Re/Max Holdings Inc (RMAX) 2025 Q2 法說會逐字稿

Good morning, and welcome to the RE/MAX Holdings second-quarter 2025 earnings conference call and webcast. My name is Tiffany, and I will be facilitating the audio portion of today's call.

早安，歡迎參加 RE/MAX Holdings 2025 年第二季財報電話會議及網路廣播。我叫蒂芬妮，我將負責今天電話會議的音訊部分。

At this time, I would like to turn the call over to Joe Schwartz, Senior Vice President of Finance. Mr. Schwartz?

現在，我想將電話轉給財務高級副總裁喬·施瓦茨 (Joe Schwartz)。施瓦茨先生？

Thank you, operator. Good morning, everyone, and welcome to RE/MAX Holdings second-quarter 2025 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.

謝謝您，接線生。大家早安，歡迎參加 RE/MAX Holdings 2025 年第二季財報電話會議。請造訪 www.remaxholdings.com 的投資者關係部分，以獲取所有與收益相關的資料，包括我們的標準收益介紹以及造訪今天的現場網路直播和電話重播。

Our prepared remarks and answers to your questions on today's call may contain forward-looking statements. 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 settlements, 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. 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 second-quarter 2025 financial results press release and other SEC filings.

我們在今天的電話會議上準備的評論和對您問題的回答可能包含前瞻性陳述。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、財務指標和前景、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、策略和營運計劃以及商業模式相關的陳述。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聲明的義務。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的預測有重大差異。這些內容在我們的 2025 年第二季財務業績新聞稿和其他 SEC 文件中進行了討論。

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. Joining me on our call today are Erik Carlson, our Chief Executive Officer; and Karri Callahan, our Chief Financial Officer.

此外，我們將在今天的電話會議上參考某些非公認會計準則指標。請參閱我們網站上最新的季度財務業績新聞稿中包含的非公認會計準則指標的定義和對帳。今天與我一起參加電話會議的還有我們的執行長 Erik Carlson 和我們的財務長 Karri Callahan。

With that, I'd like to turn the call over to them. Erik?

說完這些，我想把電話轉給他們。艾瑞克？

Thank you, Joe, and thanks to everyone for joining us this morning. We're entering the second half of 2025 with solid momentum. We ended Q2 with over 147,000 agents in our global network, an all-time high. We saw signs of stabilization in our US agent count, and our profit and margin performance exceeded expectations once again.

謝謝你，喬，也謝謝大家今天早上加入我們。我們正以強勁的勢頭進入 2025 年下半年。截至第二季末，我們的全球網路代理商數量超過 147,000 名，創歷史新高。我們看到美國代理商數量出現穩定跡象，我們的利潤和利潤率表現再次超出預期。

Our entire team remains focused on the customer experience and operational excellence. Despite the sluggish housing and macro backdrop, our business model continues to support solid top-line performance. While US existing home sales have been slow to recover, we've seen some green shoots in the form of rising inventory levels and new listings. The June RE/MAX National Housing Report showed inventory levels up 30% versus June of 2024, while new listings grew year over year for the 16th straight month.

我們的整個團隊始終專注於客戶體驗和卓越營運。儘管房地產和宏觀經濟狀況低迷，我們的商業模式仍然支撐著穩健的營收表現。儘管美國現房銷售復甦緩慢，但我們已經看到了庫存水準上升和新房上市數量的一些復甦跡象。RE/MAX 6 月全國住房報告顯示，庫存水準較 2024 年 6 月增長了 30%，而新房源數量連續第 16 個月同比增長。

However, uncertainty around tariffs, inflation, and consumer confidence, coupled with affordability challenges, including persistently high mortgage rates have caused us to temper our expectations around a potential housing rebound in the latter half of the year. For now, we remain laser-focused, focused on the things we can control, and our Q2 results are a testament to our efforts and to the resilience of our network and team. Within the industry, The National Association of Realtors clear cooperation policy continues to be a topic of debate, and our stance remains unchanged. We're focused on driving positive outcomes for consumers, and we continue to believe that promoting listings to the broadest audience serves the best interest of buyers and sellers.

