Gross ProfitGross profit of $86 million were roughly $2 million below the estimate and consensus.
Litigation And SettlementsThere is uncertainty about the medium- and long-term impact of recent litigation/settlements on commission rates.
Market CompetitionRisks to consider include share count dilution from equity awards to agents, agent retention influenced by the share price, high levels of competition for agents domestically, and potential for continued volatility in the housing market.