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you Good morning and welcome to the EXP World Holdings first quarter 2026 earnings fireside chat via live stream and our metaverse on the web, Brain. My name is Denise Garcia, and I manage investor relations for eXp World Holdings. Today, we will begin our earnings fireside chat with remarks from Leo Perea, CEO of eXP Realty, Jesse Hill, CFO of e Xp World holdings, and Glenn Sanford, founder, CEO, and chairman of exp Worldholdings. Following our prepared remarks, we will open the call to a Q&A session with our speakers. Let's begin with the review of the forward-looking statements. There will be a number of forward- looking statements made today that should be considered in conjunction with the cautionary statements contained in the company's SEC filings. Forward-looking savings are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Please see our filings with the SEC including our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q for a discussion of specific risks that that may affect our business, performance, and financial condition. We assume no obligation to update or revise any forward-looking statements or information. As a reminder, today's call is being recorded and a replay will also be made available on expworldholdings.com. Now for a few logistics and we'll get started. For those of you joining on Frame today, welcome to our metaverse on the web. To zoom in to a specific screen, you can click on that screen and then click zoom in. If the content on the screen you lose audio simply refresh your page and while in frame if you need help just use the help button at the bottom right to link with tech support should you wish to ask a question during our presentation you can enter your questions by scanning the qr code presented on this screen with your mobile phone or go to slido.com and type in the event code agnt from there you can submit a question or vote up an existing question by giving a thumbs up for that question to be asked this screen will remain up on the right hand side of the stage now i'll turn the fireside chat over to our speakers before opening the call to questions leo you may begin thanks denise i'll begin with a recap of our operational highlights for q1 starting with international international continues to be our fastest growing segment increasing revenue 27 year-over-year to 40.2 million the strong revenue growth was driven by our increasingly solid group of international agents that continue to increase their productivity every year this is a testament to the fact that we're building a strong agent community worldwide we debuted exp con cape town during the first quarter as well we had nearly a thousand attendees and hundreds of attendees on explorer passes checking us out exp con is a terrific venue for us to showcase the power of the exp platform that includes inspirational speakers educational sessions and an opportunity to share innovative ideas and technology with our agents visitors considering joining exp we're looking forward to our first exp con in paris in july 15th through the 17th we've also announced a significant expansion of our listing distribution strategy specifically targeting coming soon inventory starting april 15th of 2026 exp began syndicating coming soon listings to major national portals realtor.com homes.com and comehome.com on a non-exclusive basis underscoring our commitment to market transparency and consumer access we believe that the role of the modern brokerage is to create an open and efficient marketplace by syndicating early exp aims to deliver sellers the widest possible audience to generate demand before a listing officially goes live we've added another specialty division to our platform during the quarter new homes like luxury ranch sports entertainment divisions new homes will empower agents with specific training, specialized certifications, and a powerful global network so we can collaborate directly with developers representing new construction communities and scale their businesses. Finally, we ended the quarter with over 82,000 agents. Agents continue to become more productive, drive a 5% year-over-year increase in revenue for the quarter and 2% increase in real estate transactions year-ever-year. We also saw an 11% year over year increase in ICON agents in Q1. The ICON program is essentially the flagship embodiment of eXp Realty's agent-centric philosophy. While most brokerages view top producers as primary source of revenue, eXP's model is designed to treat them as owners and partners, which brings me to the next slide. Last week, on May 8th, we officially changed our ticker symbol from eXPI to AG&T. The new ticker cymbal is a direct reflection of what this company is all about, the modern real estate entrepreneur. Built by agents, built for agents. As part of the rebranding, we also announced the acquisition of Nexhome, which I'll discuss on the next slide. Nexome operates a proven scalable franchise model with best-in-class satisfaction. They have over 500 franchisees across the U.S. with approximately 4,900 agents. They've been recognized as the number one real estate franchise owner satisfaction by franchise business review for five consecutive years and earned recognition from Entrepreneur Inc., 5,000 singling strong unit economics and franchise retention. Both consumers and agents like Next Home's human over houses positioning and cultural driven identity, and so do we. In fact, there's a lot about Next Home brings to the table, which I'll unpack on the next slide. Next Home franchise model unlocks a multi-model platform for eXp with a complimentary growth engine. They have an experienced