Re/Max Holdings Inc (RMAX) 2024 Q1 法說會逐字稿

Good morning, and welcome to the RE/MAX Holdings first quarter 2024 earnings conference call and Webcast. My name is Brianna, and I will be facilitating the audio portion of today's call.

早安，歡迎參加 RE/MAX Holdings 2024 年第一季財報電話會議和網路廣播。我的名字是布麗安娜，我將主持今天電話會議的音頻部分。

At this time, I would like to turn the call over to Andy Schulz, Senior Vice President of Investor Relations. Mr. Schulz?

現在，我想將電話轉給投資者關係高級副總裁安迪舒爾茨(Andy Schulz)。舒爾茨先生？

Thank you, operator. Good morning, everyone, and welcome to RE/MAX Holdings first quarter 2024 earnings conference call, please visit the Investor Relations section of www.remaxholdings.com for all earnings-related materials, including our standard earnings presentation and to access the live webcast and the replay of the call today. Our prepared remarks and answers to your questions on today's call may contain forward-looking statements.

謝謝你，接線生。大家早安，歡迎參加RE/MAX Holdings 第一季度2024 年收益電話會議，請訪問www.remaxholdings.com 的投資者關係部分，獲取所有與收益相關的材料，包括我們的標準收益演示，並訪問現場網路廣播和今天的通話重播。我們在今天的電話會議上準備好的評論和對您問題的回答可能包含前瞻性陳述。

Forward-looking statements include those related to agent count, franchise sales and open offices, financial measures and outlook, brand expansion, competition, technology, housing and mortgage market conditions, capital allocation, credit facility, dividends, share repurchases, litigation settlement, strategic and operational plans and business models. Forward-looking statements represent management's current estimates. Re/max Holdings assumes no obligation to update any forward-looking statements in the future.

前瞻性陳述包括與代理商數量、特許經營銷售和開放辦公室、財務措施和前景、品牌擴張、競爭、技術、住房和抵押貸款市場狀況、資本配置、信貸安排、股息、股票回購、訴訟和解、策略以及營運計劃和商業模式。前瞻性陳述代表管理階層目前的估計。Re/max Holdings 不承擔未來更新任何前瞻性陳述的義務。

Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those projected in forward-looking statements. These are discussed in our first quarter 2024 financial results press release and other SEC filings, and also, we will refer to certain non-GAAP measures on today's call. Please see the definitions and reconciliations of non-GAAP measures contained in our most recent quarterly financial results press release, which is available on our website.

前瞻性陳述涉及受風險和不確定性影響的事項，這些風險和不確定性可能導致實際結果與前瞻性陳述中預測的結果有重大差異。這些內容將在我們的 2024 年第一季財務業績新聞稿和其他 SEC 文件中進行討論，此外，我們還將在今天的電話會議上提及某些非 GAAP 措施。請參閱我們最新季度財務業績新聞稿中包含的非公認會計準則衡量標準的定義和調節，該新聞​​稿可在我們的網站上取得。

Joining me on our call today are Erik Carlson, our Chief Executive Officer; and Karri Callahan, our Chief Financial Officer; our brand leaders, Ward Morrison, Amy Lessinger any lessons your are also here and will join us for Q&A.

今天和我一起參加電話會議的是我們的執行長 Erik Carlson；和我們的財務長 Karri Callahan；我們的品牌領導者沃德莫里森 (Ward Morrison)、艾米萊辛格 (Amy Lessinger) 也在這裡，並將與我們一起進行問答。

With that, I'd like to turn the call over to RE/MAX Holdings CEO. Erik Carlson. Eric?

說到這裡，我想將電話轉給 RE/MAX Holdings 執行長。埃里克·卡爾森。艾瑞克？

Thank you, Andy, and thanks to everyone for joining us today. In the short time has passed since our last call. Several events of note have taken place on the housing front, the industry appears to be in the early stages of recovery. Industry reports and feedback from our network helps. Demand remains robust, and the supply of for-sale homes continues to rise, providing some relief to frustrated buyers in this most unusual housing market. However, interest rates have moved up using the number of transactions and adding uncertainty to the Fed will cut interest rates later in the year as some had expected and hoped would be the case.

謝謝你，安迪，也謝謝大家今天加入我們。距離我們上次通話已經過了很短的時間。房地產領域發生了幾起值得注意的事件，該行業似乎正處於復甦的早期階段。來自我們網路的行業報告和回饋會有所幫助。需求仍然強勁，待售房屋的供應持續增加，這為這個最不尋常的房地產市場中沮喪的買家提供了一些安慰。然而，隨著交易數量的增加，利率已經上升，這增加了聯準會將在今年稍後降息的不確定性，正如一些人預期和希望的那樣。

While there are a lot of factors currently affecting the real estate market, one thing remains constant RE/MAX agents, leverage their skills, experience and competitive advantages to serve as many customers as they can. Key difference between our business model and that of many of our peers, our model incentivizes agents to help buyers and sellers reach their housing goals while some other models and center agents to recruit other agents, many of whom are productive.

雖然目前影響房地產市場的因素有很多，但 RE/MAX 代理商始終不變的一件事是，利用他們的技能、經驗和競爭優勢，為盡可能多的客戶提供服務。我們的商業模式與許多同行的主要區別在於，我們的模式激勵經紀人幫助買家和賣家實現他們的住房目標，而其他一些模式和中心經紀人則招募其他經紀人，其中許多經紀人都是富有成效的。

In contrast, our agents' commitment and drive sustain the RE/MAX culture of productivity. And this was recently confirmed by a widely respected industry survey, 2024 real trends verified best brokerages rankings revealed that RE/MAX agents at large U.S. brokerages on average outsold the competition 2-to-1 in residential transaction sides last year.

相較之下，我們代理商的承諾和動力維持著 RE/MAX 的生產力文化。最近一項廣受推崇的行業調查證實了這一點，2024 年真實趨勢驗證最佳經紀商排名顯示，去年美國大型經紀公司的RE/MAX 代理商在住宅交易方面的平均銷售成績以2 比1 的比例超過了競爭對手。

In a survey of more than 1,300 participating large brokerages, RE/MAX agents averaged 11.8 transaction sites more than double the average of other agents plus when the brokerages are ranked by transaction sides for agents, 88 of the top 100 are RE/MAX firms. This marks the 16th straight year in which the real trend data confirms that Remec leads in average per agent productivity known for being skilled experienced and very good at what they do.

在對超過1300家參與的大型券商的調查中，RE/MAX代理商平均有11.8個交易站點，是其他代理商平均交易點的兩倍多，而且當券商按代理商交易方排名時，前100名中有88家是RE/MAX公司。這標誌著真實趨勢數據連續第 16 年證實 Remec 在平均每位座席生產力方面處於領先地位，該公司因技術精湛、經驗豐富且非常擅長其工作而聞名。

Our agents have made RE/MAX the world's most productive real estate network as measured by our residential transaction sites. In addition, RE/MAX agents in the US and Canada have been voted as the most trusted for several years straight and trust as a top consideration among consumers when they're selecting their real estate agents.