然而，關稅、通膨和消費者信心的不確定性，加上負擔能力的挑戰（包括持續居高的抵押貸款利率），導致我們對下半年房地產市場可能反彈的預期有所降低。目前，我們仍然全神貫注，專注於我們能夠控制的事情，我們的第二季度業績證明了我們的努力以及我們的網絡和團隊的韌性。在行業內，全美房地產經紀人協會明確的合作政策繼續成為爭論的話題，我們的立場保持不變。我們致力於為消費者帶來正面的成果，我們始終相信，向最廣泛的受眾推廣商品訊息符合買家和賣家的最佳利益。

Our ongoing pursuit to deliver the best experience to consumers as well as to RE/MAX agents and franchisees has fueled countless competitive advantages. It's why we have the most trusted real estate agents in the US and Canada. We also have the most productive network in the world as evidenced by the results in the 2025 RealTrends Verified rankings, one of the industry's top independent surveys. For the 17th straight year, RE/MAX agents at large brokerages outperformed their competitors by a margin of more than 2:1. This significant advantage in the US per agent productivity represents a clear differentiator, benefiting all RE/MAX affiliates in multiple ways.

我們不斷追求為消費者以及 RE/MAX 代理商和特許經營商提供最佳體驗，這為我們帶來了無數的競爭優勢。這就是為什麼我們擁有美國和加拿大最值得信賴的房地產經紀人。我們也擁有世界上最高效的網絡，業界頂級獨立調查之一的 2025 年 RealTrends Verified 排名結果證明了這一點。連續第 17 年，大型經紀公司的 RE/MAX 經紀人的表現比競爭對手高出 2 倍以上。美國每位代理商生產力的這一顯著優勢體現出明顯的差異化優勢，使所有 RE/MAX 關聯公司以多種方式受益。

Another major advantage is the scale of our unmatched global footprint. Our worldwide agent count hit a record high as of June 30, and the second quarter marked our best US agent count performance since Q2 of 2022. As we shared on our last earnings call, April was our strongest month for US agent count in three years, and that momentum continued in May and June. Our continued focus on enhancing our value proposition is driving strong demand for the RE/MAX brand, and we're seeing early signs of US agent count stabilization.

另一個主要優勢是我們無與倫比的全球影響力。截至 6 月 30 日，我們的全球代理商數量創下歷史新高，第二季是我們自 2022 年第二季以來美國代理商數量表現最好的季度。正如我們在上次收益電話會議上所分享的，四月份是我們三年來美國代理商數量最多的一個月，而這一勢頭在五月和六月得以延續。我們持續致力於提升我們的價值主張，這推動了對 RE/MAX 品牌的強勁需求，並且我們看到了美國代理商數量趨於穩定的早期跡象。

Now this demand is showing up in our CM&A efforts as well, and we've closed several deals this year and are increasingly excited about the pipeline our new leaders are building. And as we just announced this morning, I would like to welcome RE/MAX Hawaii to our team. We are thrilled about this conversion that will soon add over 170 highly productive and professional agents to our network. This strategic move strengthens our market share in Hawaii, adds a strong and well-regarded operator to our system, and reinforces that influential brokers continue to see real value in what we're building at RE/MAX.

現在，這種需求也體現在我們的 CM&A 工作中，今年我們已經完成了幾筆交易，並且對我們的新領導者正在建立的管道越來越感到興奮。正如我們今天早上剛剛宣布的那樣，我歡迎 RE/MAX Hawaii 加入我們的團隊。我們對這次轉型感到非常興奮，這將很快為我們的網路增添 170 多名高效且專業的代理商。這項策略性舉措增強了我們在夏威夷的市場份額，為我們的系統增加了一個強大且備受推崇的運營商，並強調了有影響力的經紀人繼續看到我們在 RE/MAX 所構建的真正價值。

We're leaning in, investing in tools, technology, new programs, products, and talent to empower our agents to win more listings, save time, and build more profitable businesses for themselves, which in turn fuels brokerage profitability. As I mentioned earlier, we're making many bold moves to elevate and to expand our value proposition. Last quarter, for instance, we introduced Aspire, our innovative onboarding program designed to attract and develop the next generation of RE/MAX agents.