leadership team that's well known across the industry. James Dwiggins and Keith Robinson are the hosts of Real Estate Insiders Unfiltered podcasts and are widely featured speakers at industry conferences. Now with us, Nextome has a global referral network and a share of our professional services. Combined, we have over 87,000 agents. We hope to attract more top tier franchisees as many of them woke up in the last 12 months owned by a new entity that may not be reflective of their views on the industry when it comes to consumers and transparency a perfect example later on today we'll be dropping a press release welcoming albert meggers in the california gold coast ventura county market and his management team jay pete and omar velasquez who formerly were at keller williams and brought over their 200 agents to the next home brand And that's just an example of why we're so excited for this opportunity to leverage in the coming years. Previously, we missed out on attracting Indies and entire offices suited for the franchise model, but now we can welcome them. And Albert and his team are a perfect example of that. We continue to see high retention rates among the most productive agents, with attrition in the low to mid single digits for agents with transactions over eight transactions per year. The more productive an agent is, the less likely they are to leave. Of the non-productive agents that left eXp in the first quarter, 66% of them left the industry altogether. Part of our strategy in the last few years, which NextHome compliments so well, is to attract teams to eXP because agents on teams are 78% more productive than individuals, and this quarter, 41% of new agents to e XP were on Teams. I'll review our strategic initiatives for 2026 on the next slide. We shared this slide last quarter, and we would like to provide a bit of progress report and how we've measured up against our strategic initiative so far this year to date, starting with translating 2025 investments into margin of improvement. Jesse will provide more detail on the quarter's financial results, but I'll note that we've lowered our first quarter operating costs by more than 2 million year over year. Moving to deploy capital with discipline, we were able to complete the strategic acquisition next home that transforms exp into multi-model multi-brand business by using cash on hand and continue to have no debt on our balance sheet and finally assessing opportunities that accelerate growth and expand our capabilities with nexum we increase our agent count by roughly 5 000 agents and expand their capabilities to offer a franchise option for entrepreneurial agents who choose to operate their business under that model not only does this accelerate growth in agents but it expands our capabilities. So far, we're on track with our strategic initiatives we outlined for 2026. And with that, I'll hand the call over to Jesse to walk us through the first financial quarter results. Jesse? Thank you, Leo. And now I'll walk us through our consolidated operational and financial highlights for the first quarter 2026, beginning on the next slide. Starting with operational metrics on a consolidated basis, we ended the quarter with over 82,000 agents with continued low attrition across our most Productive Agent cohort. Productivity per person, or PPP, was up for the quarter at 5.4, while volume increased 5.5% for the order. Higher PPP drove sales transactions 2% year-over-year, or 91.6 thousand transactions in the first quarter. On the next slide, I'll walk us through our first quarter financials. Starting with revenue, we generated just over $1 billion in the first quarter of 5% year-over-year and above the high end of our guidance range of $980 million, despite no material change in the macroeconomic environment and a seasonally slower quarter. Our investments in programs to attract and retain agents and increase productivity drove more agents to reach their cap in Q1, resulting in a gross profit of $75.3 million. Operating loss of $8.8 million for the quarter improved 15% year over year from a loss of $10.4 million last year, primarily driven by improvements we made to streamline our operations in 2025. Adjusted EBITDA was $4.1 million for the first quarter and above the midpoint of our guidance range of $2 to $5 million, an increase of 88% over Q1 2025. Operating expenses were $84.1 million at the mid point of our guidance range in the first corner. And finally, we increased our cash position 6% year-over-year, ending the quarter with $122 million in cash on the balance sheet. On the next slide, I'll walk us through our financial results by segment for the quarter. The North America Realty segment continues to be the largest revenue and profit generator for the company, with revenue of $965.1 million for the first quarter and $10 million in adjusted EBITDA, a 29% year over year increase as we begin to realize the benefit of cost-saving initiatives we put in place last year. International continues to be our fastest growing segment, increasing 27% in Q1, while we continue to invest in community building activities like eXpCon Cape Town, as Leo mentioned previously. We continue to reduce operating expenses in North America Realty and other affiliated services segments, as we realize the benefit of initiatives we put into place to streamline operations across both segments in 2025. On the next slide, I'll review our updated outlook for 2026 and the second quarter. Looking ahead, we remain focused on maintaining our financial discipline to drive sustainable, profitable growth, and we are providing our outlook for the second quarter and full year 2026. Starting with the second quarter, we