My name is Denise Garcia, and I manage investor relations for eXp World Holdings. Today, we will begin our earnings fireside chat with prepared remarks from Glenn Sanford, Founder, Chairman, and CEO of eXp World Holdings, and Leo Pareja, CEO of eXp Realty, followed by a review of the second quarter 2024 financial highlights presented by Kent Cheng, Principal Financial Officer and Chief Accounting Officer of eXp World Holdings. Following our prepared remarks, we will open the call to a Q&A session with eXp World Holdings covering analysts and questions submitted to eXp in advance. Let's begin with a review of the forward-looking statements. 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. 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 available on expworldholdings.com. 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 in to 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. While in Frame, if you need help, just use the Help button on 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 eXp. From there, you can submit a question or vote up an existing question by giving a thumbs up if you'd also like another question asked. This screen will remain up on the right-hand side of the stage throughout our presentation. Now, I'll turn the fireside chat over to our speakers before opening the call to questions. Glenn, you may begin. Hey, thanks, Denise. And thanks, everyone, for attending this Q2 earnings call. Obviously, what we're doing here is really iterating on the agent value proposition. That's what we talk about all the time at eXp. And really, you know, we've got a unique overall platform that focuses on personal development, you know, helping agents sell more property. Obviously, we have SUCCESS Magazine, which is tied into that personal development side of the business. And then we've got, you know, companies like Frame, which is obviously the metaverse that we're in now. But all this is really designed to help us as a brokerage scale around the world. You'll notice, like, in the next slide, and, you know, in Q2, our aNPS, our agent Net Promoter Score, actually increased from 72 to 76, which is world-class, to say the least. This really reflects our investments in services, faster payments. We've got platforms like Revenos, you know, our global referral network that's actually starting to take shape, how we're approaching international, which I'm actually more involved in, now, for obvious reasons. But, you know, we're really focused on, you know, what—how do we improve the agent value proposition? Because we do know that aNPS is a leading indicator for both our future growth, retention, and retention, which ultimately translates to sort of the long-term financial viability of the company. You know, real estate sales transaction increased by 1%, revenue grew by 5%, and really, that was driven by a 6% increase in our overall agent productivity, which is pretty amazing to see our agents producing more in a, in a difficult market. You know, we had productivity gains from providing more tools and incentives to highly productive agents. I know Leo's gonna talk a little bit about, I think he's gonna talk a little bit about Fast Start. But Fast Start's a really cool program relative to our Revenue Share 2.0 program that's again geared toward attracting productive agents and helping agents during their first year really, you know, outproduce maybe where they would have normally because they've got more encouragement from their upline and some other things that go along with that. But we're really positioned to capture growth around the world. Internationally, you know, revenues jumped by 69% year-over-year. You know, there was strong performance in both unit sales, volume, productivity. You know, our agent count really didn't change a whole bunch overall, but that's because a lot of our agents that were in international, in the sort of initial launch into international, were non-productive. We actually changed it to, you know, looking at agents who have two years or more experience, are the ones that we're actually bringing over to eXp now, and that's really changed the trajectory internationally. You'll obviously notice that our losses are reduced over previous timeframes. But really, it's an untapped opportunity when we look at the fact that. So there's likely somewhere around, it's hard to track the stats, but there's likely around 20 million+ real estate professionals in the markets that we want to compete in over time. And so if we really think about that as our target market, and we get to a similar size that we are in the US, that's almost 1 million agents worldwide that could eventually be on the eXp platform. So we're really excited about that long-term, you know, we'll just say, ten-year vision of where we're going. Actually, even more recently, you know, I'm actually working directly with the international team, bringing a lot of the startup culture into international personally, and working with various team leaders, country leaders, our existing, amazing team that we've got growing, international. But