根據我們的住宅交易網站衡量，我們的代理商已使 RE/MAX 成為世界上最俱生產力的房地產網絡。此外，美國和加拿大的 RE/MAX 代理商連續多年被評為最值得信賴的代理商，並且信任度成為消費者選擇房地產代理商時的首要考慮因素。

Our industry-leading trust and productivity are key competitive advantages. Our iconic brand is the number one name in real estate. We have an unequaled global presence, a distinct value proposition of services, and most importantly, the best agents and brokers in the business. As I said previously, RE/MAX agents are simply the gold standard. Our competitive advantages should serve us well considering recent industry developments taking place amid a lot of noise and misinformation.

我們在業界領先的信任度和生產力是關鍵的競爭優勢。我們的標誌性品牌是房地產領域的第一個品牌。我們擁有無與倫比的全球影響力、獨特的服務價值主張，最重要的是，我們擁有業內最好的經紀人和經紀人。正如我之前所說，RE/MAX 代理就是黃金標準。考慮到最近在大量噪音和錯誤訊息中發生的行業發展，我們的競爭優勢應該對我們很有幫助。

To recap, on March 15, the National Association of Realtors announced a proposed nationwide settlement agreement that would release our association owned MLSs and most of its membership from liability and multiple seller initiated commission losses. The proposed settlement includes a payment by our as well as several changes in business practices in our industry.

回顧一下，3 月 15 日，全國房地產經紀人協會宣布了一項擬議的全國性和解協議，該協議將使我們協會擁有的 MLS 及其大部分會員免受責任和多個賣方發起的佣金損失。擬議的和解包括我們的付款以及我們行業商業慣例的一些變化。

You propose business changes that are most relevant to RE/MAX affiliates are expected to go into effect mid July 2024. First, while offers of compensation, the buyers' agents are still permitted by the agreement, they cannot take place in the MLS and second written agreements will be required for MLS participants. Notably about 20 states already require written by our agency agreements.

您提議與 RE/MAX 附屬公司最相關的業務變更預計將於 2024 年 7 月中旬生效。首先，雖然協議中仍然允許買方代理人提出補償，但它們不能在 MLS 中進行，並且 MLS 參與者將需要第二份書面協議。值得注意的是，大約 20 個州已經要求我們編寫代理協議。

Let me stress. We continue to remain steadfast in our support of buyer agency and buyer broker compensation, emphasizing the significant advantages of having buyers and sellers represented by trustworthy seasoned real estate professionals. These skilled agents ensure that consumers receive guidance and advocacy while navigating the complexities of the home buying and selling process.

讓我強調一下。我們繼續堅定地支持買方代理和買方經紀人補償，強調由值得信賴的經驗豐富的房地產專業人士代表買家和賣家的顯著優勢。這些熟練的代理人確保消費者在應對複雜的房屋買賣過程時獲得指導和宣傳。

This representation generally drives better outcomes and experiences for the consumers involved from an artist growth we quickly moved to communicate with RE/MAX affiliates and help them understand the changes of RE/MAX brand president, any lessons or immediately held informational sessions for our brokers and our agents with 51 years of history.

這種代表通常會為參與藝術家成長的消費者帶來更好的結果和體驗，我們很快就與RE/MAX 附屬公司進行溝通，幫助他們了解RE/MAX 品牌總裁的變化、任何教訓或立即為我們的經紀人舉行的資訊會議，以及我們的代理商有51年的歷史。

We've had a front row seat, many sudden changes in our industry and the wisdom that comes with experience continues to serve us well, education and outreach to other core strengths of RE/MAX were our top priorities. Following our announcements, our preparation, we have developed and have now deployed materials and resources to help our affiliates navigate the post settlement landscape from education and consultation, marketing and consumer messaging. Re/max will continue to support affiliates in every possible way.

我們佔據了前排席位，我們的行業發生了許多突然的變化，經驗帶來的智慧繼續為我們提供良好的服務，教育和拓展 RE/MAX 的其他核心優勢是我們的首要任務。在我們發佈公告和準備工作之後，我們已經開發並部署了材料和資源，以幫助我們的附屬公司從教育和諮詢、行銷和消費者資訊傳遞等方面應對和解後的情況。Re/max 將繼續以一切可能的方式支持附屬公司。

We advised our network that there were four primary things that they should be focused on. First, RE/MAX affiliates should continue to conduct their business as the security of being released and protected from liability related to these industry lawsuits pending final court approval of the Remec settlement slated for hearing next week on May ninth. Second, they should start preparing for the two proposed new rule changes expected to take effect in July.

我們建議我們的網路他們應該專注在四件主要事情。首先，RE/MAX 附屬公司應繼續開展業務，作為獲得釋放並免受與這些行業訴訟相關的責任的保障，等待法院最終批准定於下週 5 月 9 日舉行聽證會的 Remec 和解協議。其次，他們應該開始為預計 7 月生效的兩項擬議新規則變更做準備。

This includes updating their marketing materials by our presentation and buyer representation agreements. Third, they should continue to speak to their clients in a clear, transparent way about the value they provide and how they're compensated for. They should stay updated on ongoing industry developments. The terms of the proposed settlement would change some aspects of the business by RE/MAX agents are well positioned to navigate these changes, and we will help guide them as they evolve.

這包括透過我們的簡報和買家代表協議更新他們的行銷資料。第三，他們應該繼續以清晰、透明的方式與客戶談論他們提供的價值以及如何獲得報酬。他們應該隨時了解產業的最新發展。擬議和解的條款將改變業務的某些方面，RE/MAX 代理商能夠很好地應對這些變化，我們將幫助指導他們的發展。

Given the extensive experience within our network, our affiliates are able to lean on and learn from the RE/MAX community. That's the power of a network filled with full-time productive professionals in our settlement announcement, many have asked us how the proposed changes might impact the industry. Only time will really tell all commissions are negotiable as they always have been ultimately the responsibility to set fees to clearly communicate value lies within the individual brokerages teams and agents.

鑑於我們網絡內的豐富經驗，我們的附屬機構能夠依靠 RE/MAX 社區並向其學習。這就是我們和解公告中充滿全職生產專業人員的網絡的力量，許多人問我們擬議的變化可能會對行業產生什麼影響。只有時間才能真正證明所有佣金都是可以協商的，因為他們始終有責任設定費用，以明確傳達各個經紀團隊和代理人的價值。

That has always been the case within our network. We're moving intentionally and methodically. Given these unusual times, we're in a period of transition and some uncertainty. I will have a better read on how these developments will impact the industry and RE/MAX as the year unfolds. In the meantime, we'll continue to operate our business as efficiently and effectively as possible, maintaining a growth mindset and stay laser focused on delivering the absolute best customer experience.

我們網路中的情況一直如此。我們正在有目的地、有條不紊地前進。鑑於這些不尋常的時期，我們正處於一個過渡時期和一些不確定性。隨著這一年的展開，我將更了解這些發展將如何影響產業和 RE/MAX。同時，我們將繼續盡可能有效地經營我們的業務，保持成長心態，並專注於提供絕對最佳的客戶體驗。

We're leaving no stone unturned, and we're challenging each process and function to improve not only the velocity but our outcomes. These efforts should yield measurable results in the aggregate, and we believe we have additional revenue opportunities and the potential for margin improvement driven by control over operating costs fell.

我們不遺餘力，對每個流程和功能提出挑戰，不僅要提高速度，還要提高結果。這些努力總體上應該會產生可衡量的成果，我們相信我們有額外的收入機會，並且由於控制營運成本而導致利潤率改善的潛力下降。

As we said last quarter, this will take time, but we are moving with the requisite sense of urgency. We've got a great foundation to build upon our team, our affiliates. They're passionate, passionate about our brands about each other and about innovating growing and simply getting better each and every day. We recently held our annual agent convention called R4 in Las Vegas.

