the integration planning work now before we close so that the day of close is going to be a boring day in the best possible way and then I would say, third, just being laser-focused on delivering the synergies.

在現階段，這對我們而言是不可妥協的要求；因此我們現在就在交割前進行整合規劃工作，讓交割當天能以最好的方式「平淡無奇」。接著我會說第三，就是高度聚焦於實現協同效益。

We were targeting $30 million in run-rate savings grounded in zero duplicative overhead and corporate costs, but synergies don't realize themselves. We need to work for that they require thoughtful decisions. They require disciplined execution and organizational alignment.

我們的目標是達到 3,000 萬美元的年化節省（run-rate savings），其基礎在於零重複的管理費用與公司成本；但協同效益不會自動實現。我們必須為此努力，這需要深思熟慮的決策。也需要嚴謹的執行與組織一致性。

We have a clear road map, and we are holding ourselves accountable to it. So those are the three and we think about them, honestly, all day every day.

我們有清楚的路線圖，也會要求自己對此負責。以上就是三點；老實說，我們每天、整天都在思考這些事情。

All right. Thanks, Tamir. With that concludes our shareholder Q&A. Matthew, could you please provide replay instructions and close the call?

好的。謝謝你，Tamir。以上結束我們的股東問答。Matthew，請你提供重播指引並結束電話會議，好嗎？

Certainly. Ladies and gentlemen, this concludes today's conference call. Today's conference call will be available for replay. Our replay phone number is (877) 481-4010. The replay code is 53761.

當然。各位女士、先生，今天的電話會議到此結束。今天的電話會議將提供重播。重播電話號碼是 (877) 481-4010。重播代碼是 53761。

And once again, the replay phone number is (877) 481-4010. The replay code is 53761. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

再重複一次，重播電話號碼是 (877) 481-4010。重播代碼是 53761。您現在可以掛斷電話線，祝您有美好的一天。感謝您的參與。