Angi Inc (ANGI) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Angi Inc. third quarter 2025 earnings conference call. (Operator Instructions) Please note that today's event is being recorded. I would now like to turn the conference over to Andrew Russakoff, Chief Financial Officer. Please go ahead, sir.

您好，感謝您的耐心等待。歡迎參加 Angi Inc. 2025 年第三季財報電話會議。（操作說明）請注意，今天的活動正在錄製中。現在我將把會議交給財務長安德魯·魯薩科夫。請繼續，先生。

Good morning, everyone. Rusty here, CFO of Angi Inc., and welcome to the Angi Inc. third 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. 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 to Q&A.

各位早安。我是 Angi Inc. 的財務長 Rusty，歡迎參加 Angi Inc. 第三季財報電話會議。今天和我一起的是 Angi 的執行長 Jeff Kip。Angi 也發布了一封股東信，目前可在 Angi 網站的投資者關係部分查閱。本次電話會議上我們將不宣讀股東信。我很快就會把發言權交給傑夫，讓他做幾句介紹發言，然後進入問答環節。

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

在深入探討這個問題之前，我想提醒各位，在本次演講中，我們可能會做出一些根據聯邦證券法被視為前瞻性陳述的聲明。這些前瞻性聲明可能包括與我們的展望、策略和未來業績相關的聲明，並且是基於我們目前的預期和我們目前可獲得的資訊。

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 filed 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性，實際結果可能與這些聲明中明示或暗示的未來結果存在重大差異，這些風險和不確定性包括我們最新的 10-Q 表格季度報告、我們最新的 10-K 表格年度報告以及我們隨後向美國證券交易委員會提交的報告中所包含的風險和不確定性。應結合這些風險來考慮本次電話會議中提供的資訊。

We'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we'll refer to today as 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.

我們還將討論一些非GAAP指標，提醒一下，其中包括調整後的EBITDA，為了簡單起見，今天在電話會議中我們將簡稱為EBITDA。我也會請您參閱我們的獲利發布股東信、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，其中包含所有可比較的GAAP指標和所有重要非GAAP指標的完整調節表。

Now I'll pass it off to Jeff.

現在我把它交給傑夫。

Thanks, Rusty. Good morning, everybody. We know you're all exceptionally busy and working very hard in this earnings season, and we very much appreciate you taking the time to join us this morning. As you know, our mission at Angi is to deliver more jobs done well to our customers, our commitment to our shareholders to return to growth in 2026 and beyond, and generate more value.

謝謝你，Rusty。大家早安。我們知道在這個財報季，大家都非常忙碌，工作也很努力，非常感謝大家今天早上抽出時間與我們一起參與。如您所知，Angi 的使命是為客戶提供更多高品質的工作，我們對股東的承諾是，在 2026 年及以後恢復成長，並創造更多價值。

In the third quarter, we again posted the key markers for both. The most important metrics we look at to judge our customer experience are: one, our hire rate, the rate at which a homeowners submitting a service request on our platform Angi pro paying for that lead on our platform. A pro win rate, which is the rate at which pro wins the leads they pay for on our platform.

第三季度，我們再次公佈了這兩個關鍵指標。我們衡量客戶體驗最重要的指標是：一是我們的僱用率，也就是房主在我們平台上提交服務請求後，Angi Pro 為該潛在客戶付費的比率。專業客戶成功率，即專業客戶在我們平台上贏得付費客戶線索的比率。

Three, our homeowner Net Promoter Score, which we survey on a rolling basis. And four, our pro retention. We again delivered improvement across these metrics in the third quarter as we have all year. Our estimated hire rate is up double digits. Our estimated win rate is up nearly 30%. Our Net Promoter Score is up nearly 10 points year-over-year and nearly 30 over the last two years.

第三，我們的業主淨推薦值 (Net Promoter Score)，我們會定期進行調查。第四，我們的專業客戶留存率。與全年一樣，我們在第三季再次實現了這些指標的提升。我們預計招聘率將實現兩位數成長。我們預計勝率提高了近30%。我們的淨推薦值年增近 10 分，過去兩年累計成長近 30 分。

The pro retention continues to improve with overall churn better by 7% in the last 12 months year-over-year and up 26% versus two years ago. And we're not done yet. We're continuing to invest to get the better, better in customer experience.

專業用戶留存率持續提高，過去 12 個月整體流失率年減 7%，比兩年前增加 26%。我們還沒完。我們將繼續加大投入，以不斷提升客戶體驗。

We also continue to post the key markers for our return to profitable revenue growth. Proprietary service request growth accelerated in the third quarter to positive 11%, and with proprietary lead growth at 16% and revenue per lead growth at 11%, the blue line to growth in 2027 is clearer and clear to us and hopefully to all of you.

我們也會持續發布恢復獲利性收入成長的關鍵指標。第三季專有服務請求成長加速至正成長 11%，專有潛在客戶成長 16%，每潛在客戶營收成長 11%，到 2027 年的成長藍線更加清晰，我們和希望你們所有人都能看得更清楚。

Our network channel has gone from nearly 40% of our leads a year ago to less than 10% this year, third quarter over third quarter, making the rate of growth or decline there, and impact on our overall growth. But that will change trajectory as we start to compare next year.

我們的網路管道帶來的潛在客戶數量已從一年前的近 40% 下降到今年第三季的不到 10%，這使得該通路的成長或下降速度以及對我們整體成長的影響都值得關注。但隨著我們開始與明年進行比較，情況將會改變。

Our strong proprietary growth is mathematically the key marker for 2026 growth. We'll likely talk about this a little bit more in response to questions later. We're also generating materially more value for the business with our sales channel in Pro acquisition.

我們強勁的自主成長是 2026 年成長的關鍵指標。稍後我們會根據提問情況再詳細談談這個問題。我們也透過銷售管道在專業版用戶獲取方面為公司創造了更多實質的價值。

We have only about half the sales head count we had a year ago, but we're actually producing more overall lifetime margins, meaning the margin for pro and the lifetime capacity for pro and materially up. So with the step change that we've delivered in our sales effectiveness and our recent launch, and now ramp up of online enroll, we have the key pieces to grow our overall growth capacity in 2026, and we expect returned to nominal active pro growth by the end of the year and the beginning of 2027.

我們的銷售人員數量只有一年前的一半左右，但我們實際上創造了更高的整體生命週期利潤率，這意味著專業產品的利潤率和專業產品的生命週期產能都大幅提升。因此，憑藉我們在銷售效率方面取得的顯著進步，以及最近推出的線上註冊服務，現在又在不斷擴大規模，我們擁有了在 2026 年提升整體成長能力的關鍵要素，我們預計到今年年底和 2027 年初，活躍專業會員的成長將恢復到正常水平。

So with all these key markers in place, we're accelerating our platform transformation. Today, we operate on four platforms, bringing the United States to one internationally. US platforms, in particular, have significant tech debt in legacy code, which has materially slowed the speed and efficiency of our product innovation and the business in the US.

因此，隨著這些關鍵指標的到位，我們正在加速平台轉型。今天，我們在四個平台上運營，使美國在國際上成為一個整體。特別是美國平台，其遺留程式碼中存在大量技術債務，這嚴重拖慢了我們在美國的產品創新和業務的速度和效率。

And with the rate of change in the landscape increasing with the rapidly growing presence of AI, we have to move forward and get on to a modern technology stack and get off pieces of software, which are in some cases is 20 years old. We've been progressively already rebuilding key pieces of our architecture over the last couple of years, but we're now leaning in with the target of getting to a single modern global and AI-first platform by 2027.