正如我們上季所說，這需要時間，但我們正在帶著必要的緊迫感採取行動。我們已經為我們的團隊和附屬機構奠定了良好的基礎。他們對我們的品牌充滿熱情，對彼此充滿熱情，對創新、成長和每一天都變得更好充滿熱情。我們最近在拉斯維加斯舉辦了名為 R4 的年度代理商大會。

With thousands of attendees from 60 countries. The event was both inspiring and reassuring personally, my first, our core I spend most of my time listening trying to learn as much as possible from our network and other industry leaders who has a fantastic experience, our agents and brokers. We're not only confident and enthusiastic, but excited about the opportunities ahead and can't wait until next year's events.

來自 60 個國家的數千名與會者。這次活動對我個人來說既鼓舞人心又令人安心，首先，我們的核心，我大部分時間都在聆聽，試圖從我們的網絡和其他擁有豐富經驗的行業領導者、我們的代理商和經紀人那裡學習盡可能多的知識。我們不僅充滿信心和熱情，而且對未來的機會感到興奮，迫不及待地等待明年的活動。

Regarding our growth initiatives. We continue to iterate digging into details getting insight and uncovering additional opportunities. To date, we've seen positive results, so not large enough yet to overcome the overall contraction currently being experienced throughout the real estate industry. We launched our expanded teams initiative April 1, and we're seeing the first brokerages unlock the benefits by adding the required six new team members.

關於我們的成長舉措。我們繼續迭代挖掘細節以獲得洞察力並發現更多機會。到目前為止，我們已經看到了積極的成果，但還不足以克服目前整個房地產行業正在經歷的整體收縮。我們於 4 月 1 日啟動了擴大團隊計劃，我們看到第一批經紀公司透過增加所需的六名新團隊成員來釋放優勢。

Notwithstanding the macro pressure, our conversions, mergers and acquisitions or C. M&A program continues to add brokerages and agents to the network. It also continues to evolve as we work through our pipeline of compelling prospects, identify new targets and developing new approaches. We are laying the groundwork, which should serve us well when the market resumes its growth cycle.

儘管面臨宏觀壓力，我們的轉換、併購或 C. M&A 計劃繼續將經紀商和代理商添加到網路中。隨著我們努力探索令人信服的前景、確定新目標和開發新方法，它也在不斷發展。我們正在奠定基礎，當市場恢復成長週期時，這應該對我們有好處。

Now on the mortgage side, despite one of the most challenging end market conditions the mortgage industry has faced in recent history. We continue to grow Tier 2 for focused on what we can control our recent franchise and loan originator convention, a good participation despite the market condition attendees. We're excited excited about the future prospects of the mortgage industry. Motto is going through its first renewal process as the original cohort of franchises are completing their seven year franchise terms, and we're off to an encouraging start with that.

現在在抵押貸款方面，儘管抵押貸款行業面臨著近代歷史上最具挑戰性的終端市場條件之一。我們繼續發展第二級，重點關注我們可以控制的最近的特許經營和貸款發起人大會，儘管市場狀況不佳，但與會者的參與還是很好的。我們對抵押貸款行業的未來前景感到興奮。隨著最初的特許經營群體即將完成其七年特許經營期限，Motto 正在經歷第一次續約過程，我們將迎來一個令人鼓舞的開端。

Thank you, and I'll turn it over to Karri.

謝謝你，我會把它交給卡里。

Thank you, Eric. Good morning, everyone. Effective cost management amidst a challenging housing market summed up our financial performance for the first quarter. Some of the notable quarterly financial highlights included total revenue of $78.3 million, adjusted EBITDA of $19 million with an adjusted EBITDA margin of 24.3% in adjusted diluted EPS of $0.2.

謝謝你，埃里克。大家，早安。在充滿挑戰的房地產市場中有效的成本管理總結了我們第一季的財務表現。一些值得注意的季度財務亮點包括總收入為 7,830 萬美元，調整後 EBITDA 為 1,900 萬美元，調整後 EBITDA 利潤率為 24.3%，調整後稀釋後每股收益為 0.2 美元。

Looking closer at revenue. Excluding the Marketing Funds, revenue was $58.1 million, a decrease of 9.3% compared to the same period last year, driven by negative organic growth. Organic growth decreased principally due to a reduction in events related revenue and lower U.S. agent count, partially offset by higher mortgage segment revenue.

仔細觀察收入。不包括行銷基金，由於有機負成長，營收為 5,810 萬美元，較去年同期下降 9.3%。有機成長下降主要是由於與活動相關的收入減少和美國代理商數量減少，但部分被抵押貸款部門收入增加所抵消。

With respect to events, recall that last year, we celebrated our 50th anniversary at our annual agent convention, which led to exceptional attendance and revenue. This year's conference was smaller. In comparison, Q4 selling, operating and administrative expenses decreased 6.9% to $45.7 million, primarily due to lower expenses from our annual convention and reduced legal expenses, partially offset by higher equity-based compensation from a capital allocation perspective, we continue to be disciplined and patient, particularly in light of the fact that rate cuts appear less likely to occur in the second half of this year.

關於活動，請回想一下，去年我們在年度代理商大會上慶祝了我們的 50 週年紀念日，這導致了極高的出席率和收入。今年的會議規模較小。相較之下，第四季的銷售、營運和管理費用下降了6.9%，至4,570 萬美元，主要是由於我們的年度大會費用減少和法律費用減少，部分被資本配置角度較高的基於股權的薪資所抵消，我們繼續遵守紀律和耐心，特別是考慮到今年下半年降息的可能性似乎較小。

And our pending settlement that is not yet finalized. So housing appears to be rebounding. It is a slow process for all these reasons. We continue to be responsible stewards of capital and think it's best to focus on replenishing our cash in the near term. Simultaneously, we believe we still have the financial flexibility to pursue those growth opportunities where we see the greatest potential our second quarter and full year 2024 outlook assumes no further currency movements, acquisitions or divestitures.

我們的和解尚未最終確定。因此，房地產市場似乎正在反彈。由於所有這些原因，這是一個緩慢的過程。我們繼續充當負責任的資本管理者，並認為近期最好專注於補充現金。同時，我們相信，我們仍然具有財務靈活性來追求那些我們認為潛力最大的成長機會，我們的第二季度和 2024 年全年展望假設沒有進一步的貨幣波動、收購或剝離。

For the second quarter of 2024, we expect agent count to change negative 1.5% to 0% over second quarter 2023 revenue in a range of $75 million to $80 million, including revenue from the marketing funds in a range of $19 million to $21 million and adjusted EBITDA in a range of $24 million to $27 million. And for the full year 2024, we continue to expect agent count to change negative 0.5% to positive 1.5% over full year 2023 revenue in a range of $300 million to $320 million, including revenue from the marketing funds in a range of $78 million to $82 million and adjusted EBITDA in a range of $90 million to $100 million.

對於2024 年第二季度，我們預計代理商數量將比2023 年第二季度的收入減少1.5% 至0%，收入範圍為7500 萬美元至8000 萬美元，其中營銷資金收入範圍為1900 萬美元至2100萬美元，調整後的 EBITDA 範圍為 2,400 萬至 2,700 萬美元。對於 2024 年全年，我們繼續預期代理商數量將比 2023 年全年收入從負 0.5% 變為正 1.5%，範圍為 3 億至 3.2 億美元，其中營銷資金收入範圍為 7800 萬至 7800 萬美元8,200 萬美元，調整後EBITDA 在9,000 萬至1 億美元之間。

With that, Al, let's open it up for questions.

