Financial Data and Key Metrics Changes - The company generated $954.9 million in revenue for Q1 2025, a 4% increase in real estate sales volume driven by higher home sales prices and increased productivity in the international segment [43][54] - The agent count decreased to 81,904, but there was an increase in transactions per agent, indicating the retention of high-performing agents [43][54] - Non-GAAP gross margin was 13%, down 70 basis points year-over-year, while GAAP gross margin was 8%, down 30 basis points year-over-year [44][45] - Adjusted EBITDA was $2.2 million, down year-over-year due to margin compression and increased investments in the agent value stack [46][54] - Cash position improved by 6% year-over-year, ending the quarter with $115.7 million [48][54] Business Line Data and Key Metrics Changes - North America Realty segment generated $923 million in revenue with an adjusted EBITDA of $7.7 million, remaining the largest revenue and profit generator [48] - International segment revenue increased by 103% year-over-year, with a significant narrowing of adjusted EBITDA loss, improving by 52% year-over-year [49][54] - The affiliated services segment, primarily success, showed modest revenue growth with an adjusted EBITDA loss of $1.5 million [49] Market Data and Key Metrics Changes - The company launched operations in Peru and Turkey, with plans for Egypt, aiming for 50,000 agents across 50 countries by 2030 [14][18] - The international expansion strategy has been refined to include localized marketing and partnerships, leading to successful launches [15][18] Company Strategy and Development Direction - The company aims to build the most agent-centric real estate brokerage globally, focusing on a platform that integrates various business units [10][11] - Investments in technology and AI are prioritized to enhance productivity and operational efficiency, with a focus on long-term returns [9][10] - The company is adopting a self-managed, regionalized team structure to improve accountability and agility in international markets [67] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the tough macroeconomic environment but expressed confidence in the company's ability to attract and retain high-performing agents [43][54] - The leadership team is actively reviewing expenses and building plans for more efficient operations in the latter half of 2025 [47][80] - The company is focused on leveraging AI and automation to improve operational efficiencies and unit economics [78][79] Other Important Information - The company was named the number one real estate company in the U.S. by transactions for the third consecutive year [29] - The company received recognition as a top workplace by USA Today, ranking 18th based on employee feedback [30] Q&A Session Summary Question: How is eXp leveraging AI now and what might the enabled platform look like in the future? - The company has been pivoting towards rapid changes with AI, utilizing tools from OpenAI and Google Workspace to enhance operations and tech stack development [57][59][62] Question: What have been the learnings from opening new countries and how have launches changed? - The company has evolved its approach to international launches by focusing on local leadership, understanding market pain points, and leveraging technology for streamlined operations [64][66] Question: Can you elaborate on the agent count trends? - The company continues to retain productive agents, with a 22% improvement in agent attrition quarter-over-quarter, indicating a focus on high-performing teams [70][71] Question: What feedback are agents giving about the cosponsored program? - Agents are excited about the cosponsored program, which fosters collaboration and growth by connecting agents with varying levels of experience and resources [73][75] Question: How should we think about operating expenses for the remainder of the year? - The company does not flex its cost structure dramatically but is focused on efficiency and examining unit economics to find opportunities for cost savings [76][80]

Financial Data and Key Metrics Changes - In 2024, total revenue reached RMB93.5 billion, growing over 20% year-over-year [21][37] - Gross margin was 24.6%, with an adjusted operating margin of 7.4% for the year [40] - Adjusted net margin reached 7.7%, with full-year adjusted net income at RMB7.21 billion [40] Business Line Data and Key Metrics Changes - Existing home transactions GTV rose nearly 11% year-over-year to RMB2.25 trillion, while new home transaction GTV was RMB970 billion, down 3.3% year-over-year [21][37] - Home renovation and furnishing business revenue grew by 36% year-over-year to RMB14.8 billion [23][39] - Home rental services revenue surged by 135% year-over-year to RMB14.3 billion, with over 430,000 rental units under management [24][39] Market Data and Key Metrics Changes - The proportion of existing home GTV in total market GTV increased from 40% in 2023 to 46% in 2024 [35] - New home sales declined by 18% in 2024, but existing home transactions rose by about 15% year-over-year [85][88] - Average area and proportion of homes with three bedrooms and above increased year-over-year in key cities [36] Company Strategy and Development Direction - The company aims to enhance service quality and empower top-performing agents, focusing on a new paradigm for growth [16][30] - The "one body, three wings" strategy has achieved interim success, with a focus on scale growth in home renovation and furnishing [22][39] - The company plans to leverage AI technology to improve operational efficiency and customer experience [12][30] Management's Comments on Operating Environment and Future Outlook - The management noted that the real estate market is experiencing accelerated changes, with increased uncertainty in customer decision-making [10][34] - The company expects the existing home market to realize moderate recovery in 2025, while the new home market adjustment may continue [100] - Management emphasized the importance of technology and human-centric approaches to address industry challenges [29][31] Other Important Information - The company repurchased around US$716 million worth of shares in 2024, accounting for about 3.9% of total shares outstanding [60][61] - A final cash dividend of US$0.12 per ordinary share was approved for 2024, totaling approximately US$0.4 billion [62] Q&A Session Summary Question: Utilization of technology for Beike - Management discussed the potential of AI to enhance efficiency and user experience across various business areas, including home renovation and customer services [66][68] Question: Property market outlook - Management highlighted the strong rebound in the property market since September 2024, with expectations for stabilization in existing home prices [82][84] Question: Agency business growth - Management reported a 20% increase in active non-Lianjia stores and an 11% increase in active non-Lianjia agents, emphasizing the importance of ecosystem governance [103][106] Question: Home rental business stability - Management noted significant growth in the home rental business, focusing on service and efficiency to maintain stability and improve profitability [120][122]