隨著人工智慧的快速發展，產業格局的變化速度也在加快，我們必須向前邁進，採用現代技術棧，擺脫那些在某些情況下已經有 20 年歷史的軟體。在過去的幾年裡，我們一直在逐步重建架構的關鍵部分，但現在我們正全力以赴，目標是在 2027 年建造一個現代化的全球人工智慧優先平台。

We've been and will be delivering new AI first and AI-enabled software and improving the customer experience with it and our business efficiency as well as we go. So this is going to be a progressive improvement.

我們一直並將繼續提供以人工智慧為先導和人工智慧賦能的軟體，並以此改善客戶體驗和提升業務效率。所以這將會是一個循序漸進的改進過程。

There's no big bang here. And this effort isn't going to hinder our trajectory. It's all built into our outlook. And if anything, the platform work will allow us to accelerate our efforts in the business as we go forward and hit our milestones.

這裡沒有宇宙大爆炸。這項努力不會阻礙我們的發展軌跡。這一切都融入了我們的世界觀中。而且，平台建設工作將使我們能夠加快業務發展步伐，並實現我們的里程碑目標。

Again, with all of this in place, we are looking forward very optimistically to 2026 and beyond. We're never going to be happy with everything, but we do feel very good about where Angi is, and we have even higher confidence that we're going to deliver against our mission and goals going forward.

綜上所述，一切準備就緒，我們對 2026 年及以後充滿樂觀展望。我們永遠不會對所有事情感到滿意，但我們對 Angi 目前的狀況感到非常滿意，並且我們更有信心在未來實現我們的使命和目標。

So with that, I think, operator, we're ready to take questions.

那麼，我想，接線員，我們可以開始回答問題了。

(Operator Instructions)

（操作說明）

Dan Kurnos, The Benchmark Company.

Dan Kurnos，基準公司。

Great. Thanks. Good morning. Nice to see progress on the prop lead side. But Jeff, last quarter, you suggested -- you expected mid-single-digit growth in '26. So given that we're seeing much stronger trends in proprietary and obviously, the weaker in network, plus all the migration work you're doing, has anything changed with regards to your 2026 outlook? And then I have a follow-up.

偉大的。謝謝。早安.很高興看到螺旋槳牽引方面取得了進展。但傑夫，上個季度你曾表示——你預計 2026 年將實現個位數中段的成長。鑑於我們看到專有技術的發展趨勢更加強勁，而網路技術的發展趨勢明顯疲軟，再加上你們正在進行的所有遷移工作，你們對 2026 年的展望是否有任何變化？然後我還有一個後續問題。

Good morning, Daniel, let's go past. But we are tracking the same target for 2026 revenue growth, as we discussed on the last call. You referenced the mid-single-digit target and that's about right. We expect modest overall service growth with the strong performance in proprietary being offset by the network comparisons. I think you made the right comment that the proprietary looks a little stronger and the network looks a little weaker, and we probably net out around the same.

早安，丹尼爾，我們過去吧。但正如我們在上次電話會議上所討論的那樣，我們對 2026 年的營收成長目標仍然保持不變。你提到的目標數字是中個位數，這差不多是對的。我們預期整體服務成長將較為溫和，自有業務的強勁表現將被網路業務的相對錶現所抵銷。我認為你的評論是對的，專有技術看起來更強一些，而網路技術看起來更弱一些，最終結果可能差不多。

We are delivering this all through very strong paid proprietary channel execution, and we're going to reinvest in branded advertising next year. We expect to double-ish our TV spend given what we've seen on the strength of our branded traffic and our TV performance this year.

我們正在透過非常強大的付費自有管道執行來實現這一切，並且明年我們將加大對品牌廣告的投入。鑑於今年品牌流量和電視廣告表現的強勁勢頭，我們預計電視廣告支出將增加一倍左右。

If you look at overall brand search metrics, which is something some of the larger companies out there are looking at to gauge their overall campaigns, we were only down in the low to mid-single digits in the third quarter versus the prior year, despite year-to-date cutting our TV spend by 70%, which is not, I think, from relationship you often see, that will bolster our growth.

如果你看一下整體品牌搜尋指標（一些大公司正在用這些指標來衡量他們的整體行銷活動），你會發現，儘管今年迄今為止我們將電視廣告支出削減了 70%，但與上年同期相比，我們第三季度的下降幅度僅為個位數低到中。我認為，根據你通常看到的情況來看，這並不會促進我們的成長。

And we think our significantly improved customer experience and the solid ROI there is, I think, attributing to that. I think revenue growth rates will likely vary through the year, likely a little lower in the first half of the year as we compare to higher network service request volume, and evening out over the course of the year. I think it's also just worth mentioning what we said on the last call that we expect a little leverage from revenue to EBITDA growth as we keep our strong fixed cost discipline next year.

我們認為，客戶體驗的顯著改善以及由此帶來的穩健投資報酬率，正是造成這種情況的原因。我認為全年的收入成長率可能會有所波動，上半年可能會略低一些，因為與較高的網路服務請求量相比，下半年的成長率會趨於穩定。我覺得也值得一提的是，我們在上次電話會議上說過，我們預計明年在保持嚴格的固定成本控制的同時，收入增長將略微帶動 EBITDA 增長。

That's super helpful. Thanks. And then just, look, second, there's a lot of moving pieces on EBITDA in Q3 and Q4, including the shift to CapEx along with what you guys called out the resolution of two matters that could result in some slippage into '26. Can you just talk through those pieces and also how we should think about CapEx running in Q4, and next year? Thank you.

這太有幫助了。謝謝。其次，你看，第三季和第四季的 EBITDA 有許多變數，包括向資本支出的轉變，以及你們提到的兩個問題的解決，這些問題可能會導致一些延誤到 2026 年。您能否詳細解說這些內容，以及我們應該如何考慮第四季和明年的資本支出？謝謝。

Yeah. Sure. Dan, this is Rusty. Yeah. So our believe versus the guidance, it was a mix of a couple of different things, partly some contribution margin outperformance, partly less expense from less hiring, and then partly some timing of expenses.

是的。當然。丹，我是拉斯蒂。是的。因此，我們預期與指導意見之間的差異，是多種因素共同作用的結果，部分原因是貢獻毛利率超預期，部分原因是招聘減少導致支出降低，還有部分原因是支出時間安排的差異。

You'll notice -- I think you're referencing that our international EBITDA bumped up quarter-over-quarter, mostly due to changes in the product organization that Jeff mentioned in the shareholder letter. So we combined domestic and international into one team, so that we can focus on consolidating onto one unified technology platform, which is an initiative that we have been orchestrating for a while.

你會注意到——我想你指的是我們的國際 EBITDA 環比增長，這主要是由於 Jeff 在股東信中提到的產品組織的變化。因此，我們將國內和國際團隊合併為一個團隊，以便集中精力整合到一個統一的技術平台上，這是我們一直在籌劃的舉措。

What this meant in Q3 was that the international folks shifted their work towards building out the new platform, which due to the accounting rules resulted in less expense being allocated to the International segment and more capitalized wages these financial dynamics were in line with what we've anticipated with this.

這意味著在第三季度，國際團隊將工作重心轉移到建立新平台上，由於會計準則，分配給國際部門的費用減少，資本化工資增加，這些財務動態與我們對此事的預期一致。

Expectations going forward are that capitalization rates in Q4 should be a little bit higher than in Q3 as we continue to ramp up the platform work, and then we'll continue at a similar run rate through the first half of 2026 before it tapers off as we start to complete some of that platform work in the back half of next year. What that looks like on a full year basis, it will be around $60 million of CapEx this year, around a similar amount next year, but will be front-loaded next year as opposed to backloaded this year.

