CoStar Group Inc (CSGP) 2023 Q3 法說會逐字稿

Good evening, everyone. My name is Lisa and I'll be your conference operator today. At this time, I would like to welcome everyone to the CoStar Group Third Quarter 2023 Earnings Call. (Operator Instructions). Now Cyndi Eakin, Head of Investor Relations will read the safe harbor statement. Cyndi, you may begin.

各位晚上好。我叫麗莎，今天我將擔任你們的會議接線生。此時此刻，我謹歡迎大家參加 CoStar 集團 2023 年第三季財報電話會議。 （操作員說明）。現在，投資者關係主管 Cyndi Eakin 將宣讀安全港聲明。辛迪，你可以開始了。

Thank you Lisa. Good evening and thank you all for joining us to discuss the Third Quarter 2023 results of the CoStar Group. Before I turn the call over to Andy Florance, CoStar, CEO and Founder and Scott Wheeler, our CFO, I would like to review our safe harbor statement.

謝謝麗莎。晚上好，感謝大家與我們一起討論 CoStar 集團 2023 年第三季的業績。在我將電話轉給 CoStar 執行長兼創始人 Andy Florance 和財務長 Scott Wheeler 之前，我想回顧一下我們的安全港聲明。

Certain portions of the discussion today may contain forward-looking statements, including the company's outlook and expectations for the Fourth quarter and full year 2023 based on current beliefs and assumptions. Forward-looking statements involve many risks, uncertainties, assumptions, estimates and other factors that can cause actual results to differ materially from such statements.

今天討論的某些部分可能包含前瞻性陳述，包括公司基於當前信念和假設對第四季度和 2023 年全年的展望和預期。前瞻性陳述涉及許多風險、不確定性、假設、估計和其他因素，可能導致實際結果與此類陳述有重大差異。

Important factors that can cause actual results to differ include, but are not limited to, those stated in CoStar Group's press release issued earlier today and in our filings with the SEC, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q under the heading Risk Factors.

可能導致實際結果出現差異的重要因素包括但不限於 CoStar Group 今天早些時候發布的新聞稿以及我們向 SEC 提交的文件中所述的因素，包括我們最新的 10-K 表格年度報告和後續季度報告位於表10-Q 標題「風險因素」下。

All forward-looking statements are based on the information available to CoStar on the date of this call. CoStar assumes no obligation to update these statements, whether as a result of new information, future events or otherwise. Reconciliation of the most directly comparable GAAP measure of any non-GAAP financial measure is discussed in this call or as discussed on this call, are shown in detail in our press release issued today, along with the definitions for those terms.

所有前瞻性陳述均基於 CoStar 在本次電話會議之日獲得的資訊。 CoStar 不承擔更新這些聲明的義務，無論是由於新資訊、未來事件或其他原因。本次電話會議中討論了任何非 GAAP 財務指標的最直接可比較的 GAAP 指標的調節，或在本次電話會議中討論的內容，以及這些術語的定義，在我們今天發布的新聞稿中詳細顯示。

The press release is available on our website located at costargroup.com under Press Room. As a reminder, today's conference call is being webcast, and the link is also available on our website under Investors. Please refer to today's press release on how to access the replay of this call.

新聞稿可在我們的網站 costargroup.com 的新聞室下取得。提醒一下，今天的電話會議正在網路直播，該連結也可以在我們網站的「投資者」下找到。請參閱今天的新聞稿，以了解如何觀看本次電話會議的重播。

And with that, I would like to turn the call over to our Founder and CEO, Andy Florance.

說到這裡，我想將電話轉給我們的創始人兼執行長 Andy Florance。

Good evening, everyone and thank you for joining us for CoStar Group's Third Quarter 2023 Earnings Call. Revenue for the third quarter of 2023 was $625 million or 12% growth year-over-year. Our commercial real estate information and marketplace businesses grew revenue at an impressive 14% this quarter compared to the same quarter a year ago. We also delivered strong net new bookings of $65 million in the third quarter, with CoStar sales improving sequentially and Apartments.com coming off a seasonally strong sales record they set in the second quarter.

大家晚上好，感謝您參加 CoStar Group 2023 年第三季財報電話會議。 2023 年第三季營收為 6.25 億美元，年增 12%。與去年同期相比，本季我們的商業房地產資訊和市場業務收入成長了 14%，令人印象深刻。第三季我們也實現了 6,500 萬美元的強勁淨新預訂量，CoStar 銷售額連續成長，Apartments.com 打破了第二季創下的季節性強勁銷售記錄。

We've now reported 50 straight quarters of double-digit revenue growth, stretching all the way back to the first quarter of 2011 as we came out of the great financial crisis. This is a remarkable achievement. Over the past 12-plus years, we've generated 21% compound annual revenue growth, increasing revenue tenfold from $230 million to over $2.3 billion on a trailing 12-month basis.

現在，我們已經連續 50 個季度實現兩位數的營收成長，這可以追溯到 2011 年第一季度，當時我們正走出金融危機。這是一項了不起的成就。在過去 12 多年裡，我們實現了 21% 的年複合收入成長，在過去 12 個月的基礎上，營收從 2.3 億美元成長了十倍，達到超過 23 億美元。

As we move into the fourth quarter, we are generating almost $1 billion of adjusted EBITDA annualized from our commercial real estate business. We have diversified our revenue across countercyclical marketplaces such as LoopNet and Apartments.com while diversifying CoStar product revenue into broader vertical markets such as owners and lenders. Alongside our diversification efforts, we remain committed to building a subscription-only revenue portfolio across the business.

隨著進入第四季度，我們的商業房地產業務每年產生近 10 億美元的調整後 EBITDA。我們在 LoopNet 和 Apartments.com 等反週期市場實現了收入多元化，同時將 CoStar 產品收入多元化到了業主和貸方等更廣泛的垂直市場。除了我們的多元化努力外，我們仍然致力於在整個業務中建立僅限訂閱的收入組合。

The result we see today is an extremely resilient and steady growth business. Even during a time when the property markets are in a hard down cycle as they are now. To produce these exceptional results, we made big investment bets on expanding our geographical footprint or entering new adjacent segments. These investments, for example, such as expanding CoStar into all the U.S. cities, Canada and the U.K. or entering the apartment marketplace business.

我們今天看到的結果是業務極具彈性且穩定成長。即使在房地產市場像現在一樣處於嚴重下行週期的時期。為了取得這些卓越的成果，我們在擴大地理足跡或進入新的相鄰細分市場方面進行了大量投資。例如，這些投資包括將 CoStar 擴展到美國所有城市、加拿大和英國或進入公寓市場業務。

Though clear to us, we're not universally popular at the time when we were in the investment phase they required. We pursue growth investments regardless because we are singularly focused on the enormous value creation we see in meeting the demand for digital information, analytics and marketing of the $300 trillion real estate asset class globally.

儘管我們很清楚，但當我們處於所需的投資階段時，我們並沒有受到普遍歡迎。無論如何，我們都追求成長投資，因為我們特別關注在滿足全球 300 兆美元房地產資產類別對數位資訊、分析和行銷的需求方面所看到的巨大價值創造。

Digitizing real estate is unlocking major value, and we are absolutely in the earliest innings of this opportunity. I believe that CoStar's Group's revenue will grow tenfold again over the next 12 years because of the careful significant calculated investments we're making that optimize our competitive advantages and capabilities. We firmly believe that Homes.com can compete and win in the residential opportunity. Just as we lead today in all the prior asset class we have entered in the past, including office, industrial, retail, hospitality, multifamily, land, et cetera.

房地產數位化正在釋放重大價值，我們絕對處於這個機會的最早階段。我相信 CoStar 集團的收入將在未來 12 年內再次成長十倍，因為我們正在進行精心計算的重大投資，以優化我們的競爭優勢和能力。我們堅信 Homes.com 能夠在住宅領域競爭並獲勝。正如我們今天在過去進入的所有先前資產類別中處於領先地位一樣，包括辦公大樓、工業、零售、酒店、多戶住宅、土地等。

Homes.com delivered over 100 million unique visitors in the month of September, according to Google Analytics. That's an increase of 1,290% over the same period a year ago, making Homes.com the fastest-growing residential marketplace in the United States. Our residential network traffic, which consists of homes and apartments, reached over 140 million monthly unique visitors in September which is more than realtor and Redfin combined based on the traffic reported in their most recent earnings announcements.

根據 Google Analytics 的數據，Homes.com 在 9 月的獨立訪客數量超過 1 億。與去年同期相比成長了 1,290%，使 Homes.com 成為美國成長最快的住宅市場。我們的住宅網路流量（包括住宅和公寓）在 9 月達到了超過 1.4 億月度獨立訪客，這超過了房地產經紀人和 Redfin 根據其最新收益公告中報告的流量的總和。

According to ComScore, we are clearly now the second most heavily trafficked residential network by a wide margin with monthly unique visitors, 35% higher than realtor.com and 90% higher than Redfin in September. Looking at the trend lines, we are in a convergence path with the historically most traffic site.

根據 ComScore 的數據，我們現在顯然是第二大流量住宅網絡，每月獨立訪客數大幅領先，比 9 月的 realtor.com 高出 35%，比 Redfin 高出 90%。從趨勢線來看，我們正與史上流量最大的網站趨同。

Two short years ago, when we acquired Homes.com we set out to deliver an agent-friendly site that homebuyers love. I believe that reaching over 100 million monthly unique visitors in September to Homes.com is evidence that we are achieving that goal. Our returning users have increased almost 900% over September of last year, which is a testament to our success of building rich content and providing a great consumer experience.

兩年前，當我們收購 Homes.com 時，我們開始提供一個深受購屋者喜愛的代理商友善網站。我相信，9 月份 Homes.com 的每月獨立訪客數量超過 1 億，證明我們正在實現這一目標。與去年 9 月相比，我們的回訪用戶增加了近 900%，證明了我們在建立豐富內容和提供出色消費者體驗方面取得了成功。

The traffic generation plans for Homes.com are still in the early stages, and we've already delivered double the 50 million monthly unique visitors that we initially targeted. In the Apple Appstore homes.com has climbed from 136 under lifestyle to now become #19. Homes.com is now ranked above Realtor, Redfin, Trulia and even Apartments.com in the Appstore. When we announced that we were going to build Homes.com into a leading residential portal, the #1 risk factor called out was skepticism that we could build the traffic required to compete.

Homes.com 的流量產生計劃仍處於早期階段，我們已經交付了我們最初目標的每月 5000 萬獨立訪客數量的兩倍。在 Apple Appstore 中，homes.com 在「生活方式」項下的排名從第 136 位攀升至目前的第 19 位。 Homes.com 現在在 Appstore 中的排名高於 Realtor、Redfin、Trulia 甚至 Apartments.com。當我們宣布要將 Homes.com 打造成領先的住宅門戶網站時，我們提出的第一大風險因素是懷疑我們能否建立競爭所需的流量。

Earlier this year, media reports speculated that CoStar Group was in talks to acquire realtor.com for approximately $3 billion. If that was true, the primary objective in acquiring realtor.com could have been to take the #2 traffic position in the United States. Given that, that speculation did not come to pass, we might have been good stewards of our shareholders $3 billion that we saved by building the traffic to Homes.com for a fraction of the cost of buying it.

今年早些時候，媒體報告推測 CoStar Group 正在洽談以約 30 億美元收購 realtor.com。如果這是真的，那麼收購 realtor.com 的主要目標可能是佔據美國第二大流量位置。鑑於這一猜測並未成為現實，我們可能會成為股東的好管家，透過增加 Homes.com 的流量而節省了 30 億美元，而成本只是購買該網站的一小部分。

Clearly, successfully building traffic is no longer Homes.com's primary risk factor. At this point, shrewed investors seeking a new risk factor to replace the now reduced traffic risk factor will now need to turn to monetization as the next key risk factor. Unlike its competitors, Homes.com has never invested in any material brand marketing. Because of that, Homes.com unaided awareness is in the low single digits, while our competitors unaided awareness is in the mid- to high double digits.

顯然，成功建立流量不再是 Homes.com 的主要風險因素。此時，精明的投資者尋求新的風險因素來取代現已降低的流量風險因素，現在需要將貨幣化作為下一個關鍵風險因素。與競爭對手不同，Homes.com 從未投資任何材料品牌行銷。因此，Homes.com 的獨立認知度處於低個位數，而我們的競爭對手的獨立認知度則處於中高兩位數。

When we acquired Apartments.com, it similarly had a single-digit unaided awareness problem. But through a persistent creative branding, we've grown Apartments.com unaided awareness to the industry-leading unaided awareness of 53%.