我們正在努力投資工具、技術、新計劃、產品和人才，使我們的代理商能夠贏得更多房源、節省時間並為自己建立更有利可圖的業務，從而提高經紀業務的盈利能力。正如我之前提到的，我們正在採取許多大膽的措施來提升和擴展我們的價值主張。例如，上個季度，我們推出了創新的入職計畫 Aspire，旨在吸引和培養下一代 RE/MAX 代理商。

As a reminder, Aspire combines world-class education, our advanced technology platform, and a unique financial model that gives newer agents time to build a book of business. We're excited by the network's reception to Aspire. Nearly 60% of our brokerages in the US and Canada have already signed up and hundreds of agents are enjoying the benefits. Aspire launched in April and May and June were the first two months of 2025 with a higher US recruitment rate than the same period in 2024. This trend should continue as Aspire becomes even more integrated into the DNA of our network.

提醒一下，Aspire 結合了世界一流的教育、我們先進的技術平台和獨特的財務模式，讓新代理商有時間建立業務記錄。我們對網路對 Aspire 的接受度感到非常興奮。我們在美國和加拿大的近 60% 的經紀公司已經簽約，數百名代理商正在享受這項優惠。Aspire 於 4 月推出，5 月和 6 月是 2025 年前兩個月美國招聘率高於 2024 年同期。隨著 Aspire 更加融入我們的網路 DNA，這種趨勢將會持續下去。

Several other benefits of affiliation are also adding to our momentum. Our lead concierge program is continuing to build and contribute to the top line by connecting consumers with agents and converting curated leads into sales. And we recently launched our new AI-powered global referral system, a powerful real-time data platform that simplifies and scales the exchange of referrals across our unmatched global footprint of over 110 countries and territories.

加入聯盟的其他一些好處也增強了我們的發展勢頭。我們的首席禮賓計劃正在透過將消費者與代理商聯繫起來並將精選的潛在客戶轉化為銷售來繼續建立和貢獻營收。我們最近推出了新的人工智慧全球推薦系統，這是一個強大的即時數據平台，可以簡化和擴展我們在全球 110 多個國家和地區無與倫比的覆蓋範圍內的推薦交換。

These new innovations are strategically tapping into the power of the RE/MAX community. After all, the network effect works best at scale, and no one does scale like RE/MAX. In addition, our RE/MAX Media Network is also beginning to contribute to the top line. While we remain confident in its long-term monetization opportunity, the launch has been slower than anticipated, in part due to challenging macro environment that also has impacted advertising spend. Nonetheless, infrastructure is in place with partners starting to come on board who are seeing the power of our brand and the value of our digital assets.

這些新創新正在策略性地利用 RE/MAX 社群的力量。畢竟，網路效應在規模上發揮最佳作用，而沒有人能像 RE/MAX 那樣實現規模化。此外，我們的 RE/MAX 媒體網路也開始為營收做出貢獻。雖然我們對其長期獲利機會仍然充滿信心，但其發布速度比預期要慢，部分原因是宏觀環境充滿挑戰，這也影響了廣告支出。儘管如此，基礎設施已經到位，合作夥伴開始加入，他們看到了我們品牌的力量和數位資產的價值。

Now on the mortgage side, the environment remains challenging, but our resilient operators continue to navigate it successfully. We're supporting them with new tools, including a recently launched pricing engine within our loan brokerage system. It's designed to boost productivity and help originators find the best loan options for consumers. We've made great progress in the search for the next leader of our mortgage business, and we'll make an announcement in the coming weeks. Mortgage continues to be an important component of our growth story, and we expect our next leader will help us continue to grow Motto and Wemlo while exploring additional avenues to grow our mortgage opportunity.