expect revenue in the range of $1.36 to $1,400,000,000 expenses in the range of $93 to $97,000 and adjusted EBITDA in the range of $16 to $21 million. For the year, we are reiterating our outlook with revenue in the range of 4.85 to 5.15 billion, operating expenses in the range of 325 to 345 million, and adjusted EBITDA in the reach of 50 to $75 million for 2026. We are encouraged by our strong performance as we head into Q2. However, we aware of the growing uncertainty and tightening macroeconomic environment. This, coupled with less visibility into the second half, has led us to reiterate our full-year guidance at this time. In light of this limited visibility, we believe it's prudent to reiterate the full- year guidance and reassess our outlook at the midpoint of the year. Along the same time, we will continue to stay financially flexible, reserve the right to invest where we see meaningful opportunities to support our agents, strengthen our technology platform, and enhance long-term shareholder value. As always, our focus remains on executing with discipline, maintaining a strong balance sheet, and continuing to build a more efficient, resilient, and profitable eXp. And now I'll turn the call over to Glenn to wrap it up before we open the call to questions. Glenn? Hey, thanks, Jesse. I've been spending my time really, really retooling success since actually around July last year. I jumped in and I've been running with the same playbook that we used in international in 2024. We brought staffing down about 60%. We spent about the last nine months replatforming the entire business. And during this quarter, we actually welcomed Matthew and Christian Ferry actually right after the end of the quarter to help us lead success. success. Matthew, many of you will recognize the name in organized real estate. He's one of the most respected sales and life coaches of the last 30 years. Kristen, his wife, has been the operational engine behind his business for years and now brings that same capability to success itself. That combination gives us a real team to scale, not just a marquee hire. And the green are already showing. Success certified coaching has completed its first cohort. The second cohort started last week. On its own, success coaching should move success into net income by 2027. We've launched success events, and that success.events is also generating revenue. Before we built it, there was no single place to find personal development events across the entire vertical think of it a bit like the zillow of personal development top personal development personas are now participating with us and that participation is already producing revenue for our agents this means access to coaching content and events that in any other context cost five or six figures to engage with built directly into the overall exp ecosystem that's why what what i mean when i describe success as the culture and growth layer of of the exp ecosystem it's an asset our agents draw on that no other brokerage can offer and in 2027 we're leaning in to what made success the definitive voice and personal development for more than a century the lineage runs from our founder orson sweat martin through napoleon hill W. Clement Stone, Earl Nightingale, Aug Mandino, and of course, Jim Rohn, whose worldwide intellectual property we hold. The principles, those voices built, the new thought tradition are being validated every day by modern neuroscience and psychology. We have a signature offering coming that marries those two worlds, the wisdom that built success and the science now confirming it. And I'm excited about what 2027 looks like for success. Next slide please. I want to close by describing what we're actually building, because I think it's still underappreciated this last week. We changed our ticker to agent. That wasn't cosmetic was really the clearest possible statement of what this company is and who it's built for is a platform business built by agents built for agents and the 4 connected offerings. uh really working in harmony exp north america it's now multi-model option through next home international our fastest growing segment and expansion frontier frame vr our virtual infrastructure and success our culture and growth layer no other brokerage on earth is built this way and the multi-model expansion through nexthome is a real proof point we can now welcome independence and entire offices that previously couldn't find a home with us without compromising what it makes what makes the exp model work what we offer agents and what no one else can fully replicate is a complete operating system for building a scalable sustainable real estate business full stack marketing suite world-class personal development through success health and wellness resources and a fully immersive global collaboration layer through frame every investment we're making right now the exp hub ai co-pilots the listing intelligence platform app store marketplace and the single thread leadership model that puts a dedicated owner on every major bet is designed around one goal helping agents build businesses that grow beyond themselves this is what's underappreciated about exp not the agent account not the share game really the fundamental architecture and that's the exp platform that's the moat and every quarter the gap widens i'll turn it over back over to denise for q a all right thanks glenn um i'll kick it off with a question for everyone on the team um before we open the call to questions from the audience and uh and analysts so leo i'll start with you can you speak to how adding an award-winning franchise model like next home complements our core cloud brokerage specifically how does this