展望未來，隨著我們繼續加大平台建設力度，預計第四季度的資本化率將略高於第三季度，然後我們將以類似的速度持續到 2026 年上半年，之後隨著我們在明年下半年開始完成一些平台建設工作，資本化率將逐漸下降。從全年來看，今年的資本支出約為 6000 萬美元，明年的金額也大致相同，但明年的支出將提前到位，而不是像今年那樣提前到位。

Got it. And just, Rusty, I just -- could you just clarify what the two matters were? I know it's just timing stuff, but just helpful color on EBITDA, maybe some shift there?

知道了。Rusty，我只是──你能解釋一下這兩件事是什麼嗎？我知道這只是時間安排的問題，但這能提供一些關於 EBITDA 的有用信息，或許這方面會有一些變化？

Sure. So we have two vendor-related matters that are from prior years that we had high confidence would resolve much earlier in the year. Both remain under discussion and thus, we're not really at liberty to give more detail on them. There's a chance either or both of them might resolve in Q4, but we're obviously running up against the end of the year. So at this point, that seeming less likely. But we still expect to prevail ultimately, which might be the impact will slide into 2026.

當然。因此，我們有兩個與供應商相關的問題，這些問題都發生在往年，我們原本非常有信心在今年早些時候就能解決。這兩個問題目前仍在討論中，因此我們不方便透露更多細節。這兩個問題都有可能在第四季度得到解決，但顯然我們已經接近年底了。所以現在看來，這種可能性似乎不大。但我們仍然期望最終能夠取得勝利，其影響可能會推遲到 2026 年。

Got it. Perfect. Thanks for the color, guys, and yes, Jeff, [go pass].

知道了。完美的。謝謝各位提供的色彩，還有，傑夫，是的。[透過]。

Alright, operator, next question please.

好的，接線生，請問下一個問題。

Andrew Watts, JPMorgan.

Andrew Watts，摩根大通。

Hi, thanks for the questions. First, could you give us an update on what the response has been from service pros to the ads migration? And second, could you expand on what you saw in the network channel this quarter, and how that impacts your outlook going forward? Thank you.

您好，感謝您的提問。首先，您能否向我們介紹一下服務專業人士對廣告遷移的回饋？其次，您能否詳細介紹本季您在電視網路管道中觀察到的情況，以及這些情況將如何影響您未來的展望？謝謝。

Sure. I'll take those. So first of all, the ads migration is more than half done this morning. It consists of two 30-day rolling migrations. We're doing them over 30 days because we want to match the contract renewal date. It just makes a lot more sense to the business and the customer. We'll be about 3/4 done on November 15 and then start a second 30 day.

當然。我收下那些。首先，廣告遷移工作今天早上已經完成了一半以上。它由兩次為期 30 天的滾動式遷徙組成。我們分30天完成這些工作，因為我們想與合約續約日期保持一致。這對企業和客戶來說都更有意義。到 11 月 15 日，我們將完成大約 3/4 的工作，然後開始第二個 30 天的挑戰。

We've had zero disruptions or problems so far. We've got good feedback from our customers. As you probably recall that ad pros really have no choice as to which tests within a category they received, and no choice beyond their initial allocation, ZIP codes.

到目前為止，我們沒有遇到任何中斷或問題。我們收到了客戶的良好回饋。您可能還記得，廣告專業人士對於他們收到的類別中的哪些測試實際上沒有選擇權，除了最初分配的郵遞區號之外也沒有其他選擇。

So it's positive. It will make life better for them, and it will also improve our matching because you'll have pros actually receiving the things they specifically want. So we're getting good feedback. The migration is one of the planks to this all progressive global platform work that we've embarked on. We'll power down the legacy ads platform following the migration, saving money and allowing us to put resources elsewhere.

所以結果是正面的。這將改善他們的生活，同時也能提高我們的匹配度，因為專業人士將真正獲得他們想要的東西。我們收到了很好的回饋。遷移是我們正在進行的這項具有前瞻性的全球平台工作的重要組成部分之一。遷移完成後，我們將關閉舊版廣告平台，從而節省資金，並將資源投入其他方面。

There hasn't been any disruption of any kind of materiality in the P&L. And we really expect that on all of this work, given the way we're working and given our experience. This is our [fifth] migration. We did five in the European business. And so this is kind of a continuation of the work we've been doing for a while now.

損益表上沒有任何實質的變動。鑑於我們的工作方式和經驗，我們對所有這些工作都抱持這樣的期望。這是我們的第五次遷移。我們在歐洲業務中完成了五項。所以，這算是我們一段時間以來一直在做的工作的延續。

I would just say that having something like this come off seamlessly is still impressive that the teams that have been working on this thing tirelessly for over a year deserve a real tip of the hat on the effort and the quality work they've done. Eden, [Yugo], Dave, Joe and everyone else. Thank you very much and if you're listening, tip of the hat to you guys.

我想說，像這樣的事情能夠如此順利地完成，仍然令人印象深刻。為此辛勤工作了一年多的團隊，他們的努力和高品質的工作值得我們由衷的敬佩。伊登、[尤戈]、戴夫、喬以及其他所有人。非常感謝，如果你們在聽，請接受我的致敬。

Let me go to the network channel. A year ago, just recall, our network channel was almost 40% of our leads. It also had in the range of half the win rate of the rest of our channels. Today, the channel is less than 10% of our leads and the win rates materially increase to be in the same range as the other channels.

讓我切換到網路頻道。回想一下，一年前，我們的網路管道為我們帶來了近 40% 的潛在客戶。它的勝率也只有我們其他頻道的一半左右。如今，該管道帶來的潛在客戶不到我們總潛在客戶的 10%，但成交率卻大幅提高，與其他管道的成交率處於同一水平。

All of this was planned. We made a conscious decision to implement homeowner choice in January, which means that the affiliate homeowners were previously auto matched to available pros are now choosing each pro. Our data internally has said that homeowners who choose a pro were 60% more likely to hire a Pro. And indeed, we've seen that kind of lift in the affiliate hire rates.

這一切都是計劃好的。我們從一月開始有意識地決定實行業主自主選擇，這意味著以前自動配對到合適專業人士的加盟主，現在要自己選擇每位專業人士。我們內部數據顯示，選擇專業人士的房主更有可能再聘請一位專業人士，可能性高出 60%。事實上，我們已經看到加盟商的招募率出現了這種成長。

So it has been a win for our homeowners and our Pros. We also anticipated as a result that the volume of our leads would come down quite a bit, both because homeowners are going to choose fewer pros than they were automatched to and because there's less revenue for SR to spend on acquiring more SRs. So we expected that.

所以這對我們的業主和專業人士來說都是雙贏。因此，我們也預料到我們的潛在客戶數量會大幅下降，原因有二：一是房主會選擇比之前自動選擇的專業人士更少的專業人士；二是SR可用於獲取更多SR的收入減少了。所以我們預料到了。

It was in our guidance. We're kind of on track there with a little bump here in the third quarter. We also expected volatility in the ecosystem. When we launched into this, we weren't sure exactly if everything would play out. I think net over the course of the year, we've gotten a bit less volume and a bit more profit than we expected.

這是我們的指導原則。我們整體進展順利，只是在第三節遇到了一點小波折。我們也預料到了生態系的波動性。當我們開始這項工作時，我們並不確定一切是否會按計劃進行。我認為今年整體來看，我們的銷售量比預期略低，但利潤比預期略高。

In the third quarter, we had three of our larger affiliates have bumps down in volume. One of them had to do with quality of SRs in their affiliate network. A second one told us they had operational issues. The volume came down. And in the third one, we just didn't have as much volume available.