as I've mentioned in previous calls, this is really important to me, and, you know, between going to Lisbon in June for our first eXp Con internationally, to taking another trip there in September to work with some of our international team in September, October, we're taking a lot more hands-on approach to international growth. We also launched, just so you know, Elevate Coaching, which is really an extension of our eXp University and Mentor programs. And we've launched that also. And then the global agent referral platform is amazing how we're able to, because of our size, be able to share both consumers that are looking to buy or sell real estate, and also sharing properties on an international basis, especially when you get to that luxury market, where the international luxury buyer could be looking at multiple countries around the world for opportunities. So really, a lot of unique stuff that's going on around that. And then with that, let me go ahead and turn it over to Leo, who will walk you through some of the second- quarter highlights in North America. Leo? Thanks, Glenn, and thanks to everyone for joining us today. I'll start off with our Q2 performance compared to the industry. Last week, we saw June existing home sales at a low point for 2024, down more than 5% year-over-year, month-over-month. This downward pressure for Q2 homes sold transactions in the U.S., which were down nearly 3.5% year-over-year. Despite the industry being down nearly 3.5%, eXp Realty is only down 3%. Year to date, the industry is down slightly more than 3% over last year, while eXp is basically flat by being down less than 1%. I truly believe that our market share gains are a reflection on the quality of agents and talent we're attracting to our company. Kendall Bonner joined eXp Realty as a VP of Industry Relations, who was recently named 2024 Housing Woman of Influence. Tanya Memme, TV host and real estate expert, has joined eXp during that quarter. 44% of our agents made the list for the 2024 RealTrends and Tom Ferry The Thousand Awards, which has the 500 top agents and 500 top teams in the U.S. by transaction and volume count. We recognize that in order to maintain the highest quality agent base in the industry, we constantly have to iterate on our agent value proposition to remain the most agent-centric brokerage on the planet. During last earnings call, we announced RevShare 2.0. In the first 60 days of the program, we paid out nearly $7 million in real-time RevShare. During Q2, we also launched our global referral program, which extends the reach of all of our agents to our additional 22 international markets, so agents can find partners across the globe and across the ocean to expand their business. More recently, we launched Fast Start Attraction Bonus Program, July 1st, which offers direct upline sponsorship, a 50% payout on the revenue share pool on all qualifying Level 1 transactions for an agent joining their first year at eXp. Some of the initiatives we started last year have really started gaining traction, and some of the ones I'm most excited about, I'll share about. eXp Exclusives, which went live late last year, is starting to gain traction and really add a value proposition to our agents as we navigate this low inventory environment and this changing landscape. Express Offers, which we rebooted with a partnership with Opendoor, led to over 2,300 property submissions to Opendoor alone in Q2. eXp Luxury, our platform that provides agents with tools and resources to increase their production, increased the number of agents by over 130% year-over-year. We're seeing higher adoption rates for training and education, which increased 127% in attendance year-to-date for 2024 compared to 2023 for the same time period. PayNow, our real-time payment program we launched in order to pay folks faster, which is particularly important in these times where agents are closing fewer transactions, is taking off like wildfire. We're happy to see our agents take advantage of the kind of programs we've created in order to help them lead more productive lives and make their businesses run smoother. We've discussed our significant opportunities to see an agent improvement productivity with integrating AI technologies across our entire enterprise. We have a enterprise license with OpenAI that we're leveraging with ChatGPT to increase our staff productivity. Our staff sent more than 1 million messages in Q2, up 108% from Q1 of this year, by leveraging AI to become more productive internally. The Task Center has also aided in the completion of over 710,000 tasks of agents, invoices, and transaction documents across 5 different operational teams and 15 different role types year to date. We continue to leverage HubSpot technology to service agents, and we've closed over 1 million agent tickets worldwide in Q2. And most recently, we replaced Virbela with the web-based Frame technology that we're all using right now to make it faster and easier for our staff and agents to collaborate online, and has been wildly popular, with more than 1.1 