Q2 2026 AGNT Inc Earnings Call

August 4, 2026

Speaker #1: Good afternoon, and welcome to the agent's second quarter 2026 earnings fireside chat, via livestream and our Metaverse-on-the-web web frame. My name is Denise Garcia, and I'm managing industrial relations for agents, formerly eXp World Holdings.

Denise Garcia: Good afternoon, and welcome to the AGNT Q2 2026 earnings fireside chat via live stream and our metaverse on the web, Frame. My name is Denise Garcia, and I manage investor relations for AGNT, formerly eXp World Holdings, Inc. Today, we will begin our earnings fireside chat with remarks from Leo Pareja, CEO of eXp Realty, Jesse Hill, Chief Financial Officer of AGNT, and Glenn Sanford, Founder, CEO, and Chairman of AGNT. Following our prepared remarks, we will open the call to a Q&A session with our speakers. Let's begin with a review of the forward-looking statement. There'll 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 statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

Speaker #1: we will begin our earnings fireside chat with remarks from Leo Pareja, CEO of eXp Realty; Jesse Hill, Chief Financial Officer of agents; and Glenn Sanford, founder, CEO, and chairman of agents. prepared remarks, we will open the call to a Q&A session with our speakers.

Speaker #1: chairman of agents. Following our Let's begin with a review of the forward-looking statement. 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.

Speaker #1: Forward-looking statements 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 may affect our business, performance, and financial condition.

Denise Garcia: 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 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 agnt.inc. Now for a few logistics, and we'll get started. For those of you joining in Frame today, welcome to our metaverse on the web. To zoom into a specific screen, you can click on that screen and then click Zoom In. If the content on that screen disappears or if you lose audio, simply refresh your page or log out and re-enter.

Speaker #1: 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 AGNT dot INC. Now, for a few logistics, and we'll get started.

Speaker #1: For those of you joining in frame today, welcome to our Metaverse-on-the-web. To zoom into a specific screen, you can click on that screen and then click "Zoom In." If the content on that screen disappears, or if you lose audio, simply refresh your page or log out and re-enter.

Speaker #1: 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.

Denise Garcia: 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.

Speaker #1: 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.

Speaker #1: Now, I'll turn the fireside chat over to our speakers before opening the call to questions. Leo, you may begin.

Speaker #2: Thanks, Denise. Before I get into the numbers, I just want to ground everyone in what AGNT is today. Agent is a global operating system for modern real estate entrepreneurs and a multimodal platform where independent agents, franchise owners, and team leaders all find a home built for the way they want to grow.

Leo Pareja: Thanks, Denise. Before I get into the numbers, I just want to ground everyone in what AGNT is today. AGNT is a global operating system for modern real estate entrepreneur and a multi-model platform where independent agents, franchise owners, and team leaders all find a home built for the way they want to grow. Two models, maximum optionality. That's the thesis behind everything I'll walk through today. Which brings me how the multi-model platform actually comes together. eXp Realty remains the undisputed cloud-based leader in our industry. NextHome offers a premier franchise experience. Together, these two brands expand our agent offering and let us serve a wider segment of the market than either brand could reach alone. NextHome is a complementary growth engine that unlocks multi-model reach across distinct market segments. We have seasoned operators in both brands driving execution and aligned incentives.

Speaker #2: Two models, maximum optionality, that's the thesis behind everything I'll walk through today. Which brings me to how the multimodal platform actually comes together. eXp Realty remains the undisputed cloud-based leader in our industry.

Speaker #2: Next Dome offers a premier franchise experience. Together, these two brands expand our agent offering and let us serve a wider segment of the market than either brand could reach alone.

Speaker #2: Next Dome is complementary growth engine that unlocks multimodal reach across distinct market segments. We have seasoned operators in both brands driving executive and aligned incentives.

Speaker #2: We share our global referral network connecting eXp agents with Next Dome franchisees worldwide. And we're consolidating back office, legal, technology resources driving efficiencies across both brands.

Leo Pareja: We share a global referral network connecting eXp agents with NextHome franchisees worldwide, and we're consolidating back-office legal technology resources, driving efficiencies across both brands. We are witnessing the financialization of the real estate industry. Across private equity and public company acquisitions, there's about 400,000 agents who find themselves at a franchise over the next couple of years they may no longer feel aligned with, and we have an opportunity to convert entire franchises as those agreements come due. Let's look at the platform built by agents for agents actually produced this quarter. This was a record revenue quarter, and it was built on agent success. We ended the quarter with 87,338 agents, up 6% year-over-year. Transactions grew even faster. Over 132,000 real estate sale transactions, up 12% year-over-year. Revenue came in at $1.4 billion, up 11% year-over-year.

Speaker #2: We are witnessing the financialization of the real estate industry. Now, across private equity and public company acquisitions, there's about 400,000 agents who find themselves at a franchise over the next couple of years, they may no longer feel aligned with, and now we have an opportunity to convert entire franchises as those agreements come due.

Speaker #2: Now, let's look at the platform built by agents for agents actually produced this quarter. This was a record revenue quarter, and it was built on agent success.

Speaker #2: We ended the quarter with 87,338 agents, up 6% year over year. Transactions grew even faster over 132,000 real estate sale transactions, up 12% year over year.

Speaker #2: Revenue came in at $1.4 billion, up 11% year over year, and productivity transactions per agent was up 6%. Put simply, record revenue driven by increased agent productivity that's not just agent counting doing the work, that's our agents doing more and doing it better, which is exactly why retention of the best agents matters so much, and that's our next slide.

Leo Pareja: Productivity, transactions per agent, was up 6%. Put simply, record revenue driven by increased agent productivity. That's not just agent counting doing the work. That's our agents doing more and doing it better, which is exactly why retention of the best agents matters so much, and that's our next slide. We continue to see our least productive cohorts churn out of the industry entirely, not just out of eXp. 67% of non-productive agents in the US who left eXp actually left the industry altogether in Q2. Meanwhile, we're growing productivity with teams. 41% of new Q2 agents joined on teams, and agents on teams are 78% more productive than individual agents. Our co-sponsor program just hit a one-year anniversary. Here's what we found. Agents with a co-sponsor show 40% higher production and have 10% higher retention rate. This was a deliberate strategy.

Speaker #2: We continue to see our least productive cohorts churn. Out of the industry entirely, not just out of eXp. 60% 67% of non-productive agents in the U.S.

