Angi Inc (ANGI) 2025 Q1 法說會逐字稿

Welcome to the Angi first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

歡迎參加 Angi 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Andrew Russakoff, CFO. Please go ahead.

現在我想將會議交給財務長 Andrew Russakoff。請繼續。

Thank you, operator. Good morning, everyone. Andrew Russakoff here, CFO of Angi Inc. And welcome to the Angi Inc first quarter earnings call. As a note, I go by Rusty, so everyone should please feel free to refer to me as Rusty. And joining me today is Jeff Kip, CEO Angi Inc.

謝謝您，接線生。大家早安。我是 Angi Inc. 的財務長 Andrew Russakoff。歡迎參加 Angi Inc. 第一季財報電話會議。要注意的是，我的名字是 Rusty，所以大家請隨意稱呼我為 Rusty。今天和我一起的還有 Angi Inc. 執行長 Jeff Kip。

Angi has also published a shareholder letter, which is currently available on the Investor Relations section of Angi Inc's website. We have also made some changes to our metrics disclosures this quarter and have published a short deck on the website to provide more helpful context and explanation. We will not be reading the shareholder letter or presenting metrics primer deck on this call. I will soon pass it over to Jeff for a few introductory remarks and then open it up to Q&A.

Angi 也發布了一封給股東的信，目前可在 Angi Inc 網站的投資者關係部分查閱。我們也對本季的指標揭露做了一些更改，並在網站上發布了簡短的說明，以提供更多有用的背景和解釋。我們不會在本次電話會議上宣讀股東信或介紹指標入門資料。我很快就會將其交給傑夫作一些介紹性發言，然後開始問答環節。

But before we get to that, I'd like to remind you that during this presentation, we may make certain statements that are considered forward-looking under the Federal Securities Laws. These forward-looking statements may include statements related to our outlook, strategy and future performance and are based on our current expectations and on information currently available to us.

但在我們討論這個主題之前，我想提醒您，在本次演示中，我們可能會做出某些根據聯邦證券法被視為前瞻性的陳述。這些前瞻性陳述可能包括與我們的展望、策略和未來績效相關的陳述，並且基於我們當前的預期和我們目前掌握的資訊。

Actual outcomes and results may differ materially from the future results expressed or implied in these statements due to a number of risks and uncertainties, including those contained in our most recent quarterly report on Form 10-Q. Our most recent annual report on Form 10-K and in the subsequent reports that we file with the SEC. The information provided on this conference call should be considered in light of such risks.

由於存在許多風險和不確定因素，包括我們最新的 10-Q 表季度報告中包含的風險和不確定因素，實際結果可能與這些聲明中表達或暗示的未來結果有重大差異。我們最新的 10-K 表格年度報告以及我們向美國證券交易委員會提交的後續報告。應根據此類風險考慮本次電話會議提供的資訊。

We'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we'll refer to today's EBITDA for simplicity during the call. I'll also refer you to our earnings release, shareholder letter, our public filings with the SEC and again, to the Investor Relations section of our website for all comparable GAAP measures and full reconciliations for all material non-GAAP measures.

我們還將討論某些非 GAAP 指標，提醒一下，其中包括調整後的 EBITDA，為了簡單起見，我們將在電話會議中將其稱為今天的 EBITDA。我也會向您推薦我們的收益報告、股東信函、我們向美國證券交易委員會提交的公開文件，以及我們網站的投資者關係部分，以了解所有可比較的 GAAP 指標以及所有重大非 GAAP 指標的完整對帳。

Now let's jump right into it. Jeff?

現在讓我們開始吧。傑夫？

Thanks, Rusty, and welcome, everyone, to Angi's first quarter earnings call and our first as an independent public company. I'm going to offer modestly longer introductory remarks today than we would normally given our release to the new operating metrics that Rusty just mentioned.

謝謝 Rusty，歡迎大家參加 Angi 第一季財報電話會議，這也是我們第一次作為獨立上市公司的電話會議。今天，我將就 Rusty 剛才提到的新營運指標發表比平常稍長的介紹性演講。

Overall, our first quarter performance was solid. As many of you know, we implemented homeowner choice in the quarter. Homeowner choice means that every lead sent to a Pro on Angi is sent because the homeowner has specifically and affirmatively taken action to choose that Pro and our user interface.

整體而言，我們第一季的業績表現穩健。正如你們許多人所知，我們在本季實施了房主選擇權。房主選擇意味著發送給 Angi 上的專業人士的每個線索都是因為房主已明確且積極地採取行動選擇該專業人士和我們的用戶介面。

A year ago, about 40% of our leads were auto matched and today essentially none are, we could explore some auto matched leads in the future for customers who want that product but today, we have none. For context, homeowners are happier when they're able to choose the pros who contact them and are significantly more likely to hire a pro with whom they've selected versus pro whom they've been auto matched.

一年前，我們大約有 40% 的潛在客戶是自動匹配的，而今天基本上沒有了，我們可以在未來為想要該產品的客戶探索一些自動匹配的潛在客戶，但今天，我們沒有。就背景而言，當房主能夠選擇與他們聯繫的專業人士時，他們會更高興，並且更有可能聘請他們選擇的專業人士，而不是自動匹配的專業人士。

Since we implanted homeowner choice in January, we have seen our homeowner Net Promoter Score, key metric for homeowner satisfaction near positive for the first time since we started tracking the metric. The metric was below negative 30 two years ago, a positive 30 NPS move in that kind of time frame is a significant accomplishment. I've got to tip my hat to the entire organization for their hard work over the last couple of years.

自從我們在一月份植入房主選擇功能以來，我們看到房主淨推薦值（衡量房主滿意度的關鍵指標）自我們開始追蹤該指標以來首次接近正值。兩年前，該指標低於負 30，在這樣的時間範圍內實現正 30 NPS 成長是一項重大成就。我必須向整個組織過去幾年來的辛勤工作表示敬意。

Further, our Pro win rate, the percent of the time of Pro wins a job on a lead day pay for jumped 10% from before homeowner choice to after and that is a key indicator, too. Pros don't come to the platform to chat with homeowners, they come to win work. Both metrics are key indicators that we're getting more jobs done well. A job done well is the North Star experience for customers on both sides of the marketplace. Homeowners come to Angi to find a skilled reliable pro to get their job done well. And as I just mentioned, pros come to Angi to be hired to do jobs well.

此外，我們的專業勝率，即專業勝出者在首日獲得工作的時間百分比，從房主選擇之前到之後躍升了 10%，這也是一個關鍵指標。專業人士來到這個平台不是為了與房主聊天，而是為了贏得工作。這兩個指標都是我們出色完成更多工作的關鍵指標。出色地完成工作是市場雙方客戶所獲得的北極星體驗。房主們來到 Angi 尋找一位技術熟練、可靠的專業人士來出色地完成他們的工作。正如我剛才提到的，專業人士來到 Angi 是為了被雇用來出色地完成工作。

Of course, while we believe that driving jobs done well is the key to long-term value creation for Angi, for our homeowners, for our shareholders, for our team. The move to Homeowners Choice did impact our financial performance in the short term, nearly all of our first quarter revenue drop can be attributed to the impact of Homework Choice on lead volume in our network channel.

當然，我們相信，出色地完成工作是為 Angi、為我們的房主、為我們的股東、為我們的團隊創造長期價值的關鍵。轉向「房主選擇」確實在短期內影響了我們的財務業績，我們第一季的收入下降幾乎全部可以歸因於「家庭作業選擇」對我們網路管道的銷售線索量的影響。

This is a good transition to discuss the new metrics we released last night, metrics we believe will help investors better understand the movements in our business. Given that this is a new disclosure, a new framework, I'd like to take a few minutes to walk through it. Thanks in advance for your patience.