million visits in the first half of 2024. We're really excited to continue the integration of cutting-edge technology solutions on our platform, the long-term opportunity AI could represent as we continue to seek operational efficiencies, which I'll discuss on the next slide. This quarter, we reduced our SG&A expenses in North American realty by $4 million over last year. At the same time, we reduced our cost per transaction in North American realty by nearly 10% year-over-year and improved our operating efficiencies, increasing North American Adjusted EBITDA by 13%. For an update on the real estate market, we've been providing as much education and tools through our regional rallies, virtual meetings, and as many places as we can communicate with our agents. Our buyer representation toolkit, which includes a Buyer Broker Representation Agreement that the CFPB recently recognized as much simpler, clearer, and pro-consumer than any other agreement that's been created recently, is something we've open-sourced so all agents in the industry have access to what's being considered the best-in-class documents in order to make this transition as smooth as possible, which will go into effect on August 17. Many people have asked me how this will impact the number of agents and market and the process. First, buyers have the option not to have an agent represent them, just like they did in the past, but most have chosen to hire an agent because the process is very time-consuming and complicated than most people understand prior to engaging with an agent. In my opinion, buyers will still choose representation and will continue to need expert guidance throughout their process. After August seventeenth, we'll likely experience an adjustment period, which I've been calling on several, you know, formats and stages, the messy middle, as both agents and consumers adjust to the new rules of engagement. With that, I'll turn the call over to Kent, who will walk you through our financials, and we'll open the call up for questions. Thank you, Leo. As we review our performance for the second quarter of 2024, I'm pleased to highlight several key metrics that underscore our progress and strategic initiatives. Let's start with our Agent Net Promoter Score, or NPS. This quarter, we achieved an NPS of 76, which is a 4-point improvement compared to the second quarter of last year. This increase is a direct result of our continued investment in operational support for our agents and the enhancement to our technology platform that Leo and Glenn discussed earlier. Moving on to our agent network. Our agent count increased 2% sequentially from the first quarter to the second quarter. On a year-over-year basis, our Q2 agent count declined 1%. This reflects both the challenging market conditions and our strategic decision to onboard a significant number of unproductive agents in the U.S. during the last few quarters. This move is aligned with our focus on enhancing overall productivity and efficiency. Turning to our other operating metrics. Real estate sales transaction unit grew 1% year-over-year. This growth is not only a testament to our team's hard work, but also indicate that we are outperforming the industry and continue to gain market share in the U.S. Realty costs per transaction decreased 8% as we began to leverage technology to eliminate time-consuming manual processes. We believe we are among the most efficient company in our industry, and we remain focused on reducing our cost per transaction moving forward. Now, let me discuss our financial metrics. I'm happy to report that our revenue for the second quarter was $1.295 billion, a 5% increase year-over-year. Our Q2 revenue growth was due to higher real estate sales volume and an increase in agent productivity, which I will detail in my next slide. Second quarter Adjusted EBITDA was $32.8 million, up 22% year-over-year, driven by higher revenue and lower SG&A expenses relative to the prior year quarter. Thanks to solid execution across the company, I'm pleased to report that our $20 million profit improvement plan remains on track. Drilling down into our Q2 expenses, general and administrative expenses were $61.2 million, down 6% compared to the second quarter of 2023, primarily due to cost containment initiatives, partially offset by increased legal expenses related to the antitrust lawsuit. Our GAAP net income from continuing operations for the quarter was up 4% to $11.8 million year-over-year, in spite of a 44% increase of operating income due to an unfavorable higher tax rate on ongoing operations. Including discontinued operation, net income would have grown 31% to $12.4 million in 2024, compared to $9.4 million in 2023. Moving on to cash flow and capital allocation. Q2 Adjusted operating cash flow was $60.4 million, and we repurchased $48.2 million of shares during the quarter, demonstrating our commitment to shareholder return. On the next slide, I will provide some detail about the driver of our revenue increase for the second quarter. This chart shows the driver behind the increase in revenue