Angi Inc (ANGI) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Angi second quarter 2025 earnings conference call. (Operator Instructions) Please also note today's event is being recorded.

大家好，歡迎參加 Angi 2025 年第二季財報電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I would like to turn the floor over to Andrew Russakof, Chief Financial Officer. Please go ahead.

現在，我想把發言權交給財務長 Andrew Russakof。請繼續。

Thank you very much, and good morning, everyone. Rusty here, CFO of Angi Inc., and welcome to the Angi Inc. second quarter earnings call. Joining me today is Jeff Kip, CEO of Angi. Angi has also published a shareholder letter, which is currently available on the Investor Relations section of Angi's website.

非常感謝，大家早安。我是 Rusty，Angi Inc. 的首席財務官，歡迎參加 Angi Inc. 第二季財報電話會議。今天與我一起參加的是 Angi 執行長 Jeff Kip。Angi 也發布了一封給股東的信，目前可在 Angi 網站的投資者關係部分查閱。

We will not be reading the shareholder letter on this call. I'll soon pass it over to Jeff for a few introductory remarks and then open it up to Q&A.

我們不會在本次電話會議上宣讀股東信。我很快就會將其交給傑夫做一些介紹性發言，然後開始問答環節。

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, since related to our outlook, strategy and future performance and are based on our current expectations and on information currently available to us.

在討論這個問題之前，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內容，並且基於我們當前的預期和我們目前掌握的資訊。

Actual outcomes and risks may differ materially from the future results expressed or implied in these statements due to a number of risks and opportunities, including those contained in our most recently quarterly report on Form 10-Q our most recent annual report on Form 10-K and in the subsequent reports that we filed with the SEC.

由於存在許多風險和機遇，包括我們最近的 10-Q 表季度報告、我們最近的 10-K 表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中包含的風險和機遇，實際結果和風險可能與這些聲明中表達或暗示的未來結果存在重大差異。

The information provided on this conference call should be considered in light of such risks. We will also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we'll refer to today as EBITDA for simplicity during the call.

應根據此類風險考慮本次電話會議提供的資訊。我們還將討論某些非 GAAP 指標，需要提醒的是，這些指標包括調整後的 EBITDA，為了在電話會議中簡單起見，我們今天稱之為 EBITDA。

I will 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.

我也會請您參閱我們的收益報告、股東信、我們向美國證券交易委員會提交的公開文件，並再次參閱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 I'll pass it off to Jeff.

現在我將把它交給傑夫。

Thanks, Rusty. Good morning, everybody. The first thing I'd like to do is thank everyone for joining us this morning. We appreciate it. Our internal research indicates that this is the busiest earnings morning of the quarter, and we know everybody is working really hard.

謝謝，Rusty。大家早安。我首先要感謝大家今天早上加入我們。我們對此表示感謝。我們的內部研究表明，這是本季最繁忙的盈利早晨，我們知道每個人都非常努力地工作。

So thank you. This is our second earnings call since Angi spun off from IAC as an independent public company. I think it's worth taking a minute and reminding everyone again of the multiyear journey we have been on.

所以謝謝你。這是 Angi 從 IAC 分拆為獨立上市公司以來我們第二次召開財報電話會議。我認為值得花一點時間再次提醒大家我們已經走過的多年旅程。

Last night, we reported our first quarter of proprietary volume growth since the beginning of 2021, the big milestone for us and our journey to state the obvious that everybody knows we have, over the last few years, shed over $400 million in revenue that is on the face of the P&L.

昨晚，我們報告了自 2021 年初以來第一個季度的專有交易量增長，這對我們來說是一個重要的里程碑，也是我們旅程中顯而易見的事實，眾所周知，在過去幾年中，我們的損益表中的收入減少了 4 億多美元。

To the untrained eye, many people have thought this looks like a bad thing and under normal circumstances, maybe it would be. We would actually argue it is all a very good thing and quite the opposite for the long-term success of both our customers and the company. What we've really done is first, we have shed lower-quality revenue, which was, in fact, deprecating our customer lifetime value and thus the long-term value of the enterprise. Poor quality transactions mean that customers leave where they don't come back.

對外行人來說，許多人認為這看起來是一件壞事，而在正常情況下，也許確實如此。我們實際上認為這是一件非常好的事情，並且對於我們的客戶和公司的長期成功來說恰恰相反。我們真正做的是，首先，我們擺脫了低品質的收入，這實際上降低了我們的客戶終身價值，從而降低了企業的長期價值。交易品質差意味著客戶離開後不會再回來。

Secondly, we've removed a material amount of unprofitable marketing and sales expense. In other words, we were spending money to acquire customers at negative profit. And so now that we've adjusted that, you can see our profitability has improved greatly. Both our adjusted EBITDA and our free cash flow are up materially from 2022, where, in fact, our free cash flow was negative.

其次，我們取消了大量無利可圖的行銷和銷售費用。換句話說，我們花錢以負利潤獲取客戶。現在我們已經進行了調整，您可以看到我們的盈利能力已經大大提高。我們的調整後 EBITDA 和自由現金流均較 2022 年大幅上升，而事實上，我們的自由現金流為負。

Additionally, today, and I've already cited this, you can see the key markers of our return to revenue growth. And this time, it will be profitable revenue growth. And that is, first, the strong proprietary volume growth, which I just mentioned, the first time in several years.

此外，今天，我已經提到過這一點，您可以看到我們恢復收入成長的關鍵標誌。而這一次，將是獲利性的收入成長。首先，我剛才提到，自營業務量成長強勁，這是幾年來的首次。

And secondly, the stabilization of our network channel traffic. It's down a little bit quarter-to-quarter, but we now think it's at a stable exit rate. And so we think it is going to be flat to moderately down next year. And those two together point us to growth next year, along with the growth in revenue per lead.

其次，我們的網路通路流量趨於穩定。雖然季度環比略有下降，但我們認為現在退出率已經穩定。因此我們認為明年這一數字將持平或略有下降。這兩項指標以及每個線索的收入都預示著我們明年將實現成長。

Finally, you can see the strong value creation looking ahead in what we've done in terms of being much higher value at lower sales force in our Pro acquisition.

最後，您可以看到，我們在 Pro 收購中以較低的銷售人員創造了更高的價值，為未來帶來了巨大的價值創造。

The other key point in terms of what we've done over the last few years is the improvement in the quality of our customer experience. You can see it in our customer metrics over the last couple of years. We've invested in the core product functionality and coupled with what we've done in terms of pruning our lower quality traffic.

我們過去幾年所做的另一個關鍵點是提高客戶體驗的品質。您可以從我們過去幾年的客戶指標中看到這一點。我們對核心產品功能進行了投資，並採取了措施減少低品質流量。

This has resulted in moving homeowner Net Promoter Score by 30 points over the last two years. We mentioned this last quarter, but it's still an accomplishment, and it's still true this quarter. and we've moved the total retention across all courts of our Pros by nearly 20% over the last two years in this last quarter.

這使得房主的淨推薦值在過去兩年內上升了 30 個百分點。我們在上個季度提到了這一點，但這仍然是一項成就，本季仍然如此。在過去兩年中的最後一個季度，我們已將所有職業球員在所有球場上的總保留率提高了近 20%。

We've moved both the hire and win rates. And by that, I mean a hire is when a homeowner who submits a service request on our platform, hire is a Pro who has paid for that lead. Obviously, when the Pro pays for a lead and they win it, that's their win rate.

我們改變了僱用率和勝出率。我的意思是，當房主在我們的平台上提交服務請求時，我們僱用的就是已經為該線索付費的專業人士。顯然，當專業人士付費獲得領先並贏得勝利時，這就是他們的勝率。

In June, our win rates on our core Pro platform are over 20% in July, our internal early data is tracking to more than 30% up year-over-year, and the hire rates are coming right along with those win rates. So we have done this progressively over the last couple of years.

6 月份，我們核心 Pro 平台的成功率在 7 月份超過了 20%，而我們內部的早期數據顯示，成功率同比增長了 30% 以上，招聘率也與成功率同步增長。因此，我們在過去幾年中逐步實現了這一目標。

And at the same time, we've been improving the technology we operate on. 1.5 years ago, we have four different technical platforms with relatively low fidelity integration in the US and three platforms internationally.

同時，我們也一直在改進我們營運的技術。一年半前，我們在美國擁有四個不同的技術平台，整合保真度相對較低，在國際上有三個平台。

By the end of this year, we will only be operating on two in the United States and one internationally. And at some point in the future, we see us as progressively step-by-step getting to a single, modern international platform, which will give us a great deal of operating efficiency and more speed to market.

到今年年底，我們將只在美國經營兩家門市，在國際上經營一家門市。在未來的某個時候，我們看到我們將逐步建立一個單一的、現代化的國際平台，這將大大提高我們的營運效率並加快我們的產品上市速度。

So, we are quarter-by-quarter piece by piece, putting all the pieces together to serve the trajectory that we project. And we think steadily piece by piece, putting the evidence out so that you can see it too. We still think we're in the early innings, and we still think we have a lot of work to do, but we're very optimistic going forward. And I'm excited to answer your questions today on the progress to date and where we're trying to go.

因此，我們逐季將所有部分整合在一起，以實現我們預測的軌跡。我們會一點一點地思考，把證據拿出來，讓你們也能看見。我們仍然認為我們處於早期階段，我們仍然認為我們還有很多工作要做，但我們對未來非常樂觀。我很高興今天能夠回答你們關於迄今為止的進展以及我們努力的方向的問題。

And with that, I'll turn it back over to you, operator.

說完這些，我就把麥克風交還給你，接線生。

Ladies and gentlemen, at this time we'll begin the question-and-answer session. (Operator Instructions)

女士們、先生們，現在我們開始問答環節。（操作員指示）

Sergio Segura from KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Sergio Segura。

Hey, can you guys hear me now? We can please proceed with your question.

嘿，你們現在聽得到我說話嗎？我們可以繼續討論您的問題。

Great, thanks for taking the questions. I guess, first, it would be helpful if you could delve more into the leads and service request trends you're expecting for both the proprietary network channels just for the second half of the year that kind of underpin the guidance that you guys gave in the shareholder letter?

太好了，感謝您回答這些問題。我想，首先，如果您可以更深入地研究一下您預計的下半年專有網路管道的銷售線索和服務請求趨勢，這是否能支撐您在股東信中給予的指導，這將會很有幫助？

Sure. I'll take that. I think that's a pretty straightforward projection for us. We expect that server request and leads to keep growing at approximately the same rate they were growing in the second quarter. But then improvement in year-over-year revenue comparisons will come from more growth in revenue per lead and just to remind everybody that change in revenue per lead is somewhat driven by price optimization, but the biggest driver there is our move to a single platform where we're moving our legacy ad pros who really bought a basket at a significant discount, a basket of leads at a significant discount.