multi-model approach allow us to capture a broader segment of the market that was previously out of reach and what does this mean for our competitive mode heading into the second half of the year thanks denise adding next home gives us a advantage because we can now attract independent brokers and franchises coming off of their franchise agreement there are many many folks who woken up in the last 24 months completely cut off guard by new ownership structure ranging from private equity to other publicly traded companies and some of those companies views differ substantially from how they may view the world from putting the consumer first to transparency and top track around how we display listings and we just realize that in the shifting landscape having a chassis to give us the optionality to add these folks is incredible and you have to appreciate the iterateness of platforms when glenn started this was for the agent we became the home of the team and now we we've realized that as we continue to grow there's an opportunity for the folks that'll probably never be at a cloud brokerage and we just added a complete new lane and a green shoot opportunity all right thanks leo jesse one for you with the integration of next home the financial mix of the company is evolving. Can you discuss how Next Home's model differs from eXp's core cloud-based brokerage model? Yeah, thanks, Denise. And Leo just touched on it. A big part of the deal thesis is that it does allow us to capture revenue from those agents, teams, independent brokerages that we historically haven't had, that we may have had to pass on because they were more aligned or more more akin to something in the franchise model. So this does, by making eXp now multimodal platform and providing this chassis, it allows an on-ramp to some pretty large opportunities that we see here in the near term. And then specifically just speaking to the financial differences in franchise, franchise offers very predictable recurring revenue over the multi-year terms and the contracts. And they typically have higher gross margins as well, being especially next home, very asset light, very aligned to the EXP model, even though we are slightly different in the offering, right, between franchise and brokerage, but they are asset light as a franchisor with very little corporate overhead. So as you continue to scale, you see very expanded margins in that platform specifically. Thanks, Jesse. And Glenn, one for you. How do you see personal development and success impacting EXP? um yeah so i think it really comes down to the uh idea that we've expressed literally since we started the company which is that um you know real estate is fundamentally powered by uh you know human beings who um have developed sales skills scripts dialogues lead generation uh but more importantly it's it's sort of their their mindset and and and how they see themselves in the world. And success has really been, you know, doing that for 129 years. So, you know, the more that we can expose agents to how to think better, how to operate better, it just raises the, for lack of a better term, the consciousness of the entire organization in a way where we're, again, more aligned, more connected, shared vocabulary and and shared ways of doing things that just kind of reinforces itself so for me i always think about the fact that you know exp really has been historically a personal development company that just happens to sell real estate and you know with that lens we became the largest single customer of success magazine even before we bought the magazine because of our belief in personal development being, you know, so fundamental. And so this really just continues to give us more access. And as I've been diving into personal development, especially since jumping in as managing director last July, it's becoming more and more obvious the places that we're going to be able to make meaningful sort of upgrades for all intents and purposes relative to the our agents and brokers who want to get access to some of the folks over on the success side of the house as well as a lot of the content that they get just as being part of EXP all right thanks Glenn now I'll move over to to our analysts to ask questions but before I do just want to remind the audience that you can ask a question via to Slido by looking at the QR code there on your screen or going to slido.com and punching in agent, A-G-N-T, our ticker, and ask a question there or vote off a question that's in the queue. But for now, I'll take our first question from Tom White at DA Davidson. Tom, you can go ahead and ask your question. Great, thank you very much. Maybe just to follow up for Leo on the next home deal and congrats on that. But I guess the last few weeks here, you've had the two kind of national leaders and cloud-based models here make acquisitions of franchise models. Leo, can you maybe just talk a little bit about why you think that is and why now? I understand maybe going after these agents or groups of agents or indies that weren't suited, guess for the national model but i'm just curious if there's kind of anything else maybe just sort of like industry-wide dynamics or competitively that's um i think resulting in in you guys making this deal and maybe just comment on i think this is the first domestic brokerage you guys have ever acquired maybe the first kind of brokerage model that you've acquired anywhere like does this open open, I don't want to say the floodgates, but is this sort of a new potential kind of vein of growth that you guys might look to consolidate more brokerages? Thanks. Tom, that's a perfectly fair question. So one is the timing is interesting, similar