那麼，阿爾，讓我們開始提問吧。

(Operator Instructions) Soham Bhonsle, BTIG.

（操作員說明）Soham Bhonsle，BTIG。

Good morning, Harald and Well, Tom, maybe first one for Eric. Doesn't matter on, do you feel like the VMDR settlements are enough to sort of satisfy the DOJ's concerns as you speak to folks around the industry? Or do you think they may look to include some other additional stipulations before we get final approval.

早安，哈拉爾德，湯姆，也許是艾瑞克的第一個早安。沒關係，當您與業內人士交談時，您是否認為 VMDR 和解協議足以滿足司法部的擔憂？或者您認為在我們獲得最終批准之前他們可能會考慮加入一些其他附加規定。

Yes.

是的。

So on this is this is Eric, and then I'll pass it over to Amy for some additional color. I think it's a you know, we don't know necessarily what the DOJ is making and so it would be tough for us to speculate. I think that the settlement, although there's changes that supports what we've been developed, promoters of this, which is transparency around the transaction and representation on both the buy and the sell side. And, you know, coming back from our four recently and over the past month and maybe might have some more color here.

這是艾瑞克（Eric），然後我會將其傳遞給艾米（Amy）以獲得一些額外的顏色。我認為這是一個你知道的，我們不一定知道司法部正在做什麼，所以我們很難推測。我認為和解協議雖然有一些變化支持我們已經制定的內容，但它的推動者是交易的透明度以及買方和賣方的代表。而且，你知道，從我們最近和過去一個月的四次活動中回來，也許這裡可能會有更多的色彩。

You know, definitely agents and brokers are there chatting about obviously the changes, the potential impact what RE/MAX and the industry is doing to help support them and they're hearing from customers. There are more questions about what does this mean from a compensation perspective? What does it mean from the values you offer. And, you know, from the RE/MAX perspective, we're comfortable with that because obviously we've got full-time agents and they're highly productive.

您知道，代理商和經紀人肯定會在那裡談論明顯的變化、RE/MAX 和行業為幫助支持他們而採取的措施的潛在影響，並且他們正在聽取客戶的意見。還有更多問題是，從薪酬角度來看這意味著什麼？從您提供的價值觀來看，這意味著什麼？而且，您知道，從 RE/MAX 的角度來看，我們對此感到滿意，因為顯然我們有全職代理，而且他們的工作效率很高。

They're in the business they're good at negotiating. They provide great value. And so although we have to make changes our system business practices, the good thing, as you know, it's already happening in about 20 states. So we'll learn from that. Not to say that those are perfect representations, but they're helpful to know to to guide kind of what the future path looks like. So as it relates to the DOJ hard to tell. We'll leave that to them. I'm sure they'll make great decisions. But from us for us, we're trying to right now control what we can control.

他們從事的行業是他們擅長談判的行業。它們提供了巨大的價值。因此，儘管我們必須改變我們的系統業務實踐，但正如您所知，好事已經在大約 20 個州發生。所以我們會從中學習。並不是說這些是完美的表述，但它們有助於了解指導未來的道路是什麼樣子。因此，這與司法部有關，很難說。我們會把這個留給他們。我相信他們會做出偉大的決定。但對我們來說，我們現在正在努力控制我們能控制的事情。

So Amy, maybe you have a bit more color.

所以艾米，也許你有更多的色彩。

Obviously, you've been in the field to make sure in talking to our brokers out there, they are highly focused on ensuring they're educating their agents. And we've provided a lot of support there. And I'll echo Eric's sentiments and the fact that your agents are already experienced, but they're probably getting a few more questions from buyers and sellers than they have in the past.

顯然，您一直在現場，以確保在與我們的經紀人交談時，他們高度重視確保對經紀人進行教育。我們在那裡提供了很多支持。我會同意艾瑞克的觀點以及你們的經紀人已經經驗豐富的事實，但他們可能會比過去從買家和賣家那裡收到更多的問題。

And I think that we welcome the conversation and our agents welcome the conversation that we've always believed in transparency in the transaction. And I think that it is absolutely right and perfect that we're already prepared. We had already prepared education leading up to this. And and so our brokers in the field. I think that's the point of differentiation as well.

我認為我們歡迎對話，我們的代理人也歡迎對話，因為我們一直相信交易的透明度。我認為我們已經做好準備是絕對正確和完美的。我們已經為此做好了教育準備。我們在該領域的經紀人也是如此。我認為這也是差異化的一點。

They are at the local level supporting their agents on a day-to-day basis, and we have provided them with education through our RE/MAX university platform where they can hold classes and bring everyone up to speed on what they need to do to facilitate a conversation about what it means to be represented in a transaction and how competition works?

他們在當地為代理商提供日常支持，我們透過 RE/MAX 大學平台為他們提供教育，他們可以在其中開設課程，讓每個人都了解他們需要做的事情促進關於在交易中代表意味著什麼以及競爭如何運作的對話？

And then I guess just curious, are you seeing any pushback from buyers on the commission rate early on? Or are we still sort of status quo?

然後我想只是好奇，您是否看到買家早期對佣金率有任何抵制？或者我們仍然維持現狀？

It's interesting so far, we are not widely hearing that the reported 90% of buyers last year engaged in being represented. And so, you know, in the U.S. in particular buyers are used to being represented and they understand the value of being represented. Their interests are protected. They value local market market expertise, the ability for the agent to negotiate on their behalf, really streamlines the process.

有趣的是，到目前為止，我們還沒有廣泛聽說去年有報導稱 90% 的買家參與了代表活動。所以，你知道，在美國，特別是買家習慣被代表，他們理解被代表的價值。他們的利益受到保障。他們重視當地市場的市場專業知識、代理商代表他們進行談判的能力，真正簡化了流程。

And so really it questions that we're getting is what does it mean to be represented? And so, you know, we've always been able to negotiate on their behalf. And commissions have always been negotiable, but I think it's really diving a little deeper into what does true rep buyer representation mean.

所以我們真正要問的是，被代表意味著什麼？所以，你知道，我們一直能夠代表他們進行談判。佣金一直是可以協商的，但我認為這確實更深入地探討了真正的代表買家代表的含義。

Okay. And then maybe one long-term one as we sort of think about the next three to five years. I think the consensus seems to be that there's going to be fewer agents in the industry but those that maybe remain are going to be more professional in nature, which is, I guess, positive for the RE/MAX model.

好的。然後也許是一個長期的，因為我們會考慮未來三到五年。我認為共識似乎是，行業中的代理商將會減少，但那些可能留下來的代理商本質上會更加專業，我想這對 RE/MAX 模式來說是積極的。

But it also means that your competition for some of those best agents is going to probably intensify as well. So can you maybe just talk about what changes or potential refreshes you may have to do for the RE/MAX model as you're trying to adapt to and there's enhanced competition for the best agents in the industry?