當然。我會接受的。我認為這對我們來說是一個非常簡單的預測。我們預計伺服器請求和銷售線索將繼續以與第二季度大致相同的速度成長。但是，與去年同期相比，收入的改善將來自於每條線索收入的更多增長，需要提醒大家的是，每條線索收入的變化在某種程度上是由價格優化驅動的，但最大的驅動力是我們轉向單一平台，在這個平台上，我們將那些真正以大幅折扣購買了一籃子商品的傳統廣告專業人士轉移到一個以大幅折扣平台購買了一籃子線索的。

We're averaging that portion of the network out by, a, in March, we stopped selling them and b, at the end of this quarter we will start migrating them to the main platform.

我們對網路的這一部分進行了平均，a，我們在三月停止銷售它們，b，在本季度末，我們將開始將它們遷移到主平台。

That will give us lift over time in the revenue per lead. So those are the elements of what we see as our revenue trajectory and our volume trajectory over the back part of the year.

隨著時間的推移，這將使我們的每個線索的收入不斷增加。這些就是我們所看到的今年下半年的營收軌跡和銷售軌跡的要素。

I guess the one other note I would say is, we expect that our network volume will kind of stabilize our exit kind of run rates for the second quarter and be roughly stable the rest of the year.

我想說的另一點是，我們預計我們的網路容量將穩定第二季的退出運行率，並在今年剩餘時間內保持大致穩定。

Great. That's helpful. And maybe if I could throw in a second one. Interested if you could talk more about your probable acquisition opportunities and then how we should think about that consumer marketing expense line going forward?

偉大的。這很有幫助。也許我可以再加一個。您是否有興趣進一步談談可能的收購機會，以及我們應該如何看待未來的消費者行銷費用線？

That was up year-over-year. So just wondering if Q2 is a good run rate as a percent of revenue? Or do you continue to see a nice runway to invest behind those opportunities and we should expect that number increasing going forward?

與去年同期相比有所上升。所以只是想知道 Q2 的運行率佔收入的百分比是否良好？或者您繼續看到這些機會背後有良好的投資前景，並且我們應該預期這個數字未來會增加？

Yeah, so just to talk about margins broadly, Sergio, where we are now after homeowner choice is, we've had a little bit of a step-up in our consumer marketing expense as a percent of revenue compared to where we were in the first quarter and last year as we're driving more on our paid proprietary acquisition channels. And then in this quarter, we simply had strong execution there.

是的，塞爾吉奧，就利潤率而言，我們現在在房主選擇之後的情況是，與第一季和去年相比，我們的消費者行銷費用佔收入的百分比略有上升，因為我們在付費專有收購管道上投入了更多資金。然後在本季度，我們的執行力非常強勁。

And what happens is then on the margins, where both -- as we drive on the paid acquisition channels, on the margin, some of those acquisition ends up being a little bit lower margin than in the core of our pay channels.

那麼在利潤率上會發生什麼事呢？當我們推動付費獲取管道時，在利潤率上，其中一些獲取管道的利潤最終會比我們付費管道的核心利潤略低。

And then at the same time, we have a little bit lighter on our organic traffic. So as you think about our margins this quarter, a little bit higher consumer marketing expense as a percent of revenue, we're making some of that back is in terms of our paid acquisition expense as we've moved all of our sales on to the single Pro platform and optimize our sales force.

同時，我們的自然流量也會減少一些。因此，當您考慮本季度的利潤率時，您會發現消費者行銷費用佔收入的百分比略高，由於我們已將所有銷售轉移到單一 Pro 平台並優化了我們的銷售隊伍，因此我們在付費收購費用方面收回了部分成本。

So at the contribution margin line, it all kind of evens out. We're going forward, we expect in Q3 and Q4 to be fairly stable on our contribution margins going from Q3 into Q4, we expect to have operating margin leverage that is similar to the path that we had in the same quarter in the prior years.

因此，在貢獻邊際線上，一切都趨於平衡。我們繼續前進，我們預計第三季和第四季的貢獻利潤率將相當穩定，從第三季到第四季度，我們預計營業利潤率槓桿將與前幾年同一季度的路徑相似。

However, without the fixed expense increase that we saw in the fourth quarter of last year, where we had some expenses that won't reoccur this year in the fourth quarter.

然而，如果沒有去年第四季我們看到的固定費用增加，我們的一些費用今年第四季不會再次出現。

So that will give us the ability to avoid some of the fixed expense margin deleverage that we saw in the fourth quarter and have more of our profitability flow through down to the bottom line

因此，這將使我們能夠避免第四季度出現的部分固定費用保證金去槓桿現象，並將更多的獲利能力轉化為利潤。

Got it, that's very helpful color.

明白了，這是非常有用的顏色。

Thank you both.

謝謝你們兩位。

Great, thank you.

太好了，謝謝。

Eric Sheridan from Goldman Sachs.

高盛的 Eric Sheridan。

Thanks so much for taking the question and I appreciate all the detail in the shareholder letter. Anchoring around the part of the letter that talked about your highest priority product initiatives and improving the quality of match between homeowner and right pro, can you talk a little bit about the duration over which those three product initiatives that were highlighted would get implemented by the company and how that implementation might inform elements of yields from those priorities in terms of translating into revenue growth or platform momentum?

非常感謝您提出這個問題，我很欣賞股東信中的所有細節。圍繞信中談到的最優先產品計劃以及提高房主和合適專業人士之間的匹配質量的部分，您能否稍微談談公司實施這三個產品計劃的時間長度，以及這些計劃的實施如何影響這些優先事項的收益要素，從而轉化為收入增長或平台發展勢頭？

And then the second part would be I know it's very early, but maybe tying that broadly into how you're thinking about the exit velocity of growth this year and things like those product initiatives contributing to a growth framework for next year? Thanks so much.

然後第二部分是，我知道現在還為時過早，但也許可以將其與您對今年增長退出速度的看法以及那些有助於明年增長框架的產品計劃等聯繫起來？非常感謝。

So let me try and take the product and rate of product change question. And I'll let Rusty talk about how we're thinking about how that rolls forward in terms of revenue and profit. So just to go up the step, our view is that the most important event in the user experience is the job done well when a homeowner who submits a service request on our platform hires the Pro base that lead on the platform and the job gets done well.

因此，讓我嘗試回答產品和產品變化率的問題。我會讓 Rusty 談談我們如何考慮如何在收入和利潤方面取得進展。因此，更進一步來說，我們的觀點是，使用者體驗中最重要的事件是當房主在我們的平台上提交服務請求並僱用平台上的專業人員時，工作就能很好地完成。

Literally, everybody is happy with what they've done. Fulfills our brand promise encourages repeat and positive word of mouth about our brand from the customer, and Pros are not here to chat with customers. They are here to get worked on and get paid for it. So it encourages them that they've achieved good ROI and they stay.

確實，每個人都對自己所做的事情感到滿意。履行我們的品牌承諾鼓勵客戶重複並積極地宣傳我們的品牌，而專業人士並不是來與客戶聊天的。他們來這裡是為了工作並獲得報酬。因此，他們因獲得了良好的投資回報率而受到鼓舞，並留下來。

Our view is we have not historically done the best job matching and without a good match between the homeowner who wants to hire a specific type of pro and knowing that we're serving specific type of pro to that homeowner. If that doesn't happen, we don't get a job done well.

我們的觀點是，我們過去並沒有做到最好的匹配，也沒有在想要雇用特定類型專業人士的房主和知道我們為該房主提供特定類型專業人士的房主之間進行良好的匹配。如果做不到這一點，我們就無法好好完成工作。

So our focus is getting that match done and trying to make sure the two communicate, get the job done well and move on. We're investing first -- there's three elements to this. One is getting the service request details correct.

因此，我們的重點是完成這場比賽，並努力確保雙方溝通，順利完成任務並繼續前進。我們先進行投資──這有三個要素。一是取得正確的服務請求詳細資訊。

We know what the service request is, we can find the right pro. We have to make sure we serve the right pros with the right skills and qualifications, get them matched and make sure that the contact is happening. And we have a number of initiatives in play here.

我們知道服務請求是什麼，我們可以找到合適的專業人員。我們必須確保為擁有合適技能和資格的專業人士提供服務，讓他們匹配，並確保聯繫順利進行。我們在這裡實施了多項措施。

What we talked about in the letter is, first of all, we have rebuilt our question-and-answer technology. that's done. We've also implemented in LLM, -- we call it a helper, but what it really is, is a place where if the homeowner is confused about the question thinks they're answering their own question or has the wrong task, or just can't really express it.

我們在信中談到的是，首先，我們重建了我們的問答技術。已經完成了。我們也在 LLM 中實現了它——我們稱之為助手，但它的真正用途是，當房主對問題感到困惑時，他們會認為他們正在回答自己的問題，或者有錯誤的任務，或者只是無法真正表達它。

They can come tell us in their own words. That allows us to get the right question or move them to the right task and keep the homeowner going and not end up with the wrong task going to the wrong Pro.

他們可以用自己的話來告訴我們。這使我們能夠提出正確的問題或將他們轉移到正確的任務並讓房主繼續前進，而不會最終將錯誤的任務交給錯誤的專業人士。

So we've built those two things. The next step is we are -- we have a team progressively building out and testing better questions and answers based on our internal domain knowledge and research. We've got nearly three-fourth of our volume in test on these new improved questions.

所以我們建造了這兩樣東西。下一步是——我們有一個團隊根據我們的內部領域知識和研究逐步建立和測試更好的問題和答案。在我們的考試量中，有近四分之三是針對這些新改進的題目進行的。

We've rolled out nearly 15%. We talked about some of the leading indicators in the letter of the progress we're making on that 15%. We have 20% fewer wrong task credit requests. That's our best leading indicator that we're matching much better. Our pro engagement, our higher rate and our win rates are all up single digits across that 15%. By the end of the year, we think we're going to get into the 80% plus range.

我們已經推出了近15%。我們在信中談到了我們在實現 15% 目標方面所取得進展的一些領先指標。我們的錯誤任務信用請求減少了 20%。這是我們最好的領先指標，顯示我們的匹配程度更高。我們的專業參與度、更高的比率和我們的獲勝率在這 15% 中都上升了個位數。到今年年底，我們認為這一比例將達到 80% 以上。

So, we're going to be progressively realizing this. And then we're going to go back for round two in 2026 and tweak additionally and see how much more we can get out of this both by training the NLM and by relooking at our questions and getting feedback from PROS.

所以，我們將逐步實現這一點。然後，我們將在 2026 年進行第二輪並進行進一步調整，看看透過訓練 NLM 以及重新審視我們的問題並從 PROS 獲得回饋，我們能從中獲得多少收益。

We're also starting to play with a service request Q&A path in the LLM. We planted this on some of our landing pages, so it's live now. It's very early stage. And I think as you know, the AMs have to learn and condition themselves based on both the public databases they access and our internal database. So that's -- we're in early days there.