當我們收購 Apartments.com 時，它同樣也存在個位數的無輔助意識問題。但透過持續不斷的創意品牌推廣，我們已將 Apartments.com 的獨立認知度提高到業界領先的獨立認知度 53%。

Achieving significant unaided awareness is important because it improves SEO, optimizes SEM investments and facilitate sales of advertising products to prospects. It is essential to build unaided awareness before we begin monetizing. We do not believe that building unaided awareness is our most significant risk factor. We anticipate selling Homes.com memberships in the second quarter of 2024.

獲得顯著的獨立認知非常重要，因為它可以改善 SEO、優化 SEM 投資並促進向潛在客戶銷售廣告產品。在我們開始貨幣化之前，建立獨立的意識至關重要。我們不認為建立獨立意識是我們最重要的風險因素。我們預計在 2024 年第二季出售 Homes.com 會員資格。

CoStar Group has created dozens of successful monetization strategies, and we believe that our planned monetization strategy for Homes.com will become dozen plus one of our successful monetization strategy. When we acquired Homesnap, we quickly built a centralized sales team to sell their Facebook ads. While we did not believe in the long-term value of reselling low retention low-margin Facebook ads, we did very quickly scale a sales force and sold tens of millions of dollars worth of ads. We look forward to doing it again with Homes.com which we will believe will be a much better product with higher margin and higher retention.

CoStar Group 已經制定了數十項成功的獲利策略，我們相信我們為 Homes.com 計劃的獲利策略將成為我們成功的獲利策略的十加之一。當我們收購 Homesnap 時，我們很快就建立了一個集中銷售團隊來銷售他們的 Facebook 廣告。雖然我們不相信轉售低留存率、低利潤的 Facebook 廣告的長期價值，但我們很快就擴大了銷售隊伍，並銷售了價值數千萬美元的廣告。我們期待與 Homes.com 再次合作，我們相信這將是一個更好的產品，具有更高的利潤和更高的保留率。

William Blair recently published a paper on October 20, titled Competition Intensifying Among Home Search Portals. There are some interesting call-outs from their survey of residential agents that are worth noting. Combined spend and potential efficiency gained from agents marketing their properties and services is $15 billion to $20 billion in the United States. Most of the agent's marketing spend today is not on our competing portals. It's like print. Most agents do not spend marketing dollars with Zillow. Most agents do not spend marketing dollars with realtor.com.

威廉布萊爾 (William Blair) 最近於 10 月 20 日發表了一篇論文，題為「家庭搜尋門戶之間的競爭加劇」。他們對住宅經紀人的調查中有一些值得注意的有趣的發現。在美國，代理商行銷其房產和服務所獲得的綜合支出和潛在效率為 150 億至 200 億美元。今天代理商的大部分行銷支出都不是在我們的競爭入口網站上。就像印刷品一樣。大多數代理商不會在 Zillow 上花費行銷資金。大多數代理商不會在 realtor.com 上花費行銷資金。

Most of Zillow's clients feel that Zillow will become less important to their lead generation efforts in the next 1 to 2 years. 60% of Zillow's Premier Agent client surveys stated that the value of the product is declining, and 5% said it's improving. So 60% said the value was declining and 5% said it was improving. 94% of Zillow's Premier Agent customers said that they're very open or somewhat open to alternative sources for lead generation. Sounds good to me. Even before we begin selling premium services, we're creating real value for agents.

Zillow 的大多數客戶認為，在未來 1 到 2 年內，Zillow 對於他們的潛在客戶開發工作將變得不那麼重要。在 Zillow 的 Premier Agent 客戶調查中，60% 的人表示產品的價值正在下降，5% 的人表示產品的價值正在提高。因此，60% 的人表示價值正在下降，5% 的人表示價值正在上升。 94% 的 Zillow 高級代理客戶表示，他們對潛在客戶開發的替代來源非常開放或有些開放。聽起來不錯。甚至在我們開始銷售優質服務之前，我們就已經為代理商創造了真正的價值。

As a result of our traffic growth and superior your listing your lead business model, I believe we are already generating millions of leads for agents that are converting to commissions for them. I'm encouraged by the feedback with one agent saying that 85% of their total sales come from being able to build their brand and collaborate with sellers and buyers on the Homes.com network. From these leads, we estimate that homes.com is helping agents generate billions and billions of dollars in annual commissions already while saving them billions in referral fees.

由於我們的流量成長和卓越的上市領先商業模式，我相信我們已經為代理商創造了數百萬的潛在客戶，這些潛在客戶正在轉化為他們的佣金。一位代理商的回饋令我深受鼓舞，他說他們總銷售額的 85% 來自於打造自己的品牌以及與 Homes.com 網路上的賣家和買家合作。根據這些線索，我們估計，homes.com 已經幫助代理商賺取了數十億美元的年度佣金，同時為他們節省了數十億美元的推薦費。

Last week, Sitzer/Burnett versus NAR lawsuit went to trial. We could be seeing the biggest change to the residential real estate industry in recent or even intermediate history or long-term history. Sitzer/Burnett and other class action lawsuits are challenging the legality of the buyer broker commission rule, which requires the home seller to pay the homebuyers agent fees. Plaintiffs are seeking damages of more than $40 billion, implying the nationwide damages of more than $400 billion. Several defendants have already agreed to collectively pay $138 million in settlements and to changes to the rule.

上週，Sitzer/Burnett v. NAR 的訴訟進入審判階段。我們可能會看到住宅房地產行業近期甚至中期歷史或長期歷史上最大的變化。 Sitzer/Burnett 和其他集體訴訟正在挑戰買方經紀人佣金規則的合法性，該規則要求房屋賣家向購房者支付代理費。原告要求賠償超過 400 億美元，這意味著全國損失超過 4,000 億美元。幾名被告已同意集體支付 1.38 億美元的和解金並同意修改規則。

The first generation real estate portals leverage this threatened buyer broker commission rule to divert listing leads from all the agents in the market to a small handful of agents who are then required to split their commissions with the portal. Often, that's the model. Many agents and brokers strongly resent that model. Now that Homes.com is one of the most heavily trafficked portals, there is a strong and viable alternative for lead generation available to agents that does not require various commission splits.

第一代房地產門戶網站利用這種受到威脅的買方經紀人佣金規則，將市場上所有代理商的掛牌線索轉移到少數代理商手中，然後這些代理商需要與門戶網站分攤佣金。通常，這就是模型。許多代理人和經紀人強烈反對這種模式。現在 Homes.com 是流量最大的入口網站之一，代理商可以使用強大且可行的潛在客戶開發替代方案，而無需進行各種佣金分配。

Unlike the first-generation portals, Homes.com business model is not negatively impacted by the potential end of the buyer broker commission rule. Momentum around our residential strategy is clearly building with the early successes of Homes.com and there is potential for dramatic change in the industry soon. Our confidence in the success of Homes.com and timing is increasing, the need to time the movement that we see happening. For these reasons, we have decided to slightly accelerate the pace and level of our investments into Homes.com.

與第一代入口網站不同，Homes.com 的商業模式不會受到買方經紀人佣金規則可能終止的負面影響。隨著 Homes.com 的早期成功，我們住宅策略的勢頭顯然正在增強，並且該行業很快就有可能發生巨大變化。我們對 Homes.com 的成功和時機的信心正在增強，需要對我們所看到的運動進行計時。基於這些原因，我們決定稍微加快對 Homes.com 的投資步伐和水準。

Last week, we announced our offer to acquire on the market, the third most traffic residential property portal in the U.K. for approximately GBP 100 million. Doesn't seem like we thought that number out carefully. How could I just round out to GBP 100 million. Okay, we did actually. On the market, it was founded by agents in 2013 to provide a competitive alternative to the existing U.K. portals which the agents felt represented duopoly extracting economic rent from them. We believe that Rightmove's ARPA is 21,000, while ours is less than 1,000. So we feel confident that we can profitably deliver the U.K.'s most cost-effective solution over the long term. On the market has successfully developed a large network of agents and property listings by taking an agent-friendly approach.

上週，我們宣布以約 1 億英鎊收購市場上第三大流量的英國住宅房地產入口網站。我們似乎沒有仔細考慮這個數字。我怎麼能湊到一億英鎊呢？好吧，我們確實做到了。在市場上，它由代理商於 2013 年創立，旨在為現有的英國門戶網站提供有競爭力的替代方案，代理商認為這些門戶網站代表著雙頭壟斷，從他們身上榨取經濟租金。我們認為Rightmove的ARPA是21,000，而我們的不到1,000。因此，我們有信心能夠長期提供英國最具成本效益的解決方案並實現盈利。 On the market 透過採取對代理人友善的方式，成功地開發了一個龐大的代理人網絡和房產清單。

Today, on the market has over 13,000 agent advertisers and attracts high-intent leads at a fraction of the cost of other U.K. portals. Our intention with the acquisition of on the market is to create the #1 property portal by combining the strengths of our leading commercial U.K. commercial property site -- I said U.K. twice there -- CoStar and our technology platform, driving Homes.com with on the market's large network of agents.

如今，市場上有超過 13,000 家代理商廣告商，並且以其他英國入口網站成本的一小部分吸引了高意圖的潛在客戶。我們收購市場上的公司的目的是透過結合我們領先的英國商業地產網站（我在那裡說了兩次英國）和我們的技術平台的優勢，創建排名第一的房地產門戶網站，推動Homes.com 的發展市場龐大的代理網絡。

So taking our 2 decades of experience with commercial property sites in the U.K., along with the technology driving the successes of Homes.com and combining it with on the market's large share of agents in the United Kingdom to create a very valuable solution.

因此，利用我們在英國商業房地產網站方面 20 年的經驗以及推動 Homes.com 成功的技術，並將其與英國市場上的大量代理商相結合，創建了一個非常有價值的解決方案。

We believe the acquisition of the on the market represents an attractive and efficient entry point into the $8 trillion United Kingdom residential property market. CoStar Group has a proven track record of acquiring strong-performing property portals that are not the #1 players and investing and building them into the most successful portals serving their market. We intend to apply a similar approach with on the market as we plan to invest GBP 46.5 million into sales and marketing in the first full year following the commencement of the integration of the portal into CoStar's network of marketplaces.

我們相信，對市場上的收購代表了進入價值 8 兆美元的英國住宅房地產市場的一個有吸引力且有效的切入點。 CoStar Group 在收購非排名第一的表現強勁的房地產入口網站、投資並將其打造為服務其市場的最成功入口網站方面擁有良好的記錄。我們打算在市場上採用類似的方法，因為我們計劃在門戶開始整合到 CoStar 市場網絡後的第一個全年投資 4,650 萬英鎊用於銷售和行銷。

That amount represents 6x on the market's current annual media spend and more than 3x the current annual media spend of Rightmove. The sales and marketing investments in the first stage of a multiyear investment program to drive consumers to on-the-market portal with the goal of significantly increasing the quality of valuable leads to on-the-market agent clients at good prices.

該金額是市場目前年度媒體支出的 6 倍，是 Rightmove 目前年度媒體支出的 3 倍以上。多年投資計畫第一階段的銷售和行銷投資，旨在推動消費者進入市場門戶，目標是以優惠的價格顯著提高向市場代理客戶提供的有價值潛在客戶的品質。

We believe that real estate portals across Europe will soon be entering a period of consolidation. We did not want to approach that emerging opportunity by jumping into buying assets that are priced to perfection. Private equity firms are more likely to seek to acquire portals in the #1 position at elevated multiples because they don't have the same strategic value add with which to grow share. We believe that as a strategic with extensive proprietary technology and expertise, we can create more value for shareholders by acquiring good or great assets at excellent values that may benefit from our track record of acquiring and growing traffic share and revenue in high potential portals.

