Moving to the T&E business. As I shared earlier, we posted record quarterly revenue and attach in Q2. And our attach rate was up close to 700 base points year over year. In some of our largest and most mature markets, our attach rates today are consistently in the 40% range. And for users of our one-click title function that goes through our platform, we are seeing attach rates closer to 75%. This gives us confidence that over the long term, we can attach T&E at a 50% plus rate in most of our markets. Given the mounting evidence that our efforts in T&E are bearing fruit, we continue to invest in our T&E business and are excited to share that last week we entered one of our largest markets, New York. By year end, we expect our T&E business to have a presence in 70% of our markets and expect contribution from this business to increase meaningfully over the coming years.

Jul 30, 2025 / receipt, needs a key / Robert Refkin, CEO | earnings call 2025-07-30 | transcript 5a5a9237-fd2d-4bf4-83de-24e9c595da32 | chars 5711-6591 | segment 5

And then just to follow up too, I think there was a comment made that agents using one-click T&E are attaching title at pretty much two times the rate.

Jul 30, 2025 / receipt, needs a key / Robert, CEO | earnings call 2025-07-30 | transcript 5a5a9237-fd2d-4bf4-83de-24e9c595da32 | chars 34258-34409 | segment 34

In our T&E business, we are seeing evidence that we can more than double our unit economics for brokerage transaction as we integrate the business further into our platform using features such as one-click title.

May 8, 2025 / receipt, needs a key / Robert Refkin, CEO | earnings call 2025-05-08 | transcript ef7e7283-8d24-46c7-a2f2-083158df33db | chars 10420-10632 | segment 10

Our title and escrow business continues to gain momentum. We finished Q4 with another record quarter of T&E attach. Over the past four quarters, we've improved our attach rate by more than 800 base points, and we have nearly quadrupled our profitability in the business year over year. In 2025, We expect to drive a similar level of improvement in our T&E attach rate, which should help us to more than double adjusted EBITDA in this business year over year.

Feb 18, 2025 / receipt, needs a key / Robert Refkin, CEO | earnings call 2025-02-18 | transcript 64c009ec-5178-4432-9f56-cae1853073b0 | chars 4512-4970 | segment 4

And then we are making some really smart and timely investments in our T&E businesses to really drive growth.

Oct 30, 2024 / receipt, needs a key / Robert Rupkin, CEO | earnings call 2024-10-30 | transcript c41d375d-edff-4255-9b96-f426574d0468 | chars 44152-44261 | segment 44

And, you know, I personally travel, you know, on average three days a week to visit agents and employees across the country.

Oct 30, 2024 / receipt, needs a key / Robert Rupkin, CEO | earnings call 2024-10-30 | transcript c41d375d-edff-4255-9b96-f426574d0468 | chars 53434-53558 | segment 54

Our T&E business has abnormally favorable impacts on our gross margin. And so as we grow and continue to grow, and I think, We have a really aggressive growth plan to be kind of on par with our peers. As that continues, you'll see significant gross margin improvement from that as well.

Jul 31, 2024 / receipt, needs a key / Kalani, CFO | earnings call 2024-07-31 | transcript ee176061-b062-4724-949e-27dac6808d85 | chars 55565-55851 | segment 56

Two, that's what I referenced on the call, We're going to be expanding T&E to a number, you know, to all of our largest cities over the course of the next 18 months. And there's multiple hundreds of base points per transaction when you add T&E.

Jul 31, 2024 / receipt, needs a key / Robert, CEO | earnings call 2024-07-31 | transcript ee176061-b062-4724-949e-27dac6808d85 | chars 62104-62348 | segment 63

So on the client dashboard and on the T&E side, you know, both, seem very interesting opportunities to expand those.

Nov 6, 2023 / receipt, needs a key / Ryan McKeveney, other | earnings call 2023-11-06 | transcript 203cfaa7-bfb0-484f-9936-cade4a3972e7 | chars 50861-50977 | segment 52

And then secondly, just on the expansion of the T&E business outside of Southern California, you mentioned a couple more markets coming by the end of the year. Do you see that driving a measurable margin impact, if not this year, then in 24 at the company level? Thank you.

Aug 7, 2023 / receipt, needs a key / Matthew Kost, other | earnings call 2023-08-07 | transcript ebff5bb3-2987-4722-875b-7b1e0f3d760e | chars 38257-38530 | segment 39

And, you know, high level, I know that OPEX and cash flow are is the target that's most important at the moment, but it does feel like the success you're seeing in SoCal, you know, could justify a faster rollout to drive more attached, drive more EBITDA contribution with the T&E. So maybe just talk to us about, you know, bigger picture roadmap of, you know, the puts and takes behind how quickly you want to kind of ramp T&E into more markets going forward.

Aug 7, 2023 / receipt, needs a key / Robert Refkin, CEO | earnings call 2023-08-07 | transcript ebff5bb3-2987-4722-875b-7b1e0f3d760e | chars 44134-44593 | segment 45

And it's really driven by those businesses, T&E, mortgage, et cetera. kind of operating at about 25 to 30% margins.

May 9, 2023 / receipt, needs a key / Kalani, other | earnings call 2023-05-09 | transcript 80ec7117-b720-4e6b-9c00-1c73ec0fcb5a | chars 24847-24962 | segment 24

All scenarios assume $500mln in cost synergies ($420mln in OpEx & $80mln in CapEx)

ir_statement / Sep 17, 2026 / receipt

Assumes Commissions and Other related expenses as a percentage of revenue of ~74% in 2025 remains flat in all scenarios

ir_statement / Sep 17, 2026 / receipt

Non-GAAP Operating Expenses (1) $2.75 - $2.80 billion

ir_statement / Sep 17, 2026 / receipt

Non-GAAP Operating Expenses includes the impact of $35 million of OPEX from M&A closed in July and $150 million of realized OPEX synergies.

ir_statement / Sep 17, 2026 / receipt

All scenarios assume $500mln in cost synergies ($420mln in OpEx & $80mln in CapEx)

ir_statement / Sep 17, 2026 / receipt

Non-GAAP Operating Expenses (1) $2.75 - $2.80 billion

ir_statement / Sep 17, 2026 / receipt

Non-GAAP Operating Expenses includes the impact of $35 million of OPEX from M&A closed in July and $150 million of realized OPEX synergies.

ir_statement / Sep 17, 2026 / receipt

All scenarios assume $500mln in cost synergies ($420mln in OpEx & $80mln in CapEx)

ir_statement / Sep 15, 2026 / receipt

Assumes no increase in either average sales price or OPEX off of the 2025 Base

ir_statement / Sep 15, 2026 / receipt

Assumes Pro forma(2) 2025 OPEX Base of ~$2.79bln

ir_statement / Sep 15, 2026 / receipt

FY 2026 Non-GAAP Operating Expenses (1) $2.75 - $2.80 billion

ir_statement / Sep 15, 2026 / receipt

Non-GAAP Operating Expenses includes the impact of $35 million of OPEX from M&A closed in July and $150 million of realized OPEX synergies.

ir_statement / Sep 15, 2026 / receipt