我們也開始在 LLM 中使用服務請求問答路徑。我們在一些著陸頁上植入了此功能，因此它現在已經上線。現在還處於非常早期的階段。我認為，正如您所知，AM 必須根據他們訪問的公共資料庫和我們的內部資料庫進行學習和自我調節。所以，我們還處於早期階段。

But ultimately, we envision an LLM enabled Q&A path which is trained and ultimately delivers better conversion and better matching and of course, the user interface that people are starting to get used to with Chat GPT and everyone else. So that's what we're doing there.

但最終，我們設想了一個支持 LLM 的問答路徑，該路徑經過訓練並最終提供更好的轉換和更好的匹配，當然還有人們開始習慣的 Chat GPT 和其他所有人的用戶界面。這就是我們在那裡做的事情。

On the Pro side, we're increasing the fidelity of Match by only selling the product where the pros get to pick the tasks they want and the ZIP codes they want. A pro who chooses their task in ZIP code is basically telling you this is where I'm a good match, and this is what I want. Pros get the leads they want. They're much more likely to call.

在專業方面，我們透過僅銷售專業人士可以選擇他們想要的任務和他們想要的郵遞區號的產品來提高 Match 的保真度。按郵遞區號選擇任務的專業人士基本上是在告訴你這是我最適合的職位，也是我想要的。專業人士獲得他們想要的線索。他們更有可能打電話。

And if they're more likely to call, they're more likely to win and the homeowner gets their job done. We have historically had a significant portion of our network on the legacy ads product, which is due to the construction of the technology was you had to accept the fixed basket of ZIP codes and you had to accept the fixed basket of tasks.

如果他們更有可能打電話，他們就更有可能獲勝，房主也完成了他們的工作。我們歷史上在傳統廣告產品上擁有很大一部分網絡，這是由於技術構建的原因，你必須接受固定的一籃子郵政編碼，並且必須接受固定的一籃子任務。

And the result is those pros call the homeowners less. They get matched the things they aren't as interested in because they're happing with the basket. The economic exchange we had to make was a more material discount to make the value work.

結果是，這些專業人士打電話給房主的次數減少了。他們會得到一些他們不感興趣的東西，因為他們對籃子很滿意。我們必須進行的經濟交換是更實質的折扣，以使價值發揮作用。

So this is why we're moving from there. We're already getting better matches because we're shifting the composition of our Pros. And when we migrate the ads pros, all the Pros will have that functionality. The other thing we're getting there is, we've got a little bit of inconsistency in making sure we have all the skills aligned because of the nature of those categories versus the specific tests on new platforms.

這就是我們要從那裡搬遷的原因。由於我們正在改變職業選手的組成，我們已經獲得了更好的比賽成績。當我們遷移廣告專業人士時，所有專業人士都將具有該功能。我們遇到的另一件事是，由於這些類別的性質與新平台上的特定測試不同，我們在確保所有技能保持一致方面存在一些不一致。

We are going to execute very consistently now and thus upgrade the overall quality we have and the confidence our customers have in that and we're going to be able to merchandise it well. So all of these things will be base hits to get us around the basis. And ultimately, I guess I can't say beat the Yankees, there's a high concentration of analyst investors in New York. So we'll say we're in the game.

我們現在將非常一致地執行，從而提升我們的整體品質和客戶對此的信心，並且我們將能夠很好地推銷它。因此，所有這些都將成為幫助我們實現基礎的基礎。最後，我想我不能說擊敗洋基隊，因為紐約的分析師投資者高度集中。所以我們會說我們在遊戲中。

Finally, we're rolling out and start to keep going, but we are rolling out again online enroll. This version of online enroll is modeled on our successful European product which since the beginning of 2020 has brought in nearly 650,000 pros in a market that's probably a little less than half the size of the United States. So we're optimistic on volume.

最後，我們正在推出並開始繼續前進，但我們正在再次推出線上註冊。此版本的線上註冊以我們成功的歐洲產品為藍本，該產品自 2020 年初以來已在規模可能略小於美國一半的市場中吸引了近 65 萬名專業人士。因此我們對銷售持樂觀態度。

But then in terms of the customer experience, what this does is these Pros will come in as a view one by one and express interest one by one indirect interface. And when Pros view them one by one, you have sort of a crowd sourcing effect of better matching.

但就客戶體驗而言，這樣做的目的是讓這些專業人士逐一進入視圖，並透過間接介面逐一表達興趣。當專業人士逐一查看它們時，就會產生一種眾包效應，從而實現更好的匹配。

Pros don't express interest and the ones they don't think match. They're decent judges as our algorithm is. In Europe, we have a more than 50% higher success rate. We think that this one-by-one effect helps there. That product is entirely one by one, so we're bringing it to the US.

專業人士不表達興趣，他們認為不符。他們和我們的演算法一樣都是優秀的評判者。在歐洲，我們的成功率高出50%以上。我們認為這種逐一效應會有所幫助。這個產品完全是一個一個的，所以我們把它帶到了美國。

So again, we're doing a range of things across the homeowner path. We're doing a range of things across the pro selection experience and quality experience. These will progressively impact the business. I think 80% plus of this will happen over the next year with a higher concentration of that over the next six months, and we will continue to put 1% and 2% and 3% wins on the board over the next 6 to 12 months, build LTV, ideally build repeat rate, build our brand promise and then support what Rusty is going to talk about in terms of future growth.

因此，我們再次針對房主做了一系列的事情。我們在專業選擇體驗和品質體驗方面做了一系列的事情。這些將逐步影響業務。我認為其中 80% 以上將在未來一年內實現，並且在未來六個月內會更加集中，並且我們將在未來 6 到 12 個月內繼續在董事會上取得 1%、2% 和 3% 的勝利，建立 LTV，理想情況下建立重複率，建立我們的品牌承諾，然後支持 Rusty 在未來增長方面將要談論的內容。

So Rusty, do you want to add anything there?

那麼 Rusty，你想添加一些什麼嗎？

Sure. sure. So to give a little bit color on how that all comes together in our financials and our metric outlook. On the homeowner side, I'll reiterate what -- how Jeff has characterized this, it's like a pretty simple story. It's flat plus growth equals growth.

當然，當然。因此，讓我們稍微解釋一下這一切是如何在我們的財務和指標前景中結合在一起的。從房主的角度來看，我要重申一下——傑夫是如何描述這一點的，這是一個非常簡單的故事。平緩加成長等於成長。

So with our network channels, you expect it to be stable around the current levels. Going into next year just because we're lapping the rollout of homeowner choice in Q1 of this year will be mechanically down year-over-year next year, but then flat year-over-year for the balance of next year.

因此，透過我們的網路管道，您可以預期它會在當前水平附近保持穩定。進入明年，只是因為我們在今年第一季推出了房主選擇，所以明年的同比機械下降，但明年的餘額將與去年持平。

And then the growth part of the formula comes from the proprietary channels, as Jeff mentioned, where we're making strides and developing additional opportunities there to fuel some future growth.

然後，正如傑夫所提到的那樣，公式的成長部分來自專有管道，我們正在取得進展並開發更多機會以推動未來的成長。

Then on the Pro side of the equation, our strategy is designed to deliver growth in revenue per lead and pro capacity next year and one reason that happens is the shifting the mix of the Pro base that Jeff mentioned. But we've also been targeting being more targeted in our sales.

然後，在專業方面，我們的策略旨在實現明年每個線索的收入和專業能力的增長，而發生這種情況的原因之一是 Jeff 提到的專業基礎組合的轉變。但我們也一直致力於提高銷售的針對性。

So, with more activity focused against the heart of our prospect pool with a better product offering, and that's resulting in higher value sales. Jeff mentioned this in the letter, but I'll repeat it here because it's a powerful point. We acquired 39% fewer Pros in Q2 versus last year. But the aggregate Pro lifetime value sold in Q2 was down just 4% year-over-year. So each Pro, we're acquiring is much higher value. And then these two trends are creating a tailwind that will continue to benefit us into next year.

因此，透過更多的活動來集中我們的潛在客戶群的核心，提供更好的產品，從而帶來更高價值的銷售。傑夫在信中提到了這一點，但我將在這裡重複一遍，因為這是一個有力的觀點。與去年相比，我們第二季的專業人士數量減少了 39%。但第二季 Pro 終身總銷售價值年減 4%。因此，我們獲得的每位專業人士都具有更高的價值。這兩種趨勢正在形成順風，並將繼續使我們受益到明年。

We also have an opportunity to do a better job selling into larger pros. So say Pros in the 10 to 20 employee range. Larger Pros are already a meaningful part of our business now. And our product tends to work pretty well for larger Pros.

我們也有機會更好地向更大的專業人士銷售產品。擁有 10 至 20 名員工的專業人士如是說。Larger Pros 現在已經成為我們業務中一個重要組成部分。而且我們的產品對於體型較大的專業人士來說往往效果很好。

But compared to their portion of the overall industry, we're under-indexed and think we can optimize our sales motion and grow the part of our sales force targeting this segment and then finally, Online Pro acquisition, Jeff just talked about. On top of that, the launch of that. We have an online acquisition test. We've been running in Boston. It provides kind of additional validation that there's a sizable opportunity to tap into incremental capacity, although that will take some time to optimize to achieve the potential there.

但與他們在整個行業中的份額相比，我們的指數偏低，我們認為我們可以優化我們的銷售動態，並增加針對這一細分市場的銷售隊伍，最後是 Jeff 剛才談到的 Online Pro 收購。最重要的是，推出這個。我們有一個線上習得測驗。我們一直在波士頓跑步。它提供了一種額外的驗證，即有相當大的機會來挖掘增量容量，儘管這需要一些時間來優化以實現那裡的潛力。

So together, we expect these initiatives will help us return to growth in Pro acquisition next year and in overall pro spending capacity and then the growth in the number of active pros occurring in the following year.

因此，我們預計這些措施將幫助我們在明年恢復專業人士收購的成長和整體專業人士支出能力的成長，並在接下來的一年中恢復活躍專業人士數量的成長。

Finally, when you combine where we're heading on both sides of the marketplace with modest growth in SR volumes and revenue per lead, we expect to get to solid revenue growth, likely mid-single digits percent versus 2025 with healthy pro network dynamics on top of that. And then in terms of margins in 2026, we expect roughly flat on the contribution margins as a percent of revenue.

最後，當你將我們在市場兩端的發展方向與 SR 數量和每個線索收入的適度增長結合起來時，我們預計收入將實現穩健增長，與 2025 年相比可能達到中等個位數百分比，並在此基礎上實現健康的專業網絡動態。就 2026 年的利潤率而言，我們預期貢獻利潤率佔營收的百分比將大致持平。

As I mentioned on the last call, we're going to be modestly higher in the marketing driven by the paid channel expansion and then we're expecting and hoping to be able to increase our TV spend next year. And then that will likely be off partly by some modestly lower pro acquisition expenses of revenue.