第三季度，我們三家較大的附屬公司銷量出現下滑。其中一項與聯盟網路中銷售代表的品質有關。第二家公司告訴我們，他們遇到了營運問題。音量降低了。而到了第三部，我們就沒有足夠的容量了。

Now we've gotten back, a chunk in this volume, but not all of it. So we are at a lower run rate. Again, we didn't expect these things, and we also still expect that there will be some bumping up and down as we add network partners and some drop off.

現在我們已經找回了一部分，但不是全部。所以我們目前的運行速度比較慢。再次強調，這些情況我們始料未及，而且我們仍然預計，隨著網路合作夥伴的增加和一些合作夥伴的退出，業務量會有一些波動。

So at the end of the day, as we look forward, our current view is that we've kind of come back off our bumps. We're at our new run rate. We're constantly farming and looking for appropriate partners. And we think that, again, we're stable. We could go up. We could bump down.

所以歸根究底，展望未來，我們目前的看法是，我們已經克服了重重困難。我們已經達到了新的運行速度。我們一直在耕作，並尋找合適的合作夥伴。我們再次認為，我們目前很穩定。我們可以上去。我們可以降級。

We'll see. It's now less than 10% of our traffic. It's not a strategic channel. We're going to take the right traffic that we can match the right Pros and get jobs done well. But this is not something that we bank on as a source of future growth in particular. We're happy to have it and make it work and keep deploying there.

我們拭目以待。現在它只占我們流量的不到10%。它不是一個戰略管道。我們將吸引合適的流量，將合適的專業人士配對到合適的職位，從而把工作做好。但我們並不指望這能成為未來成長的主要來源。我們很高興能擁有它，並讓它運轉起來，繼續在那裡部署。

Thanks.

謝謝。

Ms. Sergio Segura, KeyBanc.

Sergio Segura 女士，KeyBanc。

Good morning, guys. Thanks for taking the questions. Maybe starting with AI helper. I thought it was interesting that statistic you gave that it converts at a 2.7 times higher level than the traditional flow. Now that's the default experience. Just how should we think about modeling the impact? And I guess, is that informing your view of maybe investing even more into marketing for 2026? And then I have a follow-up.

各位早安。謝謝您回答問題。或許可以從人工智慧助理開始。我覺得你提供的那個統計數據很有意思，它的轉換率比傳統流程高出 2.7 倍。這是預設體驗。我們應該如何考慮對影響進行建模？我想，這是否影響了您2026年可能加大行銷投入的想法？然後我還有一個後續問題。

So let me step back. Let's just talk about our approach with AI generally. So first of all, we commented in the letter that we made the move to AI first. And what we're doing is we're looking to implement AI across our customer workflows and our team workflows as well. And we are looking to, as we build new software build an AI data.

讓我退後一步。我們來談談我們對人工智慧的整體看法。首先，我們在信中提到，我們率先轉向了人工智慧。我們正在努力將人工智慧應用於我們的客戶工作流程和團隊工作流程。我們希望在開發新軟體的同時，建構人工智慧數據。

The AI helper is really sort of one of the first prototypes where we are taking an LLM off the shelf. And our approach is to produce a fine-tuned LLM in each case. So this is the first application. We're fine-tuned LLM means that we have a set of proprietary knowledge, which is structured in a certain way. In this case, it's our conditional set of service request questions by a task, which we can use to feed and change the way the LLM flows and the conversation with the customer.

AI 助理其實是我們首批直接採用現成 LLM 的原型之一。我們的方法是在每種情況下都會產生一個精細調整的 LLM。這是第一份申請。我們精益求精的LLM意味著我們擁有一套專有的知識體系，該體係以某種特定的方式建構。在這種情況下，它是我們按任務劃分的服務請求問題的條件集，我們可以利用它來調整 LLM 流程以及與客戶的對話方式。

Secondly, we have a bunch of proprietary data on customer behavior through the product. And in terms of the interaction between the homeowner pros that we can also feed. And then as we deploy these products, we get new data. And through all of this, we've created a learning loop, which differentiates our experience from what somebody might get on an LLM with our proprietary knowledge, or proprietary data. So this is our core approach.

其次，我們擁有大量關於客戶通過該產品的行為的專有數據。就房主專業人士之間的互動而言，我們也可以提供協助。然後，隨著我們部署這些產品，我們會獲得新的數據。透過這一切，我們創造了一個學習循環，這使得我們的經驗與那些利用我們的專有知識或專有數據攻讀法學碩士學位的人所獲得的經驗有所不同。這就是我們的核心方法。

What we've done with the AI helper is we first deployed it as an open box that effectively said, how can we help you on the side? Or tell us in your own words? And when people enter that, and that's ultimately 1/3 of the customers who post service requests with us. They're more likely to convert. They're more likely to choose a pro, and thus, they're more likely to get a job done well.

我們對 AI 助理所做的，是先將其部署為開放的平台，它實際上是在說：我們如何在幕後為您提供幫助？或用自己的話來說？當人們輸入這些資訊時，最終會有三分之一的客戶向我們提交服務請求。他們更有可能轉化。他們更有可能選擇專業人士，因此，他們更有可能把工作做好。

This started as a deprecation in conversion and the learning loop is sped up and now it looks accretive, and we believe we're seeing some of this in our proprietary growth. I think when you go to the next step, which is, [gee] how much work can this be?

這最初是轉換率下降導致的，學習週期加快了，現在看來是有利的，我們相信我們在專有成長中看到了這一點。我認為當你進入下一步時，你會想，[哎呀]這能有多大的工作量？

We don't actually expect that the other 2/3 of traffic will triple in conversion because there's a causation and causality. So you've got to do a split test to actually see what the shift is. But we do believe there's upside in getting more customers through the AI helper.

我們並不指望另外 2/3 的流量轉換率會成長三倍，因為這其中存在因果關係。所以你需要進行A/B測試才能真正看出變化。但我們相信，透過人工智慧助理獲得更多客戶是有好處的。

And we do believe that, that's important going forward. We don't have a big win baked into our numbers because we've actually just gotten the next phase in this test into play. And so the core of this is when you look at LLM technology, we think it's a huge opportunity for us because we can take an application like the SR path, which is fundamentally a conversation between Angi and the homeowner.

而且我們認為，這對未來的發展至關重要。我們的數據中並沒有反映出大獲全勝的預期，因為我們實際上才剛開始進行這項測試的下一階段。因此，問題的核心在於，當我們審視 LLM 技術時，我們認為這對我們來說是一個巨大的機會，因為我們可以採用像 SR 路徑這樣的應用程序，它本質上是 Angi 和房主之間的對話。

And we can deploy the LLM to have more effective natural language conversations against a larger body of data than our previously somewhat rigid conditional path. And we could end up delivering a better match on our core asset, which is the [100,000] Pros who are ready to get jobs done well for the homeowner.

我們可以部署 LLM，針對更大的資料集進行更有效的自然語言對話，這比我們之前略顯僵化的條件路徑要好得多。我們最終可能會更好地匹配我們的核心資產，那就是[100,000]名隨時準備為房主出色完成工作的專業人員。

Because at the end of the day, we have always taken this conversation with a homeowner in the conversation with the pro, turned it into a conversation between the two of them because we have the largest supplier for us, and delivered the offline experience that people want. Done this on Google. We've done it on social, and now we're going to do it on LLM. And we're doing it within our product as well.

因為歸根結底，我們始終將與房主的對話，在與專業人士的對話中，轉化為他們兩人之間的對話，因為我們擁有最大的供應商，並提供了人們想要的線下體驗。我在谷歌上找到了這個。我們已經在社群媒體上做到了，現在我們要在LLM上也做到。我們也在產品內部實現了這一點。

Thanks, Jeff.