from the second quarter of 2023 to the second quarter of 2024. In Q2 2023, our revenue stood at $1,231 million, as shown by the bar on the left. For the second quarter of 2024, revenue increased to $1,295 million, as indicated by the bar on the right, marking a year-over-year increase of $64 million, or 5% increase. This increase was primarily fueled by significant gain in our North America Realty segment, which includes the U.S. and Canada, contributing a $55 million revenue growth. The international realty segment also saw a rise, contributing an $8 million revenue increase. Let's delve deeper into the North America realty business. Our U.S. agent base, excluding referral agent, declined and negatively impact our revenue by approximately $51 million. U.S. home sales in the second quarter of 2024 declined 3.4% year-over-year, which pressured our agent production. We estimated the decrease in the overall real estate market reduced our revenue by $37 million. However, these market declines were more than offset by gain from several areas in our business. Relative to the performance of the real estate market, an increase in our agent productivity over prior year, adding $81 million dollar revenue. Higher home sales price contributed incremental revenue of $55 million. Additionally, our strategic focus on expanding our lease, referral, and other ancillary services brought in an extra $7 million dollar top line growth. On the next slide, I will discuss the financial for each segment in more detail for the quarter. The North America Realty segment continued to be the primary driver of both revenue and profit for the company. Segment revenue was $1.275 billion, a 5% increase from prior year due to increased real estate transactions and home sales prices, despite a challenged U.S. residential real estate market. Adjusted EBITDA was $38.5 million, a 30% increase year-over-year due to improved business efficiency and reduced costs. International Realty segment revenue was $20 million, an increase of 69%, primarily due to increased real estate transactions, driven by improved agent production in previously launched markets. Adjusted EBITDA loss was $2.4 million, a 37% improvement from the prior year due to increased revenue and cost reduction initiatives. Other affiliated services, including Frame and Success, contributed modest revenue and Adjusted EBITDA loss. This slide highlights our strong Q2 performance across key operational and financial metrics, which I have detailed in the previous slides. Looking ahead to the second half of this year, according to the latest NAR Existing Home Sales report, June saw a 5.4% decline in existing home sales from May, reaching a seasonally adjusted annual rate of 3.9 million units. Sales also fell 5.4% compared to the same period last year. We anticipate this downward trend in the U.S. existing home sales to persist in the next quarter, barring any significant macroeconomic shifts. The current uncertain real estate market have prompted us to adopt rolling real-time projections to enhance our agility and entrepreneurial approach in business management. We plan to continue to invest in our international market and agent growth initiative to boost our production in the U.S. Our gross margin percentage for the second half of the year expected to be generally consistent with a typical seasonal pattern and last year's performance. In conclusion, I'm happy to report another quarter of solid execution, which leaves us well- positioned to capitalize on upcoming market growth opportunities and continue to gain share when real estate market turns and recovers positively. With that, I'd like to turn the presentation back to Denise, who will facilitate the Q&A session. Thank you. Thanks, Kent. I'll kick off with a question for everyone on the team before we open the call to our covering analysts. First, Glenn, I'll start with you. Where are you spending most of your time? Where are you most focused? So thanks for that. So for the last couple of weeks, especially, and it's actually something I've been focused more and more time on, I've been actually focused on the international side. We actually had our first international eXp Con in Lisbon, Portugal, last month. So that was which was well attended from agents, especially in Europe, but we had some agents come over from other parts of the world as well. And had a lot of good meetings. I know that we ended up bringing over one or two good-sized real estate teams for meetings that Leo and I were a part of, and Felix and others. So that was really positive. And here in the last two weeks, I've actually been working directly with the international team, building a bunch of new systems out to help us grow, and then refreshing the agent value proposition in a number of countries, which I think is being super well received by both our country leaders and our agents on the ground. So pretty exciting to work on that. And so I'm also gonna be heading back in September, attending a large international MLS meeting actually in Milan, I believe, in October. And then