正如我在上次電話會議上提到的，我們將在付費頻道擴張的推動下適度提高行銷支出，然後我們預計並希望明年能夠增加電視支出。然後，這可能部分是由於一些專業收購費用的略低而造成的。

And then on the fixed cost side, we expect to be able to remain relatively flat. So we'll deliver modest leverage and result in adjusted EBITDA growth. Overall, that means similar to modestly higher EBITDA margins on a higher revenue base next year.

在固定成本方面，我們預計能夠保持相對穩定。因此，我們將提供適度的槓桿並實現調整後的 EBITDA 成長。總體而言，這意味著明年在更高的收入基礎上，EBITDA 利潤率將略有上升。

Thank you so much.

太感謝了。

Cory Carpenter from JPMorgan.

Cory Carpenter 摩根大通的。

Yeah, thanks. I had two. Jeff, in the shareholder letter, you talked about the kind of evolution of organic versus paid traffic. Just hoping you could expand a bit on that dynamic and the implications it has for you. And then you've talked about this a few times, but I just want to dive a little deeper on the upcoming transition of ad service Pros to the new platform. Kind of what can you tell us in terms of what needs to happen behind the seats for that to effectively be executed and what some of the potential risks there are? Thank you.

是的，謝謝。我有兩個。傑夫，在致股東的信中，你談到了自然流量與付費流量的演變。只是希望您能夠稍微擴展一下這種動態以及它對您的影響。您已經談過這個問題幾次了，但我只是想更深入地探討一下廣告服務專業人士即將向新平台進行的轉變。您能否告訴我們，為了有效執行這項計劃，需要在後台做些什麼，以及有哪些潛在風險？謝謝。

Great thanks, Cory. I think first, in the letter, we were specifically focused on research organic traffic. I'll touch base on the range. I think free search organic traffic, which people often refer to as Google SEO -- unbranded Google SEO is -- it's probably a declining asset for most businesses you talk to, Internet marketplaces, content providers, etcetera.

非常感謝，科里。我認為首先，在信中，我們特別關注研究有機流量。我將對該範圍進行了解。我認為免費搜尋自然流量，人們通常稱之為 Google SEO（無品牌的 Google SEO），對於您接觸到的大多數企業、網路市場、內容提供者等來說，可能是一種正在下降的資產。

Google has not been growing rents over time. five or six years ago, our unbranded free search traffic was about -- it was a little over 20% of our total volume. Now it's a little less than $10 million. That's not a heroic accomplishment. Many people would look at it as the opposite, but it's sort of the trend of the industry.

谷歌的租金並沒有隨著時間的推移而成長。五、六年前，我們的非品牌免費搜尋流量大約占我們總流量的 20% 多一點。現在這個數字略低於 1000 萬美元。這不是一個英雄的成就。許多人會持相反的看法，但這是一種行業趨勢。

We've been able to hold share over the last 1.5 years or so in terms of where we are in chair of voice. And we have been constantly working to get our technical setup right and make sure our content is fresh and applicable, and we're going to continue to do that.

就我們在語音領域的份額而言，過去 1.5 年左右我們一直保持著一定份額。我們一直在努力確保我們的技術設定正確，並確保我們的內容新鮮且適用，我們將繼續這樣做。

That being said, we're not projecting growth in what Rusty just talked about in the free organic. So all of our volume and all of our margin assumes continued decline. The good news is that when you're below 10%, the decline is not major.

話雖如此，我們並沒有預測 Rusty 剛才談到的免費有機產品會有所成長。因此，我們的所有交易量和所有利潤都將繼續下降。好消息是，當低於 10% 時，下降幅度並不大。

So we're not banking on any of this here. We've done everything what we've done in the second quarter with proprietary traffic without any help from Google SEO, and we're going to do what we do going forward and our projections going forward are what they are without any help, and if anything, a little bit of hurt from the way Google runs its SEO.

所以我們並不指望這些。我們在第二季度所做的一切都是在沒有谷歌 SEO 任何幫助的情況下利用自有流量完成的，我們將繼續做我們未來要做的事情，我們的預測也將是在沒有任何幫助的情況下進行的，如果有的話，谷歌運行其 SEO 的方式也不會給我們帶來一點傷害。

We look at our ability to grow as we are very effective online marketers, and we have the leading brand of the industry in a changing ecosystem. We've been extremely effective, both on Google and on other platforms with getting more efficient and driving volume.

我們專注於自身的發展能力，因為我們是非常有效的線上行銷人員，並且在不斷變化的生態系統中我們擁有行業領先品牌。無論是在Google還是其他平台上，我們都取得了顯著成效，效率不斷提高，銷量不斷增加。

Again, our SEO is down and our proprietary traffic is up. I think that's all that you need and evidence there. Rusty's referenced, we're going to continue to add to our TV spend next year, and we have a set of other initiatives to drive there.

再次，我們的 SEO 下降了，而我們的專有流量上升了。我認為這就是你所需要的一切和證據。拉斯蒂提到，我們明年將繼續增加電視支出，我們還有一系列其他措施來推動這一目標。

We think we can execute. We're also positioning ourselves with our work on internally use of the LLM to set ourselves up to when the LLM are ready to integrate there and serve our approach there and be able to keep growing the business and helping customers through new interfaces that emerge as the landscape changes.

我們認為我們可以執行。我們也將自己的工作定位於 LLM 的內部使用，以便當 LLM 準備好在那裡整合並在那裡服務於我們的方法時，能夠繼續發展業務並透過隨著情況變化而出現的新介面為客戶提供幫助。

So we have a pretty clear plan. We're executing on it, and we think we can keep going. The new platform or the migration of Pro platforms in the US is also very much an execution story. We've done five successful migrations internationally of half to the same -- half the size to maybe 50% larger than the number of Pros we're migrating. And we've done them all pretty successfully.

所以我們有一個非常明確的計劃。我們正在執行，我們認為我們可以繼續下去。新平台或美國 Pro 平台的遷移也很大程度上是一個執行故事。我們已經在國際範圍內成功完成了五次遷移，遷移的專業人員數量大約是遷移人員數量的一半到 50%。我們都非常成功地完成了這些任務。

We've been over the period where we've taken the international business from single digits negative profit to $20 million-ish in profit. So, we've been able to kind of move the ball pretty well there. You go through a few steps.

我們已經度過了一段時期，將國際業務從個位數的負利潤提升到 2000 萬美元左右的利潤。所以，我們能夠很好地傳球。您需要完成幾個步驟。

One is you have to do a feature gap analysis, what are the customers using, how are they monetizing, that we have to make sure works on the new platform and how do we transition that. Secondly, you have to do technical work.

首先，你必須進行功能差距分析，了解客戶在使用什麼，他們如何獲利，我們必須確保這些功能可以在新平台上運行，以及我們如何進行轉型。其次，你得做技術工作。

You have to build what I will, in layman's terms called the pipes to migrate the data, which means you need to make sure all of the data points you have on the platform have a place to go and that the customers will be able to operate on the new platform with that data.

你必須建立我將要建立的東西，用外行人的話來說，就是遷移資料的管道，這意味著你需要確保平台上的所有資料點都有地方可去，並且客戶能夠使用這些資料在新平台上進行操作。

So you have to build the pipes. I think three, you have to do an effective go-to-market plan. You have to communicate with the pros, explain the changes, explain what's happening. Four, you have to do the actual data migration. And then five, you have to do post-migration customer care and activation.

所以你必須建造管道。我認為第三點，你必須制定一個有效的市場進入計畫。你必須與專業人士溝通，解釋變化，解釋正在發生的事情。第四，你必須進行實際的資料遷移。第五，您必須進行遷移後的客戶關懷與啟動。

In Europe, we've had actually a higher yield on our migrations than normal month-to-month retention because you get reactivation and you get the extra care, we've been over 100% free to post active pros a couple of times.

在歐洲，我們的遷移收益實際上高於正常的月度保留收益，因為您可以重新激活並獲得額外的照顧，我們已經有幾次超過 100% 免費發布活躍的專業人士。

So, we think we have a playbook past performance does not always guarantee future results. So, we are very focused on this, and we've had a team of people working on this for months, but we think we're ready to go. And then the great insurance on this is that pros are coming to us to buy leads to win work to run their business.

因此，我們認為我們有一份劇本，過去的表現並不總是保證未來的結果。因此，我們非常關注這一點，我們有一個團隊已經為此工作了幾個月，但我們認為我們已經準備好了。而最大的保障是，專業人士會來找我們購買線索，贏得工作來經營他們的業務。

And if you change the UX or you change the app, some of them are probably like me when my bank moves a button in my bank app, I'm shouting in my office by myself. But at the end of the day, they want to buy the leads. They want to build, grow their business, filling the gaps, and we sell leads and the interfaces and actually that different.

如果你改變了用戶體驗或改變了應用程序，他們中的一些人可能就像我一樣，當我的銀行移動我銀行應用程式中的按鈕時，我會獨自在辦公室裡大喊大叫。但最終，他們還是想購買線索。他們想要建立、發展他們的業務，填補空白，而我們銷售線索和介面，實際上這是不同的。

And so we'll get some complaints. We'll move on. And if we were able to replicate what in the US what we've done in Europe 5 times, then we'll be in good shape, and we'll have everybody in a better product for them and for the homeowner.

因此我們會收到一些投訴。我們將繼續前進。如果我們能夠在美國複製我們在歐洲做過的 5 倍的事情，那麼我們就會處於良好的狀態，並且我們將為每個人和房主提供更好的產品。

And we're excited only selling on that platform or that product has worked pretty well, and we're selling into the same base of people who we've been selling into for a few decades at this point.

我們很高興僅在該平台上銷售該產品，並且該產品運作良好，並且我們的銷售對象仍然是幾十年來一直與我們合作的同一批客戶。

Great thank you.

非常感謝。

I think I got both questions.

我想這兩個問題我都問到了。

Yes, you didn't thank you.

是的，你沒有感謝你。

Thank you.

謝謝。

Stephen Ju from UBS.

瑞銀的 Stephen Ju。

Hi, this is Vanessa on for Stephen. So I just wanted to lean into the marketing spend. What does the payback horizon look like on that? And how should we measure ROI in terms of your marketing and sales channels. And just one more. What are you doing to build branded traffic?

大家好，我是 Vanessa，為 Stephen 解答。所以我只是想靠行銷支出。其回報前景如何？我們應該如何衡量您的行銷和銷售管道的投資報酬率。還有一個。您正在做什麼來建立品牌流量？

Vanessa, I'll take the first one. So our approach to ROI on both sides of the marketplace, is philosophically to acquire volumes out to incremental breakeven on a lifetime value basis with fully loaded costs. And when we say incremental breakeven, that means that we're targeting for the last dollar we spend to breakeven, which means that our goal is to maximize the aggregate profit as opposed to targeting kind of any specific margin percentage.