Speaker #2: who left eXp actually left the industry altogether in Q2. Meanwhile, we're growing productivity with teams, 41% of new Q2 agents joined on teams, and agents on teams are 78% more productive than individual agents.

Speaker #2: Our co-sponsor program just hit a 1-year anniversary. Here's what we found: agents with a co-sponsor show 40% higher production and have 10% higher retention rate.

Speaker #2: This was a deliberate strategy: attract productive agents, put them in a structure that makes them more productive, and retain them. It's working. Now, I want to shift gears and talk about how we're building the platform underneath all of this.

Leo Pareja: Attract productive agents, put them in a structure that makes them more productive, and retain them. It's working. I want to shift gears and talk about how we're building the platform underneath all of this. Everything I just walked through is only possible because the platform we're building underneath it. AgentOS brings everything an agent needs to run their business together in one place. Instead of agents juggling a dozen disconnected logins and tools, AgentOS, which operates The Hub for eXp Realty agents, is the operating system for the agent's business. No more needing to find where to log in. All agents have to do is exprealty.com, log in as an agent, and you'll be taken to The Hub. Then they can download The Hub app to their phone. The app is available on both Apple and Android.

Speaker #2: Everything I just walked through is only possible because of the platform we're building underneath it. AGNT OS brings everything an agent needs to run their business together in one place.

Speaker #2: Instead of agents juggling a dozen disconnected logins and tools, AGNT OS—which operates as the hub for eXp Realty agents—is the operating system for the agent's business.

Speaker #2: No more needing to find where to log in. All agents have to do is eXp Realty.com, log in as an agent, and you'll be taken to the hub.

Speaker #2: Then they can download the hub app to their phone, the app is available on both Apple and Android, group chats, text, SkySlope, My eXp, University, Marketplace, and everything you need to run your business is now live directly inside the hub.

Leo Pareja: Group chats, text, SkySlope, My eXp, University, Marketplace, and everything you need to run your business is now live directly inside The Hub. This is the foundation for our AI native platform I want to spend the rest of my time talking about. We're transforming eXp into an AI native platform. One built to give agents the tools they need to be productive and manage their business, and to increase on their own operating efficiency at the same time, and it's working. I'll share some examples from Q2. DocAI, our review assistant, has been trained on thousands of documents. It has now reviewed over 5 million documents and validated 22,000 daily uploads at a score of 100%. Task center automation resulted in 19% year-over-year increase in files handled per transaction analyst. Our AI enhanced eXpert Care now resolves the majority of incoming chats automatically.

Leo Pareja: Group chats, text, SkySlope, My eXp, University, Marketplace, and everything you need to run your business is now live directly inside The Hub. This is the foundation for our AI native platform I want to spend the rest of my time talking about. We're transforming eXp into an AI native platform. One built to give agents the tools they need to be productive and manage their business, and to increase on their own operating efficiency at the same time, and it's working. I'll share some examples from Q2. DocAI, our review assistant, has been trained on thousands of documents. It has now reviewed over five million documents and validated 22,000 daily uploads at a score of 100%. Task center automation resulted in 19% year-over-year increase in files handled per transaction analyst. Our AI enhanced eXpert Care now resolves the majority of incoming chats automatically.

Speaker #2: This is the foundation for our AI-native platform I wouldn't spend the rest of my time talking about. We're transforming eXp into an AI-native platform.

Speaker #2: When built to give agents the tools they need to be productive and manage their business, and to increase on their own operating efficiency at the same time.

Speaker #2: And it's working. I'll share some examples from the second quarter. Doc AI, our review assistant, has been trained on thousands of documents. It has now reviewed over 5 million documents and validated 22,000 daily uploads at a score of 100%.

Speaker #2: Task Center automation resulted in 19% year-over-year increase in files handled per transaction analyst. Our AI-enhanced expert care now resolves the majority of incoming chats automatically.

Speaker #2: Carlo, our comprehensive advertising review logic operator, to review agents' advertising and signage and log broker supervision automatically is now deployed across residential brokerage operations with commercial in progress.

Leo Pareja: CARLA, our comprehensive advertising review logic operator to review agents' advertising and signage, and log broker supervision automatically, is now deployed across residential brokerage operations with commercial in progress. Broker Assistant delivers immediate, scalable after-hour support for policies, procedures, and guidance across our state sites and eXp Community Hub. FastCAP, our AI-powered agent development tool, features a role play accelerator that has been used over 2,800 times this quarter for scalable on-demand skills development. While we are building AI native tools here domestically, our international business has been building its own operating system, Nexus, which I will show on the next slide. Nexus brings every tool our international agents use into one connected system, from a project management tool that keeps every transaction on track, to our global property search platform, connecting buyers and sellers across borders in one seamless experience. This is not six disconnected tools bolted together.

Speaker #2: Broker Assistant delivers immediate, scalable after-hours support for policies, procedures, and guidance across our states, sites, and eXp community hub. And FastCap, our AI-powered agent development tool, features a role-play accelerator that's been used over 2,800 times this quarter for scalable on-demand skills development.

Speaker #2: While we're building AI-native tools here domestically, our international business has been building its own operating system. Nexus, which I'll show on the next slide.

Speaker #2: Nexus brings every tool our international agents use into one connected system. From a project management tool that keeps every transaction on track, to our global property search platform connecting buyers and sellers across borders in one seamless experience.

Speaker #2: This isn't six disconnected tools bolt together. It's one system, four foundations, one identity, one data layer, one AI layer, and built to scale from day one.

Leo Pareja: It is one system, four foundations, one identity, one data layer, one AI layer, and built to scale from day one. We are seeing the momentum we have created in our international business show up in the numbers. In Q2, international revenue grew 44% year over year, while at the same time, we cut our international operating loss by 57% year over year and reduced our Adjusted EBITDA loss by 66% year over year. This is the same pattern we are seeing domestically with AI native tooling. Give agents a better platform and the efficiency follows. Which brings me to how I would sum up the quarter. We are controlling the controllable, and it shows. Record revenue with increased operating efficiency. We are transforming into a multi-model AI native platform to give agents the tools they need to be productive and manage their business. As I walk through, it is working.

Speaker #2: And we're seeing the momentum we've created in our international business show up in the numbers. In the second quarter, international revenue grew 44% year over year, while at the same time we cut our international operating loss by 57% year over year and reduced our adjusted EBITDA loss by 66% year over year.

Speaker #2: This is the same pattern we're seeing domestically with AI-native tooling. Give agents a better platform, and the efficiency follows. Which brings me to how I'd sum up the quarter.