we'll have a number of meetings in different parts of Europe. So that's leading up toward eXp Con. So that's a little bit of what I've been up to, and that's actually where my focus is. Many of you have heard me talk a ton about the future of international. I think we couldn't be more excited about it, and just rolling up my sleeves personally, every single day on that has been good for me, but I think also good for the team at large. Great. Thanks, Glenn. Next question for you, Leo. Can you discuss what drove the quarter-to-quarter increase in agent count? Yeah, so we did a very strategic acquisition of Realty Connect, which is a limited- function referral company. So we did it for multiple reasons. It's gonna be a great tool for retention as per you know, a very real number of agents at large in the industry are contemplating or choosing to get out of the industry, especially with the changes coming from NAR. So we wanted to have a vehicle to retain these licenses, and the company has a really interesting model where it actively drips on these agents' databases to get them. I think their per- person productivity is like 0.5, which is actually higher than most referral companies through a proprietary CRM and generate very good high-margin referrals for our active agents. And then hopefully we can boomerang them back if they choose to get back into production actively. The great thing is that they're also, you know, it's a brand-agnostic brokerage that attracts referral agents from all diversity of brokerages. Also, this is a very high-margin business, right? There's very low operational cost to it, as it's all of the transaction and processing of the transactions would happen at eXp Realty at the core. So, it's a nice little business that makes very good sense, tucked into our core business. All right. Thanks, Leo. One for you, Kent. Can you discuss the second quarter gross margin and your thoughts on gross margin for the remainder of the year? Sure. As you know, we are primarily focused on revenue and Adjusted EBITDA as key financial metrics. It's worth noting that in the second quarter, we have more agent reach their cap. We also invest in our agent and gross profit, including stock-based compensation and revenue share expenses, as outlined on the slide 27 in the fireside chat presentation. Excluding these expenses, our non-GAAP gross margin was 12.8% in the second quarter. Year to date, non-GAAP gross margin percentage is 13.3%. Given our current team of highly productive agent, we expect additional agent to reach their cap in the second half. We will continue to invest in agent in the third and fourth quarter. We anticipate gross margin in the second half will follow a typical seasonal pattern and be approximately similar to the back half of 2023. All right. Thanks, Leo. So, now I'll open the call up to our analysts on the left-hand side of the stage. I'll take the first question from Tom at D.A. Davidson & Company. Tom, I think you have a question, if you wanna go ahead. Yeah. Great. Thank you, Denise, and thanks for taking my questions, guys. A couple if I could. I guess I just maybe on the -- following up on the Realty Connect, can you just -- was there a specific number of agents that kind of came over? Are they all domestic agents? That's sort of my first question. And then just maybe, like, stepping back on kind of the domestic business, I don't know, maybe just it'd be interesting to hear your latest view on how you're feeling about the competitiveness of your value prop and the overall kind of appeal of the, of the platform versus some of, you know, the kind of smaller guys that have, have copied your model in, in recent years. Like, why does an agent today, you think, you know, what are the main reasons that they choose eXp over one of the other guys? And then I had a quick follow-up. Yeah, so great, great question. So the first is the sizing. I think it was roughly 2,900 agents to answer your first question. And secondly, overall, you know, I think I've talked this up on other calls. You know, there's endemic churn that's inherent with the industry. So, you know, agnostic of brands, there's a churn component that hits everyone at scale, so the one denominator is bigger. Obviously, adding at the top of the funnel has pressure because there's just kind of a natural attrition that exists, whether agents get completely out of the business or they go to a competitor. So, you know, overall, you know, based on the downward pressure at scale, I think we're actually doing great with the teams we're attracting. I'm not sure if you saw the press release on that team out of Missouri that just joined us, a 1,100-transaction team. They'll probably be our number one agent for 2024. Our number one team in production-wise, and this is the type of team that was able to interview, and I know they did, all of our other competitors, and same with the Matt Fetick Team that joined last week, and we have another announcement coming next week, where top producers, folks that do this at a very high level, are actually asking very