瓦妮莎，我選第一個。因此，我們對市場雙方的投資報酬率的理念是，在滿載成本的情況下，以終身價值為基礎取得增量損益平衡點。當我們說增量損益平衡時，這意味著我們的目標是用最後一美元來實現損益平衡，這意味著我們的目標是最大化總利潤，而不是瞄準任何特定的利潤百分比。

So for SR acquisition, we're doing this on a one-year basis. Much of the payback does come in that first session, but there's still significant value from repeat use and engagement through our CRM campaigns in the first year.

因此，對於 SR 收購，我們是按一年為週期進行的。大部分的回報確實來自於第一次會議，但第一年透過我們的 CRM 活動重複使用和參與仍然具有巨大價值。

In our digital marketing, we apply data science models to establish our bids, and that estimates whether or not it would be profitable to increase bids to say, spend an extra dollar to acquire more volume. In some channels, incrementality is easier to determine.

在我們的數位行銷中，我們應用數據科學模型來制定出價，並估計提高出價是否有利可圖，例如花額外的一美元來獲得更多的銷售。在某些管道中，增量更容易確定。

So Google is probably the best example of this, while in other channels, we triangulate between multiple attribution approaches and then test up and down to determine our optimal levels of spend. Then on our Pro acquisition, we want to scale our dials, meaning the time of our sales force until our lowest value prospects convert at a value equal to the cost of the last set of dials.

因此，Google可能是最好的例子，而在其他管道中，我們會在多種歸因方法之間進行三角測量，然後進行上下測試以確定最佳支出水平。然後，在我們的 Pro 收購中，我們希望擴大我們的撥號範圍，這意味著我們的銷售人員需要花費的時間，直到我們價值最低的潛在客戶的轉換價值等於最後一組撥號的成本。

The way to think of this is that if we add to the size of the sales force, that results in making additional dials against lower converting portions of our prospect database until you reach the point of diminishing returns and then the cost of those dials exceeds the expected lifetime value of the Pros acquired through those dials.

思考這個問題的方式是，如果我們增加銷售團隊的規模，那麼就會導致針對潛在客戶資料庫中轉換率較低的部分製作額外的撥號盤，直到達到收益遞減點，然後這些撥號盤的成本將超過透過這些撥號盤獲得的專業人士的預期終身價值。

Jeff actually laid out our approach to Pro lifetime value in the shareholder letter. Essentially, we use our historical revenue retention rates to project the expected revenue we will collect over a 36-month period, and we apply our current margins, and that gives you lifetime value. And then we will size our sales force such that our lowest-performing segments are still breaking even and covering the fully loaded cost of those sales.

傑夫實際上在致股東的信中闡述了我們對 Pro 終身價值的方法。本質上，我們使用歷史收入保留率來預測 36 個月內預期的收入，並應用當前的利潤率，從而為您帶來終身價值。然後，我們將調整銷售團隊的規模，以便業績最差的部門仍能達到收支平衡，並涵蓋這些銷售的全部成本。

This approach has increased our LTV to CAC to 2.8 times this past quarter, which is truly meaningful improvement over our acquisition efficiency in recent history. But philosophically, as I mentioned, our goal is actually not to target any particular LTV to cap ratio. The objective is to maximize the total aggregate profit, which Jeff laid out is represented by LTV minus the acquisition costs.

這種方法使我們的 LTV 與 CAC 比率在過去一個季度提高了 2.8 倍，這比我們近期的收購效率有了真正有意義的提高。但從哲學上講，正如我所提到的，我們的目標實際上不是針對任何特定的 LTV 與資本比率。目標是最大化總利潤，Jeff 提出總利潤用 LTV 減去收購成本來表示。

So we're targeting that profit. So for instance, as we look for new pockets of volume that actually might mean that we're able to acquire incremental pros at an LTV to CAC ratio that is kind of just above 1.0. And while that would average down our ratio, we would do that since it would grow our aggregate profit. And then the similar concept applies to marketing as well.

所以我們的目標是利潤。例如，當我們尋找新的業務量時，這實際上可能意味著我們能夠以略高於1.0的LTV/CAC比率獲得增量客戶。雖然這會降低我們的比率，但我們會這樣做，因為這會增加我們的總利潤。類似的概念也適用於行銷。

Jeff, do you want to take the branded traffic?

傑夫，你想獲取品牌流量嗎？

Yeah, So I alluded to the branded traffic question a little bit earlier. But I think there's three elements. I think the most important element is product and our experience have to deliver on our brand promise. No matter what we say or do or whatever kind of cool creative, we put out our version of where is the beef or whatever.

是的，我剛剛提到了品牌流量問題。但我認為有三個要素。我認為最重要的因素是產品，我們的經驗必須兌現我們的品牌承諾。無論我們說什麼、做什麼，或是有什麼很酷的創意，我們都會提出自己的版本，例如「牛肉在哪裡」等等。

We have to deliver when the homeowner gets to us and the Pro gets to us. So I think, first of all, all of the work we're doing to raise our success rate and come a place that people will download an app for is really critical to our brand growth.

當房主和專業人員到達我們這裡時，我們必須送貨。因此我認為，首先，我們為提高成功率以及讓人們下載應用程式所做的所有工作對於我們的品牌發展至關重要。

At the end of the day, serving our customers leads to retention and repeat, which is, I think, the best form of growth we can get. I think secondly, we have historically been a pretty significant investor in TV. We backed off that a little bit this year and took TV out of the first quarter because we wanted to get through the homeowner Choice transition and observe the landscape and really focus on our online acquisition and how the business model was going to behave. We've started the TV up again at a little lower rate than last year, but we are planning to probably in aggregate maybe even double our TV, something directionally up 50% to 100% from this year.

歸根結底，為客戶提供服務可以帶來保留和重複，我認為這是我們可以獲得的最佳成長形式。我認為其次，我們一直是電視領域相當重要的投資人。我們今年稍微放棄了這一計劃，將電視業務從第一季中剔除，因為我們希望度過房主選擇轉型期，觀察形勢，真正專注於我們的線上收購以及商業模式將如何運作。我們重新開始播放電視，但播放率比去年略低，但我們計劃總體上甚至可能將電視播放率翻一番，比今年定向增長 50% 到 100%。

And obviously, TV is a great way to reach homeowners and pros and deliver our USP and our brand promise and get them to come try us or use us again. I think thirdly, there's a whole other range of activities. We have launched this year a pretty strong and comprehensive effort against paid social. We have a significant internal effort. We have published multiple videos where we've gone and helped homeowners with their jobs. We're calling them house calls.

顯然，電視是接觸房主和專業人士、傳達我們的 USP 和品牌承諾並讓他們來嘗試或再次使用我們產品的絕佳方式。我認為第三，還有一系列其他的活動。我們今年發起了一場相當強大且全面的打擊付費社交的行動。我們做出了巨大的內部努力。我們發布了多個視頻，講述我們去幫助房主完成工作的過程。我們稱之為上門服務。

We actually had one reach more than 25 million views. It was a custom doghouse, where we supplied one of the Pros. It was a collaboration with an influencer, but 25 million views. I told the marketing team. I said I will take one or two of those a month, please, going forward.

事實上，我們的一個影片的觀看次數已經超過了 2500 萬次。這是一個定制的狗窩，我們為其中一位專業人士提供了它。這是與一位有影響力的人物合作的作品，但觀看次數卻達到了 2500 萬次。我告訴了行銷團隊。我說我以後每個月會服用一到兩片這樣的藥物。

So, we have a pretty significant effort there. We've engaged with an outside agency with a reputation for doing this well to augment our efforts. That's just getting up to speed. And then I mentioned the one collaboration with an influencer was really successful. We're also working with influencers. So, we're not banking any of this in our forward numbers.

所以，我們在那裡做出了相當大的努力。我們已經與一家在這方面享有盛譽的外部機構合作，以增強我們的努力。這只是加快速度而已。然後我提到與一位有影響力人士的一次合作非常成功。我們也與有影響力的人合作。因此，我們不會將這些因素計入我們的遠期資料中。

We're looking at TV as delivering a kind of recent return rates sort of analytically derived and we think there's opportunity but safe to say by focusing on the product, by restarting our TV and by getting our branded message out in every other channel we can find we are working on enhancing the leading brand in the business.

我們認為電視可以提供一種透過分析得出的最新回報率，我們認為有機會，但可以肯定地說，透過專注於產品，透過重新啟動電視，並透過在我們能找到的所有其他管道傳播我們的品牌訊息，我們正在努力提升該行業的領先品牌。

I think our unaided awareness is still far and away the best in our aided awareness as well. And it's a really key asset we have that we want to continue investing in.

我認為我們的非輔助意識和輔助意識仍然是最好的。這是我們真正重要的資產，我們希望繼續投資。

Brad Erickson from RBC.

來自 RBC 的布拉德·埃里克森 (Brad Erickson)。

Good morning. This is Audrey on for Brad. I have two quick ones. The first one is how do you think about Pro capacity in Pros filling their book of business, if you can just run us through that? And does it get to a point in time where this is a blocker for future incremental growth?

早安.這是奧黛麗為布拉德表演的。我有兩個簡短的。第一個問題是，您如何看待專業人士在填補其業務方面的潛力，您能為我們簡單介紹一下嗎？這是否會成為未來增量成長的阻礙？

And then secondly, can you provide any insights into service provider supply constraints within the home services industry in general? And then are these constraints contributing to the trends we've observed in the numbers over the past few quarters? And are you seeing any shifts or improvements in this area? Thank you.

其次，您能否對家庭服務業內服務提供者供應限制提供一些見解？那麼這些限制是否導致了我們在過去幾季中觀察到的數位趨勢？您是否看到該領域有任何轉變或改善？謝謝。

So I am going to try and take those two together, I think they're sort of related to overall Pro capacity. Rusty touched earlier on near term, what we're seeing, which is our nominal pro-growth, we think, should inflect by 2027.

所以我會嘗試將這兩者結合起來，我認為它們與整體 Pro 容量有一定關係。拉斯蒂早些時候談到了短期內我們看到的名義上的促進增長，我們認為這應該會在 2027 年發生轉變。

However, because we're growing our capacity for Pro by discipline on our prospect selection and dials, and by shift of resources into higher capacity segments of the Pro network, we're almost pari passu on lifetime value created before cost. And so between those two areas, we think we're in pretty good shape to grow pro capacity for at least the next couple of years.

然而，由於我們透過嚴格選擇潛在客戶和撥號來擴大 Pro 的容量，並將資源轉移到 Pro 網路的更高容量部分，因此我們在成本之前創造的終身價值幾乎是平等的。因此，我們認為，在這兩個領域之間，我們至少在未來幾年內能夠很好地提高專業能力。

Let me take on kind of industry trends and whether there's caps next. And then I want to get to sort of a question that's bounced around a bit about how pro capacity works. So in terms of the industry, we're a small portion of the industry.