目前，就抵押貸款方面而言，環境仍然充滿挑戰，但我們堅韌的營運商繼續成功應對。我們正在透過新工具為他們提供支持，包括我們貸款經紀系統中最近推出的定價引擎。其旨在提高生產力並幫助發起人為消費者找到最佳的貸款選擇。我們在尋找下一任抵押貸款業務領導者方面取得了很大進展，我們將在未來幾週內宣布消息。抵押貸款仍然是我們成長故事的重要組成部分，我們期望我們的下一任領導者將幫助我們繼續發展 Motto 和 Wemlo，同時探索增加抵押貸款機會的其他途徑。

As we look ahead, our focus remains clear: continue to grow the global RE/MAX agent network, especially in the US and Canada, further enhance our value proposition, and execute with the excellence across our brands. With the right people, platforms and programs in place, we're on the right path, and we're very optimistic about our future.

展望未來，我們的重點依然明確：繼續擴大全球 RE/MAX 代理網絡，尤其是在美國和加拿大，進一步提升我們的價值主張，並在我們的品牌中發揮卓越作用。有了合適的人才、平台和項目，我們就走在了正確的道路上，我們對我們的未來非常樂觀。

Now I'll turn it over to Karri.

現在我將把它交給 Karri。

Thank you, Erik. Good morning, everyone. We are excited about the second-quarter operational trends Erik discussed and are pleased with our financial performance. Our second-quarter results were a continuation of a consistent trend driven by better-than-expected expense management that resulted in solid profit and improved margin performance for the fifth consecutive quarter. Our top-line results were right in line with our expectations this quarter despite a sluggish spring housing market, highlighting the resilience of our financial model.

謝謝你，埃里克。大家早安。我們對埃里克討論的第二季度營運趨勢感到興奮，並對我們的財務表現感到滿意。我們第二季的業績延續了一貫趨勢，這得益於好於預期的費用管理，連續第五個季度實現了穩健的利潤和利潤率的提高。儘管春季房地產市場低迷，但本季我們的營收業績仍符合預期，凸顯了我們財務模式的韌性。

Some of our notable quarterly financial highlights included total revenue of $72.8 million, adjusted EBITDA of $26.3 million, adjusted EBITDA margin of 36.1%, an increase of 30 basis points over the second quarter of 2024, and adjusted diluted EPS of $0.39. Looking closer at revenue, excluding the marketing funds, revenue was $54.5 million, a decrease of 6.8% compared to the same period last year, driven by negative organic growth of 5.7% and adverse foreign currency movements of 1.1%. The decline in organic growth was principally due to lower US agent count, broker fees, and revenue from previous acquisitions, partially offset by new revenue streams, including contributions from our RE/MAX Media Network and lead concierge initiatives.

我們本季的一些財務亮點包括：總收入7280萬美元，調整後息稅折舊攤銷前利潤（EBITDA）2630萬美元，調整後息稅折舊攤銷前利潤率36.1%，較2024年第二季度增長30個基點，以及調整後稀釋每股0.39美元。進一步分析收入狀況（不含行銷資金），營收為5,450萬美元，較去年同期下降6.8%，主要原因是有機成長率為負5.7%，匯率波動影響1.1%。有機成長的下降主要是由於美國代理商數量、經紀費用以及先前收購的收入減少，但被新的收入來源（包括來自我們的 RE/MAX 媒體網絡和主要禮賓服務計劃的貢獻）部分抵消。

As mentioned, margin performance improved, thanks to our focus on ongoing operational efficiencies. Second quarter selling, operating, and administrative expenses decreased $1 million or 2.8% to $33.9 million. This reduction was primarily due to certain lower personnel expenses, partially offset by severance expenses from a restructuring in the current year and some investments in our flagship websites. We continue to strategically evaluate every aspect of our business and leave no stone unturned. However, the broader macro and housing environment continues to be challenging, impacting our total leverage ratio, which was 3.58:1 as of June 30, roughly consistent with March 31. That said, we still expect our TLR to decrease as we get into the back half of the year.