這是一個很好的過渡，可以討論我們昨晚發布的新指標，我們相信這些指標將幫助投資者更好地了解我們業務的動向。鑑於這是一個新的披露、一個新的框架，我想花幾分鐘來介紹它。先感謝您的耐心。

Let's start with the breakout of service requests and leads, which we previously called monetized transactions into proprietary network channels. The key distinction between proprietary and network channels is who is in control of the homeowner customer experience and service request details.

讓我們從服務請求和銷售線索的細分開始，我們之前將其稱為專有網路管道的貨幣化交易。專有管道和網路管道之間的主要區別在於誰控制房主客戶體驗和服務請求詳情。

In proprietary channels, we Angi control the experience and details of the job, proprietary channels include; first, all traffic on our owned and operated brands, domains and apps, which by definition go through our proprietary customer experience. Secondly, traffic from referral partners who send homeowners directly into our customer experience and service request submission path. And finally, customers of our retail and real estate partners from whom we can obtain the exact details we need to know for the job to be done and match well to our Pros.

在專有管道中，我們 Angi 控制工作的經驗和細節，專有管道包括；首先，我們擁有和經營的品牌、域名和應用程式上的所有流量，根據定義，都會經過我們專有的客戶體驗。其次，來自推薦合作夥伴的流量將房主直接引導到我們的客戶體驗和服務請求提交路徑。最後，我們可以從零售和房地產合作夥伴的客戶那裡獲得完成工作所需的準確詳細信息，並與我們的專業人士進行良好的匹配。

The Angi Network channel, on the other hand, consists of third-party affiliate partners who bring homeowners through their own user experience and questions about the service request and show our pros for selection through our widget technology on their site. Obviously, in this case, our partner is in control of the experience in the job details.

另一方面，Angi Network 管道由第三方聯盟合作夥伴組成，他們透過自己的用戶體驗和有關服務請求的問題吸引房主，並透過其網站上的小部件技術展示我們的優點以供選擇。顯然，在這種情況下，我們的合作夥伴掌控著工作細節的經驗。

Let's move to the actual numbers in the release. You'll note the 33% and 57% step-downs in network service requests and leads, respectively. These declines were the result of requiring network channel homeowners to choose their pros before the January rollout of homeowner choice, all network service requests were auto matched to Pros. Post rollout, we're seeing only about half of network homeowners choose at least one of our Pros, a little lower than our proprietary customers taking action percentage, but this is driving the decline in lead volume and fewer SRs as well because we have less revenue per SR with which to market.

讓我們來看看發布中的實際數字。您會注意到網路服務請求和潛在客戶分別下降了 33% 和 57%。這些下降是由於要求網路管道房主在一月份推出房主選擇之前選擇他們的專業人士，所有網路服務請求都會自動匹配到專業人士。推出後，我們發現只有大約一半的網路房主選擇了至少一位專業人士，這一比例略低於採取行動的專有客戶百分比，但這也導致了銷售線索量的下降和 SR 的減少，因為我們用於行銷的每個 SR 的收入較少。

As noted, this change accounts for nearly all of our lead volume drop and thus effectively nearly all of our revenue dropped in the first quarter. Secondly, it's worth noting that proprietary service request declines have decelerated materially and actually improved sequentially each month in the first quarter and proprietary lead declines have decelerated to nearly flat for the quarter as a whole.

如上所述，這項變更幾乎導致了我們第一季銷售線索量全部下降，因此實際上也導致了我們第一季收入幾乎全部下降。其次，值得注意的是，專有服務請求下降速度已大幅減緩，第一季度每個月都環比改善，專有領先下降速度已減緩至整個季度幾乎持平。

Implicit in our 2026 revenue guidance is that the network channel will remain flattish year-over-year comparing to the significant drop we've experienced in the first quarter of 2025, and we expect to hold through the remainder of the year, and proprietary lead volume will move to growth. On top of that, with our move to selling a single Pro product and with migration of our ads Pros to the single Pro platform in the third quarter, we expect revenue per lead to start growing in the second quarter of 2025.

我們 2026 年的營收指引暗示，與 2025 年第一季經歷的大幅下滑相比，網路通路的營收將同比持平，我們預計今年剩餘時間該數字將保持不變，專有銷售線索量將轉為成長。除此之外，隨著我們轉向銷售單一 Pro 產品，並在第三季將我們的廣告 Pro 遷移到單一 Pro 平台，我們預計每條線索的收入將在 2025 年第二季開始成長。

So to do the basic math, flat network volume was growing proprietary volume, plus revenue per lead growth mathematically adds up to revenue growth in 2026 and sequential quarterly improvements in revenue declines in 2025.

因此，進行基本的計算，平穩的網路交易量意味著不斷增長的專有交易量，加上每個線索的收入增長，從數學上講相當於 2026 年的收入增長，以及 2025 年收入下降的連續季度改善。

Okay. Moving now to our Active Pro network metrics. I would first note that the volume of newly acquired Pros has been coming down. Importantly, I would remind you as we noted in the shareholder letter that the value creation on the smaller base of pros and smaller sales force is nearly 150% greater than a year ago despite acquiring 41% fewer Pros in the first quarter.

好的。現在前往我們的 Active Pro 網路指標。我首先要指出的是，新收購的專業人士的數量一直在下降。重要的是，我想提醒您，正如我們在股東信中所指出的，儘管第一季度收購的專業人士減少了 41%，但較小規模的專業人士和較小銷售隊伍創造的價值比一年前高出近 150%。

So we're acquiring fewer pros, but with greater capacity and generating much more aggregate lifetime value, which is we think pretty clearly the right way to run the business rather than paying for unprofitable volume growth. We anticipate that we'll grow the number of Pros next year, i.e., 2026 and add to total capacity both because we'll stabilize our sales head count and because we anticipate rolling out online Pro acquisition in the second half of this year, and we'll likely see growth in the raw number of Pros by 2027.

因此，我們招募的專業人員數量減少了，但能力卻增強了，並且產生了更多的總生命週期價值，我們認為這顯然是經營業務的正確方式，而不是為無利可圖的銷量增長付費。我們預計明年，即 2026 年，我們的專業人士數量將會增加，總容量也會增加，因為我們將穩定銷售人員數量，而且我們預計將在今年下半年推出在線專業人士招募，到 2027 年，我們很可能會看到專業人士數量的增長。

It's not the raw number of Pros per se that drives capacity. It's the capacity per Pro. And in terms of our capacity for growth, it's worth noting that if you do the math on leads for Active Pro looking back the last few quarters, you'll notice that we're at roughly 11 leads per Pro in the first quarter, but 15, two quarters ago in the third quarter of 2024. So we have significant capacity in the existing network along with the capacity that we'll add during the rest of this year in 2026, meaning we have plenty of capacity to grow into in 2026.

決定容量的並不是專業人士的數量本身。這是每個 Pro 的容量。就我們的成長能力而言，值得注意的是，如果您回顧過去幾季對 Active Pro 的潛在客戶進行計算，您會注意到，第一季我們每個 Pro 的潛在客戶大約為 11 個，但兩個季度前的 2024 年第三季為 15 個。因此，我們現有網路的容量龐大，加上我們將在 2026 年剩餘時間內增加的容量，這意味著我們在 2026 年擁有足夠的容量來成長。

The next change in the metric I would point to is that we've moved our Pro network to an average monthly active basis from a quarterly paying or transacting basis because, first, our operating focus is to drive Pros to engage with homeowner service requests because without engagement, there are no jobs done well. Hence, the shift from transacting to active Pros. Secondly, because we run the business on an active monthly basis, we think showing the metrics this way more certainly reflects our operating approach.