讓我來談談產業趨勢以及接下來是否有上限。然後我想回答一個關於專業能力如何運作的問題。因此，就行業而言，我們只是行業的一小部分。

We think we have five -- maybe 5% of Pros in America on our platform. We think there's ample room to grow. As Rusty pointed out, we actually think we're under- indexed on the higher capacity pros. So we're probably under-indexed on overall capacity. We're probably below 5% capacity. And so as a very small portion of the market, we have a lot of opportunity there. We have great name recognition.

我們認為我們的平台上有 5% 左右的美國專業人士。我們認為還有足夠的成長空間。正如 Rusty 指出的那樣，我們實際上認為我們在更高容量的專業人士方面的指數被低估了。因此，我們的整體容量可能被低估了。我們的容量可能低於5％。因此，作為市場中很小的一部分，我們擁有很多機會。我們的知名度很高。

Again, we're delivering good value creation. So we think we have some runway there. The trends in the industry have been a couple. People have talked a lot about how kids aren't going into the trades these days because they all want to be machine learning people and CFOs like Rusty.

再次，我們正在創造良好的價值。所以我們認為我們在那裡有一些跑道。該行業的趨勢有以下幾種。人們經常談論現在的年輕人不願意進入行業，因為他們都想成為機器學習人員和像 Rusty 一樣的財務長。

So, whether that's true or not, I think increasingly, you also are reading about millennials and other people looking at the trade, the trades are paying it better and better. I have two sons, one of them is going into construction.

所以，無論這是否屬實，我認為，越來越多人也讀到千禧世代和其他人正在關注這個行業，行業的報酬越來越高。我有兩個兒子，其中一個從事建築業。

One story does not make a trend, but you see it more and more. Whether or not that's a major factor, we don't know, but there is more money to be made. Housing is a constraint, new housing is a constraint, people want to repair their old houses. So, we're not sure that this is a long-term secular issue in that business.

一個故事並不能形成一種趨勢，但你會越來越多地看到它。我們不知道這是否是一個主要因素，但可以賺更多的錢。住房是一個限制因素，新建房屋是一個限制因素，人們想要修繕舊房子。因此，我們不確定這是否是該行業的長期問題。

It's been a pressure. We'll see. I think the other trend people have pointed to is consolidation. You read a lot about private equity or you hear a lot anecdotally about private equity getting involved in some of these businesses, consolidating and building scale. When Rusty talks about looking harder at larger Pros and the opportunity there, we're looking at the same thing.

這確實是一種壓力。我們將拭目以待。我認為人們指出的另一個趨勢是整合。您可能讀過很多有關私募股權的文章，或聽過很多關於私募股權涉足這些業務、鞏固和擴大規模的傳聞。當 Rusty 談到更努力地尋找更大的職業選手和那裡的機會時，我們看到的是同一件事。

So again, for us, we're a very small fraction of the industry. If you look at online travel, a few years ago, I have refreshed it, but a few years ago, half of all online travel was booked online, 80% through the OTAs, and then 80% of the OTA traffic was booking in Expedia.

所以，對我們來說，我們只是這個行業的一小部分。如果你看一下線上旅遊，幾年前我已經更新了它，但幾年前，一半的線上旅遊都是透過網路預訂的，80%是透過OTA預訂的，然後80%的OTA流量是在Expedia上預訂的。

So that means the two market leaders had 32%. We're below 2%. We're one of the market leaders for sure. We think we have some room that's both on the pro side and on the homeowner side. And again, at the end of the day, people are going to need walls and roofs and electricity and plumbing and people are going to serve this.

這意味著兩家市場領導者的市佔率為 32%。我們低於2％。我們肯定是市場領導者之一。我們認為我們在專業人士和房主方面都有一定的空間。再說了，到最後，人們還是需要牆壁、屋頂、電力和管道，而人們需要為這些服務。

So, we do not think that there is some massive secular trend working against us. If anything, pros are not going to get disintermediated the way some other jobs like CFO are getting projected to be, Rusty is laughing at me, are projected to be disintermediated.

因此，我們並不認為存在某種對我們不利的長期趨勢。如果有的話，專業人士不會像 CFO 等其他一些工作那樣被非中介化，Rusty 在嘲笑我，他們預計會被非中介化。

In terms of -- there's a question we've commonly gotten that you might be making, which is an individual Pros lifetime capacity, how does that work? Do they win work and then get off the platform? When they win a homeowner, do they just keep that homeowner?

就我們經常遇到的一個問題而言，您可能會問，個人職業球員的終身能力是如何運作的？他們是否贏得了工作然後就離開平台了？當他們贏得房主時，他們會保留該房主嗎？

So, there's a few elements to this. One is certain trades lend themselves to the trades person or the Pro, effectively taking a homeowner at lifetime value. My electrician is a home adviser guy who's been on since it was ServiceMagic.

因此，這其中有幾個要素。一是某些交易適合交易者或專業人士，可以有效地為房主帶來終身價值。我的電工是家庭顧問，他從 ServiceMagic 成立之初就一直在這裡工作。

I hired him in 2018. He comes every time I call him, you've done probably north of $10,000 worth of work for me. I justify the value of a lot of his other leads, but I've not gone back to Angi for another electrician since 2018. That happens. Over time, our value proposition should play. Sean knows that he gets somebody like me in every batch. And so, we're a good value for him. So, he's been on for over 15 years. So there is that phenomenon.

我於 2018 年僱用了他。每次我打電話給他他都會來，你可能為我做了價值 10,000 美元以上的工作。我認可他的許多其他線索的價值，但自 2018 年以來，我再也沒有找過 Angi 來找其他電工。確實會發生這種情況。隨著時間的推移，我們的價值主張應該會發揮作用。肖恩知道每一批人都會有像我這樣的人。所以，我們對他來說很有價值。所以，他已經在這個崗位上工作了 15 年多了。所以就有了那個現象。

The other phenomenon is, I'll just keep telling stories here. The other phenomenon is sometimes pros build their customer base and their word of mouth and they don't need us anymore. When I go to Europe, I talk to our pros there.

另一個現像是，我會繼續在這裡講故事。另一個現像是，有時專業人士建立了他們的客戶群和口碑，他們就不再需要我們了。當我去歐洲時，我會與那裡的專業人士交談。

And one day, I finished and one of the gentlemen who didn't speak very good English didn't ask a lot came up to me and grabbed me by the cheeks and planted a kiss on each cheek. Me being American, I was a little taken aback, but for him, it was very normal.

有一天，我完成了，一位英文不太好、沒問太多問題的先生走到我面前，抓住我的臉頰，在我的每個臉頰上都親了一下。身為美國人，我有點吃驚，但對他來說，這很正常。

And I was, of course, flattered, but what he said to me was, listen, I've been with you for 15 years since it was a different kind of business, and your product has gotten better every year. It's gotten so good that I have built an entire business and customer base, and I don't need you anymore, and I feel very bad.

我當然感到受寵若驚，但他對我說，聽著，我已經和你們合作了 15 年，因為這是一種不同類型的業務，而且你們的產品每年都在進步。情況變得如此好，我已經建立了整個業務和客戶群，我不再需要你了，我感覺很糟糕。

And I said, you just made me feel very good because we fulfilled our mission. We helped you build your business, you're happy, you like us. I hope you tell other pros and we've got a victory. That happens. The other side of it happens, which is when I moved into my most recent house in 2018, I had black mold in one of my ceilings. I had to hire a pro to mitigate that.

我說，你們讓我感覺非常好，因為我們完成了我們的使命。我們幫助您建立您的業務，您很高興，您喜歡我們。我希望你能告訴其他專業人士，這樣我們就能取得勝利。確實會發生這種情況。事情的另一面是，當我在 2018 年搬進最近的房子時，我的一個天花板上出現了黑色黴菌。我不得不聘請一位專業人士來緩解這種情況。

He was from HomeAdvisor, came on, and I was quizzing him at the time it was HomeAdvisor, quizzing him, how do you feel about this? He's like, well, to be honest, it's made my life like I sometimes get frustrated when I don't get the win, but the wins come with a losses. I said, how has it made your life. He said, well, I started taking these jobs on the weekends.

他來自 HomeAdvisor，當時我正在問他，是 HomeAdvisor 的人，問他，你對此有何感想？他說，嗯，說實話，當我沒有獲勝時，我有時會感到沮喪，但勝利伴隨著失敗。我說，它為你的生活帶來了什麼影響？他說，好吧，我開始在周末做這些工作。

I realized I could have a business. I left my boss. I was able to hire one person and then because the HomeAdvisor gives another person and then another person. And then I was able to afford a new house where my sons could have separate rooms. And now I'm saving for their college education. I didn't go to college. This is a big deal for me. I've hired four and five and six and seven people.

我意識到我可以創業。我離開了我的老闆。我能夠僱用一個人，然後因為 HomeAdvisor 又提供另一個人，然後又提供另一個人。然後我就能買得起一棟新房子了，我的兒子們可以有單獨的房間。現在我正在為他們的大學教育存錢。我沒有上過大學。這對我來說是一件大事。我已經僱用了四、五個、七個七個人。

So they are pros who start out and keep scaling. And as long as they're winning with us, they're not going to leave us. And then finally, there's the constant scale where we see our largest pros telling us constantly we'll take more leads, if you have them, obviously, we want them in a good enough quality, but we'll take more leads. And on some level, there's unlimited capacity there.

所以他們是從一開始就不斷擴大規模的專業人士。只要他們和我們一起取得勝利，他們就不會離開我們。最後，我們看到我們最大的專業人士不斷告訴我們，我們會獲得更多的線索，如果你有，顯然，我們希望它們的品質足夠好，但我們會獲得更多的線索。在某種程度上，那裡有無限的容量。

So, I think you have a range of use cases. I think all SMB businesses have this phenomenon where somebody like my optometrist in Manhattan, who has a small office, got on Zocdoc, I used to book him through Zocdoc. Now I can't. He's filled this book of business. He can't bring any more people into a small office, and he's done and he's happy.

所以，我認為您有一系列的用例。我認為所有中小型企業都有這種現象，例如我在曼哈頓的驗光師，他的辦公室很小，他透過 Zocdoc 預約。現在我不能。他寫滿了這本商業書。他無法再把更多的人帶到狹小的辦公室，他已經完成了這項工作，並且很高興。

This is a common SMB thing that will happen, but we have a lot of opportunity with larger pros. We still provide a great way for Pros to scale and take more and more capacity and grow their business. And while we think it is a real thing, we do not think it is a definitive limiter because we've effectively always been dealing with that phenomenon. And because we've skewed smaller, we probably have more opportunity to win there going forward.

這是中小企業常見的現象，但我們在大型企業中也有很多機會。我們仍然為專業人士提供一種很好的方式來擴大規模、獲得更多容量並發展他們的業務。雖然我們認為這是真實存在的，但我們並不認為這是一個明確的限制因素，因為我們實際上一直在處理這種現象。而且由於我們的規模較小，我們未來可能有更多的機會獲勝。

So hopefully, I covered all the bases there on the various elements of pro capacity. You can let me know if you have a follow-on or there's something you think I missed.