但這也意味著您對一些最佳代理商的競爭也可能會加劇。那麼，您能否談談您可能需要對 RE/MAX 模型進行哪些更改或潛在的更新，因為您正在努力適應並且行業中最佳代理商的競爭加劇？

Well, look, as you know, so I appreciate the question. I think that we compete for the best agents in the industry today. So I think it's something that it has been in our 51 year history, and we're good at it, not to say that we're not going to have to evolve, which is what I talked about in my opening comments. I do think it's a little bit early to understand some of the changes that will occur over the over the summer and the impact.

好吧，正如你所知，所以我很欣賞這個問題。我認為我們今天正在爭奪業內最好的代理商。所以我認為這是我們 51 年歷史中一直存在的事情，而且我們很擅長，並不是說我們不需要發展，這就是我在開場白中談到的內容。我確實認為現在了解夏季將發生的一些變化及其影響還為時過早。

However, obviously, we focused on what we think we can control, and that is look at the power of our network with 140,000 agents worldwide means something the number of brokers that we have in local communities means something they have their finger on the pulse. They're able to. It does serve the needs. The wants help with questions. Communication education, not only the materials that we provide in our U. RE/MAX, University

然而，顯然，我們專注於我們認為我們可以控制的事情，那就是看看我們在全球擁有140,000 名代理商的網路的力量，這意味著我們在當地社區擁有的經紀人數量意味著他們掌握了脈搏。他們有能力。它確實滿足了需求。需要協助解決問題。傳播教育，不僅僅是我們在 U. RE/MAX 大學提供的材料

But at that local level, and that's, you know, the importance of broker, the relationship living and working in the community with agents and helping them understand the value that not only that brokerage provides, but obviously the RE/MAX brands, tools and community provide. And so I think we're well positioned to compete. But I do agree that we will have to continue to compete and competition will get more fierce and will part-time agents leave?

但在地方層面，這就是經紀人的重要性，在社區中與經紀人生活和工作的關係，幫助他們了解不僅是經紀人提供的價值，而且顯然還有RE/MAX 品牌、工具和服務所提供的價值。所以我認為我們處於有利的競爭地位。但我確實同意，我們必須繼續競爭，競爭會更加激烈，兼職經紀人會離開嗎？

I think that is I think I agree. I totally agree with that consensus to what level I don't know. But I do think that we're well positioned because we are full-time and productive, and we've got the support of a great community. We're in a better position than that, not to say that we don't have work to do and that we're going to have to keep our eye on the competition and work hard every day to help brokers and agents be successful in their market.

我想這就是我認為我同意的。我完全同意這個共識，我不知道達到什麼程度。但我確實認為我們處於有利位置，因為我們是全職且富有成效的，我們得到了一個偉大社區的支持。我們的處境比這更好，並不是說我們沒有工作要做，我們必須密切關注競爭，每天努力工作，幫助經紀人和代理商取得成功。

Well, I think I'd add to that too. And so on that everything we do here for decades has truly been designed to help an agent be more professional, more productive and ultimately lead them to a path and an opportunity to sell more houses. And so we're not playing catch-up there. But I also echo Eric's sentiments about the fact that we can continue to evolve and make sure that we stay in the most competitive position possible.

嗯，我想我也想補充一下。因此，幾十年來我們在這裡所做的一切確實是為了幫助經紀人變得更加專業、更有效率，並最終引導他們找到一條銷售更多房屋的道路和機會。所以我們並沒有在那裡追趕。但我也同意艾瑞克的觀點，我們可以繼續發展並確保我們保持在最具競爭力的位置。

Thanks for that.

感謝那。

Ryan McKeveny, Zelman & Associates

瑞安麥凱文尼，Zelman & Associates

Oh, I'm sorry, hopefully you can hear me now. I was on mute. Sorry about that. Thank you, guys, for taking the question on the capital allocation side of things longer term, obviously near term, kind of a rebuild of cash mentality on maybe for carry.

噢，抱歉，希望你現在能聽到我的聲音。我當時處於靜音狀態。對於那個很抱歉。謝謝你們，夥計們，提出了關於長期資本配置方面的問題，顯然是短期的，可能是為了套利而重建現金心態。

Is there a level at which you want to see the cash balance get to before thinking rethinking about things like like share repurchases or dividends. Just any framework on if there's if there's any certain level you're targeting getting back to before reintroducing that or and just general thoughts on that.

在考慮重新考慮股票回購或股息等事情之前，您是否希望看到現金餘額達到某個水平？只是任何關於在重新引入該水平之前是否有目標回到某個特定水平的框架，或者只是對此的一般想法。

Thank you, Sherri. Good morning, Ryan. Great question. As you said, you know right now there is just a fair amount of uncertainty from a macro perspective and we're obviously laser-focused on on getting the settlement settlement be behind us in terms of the things that we're focused on, we're really focused on leveraging over the long term, the strong economic and cash flow characteristics of the business.

謝謝你，雪莉。早安，瑞安。很好的問題。正如你所說，你知道現在從宏觀角度來看存在相當大的不確定性，我們顯然專注於在我們關注的事情上讓和解協議在我們身後，我們真正專注於長期利用企業強大的經濟和現金流特徵。

And we've got our eyes focused on a couple of different leverage levels that are stipulated in our in our credit agreement. The good news is the franchise model, the strong economics, the earnings to free cash flow characteristics are ex the settlement. We're still looking it 45% to 50% conversion of our cash earnings to free cash flow for 2024. And so really focused on on and getting the leverage level lower on and, you know, back in accordance with the levels that are stipulated in our credit facility.

我們的注意力集中在我們的信貸協議中規定的幾個不同的槓桿水平。好消息是特許經營模式，強勁的經濟性，自由現金流特徵的收益是除結算之外的。我們仍在尋求 2024 年將 45% 至 50% 的現金收益轉化為自由現金流。因此，我們真正專注於降低槓桿水平，並且按照我們信貸安排中規定的水平恢復槓桿水平。

And then we'll be I'm definitely focused on those initiatives to help drive the Company's growth in the future because we do continue to believe that there are a lot of opportunities for us across the network fixed carry And one more for you on kind of a modeling one on the broker fee revenue and I think year over year down down just slightly and kind of best on year over year performance in quite a bit. It was ahead of our estimate.

然後我們肯定會專注於這些舉措，以幫助推動公司未來的成長，因為我們仍然相信，我們在整個網路固定收益方面有很多機會，而且還有一個實物機會經紀商費用收入的建模，我認為同比略有下降，而且同比表現在相當多的水平上是最好的。這超出了我們的估計。

I guess I'm just curious is that just macro kind of EHS related trends during the quarter, especially in February, but the pickup we all saw or have there been any kind of structural adjustments at all within the way broker fee revenues are being structured? Thank you.

我想我只是好奇的是，本季（尤其是 2 月）只是與 EHS 相關的宏觀趨勢，但我們都看到了回升，或者在經紀人費用收入的結構中是否出現了任何結構性調整？謝謝。

Yes, I think it's a great question, Ryan. I think it really is macro related. But I do think some of that comes back to just the overall strength of the network, right, with the most productive agents, even in a challenging macro environment, we stand to see and to perform their well and I think from both the top line perspective as well as from a margin perspective this quarter, we're just really happy with the results. And I think it really highlights some of the differentiation in the financial model.

是的，我認為這是一個很好的問題，瑞安。我認為這確實與宏觀有關。但我確實認為其中一些可以歸結為網絡的整體實力，對吧，即使在充滿挑戰的宏觀環境中，擁有最高效的代理商，我們也能看到並表現良好，我認為從兩個方面來看從本季的角度以及利潤角度來看，我們對結果非常滿意。我認為這確實凸顯了財務模式的一些差異。

That's great. Thank you very much.