如上所述，由於我們注重持續的營運效率，利潤率表現有所改善。第二季銷售、營運和管理費用減少 100 萬美元，或 2.8%，至 3,390 萬美元。這一減少主要是由於某些人員費用的降低，但部分被本年度重組產生的遣散費和對我們旗艦網站的一些投資所抵消。我們將繼續從策略角度評估我們業務的各個方面，不遺餘力。然而，整體宏觀和住房環境仍然充滿挑戰，影響了我們的總槓桿率，截至 6 月 30 日為 3.58:1，與 3 月 31 日大致一致。話雖如此，我們仍然預計，隨著進入下半年，我們的 TLR 將會下降。

From a capital allocation perspective, our priorities remain unchanged. We are strategically reinvesting in the business and building our cash reserves as we work to lower our TLR below 3.5:1. Now on to our guidance. We are excited about all of our ongoing initiatives and the momentum we are building. However, the existing uncertainty in the current macro environment has made forecasting future results increasingly difficult.

從資本配置的角度來看，我們的優先事項保持不變。我們正在對業務進行策略性再投資，並建立現金儲備，努力將總負債比率 (TLR) 降至 3.5:1 以下。現在來看看我們的預期。我們對所有正在進行的舉措和正在形成的勢頭感到興奮。然而，當前宏觀環境中存在的不確定性使得預測未來結果變得越來越困難。

It has also caused some of our initiatives, like our RE/MAX Media Network, in particular, to take longer to ramp up. As a result, we are tightening our revenue and profit range expectations for the rest of the year, but also increasing our agent count expectations, primarily due to the strength of our international agent count growth in the first half of the year. Our third quarter and full-year 2025 outlook assumes no further currency movements, acquisitions, or divestitures. For the third quarter of 2025, we expect agent count to increase 1% to 2% over third quarter 2024, revenue in a range of $71 million to $76 million, including revenue from the marketing funds in a range of $17 million to $19 million and adjusted EBITDA in a range of $23.5 million to $26.5 million.

這也導致我們的一些計劃（尤其是 RE/MAX 媒體網路）需要更長的時間才能啟動。因此，我們收緊了今年剩餘時間的收入和利潤範圍預期，但也提高了代理商數量預期，這主要是由於今年上半年我們的國際代理商數量增長強勁。我們對 2025 年第三季和全年的展望假設不會出現進一步的貨幣變動、收購或資產剝離。對於 2025 年第三季度，我們預計代理商數量將比 2024 年第三季度增加 1% 至 2%，收入將在 7,100 萬美元至 7,600 萬美元之間，其中行銷資金收入將在 1,700 萬美元至 1,900 萬美元之間，調整後的 EBITDA 將在 2,350 萬美元之間。

And for the full-year 2025, we now expect agent count in a range from 0 to positive 1.5% over full-year 2024, a change from negative 1% to positive 1%, revenue in a range of $290 million to $296 million, including revenue from the marketing funds in a range of $72 million to $74 million, a change from $290 million to $310 million, including revenue from the marketing funds in a range of $71 million to $75 million, and adjusted EBITDA in a range of $90 million to $95 million, a change from $90 million to $100 million.

對於 2025 年全年，我們現在預計代理商數量將在 2024 年全年的 0 到正 1.5% 之間，變化範圍從負 1% 到正 1%，收入將在 2.9 億美元到 2.96 億美元之間，其中營銷資金收入在 7200 萬美元到 7400 萬美元之間，營銷資金在 29. 7,100 萬美元到 7,500 萬美元之間，調整後的 EBITDA 在 9,000 萬美元到 9,500 萬美元之間，變動範圍從 9,000 萬美元到 1 億美元。

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

接線員，好了，讓我們開始提問。

(Operator Instructions)

（操作員指示）

Tommy McJoynt, KBW.

湯米·麥克喬伊特，KBW。

The first one, Karri, I just want to zoom in a little bit on the reduced guidance range. Just want to be clear, how much of that is driven by lower, what I'll call variable sort of brokerage fee-driven volumes versus just lower more recurring fees driven by the agent count?