Speaker #2: We're controlling the controllable. And it shows record revenue with increased operating efficiency. We're transforming into a multi-model AI-native platform that give agents the tools they need to be productive and manage their business.

Leo Pareja: Record revenue with increased operating efficiency. We are transforming into a multi-model AI native platform to give agents the tools they need to be productive and manage their business. As I walk through, it is working.

Speaker #2: And as I walk through, it's working. We like our position. We're playing offense on AI and efficiency, and defense on the balance sheet. With that, I'll hand over the call to Jesse to walk through the second quarter financial results.

Leo Pareja: We like our position. We are playing offense on AI and efficiency, and defense on the balance sheet. With that, I will hand over the call to Jesse to walk through the Q2 financial results. Jesse?

Speaker #2: Jesse?

Speaker #3: Thank you, Leo. And now I'll walk us through our consolidated operational and financial highlights for the second quarter 2026, beginning on the next slide.

Jesse Hill: Thank you, Leo. Now I will walk us through our consolidated operational and financial highlights for Q2 2026, beginning on the next slide. Starting with operational metrics on a consolidated basis, we ended the quarter with over 87,000 agents, with continued low attrition among our most productive agent cohorts. Productivity per person, or PPP, was up over 6% at 5.5, while volume increased 15% for the quarter. Higher PPP drove sales transactions up 12% year over year, resulting in over 132,000 sales transactions in Q2. On the next slide, I will walk through our Q2 financials. Starting with revenue, we generated $1.4 billion in Q2, up 11% year over year, at the high end of our guidance range, despite continued pressures in the macroeconomic environment. Gross profit was $98.8 million, up 7% year over year.

Speaker #3: Starting with operational metrics on a consolidated basis, we ended the quarter with over 87,000 agents, with continued low attrition among our most productive agent cohorts.

Speaker #3: Productivity per person, or PPP, was up over 6% at 5.5, while volume increased 15% for the quarter. Higher PPP drove sales transactions up 12% year over year, resulting in over 132,000 sales transactions in the second quarter.

Speaker #3: On the next slide, I'll walk through our second quarter financials. Starting with revenue, we generated 1.4 billion in the second quarter, up 11% year over year, at the high end of our guidance range.

Speaker #3: Despite continued pressures in the macroeconomic environment. Gross profit was 98.8 million, up 7% year over year. Prior investments in technology and process improvements are strengthening both our top and bottom lines, excluding one-time items.

Jesse Hill: Prior investments in technology and process improvements are strengthening both our top and bottom lines, excluding one-time items. Operating income was $1.6 million for the quarter, up 169% year-over-year, compared to an operating loss position in Q2 2025. Operating expenses were $97.2 million, $200,000 above the high end of our guidance range, primarily driven by one-time non-recurring costs. Adjusted EBITDA was $25.7 million for the quarter and above the high end of our guidance range of $21 million, and up 129% year-over-year. Finally, we ended the quarter with $111.2 million in cash on the balance sheet, up 18% year-over-year. On the next slide, I'll walk through our financial results by segment.

Speaker #3: Operating income was 1.6 million for the quarter, up 169% year over year, compared to an operating loss position in the second quarter of 2025.

Speaker #3: Operating expenses were $97.2 million, $200,000 above the high end of our guidance range, primarily driven by one-time non-recurring costs. Adjusted EBITDA was $25.7 million for the quarter, above the high end of our guidance range of $21 million, and up 129% year over year.

Speaker #3: Finally, we ended the quarter with 111.2 million in cash on the balance sheet, up 18% year over year. On the next slide, I'll walk through our financial results by segment.

Speaker #3: The North America Realty segment continues to be our largest revenue and profit generator, with revenue of 1.4 billion for the quarter, up 10% year over year, and adjusted EBITDA of 30.7 million, up 55% year over year.

Jesse Hill: The North America Realty segment continues to be our largest revenue and profit generator, with revenue of $1.4 billion for the quarter, up 10% year-over-year, and Adjusted EBITDA of $30.7 million, up 55% year-over-year. International continues to be our fastest growing segment, with revenue of $46.4 million, up 44% year-over-year. While we continue to invest in expansion, the segment posted an operating loss of $1.8 million, which was 57% improved year-over-year, and a -$1.3 million Adjusted EBITDA, which was 66% improved year-over-year. Our other segment contributed $0.7 million in revenue, roughly flat year-over-year, with an Adjusted EBITDA improving 92% to a loss of $0.2 million. On a consolidated basis, that's $1.4 billion in revenue, up 11%, $1.6 million in operating income, up 169%, and $25.7 million Adjusted EBITDA, up 129% year-over-year.

Speaker #3: International continues to be our fastest-growing segment, with revenue of $46.4 million, up 44% year over year. While we continue to invest in expansion, the segment posted an operating loss of $1.8 million, which was 57% improved year over year, and a negative adjusted EBITDA of $1.3 million, which was 66% improved year over year.

Speaker #3: Our other segment contributed 0.7 million in revenue, roughly flat year over year, with an adjusted EBITDA improving 92% to a loss of 0.2 million.

Speaker #3: On a consolidated basis, that's 1.4 billion in revenue, up 11%, 1.6 million in operating income, up 169%, and 25.7 million adjusted EBITDA, up 129% year over year.

Speaker #3: On the next slide, I'll review our updated outlook for 2026 and the third quarter. Looking ahead, our focus remains on innovation, efficiency, growth, and agent success.

Jesse Hill: On the next slide, I'll review our updated outlook for 2026 and Q3. Looking ahead, our focus remains on innovation, efficiency, growth, and agent success. We are providing our outlook for Q3 and updating the full year 2026. Starting with Q3, we expect revenue in the range of $1.35 to $1.45 billion, expenses in the range of $85 to $90 million, and Adjusted EBITDA in the range of $17 to $22 million. For the year, we continue to expect revenue in the range of $4.85 to $5.15 billion, as productivity gains continue to be offset by a challenging macroeconomic environment. We now expect operating expenses in the range of $355 to $365 million. We have tightened the range of our Adjusted EBITDA guidance to $50 to $60 million for 2026.

Speaker #3: And we are providing our outlook for the third quarter and updating the full year 2026. Starting with the third quarter, we expect revenue in the range of $1.35 to $1.45 billion, expenses in the range of $85 to $90 million, and adjusted EBITDA in the range of $17 to $22 million.