那太棒了。非常感謝。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Great. Hey, just a couple of quick ones from me. So on the U.S. agent count, VNOC continue to decline. I was just curious if you guys when you guys sort of slice and dice the data if there is any sort of, you know, high-level semantics of the agents that are leaving. So is it all part-time or is it just the most unprofitable? And the reason I ask is because is there a sense of how much more of that is there to go before you could start seeing about high rental and new foundation lead?

偉大的。嘿，我只是簡單說幾句。因此，就美國代理商數量而言，VNOC 繼續下降。我只是好奇你們是否對資料進行切片和切塊，是否存在任何類型的，你知道的，即將離開的代理的高級語義。那麼到底是全是兼職還是只是最無利可圖的呢？我之所以問這個問題，是因為你是否意識到，在你開始看到高租金和新的基礎領導之前，還有多少事情要做？

The industry has contracted, which we've seen that historically in the past. And so we are not immune to that. But I think that, you know what we expect moving forward is that professionalism and the ability to navigate, given the industry changes is going to become even more important.

這個行業已經萎縮，我們過去已經看到過這種情況。所以我們也不能倖免。但我認為，考慮到產業的變化，我們對未來的期望是專業和駕馭能力將變得更加重要。

And so we feel like we're sitting in a great position to capture agents who truly need support during this time and who truly need to elevate their skill set because we're ready with everything that they need to succeed. So so we would expect things at our ability to compete to be very, very high here and the promises go ahead of your carriage.

因此，我們覺得我們處於一個很好的位置，可以吸引在這段時間真正需要支持、真正需要提高技能的代理商，因為我們已經準備好他們成功所需的一切。因此，我們期望我們在這裡的競爭能力非常非常高，並且我們的承諾將在您的旅程之前實現。

Yes, not only do you have the math just a little bit from a numbers perspective, and especially especially as we look at kind of experience and tenure from a ten-year perspective, the cohort of agents that we're seeing across our network continues to be pretty consistent with what we've seen historically. And from an experience perspective, I think the latest statistics I saw from an IRR perspective, you know.

是的，您不僅從數字的角度進行了一點數學計算，尤其是當我們從十年的角度審視經驗和任期時，我們在網絡上看到的代理群體仍在繼續與我們歷史上看到的情況非常一致。從經驗的角度來看，我認為我從 IRR 的角度看到的最新統計數據，你知道。

Close to 20% of agents across the industry have zero to two years of experience, whereas on the RE/MAX side, you know, it's closer to 10%. And so I think we continue to differentiate ourselves there both from an experience perspective and then our agents being more tenured than the industry on. And that trend has has has continued and at least and even strengthened a little bit over recent quarters and Ron, this is Eric.

整個行業中接近 20% 的代理商擁有零到兩年的經驗，而在 RE/MAX 方面，您知道，這一比例接近 10%。因此，我認為我們將繼續在體驗方面脫穎而出，而且我們的代理商比行業內的任期更長。這種趨勢一直在持續，至少在最近幾個季度甚至有所加強，羅恩，這是埃里克。

I mean, you know your question's a good one and obviously, there is insight and there's actions that we can take. So I mean, we're not necessarily satisfied with the agent decline either from a net or disconnect perspective and so on. I think that I wouldn't be it would be obvious if you think about it kind of what some of the reasons our employees leave managers versus companies usually and agents duly brokerages versus kind of the brand. And so that's one of the items there.

我的意思是，你知道你的問題是一個很好的問題，顯然，我們有洞察力並且可以採取行動。所以我的意思是，我們不一定對代理的拒絕感到滿意，無論是從網路還是斷開連線的角度來看。我認為，如果你考慮我們的員工離開經理與公司、代理商和適當的經紀公司與品牌的原因，我想我不會很明顯。這就是那裡的項目之一。

And I do think that the industry based on the on the volume last year on home sales and unit volume this year is it's harder to be an agent. And so we are probably a little bit better protected. And we feel mitigated because of the full-time nature of our agents. But that's not to say that we don't have work to increase agent satisfaction, broker satisfaction and provide additional tools, support resources.

我確實認為，根據去年的房屋銷售量和今年的單位銷量，該行業成為代理商更加困難。所以我們可能會受到更好的保護。由於我們的代理是全職性質，我們感到輕鬆一些。但這並不是說我們沒有努力提高代理商滿意度、經紀人滿意度並提供額外的工具和支援資源。

We'll tell agents be more successful in a market, whether it's a tough market or easy market. So and I think carrier's perspective is a good one, but just know that we continue to turn over every rock here to understand what we can do to better support agents and brokers. And I certainly hope and I think that we'll be able to bend the trend.

我們會告訴代理商在市場上取得更大的成功，無論市場是艱難的還是寬鬆的。因此，我認為運營商的觀點是好的，但要知道，我們將繼續竭盡全力，以了解我們可以採取哪些措施來更好地支持代理商和經紀人。我當然希望並且我認為我們能夠扭轉這一趨勢。

Great. And then just my second one is just on the sort of the implication of the NAR ruling. It sounds like you guys have been sort of front-footed on education and, you know, I'm staying in front of sort of agents and brokers and so forth. I guess my question is when you think about sort of the 20 states that have already sort and you don't have those those policies in place versus the ones that have. Is there anything sort of structurally are processes wise that that needs to change on the broker and agent level as you sort of move forward?

偉大的。我的第二個問題是關於 NAR 裁決的影響。聽起來你們在教育方面有點領先，而且，你知道，我站在經紀人和經紀人等人的前面。我想我的問題是，當你想到 20 個已經排序的州時，你會發現你沒有製定這些政策，而是與已經制定的政策相比。隨著您的前進，是否有任何結構性的流程明智的事情需要在經紀人和代理商層面上進行更改？

So real quick, Ron. I mean, I'll pass it over to Amy for some commentary to she's obviously, yes, she's closer to being an agent, a team leader, and they have run into brokerage than than I am as you've probably forgotten more than Oliver. No, but I think that obviously we need to still see some of the rules, right? So some of the specifics aren't necessarily outlined to the extent where you can make some changes and you're starting to see some folks come out with whether it's different buyer agreements, et cetera, and so on.

真快，榮恩。我的意思是，我會把它轉給艾米，讓她發表一些評論，顯然，是的，她更接近成為一名經紀人，一名團隊領導者，他們比我更接近經紀人，因為你可能比奧利佛忘記了更多。不，但我認為顯然我們仍然需要看到一些規則，對吧？因此，某些具體細節不一定會概述到您可以進行一些更改的程度，並且您開始看到一些人提出是否有不同的買方協議等等。

First and foremost, what we wanted to do is obviously let our community know that we're there to support them like we always have been throughout our history to help them through a tough times or with updates that happen quickly. And so education is kind of first and foremost and kind of getting back to the basics of the value, provide you negotiation skills, how you talk about compensation for that value. And then we'll be we'll be in a good situation in order to make changes to agreements, processes, things of that type of nature.