我要指出的下一個指標變化是，我們已將 Pro 網路從按季度付款或交易的基礎轉變為按平均每月活躍的基礎，因為首先，我們的營運重點是推動專業人士參與房主服務請求，因為沒有參與，就無法做好工作。因此，從交易轉向積極的專業人士。其次，由於我們每月都會積極開展業務，我們認為以這種方式顯示指標更能反映我們的營運方式。

We've also placed our previously acquired Pros into cohorts, so you can see the year-over-year retention in each cohort, clearly. Newly acquired pros in the last 12 months have what we would term an activity rate rather than a retention because by definition, they have no prior year activity. We're focused on activating and retaining our Pros in their first year.

我們還將先前獲得的專業人士分成了不同的群組，這樣您就可以清楚地看到每個群組的逐年保留率。過去 12 個月內新獲得的專業人士具有我們所說的活動率而不是保留率，因為根據定義，他們沒有前一年活動。我們專注於在第一年啟動和留住我們的專業人士。

Pros acquired more than 12 months and up to 24 months ago have different retention characteristics than what we call the base cohort, which are Pros acquired more than 24 months ago. And thus, we have split the cohorts to show the performance separately. I would note that retention for each cohort is meaningfully improving. Base cohort retention is up 8% for the trailing 12-months versus the prior period as of Q1 2025. And retention for Pros required in the 12 months ended Q1 2024 is up 16%.

12 個月以上至 24 個月前獲得的專業人士與我們所說的基礎群體（即 24 個月以上前獲得的專業人士）的保留特徵不同。因此，我們劃分了各個群組，以分別展示其表現。我注意到，每個群體的保留率都在顯著提高。截至 2025 年第一季度，過去 12 個月基本群組保留率較上一時期上升了 8%。截至 2024 年第一季的 12 個月內，專業人員的保留率成長了 16%。

Activation rate has improved as well also by approximately 16%. Thus, apples-to-apples had acquisition of new Pro has been level over the last several years. The network would be growing, driven by the improvements in customer experience, which have turned translated into significant retention and activation campaigns across each cohort.

激活率也提高了約16%。因此，在過去幾年中，蘋果對蘋果新 Pro 的收購一直處於同一水平。在客戶體驗改善的推動下，網路將會不斷發展，這已經轉化為針對每個群體的重大保留和激活活動。

So to wrap up. Our split of service requests and leads in the proprietary network channels show more clearly the drivers of revenue declines in 2025 and our path back to growth in 2026 looking at leads per active Pro on an average monthly basis also shows the capacity in our network to absorb the growth going forward.

總結一下。我們在專有網路管道中對服務請求和潛在客戶的劃分更清楚地顯示了 2025 年收入下降的驅動因素，而透過平均每月查看每位活躍專業人士的潛在客戶，我們在 2026 年恢復成長的道路也顯示了我們的網路吸收未來成長的能力。

Finally, our move to Active Pro cohorts allows investors to more clearly see the dynamics between declining acquisition and improving retention and activation in our network and with the anticipated acceleration of new Pro acquisition in 2026 shows the path back to network growth.

最後，我們轉向 Active Pro 群組，使投資者能夠更清楚地看到網路中獲取量下降與保留率和激活率提高之間的動態，並且預計 2026 年新 Pro 獲取量的加速將顯示出恢復網絡增長的道路。

Thanks, everyone, for taking the time to listen to my explanation, and now we can move on to your questions.

謝謝大家抽空聽我的解釋，現在我們可以開始回答大家的問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the questions. Thanks for all the detail in the shareholder letter and explanation. The first one would be on the macro environment. When you think about the macro environment you're operating in right now, I want to know if you could contrast elements of consumer wallet spend against the services landscape you're trying to operate in when compared to the broader competitive landscape for those dollars, just to click down a little bit on the broader landscape today?

非常感謝您回答這些問題。感謝股東信中的所有詳細資訊和解釋。第一個是關於宏觀環境。當您考慮您目前所處的宏觀環境時，我想知道您是否可以將消費者錢包支出的要素與您試圖運營的服務環境進行對比，並與這些美元更廣泛的競爭環境進行比較，只是為了稍微了解一下當今更廣泛的環境？

And then second, when you think about the margin framework you're laying out for the remainder of this year, how should investors think about the investments being made in product and platform and the transition that's impacting margins this year relative to the yield or the output that could produce the type of growth you're talking about in 2026 and beyond. Thanks so much.

其次，當您考慮今年剩餘時間的利潤框架時，投資者應該如何看待對產品和平台的投資，以及影響今年利潤率的轉型，相對於收益率或產出，這些轉型可能會產生您所說的 2026 年及以後的增長類型。非常感謝。

All right. Thanks, Eric. This is Rusty. I could take these both. On the macro, as you're all well aware, virtually every business is prioritizing macro and in Home Services, just like in other industries, it's typical and rational for consumers to pull back on large and discretionary purchases in recessionary environments and instead focus more on necessary maintenance and work that will prevent larger expenses down the line, and that's what the survey data is suggesting.

好的。謝謝，埃里克。這是 Rusty。我都可以接受這兩個。從宏觀角度來看，正如大家所知，幾乎每個企業都在優先考慮宏觀經濟，而在家庭服務領域，就像在其他行業一樣，在經濟衰退的環境下，消費者減少大額和可自由支配的購買，而更多地關注必要的維護和工作，以防止日後出現更大的開支，這是很正常也很合理的，調查數據也很正常表明了這一點。

So for our business, in early April, we did see a modest bump down in homeowner volume, along with some mix down in job size, leading to what we think is an impact versus our run rates of 3 percentage-points to 5 percentage-points as pointed out in the shareholder letter. And so we've incorporated this into our outlook for the rest of the year.

因此，對於我們的業務而言，在 4 月初，我們確實看到房主數量略有下降，同時工作量也有一些下降，我們認為這對我們的運行率產生了影響，正如股東信中所指出的，運行率下降了 3 個百分點到 5 個百分點。因此，我們將其納入了今年剩餘時間的展望中。

For some broader context in our position within the industry, there are some countercyclical dynamics that do tend to factor into the mix for us. The fact is, we're a small fraction of the overall industry and our biggest competitor is still word of mouth. So what general macro weakness means for Pros is that pros are seeing their order book shrink and their calendars open up and that it's coming generally, meaning from all directions, including their bread-and-butter referrals and repeat customers.

就我們在產業內地位的更廣泛背景而言，有一些逆週期動態確實往往會影響我們的綜合實力。事實上，我們只是整個產業的一小部分，我們最大的競爭對手仍然是口碑。因此，宏觀經濟普遍疲軟對專業人士來說意味著，專業人士會發現他們的訂單量在縮減，而他們的日程表卻在不斷開放，而且這種疲軟普遍來自各個方向，包括他們賴以生存的推薦客戶和回頭客。

When that happens, they need to fill that void with additional sources of demand, which in turn, naturally drives them to rely more on us. And when that happens, it leads to easier customer acquisition, stick your customer behavior and increase share of wallet. And so if you look back into some past cycles, we have typically seen some combination of Pro acquisition increases and cost decreases and higher lead consumption per Pro. And this usually gives us some downside protection when consumer confidence falls.

當這種情況發生時，他們需要用額外的需求來源來填補這一空白，這反過來自然會促使他們更依賴我們。當這種情況發生時，它將更容易吸引客戶，堅持客戶行為並增加錢包份額。因此，如果回顧過去的一些週期，我們通常會看到專業人士獲取量增加、成本下降以及每個專業人士的領先消耗量增加。當消費者信心下降時，這通常會為我們帶來一些下行保護。

We actually experienced this in both directions. So during COVID, when home improvement demand sort, you'll remember everyone in America wanting to build a pool in the summer of 2020, well Pros had their phones ringing off the hook, and we were limited in our ability to fully participate in the upside that was flowing through the rest of the industry.