Speaker #3: For the year, we continue to expect revenue in the range of 4.85 to 5.15 billion, as productivity gains continue to be offset by a challenging macroeconomic environment.

Speaker #3: We now expect operating expenses in the range of $355 to $365 million, and we have tightened the range of our adjusted EBITDA guidance to $50 to $60 million for 2026.

Speaker #3: We intend to stay financially flexible, reserving the right to invest where we see meaningful opportunities to support our agents, strengthen our technology platform, and enhance long-term shareholder value.

Jesse Hill: We intend to stay financially flexible, reserving the right to invest where we see meaningful opportunities to support our agents, strengthen our technology platform, and enhance long-term shareholder value. Now, I will turn the call over to Glenn to wrap it up before we open up the call to questions. Glenn?

Speaker #3: And now, I will turn the call over to Glenn to wrap it up before we open up the call to questions. Glenn?

Speaker #4: Hey, thanks. Thanks, Jesse. And thanks, everyone, for being here. So first and foremost, AG&T is the platform. It has really four businesses underneath of it.

Glenn Sanford: Thanks. Thanks, Jesse, and thanks everyone for being here. First and foremost, AGNT is the platform. It has really 4 businesses underneath of it. eXp Realty is still the engine. It is the most agent-centric real estate brokerage on the planet. Now we have 2 models. You have the eXp Realty and NextHome, which is the franchise structure for those agents or broker owners who want to run small teams, in some cases, larger enterprises on top of it. The agent is really still the center of the relationship and their opportunities to grow whatever size business that they want to grow. International, as you know, it is growing. It is doing very well. We added a number of countries last year, we are excited about the continued growth. One of our stated goals is to be in 50 countries by 2030.

Speaker #4: EXP Realty is still the engine. It's the most agent-centric real estate brokers on the planet. And now we have two models. We have the EXP Realty and NextHome, which is the franchise structure for those agents or broker owners who want to run small teams.

Speaker #4: And in some cases, larger enterprises on top of it. But the agent is really still the center of the relationship and their opportunities to grow whatever size business that they want to grow.

Speaker #4: International, as you know, it's growing. It's doing very, very well. And we added a number of countries last year, so we're excited about the continued growth.

Speaker #4: One of our stated goals is to be in 50 countries by 2030, and we think that's a realistic goal. We expect that our continued investments will get us into new countries fairly rapidly.

Glenn Sanford: We think that that is a realistic goal, and we expect that our continued investments will get us into new countries fairly rapidly. If you look at countries like Peru, Ecuador, especially South America, we have our first EXPCON taking place in Colombia next year. We are making big investments in that. Of course, Frame is the platform that we are in right now. It continues to literally create the communication and collaboration layer for the entire enterprise. You can think about the idea that we have almost 90,000 people, actually over 90,000, when you think about staff and other people that use the platform that turn to Frame on a regular basis to collaborate with our overall enterprise. SUCCESS, it is a cultural and training layer. SUCCESS Coaching has now had over 100 people go through our SUCCESS certified coaching platform.

Speaker #4: And if you look at countries like Peru, Ecuador, especially South America, and of course, we've got our first EXPCON taking place in Colombia, next year, we're making big investments in that.

Speaker #4: Of course, FRAME is the platform that we're in right now. It continues to literally create the communication and collaboration layer for the entire enterprise.

Speaker #4: And you can think about the idea that we have almost 90,000 people. Actually, over 90,000 when you think about staff and other people that use the platform, that turn to FRAME on a regular basis to collaborate with our overall enterprise.

Speaker #4: Success, it's a cultural and training layer. Success coaching has now had over 100 people go through our success certified coaching platform. And we just launched that, relaunched that this year.

Glenn Sanford: We just relaunched that this year. With Matthew and Kristen Perry continuing to serve in larger leadership roles at SUCCESS, we are excited about how that continues to roll out for the balance of the year. Today, I am happy to announce that Amy Cosper has joined us as editor in chief for SUCCESS Magazine as well. As we move toward 2027, we also have a bulk app and magazine subscription that we are going to be offering. We are already starting to offer to other large enterprises, we are excited about the work that this team is doing to really create some real opportunities in the SUCCESS Magazine ecosystem. One thing that I have talked about over time is the single thread leader model, I want to start to think about it as the AI enhanced leadership model.

Speaker #4: And with Matthew and Kristen Barry, continuing to serve in larger leadership roles at Success, we're excited about how that continues to roll out for the balance of the year.

Speaker #4: And today, I'm happy to announce that Amy Cosper has joined us as editor-in-chief for Success Magazine as well. As we move toward 2027, we also have a bulk app and magazine subscription that we're going to be offering.

Speaker #4: We're already starting to offer to other large enterprises, but we're excited about the work that this team is doing to really create some real opportunities in the success magazine ecosystem.

Speaker #4: One of the things that I've talked about over time is the single-thread leader model, but I want to start to think about it as the AI-enhanced leadership model.

Speaker #4: And originally, we were talking about agile org design, agile at scale, aligned teams, and now all of our staff have access to at least one enterprise AI in their day-to-day work.

Glenn Sanford: Originally we were talking about agile org design, agile scale, aligned teams, all of our staff have access to at least one enterprise AI in their day-to-day work. This has really allowed us to build things like our Hub, build things like our DocAI, where we are using AI to not just read things in an OCR fashion, to actually be opinionated about the things that it is advising the company on. With the models improving the way they are, we are just in the early stages of seeing where AI can take us over the next few years. Obviously, we invented the cloud-based model back in 2009. Our competitors generally are still tethered to legacy offices, commission structures, and software and hardware stacks that take years to move, if they can even move off of them.

Speaker #4: And this is really allowed us to build things like our hub, build things like our doc AI, where we're using AI to not just read things in an OCR fashion, but to actually be opinionated about the things that it's advising the company on.

Speaker #4: And with the models improving the way they are, we're just in the early stages of seeing where AI can take us over the next few years.

Speaker #4: Obviously, we invented the cloud-based model back in 2009. Our competitors generally are still tethered to legacy offices, commission structures, and software and hardware stack that take years to move if they can even move off of them.

Speaker #4: We've had none of that to work around since we've been on the cloud since 2009. We actually invented the term "cloud-based brokerage." We've been distributed and technology folks from day one.