首先也是最重要的，我們想做的顯然是讓我們的社區知道我們會像我們歷史上一直以來那樣支持他們，幫助他們度過艱難時期或快速發生更新。因此，教育首先是回到價值的基礎，為你提供談判技巧，以及如何談論該價值的補償。然後我們將處於良好的境地，以便對協議、流程和此類性質的事物進行更改。

And I'll turn it over to Amy because she's obviously had her feet on the street here more recently is here and kind of what's happening at the brokerage level so far and just a little bit of history, fire agency came into play in the mid-1990s, there was a big shift because buyers historically they were not represented and they did have a big study leading up to it where over almost -- three quarters of buyers out there thought that when an agent showed them a home, they were being represented.

我會把它交給艾米，因為她顯然已經在街上站穩了腳跟，最近在這裡，到目前為止，在經紀層面發生了一些事情，只是一點點歷史，消防機構在中期發揮了作用- 20 世紀90 年代，出現了一個很大的轉變，因為歷史上買家沒有代表，他們確實進行了一項大型研究，幾乎四分之三的買家認為，當經紀人向他們展示房屋時，他們正在被代表。

So and so they made a big shift and a big change so even though these other states have not had mandatory buyer agency agreements, those agreements exist and have existed for a very long time and have been definitely widely used. It's just that they weren't mandatory. So this change, it's not so colossal among agents out there, they are familiar with what it means to be represented or to be a buyer's agent.

某某他們做出了重大轉變和重大改變，因此即使其他州沒有強制性買方代理協議，這些協議仍然存在，並且已經存在了很長一段時間，並且肯定被廣泛使用。只是它們不是強制性的。因此，這種變化對於代理人來說並不是那麼巨大，他們熟悉代表或成為買方代理人意味著什麼。

And so now though it becomes mandatory age and some of the fields, of course, are going to change that elaborate regarding compensation and specifying and amounts, et cetera. So we will anticipate that those changes in the forms will come at the local level and they will be disseminated. And that's one of our strengths again, is that our brokers boots on the ground they will be able to navigate that speed and efficiency.

因此，儘管現在它已成為強制性年齡，但某些領域當然會改變有關薪酬、具體說明和金額等的詳細說明。因此，我們預計表格上的這些變更將在地方層級進行，並將傳播。這又是我們的優勢之一，那就是我們的經紀人立足於他們將能夠駕馭這種速度和效率。

Thanks, Tom.

謝謝，湯姆。

Tommy McJoynt, KBW.

湯米·麥克喬恩特，KBW。

Hey, guys, good morning. Thanks for taking our questions come along a similar line of questioning, Tom, with all the data that you see on your agents and perhaps even anecdotally based your face time with your agent at our annual convention. Is there any evidence of RE/MAX agents or frankly their local competitors experimenting with compensation arrangements that are different than the typical call it two point percent rate? I understand it dependent on local market, perhaps something like $6 compensation amounts are slimmed down offerings. Anything of that sort that you're hearing or seeing in about it?

嘿，夥計們，早安。感謝您提出我們的問題，湯姆，我們的問題與您在代理人身上看到的所有數據類似，甚至可能是基於您在我們的年度大會上與代理人的會面時間。是否有任何證據表明 RE/MAX 代理商或坦白說他們的當地競爭對手正在嘗試與典型的百分之兩百分點的薪酬安排不同的薪酬安排？據我了解，這取決於當地市場，也許 6 美元的補償金額會減少產品的數量。您聽過或看過類似的事情嗎？

Well, first of all and you. Hi, Tommy. First of all, I think you know, it's important to say that unit rates have never been set. They've always been negotiable and varying models have existed for a very long time, whether it be flat, fee-based percentage based, et cetera. So I'm so no, at this moment, we're not seeing a large, you know, an uptick and insurgents of variation there. I just haven't I haven't really heard the network talking too much about that yet.

好吧，首先是你。嗨，湯米。首先，我想你知道，重要的是單位費率從未被設定過。它們一直是可以協商的，不同的模式已經存在了很長一段時間，無論是固定的、基於費用的百分比等等。所以我非常不同意，此時此刻，我們沒有看到那裡的巨大的上升和變異的叛亂。我只是還沒有真正聽到網絡對此進行太多討論。

I mean, I guess what I'd say is like from our four there isn't like a a an old model that's now a new model that has all of a sudden kind of a quick fix. I think you know, from our perspective and our brokers and agents, especially at our fault for were just talking about the idea that they've always spoken about the value that they provide either on the seller or the buyer side and this is going to be different, obviously, with maybe agreement before they go to showing, et cetera, et cetera.

我的意思是，我想我想說的是，在我們的四個產品中，沒有一個舊模型現在是一個新模型，突然有一個快速修復。我想你知道，從我們的角度以及我們的經紀人和代理商的角度來看，尤其是我們的過錯，因為我們只是在談論他們總是談論他們為賣方或買方提供的價值，這將顯然，要有所不同，在他們去展示之前可能會達成一致，等等。

However, the idea that their full-time professionals helps them because they've got tenure and they've got productivity. So like they have more swings at the bat. So they're actually probably a little bit more prepared than others from that perspective. And that's not I mean, we're obviously proud of the community at RE/MAX, but I do think full-time professionals and folks that are more productive, you know, in turbulent times, it helps them to get through it the peaks and valleys.

然而，全職專業人員的想法對他們有幫助，因為他們擁有終身職位並且擁有生產力。就像他們在擊球時有更多的揮桿動作一樣。所以從這個角度來看，他們實際上可能比其他人準備得更充分一些。我的意思不是，我們顯然為 RE/MAX 的社區感到自豪，但我確實認為全職專業人士和人們的工作效率更高，你知道，在動盪時期，這可以幫助他們度過難關和山谷。

Thanks. And I can't I'm switching gears over to the international agent side that this may get asked every every couple of quarters. I just wanted to have the latest update. If I look at the sort of just take Planet, the global fee revenues and kind of divide it by the number of non-US.

謝謝。我不能把工作轉到國際代理方面，因為每隔幾季就會有人問這個問題。我只是想獲得最新的更新。如果我看一下 Planet 的全球費用收入，然後將其除以非美國的數量。

And Canada agents, it looks like that number has been running around kind of $200. And then largely, I think sort of I think about the monetization opportunity. Would you see kind of the prospects for that to be increasing decreasing? And kind of what initiatives do you have to add to potentially move that number?

加拿大代理商的數字似乎一直在 200 美元左右。然後很大程度上，我認為我考慮的是貨幣化機會。您認為這種情況的前景會增加嗎？您需要採取哪些措施才能改變這個數字？

I mean, I'll start there. It's a it's definitely something that's on the roadmap. I mean, you're right, the fees have been running around 200. We have a great network. And, you know, just about I think I heard 10 countries a lot of agents out there. There are definitely monetization opportunities. We're not going to talk about that strategy here on the call. I know you'd like to, however, I don't I don't see downside there always be nothing but upside.

我的意思是，我將從這裡開始。這絕對是路線圖上的事。我的意思是，你是對的，費用在200左右。我們有一個很棒的網路。而且，你知道，我想我聽說 10 個國家有很多代理商。肯定有貨幣化機會。我們不會在電話會議上討論該策略。我知道你願意，但是，我不喜歡，我不認為有什麼壞處，只有好處。

Got it. Thank you.

知道了。謝謝。

John Campbell, Stephens.

約翰坎貝爾、史蒂芬斯.

Hey, guys, good morning on that on the on the exiting April agent count you guys provided in the press release if you were just keep that static or just kind of hold the line for rest of the year it looks like I'm just getting down, I think totally just down maybe 120 bps year over year exiting this year at the low end of the total agent guidance you guys provided was down 50 bps.

