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    Ryan McKeveny

    Research Analyst at Zelman & Associates

    Ryan McKeveny is Managing Director of Research and Securities at Zelman & Associates, specializing in mortgage and real estate services sector analysis with a focus on housing-related equities. He covers notable companies including Rocket Companies Inc, Compass Inc, and Anywhere Real Estate, demonstrating research performance through active questioning on earnings calls for these firms. McKeveny began his career after earning dual bachelor’s degrees in economics and finance from Villanova University, and has spent his tenure at Zelman leading sector coverage and research since joining. He holds both the Chartered Financial Analyst (CFA) designation and maintains professional credentials in research and securities.

    Ryan McKeveny's questions to Rocket Companies (RKT) leadership

    Ryan McKeveny's questions to Rocket Companies (RKT) leadership • Q2 2025

    Question

    Ryan Mckeveny of Zelman & Associates asked about the strategy for Redfin's agent count and sought a refreshed perspective on the company's conviction in its multi-year purchase market share targets laid out at Investor Day.

    Answer

    CEO Varun Krishna outlined a holistic purchase strategy built on three pillars: Redfin for top-of-funnel efficiency, servicing/recapture supercharged by the Mr. Cooper deal, and a renewed focus on the wholesale broker channel. He noted that Redfin's in-house and partner agent networks are being combined with the Rocket Homes network to achieve scale. Krishna affirmed that the company is on track to meet its long-term purchase market share goals.

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    Ryan McKeveny's questions to Rocket Companies (RKT) leadership • Q4 2024

    Question

    Ryan McKeveny inquired about early performance indicators from the recent brand restage and the launch of Rocket.com, specifically regarding application activity, site traffic, and partner connections.

    Answer

    CEO Varun Krishna highlighted promising early results, including a 30% brand lift measured by a Harris Poll and higher user engagement on Rocket.com compared to the previous site. CFO Brian Brown added that the strategy aims to reduce client acquisition costs by driving traffic to owned digital properties, with a rigorous focus on measuring ROI for all marketing spend.

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    Ryan McKeveny's questions to Compass (COMP) leadership

    Ryan McKeveny's questions to Compass (COMP) leadership • Q4 2024

    Question

    Ryan McKeveny asked for clarity on a reasonable run rate for organic agent additions going forward and inquired about the M&A pipeline and focus following the significant Christie's transaction.

    Answer

    CFO Kalani Reelitz projected 600-700 gross agent adds per quarter with retention remaining high around 97.5% quarterly, noting Q4 net adds were understated due to a cleanup of non-producing agents. He confirmed that while integration of the recent deal is a priority, the M&A pipeline remains strong and the company anticipates further activity to build its inventory advantage.

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    Ryan McKeveny's questions to Compass (COMP) leadership • Q3 2024

    Question

    Ryan McKeveny asked for clarification on the Q4 operating expense outlook, given the Q3 outperformance, and requested a status update on the OriginPoint mortgage joint venture's growth and strategy.

    Answer

    Executive Kalani Reelitz explained that while OpEx is trending toward the low end of the annual range, the Q4 figure reflects the annualization of M&A costs and strategic investments in the Title & Escrow business. Regarding OriginPoint, both he and CEO Robert Reffkin noted its strong Q3 performance and stated the focus is on deepening attach rates in existing markets by recruiting loan officers preferred by Compass agents.

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    Ryan McKeveny's questions to Anywhere Real Estate (HOUS) leadership

    Ryan McKeveny's questions to Anywhere Real Estate (HOUS) leadership • Q4 2024

    Question

    Ryan McKeveny inquired about the franchise sales pipeline for 2025 and the profile of new franchisees. He also sought clarification on a tax refund's impact on guidance.

    Answer

    CEO Ryan Schneider described the franchise pipeline as strong and consistent, noting that recent industry changes have enhanced their value proposition. He confirmed new franchisees are primarily established independent brokerages converting to Anywhere's brands. CFO Charlotte Simonelli clarified that a delayed tax refund affects free cash flow timing, not EBITDA, and that 2025 free cash flow is expected to be similar to 2024's, excluding onetime items.

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    Ryan McKeveny's questions to ZILLOW GROUP (ZG) leadership

    Ryan McKeveny's questions to ZILLOW GROUP (ZG) leadership • Q3 2024

    Question

    Ryan McKeveny asked about the forward-looking expense growth trajectory, specifically whether variable costs would continue to outpace revenue growth in 2025 if the housing market remains sluggish.