第一個，卡里，我只是想稍微放大一下縮小的導引範圍。只是想明確一點，其中有多少是由較低的（我稱之為可變的經紀費用驅動的交易量）推動的，有多少是由代理商數量驅動的較低的經常性費用推動的？

Tommy, so great question. I think I'd highlight a couple of things just with respect to our second quarter. I think we saw some good momentum in the second quarter with respect to the agent count performance and some of the revenue contributions from the differentiated revenue streams from some of our new revenue streams. The reduced guidance, as we think about that in the back half of the year, I would really kind of point to three things that's impacting the top line that's then flowing through to the profit line. The first is just kind of a little bit of a delay in the ramp-up of our RE/MAX Media network.

湯米，這個問題問得真好。我想就我們的第二季強調幾件事。我認為，就代理商數量表現以及一些新收入來源的差異化收入貢獻而言，我們在第二季度看到了一些良好的勢頭。當我們考慮下半年的業績指引時，我實際上會指出三件影響營業收入並進而影響利潤的事情。首先是我們的 RE/MAX 媒體網路的擴張稍微有點延遲。

So we did see some contribution in the first half of the year, but that ramp-up is just a little bit slower than we expected. So that's the first thing really kind of coming in that franchise sales and other franchise revenue line item. The second thing -- the second component is a little bit more of a tempered outlook on broker fee. And so again, a little bit more on the variable side. And then I think the third component, as we think about it, is really more of a near-term impact kind of in the back half of this year is something that's impacting us related to Aspire.

因此，我們確實在上半年看到了一些貢獻，但這種成長速度比我們預期的要慢一點。所以這實際上是特許經營銷售和其他特許經營收入項目中的第一件事。第二件事－第二個組成部分是對經紀費的看法比較溫和一些。因此，再一次，在變數方面還有更多內容。然後我認為，正如我們所想，第三個因素實際上更多的是一種近期影響，即今年下半年對我們與 Aspire 相關的事情產生的影響。

So Aspire has really been a fantastic, we've seen fantastic results from a business perspective and from an adoption standpoint as it really accelerated recruiting. As Erik said, April and when we launched it in April, May and June were the best months of recruiting we've seen in the US. But from a revenue perspective, near term, it's going to take a little while for us to see the revenue contribution. At scale, we think that the revenue per agent is on par or even a little bit better than what we see today. But on a near-term basis in the back half of the year, there's a little bit of pressure as those things ramp up.

因此，Aspire 確實非常棒，從業務角度和採用角度來看，我們看到了非常好的結果，因為它確實加速了招募。正如艾瑞克所說，四月以及我們在四月推出該計畫時，五月和六月是我們在美國招募的最佳月份。但從收入角度來看，短期內我們還需要一段時間才能看到收入貢獻。從規模上看，我們認為每位代理商的收入與今天持平，甚至略高於今天。但從近期來看，也就是今年下半年，隨著這些因素的加劇，我們面臨一些壓力。

So it's really all three of those things. It's just causing a little bit of pressure on the top line, and that's what's rolling through to the bottom line that's contributed to that change.

所以這三件事其實都是這樣的。這只是給營收帶來了一點壓力，而這種壓力最終會波及到利潤，從而引發這種變化。

Got it. Thanks for walking through on those pieces. And then also on the guidance front, it was good to see the agent count guide for the full year get raised that range. When you break apart sort of what's changed directionally since we got the guidance about three months ago between the different geographies of US, Canada and then the international side, which sort of could you rank order which of those geographies was most incremental toward that change in the agent count?

知道了。感謝您對這些作品的介紹。從指導方面來看，很高興看到全年代理數量指導上升到這個範圍。當您分析自大約三個月前我們獲得指導以來，美國、加拿大和國際不同地區之間的方向性變化時，您能否按哪種順序排列這些地區對代理商數量變化的影響最大？

Yes. So I think we continue to see the global footprint and the international expansion as a key competitive advantage. We pointed not only to the agent count expansion, but what we're doing from a value delivery perspective with respect to our MAX referral program and really leveraging the power of the global footprint. And the strength that we've seen in our international agent count is really kind of probably the biggest driver to the guidance range like agent count. However, I really do want to stress the importance and the momentum of what we're seeing in the US.