detailed questions about profitability, sustainability, operations. And we're continuing to see the highest level of operators join the company that they feel has longevity, sustainability, and it's not a startup. We are in turbulent times in our industry. There is a lot of shifts coming, and I think having a scaled platform that has already gone through all its pivots and turns makes a big difference. And, you know, to Tom, to think that, you know, it's a slightly cheaper bar version, the only decision tree, I think is not how most cons professionals and consumers shop and make decisions, agnostic of industry. But we continue to see the strongest performers and as well as, you know, the standalone agents choose our company just because of the total value proposition. And I would say that is, especially with the changes happening in the industry right now, I think a lot of them, and again, I'm just quoting what I'm seeing anecdotally on social media, feel a very strong comfort knowing that we're fully scaled, we're fully operational in these markets. We have the staff and the brokers and the systems to support their business. Because at the end of the day, the company they're choosing to hang their license with is that platform that allows them to operate their business. And I think sustainability and, you know, operational excellence is a very important part of that decision tree. Got it. That makes a lot of sense and is very helpful. Maybe just on that topic of kind of the industry change, I'm sitting here in Las Vegas right now at the Inman Conference. I saw Kendall Bonner on stage earlier. She was super impressive, the first time I'd heard her. But, you know, the August 17th kind of is a hot button topic, as you can imagine. Leo, I know you've been, like, super, kind of close to this and creating, generating a bunch of content and stuff like that. Can you just, like, at a super high level, you don't need to go too in the weeds, I guess, but unless you want to, but talk about, like, what, like, what are, like, the best practices or specific, like, protocols that you guys are, you know, encouraging with your agents? You know, that maybe differ. Do they differ in any kind of meaningful way from, you know, what everyone else is doing? 'Cause that's one of the main things that struck me today, that, I don't know, it, it doesn't seem like everyone is following, you know. You know, everyone's got different terms on their buyer's rep agreement, paperwork, and exclusive versus non-exclusive. It's just all, it sounds a bit messy, as you mentioned. Yeah, the messy middle is the best way to describe it, and I've been saying that since March, and then subsequently on that live I did in May, where I've been trying to brace the industry. 'Cause this kind of collective pulling of their head out of the sand and having this "Oh, no" moment that we're kind of witnessing specifically this week, I would say. And by the way, I was at Inman yesterday, and I just flew back so I could be home and in front of my computer to do this with peace and quiet. So, you know, we've made a stance about no more broker-to-broker commission share exactly as stated in the settlement agreement on paragraph 19. And again, if the seller wants to offer compensation to a seller-directed buyer broker, that's perfectly okay. I actually spoke about this subject yesterday, and Kendall's a phenomenal addition to the team that I was happy to have as we're going through this transition. But I would just... You know, and I did an interview for Time this morning, Associated Press, and doing one for CNN next week. The material changes that people need to be hyper-aware of is, buyers are being required to sign a buyer-broker agreement prior to touring and executing a purchase contract, and the touring part's even the harder part of the conversation, 'cause, like, this is not an eXp policy, this is squarely out of the NAR settlement agreement. What I was saying very clearly at Inman, and I said it today on a live I did, is that it's all comes down to enforceability, and the MLSs are the ones targeted to enforce this. And the earlier signs are that they're gonna do it through punitive penalties. So agents could be subject to $2,500-$5,000 fines, with immediate deletion of their listings, and some have kind of already floated the fact that they may be even suspend agents. So we've been obsessed with this, and you guys have all heard me talking about this without pause since the news broke in March. And so for us, it's been a very offensive strategy of education. And, again, anecdotally, while I was at Inman yesterday, I got stopped by many independent brokers who came up to me and said, "You're the only one articulating this clearly." The gentleman who just joined us, and that the press release went out, Matt, out of Missouri, he specifically was shopping for this: operational excellence, true broker understanding. Not only did he interview me and our position, my understanding of it, he wanted to talk to Holly Mabry, our SVP of Operations, and Amelie, our SVP of