我們相信歐洲各地的房地產門戶網站很快就會進入整合期。我們不想透過購買定價完美的資產來抓住這個新興機會。私募股權公司更有可能尋求以更高的倍數收購排名第一的入口網站，因為它們不具有相同的策略附加價值來增加份額。我們相信，作為擁有廣泛專有技術和專業知識的策略，我們可以透過以優異的價值收購優質或優質的資產，為股東創造更多價值，這可能會受益於我們在高潛力門戶網站上收購和增加流量份額和收入的記錄。

We believe that Europe represents a $17 billion revenue opportunity. Currently, we estimate that publicly traded and large private portals in Europe have a market cap of about $30 billion or so. We also believe that those declined about 10% when we announced the acquisition of on-the-market or since we -- we don't know that's related, but there has been a decline since we announced the acquisition of on-the-market.

我們相信歐洲代表 170 億美元的收入機會。目前，我們估計歐洲的公開交易和大型私人入口網站的市值約為 300 億美元左右。我們也認為，當我們宣布收購 on-the-market 時，或者我們不知道這是否相關，但自從我們宣布收購 on-the-market 以來，這些數字下降了約 10% 。

Apartments.com continues to deliver impressive quarterly results with revenue of $235 million in the third quarter, a 24% increase over the third quarter of last year. Apartments.com is now our largest business by revenue and is on track to reach $1 billion in revenue run rate in the first quarter of 2024.

Apartments.com 持續交付令人印象深刻的季度業績，第三季營收達到 2.35 億美元，比去年第三季成長 24%。以收入計算，Apartments.com 目前是我們最大的業務，預計 2024 年第一季的營收將達到 10 億美元。

Net new bookings increased year-over-year for the seventh consecutive quarter while communities advertising their spaces on Apartments.com grew to more than 69,000 in the third quarter, the highest tally ever and 15% above the third quarter of 2022. Apartments.com achieved an all-time high in unaided brand awareness in the third quarter of 53%, proving the strength of our brand and the value of our long-term commitment to marketing investments.

新淨預訂量連續第七個季度同比增長，而第三季度在 Apartments.com 上發布房源廣告的社區數量增至超過 69,000 個，創歷史新高，比 2022 年第三季度增長 15%。第三季度的獨立品牌知名度達到歷史新高，達到53%，證明了我們品牌的實力以及我們長期致力於行銷投資的價值。

Apartments.com attracts the highest quality potential renters with average monthly unique visitors of 45 million in the third quarter according to Google Analytics, outperforming the market on a year-over-year basis. Visitors spend twice -- 2x more time on our site per visit and our leads convert to leases 3.4x more than our closest competitor according to rent dynamics. Our sales team continues to deliver strong results, conducting the highest number of quality meetings ever at 163,000 meetings in the quarter. There's an increase of 36% over the same quarter last year all while maintaining a Net Promoter Score of 95.

根據 Google Analytics 的數據，Apartments.com 吸引了最優質的潛在租屋者，第三季平均每月獨立訪客達到 4,500 萬，較去年同期表現優於市場。根據租金動態，訪客在我們網站上的停留時間是我們網站的兩倍，每次訪問的時間增加了2 倍，而我們的潛在客戶轉化為租賃的時間比我們最接近的競爭對手高出3.4 倍。我們的銷售團隊繼續取得強勁成果，本季召開了 163,000 場會議，創下歷史最高數量。與去年同期相比增長了 36%，同時淨推薦值保持在 95 分。

Our expansion of the mid-market sales team continues to deliver productive results. We have more sellers, increasing levels of productivity and new flexible listing plans, all of which result in a 48% increase in properties under 50 units advertising on Apartments.com. The size and strength of our sales team continues to differentiate us from the competition.

我們對中端市場銷售團隊的擴張持續帶來富有成效的成果。我們擁有更多的賣家、不斷提高的生產力水平以及新的靈活的上市計劃，所有這些都導致​​在 Apartments.com 上做廣告的 50 套以下房產數量增加了 48%。我們銷售團隊的規模和實力繼續使我們在競爭中脫穎而出。

As we hear about competitors shrinking their sales teams, we continue to add and train new sales reps each month to capitalize on the large opportunity we see clearly in front of us. We continue to see favorable overall economic conditions for rental property advertising, Vacancy rates continue to go up with 3 to 5 star property vacancy rates increasing 200 basis points over prior year to 8.1%. New unit deliveries are expected to continue at or near all-time highs through the end of the year.

當我們聽到競爭對手正在縮減銷售團隊時，我們每個月都會繼續增加和培訓新的銷售代表，以利用我們清楚看到的巨大機會。我們繼續看到租賃物業廣告的整體經濟狀況良好，空置率持續上升，3 至 5 星級物業空置率比上年增加 200 個基點，達到 8.1%。預計到今年年底，新單位交付量將繼續保持或接近歷史最高水準。

For these reasons, we expect to see Apartments.com revenue grow -- growth to continue at 24% in the fourth quarter of 2023. CoStar revenue for the second quarter was $233 million or a 10% increase over the same period last year and in line with our expectations.

基於這些原因，我們預計 Apartments.com 營收將成長，到 2023 年第四季將繼續成長 24%。CoStar 第二季營收為 2.33 億美元，比去年同期和 2019 年成長 10%。符合我們的預期。

Our focus on selling to owners, lenders, investors and corporates continues to yield great returns and most of our sales activities are now focused on these high-value customers. Even though the property markets remain as some of the worst in decades, we still see high levels of engagement and usage of CoStar by our customers. Our subscriber count remains well above 180,000 this year, and our renewal rates increased sequentially in the third quarter and are now above 93%.

我們專注於向業主、貸款人、投資者和企業銷售，並繼續帶來豐厚的回報，我們的大部分銷售活動現在都集中在這些高價值客戶身上。儘管房地產市場仍然是幾十年來最糟糕的市場之一，但我們仍然看到客戶對 CoStar 的高度參與和使用。今年我們的訂閱人數仍遠高於 18 萬人，我們的續訂率在第三季連續上升，目前已超過 93%。

There were 140,000 distinct logins to CoStar in September, our second highest month of log-ins this year. Property searches were up 13% compared to the same period last year. Our sales force remains strong and very active, and our attrition rates are at an all-time low. Demand for our new lender product continues to be strong. We now have 230 customers on the CoStar Lender platform, which is more than double what we had this time last year. Our year-to-date net new bookings have increased 45% versus last year. CoStar lender is now helping clients manage over $620 billion of debt or 14% of the outstanding $4.4 trillion in nonsecuritized commercial property debt. And still, we have significant opportunity to expand into the market further.

9 月 CoStar 的不同登入次數為 14 萬次，是今年登入次數第二高的月份。與去年同期相比，房產搜尋量增加了 13%。我們的銷售隊伍仍然強大且非常活躍，我們的流失率處於歷史最低水平。對我們新貸款產品的需求持續強勁。現在，CoStar Lender 平台上有 230 名客戶，是去年同期的兩倍多。今年迄今為止，我們的淨新預訂量比去年增加了 45%。 CoStar 貸款機構目前正在幫助客戶管理超過 6,200 億美元的債務，佔未償付的 4.4 兆美元非證券化商業房地產債務的 14%。儘管如此，我們仍然有很大的機會進一步拓展市場。

I'm encouraged by continued strong customer engagement on CoStar and the success of these new product capabilities. Our ability to continue to generate solid revenue growth and sell through the current downturn is a testament to the value of CoStar at all points in the property cycle.

客戶對 CoStar 的持續強勁參與以及這些新產品功能的成功讓我深受鼓舞。我們有能力繼續實現穩健的收入成長並度過當前的低迷時期，這證明了 CoStar 在房地產週期各個階段的價值。

LoopNet revenue was $68 million for the quarter, up 15% year-over-year and slightly ahead of our guidance forecast. LoopNet International revenue for the third quarter was up 38% compared to the same quarter last year as we continue to work towards the launch of LoopNet in France and Spain. Office vacancy rates increased again in the third quarter, now over 13% and in phantom vacancy rates are dramatically higher, creating countercyclical momentum with the need to advertise empty commercial property space. Signature ad listings in the third quarter were up 16% compared to last year, and we see more customers move up from the basic [silver-level] ads to the higher-performing LoopNet's signature ads which delivered more traffic and lead flow to their properties.

LoopNet 本季營收為 6,800 萬美元，年增 15%，略高於我們的指導預測。隨著我們繼續致力於在法國和西班牙推出 LoopNet，LoopNet International 第三季的營收比去年同期成長了 38%。第三季辦公室空置率再次上升，目前已超過 13%，而且虛擬空置率大幅上升，創造了反週期動力，需要宣傳空置的商業地產空間。第三季的簽名廣告清單與去年相比成長了16%，我們看到越來越多的客戶從基本的[銀級]廣告轉向性能更高的LoopNet 簽名廣告，這為他們的房產帶來了更多的流量和潛在流量。

LoopNet generated 14 million monthly unique average visitors for the third quarter in a row, an increase of 10% year-over-year. We have a new sales leader in place for LoopNet, Brandon Lewe, who has extensive experience leading both CoStar and LoopNet teams and his experience with Ten-X as well.

LoopNet 連續第三季產生 1,400 萬月平均獨立訪客，較去年同期成長 10%。我們為 LoopNet 任命了一位新的銷售領導者 Brandon Lewe，他擁有領導 CoStar 和 LoopNet 團隊的豐富經驗以及在 Ten-X 方面的經驗。

We also changed the LoopNet dedicated sales team commission plan to now focus on both sales and service, which will be backed up by our activity metrics and Net Promoter Score tracking capabilities. Since making these changes, sales activities, including customer service meetings have almost doubled from the prior quarter. We continue to expand our dedicated LoopNet sales team while shifting more and more of the direct customer count responsibilities over to LoopNet from the CoStar sales team. I'm confident in the long-term opportunity for continued strong revenue growth in LoopNet.

我們還更改了 LoopNet 專用銷售團隊佣金計劃，現在將重點放在銷售和服務上，這將得到我們的活動指標和淨推薦值追蹤功能的支援。自從做出這些改變以來，包括客戶服務會議在內的銷售活動幾乎比上一季增加了一倍。我們繼續擴大專門的 LoopNet 銷售團隊，同時將越來越多的直接客戶統計職責從 CoStar 銷售團隊轉移到 LoopNet。我對 LoopNet 收入持續強勁成長的長期機會充滿信心。

STR revenue growth was 12% compared to the third quarter of last year, with subscription revenue growth accelerating to 22%. STR had another incredible sales quarter with their second highest sales ever growing 156% in the third quarter versus the same quarter last year. We have now reached a record 78,000 hotels participating with historical data and over 100 -- I'm sorry, over 16,000 hotels providing forward-looking data. The more hotels we have contributing the better data we are able to provide to the industry, which is evidenced by our impressive 97% renewal rate.

與去年第三季相比，STR 營收成長 12%，其中訂閱收入成長加速至 22%。 STR 迎來了另一個令人難以置信的銷售季度，第三季銷售額與去年同期相比增長了 156%，是有史以來第二高的銷售額。目前，我們已達到創紀錄的 78,000 家酒店參與歷史數據，以及超過 100 家——抱歉，超過 16,000 家酒店提供前瞻性數據。我們貢獻的飯店越多，我們就能為業界提供更好的數據，我們令人印象深刻的 97% 續訂率就證明了這一點。

We've now migrated over 300 customers to the new CoStar Hospitality benchmarking product, up from 60 last quarter with another 200 underway. One customer referred to the new benchmarking product as a "game changer" saying, "I grew up with the old STR report and watched its evolution over 30 years. And by far, this is the best thing that could have happened with the tool." In total, our plan is to migrate over 900 corporate accounts and 6,000 independent hotels into the CoStar platform and we expect that process will be completed by the end of the second quarter next year.

目前，我們已將 300 多家客戶遷移到新的 CoStar Hospitality 基準產品，高於上季度的 60 家，另外 200 家客戶正在遷移中。一位客戶將新的基準測試產品稱為“遊戲規則改變者”，他說：“我是看著舊的STR 報告長大的，並見證了它30 年來的演變。到目前為止，這是該工具可能發生的最好的事情。 ”總的來說，我們的計劃是將超過 900 個企業帳戶和 6,000 家獨立酒店遷移到 CoStar 平台，我們預計該過程將在明年第二季末完成。

I expect strong double-digit revenue growth to continue for STR for the foreseeable future as more and more hospitality customers see the enhanced value that CoStar information analytics brings to their subscription. Ten-X brought 1.1 billion assets to the platform in the third quarter and achieved a 51% trade rate more than double the trade rate we are currently seeing in the offline transaction space.