事實上，我們在兩個方向上都經歷過這種情況。因此，在 COVID 期間，當家居裝修需求排序時，你會記得 2020 年夏天，每個美國人都想建造一個游泳池，但專業人士的電話響個不停，我們無法充分參與到整個行業的發展中。

Then over on the homeowner side, an offsetting factor is that when it becomes more difficult for people to freight up with their homes, people do end up shifting behavior. So rather than moving to a bigger house, maybe they'll build an addition, maybe they'll buy an older house in need of repair. And in fact, that lower velocity environment is one that we've already been living with for a little while. So some of that behavior has already become normalized into our performance.

從房主的角度來看，一個抵銷因素是，當人們承擔房屋負擔變得更加困難時，人們最終會改變行為。因此，他們不會搬到更大的房子，也許會加蓋一間新房子，也許會買一棟需要修繕的老房子。事實上，我們已經在這種低速環境中生活了一段時間了。因此，其中一些行為已經在我們的表現中變得正常化。

And then finally, as we highlighted in the letter, roughly two thirds of our business is non-discretionary. And that's whether you look at it by SRs, by leads or by revenue. And this is the most protected pocket of volume because the roof obviously doesn't wait for the economy to recover before it (inaudible). So the way I look at it, we'll continue to carefully monitor the impact of the tariffs and macro uncertainty on our customers.

最後，正如我們在信中所強調的那樣，我們大約三分之二的業務是非自由支配的。無論您是透過 SR、潛在客戶還是收入來查看，都是如此。這是最受保護的成交量區域，因為屋頂顯然不會等到經濟復甦才（聽不清楚）。因此，我認為，我們將繼續密切關注關稅和宏觀不確定性對客戶的影響。

On the other hand, operationally, we are in the fortunate position of not having a direct supply chain and having to disrupt the operations of our business, trying to reengineer one. So against that backdrop, we've given our full year guidance based on our best understanding of the state of the industry, the consumer today. As we all know, there are a lot of puts and takes and a lot of moving pieces, but we carefully assess where the business is running, what we know about the rest of the year. And what we know based on evidence about the impact our initiatives may have on our performance, and we put the best foot forward.

另一方面，從營運角度來看，我們很幸運，沒有直接的供應鏈，因此我們必須中斷現有的業務運營，嘗試重新建構一條供應鏈。因此，在這樣的背景下，我們根據對當今行業狀況和消費者的最佳了解，給出了全年指導。眾所周知，有很多事情要做，有很多事情要做，有很多事情要考慮，但我們會仔細評估業務的運作情況，以及我們對今年剩餘時間的了解。根據證據，我們知道我們的措施可能會對我們的表現產生影響，因此我們盡最大努力。

I think your next question was about investment and our margin framework. On that, over the last few years, we've made material investments in the customer experience, and we have dropped a significant amount of revenue to do so. Where are we as a result of that? We've not only seen the positive impacts in our customer metrics, most notably the NPS and win rate improvements that Jeff mentioned before, but we've also been able to drive material operating efficiency. So simply, we've been growing profit despite the lower revenue.

我想您的下一個問題是關於投資和我們的保證金框架。為此，在過去的幾年裡，我們在客戶體驗方面進行了大量的投資，並為此投入了大量的收入。那我們現在處於什麼位置？我們不僅看到了客戶指標的正面影響，最顯著的是 Jeff 先前提到的 NPS 和贏率的提高，而且我們還能夠提高材料營運效率。簡單來說，儘管收入較低，但我們的利潤仍在成長。

Additionally, we have been very disciplined with our fixed costs. If you look at the combined total of fixed expenses and CapEx, we reduced our overhead by $100 million versus 2022. And we still believe we are well staffed to drive the investment we need to deliver 2025 and return to growth in 2026. We've been talking a lot about homeowner choice and the sales force consolidation. And these really represent the last material investments in the ecosystem that can set the stage for that profitable growth into 2026.

此外，我們對固定成本的控制非常嚴格。如果看一下固定支出和資本支出的總和，我們會發現與 2022 年相比，我們的管理費用減少了 1 億美元。我們仍然相信，我們擁有充足的人才來推動 2025 年目標所需的投資，並在 2026 年恢復成長。我們一直在討論房主的選擇和銷售團隊的整合。這些確實代表了生態系統中最後的物質投資，為2026年的獲利成長奠定了基礎。

And as you know, there will be always puts and takes but we think that, in general, we are done with shedding material pieces of the business. This means, we believe we can continue to drive both our customer experience and revenue growth at this level of fixed cost investment we have today.

如你所知，總是會有得有失，但我們認為，總的來說，我們已經完成了業務實質部分的剝離。這意味著，我們相信我們可以在目前的固定成本投資水準下繼續推動客戶體驗和收入成長。

One area that we would look to look we would expect to look more closely at in 2026, it's whether we spend more on TV and offline advertising. We decided to run a little bit lighter in 2025 to allow some time to absorb the change to homeowner choice. We'll monitor the performance of our TV spend over the course of this year and then factor that into our planning for 2026. And of course, if we identify any incremental high ROI opportunities that weren't substantial investment, it would just be appropriate for us to consider them.

我們預計在 2026 年會更加密切關注的一個領域是我們是否在電視和離線廣告上投入更多資金。我們決定在 2025 年稍微減少運行量，以便有時間適應房主選擇的變化。我們將監控今年電視支出的表現，然後將其納入 2026 年的規劃中。當然，如果我們發現任何不需要大量投資的增量高投資報酬率機會，我們就會考慮它們。

And so our guidance for the year reflects stability from an investment standpoint. And then so to reiterate what Jeff laid out, the formula for the near future is to focus on the tailwinds from revenue per lead and performance from our proprietary channels, those two things being the main driving forces behind return to revenue growth in 2026. And then additionally, that growth will come with high incremental margins as we expect to be able to hold on to all of the improved unit economics as we grow that revenue and gain operating leverage over a fixed cost base that won't need to grow into 2026.

因此，我們對今年的指導從投資角度反映了穩定性。然後重申傑夫所說的，近期的公式是關注每個線索的收入和我們專有管道的表現帶來的順風，這兩件事是 2026 年收入恢復成長的主要驅動力。此外，這種成長將伴隨較高的增量利潤率，因為我們預計隨著收入的增長，我們能夠保持所有改善的單位經濟效益，並在不需要增長到 2026 年的固定成本基礎上獲得經營槓桿。

Great. Thank you, Rusty.

偉大的。謝謝你，Rusty。

Great. All right. Operator, next question please.

偉大的。好的。接線員，請問下一個問題。

Cory Carpenter, JP Morgan.

摩根大通的科里·卡彭特。

Hey, good morning. Thanks for the questions. I had two. Maybe just tying together your comments Rusty on macro and Jeff, what you said earlier about the home where you at in the homeowner experience. Could you just speak to what's giving you confidence in the revenue trends continuing to improve through the year given those dynamics.

嘿，早安。感謝您的提問。我有兩個。也許只是將 Rusty 對宏觀的評論和 Jeff 的評論聯繫在一起，以及您之前所說的關於您在房主經歷中的房屋的評論。您能否談談，鑑於這些動態，是什麼讓您對全年營收趨勢持續改善充滿信心？

And then secondly, now that you're a standalone company, it would be great to hear your capital allocation priorities. Thank you.

其次，既然您現在是一家獨立公司，我們很願意聽聽您的資本配置優先事項。謝謝。

I can take those. Thanks. I think in terms of -- I think we sort of laid out our confidence in our revenue trends with a significant improvement in the trajectory of proprietary SRs and leads plus what we anticipate to be solid growth in our revenue per lead, we're going to be able to get to improving revenue comparisons year-over-year. and thus, sequentially improving our declines.