謝謝你，傑夫。

Next question.

下一個問題。

Stephen Ju, UBS.

Stephen Ju，瑞銀集團。

Hi, great. Thanks, guys. So Jeff, Rusty, I think I'll ask the AI question in a slightly different way. And I guess, Angi's relationship with the broader world, I suppose. So I think we're all looking at shifting traffic patterns because the usage of LLMs has taken up across the globe. So how does this change your traffic acquisition strategy? What's working? What's not working as you think about customer acquisition and service grow acquisition?

嗨，太好了。謝謝各位。所以傑夫、拉斯蒂，我想我會用稍微不同的方式問關於人工智慧的問題。我想，這大概也和安吉與更廣闊的世界的關係有關吧。所以我認為我們都在關注交通模式的轉變，因為低層行動通訊技術（LLM）的使用已經在全球普及。那麼，這會如何改變你的流量獲取策略呢？哪些方法有效？在考慮客戶獲取和服務成長獲取方面，您認為哪些方面有問題？

And narrowing down the scope of the question a little bit. I think as we've gone through the restructuring over the last couple of years, I think you've taken a pretty conscious effort to walk away from the traffic that was lower ROI.

再稍微縮小一下問題的範圍。我認為，在過去幾年的重組過程中，你們已經相當有意識地努力放棄那些投資報酬率較低的流量。

I would have thought that in the third quarter, we be bouncing off the bottom, but I think there's sort of a directional quarter-on-quarter decline here that we're noticing in terms of the overall activity. So I'm just wondering if you can kind of walk us through what you're seeing in the third quarter? Thanks.

我原以為第三季我們會觸底反彈，但我認為就整體活動而言，我們注意到有季比下降的趨勢。所以我想請您為我們介紹一下您在第三季觀察到的情況？謝謝。

So the first question on traffic shifting. There are some indicators out there, the traffic is moving around, statistically getting produced. There's also, what I would call the walking around research of everybody you talk to doing searches in places that sound a lot like LLMs, or actually our LLMs.

那麼，關於交通轉移的第一個問題是什麼？有一些跡象表明，交通流量正在流動，統計數據顯示，交通正在產生。還有一種我稱之為「四處走動式調查」的方法，你和每個人交談後，都會在聽起來很像 LLM（法學碩士）的地方進行搜索，或者實際上是我們的 LLM。

Look, our view on this is, again, what I said earlier, we think this is a great opportunity. We're in the middle of building our own proprietary app, deploy by the end of the year on one of the major LLMs, and we're in discussions with a couple of the others about deploying our current and then new technology there.

你看，我們對此的看法，正如我之前所說，我們認為這是一個絕佳的機會。我們正在開發自己的專有應用程序，計劃在年底前部署到一家主要的LLM平台上，並且我們正在與其他幾家平台討論在那裡部署我們現有的以及未來的新技術。

So we think it's a great opportunity because we think that our domain knowledge and our proprietary data and the context we have is going to allow us to enter the chat, midstream in the LLM and read the context from the customer and get them more accurately and with more expertise to the pro they want. So we think it's a great opportunity. Obviously, there's a bunch of cards.

所以我們認為這是一個絕佳的機會，因為我們相信，憑藉我們的領域知識、專有數據和我們所掌握的背景信息，我們可以在 LLM 流程中途加入聊天，了解客戶的上下文，並更準確、更專業地將他們引薦給他們想要的專業人士。所以我們認為這是一個絕佳的機會。顯然，這裡有很多張卡片。

It's very early in the Texas Hold'em hand. So there's a bunch of cards left to come on to the table. But between our development capabilities, our AI team and the ongoing conversations we're having in the nature of our product, we think that we are very well positioned there.

德州撲克牌局才剛開始。所以還有很多牌要亮出來。但憑藉我們的研發能力、人工智慧團隊以及我們正在就產品性質進行的持續探討，我們認為我們在這方面處於非常有利的地位。

We're also, at the same time, kind of rebuilding our content approach, the structure of content that gets serviced in AI is a bit different, although there's a lot of correlations to the way it gets surfaced in Google SEO, but we're actively looking at what we do and how we do it to make sure we're in play there. And at a minimum, we get the brand impressions.

同時，我們也在重新建構我們的內容策略。人工智慧服務的內容結構略有不同，儘管它與Google搜尋引擎優化中的展示方式有許多關聯，但我們正在積極審視我們的工作內容和工作方式，以確保我們能夠參與其中。至少，我們能獲得品牌曝光。

I think then finally, we're actively working with Google on everything they're doing in terms of how they deploy ad space and AI mode and elsewhere. The AI MAX product, which is meant to sort of focus on getting to the right spot against the AI is now over 10% of our spend.

我認為最終，我們正在積極與Google合作，共同推動他們在廣告空間部署、人工智慧模式以及其他方面的工作。AI MAX 產品旨在幫助使用者找到對抗 AI 的正確方法，目前該產品的支出已超過我們總支出的 10%。

So we're literally -- we're literally trying to stay on the cutting edge of everything about where traffic is, where it is going and keep our team and our technology deployed in the right way there. And we see this as opportunity, not as something bad. We see this is actually very good.

所以，我們實際上是——我們實際上是在努力保持在交通流量的前沿，了解交通流量的去向，並確保我們的團隊和技術以正確的方式部署在那裡。我們把這看成是一個機會，而不是一件壞事。我們發現這實際上非常好。

Your next question was about third quarter trends. And thinking maybe we should have been bouncing off the bottom. I think what we said is we get sequentially some improvement. We were minus 12% in the second quarter on revenue, and we said minus 8% to 11% on the third, and we came in at minus 10.5%. We had these bumps in the affiliate network, which its a non-strategic channel.

您的下一個問題是關於第三季的趨勢。當時我就在想，或許我們應該從谷底反彈才對。我認為我們之前說過的是，我們會逐步取得一些進步。第二季我們的營收下降了 12%，第三季我們預測將下降 8% 到 11%，而實際下降幅度為 10.5%。我們在聯盟網絡中遇到了這些波折，而聯盟網絡並非戰略渠道。

Our core strategic channels are growing incredibly healthily. I think all of our proprietary -- SRs are going 11%, our leads are growing 16% and then our revenue per lead is plus 11%. So if affiliate wasn't there, you had the lead growth and the revenue per lead, you have very healthy growth.

我們的核心策略通路發展勢頭非常強勁。我認為我們所有的專有技術——SR成長了11%，我們的銷售線索成長了16%，然後每個銷售線索的收入成長了11%。所以，即使沒有聯盟行銷，你也有潛在客戶成長和每個潛在客戶的收入，你的成長非常健康。

So I think in some ways, you argue that our core business, the best part of our business is growing very healthily. It is well up off the bottom. I think the network channel is a quirky channel. It's a group of affiliates who we're working with to try and buy homeowners traffic that's going to match into our network and work well.

所以我覺得在某種程度上，你的觀點是正確的，我們的核心業務，也就是我們業務中最好的部分，正在健康成長。它已經遠遠高於谷底了。我覺得這個網路頻道是個很特別的頻道。我們正在與一群聯盟夥伴合作，試圖購買能夠融入我們網路並有效運作的房主流量。

It's not a big canvas. It's not quite a sort of algorithmically approachable as Google is. It's not as big as the social channels are. And so we got a couple of surprises at once. This will continue to be a theme. We do think we're going to offset it with this incredibly strong proprietary execution that you've seen growing every quarter.