我預計 STR 在可預見的未來將繼續實現兩位數的強勁收入成長，因為越來越多的飯店客戶看到 CoStar 資訊分析為其訂閱帶來的更高價值。 Ten-X第三季為平台帶來了11億資產，並實現了51%的交易率，是我們目前在線下交易空間看到的交易率的兩倍多。

We continue to see tremendous transaction interest in the platform in the third quarter as we reviewed $4.8 billion in potential assets for sale in the quarter. Unfortunately, Bid-ask spreads remain at high levels. leading to only 35% of these potential assets moving through to auctions on Ten-X in the quarter.

我們在第三季繼續看到對該平台的巨大交易興趣，因為我們審查了該季度 48 億美元的潛在待售資產。不幸的是，買賣價差仍然處於較高水準。導致本季這些潛在資產中只有 35% 進入 Ten-X 拍賣。

The CRE market continues to face significant headwinds with transaction volumes down 47% in the third quarter as compared to the same quarter a year ago. Historically low levels of transaction volumes are continued -- expected to continue for the remainder of '23 and '24 or at least the first half of '24. It's still early to see an increase in distressed assets on Ten-X at this point. We continue to see the long-term value in digital transaction platform, in fact both commercial and residential real estate regardless of any current market conditions. We're focused on continuing to improve our technology tools as part of our CoStar integration and believe there are additional performance synergies to be gained by aligning our Ten-X sales and marketing activities closer with LoopNet.

商業不動產市場持續面臨重大阻力，第三季交易量較去年同期下降 47%。交易量持續處於歷史低位，預計在 23 年和 24 年剩餘時間內或至少在 24 年上半年將持續。目前來看 Ten-X 不良資產的增加還為時過早。無論當前的市場狀況如何，我們仍然看到數位交易平台的長期價值，事實上無論是商業還是住宅房地產。作為 CoStar 整合的一部分，我們致力於繼續改進我們的技術工具，並相信透過將我們的 Ten-X 銷售和行銷活動與 LoopNet 更緊密地結合起來，可以獲得額外的效能協同效應。

Turning to the real estate economy. The capital markets continue to be stress, as I mentioned, with transaction volumes significantly lower. Values are also down with both office and multifamily prices falling by 16% year-over-year for multifamily and office prices down 30% from their peak. Banks are not lending and now they're shedding CRE loans for their balance sheet. CMBS delinquencies are also trending higher with office delinquencies of 6%, up more than 600% where they were at the end of 2022 and rapidly approaching the 10.5% peak last seen after the last recession.

轉向房地產經濟。正如我所提到的，資本市場繼續面臨壓力，交易量大幅下降。價值也在下降，辦公室和多戶住宅價格年減 16%，其中多戶住宅和辦公室價格較高峰下降 30%。銀行不再放貸，現在他們正在為資產負債表削減商業房地產貸款。 CMBS 拖欠率也呈上升趨勢，辦公室拖欠率為 6%，較 2022 年底增長了 600% 以上，並迅速接近上次經濟衰退後的 10.5% 峰值。

We expect this trend to continue as it took more than 3 years after the conclusion of the great financial crisis for the delinquencies to peak. The office sector already experiencing its worst market conditions ever continued to weaken in the third quarter. Total negative absorption for the year is now 50 million square feet. Since the pandemic began, there has been over 170 million square feet of negative absorption in the office sector, which represents about 30% of all of the positive absorption that occurred in the 10-year recovery period after the last recession. Absorption will likely continue to be negative for some time as most indicators point to continued weaknesses.

我們預計這一趨勢將持續下去，因為在金融危機結束後三年多的時間裡，拖欠率才達到高峰。辦公室產業已經經歷了有史以來最糟糕的市場狀況，第三季繼續疲軟。今年的負吸收總量目前為 5,000 萬平方英尺。自疫情爆發以來，辦公大樓面積已超過 1.7 億平方英尺的負吸收面積，約佔上次經濟衰退後 10 年復甦期間所有正吸收面積的 30%。由於大多數指標都表明持續疲軟，吸收可能會在一段時間內繼續為負值。

Measures of workers coming back to the offices have largely been flat, and only slightly up over the past year. Lease renewal activity is well below pre-pandemic levels and new leases now average about 20% less in floor space than pre-pandemic levels. The U.S. hotel sector continues to approach pre-2020 levels in the third quarter, mid-week occupancies rose, fueled by group and corporate customers. Room rates and occupancy rates are also improved and RevPAR is expected to grow at about 4.5% for the year, even with a potential recession.

重返辦公室的員工數量基本上持平，僅比過去一年略有上升。租約續約活動遠低於疫情前的水平，目前新租約的建築面積平均比疫情前的水平減少約 20%。美國酒店業第三季度繼續接近 2020 年之前的水平，在集團和企業客戶的推動下，周中入住率有所上升。房價和入住率也有所改善，即使有潛在的經濟衰退，今年的 RevPAR 預計仍將成長 4.5% 左右。

The industrial and retail sectors continue to perform well. The industrial vacancy rate remains low at 5.3% in the third quarter, and rent growth remained strong as well at 7.5% over the past 12 months. Retail vacancy reached another all-time low at 4.1%, with steady demand, fewer store closures and minimal new supply.

工業和零售業繼續表現良好。第三季工業空置率維持在5.3%的低位，過去12個月租金成長也保持強勁，達到7.5%。零售空置率再創歷史新低，為 4.1%，需求穩定，關店數量減少，新增供應量也少。

The residential sector continues to face challenges from still rising mortgage rates and associated declining home sales, down 15% year-over-year in September. More than 90% of the in-place loans are now below 6% with more than 60% below 4%, leading to very low levels of inventory. The combination of rising prices and mortgage -- rising mortgage rates has pushed affordability to its lowest level since July of 1985.

住宅產業繼續面臨抵押貸款利率持續上升和相關房屋銷售下降（9 月同比下降 15%）的挑戰。目前，超過 90% 的到位貸款低於 6%，超過 60% 低於 4%，導致庫存水準非常低。物價上漲和抵押貸款利率上升，將負擔能力推至 1985 年 7 月以來的最低水準。

In conclusion, for my part, CoStar Group continues to deliver both double-digit revenue growth and accelerate our performance against our Homes.com residential strategy. I'm very proud of our residential team for hitting a record milestone of 100 million monthly unique visitors to Homes.com in September, achieving the #2 position in the residential marketplaces in the United States and climbing coming off of our 1,290% year-over-year growth rate. I'm also very proud of the success of our commercial real estate teams have had increasing our revenue tenfold over the past 10 years -- 12 years and generating 14% year-over-year revenue growth in a downturn while growing our commercial property adjusted EBITDA to approaching $1 billion annualized as we move into the fourth quarter.

總之，就我而言，CoStar Group 繼續實現兩位數的收入成長，並根據我們的 Homes.com 住宅策略加速我們的業績。我為我們的住宅團隊感到非常自豪，他們在9 月達到了Homes.com 每月獨立訪客數達到1 億的創紀錄里程碑，在美國住宅市場中排名第二，並且在去年1,290% 的基礎上不斷攀升 -同比成長率。我也為我們的商業房地產團隊所取得的成功感到非常自豪，在過去10 年（12 年）中，我們的收入增長了十倍，在經濟低迷時期實現了14% 的同比收入增長，同時我們的商業不動產調整後也持續成長當我們進入第四季時，EBITDA 接近年化 10 億美元。

At this point, I'm going to turn the call over to our Chief Financial Officer, Scott Wheeler. Scott, the floor is yours.

現在，我將把電話轉給我們的財務長史考特·惠勒。史考特，地板是你的。

Thank you, Andy. Great set of results, strong improvements in both investment momentum and clearly, our revenue growth. So let me cover some facts by the service areas to start out. With CoStar, our revenue grew 10% year-over-year in the third quarter, which was in line with our guidance. And you think, of course, this is outstanding growth at a time when everything has pretty much gotten [pair] shaped for the property markets with rising interest rates, high inflation, record high office vacancies, only 50% return to office numbers and pretty much a frozen up transaction market. We saw stable improving trends in CoStar's net new bookings in the third quarter as our sales efforts are focused on new product capabilities and high-value portfolio customers like lenders, owners and corporate tenants.

謝謝你，安迪。一系列出色的業績，投資勢頭的強勁改善以及我們的收入成長。首先讓我介紹一下服務領域的一些事實。憑藉 CoStar，我們第三季的營收年增 10%，這符合我們的指引。當然，你會認為，在房地產市場一切都已經成型的時候，這是一個驚人的增長，利率上升，通貨膨脹高，辦公室空置率創歷史新高，辦公室數量只有 50% 的回報率，而且相當不錯。交易市場處於凍結狀態。我們看到 CoStar 第三季的淨新預訂量呈現穩定成長趨勢，因為我們的銷售工作主要集中在新產品功能和高價值投資組合客戶（如貸款人、業主和企業租戶）。

Our CoStar retention rates improved sequentially in the third quarter to 93%. This includes higher levels of cancellations from bad debt as the property downturn lingers while client-initiated cancellations are actually lower than in prior downturns. Once again, we're seeing that CoStar is proving to be mission-critical to our customers regardless of where we are in the property cycle. So this is our third major down cycle in the last 15 years, starting with the great financial crisis in 2008 and then, of course, the COVID pandemic disruption in '22 -- or sorry, 2020 and most recently now, the high interest and inflation cycle that started in 2021. In each progressive cycle, CoStar's performance has been stronger.

第三季度，我們的 CoStar 保留率較上季提高至 93%。這包括由於房地產低迷持續而導致壞帳取消的水平較高，而客戶發起的取消實際上低於先前的低迷時期。我們再一次看到，無論我們處於房地產週期的哪個階段，CoStar 都被證明對我們的客戶至關重要。因此，這是我們過去15 年來的第三次重大衰退週期，首先是2008 年的金融危機，然後是22 年的新冠疫情大流行造成的破壞——或者抱歉，2020 年，以及最近的現在，高利率和 2021 年開始的通膨週期。在每個漸進週期中，CoStar 的表現都更加強勁。

During the great financial crisis, net new bookings went negative and CoStar revenue growth dipped into negative territory for 3 quarters before returning to positive growth. During the COVID disruption, CoStar net new bookings remained positive and revenue growth slowed to only 4% positive growth before returning back up to double digits. The current market environment is much worse economically than in 2020, and we see CoStar's revenue performance being stronger. We continue to invest in the CoStar product and our sales force through the pandemic, and it's paying off. We expect CoStar revenue growth between 10% to 11% for the full year 2023 and in the range of 8% to 9% in the fourth quarter.

在金融危機期間，淨新預訂量出現負成長，CoStar 營收成長連續三個季度陷入負成長，然後才恢復正成長。在新冠肺炎疫情期間，CoStar 淨新預訂量保持正值，收入成長放緩至僅 4%，然後又恢復到兩位數。目前的市場環境在經濟上比2020年差很多，我們看到CoStar的營收表現更強。在疫情期間，我們繼續投資 CoStar 產品和我們的銷售隊伍，並且正在取得回報。我們預計 CoStar 2023 年全年營收成長在 10% 至 11% 之間，第四季營收成長在 8% 至 9% 之間。

If market trends continue as they are now, we expect CoStar revenue growth would stabilize around 7% to 8% in the first couple of quarters of 2024 and possibly improving thereafter. Again, this is a very strong performance and certainly above the growth we saw from CoStar in the prior downturns. Apartments.com revenue growth increased to 24% year-over-year in the third quarter to $235 million and Apartments.com is now our single largest business by revenue volume. This is remarkable for a business that did not even exist in CoStar 10 years ago.

如果市場趨勢繼續像現在這樣，我們預計 CoStar 的營收成長將在 2024 年前幾季穩定在 7% 至 8% 左右，此後可能會有所改善。同樣，這是一個非常強勁的業績，肯定高於我們在之前的經濟低迷時期看到的 CoStar 的成長。第三季度，Apartments.com 營收年增 24%，達到 2.35 億美元，按收入計算，Apartments.com 現在是我們最大的單一業務。對於 10 年前 CoStar 還不存在的企業來說，這是非常了不起的。

For those of you that were with us back in 2014 and 2015, you'll certainly remember the acquisition of Little Apartments.com, #5 in the market and the subsequent announcement of a major investment cycle that consumed practically all of our profits at the time.