是的。因此我認為我們繼續將全球影響力和國際擴張視為關鍵的競爭優勢。我們不僅指出了代理數量的擴大，還指出了我們在 MAX 推薦計劃方面從價值交付角度所做的工作以及真正利用全球影響力的力量。我們看到，國際代理商數量的強勁成長很可能是代理商數量等指導範圍的最大驅動力。然而，我確實想強調我們在美國看到的情況的重要性和勢頭。

And as Erik mentioned in the scripted remarks, exciting announcement this morning with respect to a large-scale conversion in Hawaii, bringing some very high-quality productive agents and a really strong operator into the network. And the pipeline that we have new leaders, both in the US and Canada are building is exciting as well.

正如埃里克在演講中提到的那樣，今天早上我們宣布了令人興奮的消息，即在夏威夷進行大規模的轉換，為網路帶來一些非常高品質的高效代理商和真正強大的運營商。我們在美國和加拿大都正在建設的新領導人人才梯隊也令人興奮。

Nick McAndrew, Zelman.

尼克·麥克安德魯，澤爾曼。

Maybe just to start, it's really encouraging to see all the progress with Aspire. And now that it's been live for about a full quarter, I'm just wondering, has your perspective evolved on which types of agents the program is resonating with? And are you able to share any just updated feedback from franchisees on how they're utilizing the program? Is it something that they're actively embracing as a core part of their recruiting strategy? Or is it still kind of more of a complementary tool at this point? Just curious.

也許只是開始，看到 Aspire 的所有進展確實令人鼓舞。現在它已經上線大約一個季度了，我只是想知道，您對該計劃與哪些類型的代理商產生共鳴的看法是否有所變化？您能否分享一下加盟商關於他們如何使用該計劃的最新反饋？他們是否積極將其作為招募策略的核心部分？或者目前它仍然是一種補充工具？只是好奇。

Yes. This is Erik. I think the comments and our thoughts on Aspire continue to hold true, right? So we're seeing really positive adoption. Almost 2/3 of the brokerage that are eligible are participating in the program.

是的。這是埃里克。我認為對 Aspire 的評論和我們的想法仍然是正確的，對嗎？因此，我們看到了非常積極的採用。幾乎有 2/3 符合條件的經紀公司都參與了該計劃。

Folks that are participating in the program are seeing higher recruitment rates over those that are not year-over-year, which is encouraging. I think the agent mix, although Aspire comes with a technology component to help folks understand how to use a CRM and start to nurture leads and get invested in the platform that we deploy, it also comes with a large educational component to make sure that we can help them to be productive sooner rather than later. And that helps with onboarding from a brokerage perspective also. And so we are seeing agents that are younger in tenure entering the program. We're also seeing some agents that are using it to transfer a book of business.

與未參加該計劃的人員相比，參與該計劃的人員的招聘率逐年上升，這是令人鼓舞的。我認為代理商組合，雖然 Aspire 帶有技術組件來幫助人們了解如何使用 CRM 並開始培養潛在客戶並投資於我們部署的平台，但它還附帶一個大型教育組件，以確保我們能夠幫助他們儘早提高生產力。從經紀角度來看，這也有助於入職。因此，我們看到越來越多的年輕經紀人加入該計劃。我們也看到一些代理商正在使用它來轉移業務。

So it's another tool kind of in the tool belt that a broker can use in order to attract new unlicensed agents, new lower tenured licensed agents that need an additional boost from a great brand and a great onboarding program. And then also it can help with obviously transferring a book of business with more mature, more productive agents that also want to be a part of our great brand. So we're seeing kind of all those components, Nick. And as you can imagine, the middle one is probably the biggest driver, and it's really helping us to bring kind of the next generation of agents to RE/MAX.