這不是一塊很大的畫布。它不像谷歌那樣具有演算法上的可操作性。它不如社群管道那麼龐大。於是，我們一下子收到了兩個意想不到的消息。這將繼續成為一個主題。我們認為，憑藉我們極其強大的自主研發能力（你們也看到了，我們每季都在不斷提升），我們將能夠彌補這一不足。

We do think that our TV is now performing better than it was, so we're ready to lean in. And we also think that our branded social organic is contributing to what we think is an incredibly strong performance in overall Google brand searches. So I think we feel pretty good about all the good parts.

我們認為我們的電視現在的表現比以前好多了，所以我們準備全力以赴。我們也認為，我們的品牌社交自然流量對我們在Google品牌搜尋中取得的強勁表現做出了貢獻。所以我覺得我們對所有好的方面都感覺相當不錯。

We've got a little bit of noise in affiliate. We got a little bit of noise in SEO. And again, nobody can bank on either of these as the key to their business anymore, I think, and they're both less than 10% of our traffic. And look, we're pretty optimistic. We actually feel very good despite a little bump.

聯盟行銷方面出現了一些幹擾。我們在搜尋引擎優化方面遇到了一些幹擾。而且，我認為，現在沒有人能再指望這兩者成為他們業務的關鍵了，它們在我們流量中所佔的比例都不到 10%。而且，我們相當樂觀。雖然有點小磕碰，但我們覺得還不錯。

I take my family skiing every year at Christmas, and we have to connect because we're going to Idaho. And sometimes there's a delay. We've missed the connection, but we always get to Idaho and have a great time skiing and put on the matching pajamas that my wife buys, and have a family picture. So we are feeling pretty good right now. Next question.

每年聖誕節我都會帶家人去滑雪，我們這次要去愛達荷州，所以必須聚在一起。有時會出現延誤。我們錯過了航班，但我們總是能去愛達荷州，滑雪玩得很開心，穿上我妻子買的配套睡衣，拍一張全家福。所以我們現在感覺還不錯。下一個問題。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question. Maybe one, if I can, against all of the investments you're making across the business. We noticed you also increased the authorization around the buyback. How should we be thinking about capital allocation back into the return profile for shareholders on either a linear level, or elements of you being more opportunistic against the stock price in deploying that authorization? Thanks so much.

非常感謝您回答這個問題。如果可以的話，也許我會反對你在整個業務範圍內的所有投資。我們注意到您也提高了回購相關的授權額度。我們該如何考慮將資本配置重新融入股東回報體系，是線性層面的，還是在運用授權時採取更具機會主義、針對股價的策略的？非常感謝。

Great. Yeah. Thanks, Eric. So since Q2 earnings, you saw we bought back the remaining shares in the authorization that was outstanding. That amounted to 1.3 million shares at about $20 million. So year-to-date, that takes us to $111 million representing just under 15% of the company.

偉大的。是的。謝謝你，埃里克。所以，自從第二季財報發布以來，您可以看到我們回購了剩餘的已發行股份。那相當於 130 萬股，價值約 2,000 萬美元。所以今年迄今為止，我們的營收達到了 1.11 億美元，占公司總收入的近 15%。

And then in mid-September, the Board authorized us to repurchase another 3.2 million shares. We haven't yet repurchased any shares out of that authorization, and we'll utilize that as Board deems. That's an appropriate use of capital.

9月中旬，董事會授權我們再回購320萬股股票。我們尚未根據該授權回購任何股份，我們將根據董事會的判斷使用該授權。這是對資金的合理運用。

Importantly, as we've mentioned previously, there are limits related to the amount of share repurchases in the two years following a tax-free spin-off. And so if we repurchase all of the shares under the current authorization, that would take us just under that limit.

重要的是，正如我們之前提到的，免稅分拆後的兩年內，股票回購的數量是有限制的。因此，如果我們回購目前授權範圍內的所有股份，那將使我們的持股數量剛好低於該限額。

Great. Thank you.

偉大的。謝謝。

And our next question comes -- sorry, sorry, sir.

接下來我們要問的問題是──對不起，對不起，先生。

Go ahead. No, go ahead.

前進。不，你繼續。

Youssef Squali, Truist.

Youssef Squali，Truist。

Great. Thank you so much. So maybe, Jeff, just stepping back a little bit, can you just talk about the broader picture, the health of the consumer right now, maybe just given the current macro? Has it changed at all on the margin? Maybe any difference between lower DMA versus higher DMA type of customers? And then on the --

偉大的。太感謝了。那麼，傑夫，或許我們可以稍微退後一步，談談更宏觀的情況，例如在當前的宏觀經濟情勢下，消費者目前的健康狀況？邊際效應方面有變化嗎？低DMA區域和高DMA區域的顧客之間是否有差異？然後是--

Sorry, can you just tell me what -- I apologize, DMA?

抱歉，您能告訴我什麼嗎——對不起，DMA？

DMA, just like higher -- I guess, various ZIP codes, like higher-income ZIP codes versus maybe lower income ZIP codes?

DMA，就像更高的－我猜，不同的郵遞區號，例如高收入郵遞區號與低收入郵遞區號？

Okay. Thanks.

好的。謝謝。

And then just on going back to the need to consolidate from four platforms into one. Maybe can you double-click on that a little bit? How heavy a lift is it? And how much of the turnaround in the business and the growth starting in Q1 of 2026 is predicated on that move to the single platform. Just trying to see what potentially could go wrong could delay that inflection? Thank you.

然後，我們又回到了將四個平台合併為一個平台的必要性。或許您可以稍微雙擊一下？這次搬運的重量是多少？而從 2026 年第一季開始的業務轉型和成長，有多少取決於向單一平台的轉型。我只是想看看哪些潛在的問題可能會延遲這個轉折點？謝謝。

So on the overall macro, I think our view is there's a big disruption in April connected to macro events. And that kind of hung a little bit through May. We saw a pickup in June, and we feel like we've been kind of steady since then. Not a runaway homeowner demand like we had in COVID, but not a falling off homeowner demand like we had in the financial crises. So we think it's kind of stable.

所以從宏觀層面來看，我認為我們的觀點是，4 月會出現與宏觀事件相關的重大動盪。這種情況一直持續到五月。六月我們看到了成長勢頭，從那時起我們感覺一直比較穩定。既沒有像新冠疫情期間那樣出現房主需求激增的情況，也沒有像金融危機期間那樣出現房主需求下降的情況。所以我們認為它比較穩定。

We can't say we pull anything different in trends on different ZIP codes. There are ZIP codes where we perform better, and ZIP codes where we don't. But we can't say that there's been some kind of step change there. So that's, I think, the macro. I think things look steady as she goes right now.

我們不能說我們在不同郵遞區號區域的趨勢分析中發現了任何差異。有些郵遞區號區域我們表現較好，有些郵遞區號區域我們表現更差。但我們不能說那裡已經發生了某種飛躍式的改變。所以，我想，這就是宏觀層面的情況。我覺得她現在的狀況看起來很穩定。

I think secondly, on your platform question, as I said, we don't have any wins from platform integration, particularly built in. And we don't particularly expect disruptions. We're in the middle of our fifth migration of a significant pro network. And for the fifth time, we see it the same, and I think we've seen less post in other migrations. So we think this improves the customer experience, and it's also going to improve the efficiency of our commercial engine.

其次，關於你提出的平台問題，正如我所說，我們在平台整合方面沒有任何收穫，尤其是在內建方面。我們並不特別預期會出現中斷。我們正在進行一個大型專業網路的第五次遷移。這已經是第五次了，我們看到的情況還是一樣，而且我認為我們在其他遷移中看到的情況更少。所以我們認為這可以改善客戶體驗，同時也能提高我們商業引擎的效率。

You can already see the improved efficiency in our consolidation, the sales force to sell only the new product which is a result, which has been part of the success of selling significantly more capacity for pro and generating a lot more value.