對於2014 年和2015 年與我們在一起的人來說，您一定會記得對市場排名第五的Little Apartments.com 的收購，以及隨後宣布的一個重大投資週期，該週期幾乎消耗了我們在2015 年的所有利潤。時間。

Fast forward to today, we now have the leading apartments marketplace with the most revenue, the most customers, the highest brand awareness and organic growth at the highest level now at scale than at any time since the first year of the site launch in 2015 and 2016. By my calculations, Apartments.com has added over $10 billion of market cap to CoStar Group. I think we would all agree that the early years of investing our profit in Apartments.com was a very smart thing to do and something we believe we can repeat at an even bigger scale as we invest in our residential markets with Homes.com and now the pending offer to acquire on the market. Properties advertising on Apartments.com increased 15% year-over-year with mid-market as the leading category of the growth.

快進到今天，我們現在擁有領先的公寓市場，擁有最多的收入、最多的客戶、最高的品牌知名度以及自 2015 年網站推出第一年以來最高水平的有機增長。2016 年。根據我的計算， Apartments.com 為CoStar Group 增加了超過100 億美元的市值。我想我們都會同意，早年將我們的利潤投資於Apartments.com 是一件非常明智的事情，我們相信，當我們透過Homes.com 投資我們的住宅市場時，我們可以在更大的規模上重複這一點。市場上待定的收購要約。 Apartments.com 上的房產廣告年增 15%，其中中端市場成為成長的主導類別。

Our sales force is approximately 22% larger year-over-year, and their performance continues to fuel the growth. Net new bookings in the third quarter remained strong, but stepped down from the record results of the second quarter for both seasonal reasons, and due to spending capacity limits in some communities that are faced with the unfortunate decision to pay their high interest in rising inflation costs or to pay more in marketing. We expect fourth quarter revenue growth to remain incredibly strong at 24% for Apartments.com and our full year revenue growth outlook is 23%. LoopNet revenue grew 15% in the third quarter and we're expecting fourth quarter growth of 11% and full year revenue growth in the range of 14% to 15%. This is relatively unchanged from what we talked about last quarter.

我們的銷售團隊年增了約 22%，他們的業績繼續推動成長。第三季的淨新預訂量仍然強勁，但由於季節性原因以及一些社區的支出能力限製而較第二季度的創紀錄業績有所回落，這些社區面臨著因通脹上升而不幸決定支付高額利息的情況成本或在行銷方面支付更多費用。我們預計 Apartments.com 第四季營收成長將維持在 24% 的強勁水平，全年營收成長預期為 23%。 LoopNet 第三季營收成長 15%，我們預期第四季營收成長 11%，全年營收成長 14% 至 15% 之間。這與我們上季度討論的情況相對沒有變化。

Revenue from Information Services grew 9% in the third quarter with STR and real estate manager subscription revenue posting combined 17% revenue growth. We continue to expect Information Services full year revenue growth to be in the 9% range. We're doing the right thing in information services, deemphasizing and reducing transactional revenue while we focus on grow our subscription revenue across those platforms. Residential revenue came in at $10 million in the third quarter, and we expect full year 2023 revenue of $43 million as we continue to run off the legacy products. The old pro plus products are holding up better than we expected, while the Facebook advertising products decline. I suspect agents are finding that our millions of free leads from Homes.com are a much better source of potential customers than the poor-performing Facebook ads that were sold through Homesnap.

第三季資訊服務收入成長 9%，STR 和房地產經理訂閱收入合計成長 17%。我們繼續預期資訊服務全年營收成長率將在 9% 範圍內。我們在資訊服務方面正在做正確的事情，不再強調和減少交易收入，同時我們專注於增加跨這些平台的訂閱收入。第三季住宅收入為 1000 萬美元，隨著我們繼續淘汰舊產品，我們預計 2023 年全年收入將達到 4,300 萬美元。舊的 Pro Plus 產品的表現比我們預期的要好，而 Facebook 廣告產品卻在下滑。我懷疑代理商發現，與透過 Homesnap 銷售的效果不佳的 Facebook 廣告相比，我們從 Homes.com 獲得的數百萬免費銷售線索是更好的潛在客戶來源。

Other marketplaces revenue was $34 million in the third quarter, down 5% year-over-year as Ten-X is still facing the headwinds of the low transaction volume market. Our lands and business for sale marketplace revenues are consistently delivering double-digit growth. As we don't see near-term indications of an upturn in transaction volumes nor do we plan for those we expect full year revenue for other marketplaces of approximately $130 million. Looking at profitability. Our adjusted EBITDA for the third quarter was $112 million, slightly below our guidance range of $115 million to $120 million, as we made the prudent decision to accelerate investments in our residential strategy.

第三季其他市場收入為 3,400 萬美元，年減 5%，因為 Ten-X 仍面臨低成交量市場的不利影響。我們的土地和待售業務市場收入持續達到兩位數成長。由於我們沒有看到近期交易量回升的跡象，也沒有製定交易量計劃，因此我們預計其他市場的全年收入約為 1.3 億美元。看看獲利能力。我們第三季調整後的 EBITDA 為 1.12 億美元，略低於我們 1.15 億至 1.2 億美元的指導範圍，因為我們做出了加速住宅戰略投資的審慎決定。

Turning to Performance (inaudible). Our sales force totaled approximately 1,180 people on September 30, an increase of 8% from September of last year and approximately 20 more than last quarter. Our contract renewal rate was 91% for the third quarter of 2023 and with the renewal rate for customers who have been subscribers for 5 years or longer at 96%, with both rates increasing sequentially over the second quarter. I find this particularly impressive given the current state of the property markets. Subscription revenue on annual contracts was 82% for the third quarter of 2023 compared to 80% in the third quarter of 2022. This is primarily attributable to our strong Apartments.com growth. We have a fortress balance sheet with $5.2 billion in cash that is now earning 5% interest. Our net quarterly interest income is pacing at around $55 million.

轉向性能（聽不清楚）。截至9月30日，我們的銷售人員總數約為1,180人，比去年9月增加8%，比上季增加約20人。 2023 年第三季度，我們的合約續約率為 91%，訂閱 5 年或以上的客戶續約率為 96%，這兩個比率都比第二季度連續成長。考慮到當前房地產市場的狀況，我發現這一點尤其令人印象深刻。 2023 年第三季年度合約訂閱營收為 82%，而 2022 年第三季為 80%。這主要歸功於我們強勁的 Apartments.com 成長。我們的資產負債表十分堅固，擁有 52 億美元的現金，目前正在賺取 5% 的利息。我們的季度淨利息收入約為 5500 萬美元。

Turning to the outlook for 2023 with our offer to purchase on the market expected to close late in the fourth quarter, our guidance does not reflect any financial impact of the potential transaction. We expect full year 2023 revenue outlook in the range of $2.445 billion to $2.450 billion, representing growth of 12% at the midpoint of the range.

談到 2023 年的前景，我們在市場上的購買要約預計將於第四季度末結束，我們的指導並未反映出潛在交易的任何財務影響。我們預計 2023 年全年營收前景將在 24.45 億美元至 24.50 億美元之間，即該範圍中位數成長 12%。

The modest adjustment to our revenue guidance range is from less favorable property market conditions, primarily in the third quarter. Our commercial business growth rate for the year is expected to be 14%, generating revenue of over $2.4 billion. The company expects revenue for the fourth quarter of 2023 in the range of $630 million to $635 million, representing revenue growth of 10% to 11%. The commercial business growth rate for the fourth quarter is expected to be approximately 12% to 13%.

我們對收入指導範圍的適度調整是由於房地產市場狀況不佳（主要是在第三季）。我們今年的商業業務成長率預計為 14%，營收超過 24 億美元。該公司預計2023年第四季營收在6.3億美元至6.35億美元之間，營收成長10%至11%。第四季商業業務成長率預計約為12%至13%。

We anticipate adjusted EBITDA for the year in the range of $485 million to $490 million. The fourth quarter of 2023 adjusted EBITDA is expected to be in the range of $123 million to $128 million. This guidance includes the additional Homes.com investment that Andy mentioned as we prepare for our residential product launch in 2024. Overall, we're excited to be able to deliver 50 straight quarters of double-digit growth.

我們預計今年調整後的 EBITDA 在 4.85 億美元至 4.9 億美元之間。 2023 年第四季調整後 EBITDA 預計在 1.23 億美元至 1.28 億美元之間。本指南包括安迪在我們準備 2024 年推出住宅產品時提到的額外 Homes.com 投資。總體而言，我們很高興能夠連續 50 個季度實現兩位數增長。

Over the past 10 years, we have built a much more diversified portfolio focused entirely on subscription revenue which makes our growth rates increasingly resilient to economic and commercial property cycles. What we are now seeing in the property markets are some of the worst conditions in decades. I suspect this is the first time that many people on this call have experienced high inflation and interest rates like some of us enjoyed back in the '80s and '90s and maybe back in the '70s.

在過去的十年裡，我們建立了更多元化的投資組合，完全專注於訂閱收入，這使得我們的成長率越來越適應經濟和商業房地產週期。我們現在看到的房地產市場是幾十年來最糟糕的狀況。我懷疑這次電話會議中的許多人第一次經歷像我們中的一些人在 80 年代和 90 年代甚至 70 年代所經歷的高通膨和利率。

What CoStar has learned and demonstrated over time is it's important to continue to invest in attractive long-term opportunities for revenue growth and TAM extension during downturns when others are shrinking or retrenching. We are once again leaning into our high-growth future with great promising investments like Homes.com and on- the-market. The overwhelming proof of the success of this strategy is happening now as we continue to deliver double-digit revenue growth in our commercial information and marketplace businesses, which we expect will continue into 2024.

隨著時間的推移，CoStar 學到並證明了，在經濟低迷時期，當其他公司收縮或緊縮時，繼續投資於具有吸引力的長期收入成長和 TAM 擴展機會非常重要。透過 Homes.com 和市場上等前景廣闊的投資，我們再次邁向高成長的未來。這項策略成功的壓倒性證據現在正在發生，我們的商業資訊和市場業務繼續實現兩位數的收入成長，我們預計這種情況將持續到 2024 年。

Assuming market conditions and trends don't improve next year, we expect continued double-digit revenue growth throughout 2024 in the range of 11% to 12%, exclusive of our residential business and depending on the market transaction. With these impressive growth expectations, we expect to generate over $1 billion in adjusted EBITDA from our commercial portfolio next year.

假設明年市場狀況和趨勢沒有改善，我們預計 2024 年全年營收將持續兩位數成長，增幅在 11% 至 12% 之間，不包括我們的住宅業務，具體取決於市場交易。憑藉這些令人印象深刻的成長預期，我們預計明年我們的商業投資組合將產生超過 10 億美元的調整後 EBITDA。

With that, I will now turn the call back over to our call operator to begin the question-and-answer session.

現在，我將把電話轉回給我們的接線生，開始問答環節。

(Operator Instructions) Your first question comes from the line of George Tong with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的George Tong。

You mentioned commercial real estate transaction volumes are seeing significant declines. Can you elaborate on how different customer types within CoStar Suite are responding to these trends. So large brokers, small brokers and nonbrokers. How are basically net bookings growing year-over-year across these different types of customers.

您提到商業房地產交易量正在大幅下降。您能否詳細說明 CoStar Suite 中的不同客戶類型如何應對這些趨勢。大型經紀人、小型經紀人和非經紀人。這些不同類型的客戶的淨預訂量年增率如何？

Well, most of the brokerage firms are going to be doing both leasing valuation and investment sales or property sales. The folks doing property sales are certainly seeing lower revenue. But I would not call out any particular big difference from one firm to another owners. I think the bigger difference is that our sales force is investing more effort right now against owners and corporations and lenders then they're focusing on brokers. So we're seeing an increase of bookings with owners, corporates and lenders because that's where the sales force has placed their strategy. And that's based on new product offerings and the fact that those have been historically underpenetrated areas for us. So the actual reduction in year-on-year sales volume is only really impacting Ten-X as far as I'm aware.

嗯，大多數經紀公司將同時進行租賃估值和投資銷售或房地產銷售。從事房地產銷售的人的收入肯定會下降。但我不會指出一家公司與另一家公司所有者之間有任何特別大的差異。我認為更大的區別在於，我們的銷售人員現在針對業主、公司和貸方投入了更多的精力，然後他們將重點放在經紀人身上。因此，我們看到業主、企業和貸方的預訂量增加，因為銷售人員已在這些方面製定了策略。這是基於新產品的提供以及這些產品在歷史上一直是我們滲透不足的領域。因此，據我所知，同比銷量的實際減少只真正影響了十倍。

Your next question comes from the line of Pete Christiansen with Citi.