    Answer

    CFO Jeremy Hofmann stated that while not providing 2025 guidance, the company's strategy will remain consistent: landing and expanding Enhanced Markets while being disciplined on costs. He reiterated that the company plans for a choppy macro environment and will adjust variable and marketing spend based on opportunities, but feels comfortable with the current fixed cost level to achieve its 2025 share targets.

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    Ryan McKeveny's questions to ZILLOW GROUP (ZG) leadership • Q3 2024

    Question

    Ryan McKeveny asked about the outlook for expense growth, questioning whether the 2024 trend of variable costs growing faster than revenue would continue into 2025 if the housing market remains slow.

    Answer

    CFO Jeremy Hoffman stated that while there is no 2025 guidance, the company will continue its current strategy with disciplined cost management. He emphasized that the fixed cost base is set to achieve 2025 targets and that variable costs, like marketing, will be dialed up or down based on opportunities, implying flexibility rather than a continuation of the specific 2024 trend.

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    Ryan McKeveny's questions to ZILLOW GROUP (ZG) leadership • Q2 2024

    Question

    Ryan McKeveny of Zelman & Associates asked about the impact of the first-time homebuyer market on Q2 results and Q3 guidance, and for an update on the mortgage marketplace strategy versus Zillow Home Loans.

    Answer

    CFO Jeremy Hofmann acknowledged the first-time buyer market was a headwind but stated Zillow outperformed due to strong execution across all business lines. He clarified that Zillow Home Loans (ZHL) is the primary growth driver for the mortgages segment, with the marketplace serving as a secondary but important option to ensure customer choice.

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    Ryan McKeveny's questions to ZILLOW GROUP (ZG) leadership • Q1 2024

    Question

    Ryan McKeveny from Zelman & Associates inquired about the post-acquisition performance of Follow Up Boss, including customer retention and integration progress with Premier Agent. He also sought to clarify if the Q2 revenue headwinds were purely macro-driven or influenced by competitive and industry dynamics.

    Answer

    COO Jeremy Wacksman stated that Zillow has been pleased with the retention of Follow Up Boss customers and positive agent feedback, noting the integration is still in its early stages with a long road ahead. CFO Jeremy Hofmann reiterated that the Q2 headwinds are macro-related, specifically a temporary 'rate shock' affecting first-time homebuyers, and that the company is not seeing any material impact from competitive or NAR settlement-related dynamics in its data.

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    Ryan McKeveny's questions to ZILLOW GROUP (ZG) leadership • Q4 2023

    Question

    Questioned the reception of Listing Showcase among Premier and non-Premier agents and asked if the growth in Zillow Home Loans' integration with Premier Agents is driven more by a 'property first' or 'financing first' customer approach.

    Answer

    Executives reported positive reception for Listing Showcase from both Premier and non-Premier agents, viewing it as a tool to win more listings. The growth in Zillow Home Loans integration is driven by both customer approaches ('property first' and 'financing first'), as consumers ultimately need both an agent and a mortgage, and Zillow aims to serve them regardless of their starting point.

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    Ryan McKeveny's questions to RE/MAX Holdings (RMAX) leadership

    Ryan McKeveny's questions to RE/MAX Holdings (RMAX) leadership • Q3 2024

    Question

    Ryan McKeveny asked about the potential economics and cost structure of the new MAX/Tech Lead Concierge program, as well as the company's progress on operational efficiency and future cost management.

    Answer

    CEO Erik Carlson explained that the Lead Concierge program is a low-investment partnership designed to improve customer and agent experience by delivering vetted leads, with RE/MAX taking a small portion of the economics. Brand Leader Amy Lessinger added that it enhances agent productivity. CFO Karri Callahan noted that recent cost reductions have been broad-based and that the company continues to take a prudent approach to spending while investing strategically to drive top-line growth.

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    Ryan McKeveny's questions to RDFN leadership

    Ryan McKeveny's questions to RDFN leadership • Q1 2024

    Question

    Questioned how the 'Redfin Next' model is being adapted for lower-priced markets and inquired about the company's strategy for the upcoming 2025 convertible notes maturity.

    Answer

    The 'Redfin Next' rollout to lower-priced markets has gone well, putting healthy pressure on support costs to improve efficiency. Regarding the convertible notes, Redfin will continue its yield-based strategy of repurchasing them when the price is favorable, noting they have board authorization and access to an additional credit facility.

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