你已經可以看到我們整合帶來的效率提升，銷售團隊只銷售新產品，這是銷售更多專業版產能並創造更多價值的成功舉措之一。

Could we see some lift, yes? There are progressively going to be rollout. You're seeing the first one in this migration. We're going to see some impacts on our homeowner facing side, which we think will be net improvements over the course of the first half of the year, and we will progressively be delivering platform pieces, which both have the chance to improve conversion and the customer experience, and will allow our team to test, develop and deploy faster and iterate faster.

我們能看到一些升溫嗎？將會逐步推出。現在您看到的是本次遷移中的第一個遷移。我們將看到一些對面向房主的業務方面的影響，我們認為在今年上半年將取得淨改善，我們將逐步推出平台組件，這既有機會提高轉換率和客戶體驗，也將使我們的團隊能夠更快地進行測試、開發和部署，並更快地進行迭代。

I think we've been very much held back on our ability to move the speed across the product and the customer experience for multiple years here by the legacy technology and tech debt. So I think we are -- the way we look at this is we kind of roll forward our run rate and build in our knowns. And then we go execute, and we're always anticipating what we know versus what we might not know and handicap.

我認為，多年來，由於傳統技術和技術債務，我們在提升產品速度和客戶體驗方面一直受到極大阻礙。所以我認為我們——我們看待這個問題的方式是，我們大致按照我們的運行率進行滾動，並把我們已知的因素考慮進去。然後我們去執行，我們總是會預測我們知道的事情和我們可能不知道的事情，並做出相應的調整。

And I think right now, we've got a pretty even outlook over the course of next year. And we don't expect -- we're not building in a massive lift from some piece of new technology, and we're not expecting because we haven't -- in now six -- we're on our six migrations to date.

我認為目前來看，我們對明年的前景相當樂觀。我們並不期望——我們並沒有指望透過某種新技術帶來巨大的提升，我們也不期望——因為到目前為止，我們已經進行了六次遷移。

We haven't had a major disruption in any of them. And we've got some -- we have some pros working on this. So our own internal technology pros, not our external construction, specialty construction and home services pros.

這些方面都沒有出現重大中斷。我們已經安排了一些——我們有一些專業人士在負責這項工作。所以是我們自己的內部技術專家，而不是外部的建築、專業建築和家庭服務專家。

Thant's helpful clarification. Thanks, Jeff.

感謝Thant的澄清。謝謝你，傑夫。

Great. Operator, I think we'll take one more call, please.

偉大的。接線員，我想我們再接一個電話。

Matt Condon, Citizens.

馬特康登，市民。

Thank you so much for taking my questions. My first one is just -- can you just talk about the sustainability and the acceleration of service requests. I believe the acceleration is partly due to the transition and spend away from the network channel into the proprietary channel. Is there an upper bound on marketing efficiency and your ability to drive growth through that channel? And then my second question is just on competitive intensity. Just what are we seeing --

非常感謝您回答我的問題。我的第一個問題是—您能談談服務請求的可持續性和加速處理嗎？我認為加速成長的部分原因是支出從網路管道轉移到了專有管道。行銷效率和透過該管道推動成長的能力是否存在上限？我的第二個問題是關於競爭強度的。我們究竟看到了什麼？--

Can you just hold on -- can you just -- can you back up, I apologize. There's something about the sound where I didn't fully grasp your whole first question.

請稍等一下——請——請後退，對不起。我感覺你的第一個問題我好像沒完全聽懂。

Yeah. No, sorry, I can repeat. I'm just talking about just the acceleration service requests and if it's sustainable from here? And specifically, just as you transition spend from the network channel into the proprietary channel.

是的。不，不好意思，我可以再說一次。我只是在討論加速服務請求，以及這種需求能否持續下去？具體來說，就像您將支出從網路管道轉移到自有管道一樣。

Is there an upward balance just on marketing efficiency? Like can you continue to push on spend there to drive that service request volume? And then just the second question is just on competitive intensity and if that's changed here over the past several months?

單就行銷效率而言，是否存在向上平衡？例如，你們能否繼續加大在該領域的投入，以推動服務請求量的成長？第二個問題是關於競爭強度，以及過去幾個月來競爭強度是否發生了變化？

Okay. So we may get accelerated a bit in the fourth quarter, maybe even in the first quarter. We're not necessarily predicting that on our proprietary growth. But we're actually -- what I said earlier is we're going to have tougher compares as we go into the second, third and fourth on the proprietary.

好的。因此，我們可能會在第四季加快步伐，甚至可能在第一季就加快步伐。我們並不一定預測我們自主研發的成長模式會實現這一點。但實際上——我之前說過，隨著我們進入專有技術的第二、第三和第四階段，我們將面臨更嚴峻的比較。

So we're actually thinking that if you have mid-single-digit revenue growth and you have -- we expect maybe modest net SR growth across all the channels next year and a little bit of variability around the mean through the quarters because of different compares.

所以我們實際上認為，如果你的收入成長達到個位數中段，而且——我們預計明年所有通路的淨銷售額可能會有適度成長，並且由於不同的比較基數，各季度的平均值可能會有一些波動。

And then we also expect to continue to get revenue or service request growth and we'll see how the mix of leads per service request and revenue per lead comes in, depending on the allocation of leads between our paper lead and our subscriber pros. But we basically think modest service request growth, modest revenue per service request growth. And so we're not actually saying we're going to accelerate through next year.

然後，我們也期望繼續獲得收入或服務請求的成長，我們將觀察每個服務請求的潛在客戶數量和每個潛在客戶的收入組合如何，這取決於我們在紙本潛在客戶和訂閱專業人士之間分配潛在客戶的數量。但我們基本上認為服務請求成長將保持溫和，每次服務請求的收入成長也將保持溫和。所以，我們其實並不是說明年我們會加速發展。

Now what I will say is that the team -- again, sorry about the standout team, the online performance marketing team has had a couple of great years, dramatically improving profit growth in 2023 and really turning it on with volume growth this year. So I'll tip my hat to them, too.

現在我要說的是，團隊——再次抱歉，我指的是表現突出的團隊，在線效果營銷團隊——過去幾年表現出色，在 2023 年大幅提高了利潤增長，並在今年實現了銷量的大幅增長。所以我也要向他們致敬。

But they have a list of initiatives and their product and technology partners have a list of initiatives. By the way, they've been a big part of that acceleration and win as part of the new platform work effectively over the last couple of years. So there's a list of initiatives. There's a level of execution, and we think we can continue to grow. I think the other key point is growing pro capacity which we're going to be back doing next year.

但他們有一份計畫清單，他們的產品和技術合作夥伴也有一份計畫清單。順便說一句，在過去幾年裡，他們作為新平台有效運作的一部分，為這一加速和成功做出了巨大貢獻。所以這裡有一份倡議清單。我們具備一定的執行力，並且我們認為我們可以繼續發展壯大。我認為另一個關鍵點是提升專業能力，我們明年將繼續推動這項工作。

If you look at what we've been able to do in terms of growing the lifetime value per Pro acquired, we expect to be able to continue to drive up lifetime value per Pro acquired as we shift from smaller Pro to larger Pro acquisition with our sales because we've gotten much better at prospect segmenting and targeting. We just added more talent to that team. We're pretty excited about it. We think there's a pretty big opportunity in larger Pros.