Transactions, and, like, really start getting down to the nitty-gritty. As I, I think I said it on the last earnings call, Tom, I fully expect 6, 12, 18 months from now, as this messy middle plays out, where folks are probably gonna be fatigued from the, the breakage and the headaches with it, and, and also probably tired of the actual, like, if you read the press release from Matt in Missouri, he specifically said, "I didn't want the liability." And I don't, I didn't, I just, I wanted to partner with an outfit that understood this part, because I think it's gonna be probably more meaningful in total than folks are giving it attention to right now. Great, very helpful. I'll get back in the queue. Thanks. Thanks, Tom. We'll take our next question from Matt Filek at William Blair. Matt, if you had a question, you can go ahead. Yes. Thank you, Denise. Hey, everyone, you have Matt Filek on for Stephen Sheldon. Thank you for the questions. Know agent churn continues to largely stem from lower- producing agents, but curious if you are starting to see some churn among the top- producing agents as well? And, you know, just related to that, can you remind us on some of the incentives you have in place to help retain those top- producing agents? Yeah, that's a great question, and I don't know that we had it in the presentation deck, but the numbers are maintaining where the disproportionate amount of churn is focused around our non-productive agents. You know, at the top side of the industry, there's always the outliers who move with incentives, and we are no different at attracting them. But to reference your exact question, the Boost program, which we developed, I think, last October with Michael Bean that we brought over, is the incentive that we're using for small to mid-sized independents. Again, I think a perfect example of that was the press release we made today. And again, our sweet spot is that small to mid-sized independent who runs a similar model, right? We are not. We have not traditionally and historically been a perfect fit for a flat fee brokerage, for example, because then that creates quite a bit of breakage, since we do have a split. But, we're constantly evaluating, making sure that we're being competitive in the market and reacting to the landscape that's in front of us. Got it. That's helpful. And I- Yeah. I don't want to add, we have a percent-- we have a slide on the fireside chat, that independence, right? In the Q2, you know, 75, 75% agents that then left eXp have 0-2 sales transactions, so majority of the departure agents are a very low producing agent. Perfect. Thank you, Kent. Then I just wanted to follow up on a question Tom had on the competitive landscape. Just curious, would you ever consider tweaking the agent compensation structure to further enhance the attractiveness of the platform from the agent's perspective? And if you were to consider such changes, what could they possibly look like? Yeah, so I can't comment on a specific material change. I will tell you that we're constantly looking at it, and I think a good example of that is what we did with RevShare 2.0, which has received massive positive reception from agents with us and the ones that joined since. There were folks that literally said that was why they got off the fence in the last quarter. So we're always looking at that. But I, you know, I would caution that, you know, making sure that you're not giving away the farm and then creating a not sustainable business model, which is what I think a lot of the competitors who are trying to be us have done, in the sense that their core business, especially once you take out RevShare and the stock-based competition, which I don't think they disclose as clearly as we do, but we actually do an analysis of our competitors and do that. You know, there's a lot of our competitors who their gross margin is some, you know, 4 or 5%, and their core business mathematically just can't ever get to profitability, and so they're banking on, you know, ancillary services or yet to be proven economic models to be their growth engine. I just think it's very dangerous to create a model that never gets to profitability, as we've seen so many examples in the last decade of, you know, well-funded disruptors who are no longer around or struggling to be around because of that. Got it. Thank you, Leo. That makes sense. I'll jump back in the queue. Great. Thanks. I'd like to invite anyone in the audience who would like to ask a question to go to Slido.com and enter EXPI if you want to submit a question or just scan the QR code that's on the right-hand side of the stage, in the screen behind us. We haven't gotten any questions yet, so I'll go to Jonathan Bass from Stephens. Jonathan, I think you might have a question. You can open your mic and go ahead. Yep. Thank you, Denise. So this is Jonathan on for John. So looking at the OpEx line and stripping out a one-timer from last quarter, it looks like OpEx decreased modestly from 1Q, despite a much higher rev base, so that's great. Can you guys help us frame out, frame up how we should