我可以接受這些。謝謝。我認為就這一點而言——我認為我們已經對收入趨勢充滿信心，專有 SR 和銷售線索的軌跡顯著改善，加上我們預計每條銷售線索的收入將穩步增長，我們將能夠實現收入同比改善。從而逐步改善我們的衰退。

There's some benefit in terms of compares in the third and fourth quarter as we started to implement some of the principles of homeowner choice. So we think we're in a good position in terms of the rest of the year and then heading into next year where, again, we think that the network channels flatten out. So when you're growing 80% of the business and flat in 20% of the business, you get growth. So that's how we're thinking about that.

隨著我們開始實施一些房主選擇原則，第三季和第四季的比較結果有一些好處。因此，我們認為，就今年剩餘時間而言，我們處於有利地位，而進入明年，我們認為網路管道將趨於平穩。因此，當你 80% 的業務成長，而 20% 的業務持平時，你就實現了成長。這就是我們對此的想法。

In terms of use of capital, I think there's a few categories. Obviously, we just bought back a reasonable chunk of shares, and our approach is to, from time to time, as appropriate, buy back shares to account for dilution either backward looking or forward looking, and we've demonstrated that we will do that over time.

在資本的使用方面，我認為有以下幾個類別。顯然，我們剛剛回購了相當一部分股票，我們的方法是，不時地根據情況回購股票，以彌補回顧性或前瞻性的稀釋，我們已經證明我們會隨著時間的推移這樣做。

In terms of other capital allocation question, which is likely, what's our acquisition approach. As we said before, we're still in the process really of digesting multiple acquisitions in the American business that we've acquired over time. We've got a significant amount of work there to do. So we do have core opportunities that mean adding another big chunk would require additional integration.

至於其他可能的資本配置問題，我們的收購方式是什麼。正如我們之前所說，我們仍然在消化我們長期以來在美國業務中收購的多項資產。我們有大量的工作要做。因此，我們確實擁有核心機會，這意味著增加另一個大塊將需要額外的整合。

That being said, even though we're focused on our core operations, if we thought there was something to do that was accretive to our shareholders and a positive use of our capital and strategically critical, we wouldn't hesitate to take a look and maybe even do it. I don't think that our stock would be a major acquisition currency. There are some limitations with what you're able to do around a tax-free spin-off. But I think that's generally how we think about our capital approach over the next couple of years.

話雖如此，儘管我們專注於核心業務，但如果我們認為有些事情可以為股東帶來增值、可以積極利用我們的資本並且具有戰略意義，我們就會毫不猶豫地去考慮，甚至去做。我不認為我們的股票會成為主要的收購貨幣。對於免稅分拆，您可以做的事情有一些限制。但我認為這基本上就是我們對未來幾年資本方法的看法。

Thank you.

謝謝。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Thanks. Good morning. Jeff, you've made a lot of foundational changes to Angi and the experience for consumers and pros. As you look over the course of '25 and into 2026, what do you view as the next product initiatives to take more friction out of the ecosystem and improve jobs done well. Related to that, how does AI change your view and the product experience you can provide and potentially introduce some operating efficiencies over time? Thank you.

謝謝。早安.傑夫，你對 Angi 以及消費者和專業人士的體驗做出了很多基礎性的改變。展望 2025 年至 2026 年，您認為下一步的產品計劃是什麼，可以消除生態系統中的更多摩擦並改善工作表現。與此相關，人工智慧如何改變您的觀點和您可以提供的產品體驗，並隨著時間的推移可能提高一些營運效率？謝謝。

Great. Those are great questions. So we anticipate that we are going to continue on our most core initiatives through the next several months. And those are getting the conversation with the homeowner to ask the right questions to get the right job details to get the right match. We're doing that both through significant iteration on our set of questions, which we expect to be materially done in the second half of the year.

偉大的。這些都是很好的問題。因此，我們預計在接下來的幾個月裡，我們將繼續推動我們最核心的舉措。這些都是與房主對話，提出正確的問題，以獲得正確的工作細節，從而實現正確的匹配。我們透過對一系列問題進行大量迭代來實現這一目標，我們預計這些問題將在下半年得到實質解決。

And just to reference your second question, we've added an LLM based AI helper in that homeowner path which is going to help increase and already is increasing the quality of the match without actually hurting conversion. The team has done a great job with that product. And so we have a very high focus on making sure we get the job details right from the homeowner in a way that the homeowner understands to be able to match to the Pro, so the Pro gets the work the Pro wants.

僅參考您的第二個問題，我們在房主路徑中添加了一個基於 LLM 的 AI 助手，這將有助於提高匹配質量，並且已經提高了匹配質量，而不會真正損害轉換率。該團隊在該產品上做得非常出色。因此，我們非常重視確保從房主那裡獲得正確的工作細節，以便房主能夠理解並與專業人士相匹配，這樣專業人士就能得到他們想要的工作。

I think the second piece there also drives matching and it's the single Pro product initiative we've been talking about. A third of our revenue is coming from the old ads product. Ads Pros have less specific choice over the tasks they opt into than the leads Pros given the nature of the platform and the product. They're also required to take certain sets of ZIP code, certain territories without having the flexibility to pick and choose.

我認為第二部分也推動了匹配，這就是我們一直在談論的單一專業產品計劃。我們的三分之一收入來自舊廣告產品。鑑於平台和產品的性質，廣告專家對於所選擇的任務的選擇不如潛在客戶專家那麼具體。他們還必須採用特定的郵遞區號和特定的地區，而沒有選擇的靈活性。

We're moving all of those pros and all of the new Pros into a situation where they are able to pick and choose upfront. This is going to drive multiple things. First of all, the homeowners are going to get contacted more. The contact rate is lower with the ads pros because they get some leads that they don't actually want because they are the basket they bought.

我們正在讓所有這些專業人士和所有新專業人士處於一個可以提前挑選的境地。這將推動多種事物。首先，我們將會與房主進行更多的聯繫。與廣告專業人士的聯繫率較低，因為他們獲得了一些他們實際上並不想要的線索，因為這些線索是他們購買的籃子。

Secondly, the Pros will actually very specifically pick what they want, meaning we'll have higher engagement, and we will know much better exactly which jobs to match to exactly which Pros based on task and geography. So we see moving to a single Pro product as a significant uptick in the customer experience because we're going to match better, matching better means you're more likely to get a higher and a job done well.

其次，專業人士實際上會非常具體地選擇他們想要的東西，這意味著我們將有更高的參與度，並且我們將更好地知道根據任務和地理位置將哪些工作與哪些專業人士精確匹配。因此，我們認為轉向單一專業產品將顯著提升客戶體驗，因為我們將進行更好的匹配，更好的匹配意味著您更有可能獲得更高的滿意度並出色地完成工作。

Those are two critical pieces. I think beyond that, we have opportunities to drive the connection and interaction post-match. We've had a reasonable amount of success driving our messaging and communication in Europe, and we've been able to drive up our higher rate nearly 50% over a couple of years. We've obviously had big gains in the US, too, but we think we have more runway in terms of driving the post-match experience.

這是兩個關鍵部分。我認為除此之外，我們還有機會推動賽後的聯繫和互動。我們在歐洲的訊息傳遞和溝通方面取得了相當大的成功，並且在幾年內將我們的較高利率提高了近 50％。我們在美國顯然也取得了巨大的進步，但我們認為在推動賽後體驗方面我們還有更大的發展空間。

And then I think like moving to AI, we think about AI as a technology that can facilitate our experience everywhere. The first place we're getting it out with impact on the customer is obviously what we call the SR path and the conversation with the homeowner to ensure we understand the job correctly and get the right match. There's obviously a number of other applications. As we roll out online pro acquisition, there's opportunities to use AI to enhance that path. You then can imagine that the AI and LLM interface allows us to move to smoother chat bots that we can use not only on site in the app, but also through voice and text.