從我們提高每位專業用戶的終身價值來看，我們預計隨著銷售策略從獲取小型專業用戶轉向獲取大型專業用戶，我們能夠繼續提高每位專業用戶的終身價值，因為我們在潛在客戶細分和定位方面做得更好了。我們剛剛為這支隊伍增添了更多人才。我們對此感到非常興奮。我們認為大型專業賽場蘊藏著相當大的商機。

We think we're 3 times to 4 times the penetration in Pros with 10 or less employees as we are with Pros with 10 or more. And so we have a big opportunity to keep shifting and getting that capacity for Pro up. And I think you roll out online enrollment, that gets you another whole pool of Pro capacity. And the more pros I have, the more revenue that's available if I can buy the SRs. So I think we have our online execution.

我們認為，員工人數為 10 人或以下的專業人士的滲透率是員工人數為 10 人或以上的專業人士的 3 到 4 倍。因此，我們有很大的機會繼續調整並提升 Pro 的產能。我認為，如果推出線上註冊，就能獲得另一批專業級學員。我擁有的專業人士越多，如果我能購買SR，可獲得的收入就越多。所以我覺得我們的線上執行方案已經完成了。

I mentioned the TV coming in earlier, and then we have the ability to grow our network and have more demand in order to buy into. So yes, I think we can growing -- keep growing. And I think there's new tools available.

我之前提到過電視的到來，然後我們就有能力擴大我們的網絡，並有更多需求來購買。所以，是的，我認為我們可以發展——繼續發展。我認為現在有了新的工具。

We have to hit all of the major platform channels and the LLM channels, our real potential new area of opportunity for us that, again, we're working right now on proprietary technology that plays directly into our core strength. So we're very optimistic there, too. So we do think we can continue to grow SRs. We have net modest expectations next year. And in an ideal world, we beat that soundly, but I can't predict that right now.

我們必須涵蓋所有主要平台管道和LLM管道，這才是我們真正的潛在新機會領域。同樣，我們目前正在研發專有技術，這項技術將直接發揮我們的核心優勢。所以我們也對此非常樂觀。所以我們認為我們可以繼續擴大SRs。我們對明年的整體預期較為溫和。理想情況下，我們會徹底擊敗對手，但我現在無法預測。

Thank you so much.

太感謝了。

So in terms of the competitive set, we have some strong competitors out there. We continue to think that on a revenue basis, we're probably the size of the next two combined, but we don't have exact data. And the largest competitor is probably Google with their direct-to-pro advertising, and they've been probably the most formidable because when you own the highways, you can decide who drives on it, over the last several years for us.

所以就競爭格局而言，我們有一些實力強勁的競爭對手。我們仍然認為，以收入計算，我們的規模可能相當於排名第二和第三的公司的總和，但我們沒有確切的數據。最大的競爭對手可能是谷歌，他們提供直接面向專業人士的廣告服務，而且在過去的幾年裡，他們可能是最強大的競爭對手，因為當你擁有高速公路時，你就可以決定誰能在上面開車。

We do think our competitors are real. We're watching carefully what they're doing. We want to -- at the end of the day, we want to present the best solution to our homeowners and our Pros, and differentiate ourselves by providing the highest quality of experience. And I think by doing that, we can continue to grow and stay keep our competitive position and be the top choice.

我們認為我們的競爭對手是真實存在的。我們正在密切關注他們的一舉一動。歸根結底，我們希望為業主和專業人士提供最佳解決方案，並透過提供最高品質的體驗來脫穎而出。我認為，透過這樣做，我們可以繼續發展壯大，保持競爭力，成為首選。

Our key assets are, number one, our network and the quality and skill of our network. Number two, our brand, which has been built over 30 years from the ground up by our Founder, Angie Hicks and everybody else. So we've had 30 years of successfully connecting homeowners to Pros for jobs done well. That's not an asset that any of our competitors have.

我們最重要的資產是，第一，我們的人脈以及我們網絡成員的素質和技能。第二，我們的品牌，是由我們的創辦人 Angie Hicks 和所有其他成員歷經 30 多年從零開始打造的。30年來，我們一直成功地將房主與專業人士聯繫起來，確保工程順利完成。這是我們任何競爭對手都不具備的優勢。

And then finally, I do think we have a commercial machine and a reach between our online marketing expertise and our ability to call and sell Pros that we've got to the scale we have that others don't have. And I think -- we have these advantages.

最後，我認為我們擁有強大的商業運作能力，憑藉我們的網路行銷專長和聯繫銷售專業人士的能力，我們達到了其他公司所不具備的規模。我認為──我們擁有這些優勢。

We've got to keep improving our customer experience. We think we're very well positioned with our team. We're going to pivot our technology. And I think we feel very good about where we are and our opportunities going forward. We have any other questions, operator?

我們必須不斷提升客戶體驗。我們認為我們的團隊實力非常強勁。我們將對技術進行轉型。我認為我們對目前的狀況以及未來的發展機會都感到非常滿意。還有其他問題嗎，接線生？

There are no -- there is one more question that is queued up, if you'd like to take it?

沒有了──還有一個問題排在後面，你想回答嗎？

Sure. Let's go.

當然。我們走吧。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

Hey, thanks, guys. This is Max on for Ygal. Thanks for squeezing this in. Just one maybe on the 2026 EBITDA. I think the language maybe shifted a little better from similar to modest to that more modest higher end from last quarter. So just curious what's driving that? Is that some of the expected efficiencies from the platform migration, or some of those AI efficiencies from the internal tools you're using that you called out in the letter.

嘿，謝謝大家。這是Max為Ygal做的報告。謝謝你擠出時間來。或許只有 2026 年 EBITDA 會有一項值得關注。我認為措辭可能比上一季略有改進，從“相似”到“適中”過渡到了“更適中的高端”。所以，我很好奇是什麼原因導致這種情況？這是平台遷移帶來的預期效率提升，還是您在信中提到的內部工具所帶來的 AI 效率提升？

So I don't have our transcript from last quarter in front of me. I think we said mid-single-digit revenue growth and a little bit of margin leverage. I'm not sure if you said a modest, similar or what we said. I think when we look at our margins next year, we're not predicting contribution margin leverage because we're going to invest up in the branded area.

所以我手邊沒有上個季度的成績單。我想我們當時說的是中等個位數的營收成長和一定的利潤率提升。我不確定你當時說的是謙虛的、類似的，還是我們說的那種。我認為，當我們展望明年的利潤率時，我們預計不會出現貢獻毛利率槓桿效應，因為我們將增加對品牌領域的投資。

We think we get our leverage by holding our fixed cost discipline, which I think if you look at the P&L over the last couple of years. Rusty and the team have done a very nice job with. So we do think we're able to get efficiency by being AI first.

我們認為，透過控制固定成本，我們可以獲得優勢。如果你看看過去幾年的損益表，你會發現這一點。Rusty和他的團隊做得非常出色。所以我們認為，優先發展人工智慧可以提高效率。

We think you put a multiplier on human productivity, whether it's coding, or processing sales scripts or doing customer research. So we think we're going to be able to hold our head count and keep our fixed costs down and realize the leverage at the fixed cost line as a baseline.

我們認為，無論是編寫程式碼、處理銷售腳本或進行客戶調查，你都能提高人類的生產力。因此，我們認為我們能夠保持員工人數不變，降低固定成本，並以固定成本線為基準實現槓桿效應。

And at this time, there are no further questioners in the queue. This does end today's Q&A session and as well as today's conference. Thank you for attending today's presentation, and you may now disconnect your lines.

目前，排隊提問的人已經全部離開了。今天的問答環節和會議到此結束。感謝各位參加今天的報告會，現在可以掛斷電話了。

Thank you very much, everybody. We're very optimistic looking forward. Thanks for coming this morning, and thanks for listening to us. We'll talk to you all soon.

非常感謝大家。我們對未來充滿樂觀。感謝各位今天早上的到來，也感謝各位的聆聽。我們很快會和大家聯絡。