你的下一個問題來自花旗銀行的 Pete Christiansen。

I was hoping we could dig into the bookings performance this quarter a little bit. I know we had the pivot in suite, which I think was really start began like Q4 of last year, then you have the commission change in LoopNet and the new leadership change in LoopNet. Should we think of the bookings growth that we saw this quarter really as an inflection point or a bottom? Or do you think this is more of a levelized level kind of production kind of amount that we should expect for the next few quarters given the economic backdrop?

我希望我們能夠深入研究本季的預訂表現。我知道我們在套件中有了關鍵點，我認為這實際上是從去年第四季開始的，然後是 LoopNet 的佣金變更和 LoopNet 的新領導層變動。我們是否應該將本季的預訂量成長視為拐點或底部？或者您認為考慮到經濟背景，這更像是我們應該在未來幾季預期的均衡水平產量？

Yes. Thanks for the question, Pete. As you know, and you've watched our patterns over the years, quarter-to-quarter changes in our net bookings numbers don't create trends. You have to obviously look for more quarters in a row to actually determine what that looks like. We come off of Q2, which is seasonally a high quarter for apartments, which was also fueled by the NAA conference and some of those things. And so that's where you see most of the variation between the 2 quarters. As I mentioned, CoStar is solid, if not mildly improving, LoopNet not changed much since the last quarter. So I think we see everyone that's holding on well with good strong growth, the new sales teams we've added are performing well, and we don't attempt to predict forward guidance on the bookings again, because of that quarter-to-quarter volatility, but hopefully, that helps you get an understanding of where the changes were in the quarter.

是的。謝謝你的提問，皮特。如您所知，多年來您已經觀察過我們的模式，淨預訂量的季度變化並不會形成趨勢。顯然，你必須連續尋找更多的季度才能真正確定它是什麼樣子。第二季度是公寓的季節性旺季，NAA 會議等因素也推動了這一季度的發展。這就是您看到兩個季度之間大部分差異的地方。正如我所提到的，CoStar 很穩定，即使不是略有改善，LoopNet 自上個季度以來也沒有太大變化。因此，我認為我們看到每個人都保持著良好的強勁增長，我們增加的新銷售團隊表現良好，而且我們不會再次嘗試預測預訂的前瞻性指導，因為季度與季度的情況波動性，但希望這可以幫助您了解本季的變化。

Our next question comes from Heather Balsky with Bank of America.

我們的下一個問題來自美國銀行的 Heather Balsky。

I was hoping you could -- well, thank you for the explanation on the market and what you plan to do. I was hoping you could dig in a little bit more on the spending and help us just understand kind of when -- you talked about after the first year of integration, you're going to spend the $46 million. Is that the right way to think about it? And what that spending means for your 2027 targets and this acquisition just given that you're going to be investing behind it.

我希望你能——好吧，謝謝你對市場的解釋以及你計劃做什麼。我希望您能更深入地了解支出情況，並幫助我們了解您在整合第一年後談到的情況，您將花費 4600 萬美元。這是正確的思考方式嗎？考慮到您將在其背後進行投資，這筆支出對您的 2027 年目標和此次收購意味著什麼。

Yes. Thank you, Heather. So the integration of the -- after the pending transaction would begin, of course, when the transaction closed, if it gets approval, the vote from the shareholders, we expect that to be at the end of the year in December. So obviously, there's people, technology and other things you'd start to work on immediately as we've outlined in our [2.7] announcement. So we can't say much more beyond what those integration activities are, but we do expect those synergies and the advertising to begin within the 6 months following the closing of the acquisition. And so we don't include any of that yet in our longer-term outlook. We'll wait until we see what the shareholder vote and the transaction looks like first, and then we can provide more updates on the effects into next year and beyond.

是的。謝謝你，希瑟。因此，在待定交易開始之後，當然，當交易結束時，如果獲得股東投票批准，我們預計將在 12 月年底進行。顯然，正如我們在 [2.7] 公告中所概述的那樣，您需要立即開始處理人員、技術和其他事情。因此，除了這些整合活動之外，我們無法透露更多內容，但我們確實預期這些協同效應和廣告將在收購結束後的 6 個月內開始。因此，我們尚未將這些納入我們的長期展望中。我們將等到我們首先看到股東投票和交易的情況，然後我們可以提供更多有關明年及以後影響的最新資訊。

I would just outside of commenting on anything specific on the market, I would say that something at that scale would not be likely a materially change on 2027 outlook.

除了評論市場上的任何具體內容之外，我想說的是，這種規模的事情不太可能對 2027 年的前景產生重大變化。

Our next question comes from the line of Alexei Gogolev with JPMorgan.

我們的下一個問題來自阿列克謝·戈戈列夫（Alexei Gogolev）與摩根大通的對話。

This is Ella Smith on behalf of Alexei Gogolev from JPMorgan. So for my question -- can you help us understand the organic investments into the residential business over the next few years? Could this be north of $400 million in '24 and '25, respectively, and then taper off from then?

我是艾拉‧史密斯，代表摩根大通的阿列克謝‧戈戈列夫。那麼對於我的問題—您能幫助我們了解未來幾年對住宅業務的有機投資嗎？這是否會在 24 年和 25 年分別超過 4 億美元，然後逐漸減少？

So thanks for the question. We have yet to set out investment plans for 2024 for the residential investment. So I won't be able to give you any specific guidance out into 2024 as we've talked about today, we've seen such strong response both in traffic and in the capability of the site reaction from customers and from agents that we felt it was the right thing to do to keep moving as fast as we can also knowing that there's been some cracks possibly in the industry business models, and we want to be as prepared as we possibly can with the site if changes happen in the industry. .

謝謝你的提問。我們尚未制定 2024 年住宅投資的投資計畫。因此，正如我們今天討論的那樣，我無法為您提供 2024 年的任何具體指導，我們已經看到客戶和代理商在流量和網站反應能力方面做出瞭如此強烈的反應，我們認為我們知道行業商業模式可能存在一些裂縫，因此我們應該盡可能快地前進，如果行業發生變化，我們希望為該網站做好盡可能的準備。 。

So it wasn't a significant move in the 2023 time period. I think it was roughly around $30 million when you look at the change in the guidance. But certainly, we expect to continue to invest in residential into next year through when we monetize, Things are going well and now is the time you keep going and you don't back off on the spend levels for sure.

因此，這在 2023 年期間並不是一個重大舉措。如果你看看指南中的變化，我認為大約是 3000 萬美元左右。但當然，我們預計明年當我們貨幣化時，我們將繼續投資住宅，一切進展順利，現在是你繼續前進的時候了，你肯定不會放棄支出水平。

Understood. And my follow-up question is around the market dynamics in the U.K. So Rightmove has maintained a market dominant position in the U.K. for quite some time. And as we understand that many players have thought to disrupt Rightmove with marketing and digital investments and they've largely failed. What do you think CoStar can do differently to disrupt the market despite the company's minimal presence in Europe currently?

明白了。我的後續問題是關於英國的市場動態。因此，Rightmove 在英國已經保持了相當長一段時間的市場主導地位。據我們了解，許多參與者都曾想過透過行銷和數位投資來顛覆 Rightmove，但基本上都失敗了。儘管 CoStar 目前在歐洲的業務規模很小，但您認為 CoStar 可以採取哪些不同的做法來擾亂市場？

Well, I tend not to assign god-like characteristics to mere companies. And when I see [70%] to 74% margin in a company with none of the major players actually materially investing in my view, into significant marketing in the market. I think that the power of the technology we've developed with Homes.com and our experience in building traffic often against companies that have more traffic than we have when we begin, feel very comfortable we have something to bring to the table in the United Kingdom and that we can offer some real value in the market. I would flatly reject any concept that any company is impervious to competition with the exception of a couple of the things.

嗯，我傾向於不會將上帝般的特徵賦予單純的公司。當我看到一家公司的利潤率為 [70%] 到 74% 時，沒有一家主要參與者真正在我看來進行實質投資，進行市場上的重大行銷。我認為，我們透過Homes.com 開發的技術的力量以及我們在建立流量方面的經驗經常與那些比我們開始時擁有更多流量的公司抗衡，我們感到非常放心，我們可以將一些東西帶到美國的桌面上王國，我們可以在市場上提供一些真正的價值。我斷然拒絕任何認為任何公司都不受競爭影響的概念，但有幾件事除外。

Your next question comes from the line of Ryan Tomasello with KBW.

您的下一個問題來自 KBW 的 Ryan Tomasello。

I guess following up on the U.K. deal, Andy, obviously, on the market gives you a solid foothold in the U.K. specifically. But you also called out the optionality that, that infrastructure brings you to expand the Homes brand across the European market more broadly. So just curious if you could elaborate on the strategic rationale of what a TransEuropean type residential portal brands, what synergies that could provide, what the strategy can look like from here in terms of perhaps participating in that consolidation wave that you're expecting across other portals, perhaps in other countries? Just a final point around what that could look like over the next several years?

我想，安迪在英國市場的後續交易顯然可以讓你在英國站穩腳步。但您也指出了基礎設施的選擇性，使您可以更廣泛地在歐洲市場擴展 Homes 品牌。因此，我很好奇您是否可以詳細說明跨歐洲類型的住宅門戶品牌的戰略原理、可以提供哪些協同效應、從這裡開始的戰略可能會是什麼樣子，以參與您所期望的其他領域的整合浪潮。門戶網站，也許在其他國家？最後一點是關於未來幾年會是什麼樣子？

Sure. And there's probably 80 portals operating in Europe with a market cap very roughly, some are private, some are public [$30] billion plus. Some of them trade at extremely high multiples, some of them trade at lower multiples. It's a very fragmented market. And I do believe, I think there's 2 different camps. There's some camps that feel that technology does not play a meaningful role in the digitization of real estate, and there are some people that think that technology will play a big role in the digitization of real estate. We fall in the camp saying that the technology is important and that having and that scale, there'll be greater scale than individual countries over time. And that fundamentally, what these companies are doing is very similar.

當然。歐洲大約有 80 個正在經營的入口網站，其市值非常粗略，有些是私人的，有些是公共的 [30] 十億美元以上。其中一些以極高的本益比交易，有些則以較低的本益比交易。這是一個非常分散的市場。我確實相信，我認為有兩個不同的陣營。有一些陣營認為科技在房地產數位化中沒有發揮有意義的作用，也有一些人認為科技將在房地產數位化中發揮重要作用。我們屬於這樣的陣營，即技術很重要，並且擁有這種規模，隨著時間的推移，其規模將比單一國家更大。從根本上講，這些公司所做的事情非常相似。

There basically putting placards, maps, SEO strategy, SCM strategy, branding strategy. They're serving up digital twins. They're serving up videos. It's all very similar. And there is the opportunity to differentiate one brand from another with technology. And so I believe there will be significant consolidation and there will be a little bit of musical chairs occurring, and we are -- and that there'll be winners and losers in it, and we want to keep a careful eye on it. And I just would say that it reminds me very much the United States maybe 10 years ago before a lot of consolidation occurred. So I think it's an exciting opportunity. Again, the scale of the opportunity, both in the revenue potential in the $10 billion to $20 billion range in the market caps in the $30 billion plus. It's great to have a seat at the table. And we believe that our technology is competitively advantaged in the market. And so we're operating on that premise.

基本上就是放標示牌、地圖、SEO策略、SCM策略、品牌策略。他們正在提供數位雙胞胎。他們正在提供影片。這一切都非常相似。並且有機會透過科技將一個品牌與另一個品牌區分開來。因此，我相信將會出現重大整合，並且會出現一些搶椅子的情況，我們確實如此，而且其中會有贏家和輸家，我們希望密切關注。我只想說，這讓我想起了大約 10 年前的美國，當時還沒有大量的整合。所以我認為這是一個令人興奮的機會。同樣，機會的規模，無論是收入潛力在 100 億美元到 200 億美元之間，還是市值在 300 億美元以上。能在餐桌上坐下來真是太好了。我們相信我們的技術在市場上具有競爭優勢。所以我們就是在這個前提下運作的。

And as a follow-up to just the residential opportunity in the U.S. regarding the commission lawsuits, you've talked about the potential outcomes there that could pose a risk to the legacy portals focused on buyer agent legion, but from the perspective of Homes.com is there an opportunity where that brand could more directly benefit from structural changes there over time? Would unbundling commissions help unlock the undermonetized home advertising team that you've spoken about in the U.S.?