因此，這是經紀人可以用來吸引新的無執照代理商和新的低年限執照代理商的另一種工具，這些代理商需要優秀品牌和優秀入職培訓計劃的額外推動。而且它還可以幫助我們將業務轉移到更成熟、更有效率的代理商，這些代理商也希望成為我們偉大品牌的一部分。所以我們看到了所有這些組件，尼克。你可以想像，中間那一個可能是最大的驅動力，它確實幫助我們為 RE/MAX 帶來下一代代理商。

Yes, that makes a lot of sense. And I guess following up off of that, you've launched several agent-facing tools over the last few quarters, whether it's obviously Aspire, lead concierge, MaxRefer. I'm just curious, do you have any visibility into how many agents are actively using maybe just one, two, three or more tools? Because I'm trying to wonder if you're seeing a higher level of stickiness when agents are fully integrated with all of the tools in the toolkit at your disposal versus an agent that maybe isn't fully ingrained yet?

是的，這很有道理。我想，在此基礎上，您在過去幾季推出了幾款代理導向的工具，無論是 Aspire、Lead Concierge 還是 MaxRefer。我只是好奇，您是否了解有多少代理商正在積極使用一、二、三個或更多工具？因為我想知道，當代理與您可用的工具包中的所有工具完全集成時，與可能尚未完全根深蒂固的代理相比，您是否會看到更高水平的粘性？

Yes. I think that's a great question regarding kind of retention and engagement. I think it's a little too early to tell to quite answer the tool on like the multiple tool engagement versus kind of single tool. Obviously, it's something we're laser-focused on based on especially on my prior experience. However, we are seeing good adoption on the tools that we have deployed.

是的。我認為這是一個關於保留和參與的好問題。我認為現在就完全回答多工具參與與單一工具參與的問題還為時過早。顯然，這是我們特別關注的事情，特別是基於我以前的經驗。然而，我們看到我們所部署的工具得到了良好的採用。

So folks are excited about our global referral platform and MAXEngage. We're seeing referrals flow through there. We're seeing closed deals flow through there. Lead concierge, we're seeing great conversion from an upper funnel to mid-funnel to lower funnel. We've got really nice adoption from a lot of agents who have to opt into the program.

因此人們對我們的全球推薦平台和 MAXEngage 感到非常興奮。我們看到推薦資訊從那裡流出。我們看到已完成的交易正在通過那裡進行。首席禮賓員，我們看到了從上層漏斗到中層漏斗再到下層漏斗的巨大轉變。許多選擇加入該計劃的代理商都對我們表示了良好的歡迎。

And if you recall on lead concierge, it was not only about delivering kind of an agent, a curated warmed lead, so to speak, but also really improving the consumer experience for either a buyer or a seller. And so we're continuing to make improvements in that program. And we've got a variety of other things that we've launched since R4. Our Marketing as a Service is in beta right now, and we'll go live here in the next couple of weeks, and we're seeing good adoption and good performance from a marketing perspective for agents. So we're really excited about some of the new things on how we've leaned into the network to help agents by improving the value proposition.

如果您還記得首席禮賓服務，它不僅提供一種代理，一種精心策劃的溫暖線索，而且還真正改善了買家或賣家的消費者體驗。因此，我們將繼續改進該計劃。自 R4 以來，我們也推出了各種其他產品。我們的行銷即服務目前處於測試階段，我們將在未來幾週內上線，從代理商的行銷角度來看，我們看到了良好的採用率和良好的表現。因此，我們對如何利用網路透過改善價值主張來幫助代理商的一些新事物感到非常興奮。

We're all about just helping them win listings, do it in less time and make a little more money. And then obviously, that transfers to improved brokerage profitability. So the building blocks are in place. We're seeing good adoption. Now it's time to move into the execution phase.

我們所做的只是幫助他們贏得上市，在更短的時間內完成並賺取更多的錢。顯然，這會提高經紀業務的獲利能力。所以基礎部分已經到位。我們看到了良好的採用情況。現在是時候進入執行階段了。

That concludes our question-and-answer session. And I will now turn the call back over to Joe Schwartz for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給喬·施瓦茨，請他作最後發言。

Thank you, operator, and thank you all for joining the call today.

謝謝接線員，也謝謝大家今天參加電話會議。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。