因此，我希望我已經涵蓋了專業能力各個要素的所有基礎知識。如果您有後續內容或您認為我遺漏了某些內容，請告訴我。

No, that's great thank you so much. Thank you.

不，太好了，非常感謝。謝謝。

Ygal Arounian from Citi.

花旗銀行的 Ygal Arounian。

Hi, good morning, guys. You've [Max] on for your call. Thanks for taking our questions. Max on for Ygal. I guess just maybe on the macro, we're just seeing in the macro trends and how that's impacting the better full year guidance. I think last quarter, you included 3 to 5 points of incremental headwinds. So just curious if that's still included.

大家好，早安。您已與 [Max] 通話。感謝您回答我們的問題。馬克斯 (Max) 代替伊格爾 (Ygal)。我想也許從宏觀角度來看，我們只是看到宏觀趨勢以及它如何影響更好的全年指引。我認為上個季度，你們已經提到了 3 到 5 點的增量阻力。所以只是好奇這是否仍然包括在內。

And then maybe secondly, on capital allocation. You guys were obviously very active in 2Q buying back stock. Just how do you think about maybe the pace of buybacks through the rest of the year and just your overall capital allocation strategy?

其次，也許是關於資本配置。你們在第二季回購股票時顯然非常積極。您如何看待今年剩餘時間的回購速度以及您的整體資本配置策略？

So, let me take the beginning of that, and then if Rusty has anything to add, he'll add. So we saw a very significant impact in April, impacting both homeowner traffic and wins for Pro. So we think we saw some disruption in our retention in April, May, as homeowners were hiring pros less on our platform. When we talk to our pros, especially our larger pros, they said, look, people's confidence in the economy is disrupted, you can read it in the paper or online, if you will. And we think we're getting hired less.

那麼，讓我先開始吧，然後如果 Rusty 有什麼要補充的，他會補充的。因此，我們在四月看到了非常顯著的影響，既影響了房主流量，也影響了 Pro 的勝利。因此，我們認為，由於房主在我們的平台上僱用專業人士的次數減少，我們在 4 月和 5 月的保留率出現了一些中斷。當我們與專業人士，特別是大型專業人士交談時，他們說，看，人們對經濟的信心受到了破壞，如果你願意的話，你可以在報紙或網上讀到它。我們認為我們受僱的人數減少了。

So we're not overly worried about it. We think this will shift. And as we exited June, we saw our wins per Pro jumping and our hire rates jumping double digits, and that's continued in July. So on some level, that intent to hire has corrected itself. We don't have a totally comprehensive view of the consumer from where we sit, we still see some pressure in consumer traffic, not dramatic.

所以我們對此並不太擔心。我們認為這種情況將會改變。六月結束後，我們看到每位職業選手的獲勝次數大幅增加，僱用率也實現了兩月份的增長，七月份也延續了這一趨勢。因此從某種程度上來說，這種招募意願已經自我修正了。從我們所處的位置來看，我們對消費者還沒有一個完全全面的了解，我們仍然看到消費者流量存在一些壓力，但並不明顯。

We're obviously very effective on the paid side, but we think we see and maybe our brand and on our research, we see a little bit of pressure there, but not dramatic. At this point, the 300 to 500 basis points is rolled into our run rates. We've come up a little from April. So maybe it's at the low end of that, maybe it's 200 or 300, we're not sure. I'm guesstimating.

我們在付費方面顯然非常有效，但我們認為，也許我們的品牌和研究，我們在那裡看到了一點壓力，但並不大。此時，300 至 500 個基點已計入我們的運行率。我們從四月開始就取得了一些進步。所以也許它處於這個數字的低端，也許是 200 或 300，我們不確定。我只是估計一下。

So there's some pressure. But we basically forecast off our run rates. We think we're excelling more on our paid execution than on the recovery, but there's obviously some recovery in there. We think we're on track on our full year numbers. We're actually outperforming. But again, it's more on the execution, we think. And we think that whatever the economic in security is has improved, but there's still some embedded in the business.

所以存在一些壓力。但我們基本上是根據運行率進行預測的。我們認為我們在付費執行方面的表現比在恢復方面更出色，但顯然其中有一些恢復。我們認為我們的全年業績進展順利。我們的表現確實很出色。但我們認為，這更多的還是取決於執行。我們認為，無論安全領域的經濟狀況如何，都有所改善，但業務方面仍存在一些問題。

Rusty, I don't know if you'd add anything to that.

Rusty，我不知道你還有什麼要補充的。

Yeah, no I double down on just that it's -- our business performance, we're happy with, but it's still just a cautious macroeconomic environment. The only thing I'll add is the thing that we talked about last quarter is just reminding folks that our business has tended to have some modest countercyclical dynamics to it. One reason for that is that pros need us more when homeowners are hiring less.

是的，不，我只是加倍強調，我們的業務表現讓我們感到滿意，但這仍然只是一個謹慎的宏觀經濟環境。我唯一要補充的是，我們上個季度討論的事情只是提醒大家，我們的業務往往具有一些適度的反週期動力。其中一個原因是，當房主僱用的人員減少時，專業人士更需要我們。

So, we tend to see a benefit in terms of retention, pro acquisition on both costs and volumes and then pro engagement on the platform. And then the other reason is that two-third of our business is in nondiscretionary tasks that are -- tend to be resilient through cycles, and that ratio has basically held this year.

因此，我們傾向於看到在保留、成本和數量方面的專業獲取以及平台上的專業參與度方面的好處。另一個原因是，我們的三分之二的業務屬於非自由支配任務，這些任務往往具有周期性的彈性，而這一比例今年基本上保持不變。

That Did that answer your question? Do you have any follow-ons?

這回答了你的問題嗎？您還有後續訊息嗎？

Yeah, and then just maybe on capital allocation, I'm just typing about buybacks through the rest of the year.

是的，然後也許只是在資本配置方面，我只是在輸入有關今年剩餘時間的回購。

So on buybacks, obviously, our Board is going to do buybacks when it deems it a best and highest use of our capital at that time, and we've done a bunch. The one thing I would say is we're not going to do this much every quarter for a variety of reasons, one of which is there's limitations on how many shares you can go out and buy back after doing a tax-free spin based on sort of historical IRS rulings and what's out there kind of in the understanding and interpretation of the law and in our tax sharing agreement with our former parent.

因此，關於回購，顯然，當我們的董事會認為這是當時對我們資本的最佳和最高利用時，它將進行回購，而我們已經做了很多。我想說的是，由於各種原因，我們不會每個季度都做這麼多，其中之一就是根據美國國稅局的歷史規定、對法律的理解和解釋以及我們與前母公司達成的稅收分成協議，在進行免稅旋轉後，可以回購的股票數量受到限制。

So I wouldn't expect every quarter this kind. I don't think it's unlikely that we'll buy in more shares over time, but I can't predict it. We'll monitor where it is and our Board will make the decisions that it deems best. So -- but obviously, we've the Board thought it was a very good allocation of our capital in this last quarter, and we made a significant move there and reduced our share base.

所以我預計每季都不會出現這種情況。我認為我們隨著時間的推移購買更多股票的可能性不大，但我無法預測。我們將密切關注事態發展，我們的董事會將做出其認為最佳的決定。所以——但顯然，董事會認為這是我們上個季度資本的非常好的配置，我們在那裡採取了重大舉措並減少了我們的股本基礎。

And obviously, with the way we're looking at the business going forward, we're optimistic that, that can be accretive.

顯然，從我們對未來業務的看法來看，我們樂觀地認為，這可以帶來增值。

Okay great thanks guys. Great, thank you.

好的，非常感謝大家。太好了，謝謝。

Dan Kurnos from the Benchmark Company.

Benchmark Company 的 Dan Kurnos。

Yeah thanks. Good morning. Obviously, you've covered a lot of ground, Jeff. I just want to go back to your very comprehensive answer on sort of the market approach and SP capacity. If we get through double opt-in, and we go to a ZIP Code-based approach, which feels very similar to what Zillow has done, is there any reason to think why we can't get to a point where just a handful of top pros in each category dominate ZIP code.

是的，謝謝。早安.顯然，你已經涵蓋了很多內容，傑夫。我只想回到您關於市場方法和 SP 容量的非常全面的回答。如果我們透過雙重選擇加入，並採用基於郵遞區號的方法，這與 Zillow 所做的非常相似，那麼有什麼理由去思考為什麼我們不能達到每個類別中只有少數頂級專業人士主導郵遞區號的地步呢？

And that, frankly, the total SP count in the matter -- in the market, it doesn't matter as much relative to saying just improving the overall asset quality and naturally improving the conversion through self-selection from both the consumer and the Pro over time.

坦白說，在市場上，SP 的總數並不重要，相對於僅僅提高整體資產品質以及隨著時間的推移透過消費者和專業人士的自我選擇自然提高轉換率而言，這並不重要。

So I think your hypothesis may prove to be true. I think there are some differences with Zillow that suggest that there's alternate hypotheses that may also be true. The real estate agent's capacity probably works a little bit different than pro capacity depending on the category. Homeowners -- in all our research, homeowners have always told us they want two or three pros to choose from, except with an intermediate emergency or a pretty transparent repeat job.

所以我認為你的假設可能是正確的。我認為與 Zillow 存在一些差異，這表明其他假設也可能是正確的。根據類別的不同，房地產經紀人的能力可能與專業能力略有不同。房主—在我們所有的研究中，房主總是告訴我們，他們希望有兩到三名專業人士可供選擇，除非是緊急狀況或非常明顯的重複工作。

And so, you're always going to have some rotation of pros. And if you only have the large kind of bottomless pit type of pro appetite that we were talking about earlier with really large press, you might be able to serve zips and tasks with a few Pros. But I think that what we've observed is that there is enough capacity per pro shift that we effectively need to measure that out over time. And make sure that there's always multiple pros. If we can, we're at 2, 2.5 per SR, who we present.

所以，你總是會有一些職業球員的輪換。如果您擁有我們之前談到的那種無底洞類型的專業胃口，並且擁有非常大的印刷機，那麼您也許能夠通過一些專業人士來提供拉鍊和任務。但我認為，我們觀察到的是，每個專業班次都有足夠的容量，我們需要隨著時間的推移有效地衡量這一點。並確保始終有多個專業人士。如果可以的話，我們將為每位 SR 分配 2 到 2.5 個。

We always want to make sure there's multiple pros for the homeowners that improves their higher rate, that improves their satisfaction and improves their confidence because they can compare. So, I think there's dynamics in the Pro segmentation that suggests to me that maybe it won't get to just three.

我們始終希望確保房主能夠獲得多種優勢，從而提高他們的利率，提高他們的滿意度，並增強他們的信心，因為他們可以進行比較。因此，我認為 Pro 細分市場的動態表明它可能不會只達到三個。

I don't think you're wrong that we can cover at some point with a fixed set of pros all of the demand in these ZIP codes and tasks. It's just probably a longer drive than I can hit. I probably need a few strikes at the ball before I can get on to that green and really answer that with high confidence.