嘿，夥計們，早上好，關於新聞稿中提供的四月份即將離職的經紀人，如果你們只是保持這種靜態，或者只是在今年剩下的時間裡保持沉默，看起來我只是得到了下降，我認為同比下降了120 個基點，今年退出時你們提供的總代理指導的低端下降了50 個基點。

So obviously you're going to need some sequential growth from here. I want to check on your level of confidence with the guidance and then maybe secondly, just how impactful seasonality typically is do you feel like the past cadence of kind of seasonal growth that will hold this year?

所以顯然你需要從這裡開始一些連續的成長。我想檢查一下您對指導的信心程度，然後也許其次，季節性通常有多大影響，您覺得今年將保持過去的季節性增長節奏嗎？

Yes, good morning, John. I think it's a great question. I think a couple of things to note with respect to kind of the first quarter and then even through April from that, from that guide perspective on international agent count has has been a little a little lumpy on. We've had the puts and takes obviously, Eric just mentioned the 110 countries and territories and but we still on a year-over-year basis have grown international agent count by 3,500 agents and have had some pockets of strength, especially in on in Central and South America.

是的，早上好，約翰。我認為這是一個很好的問題。我認為，從第一季甚至四月開始，有幾件事需要注意，從指導角度來看，國際代理商數量一直有點不穩定。顯然，我們已經進行了調整和調整，埃里克剛剛提到了 110 個國家和地區，但我們的國際代理商數量仍然同比增加了 3,500 名代理商，並且擁有一些實力，尤其是在中美洲和南美洲。

And so some of the some of the reductions that we've seen there, we expect to more than on kind of rebuild ourselves and get back to kind of that. And I'm close to mid-single-digit organic year-over-year growth on the international basis. And that's the biggest I kind of see the deviation as we look at the US and Canada on, you know, hoping to get some some trends, but obviously the macro conditions are a little bit tougher.

因此，我們在那裡看到的一些削減，我們期望不僅僅是重建我們自己並回到那種狀態。在國際範圍內，我的有機年增長接近中個位數。當我們觀察美國和加拿大時，這是我看到的最大偏差，你知道，希望得到一些趨勢，但顯然宏觀條件有點嚴峻。

Okay. So it sounds like you're expecting continuation of U.S. Canadian headcount reduction and then a little bit better international? That's fair.

好的。聽起來您預計美國和加拿大將繼續裁員，然後國際化程度會更好一些？這還算公平。

No. So I just want to clarify there from an international perspective, kind of getting back on a year-over-year basis to that, to that kind of mid-single-digit level of growth. And then when we look at the US and Canada, obviously, what we've seen right now in terms of kind of the year over year performance, I'm kind of more in Canada kind of on a sequential basis.

不。因此，我只想從國際角度澄清這一點，即按年計算，回到中個位數的成長水準。然後，當我們看看美國和加拿大時，顯然，我們現在所看到的逐年表現，我更傾向於加拿大的連續表現。

Obviously, we've got tremendous market share in Canada on until kind of looking at looking at that from a from a Canadian perspective. And then in terms of in terms of the year over year perspective in the U.S. and obviously the macro conditions are a little bit tighter on, but I'm expecting a little bit of sequential improvement in terms of what we've seen in the first quarter.

顯然，我們在加拿大擁有巨大的市場份額，直到從加拿大的角度來看這一點。And then in terms of in terms of the year over year perspective in the U.S. and obviously the macro conditions are a little bit tighter on, but I'm expecting a little bit of sequential improvement in terms of what we've seen in the first四分之一.

Okay. That's good color. I appreciate that. And then on motto, I mean, if I go back and just kind of tally the franchise signings over the last couple of years, I'm showing you guys maybe have I don't know what two thirds or so that that are live now I know there's probably an element of attrition in play there. So maybe if you could talk to how many how many franchises you have going through implementation or are getting set up now? And then relative to that pipeline, once you get them live and paying full fees, what that level of revenue might represent?

好的。這顏色真好啊我很感激。然後關於座右銘，我的意思是，如果我回去統計一下過去幾年的特許經營簽約，我會向你們展示我可能不知道現在有多少三分之二左右的球員我知道比賽中可能存在消耗的因素。那麼，也許您可以談談您有多少特許經營權正在實施或正在建立？然後相對於該管道，一旦你讓它們上線並支付全額費用，這個收入水平可能代表什麼？

Yes. I mean, I'm in the IIb open status right now, we have close to 20 that are to be opened right now. We've already opened up eight this year. So we're on a great roll when it comes to opening offices, we obviously need to sell a few more. So that continues to be a spot that we are working on there, definitely some green shoots when it comes to sales and it's been a tough market to sell into, but we are still growing last year. We still have sold close to 30 last year.

是的。我的意思是，我現在處於 IIb 開放狀態，我們現在有近 20 個待開放。今年我們已經開設了八家。因此，我們在開設辦事處方面進展順利，顯然我們需要再出售一些。因此，這仍然是我們正在努力的一個領域，在銷售方面肯定有一些新芽，而且這是一個很難銷售的市場，但我們去年仍在成長。去年我們仍然售出了近 30 台。

We believe we can go higher than that this year. That's still the plan. So we still think there's opportunity. Obviously, it does take anywhere from 60 to 180 days to get somebody open and then after open, they start paying us at the month seven. So it does take a little bit of time, but after that equates to approximately $5,000 a month between the ad fund and the royalty fee.

我們相信今年我們可以走得更高。這仍然是計劃。所以我們仍然認為有機會。顯然，確實需要 60 到 180 天才能讓某人開業，然後在開業後，他們在第七個月開始向我們付款。所以這確實需要一點時間，但之後相當於每月約 5,000 美元的廣告基金和特許權使用費。

And so the opportunity for moderate is still be or an organic growth engine is there. And we continue to sell really high-quality sales there fewer. But like yesterday, just talking independent, that has 80 agents and they're ready and willing and excited to get into mortgage. And they actually were already sort of working with the company, but they wanted to own their own. So we're still seeing people in the real estate sector who are looking for opportunities to get into ancillary and Mortgage continues to be the best one forward.

因此，適度的機會仍然存在，或者存在有機成長引擎。我們在那裡銷售真正高品質的產品的數量繼續減少。但就像昨天一樣，就獨立而言，它有 80 名經紀人，他們已經準備好、願意並且興奮地進入抵押貸款領域。他們實際上已經在與該公司合作，但他們想擁有自己的公司。因此，我們仍然看到房地產行業的人們正在尋找機會進入輔助行業，而抵押貸款仍然是最好的選擇。

Okay. That makes sense. And more maybe a quick follow-up there. So about [$60,000] a year per franchise when they're live and paying full fees, that's the right number to go with that growth.

好的。這就說得通了。也許還有更多的快速跟進。因此，當每個特許經營權上線並支付全額費用時，每年約 [60,000 美元]，這是與這種增長相適應的正確數字。

Yes.

是的。

Okay, thank you.

好的謝謝。

Seeing no further questions at this time, this will conclude our question and answer session. I will now turn the call back to Andy Schulz for any closing remarks.

目前沒有其他問題，我們的問答環節就此結束。我現在將把電話轉回給安迪舒爾茨，請他發表結束語。

But thank you, operator, and thanks to everyone for joining our call today. Have a great weekend.

但謝謝接線生，也謝謝大家今天加入我們的通話。週末愉快。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。