Financial Data and Key Metrics Changes - The company generated $1.3 billion in revenue for Q3 2025, representing a 7% increase compared to the same quarter last year, with real estate sales volume also up by 7% driven by increased home sales prices and agent productivity [27][28] - The agent count was 83,446, down 2% year-over-year but showed a 1% quarter-over-quarter increase [27] - GAAP gross margin was 6.5%, down 57 basis points year-over-year, while non-GAAP gross margin was 10.9% [28] - Adjusted EBITDA was $17.7 million, down year-over-year, attributed to compressed gross margins but offset by operational improvements [28] Business Line Data and Key Metrics Changes - The North America Realty segment generated $1.3 billion in revenue with an adjusted EBITDA of $23.1 million [29] - The International segment saw revenue growth of 68% year-over-year, driven by an increase in productive agents and transactions [29] - Other affiliated services contributed modest revenue with an adjusted EBITDA loss of $1.3 million [29] Market Data and Key Metrics Changes - International real estate transactions grew 44% year-over-year, with a 56% increase in productive agents and a 34% increase in productivity per person [24] - The company opened operations in five new countries in 2025, including Peru, Ecuador, Turkey, South Korea, and Japan, with active agents and transactions from day one [19][20] Company Strategy and Development Direction - The company aims to expand internationally with a vision of 50,000 agents in 50 countries by 2030, focusing on strong leadership and competitive value propositions [26] - The strategy includes leveraging AI and automation to improve operational efficiency and drive profitability [31] - The company is enhancing its value stack for agents through innovative tools and technology, as well as training and community support [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to capitalize on industry changes and consolidation, emphasizing the importance of being a platform for agents [40][41] - The focus remains on increasing operational efficiency and maintaining a strong balance sheet while exploring meaningful investment opportunities [31] Other Important Information - The company celebrated surpassing the $100 million revenue mark for the first time in a calendar year [23] - The introduction of new programs like FastAttract and AI Accelerator aims to enhance agent productivity and revenue share skills [10][18] Q&A Session Summary Question: How do you see the platform vision playing out now? - Management highlighted the evolution of the real estate business model towards a fully platform environment, positioning the company as a leader in this space [37][38] Question: What advantages does eXp have over other brokerages? - The company is now considered a larger incumbent with the ability to invest at scale, which positions it well amidst industry consolidation [40][41] Question: What do agents want most from eXp? - Agents seek innovative tools and technology for business growth, as well as training and community support [44][45] Question: How is eXp different from traditional brokerages in new countries? - The company offers competitive splits and the opportunity for agents to build their own brands, disrupting traditional employed models [46][47][48] Question: What growth metric stood out this quarter? - Agent productivity improved by 5.4% year-over-year, indicating the effectiveness of the company's strategy to attract and retain productive agents [50][51] Question: Can you provide an update on automation progress? - The company has made significant strides in reducing transaction processing costs through automation, with further opportunities for efficiency [63][64]