think about OpEx for the rest of the year? And then I think you touched on this in the call, but are you guys still on track to deliver that $6.8 million of profit improvement each quarter for the rest of the year? Yeah, let me address your question. So, we don't guide to the quarterly OpEx, but I will call your attention to a few items, right? Given the success of international business, we expect to continue to invest in this segment in the second half. Now, we also expect a mid-single digit increase in the SG&A in second half, versus first half of 2024, due to annual adjustment of employee salary, timing of the eXp Con expense, and ongoing legal costs related to antitrust lawsuit. Given June's low point of existing home sales, right? Now, the election of the U.S. and interest rate certainty, we expect some pressure on the revenue side. So, this is one of the general guidelines we see in second half particularly is the SG&A side. Yeah. What's your second question, John? Jonathan, you- Are you guys still on track to deliver the $6.8 per quarter of the profit improvement? Yeah, we are on track. The overall, the full year is a $20 million profit improvement plan. Yeah. Perfect. And as a follow-up, maybe for you, Glenn, given your focus on the international business of late, can you maybe highlight what markets performed well in 2Q 2024, and, and what markets you're most excited about? Yeah, so we, we've got a lot of countries really picking up some good steam. South Africa is probably our, one of our, our really significant growth parts of the company. I think we were just voted, I believe, the most agent-friendly brokerage in South Africa by some independent rating agency. I don't remember the exact term, but it was kind of it was a cool accolade. We're getting a lot, we're now, we're the fastest growing brokerage in the history of real estate there. Similar to, you know, what we've done, obviously, in the U.S., Canada, and some other countries, as well. But South Africa, U.K., France, Spain, we should have another pretty significant high volume team in Portugal joining here in the short run. But what we are doing, and which, is we're actually going back to. There was a question about agent value proposition earlier, which I think was more geared toward domestic, but we're actually going back to each country and reevaluating, do we have the right value prop mix for that country? Because every country is different. Some of the tools and technologies that we've rolled out initially, while good for the brokerage, meaning that it helped us sort of streamline some operations type elements, weren't as agent-friendly as we need them to be. And as a result, you know, it created a challenge to grow in those countries. What we found is the countries who have adopted more localized systems and tooling, and some of that has to do, quite frankly, about the really significant, the great, really amazing leaders that we have in some of these countries. But they've been very insistent that, you know, "Here's the platforms that we need to use," and we've adopted those, and in a lot of cases, that actually resulted in a change in our trajectory in those countries. So, we're going through evaluating the agent value proposition, evaluating country leaders. We're also evaluating how we're actually comping in-country leaders. We're actually moving more to an incentive-based model rather than a salary-based model. So, that should lower our cost to operate in country in the early stages or even at scale. So pretty exciting, excited about that. And so those are some highlights on the international front. We'll have some other ways for those who are interested in international to get more visibility as to how we're doing there. But you know, that's, you know, it feels like the early days of eXp internationally. Got it. Thanks for taking my questions. Sure. And we do have one question from the audience on Slido. A person asked, "Over the past year, it looks like many of the executives in eXp have sold stock. None have bought any, and I've had a couple of agents ask, is that a red flag? I'll just comment on, for me personally, I have a 10b5-1 plan in place, that has historically targeted between 3% and 5% of my holdings being sold in a given year. So obviously, it takes me a lot of years to sell. So that's probably... And I'm still the single by far, the single largest shareholder, so it's not like I'm dumping shares, but it is creating a little bit of, you know, cash flow for me personally. I think most of the other folks, I think we had a couple execs, one last year, did, you know, sell all of his position and then left, actually left the company. So that would be another one. But, I think for the most part, it's very modest in terms of the selling that's taking place. Thanks, Glenn. That concludes all our question- and- answer session. Thank you, everyone, for joining. 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 Investors section of the site. This concludes eXp World Holdings' second quarter 2024 earnings fireside chat. Thanks for joining.