我認為您說得沒錯，我們可以在某個時候用一組固定的專業人員來滿足這些郵遞區號和任務的所有需求。這可能只是一段比我能到達的距離更長的路程。我可能需要擊球幾次才能上果嶺並真正充滿信心地應對這一問題。

Yeah, that's fair, Jeff. Very hypothetical question at this point since you're just going through the migraine. And then just on the growth in revenue per lead, is there -- how much of that is incremental category expansion versus obviously improving conversion and sort of all the other underlying metrics. Are there any other pieces that you haven't talked about that could help drive revenue per lead higher over time?

是的，這很公平，傑夫。由於您正經歷偏頭痛，因此此時這是一個非常假設的問題。那麼，僅就每個線索的收入成長而言，有多少是增量類別擴展，有多少是明顯提高轉換率以及所有其他基本指標。還有什麼您沒有談到的、可以幫助隨著時間的推移提高每條線索收入的其他因素嗎？

So obviously, if we drive the win rate up, we have opportunity to take more price per lead. And if we can deliver high confidence in the lifetime value to lead above the job, I mean, our pros are basically judging their value by how much do I pay, what do I get, but we can probably get more pricing there. So I think there's some pricing opportunities that, that all has to do with value delivery and the Pros buy into the value delivery.

因此顯然，如果我們提高成功率，我們就有機會獲得更高的單一線索價格。如果我們能夠對終身價值充滿信心，從而引領工作，我的意思是，我們的專業人士基本上是根據我付出多少錢、我能得到什麼來判斷他們的價值，但我們可能會在那裡獲得更高的定價。因此，我認為存在一些定價機會，這些都與價值交付有關，並且專業人士會接受價值交付。

I think secondly, if we could obviously buy higher consideration jobs at cheaper prices, we would scale up there and that would shift our revenue per lead. The higher consideration jobs are probably more competitive out there. But we have found pools of them to access over the last few months with our online marketing. So if we can shift average consideration up, that would shift revenue per lead.

我認為其次，如果我們能夠以更便宜的價格購買更高考慮的工作，我們就會擴大規模，這就會改變我們的每個線索的收入。考慮程度較高的工作可能競爭更激烈。但在過去幾個月裡，我們透過網路行銷找到了可以存取這些資源的管道。因此，如果我們可以提高平均考慮金額，那麼每個線索的收入就會隨之改變。

I think really the biggest driver for us is right now, it's going to be shifting out of the old ads model, which had a much higher discount than the 30% we're offering is an intro subscription as much more than double in some egress and moving away from that and then giving those Pros, the leads they want at a lower discount and effectively delivering them the same value. And we think that that's what's going to be the core driver over the next year or so of that consideration size and revenue per lead.

我認為現在對我們來說最大的驅動力是擺脫舊的廣告模式，這種模式的折扣比我們提供的 30% 高得多，這是一種介紹訂閱，在某些出口中是兩倍多，並且擺脫這種模式，然後以較低的折扣為那些專業人士提供他們想要的線索，並有效地為他們提供相同的價值。我們認為，這將成為未來一年左右考慮規模和每個線索收入的核心驅動力。

Got it. Super helpful Jeff, thanks for all the color today. I appreciate it and nice start to the year.

知道了。傑夫非常有幫助，謝謝你今天帶來的所有色彩。我很感激，這是一個美好的一年的開始。

Great, thanks, operator, I think we have time for one more question if there is one.

太好了，謝謝，接線員，如果有問題的話我想我們還有時間再回答一個問題。

Matt Condon from Citizens.

來自公民的馬特康登 (Matt Condon)。

Great, thank you so much for taking. My first one is just on the proprietary service requests growing 7%, but if you look at consumer marketing expenses, it was up 13%. Can you just help me think about just the efficiency of marketing spend specifically on the consumer side or the homeowner side of

太好了，非常感謝您的接納。我的第一個數據是專有服務請求增加了 7%，但如果你看看消費者行銷費用，它增加了 13%。你能幫我想想行銷支出在消費者方面或房主方面的效率嗎？

the marketplace. And then my second one is just how do you think about balancing the efficiency and Pro acquisition, which is having enough supply on the network to drive just superior consumer experience.

市場。我的第二個問題是，您如何考慮平衡效率和 Pro 獲取，即在網路上擁有足夠的供應以提供卓越的消費者體驗。

Thank you so much.

太感謝了。

So let me start. If Rusty has anything to add or he thinks that I've missed anything, he'll jump in. So on a simple ratio of proprietary growth versus marketing growth, I think the way you have to think about it is we've executed a mix shift and by executing the mix shift into paid proprietary with the free Google SEO coming down a bit, you're paying more on the average per lead.

那麼就讓我開始吧。如果 Rusty 有任何補充或他認為我遺漏了什麼，他就會加入進來。因此，就專有成長與行銷成長的簡單比率而言，我認為您必須這樣考慮：我們已經執行了混合轉變，並且透過執行混合轉變到付費專有，並且免費的 Google SEO 費用略有下降，您平均每個潛在客戶支付的費用就會更多。

However, Rusty explained our approach, which is incremental breakeven. So as we look at our bidding, we're able to judge where the next incremental piece of spend would start losing money and we stopped there. And then our goal is as we get more efficient there is to move that breakeven point further out and create more profit under the curve, if you will, earlier in the curve.

然而，Rusty 解釋了我們的方法，即漸進式損益平衡。因此，當我們查看我們的出價時，我們能夠判斷下一個增量支出將在何處開始虧損，然後我們就停在那裡了。然後，我們的目標是，隨著效率的提高，將損益平衡點進一步移遠，並在曲線下創造更多利潤，如果你願意的話，在曲線的早期創造更多利潤。

Not all platforms work the same way. Meta for example, you're not as able to finally tune your incremental profitability, but we have ways to do it.

並非所有平台都以相同的方式運作。以 Meta 為例，您無法最終調整增量獲利能力，但我們有辦法做到這一點。

And so we're constantly working on getting more efficient. I think you have a little bit of inefficiency built into the second quarter as we scaled up new channels, but again, not material. So I think you have a mix shift, and I think that's the way that's working I think we expect that to stabilize a little more going forward, but we will always sort of ebb and flow a little bit there.

因此我們一直在努力提高效率。我認為，隨著我們擴大新管道，第二季度出現了一些效率低下的情況，但這並不是實質的問題。所以我認為你有一個混合轉變，我認為這就是工作的方式，我認為我們預計未來它會更加穩定，但我們總是會在那裡稍微起伏。

I think on the Pro capacity, I think, again, Rusty hit that one, we do the same thing there where we, again, have a pretty high-powered artificial intelligence machine learning team. They work on scoring all our prospects and bucketing them and we work on dialing to the last dials breakeven based on the likelihood as scored by our machine learning team that the job is going to convert in the anticipated LTV. And on the average, we've really been able to fine-tune this one of the net results has been an increased capacity per new Pro.

我認為就 Pro 容量而言，Rusty 再次強調了這一點，我們在那裡做同樣的事情，我們再次擁有一支非常強大的人工智慧機器學習團隊。他們負責對所有潛在客戶進行評分和分類，我們則根據機器學習團隊對工作在預期 LTV 中轉換的可能性進行評分，以實現最後的收支平衡。平均而言，我們確實能夠對此進行微調，最終結果是每台新 Pro 的容量都有所增加。

Our new subscription pros are two to three times as much capacity as our traditional lead pros, and that's a combination of efforts there. that have added up to that. So, we think we have the plan, and we think we've been executing against it.

我們的新訂閱專業人士的容量是我們傳統領先專業人士的兩到三倍，而這是多方努力的結果。所以，我們認為我們有計劃，我們認為我們一直在執行它。

We think you can see it in our numbers so far. On the sales side and on the online and rolled side, we're trying not too excited about that. But if we're acquiring more than 10,000 pros a month in markets that are half of GDP or less of the United States, we think we have an opportunity to add a few thousand a month there.

我們認為您可以從我們目前的數據中看到這一點。在銷售方面以及線上和捲材方面，我們盡量不對此感到太興奮。但如果我們在每個占美國 GDP 一半或更少的市場中每月吸引超過 10,000 名專業人士，我們認為我們就有機會在那裡每月增加數千名專業人士。

In our European Pros only by 20%-ish less leads per month than our legacy leads product Pros. And so we think we have the opportunity to really expand capacity and have supply and meet demand and grow the business. And we think we've got a reasonable number of pieces of that thesis in evidence and can thus project what Rusty is talking about with 2026, which isn't overly aggressive with a fair amount of confidence.

在我們的歐洲專業版中，每月的潛在客戶數量僅比我們的傳統產品專業版少約 20%。因此，我們認為我們有機會真正擴大產能、滿足供應、滿足需求並發展業務。我們認為我們已經獲得了相當數量的證據來支持這一論點，因此可以預測 Rusty 所說的 2026 年，這個預測並不過分激進，但卻相當有信心。

Yeah, and then the only thing that I'd add on the marketing side is that we're kind of talking about our marketing execution in isolation, but it's really a fully integrated commercial engine with our product and the Pro side of the network.

是的，然後我想在行銷方面補充的唯一一點是，我們正在孤立地談論我們的行銷執行，但它實際上是一個與我們的產品和網路專業端完全整合的商業引擎。

So, if you think about every day, we have people working on kind of optimizing our funnels, matching, bidding, conversion and then there's kind of the density of -- and liquidity in the network. So when we improve those things, it makes the monetization of every individual SR impacted, right?

所以，如果你想想每天，我們都會有人致力於優化我們的管道、匹配、競價、轉換，然後就是網路的密度和流動性。因此，當我們改進這些面向時，每個 SR 的貨幣化都會受到影響，對嗎？

So we're able to move up that monetization through the product and optimizations in the product. When we do that and we make each unit of volume more profitable, sometimes we're able to bid into that and get more volume and sometimes, which might actually increase our marketing cost, but increase our overall profit. And then other times, we take that as profitability, and we reduce our marketing cost.

因此，我們能夠透過產品和產品優化來提高貨幣化水平。當我們這樣做時，我們使每個單位的銷售更有利可圖，有時我們能夠競標並獲得更多的銷量，有時，這實際上可能會增加我們的行銷成本，但會增加我們的整體利潤。其他時候，我們將其視為盈利，並降低行銷成本。

So, it can go either way on that, and the goal is to grow overall profit through execution on marketing as well as optimizations in the product. Thank you so much.

因此，它可以朝任何一個方向發展，目標是透過行銷執行以及產品優化來增加整體利潤。太感謝了。

Thank you. And really thank everybody for all your time and a very busy earnings day, and look forward to talking to you all in the future.

謝謝。非常感謝大家抽出時間，度過了一個非常忙碌的收益日，並期待將來與大家交談。

Ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講到此結束。我們非常感謝您的加入。現在您可以斷開線路了。