然後我認為，就像轉向人工智慧一樣，我們將人工智慧視為一種可以促進我們在任何地方的體驗的技術。我們首先要對客戶產生影響的顯然是我們所說的 SR 路徑和與房主的對話，以確保我們正確理解工作並獲得正確的匹配。顯然還有許多其他應用。隨著我們推出線上專業招聘，我們有機會使用人工智慧來增強這一途徑。然後你可以想像，AI 和 LLM 介面讓我們能夠轉向更流暢的聊天機器人，我們不僅可以在應用程式現場使用，還可以透過語音和文字使用。

I think moving on from there, you can apply the same principles to the customer interaction with, first, our care operations teams; and secondly, our sales operations team where we can drive more efficiency and success in terms of contact rate and solving the customer problems using AI, in chat interfaces and perhaps voice interfaces on top of the human calls.

我認為從那裡開始，您可以將相同的原則應用於客戶與我們的護理營運團隊的互動；其次，我們的銷售營運團隊可以透過使用人工智慧、聊天介面甚至語音介面（而非人工通話）來提高聯繫率和解決客戶問題，從而提高效率和成功率。

I think I can go on and on from there because I think the LLM is fundamentally technology we can use to elevate our experience in multiple places and make it a easier, smoother and higher converting conversation, not just to the placement of SR or the onboarding of a new Pro, but the actual connection and conversation between the homeowner and the Pro that leads to a job done well.

我想我可以從那裡繼續說下去，因為我認為 LLM 從根本上來說是一種技術，我們可以使用它來提升我們在多個地方的經驗，並使對話變得更輕鬆、更順暢、轉化率更高，這不僅僅是 SR 的安排或新專業人員的入職，而是房主和專業人員之間的實際聯繫和對話，從而出色地完成工作。

Thank you.

謝謝。

Steven Zhu, UBS.

瑞銀的 Steven Zhu。

Okay. Great. So I was wondering if you can give us some color on the cross currents of what might be affecting your revenue growth, particularly in international as that seems to have (inaudible) sorry, a year-over-year decline.

好的。偉大的。所以我想知道您是否可以告訴我們可能影響您收入成長的逆流，特別是在國際業務方面，因為這方面的收入似乎（聽不清楚）抱歉，比去年同期下降。

And secondarily on -- thanks for the disclosure by the way. The monthly active Pros, it seems like that number has basically had a trough or is in the process of getting a trough, as you turn off those you acquired previously. So it seems like directionally the number of Pros you're acquiring right now, and I guess the implied churn is starting to converge. So I guess it's sort of inevitable that will hit a trough and start hopefully accelerating. So just additional color there.

其次——順便說一句，感謝您的披露。每月活躍的專業人士，似乎這個數字基本上已經達到低谷或正在進入低谷的過程中，因為你關閉了那些你之前獲得的數字。因此，從方向上看，您現在獲得的專業人士的數量以及隱含的流失率似乎正在開始趨於一致。所以我猜想，跌入低谷並開始加速是不可避免的。所以那裡只是額外的顏色。

Right. So I can take these. So first of all, in terms of international, there's a couple of pieces there. The first piece is, our Canadian business was in a bit of a tough shape on its old platform. It was a high consideration, negative ROI, high outbound sales model. And what we've done is we've moved that business to the international platform, which is a lower consideration but very high ROI pro acquisition and higher-margin business. And so what we are doing there is we are churning off that high value but lower customer experience subscription value. We've eliminated our sales force, we moved online acquisition. And so the revenues came down, but the profitability has already jumped materially.

正確的。所以我可以接受這些。首先，就國際而言，有幾點。首先，我們的加拿大業務在舊平台上處於困境。這是一種高考量、負投資報酬率、高外向型銷售模式。我們所做的就是將業務轉移到國際平台，這是一個成本較低但投資回報率很高的業務，而且利潤率更高。因此，我們所做的就是大量生產高價值但客戶體驗較低的訂閱價值。我們已經裁減了銷售人員，並轉向了網路收購。因此，收入雖然下降了，但獲利能力卻大幅提升。

This is something it's smaller scale we've done in each of our European businesses over time, and we've gotten tremendous margin leverage and profit growth there along with some solid revenue growth over the last few years. That is mathematically because we're dropping that revenue significantly. That's mathematically pulling international down.

這是我們在歐洲各個業務部門長期以來所採取的小規模舉措，過去幾年來，我們在歐洲獲得了巨大的利潤槓桿和利潤增長，同時收入也實現了穩健增長。從數學上講，這是因為我們的收入正在大幅下降。從數學上來說，這正在拉低國際水準。

There's also some impact from regulatory matters in Europe. About a little over a year ago, we started having to take newly acquired Pro IDs, which is a conversion hit, and potentially, we were getting some pros on the platform who didn't have ID and weren't uploading it, but we've taken some conversion hit in our new Pro acquisition. And then as of the beginning of this year, we had to roll in ID checks for all of our existing Pros. This is the Digital Services Act in Europe. It's a know your customer for marketplace businesses.

歐洲的監管問題也產生了一些影響。大約一年多以前，我們開始不得不接受新收購的專業 ID，這對轉換率造成了影響，而且有可能，我們在平台上獲得了一些沒有 ID 並且沒有上傳它的專業人士，但我們在新收購的專業客戶中受到了一些轉換率的影響。從今年年初開始，我們必須對所有現有的專業人士進行身份檢查。這就是歐洲的數位服務法案。對於市場企業來說，這是了解你的客戶。

And so we've taken a 5% to 8% impact on our network just based on this conversion on the ID, which is a temporary slowdown, which effectively will annualize. And there's a couple of other matters with GDPR that are impacting cookies and other things that impact there. That being said, the core of the business is very healthy.

因此，僅基於 ID 的轉換，我們的網路就受到了 5% 到 8% 的影響，這是一種暫時的放緩，實際上將實現年化。GDPR 中還有其他一些問題對 cookie 和其他事物有影響。話雖如此，業務核心仍然非常健康。

As I've noted earlier, over the last couple of years, we've improved the rate at which homeowners submitting an SR on the platform hires a pro on our platform. So we're pretty pleased. We have double-digit positive homeowner NPS. We're pretty pleased with the core operation of the business. It's approaching 20% margins. It's high teens, and we think we'll get that back on track.

正如我之前提到的，在過去的幾年裡，我們提高了在平台上提交 SR 的房主聘請專業人士的比例。所以我們非常高興。我們的房主淨推薦值 (NPS) 為兩位數正值。我們對業務的核心營運非常滿意。其利潤率接近20%。目前已達到十幾歲的水平，我們認為我們會讓它回到正軌。

In terms of monthly active Pros, as I said earlier, we expect some continued declines in the gross number. It's the byproduct of a couple of things. Very high and unprofitable acquisition in prior where we're still keeping some of those Pros, but we never would have had them had we been acquiring at the same ROI and margin generation we were today. So that's got to kind of wind down over time. And we have lower acquisition.

就每月活躍專業人士而言，正如我之前所說，我們預計總數將繼續下降。這是一些事情的副產品。先前的收購成本非常高，而且無利可圖，我們仍然保留了其中的一些優點，但如果我們以今天相同的投資回報率和利潤率進行收購，我們就永遠不會擁有它們。所以隨著時間的推移，這種情況會逐漸減少。我們的收購率較低。

However, our acquisition is at higher capacity with each newly acquired Pro. So what optically is going to look like declines continuing into 2026 is masking what's real capacity growth and untapped capacity in the network, which is why I said earlier, we have plenty of capacity to achieve the growth we need in 2026. We think that, that number will cross over by 2027. It depends a little bit on how online enroll works as it rolls out.