Glenn Sanford: We've had none of that to work around since we've been on the cloud since 2009. We actually invented the term cloud-based brokerage. We've been distributed and technology folks from day one, so AI has been a more natural transition given our infrastructure. We've talked a little bit about eXp Hub. We've got AI copilots for agent workflow. We've got a listing intelligence platform that we're continuing to build out. We now have an app store marketplace that was enabled because we built our entire replacement for Workplace by Facebook, given it went away. Now we've got the most robust communication platform that is not tied to a SaaS contract. Really, this goes back to the idea that the name change really wasn't cosmetic.

Speaker #4: So, AI has been a more natural transition given our infrastructure. We've talked a little bit about EXP Hub. We've also got AI Copilot for agent workflow.

Speaker #4: We've got a listing intelligence platform that we're continuing to build out. We now have an app store marketplace that was enabled because we built our entire replacement for workplace by Facebook.

Speaker #4: Given it went away. And now we've got the most robust communication platform that is not tied to a SaaS contract. And really, this goes back to the idea that the name change really wasn't cosmetic.

Speaker #4: We referred, obviously, to eXp Realty as the most agent-centric real estate brokerage. And we've made the AG&T platform much more robust. And that's a moat we continue to invest in.

Glenn Sanford: We referred, obviously, to eXp Realty as the most agent-centric real estate brokerage. We've made AGNT platform much more overt, that's a moat we continue to invest in. With that, I'll turn it back to Denise for Q&A.

Speaker #4: With that, I'll turn it back to Denise for Q&A.

Denise Garcia: Thanks, Glenn. We kick it off with a question for each of our speakers before we turn the call to the analysts and ask their questions. Leo, can you give us an update on the macro and what you're expecting in H2 2026?

Speaker #5: Thanks, Glenn. We'll kick it off with a question for each of our speakers before we turn the call to the analysts and ask their questions.

Speaker #5: Leo, can you give us an update on the macro and what you're expecting in the second half of the 2026?

Speaker #2: Thanks, Denise. The back half of 2026 is looking to have a continued uncertainty from several macro factors. We have sticky inflation, conflict in the Middle East, and as of last week, a very strong emphasis on the weakening of the Japanese yen.

Leo Pareja: Thanks, Denise. H2 2026 is looking to have a continued uncertainty from several macro factors. We have sticky inflation, conflict in the Middle East, and as of last week, a very strong emphasis on the weakening of the Japanese yen. This certainly has translated into bond market pressure, with the 10-year Treasury yielding climbing to its highest level since January 2025, roughly touching 4.7. Last week, the Fed held its federal funds between three and a half and three quarters, signaling their ongoing concerns around inflation and geopolitical uncertainty. A weak Japanese yen is adding to the bond market pressure. We saw last Friday, the US Treasury step in to support Japan's weakening position.

Speaker #2: This is certainly translated into bond market pressure with a 10-year treasury yielding climbing to its highest level since January of 2025. Roughly touching 4.7.

Speaker #2: Last week, the Fed held its federal Fed funds between 3.5 and 3 quarters, signaling their ongoing concerns around inflation and geopolitical uncertainty. A weak Japanese yen is adding to the bond market pressure.

Speaker #2: We saw last Friday the US Treasury step in to support Japan's weakening position. Altogether, the Fed's holding on rates, Middle Eastern-driven energy and inflation pressure in the bond market pricing shifts, all point to the back half of 2026 housing activity tracking softer to year-end, by about 0.2.

Leo Pareja: Altogether, Fed's holding on rates, Middle Eastern-driven energy and inflation pressure in the bond market, pricing shifts, all point to the back half of 2026 housing activity to track softer to year-end.

Speaker #5: All right. Thanks, Leo. Jesse, one for you. You just had a record quarter despite a challenging backdrop. What drove the second quarter?

Denise Garcia: All right. Thanks, Leo. Jesse, one for you. You just had a record quarter despite a challenging backdrop. What drove Q2?

Speaker #3: Yeah, thanks, Denise. And we mentioned our over 87,000 agent count. But what's more important and we mentioned this nearly every quarter is productive agents.

Jesse Hill: Yeah. Thanks, Denise. We mentioned our over 87,000 agent count, but what's more important, and we mention this nearly every quarter, is productive agents. We call that our PPP, our productivity per person, improved 6% year-over-year to 5.5 in Q2. Across our sizable agent base, even incremental improvements in agent productivity can result in outsized gains across the overall brokerage. So we saw that translate into 15% increase in sales volume in Q2. Sales volume, of course, drives our revenue in the form of gross commission income. Just one other thing to add to this, along the same talk track, actually. We saw a gain in market share. Our US brokerage in Q2 gained 3% in market share relative to the total US real estate market.

Speaker #3: And we call that our PPP, our productivity per person improved 6% year over year to 5.5 in Q2. And across our sizable agent pace, even incremental improvements in agent productivity can result in outsized gains across the overall brokerage.

Speaker #3: And so we saw that translate into a 15% increase in sales volume in Q2. And sales volume, of course, drives our revenue in the form of gross commission income.

Speaker #3: And then just one other thing to add to this. Along the same talk track, actually, we saw a gain in market share. Our U.S. brokerage in Q2 gained 3% in market share relative to the total U.S. real estate market.

Speaker #3: So we're very proud of our record revenue quarter, but we're also happy to see gaining market share in the quarter as well.

Jesse Hill: We're proud of our record revenue quarter, but we're also happy to see gaining market share in the quarter as well.

Speaker #5: And one for you, Glenn. Can you speak to some of the initiatives in international that drove growth there?

Denise Garcia: one for you, Glenn. Can you speak to some of the initiatives in international that drove growth there?

Speaker #4: Yeah. Well, not the least of it is that last year, we opened up eight new countries, and a lot of those countries are actually growing quite quickly.

Glenn Sanford: Well, not the least of it is that last year we opened up eight new countries, a lot of those countries are actually growing quite quickly. Congratulations to everybody on the international team for the hard work that they're doing. We just finished EXPCON International in Paris just a few weeks ago. Well attended by agents from all over the world. The enthusiasm for the eXp model around the world is very tangible, it definitely was on full display. Things like our co-sponsorship program or international sponsorship program is working really well, where agents can work with in-country agents to bring on the agents that they're looking to attract to the eXp model. Obviously, the legacy brokerage models internationally are even further behind than the domestic US and Canadian-based brokerages. Still a lot of brokerages that are 50/50 splits with their agents, no caps.

Speaker #4: So congratulations to everybody on the international team for the hard work that they're doing. We just finished EXP Con International in Paris just a few weeks ago.