作為美國有關佣金訴訟的住宅機會的後續行動，您談到了那裡的潛在結果，這些結果可能會對專注於買家代理軍團的傳統門戶網站構成風險，但從房屋的角度來看。隨著時間的推移，該品牌是否有機會從那裡的結構變化中更直接地受益？分拆佣金是否有助於釋放您所談論的美國家庭廣告團隊的資金不足？

I think we can succeed regardless of what the outcome is in those cases, but I think it would likely -- if the plaintiffs prevail will likely create rapidly changing conditions that might favor a company like Homes.com which is not focused on monetizing buyer agent leads. And as things get turned upside down, if you're not in the blast radius of that change, you're much better off to compete the next day. So I think that's where it really matters.

我認為，無論這些案件的結果如何，我們都可以取得成功，但我認為，如果原告獲勝，可能會創造快速變化的條件，這可能有利於像Homes.com 這樣不專注於透過買方代理獲利的公司領先。當事情發生翻天覆地的變化時，如果你不在這種變化的爆炸範圍內，那麼你第二天的競爭會更好。所以我認為這才是真正重要的地方。

Our next question comes from Stephen Sheldon with William Blair.

我們的下一個問題來自史蒂芬謝爾頓和威廉布萊爾。

So I wanted to dig on [resi] spend a little bit more. It sounds like you're committed to continue spending on Homes.com. So just kind of curious at a high level, more qualitatively, how the area could change as we head into 2024. So when do you think brand marketing spend for Homes.com could pick up? Could the budget for that be covered some from reduced spend on SCM this year, reallocations from brand marketing and other assets. And then on the content side, will you be building out different content next year versus a lot of the neighborhood and community content been building out for the last year or so. So just curious where your areas of investments might be changing.

所以我想挖掘[resi]多花一點錢。聽起來您決心繼續在 Homes.com 上消費。因此，我只是從高層次、更定性的角度好奇，隨著我們進入 2024 年，該領域會發生怎樣的變化。那麼您認為 Homes.com 的品牌行銷支出何時會回升？是否可以透過今年供應鏈管理支出的減少、品牌行銷和其他資產的重新分配來支付部分預算？然後在內容方面，明年您是否會建立不同的內容，而不是去年左右構建的許多鄰里和社區內容。所以只是好奇您的投資領域可能會改變。

Sure. On the content side, we will be continuing to build out and evolve neighborhood content well into 2024. We will be initiating more general blog content, park content, more school content. So it will be a shifting mix with some of the same in the first half of the year and then some evolutions in the year out. In terms of the mix of what is on branding versus what is on SCM versus what is on content, that will absolutely shift from quarter-to-quarter. Clearly, we have to build the unaided brand awareness. So we've got a great site. We've got some great traffic. We have some great return visitors. We feel very strong -- we feel very confident about our road map going forward. But you have to have that unaided awareness number growth. So there will be some shifting and changes in what we're doing. But we have not done a -- we certainly have not done our 2024 budget, so we can't really comment specifically. And we can get you a copy of that William Blair report, if you want.

當然。在內容方面，到 2024 年，我們將繼續建立和發展社群內容。我們將啟動更多通用部落格內容、公園內容和更多學校內容。因此，這將是一個不斷變化的組合，上半年會出現一些相同的情況，然後今年會出現一些變化。就品牌、供應鏈管理和內容的組合而言，這絕對會逐季改變。顯然，我們必須建立獨立的品牌意識。所以我們有一個很棒的網站。我們的交通量很大。我們有一些很棒的回頭客。我們感覺非常強大——我們對未來的路線圖非常有信心。但你必須在無人幫助的情況下提高意識數量。因此，我們正在做的事情將會發生一些轉變和改變。但我們還沒有製定——我們當然還沒有製定 2024 年的預算，所以我們無法具體發表評論。如果您願意，我們可以給您一份威廉布萊爾報告的副本。

We'll take our next question from John Campbell with Stephens Inc.

我們將回答 Stephens Inc. 的約翰坎貝爾 (John Campbell) 提出的下一個問題。

Congrats on the Homes.com traffic gains and depending on the market deal, those are pretty exciting developments. I've got just -- I've got 2 questions, a follow-up to, 2 other questions you guys already received. But first on the resi investment spend. If you could maybe just kind of put us -- just pinpoint this just for now. But I'm curious about what the kind of breakout or the mix of spin looks like today for content versus marketing versus software.

恭喜 Homes.com 流量成長，根據市場交易情況，這些都是非常令人興奮的發展。我有兩個問題，是你們已經收到的另外兩個問題的後續問題。但首先是再生能源投資支出。如果您可以的話，請讓我們—暫時指出這一點。但我很好奇今天內容與行銷與軟體的突破或旋轉組合是什麼樣的。

I can give you a directional marketing is going to be the top category, content generation would be the second and technology would be the third, but that's probably as much information and I'll probably give on the components for now, John. Yes, they're all pretty big.

我可以告訴你，定向行銷將是首要類別，內容生成將是第二個類別，技術將是第三個類別，但這可能是同樣多的信息，我現在可能會提供組件，約翰。是的，它們都很大。

Okay. And then on the marketing side, I mean, if I'm hearing you correctly, it sounds like the majority of that is probably SCM performance marketing this year and then the softer brand side, the TV radio print, all that's going to be what essentially ramps into next year?

好的。然後在行銷方面，我的意思是，如果我沒聽錯的話，聽起來今年的大部分內容可能是 SCM 績效行銷，然後是更軟的品牌方面、電視廣播印刷品，所有這些都將基本上會進入明年嗎？

It's a combination of a number of things for marketing. So we're doing a lot of industry marketing as well. So it's a mix. And -- but yes, moving into next year, there will be more brand development, which will be important.

它是行銷中許多事物的組合。所以我們也做了很多行業行銷。所以這是一個混合體。而且——但是，是的，進入明年，將會有更多的品牌發展，這將是很重要的。

Yes. But you will see a mix of the marketing change as we go forward.

是的。但隨著我們的前進，你會看到行銷變化的混合。

Okay. That's helpful. And then the other question on the resi strategy. I mean, clearly, it seems to me that the chess pieces are kind of put in place where you would benefit from kind of the happenings or potential ripple effects from the commission suits now. So Andy, I'm curious if you can -- exactly. So if you could maybe talk to how you envision -- particularly how you envision -- excuse me, Ten-X kind of fitting into the mix. It seems like it might have a place in helping filled offers or organize offers or maybe even observing is that final kind of cash register in the late stages of the transaction.

好的。這很有幫助。然後是關於 resi 策略的另一個問題。我的意思是，顯然，在我看來，棋子已經就位，您將從現在發生的佣金訴訟或潛在的連鎖反應中受益。安迪，我很好奇你是否可以——確實如此。因此，如果您可以談談您的設想 - 特別是您的設想 - 對不起，Ten-X 有點適合混合。看起來它可能在幫助填寫報價或組織報價或甚至觀察交易後期的最後一種收銀機方面佔有一席之地。

Sure. I mean I think the best -- I mean we are very focused right now. We are working very hard on many, many fronts on building out the site and our monetization strategy, our brand development strategy this quarter, next quarter 2024. Ten-X will not enter into the residential mix in the next 12 to 18 months. But I wouldn't say that it won't ever enter into the mix. When various players moved into asset-heavy participation and basically buying, it struck me that there's an asset-light version of that where you're -- where it's more like a Ten-X and less actually putting on your balance sheet, but facilitating transactions.

當然。我的意思是我認為最好的——我的意思是我們現在非常專注。我們正在很多很多方面努力建立網站、我們的貨幣化策略、我們的品牌發展策略，本季、2024 年下季。Ten-X 在未來 12 到 18 個月內不會進入住宅組合。但我不會說它永遠不會加入其中。當不同的參與者進入重資產參與並基本上購買時，我突然意識到，你所處的位置存在一個輕資產版本——它更像是十倍，而不是實際投入你的資產負債表，而是促進交易。

Certainly, there's inefficiencies in the market when 20 people show up to bid on an asset and it's not digitized, I mean that -- I think that's a lost opportunity for the seller to get the highest price possible. And also, it's a lost opportunity for the sellers to fairly participate in trying to put the best offer out there. So Ten-X can bring value there. I think elements of what Ten-X has worked on like deal room documents, that sort of stuff that may occur in 2024. But right now, we are excited about and have very robust product plans going into 2024 that we think will deliver real value and Ten-X would be a little bit further out there.

當然，當 20 個人出現對一項資產進行競標且該資產沒有數位化時，市場效率就會很低，我的意思是——我認為這對賣方來說是一個失去獲得最高價格的機會。而且，對於賣家來說，這也失去了公平參與提供最佳報價的機會。所以 Ten-X 可以在那裡帶來價值。我認為Ten-X 所做工作的要素包括交易室文件，這類內容可能會在2024 年發生。但現在，我們對此感到興奮，並製定了非常穩健的產品計劃，進入2024 年，我們認為這將帶來真正的價值Ten-X 會稍微遠一點。

We'll take our next question from Jeff Meuler with Baird.

我們將回答 Jeff Meuler 和 Baird 提出的下一個問題。

So just first, it looks like the EBITDA guidance maybe comes down $27.5 million at the midpoint, I think you said, Scott, that the increased Homes initiative spend is around [30]. So can you just confirm if consolidated EBITDA guidance changes almost entirely just the increased homes investment?

因此，首先，看起來 EBITDA 指導可能會在中點下降 2750 萬美元，我想你說過，斯科特，增加的住房主動支出約為 [30]。那麼，您能否確認綜合 EBITDA 指導是否幾乎完全改變，只是增加了房屋投資？

Yes. And a little bit of drop-through, obviously, from the revenue. So the homes investment number is probably smaller than the [30] by a little bit, somewhere in the mid-20s possibly, but you're kind of in the ballpark?

是的。顯然，收入也有一點下降。因此，房屋投資數字可能比 [30] 小一點，可能在 20 多歲左右，但你大概是這樣吧？

Okay. And then I see like the great traffic numbers. I guess, help me think through -- anything further on like what you're seeing in terms of quality of Homes.com traffic. There was some metric like a 900% increase in revisits or something. But what are the other benefit. So I'm thinking about like the ability to market a big traffic number as you launch products, any sort of future SEO and SCM efficiencies that could come from a lot of traffic flowing through your site ahead of some of those additional investments, things like that?

好的。然後我看到了龐大的交通數字。我想，請幫我思考一下 - 任何進一步的事情，例如您在 Homes.com 流量品質方面看到的情況。有一些指標，像是重訪次數增加了 900% 之類的。但還有什麼其他好處呢？因此，我正在考慮在推出產品時行銷大量流量的能力，任何未來的 SEO 和 SCM 效率，這些效率可能來自於在進行一些額外投資之前流經您網站的大量流量，例如那？

I think when we put the number in there about the really outstanding numbers for return traffic as a key point because we are seeing significant growth and return traffic, which means, in my mind, that people come into the site like the experience, like the layout, like the fact they can reach agents directly, not go to a call center, not get reroute around and sold. So we think that, that number shows exactly what we want to see, which is the fact that we're winning over some consumers. So that's exciting. The -- certainly, we don't want to go into too much detail on what we're doing on any given day. But certainly, we're the blend of SCM, SCO and branding on different points in different phases to get the optimal result. .

我認為，當我們將返回流量的真正出色數字作為關鍵點時，因為我們看到返回流量的顯著增長，這意味著，在我看來，人們進入網站時喜歡這種體驗，就像佈局，例如他們可以直接聯繫代理商，而不是去呼叫中心，不會重新路由並出售。所以我們認為，這個數字正是我們希望看到的，即我們正在贏得一些消費者的事實。所以這很令人興奮。當然，我們不想詳細介紹我們在某一天所做的事情。但可以肯定的是，我們在不同階段的不同點上融合了SCM、SCO和品牌，以獲得最佳結果。 。

We're doing the things you would do at this point in time. We're getting -- I think we can confidently say we're at double the traffic that we expected to have at this point. So we're happy with what we're doing right now. And I look forward to being able to do the next steps, which optimize the site even further.