然而，隨著每收購一個 Pro，我們的收購能力也會跟著提升。因此，從表面上看，2026 年持續的下降趨勢掩蓋了網路中真正的容量成長和未開發的容量，這就是我之前所說的，我們有足夠的容量來實現 2026 年所需的成長。我們認為，到 2027 年這個數字將會突破。這在一定程度上取決於線上註冊的實施情況。

A couple of facts there. We're acquiring close to 140,000 pros a year in Europe in a smaller market because we don't cover all of Europe with online interval. We don't expect anything like that in the US, but we do expect to get some yield. We've also run a test in the Boston market using our European platform, which has suggested that online enrolled can directionally work as well in the United States as it does in Europe.

這裡有幾個事實。由於我們的線上間隔無法涵蓋整個歐洲，因此我們在歐洲較小的市場中每年只能招募近 140,000 名專業人士。我們並不期望美國出現類似的情況，但我們確實期望獲得一些利益。我們還利用我們的歐洲平台在波士頓市場進行了測試，結果表明線上註冊在美國可以像在歐洲一樣有效地發揮作用。

Obviously, it's a small market test, that's a relatively high GDP per cap market, and so we've got to prove it out at larger scale. But we should have that out. We should have the online marketing program that we've sort of iterated on into very solid execution in Europe, ready to go out. We have some optimism there. And thus, we do see our Pro network growth crossing over into 2027, although we really have to see how it all plays out.

顯然，這是一個小規模的市場測試，人均 GDP 相對較高的市場，因此我們必須在更大規模上證明這一點。但我們應該把它解決掉。我們應該有一個線上行銷計劃，我們已經在歐洲進行了非常穩固的執行，準備推出。我們對此抱持樂觀態度。因此，我們確實看到我們的 Pro 網路成長跨越到 2027 年，儘管我們真的必須看看它如何發展。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Dan Kurnos, The Benchmark Company.

Dan Kurnos，基準公司。

Great, thanks. Good morning. Jeff, can we just follow up on that for a second, the Pro pool. I mean if we think about the rich history data history that Angi has, and we think about either reactivations versus attacking new Pros as you build the pool, should we think of kind of like a smaller, more concise but more engaged and call it, like top 20% of Pros is sort of the near-term target here? I know your customer acquisition cost is substantially lower.

太好了，謝謝。早安.傑夫，我們可以稍微跟進一下這個問題嗎，Pro 池。我的意思是，如果我們考慮 Angi 擁有的豐富的歷史數據，並且我們考慮在建立池子時重新激活還是攻擊新的專業人士，我們是否應該考慮一種更小、更簡潔但更具吸引力的方法，比如前 20% 的專業人士是這裡的近期目標？我知道您的客戶獲取成本要低得多。

And then on marketing channels, rather talked on it. But again, now that you guys have this reset love to hear how you guys are thinking about attacking paid channels in kind of different ways, especially given low organic brand recognition? I know you guys are talking about TV, but I'm more curious about attacking social and other channels as you guys start to see SRs recover?

然後關於行銷管道，我們還是多談一下。但是，既然你們已經重新設定了目標，很想聽聽你們是如何考慮以不同的方式攻擊付費管道的，特別是在有機品牌認知度較低的情況下？我知道你們正在談論電視，但我更好奇的是，當你們開始看到 SR 恢復時，攻擊社交和其他管道？

So I think what you got to there, Dan, is a pretty good way of talking about what we're doing on Pro acquisition, which is we've significantly reduced the sales base. We've reduced our Pro acquisition less but we've materially increased our capacity per acquired Pro. And to your point on lower acquisition costs, that's why when we say our net margin, we mean what's the lifetime value of the Pros acquired minus the cost of that sales force in any marketing.

所以我認為，丹，你所說的是一個很好的方式來談論我們在 Pro 收購方面所做的事情，那就是我們大幅減少了銷售基礎。我們減少的 Pro 收購數量較少，但每台 Pro 的產能卻大幅提升。關於您提到的降低收購成本，這就是為什麼當我們說我們的淨利潤時，我們的意思是所收購的專業人士的終身價值減去任何行銷中銷售人員的成本。

So the fact that we're up nearly 150% year-over-year is actually the data behind the hypothesis you just suggested that we're concentrating on higher value, higher capacity pros and spending a lot less money doing it, and we're generating a lot more forward value, which again, as I said earlier, I think it's exactly what we want to do.

因此，我們同比增長近 150% 的事實實際上是您剛才提出的假設背後的數據，即我們專注於更高價值、更高容量的專業領域，並花費更少的錢來實現這一目標，同時創造更多的遠期價值，正如我之前所說，我認為這正是我們想要做的。

You're also right, we do have a rich database of Pros who've used us at one time. And frankly, the move to the new model gives us an excellent opportunity to re-engage and attack with reactivations that we think will help us a great deal over the next year or two in terms of our acquisition. So we expect smaller sales force, fewer Pros, but that number flattening out and then growing in 2026 and more capacity per Pro. So we see capacity growth but probably not raw volume growth that way.

您說得對，我們確實擁有豐富的曾經使用過我們服務的專業人士的資料庫。坦白說，轉向新模式為我們提供了一個絕佳的機會，讓我們能夠重新參與並發動進攻，我們認為這將在未來一兩年內對我們的收購有很大幫助。因此，我們預期銷售隊伍規模將會縮小，專業人士數量會減少，但到 2026 年，這個數字將趨於平穩，然後成長，每位專業人士的產能也會增加。因此，我們看到的是產能成長，但可能不是原始產量的成長。

In terms of your comment on paid channels, what you're suggesting is, are we attacking paid channels? Are we getting better yield? Are we getting better acquisition there? This is exactly how we brought our proprietary lead growth back to neutral and the decelerating declines -- how am I saying all right? The decreasing declines through the first quarter in SR growth and our expectation that we grow that in the coming year.

關於您對付費頻道的評論，您的意思是，我們是否在攻擊付費頻道？我們的收益是否更好了？我們在那裡的收購情況是否更好？這正是我們如何使我們的專有領先增長恢復到中性並減速下降 - 我怎麼說呢？第一季 SR 成長的下降趨勢正在減緩，我們預計明年 SR 成長將會持續。

So we have had actually tremendous success at turning and growing our SEM acquisition, believe it or not. I realize Google is the traditional source, but we are really materially growing that source year-over-year. We've also had success getting into display networks and now Meta's ecosystem and acquiring a significant number of jobs at good ROI. We have a very strong paid marketing team who's delivered excellent performance over the last year or two.

所以，不管你信不信，我們在轉變和發展 SEM 收購方面實際上取得了巨大的成功。我知道谷歌是傳統來源，但我們確實在逐年大幅增加該來源。我們也成功進入了展示廣告網路和現在的 Meta 生態系統，並以良好的投資回報率獲得了大量工作機會。我們擁有一支非常強大的付費行銷團隊，他們在過去一兩年表現出色。

And we have been able to really step up our acquisition in proprietary channels despite any impact on the kind of organic ecosystem. So we're pretty pleased with that. It's a key part of our success to date, and it's a key part of our success going forward. And again, I sort of have to tip my hat to the teams that have been involved in there across product tech, marketing and elsewhere.

儘管對有機生態系統有所影響，但我們已經能夠真正加強在專有通路的收購。所以我們對此非常滿意。這是我們迄今為止成功的關鍵部分，也是我們未來成功的關鍵部分。再次，我必須向參與產品技術、行銷和其他工作的團隊致敬。

Super helpful Jeff. Thank you very much.