to the other ones, but appreciate that this conversation probably started in earnest in September. So the process too, because unlike the other one where deals were announced, this is closed and we're off to the races. The press release that drops around noon is probably really indicative of what the opportunity I see in front of us. There is a gentleman by the name of Albert Maggers in the Gold Coast of California, who's joining Nextome with 200 agents. That is way outside of their typical office size and the opportunity that James and I saw when we started this conversation last year, where if you see the trend, most of the acquisitions of franchises been a growth company buying a legacy company that's contracting at very large percentages five to seven percent per year that's not what we did we specifically went for a young growing well recognized highly rated franchise system because i see this opportunity where um these companies that are legacy players that are now owned by new ownership are seeing contraction and that created a massive opportunity for us and so i think part of the strategies to always stay nimble and see opportunities even six 12 18 months out and so um i i think directionally we're we're seeing a huge opportunity that wasn't present even 24 months ago and then secondly on the positioning of how we see the world um i think i've given you my standard uh jim bramble role played answer of you know as a section 16 officer of a public company it's my fiduciary responsibility to always stay in curiosity for any acquisition that's a creative two-hour shareholders and market share but um i i do see that we we have now have a chassis that keeps us available and nimble uh for the optionality ahead okay thanks and maybe just a quick follow-up for jesse um or or anyone just uh you you know you affirmed the full year guide you obviously have next home now uh can you maybe help us get a sense of of what you think the kind of contribution from next home might be uh this year yeah sure i can take that um you know at this point in time it's it's more of a strategic addition to our platform their financial contribution will frankly be modest when you layer it against our full consolidated results in the near term but we we are more focused on the long term of this deal the value that it brings in incremental agents production and margin and then more specifically to answer your question it's not currently included in our full year guidance at this time i think that is something we're going to evaluate when we when we fully incorporate this here in q2 and and look to reiterate full year guidance at that time tom okay thank you thanks tom uh now i'll go over to uh michael rindos uh michael lindres from benchmark um if you'd like to ask a question you can go ahead your mic needs to be open all right while we're working on those uh technical fixes there i'll move over to uh to stephen sheldon from uh william blair he asked us a couple questions um via email um he wanted I just wanted to know first, Leo, how much are you planning to integrate Next Home versus letting it operate a more standalone? And beyond the franchising capability, what else does Next Home bring to the table in terms of technology or other capabilities that eXp can leverage broadly? Thanks for the question. So the first most important one is there will be no changes to the Next Home brand. They will be a standalone brand because it is a different offering as a complete separate chassis. And Next Home was nimble and highly strategic acquisition for us. The part of the appeal is having the second chassis as well as the leadership. Going into a world where consolidation and roll-ups are happening, I think it'd be wise to not underestimate the leadership groups that come together. Because we are in a very specific independent contractor driven business that is personality driven and people follow people. And we have very large buying power, so There's gonna be quite a bit of synergies on technology that we purchase across the board. And as we were doing due diligence, we were both pleasantly surprised by the similarities. They're 42% virtual. A lot of their franchisees use Regis out of all shared spaces with a lot of similarities from tech stack with all the other vendors we offer. So there is gonna be some really interesting synergies as we go forward. Great, okay, thank you. And another one from Steven Sheldon. He said, great to see continued strong agent NPS, but it did step down a touch sequentially. Is there anything to call out there? Yeah, that's a great question. And that's one of the reasons why Glenn started with NPS and the focus on it. One is anything in the 70s is considered good. If you were to have like an 80 plus, someone's almost gaming the system. We're all students. So Fred Reichelt, he's on our board and I've read the book cover to cover. and you never wanna game the system. So that is a very good example of in real time fire or smoke detector system. And we were able to identify it and it's one quarter versus multi-quarter sequentially. And that's actually a perfect example of the metric being used in action. Great, all right. And over at Slido, we have already answered the questions that we got there. So thank you everyone for joining us on our first quarter earnings call. This concludes the call. As always, please stay connected by visiting eXp World Holdings for the latest updates on eXP news, results, and events. Additionally, you'll find a recording of this call and our latest investor presentation on the investor section of our site. Thanks again for joining and this concludes our first-quarter earnings fireside chat. Thank you, everyone.