Speaker #4: Well attended. By agents from all over the world, the enthusiasm for the EXP model around the world is very tangible. And it definitely was unfold display.

Speaker #4: And things like our co-sponsorship program, our international sponsorship program, are working really well, where agents can work with in-country agents to bring on the agents that they're looking to attract to the eXp model.

Speaker #4: Obviously, the legacy brokerage models internationally are even further behind than the domestic U.S. and Canadian-based brokerages. There are still a lot of brokerages that have 50/50 splits with their agents.

Speaker #4: No caps. And so our model is much more agent-oriented and the commission splits definitely are appealing. But then our worldwide model that's now backed by platforms like Liv, LYVVE, and its ability to basically act as a worldwide portal for EXP listings in all countries that we operate in.

Glenn Sanford: Our model is much more agent-oriented, the commission splits definitely are appealing. Our worldwide model that's now backed by platforms like LYVVE, L-Y-V-V-E, and its ability to basically act as a worldwide portal for eXp listings in all countries that we operate in. Last year, we started on a lab experiment in international to build out Nexus. I remember when Felix started to build that out, it's truly become an AI operating system for all of the international countries, providing things like CRM, valuation tools, marketing tools, transaction management tools. The platform that was built was built by a very small number of people, using AI as the tooling infrastructure. We're really talking about less than about four people overall, four or five people overall, building the Nexus operating system.

Speaker #4: Last year, we started on a lab experiment international to build out Nexus. I remember when Felix started to build that out. And it's truly become an AI operating system for all of the international countries providing things like CRM, valuation tools, marketing tools, transaction management tools.

Speaker #4: And this platform that was built was built by a very small number of people using AI as the tooling infrastructure. So we're really talking about less than about four people overall, four or five people overall building the Nexus operating system but they're able to build at scale for 20 seven-ish countries around the world, multi-language, multi-modal, and along with the Live platform.

Glenn Sanford: They're able to build at scale for 27-ish countries around the world, multi-language, multimodal, along with the LYVVE platform. International is running very lean

Speaker #4: So, International is running very lean. We'll continue to run lean. And, of course, we're seeing a number of countries now turn profitable as we continue to invest in new countries. We will likely have more countries toward the end of the year announced and either launched or opening up in early 2027.

Glenn Sanford: We'll continue to run lean. Of course, we're seeing a number of countries now turn profitable as we continue to invest in new countries, which we'll likely have more countries toward the end of the year announced and either launched or opening up in early 2027. It's really been a big team effort that's really driven that international growth, but it's going very well.

Speaker #4: So, it's really been a big team effort that's driven that international growth, but it's going very well.

Speaker #5: Thanks, Glenn. Just as a reminder for the audience, if you'd like to ask a question, you can go to slido.com and enter the event code AGENT—A-G-N-T—and ask a question there.

Denise Garcia: Thanks, Glenn. Just as a reminder for the audience, if you'd like to ask a question, you can go to slido.com and enter the event code agent, A-G-N-T, and ask the question there. You can use the QR code on your mobile device and ask a question in Slido that way. For now, I'll go to the analysts on the stage that are joining us here. Tom White from D.A. Davidson, you can go ahead.

Speaker #5: Or you can use the QR code on your mobile device and ask a question in Slido that way. For now, I'll go to the analysts on the stage.

Speaker #5: That are joining us here: Tom White from DA Davidson, you can go ahead.

Speaker #2: Great. Thanks, Denise. Good evening, everyone. A couple if I could. I guess just on agent counts, I think you said up 6%. Can you what was that kind of excluding Next Home?

Tom White: Great. Thanks, Denise. Good evening, everyone. A couple, if I could. I guess just on agent counts, I think you said up 6%. What was that kind of excluding NextHome? If I remember, NextHome had, I think, roughly 5,000 agents, so it was kind of the legacy business, flattish. Maybe you can also just call out the impact of NextHome on revenues in the quarter.

Speaker #2: Is it if I remember, Next Home had, I think, roughly 5,000 agents. So it was kind of the legacy business flattish. And maybe you can also just call out the impact of Next Home on revenues in the quarter.

Speaker #3: Sure. I can take that one, Tom. Thank you for the question. We shared I believe previously the Next Home acquisition actually resulted in approximately 4,900 agents.

Jesse Hill: Sure. I can take that one, Tom. Thank you for the question. We shared, I believe previously, the NextHome acquisition actually resulted in approximately 4,900 agents. You're correct. It was a modest growth in the organic business in Q2, but we did see some growth there in our own brokerage, 4,900 from NextHome and then a little over 100 organic. For the second part of your question, sorry, can you remind me?

Speaker #3: So you're correct. It's a modest growth in the organic business in Q2, but we did see some growth there. In our own brokerage, 4,900 from NextHome and then a little over 100 organic.

Speaker #3: And for the second part of your question, sorry, can you remind me?

Speaker #2: Oh, just maybe help quantify what the contribution of Next Home did to reported revenue in the quarter.

Tom White: Just maybe help quantify what the contribution of NextHome did to reported revenue in the quarter.

Speaker #3: Right, right. Got it. So with NextHome, it's important to point out that it's a franchise model, and so we're not recording revenue in the same way.

Jesse Hill: Right. Got it. With NextHome, it's important to point out that it's a franchise model, we're not recording revenue in the same way. I'm explaining this to the full audience, Tom, I think you know this. We're not reporting revenue in the same way as we do our traditional US brokerage, which records revenue at gross commission income. NextHome is the franchise model, and we get revenue there in different ways, franchise fees, notably. It'll be smaller, more modest contribution, especially in the shorter term with NextHome. That one's more of a strategic bolt-on to create the on-ramp for the multimodal sort of approach that we're taking this year and going forward into the future to create multiple options for agents. Modest contribution to our revenue in Q2 and in the updated guidance. Short answer for you.

Speaker #3: And I'm explaining this to the full audience, Tom—I think you know this—but we're not reporting revenue in the same way as we do our traditional U.S. brokerage, which records revenue at gross commission income.

Speaker #3: Next Home is the franchise model and we get revenue there in different ways: franchise fees, notably. So it'll be smaller, more modest contribution, especially in the shorter term, with Next Home.

Speaker #3: That one's more of a strategic bolt-on to create the on-ramp for the multi-modal sort of approach that we're taking this year and going forward into the future to create multiple options for agents.

Speaker #3: Modest contribution to our revenue in Q2, and in the updated guidance—short answer for you.