傑夫非常有幫助。非常感謝。

Operator, I think we'll take one last call if you can queue it up, please.

接線員，我想如果您能排隊的話，我們將接聽最後一通電話。

Please. Let's just ask how many calls do we have -- How many questions do we have left in the queue?

請。我們只需問一下我們有多少電話——我們還有多少個問題在等待處理？

We have one more, sir.

先生，我們還有一個。

Perfect. Perfect.

完美的。完美的。

Ygal Arounian, Citigroup.

花旗集團的 Ygal Arounian。

Hey, good morning, guys. Maybe just since this is your first quarter stand-alone. If you could just talk a little bit about how or if the strategy changes at all now that you're more independent, what kind of flexibility does it give you now that you didn't have in the future?

嘿，大家早安。可能只是因為這是您第一季的獨立作品。如果您可以稍微談一下，現在您更獨立了，策略是否會發生變化，或者會如何變化，現在會為您帶來哪些將來所沒有的彈性？

And then on the self-serve platform for sales, just if you could expand on kind of how much -- what your expectation is for how much that can grow the pro counter, how much efficiency it could drive as that comes on to the platform? Thanks.

然後，在自助銷售平台上，您是否可以詳細說明一下—您對專業櫃檯的成長預期是什麼？在平台上使用時，它可以提高多少效率？謝謝。

So in terms of our strategy with IAC versus without IAC, there's really no change. What we've been saying and executing on the last couple of years is the same today as it was a couple of years ago. We know that the North Star experience, the place where we get world-class NPS from our homeowners and high retention from our Pros is when a homeowner on our platform hires a pro on our platform. And so we have been driving all of our experience towards improving that success rate, that's not going to change. We have to serve our customers, and we have to serve them with positive unit economics, and that's the core of what we're doing.

因此，就採用 IAC 和不採用 IAC 的策略而言，實際上沒有變化。我們過去幾年所說和所執行的事情與幾年前是一樣的。我們知道，當我們平台上的房主僱用了一位專業人士時，我們就能獲得北極星體驗，也就是從房主那裡獲得世界一流的 NPS，並從專業人士那裡獲得高留存率。因此，我們一直在利用我們所有的經驗來提高成功率，這一點不會改變。我們必須服務我們的客戶，我們必須以積極的單位經濟效益為他們服務，這就是我們工作的核心。

I think we're very fortunate to be part of the IAC ecosystem. IAC has always looked to its companies to set their strategy and drive performance within their umbrella. And I think we're going to be continuing to do the same thing here. And obviously, we were lucky to have Joe as our Chairman as part of IAC, and Joe as our Chairman post IAC, and that will continue as well.

我認為我們非常幸運能夠成為 IAC 生態系統的一部分。IAC 一直致力於為其旗下的公司製定策略並在其旗下推動績效。我認為我們將繼續在這裡做同樣的事情。顯然，我們很幸運喬在 IAC 期間能擔任我們的主席，並且在 IAC 之後還能繼續擔任我們的主席，這種情況也將繼續下去。

In terms of flexibility, the one piece you get is you get a more liquid publicly traded stock that's great in terms of employee liquidity and stock-based compensation, and it's also of some value as a potential acquisition currency. Again, that's not something that we're thinking aggressively about. There's limitations on what we can do there in terms of the spin-off. And the Board would also want to feel that the stock was in a place where that made sense as a currency.

就靈活性而言，您獲得的好處是，您可以獲得流動性更強的公開交易股票，這對於員工流動性和股票薪酬而言非常有利，而且作為潛在的收購貨幣也具有一定價值。再說一遍，這不是我們正在積極考慮的事情。就分拆而言，我們能做的事情是有限的。董事會也希望股票處於一個可以作為貨幣合理的地方。

So I think longer term, yes, there are advantages. Shorter term, there's nothing that really changes in our mindset. Obviously, as I said earlier, whether it's cash or stock, we will do appropriate strategic operationally effective acquisitions so that we can create value and we'll figure out how to integrate them and execute.

所以我認為從長遠來看，是的，有優勢。短期來看，我們的思維方式不會有任何真正的改變。顯然，正如我之前所說，無論是現金還是股票，我們都會進行適當的策略性營運有效收購，以便我們能夠創造價值，並且我們會弄清楚如何整合和執行它們。

In terms of Pro online acquisition, which I think you referred to as self-serve. What I mentioned earlier is we've been effectively doing this in Europe for years, acquiring north of 10,000 Pros a month. The countries we're operating in Europe are, I don't know, half the gross market value of the US market. And so there are some differences in the composition of Pros. Pros in Europe tend to be more new employees as a percentage, roughly half whereas we think it's more like a quarter in the United States, which may lend itself more to self-serve.

就專業線上收購而言，我認為您稱之為自助服務。我之前提到過，多年來我們一直在歐洲有效地進行這項工作，每月招募超過 10,000 名專業人士。我不知道，我們在歐洲開展業務的國家占美國市場總市值的一半。因此，專業人士的組成存在一些差異。歐洲的專業人士往往是新員工，佔大約一半，而我們認為美國這一比例更接近四分之一，這可能更適合自助服務。

So we're not projecting 10,000 a month out of the gate or anything like that, but we definitely think that we can achieve some volume. And we can serve some pros who were not really ROI positive with the sales model where the [CAC] is higher or is interested in the higher ARPU model, the higher monthly consideration models that we sold before. So we think we can increase our network, we can increase our liquidity across tasks and geographies, and we think that it can net grow our capacity and ultimately our active network in a very cost-efficient way.

因此，我們並沒有計劃一開始就實現每月 10,000 份的銷售或類似的目標，但我們絕對認為我們可以實現一定的數量。我們可以為一些對銷售模式的投資回報率 (ROI) 不太樂觀的專業人士提供服務，這些銷售模式中的 [CAC] 較高，或者他們對更高的 ARPU 模式、我們之前銷售的更高的月度考慮模式感興趣。因此，我們認為我們可以擴大我們的網絡，我們可以增加跨任務和跨地區的流動性，並且我們認為它可以以非常經濟高效的方式淨增加我們的容量並最終增加我們的活躍網絡。

In Europe, we've been able to run this at 4 to 1 kind of LTV to CAC that includes all the organic traffic. I think paid incremental runs between 2 times, 2.5 times LTV to CAC, maybe 3 times when we're really firing on all cylinders. So we've got a great opportunity to kind of really replicate the unit economics that we've targeted with our sales force and grow our Pro base going forward.

在歐洲，我們已經能夠以 4 比 1 的比例運行 LTV 與 CAC，其中包括所有自然流量。我認為付費增量在 LTV 到 CAC 的 2 倍、2.5 倍之間，當我們真正全力以赴時，甚至可能是 3 倍。因此，我們有一個很好的機會來真正複製我們為銷售人員設定的單位經濟目標，並在未來擴大我們的專業基礎。

And then once they're on the platform, we'll have the opportunity to upsell and bring them into adjacent geographies and tasks. We think there's opportunity. That being said, it's not out yet. We don't have real numbers, and we don't want to get too far over our skis in the spirit of setting reasonable expectations and outperforming.

一旦他們進入平台，我們就有機會進行追加銷售，並將他們帶入相鄰的地區和任務。我們認為還有機會。話雖如此，目前還沒出來。我們沒有真實的數字，我們不想為了設定合理的期望和超越而做得太過分。

So I think with that, we can wrap the call. I want to thank everybody for listening. Thank you, operator, for helping us. Thank you, everybody, for your questions, and we look forward to talking to you next quarter. Thanks. Appreciate it.

所以我認為這樣我們就可以結束通話了。我要感謝大家的聆聽。謝謝接線生幫助我們。謝謝大家的提問，我們期待下個季度與您交談。謝謝。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。