我們正在做您此時會做的事情。我認為我們可以自信地說，我們目前的流量是預期的兩倍。所以我們對現在所做的事情感到滿意。我期待能夠採取後續措施，進一步優化網站。

I think one of the metrics that's probably not coming up, but I believe is there, it's a little tougher to measure, but we're seeing some of it is we're getting some really good lead flow numbers. So I think that a significant number of consumers have figured out that if they're interested in the property, when they come to Homes.com they get directly connected to the person who knows the most about the listing, and we believe that's the best consumer experience and they know that on some of the alternative sites, they are going to go through a ringer of a sales process to be sold by our agent.

我認為其中一個指標可能不會出現，但我相信是存在的，衡量起來有點困難，但我們看到其中一些指標是我們得到了一些非常好的潛在客戶流量數字。因此，我認為相當多的消費者已經發現，如果他們對房產感興趣，當他們來到 Homes.com 時，他們會直接聯繫到最了解該房源的人，我們相信這是最好的消費者體驗，他們知道在一些替代網站上，他們將經歷一個由我們的代理商銷售的銷售流程。

They're not going to get a quick answer about the property they were expressing interest. So they -- I think we are seeing -- it's early to tell, but I think we are seeing a significant advantage in traffic to lead flow ratio compared to some of the other players out there. I do believe that even though we are not monetizing today, I believe it's quite possible that we are perhaps demonetizing some other sites because if a lead comes through to Homes.com that lead may no longer be available to go to another site even though we're not charging for it. We go on -- there's lots of different metrics out there, but I think lead flow is a good one. You can tell from Apartments.com and our track record there. We're very good at thinking about those leads and the quality leads and not spring junk leads at people, not and optimizing the experience and reducing the friction when people actually want to express interest in a particular property.

他們不會很快得到有關他們感興趣的房產的答案。所以他們——我認為我們正在看到——現在下結論還為時過早，但我認為與其他一些參與者相比，我們在流量與領先流量比率方面看到了顯著的優勢。我確實相信，即使我們今天沒有貨幣化，我相信我們很可能正在對其他一些網站進行非貨幣化，因為如果一個潛在客戶進入Homes.com，那麼該潛在客戶可能不再可用於訪問另一個網站，即使我們不收費。我們繼續進行——有很多不同的指標，但我認為潛在客戶流量是一個很好的指標。您可以從 Apartments.com 和我們的追蹤記錄中得知。我們非常善於思考這些潛在客戶和優質潛在客戶，而不是向人們提供垃圾潛在客戶，當人們真正想要表達對特定財產的興趣時，我們會優化體驗並減少摩擦。

(Operator Instructions) We'll take our next question from Nicholas Jones with JMP Securities.

（操作員說明）我們將接受 JMP 證券的 Nicholas Jones 提出的下一個問題。

Great. I guess maybe kind of double-clicking on lead quality on Homes.com. Can you kind of speak to the uniqueness of the leads. I mean are there people who are maybe coming through and maybe the average response time isn't fast enough and then they're kind of abandoning and going to other sites where they can kind of get on-demand tours. Can you kind of speak to the difference, I guess, in response time and maybe then what the uniqueness is in the leads to the agents based on kind of what the consumer needed. They may have a question that's very specific to the property or they just may want to get a tour quickly and they're looking for kind of a quick response.

偉大的。我想也許是雙擊 Homes.com 上的潛在客戶品質。能談談線索的獨特性嗎？我的意思是，有些人可能會過來，也許平均回應時間不夠快，然後他們就會放棄並前往其他可以獲得點播旅遊的網站。我想，您能否談談回應時間方面的差異，以及根據消費者需求的類型向代理商提供的線索的獨特性。他們可能有一個針對該房產的非常具體的問題，或者他們可能只是想快速參觀一下，並且正在尋求快速答案。

Are you asking when I stopped beating my dog? I've never beaten my dog. And we don't think that we have a slow response time on leads on Homes.com. In fact, I would believe we have a better response time in that if you are reaching out to the person that's got the listing, they know the most about the listing, you can respond quickly, and you get a single point of contact typically as opposed to alternative sites you might get many people responding. You might get 4 or 5 agents calling you back about 1 house show expressed interest in. We feel confident that the experience we're giving the consumers is a solid experience.

你問我什麼時候不再打我的狗了？我從來沒有打過我的狗。我們認為我們對 Homes.com 上的潛在客戶的回應時間並不慢。事實上，我相信我們有更好的回應時間，因為如果您聯繫獲得清單的人，他們對清單最了解，您可以快速回應，並且您通常會得到一個單一的聯絡點與其他網站相反，您可能會得到很多人的回應。您可能會收到 4 或 5 個代理商給您回電，詢問您對 1 棟房屋展示的興趣。我們相信我們為消費者提供的體驗是可靠的。

And we think when you talk to a leader in portal over in Europe and you explain how the legacy models work in the United States and how Homes.com works in the United States. People have operated portals for 20 years and they do it the way Homes. Like they listen to what I'm explaining about how it works in the United States and they go, "Well, gosh, that's really obvious. The consumer would prefer to contact the person who has the listing and knows the property rather than contact someone who doesn't have the listing and doesn't know the property. And so in the eyes of someone that's not been exposed to it, our lead process would appear to be the obviously superior process. I'm not sure if that answered the question or not.

我們認為，當您與歐洲入口網站的領導者交談時，您會解釋傳統模式在美國的運作方式以及 Homes.com 在美國的運作方式。人們經營門戶網站已經有 20 年了，而且他們以家庭方式運作。就像他們聽我解釋它在美國是如何運作的一樣，他們會說，「好吧，天哪，這真的很明顯。消費者更願意聯繫擁有房源並且了解房產的人，而不是聯繫其他人誰沒有列表，也不知道該房產。因此，在沒有接觸過該列表的人看來，我們的主導流程似乎是明顯優越的流程。我不確定這是否回答了問題問題與否。

It directionally does.

它有方向性。

We'll take our next question from Ashish Sabadra with RBC Capital Markets.

我們將回答 RBC 資本市場 Ashish Sabadra 的下一個問題。

So I just wanted to ask about the international M&A opportunities. Obviously, you've talked about on the market and organic investments there, but would you also consider doing more tuck-ins of strategic acquisitions to build out the pan-European platform. And then would you also look at other opportunities outside of Europe. In particular, you called out how you necessarily are not interested in the #1 property but going after good properties, would you apply the same approach when you think about M&A outside of Europe -- in Europe or outside of Europe for residential assets?

所以我只是想問國際併購機會。顯然，您已經談到了市場和有機投資，但您是否也會考慮進行更多策略性收購以建立泛歐洲平台。然後您還會考慮歐洲以外的其他機會嗎？特別是，您指出您不一定對排名第一的房產不感興趣，而是追求優質房產，當您考慮歐洲以外的併購（在歐洲還是歐洲以外的住宅資產）時，您會採用相同的方法嗎？

Sure. I would just -- I don't know if we'll get that answer to that in the proper order. But I would say that -- I wouldn't say that we're not interested in the #1 asset in a market whenever -- we would be interested in the #1 asset in the market. What we want to avoid is we want to avoid overpaying materially for something. And one of the things we do when we look at a particular portal is we consider if there are 3 portals in a market or 4 portals in a market, we will look at what the traffic is on the lead portal, the #2 portal #3, #4 portal. We look at the potential cost or value -- acquisition costs of each of those portals.

當然。我只是——我不知道我們是否能以正確的順序得到答案。但我想說的是——我不會說我們對市場上的第一資產不感興趣，無論何時——我們都會對市場上的第一資產感興趣。我們想要避免的是我們想要避免為某件事付出過高的物質代價。當我們查看某個特定入口網站時，我們所做的一件事是考慮一個市場中是否有3 個入口網站或一個市場中有4 個入口網站，我們將查看領先入口網站（#2 入口網站）上的流量。3、#4 傳送門。我們著眼於潛在的成本或價值—每個入口網站的取得成本。

And we'll also be mindful of how we can change the outcome. So if we think that we can build traffic on a given portal up to the #1 position, if we can take a portal for # 4 to #1, we can estimate the cost of what it takes to do that, and we know the cost of bringing the technology in. We balance that against the cost of buying the #1 portal. And so if it's cheaper to build versus buy, will build, but build from the context of acquire and invest as opposed to acquire #1 and try to hold that #1 position.

我們還將注意如何改變結果。因此，如果我們認為我們可以在給定入口網站上建立流量直至排名第 1，如果我們可以將排名第 4 的入口網站帶到排名第 1，我們就可以估算做到這一點所需的成本，並且我們知道引入技術的成本。我們將其與購買排名第一的門戶的成本進行權衡。因此，如果建造比購買更便宜，我們就會建造，但要在收購和投資的背景下建造，而不是收購第一併試圖保持第一的位置。

So I think sometimes, you can do the calculation of various European markets and you determine that it would be -- it would take 60 years to get a payback relative to the cost of simply buying and building the traffic up. So you're looking for a better return. So we look at it through that lens, the value you get for the price you're paying. There is a mindset that you've heard that people believe that all of these 80 portals are set and locked in their stack rank and that there's no value to technology in any of these digital portals. I think that's wrong. I think the positions will move. They always have moved. If you look at who was #1, 5 years ago, it's different than who was number goes -- #1, 7 years ago. So it's more dynamic than people appreciate. And we just carefully are meeting some wonderful people in Europe, getting to know them, going to know their companies. We -- a lot of people would love to work with, but we want to make sure that our shareholders' dollar goes as far as possible and that we aren't -- and that we're optimizing the investments we're making.

所以我認為有時，你可以對各個歐洲市場進行計算，然後你就會確定，相對於簡單購買和建立流量的成本，需要 60 年才能獲得回報。所以你正在尋找更好的回報。因此，我們透過這個鏡頭來看它，也就是你所支付的價格所獲得的價值。您聽說過一種心態，人們認為所有這 80 個入口網站都已設定並鎖定在其堆疊層級中，而這些數位入口網站中的任何一個都沒有技術價值。我認為這是錯誤的。我認為立場將會改變。他們總是搬家。如果你看看 5 年前誰是第一，你會發現與 7 年前誰是第一個不同的。所以它比人們想像的更有活力。我們只是小心翼翼地在歐洲會見一些很棒的人，了解他們，了解他們的公司。我們——很多人都願意與之合作，但我們希望確保我們股東的錢盡可能地流向，而我們卻沒有——並且我們正在優化我們正在進行的投資。

And I was just wondering if you can comment on aspirations for international resi strategy outside of Europe as well.

我只是想知道您是否也可以評論一下歐洲以外的國際儲備戰略的願望。

I've been doing this for a while, and the longer you do it, the more you appreciate that it's basically all -- pretty much the same everywhere. And when you get wrapped around an axle around the minor differences from one market to another, you're missing the similarities. Like Steve Jobs would have been very definitive that human beings are very similar from Singapore to Brazil to South Africa and to obsess about the cultural differences in delivering technology as opposed to the similarities would be a mistake.

我這樣做已經有一段時間了，你做的時間越長，你就越能體會這一切基本上都是一樣的——到處都是一樣的。當你專注於一個市場與另一個市場之間的細微差異時，你就會錯過相似之處。就像史蒂夫·喬布斯一樣，他會非常明確地認為，從新加坡到巴西再到南非，人類都非常相似，痴迷於技術交付過程中的文化差異而不是相似之處將是一個錯誤。

There are no further questions at this time. So I will turn it back to Andy to wrap up.

目前沒有其他問題。所以我會把它轉回給安迪來總結。

Well, I'd like to thank everyone for joining us on this third quarter earnings call, and we look forward to having you join us again where we can share results with you on, I believe, February 20 at 5:00 p.m. Eastern Standard time, 2:00 p.m. Pacific Time on February 20, 2024. So thank you for joining us, and thank you for participating. We enjoyed the questions. Thank you very much. Have a good evening.

好吧，我要感謝大家參加我們的第三季財報電話會議，我們期待您再次加入我們，我們可以在 2 月 20 日下午 5:00 與您分享結果。東部標準時間下午 2:00太平洋時間 2024 年 2 月 20 日。非常感謝您加入我們，也感謝您參與。我們很喜歡這些問題。非常感謝。祝你晚上愉快。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。