Speaker #2: Okay. That's great. Leo, the AI native brokerage slide, I thought was interesting. I'm curious whether any of those AI innovations that you talked about are have started to displace any kind of legacy maybe SaaS products that you guys had historically been paying for.

Tom White: Okay. That's great. Leo, the AI native brokerage slide I thought was interesting. I'm curious whether any of those AI innovations that you talked about have started to displace any kind of legacy, maybe SaaS products that you guys had historically been paying for, and curious whether that means there's kind of a cost-saving opportunity from you guys going forward? Or is it just about AI helping everyone be more efficient?

Speaker #2: And curious whether does that mean that there's kind of a cost-saving opportunity from you guys going forward? Or is it just about kind of AI helping everyone be more efficient?

Speaker #3: Yeah, I think it's all of the above, Tom, absolutely. So Meta gave us notice 18 months ago that we were no longer going to have access to Workplace.

Leo Pareja: Yeah, I think it's all of the above, Tom. Absolutely. Meta gave us notice 18 months ago that we were no longer going to have access to Workplace. We shifted over to Salesforce Slack product, the agents really had a wanting of the previous Enterprise feeling, we really were able to build it ground up very quickly because of the AI software writing ability, and now it's super tailor-made for us. Not only from an experience standpoint, but also in the financial results. Yes, when people think of AI, I think the real lift is on businesses of scale that do repetitive behavior like we do. DocAI gives us the ability to actually meaningfully impact the workflow versus these kind of very aspirational agent tech workflows that people pontificate on LinkedIn and other places.

Speaker #3: We shifted over to Slacks Salesforce Slack product. And the agents really had a wanting of the previous enterprise feeling. And we really were able to build a ground up very quickly because of the AI software writing ability.

Speaker #3: And now it's super tailor-made for us. But not only from an experience standpoint, but also on the financial result. And so yes, when people think of AI, I think the real lift is on businesses of scale that do repetitive behavior like we do.

Speaker #3: So doc AI gives us the ability to actually meaningfully impact the workflow versus these kind of very aspirational agentic workflows that people pontificate on LinkedIn and other places.

Speaker #3: This actually has meaningful impact into our daily life. And then I actually made a post on social media like two hours ago, randomly enough, where I instructed agents to pull out their credit card bill and see all of the SaaS stuff they pay for on a reoccurring basis.

Leo Pareja: This actually has meaningful impact into our daily life. Then, I actually made a post on social media, like 2 hours ago, randomly enough, where I instructed agents to pull out their credit card bill and see all of the SaaS stuff they pay for on a recurring basis. SaaS could also just be a marketing MarTech thing that they do on a monthly basis that now can be replaced by a Claude skill, right? I think the whole world is going through, like, what am I paying for? How does this add meaningful activity?

Speaker #3: And SaaS could also just be like a marketing MarTech thing that they do on a monthly basis. That now could be replaced by a Claude skill, right?

Speaker #3: And so I think the whole world is going through what am I paying for? How does this add meaningful activity? So I think there's more than one way of looking at it, not of just purely like I'm going to replace Trello, but more like, hey, I'm paying for an automation and it could be as simple as Claude Cowork can actually go into your email at noon and pull a list of all the things you need to do.

Leo Pareja: I think there's more than one way of looking at it, not of just purely, like, I'm going to replace Trello, but more like, hey, I'm paying for an automation, and it could be as simple as Claude Cowork can actually go into your email at noon and pull a list of all the things you need to do. I'm always pragmatically skeptical of everything, it's show me and let's continue to push the envelope and keep moving forward.

Speaker #3: So I'm always pragmatically skeptical of everything. And so it's 'show me,' and let's continue to push the envelope and keep moving forward.

Speaker #2: Great, just one last one for me and then I'll get back in the queue. Jesse, just on operating expenses, they ticked up, I think, $8.5 million or so versus the first quarter.

Tom White: Great. Maybe just one last one for me, then I'll get back in the queue. Jesse, just on operating expenses, they ticked up, I think, $8.5 million-ish or so versus Q1. Is that the level that we should sort of think about for the next couple of quarters? Or maybe there was something kind of one-timeish related to NextHome coming on board there, just any kind of forward color on OpEx?

Speaker #2: Is that the level that we should sort of think about for the next couple of quarters? Or maybe there was something kind of one-timey-ish related to Next Home coming on board there?

Speaker #2: Just any kind of forward color on OpEx?

Speaker #3: No, yeah. Thank you, Tom. We did hit the right end of our bookend—actually, $200K over on that. And we're watching it very diligently.

Jesse Hill: No, yeah. Thank you, Tom. We did hit the right end of our bookend, actually $200,000 over on that, we're watching it very diligently. You are correct, though. There are actually two one-times in legal, in particular, we note them in the Form 10-Q, that total to approximately $8 million. That said, you're asking about the forward look. I would say use the guidance that we're providing. We tightened actually even the bookends on our OpEx guidance for H2. We want to make sure that we're sharing that as transparently as possible and sharing what our modeling is showing with you all. We do see heightened legal costs continuing in H2 also, and that's reflected in the guidance.

Speaker #3: You are correct, though. There are actually two one-times in Legal in particular. We note them in the queue that total to approximately $8 million.

Speaker #3: That said, you're asking about the forward look. I would say use the guidance that we're providing. We tightened actually even the book ends on our OpEx guidance for the back half of the year.

Speaker #3: So, we want to make sure that we're sharing that as transparently as possible and sharing what our modeling is showing with you all. But we do see heightened legal costs continuing in the back half also, and that's reflected in the guidance.

Speaker #2: Okay, thank you very much. Appreciate it.

Tom White: Okay. Thank you very much. Appreciate it.

Speaker #1: And now I'm going to Mike Matt Filek from William Blair. Matt, you'd like to ask a question. You can.

Denise Garcia: Now I'll go to Matt Filak from William Blair. Matt, if you'd like to ask a question, you can.

Speaker #4: Thank you, Denise. And good evening, everyone. You have Matt Filek on for Stephen Sheldon. Appreciate the time. Somewhat related to Tom's first question, can you provide some more detail on how Next Home's factors into the revised guidance?

Matt Filak: Thank you, Denise, good evening, everyone. You have Matt Filak on for Steven Sheldon. Appreciate the time. Somewhat related to Tom's first question, can you provide some more detail on how Next Home factors into the revised guidance? You delivered a pretty sizable adjusted EBITDA beat during the quarter, you narrowed the full-year adjusted EBITDA range. Just trying to understand how that all pieces together.

Matt Filek: Thank you, Denise, good evening, everyone. You have Matt Filak on for Steven Sheldon. Appreciate the time. Somewhat related to Tom's first question, can you provide some more detail on how Next Home factors into the revised guidance? You delivered a pretty sizable adjusted EBITDA beat during the quarter, you narrowed the full-year adjusted EBITDA range. Just trying to understand how that all pieces together.

Speaker #4: You delivered a pretty sizable adjusted EBITDA beat during the quarter, but then you narrowed the full-year adjusted EBITDA range. So just try and understand how that all pieces together.

Speaker #3: Yeah, and I can take that one. Actually, glad for the double tick. I regretted not explaining it a little bit further in detail. So we have revised the guidance.

Jesse Hill: Yeah, I can take that one. Actually glad for the double-take. I regretted not explaining it a little bit further in detail. We have revised the guidance. It now includes Next Home. I'll say there's hundreds of puts and takes into our internal modeling, right? We did a lot of updates, we held the bookends on top line revenue, which is probably a part of what you're getting at. Next Home now is included. When we say modest, we mean sub 10%, you can think about that across categories, revenue, expense, key metrics. Next Home is currently less than 10% of our business. I look forward to the day where it grows beyond that and we actually have to break it out and report it separately. I'll keep it to that high level for now. It's sub 10% to the contribution.

Speaker #3: It now includes NextHome. I'll say there's hundreds of puts and takes in our internal modeling, right? So we did a lot of updates, but then we held the bookends on top-line revenue, which is probably a part of what you're getting at.

Speaker #3: But Next Home now is included. When we say modest, we mean sub-10%. And you can think about that across categories: revenue, expense, key metrics.

Speaker #3: So, Next Home is currently less than 10% of our business. I look forward to the day where it grows beyond that and we actually have to break it out and report it separately.

Speaker #3: But I'll keep it at that high level for now. It's sub-10% to the contribution. It is reflected in the forward guidance, but it's not material to the overall business.

Jesse Hill: It is reflected in the forward guidance, but it's not material to the overall business.

Speaker #4: And then Jesse, just as a quick follow-up to that, is there anything you can share about NextHome in terms of profitability?

Matt Filak: Jesse, just as a quick follow-up to that, anything you can share about NextHome in terms of profitability?

Matt Filek: Jesse, just as a quick follow-up to that, anything you can share about NextHome in terms of profitability?

Speaker #3: I don't think we're breaking that out at this point in time. So, Leo, maybe do you want to take it from the strategic play that we're going with NextHome and the multimodal approach?

Jesse Hill: We're not breaking that out at this point in time. Leo, maybe, do you want to take it from the strategic play that we're going with NextHome and the multi-model approach?

Speaker #2: Yeah. So Matt, I'm not sure you're asking this, but this is the question Jesse logged over to me. So when we look at the financialization we're witnessing, so you've had private equity and public companies come together and now be multi-brand.

Leo Pareja: Yeah. Matt, I'm not sure you're asking this, but this is the question Jesse logged over to me. When we look at the financialization we're witnessing, so you've had private equity and public companies come together and now be multi-brand. We see a huge opportunity with upwards of 400,000 agents in franchises that may be now curious as their franchise agreements come due. That NextHome acquisition was really important as a platform, so we can now compete in the space that we think is going to be ripe for opportunity. As Jesse commented earlier, the gross margin in that business is a completely different profile.

Speaker #2: We see a huge opportunity with upwards of $400,000 agents in franchises that may or maybe now curious as their franchise agreements come due. And so the Next Home acquisition was really important as a platform so we can now compete in a space that we think is going to be.

Speaker #2: Ripe for opportunity, but as Jesse commented earlier, the gross margin of that business is a completely different profile. So, as of right now, it's not adding meaningfully to the contribution, but we see that as a huge green-shoot opportunity from both margin expansion, revenue expansion, and all of the opportunities that you kind of always click down on, Matt.

Leo Pareja: As right now, it's not adding meaningfully to the contribution, but we see that as a huge green shoot opportunity for both margin expansion, revenue expansion, all of the opportunities that you kind of always click down on, Matt.

Speaker #4: Okay, that's helpful, Leo. Thank you for that additional color. And I'll switch gears from my last one. In the past, you've talked about using AI to reduce the cost of processing transactions.

Matt Filak: Okay, that's helpful, Leo. Thank you for that additional color, and I'll switch gears for my last one. In the past, you've talked about using AI to reduce the cost of processing transactions, and was just trying to get a read on what inning you would say you're in with those efforts, trying to understand how much opportunity may remain there.

Matt Filek: Okay, that's helpful, Leo. Thank you for that additional color, and I'll switch gears for my last one. In the past, you've talked about using AI to reduce the cost of processing transactions, and was just trying to get a read on what inning you would say you're in with those efforts, trying to understand how much opportunity may remain there.

Speaker #4: And we're just trying to get a read on what inning you would say you're in with those efforts, trying to understand how much opportunity may remain there.

Speaker #3: Yeah, I think the whole world is trying to solve that. I definitely think, directionally, there's still way more opportunity. And as every day the models get stronger and better, there are also ways of improving the process.

Leo Pareja: Yeah, I think the whole world is trying to solve that. I definitely think directionally, there's still way more opportunity, and as every day the models get stronger and better, there's also ways of improving the process. I would say we're nowhere near to completely maximizing that opportunity.

Speaker #3: But I would say we're nowhere near to completely maximizing that opportunity.

Speaker #4: Okay, very helpful. Thank you, Leo and team. I'll jump back in the queue.

Matt Filak: Okay. Very helpful. Thank you, Leo and team. I'll jump back in the queue.

Matt Filek: Okay. Very helpful. Thank you, Leo and team. I'll jump back in the queue.

Speaker #1: All right. We have no further questions from the audience, so this concludes our second quarter earnings call. Thank you for joining us, and as always, stay up to date via our website, agent.inc, for the latest updates on news, results, and events.

Denise Garcia: All right. We have no further questions from the audience. This concludes our Q2 earnings call. Thank you for joining. As always, stay up to date via our website, agnt.inc, for the latest updates on news, results, and events. You can find a recording of this call and our latest investor presentation there, too. Thank you all for your time.

Speaker #1: You can find a recording of this call and our latest investor presentation there too. Thank you all for your time.

Jesse Hill: Thanks, everyone.

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