CoStar Group Inc (CSGP) 2023 Q1 法說會逐字稿

Good afternoon. My name is Hannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoStar Group First Quarter 2023 Earnings Call. (Operator Instructions)

下午好。我叫漢娜，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 CoStar Group 2023 年第一季度財報電話會議。 （操作員說明）

Now Cyndi Eakin, Head of Investor Relations, will read the safe harbor statement. Cyndi, you may begin.

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, Hannah. Good evening, and thank you all for joining us to discuss the first quarter 2023 results of the CoStar Group. Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Scott Wheeler, our CFO, I would like to review our safe harbor statement.

謝謝你，漢娜。晚上好，感謝大家加入我們討論 CoStar Group 2023 年第一季度的業績。在我將電話轉給 CoStar 的首席執行官兼創始人 Andy Florance 之前；和我們的首席財務官斯科特惠勒，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 second quarter and the full year of 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. 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.

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二季度和 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、估計和其他可能導致實際結果與此類陳述存在重大差異的因素。可能導致實際結果不同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和我們向美國證券交易委員會提交的文件中所述的因素，包括我們關於 10-K 表格的最新年度報告和隨後的季度報告在 10-Q 表的風險因素標題下。

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 to the most directly comparable GAAP measure of non-GAAP financial measures discussed on this call, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per diluted share and forward-looking non-GAAP guidance, are also shown in detail on our press release issued today, along with definitions for those terms.

所有前瞻性陳述均基於 CoStar 在本次電話會議之日可獲得的信息。 CoStar 不承擔更新這些聲明的義務，無論是由於新信息、未來事件或其他原因。與本次電話會議上討論的非 GAAP 財務指標的最直接可比 GAAP 指標的對賬，包括 EBITDA、調整後的 EBITDA、調整後的 EBITDA 利潤率、非 GAAP 淨收入、非 GAAP 每股攤薄淨收入和前瞻性非 GAAP我們今天發布的新聞稿中也詳細介紹了這些指南以及這些術語的定義。

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.

該新聞稿可在我們網站 costargroup.com 的新聞發布室下獲取。提醒一下，今天的電話會議正在進行網絡直播，該鏈接也可以在我們網站的投資者下找到。請參閱今天的新聞稿，了解如何訪問此電話的重播。

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

有了這個，我想把電話轉給我們的創始人兼首席執行官安迪弗洛倫斯。

Good afternoon, and thank you for joining us for CoStar Group's First Quarter 2023 Earnings Call. Revenue for the first quarter of 2023 was $584 million or 13% growth year-over-year, coming in at the high end of our guidance range and above consensus estimates. I'm very pleased with the growth of our commercial information and nonresidential marketplace businesses, which delivered 15% year-over-year revenue growth in the first quarter. I'm also very pleased with the progress we're making in building the new Homes.com, which I believe will become the best online residential marketplace in the world, bar none.

下午好，感謝您加入我們的 CoStar Group 2023 年第一季度財報電話會議。 2023 年第一季度的收入為 5.84 億美元，同比增長 13%，處於我們指導範圍的高端，高於普遍預期。我對我們的商業信息和非住宅市場業務的增長感到非常高興，這些業務在第一季度實現了 15% 的同比收入增長。我也對我們在建設新的 Homes.com 方面取得的進展感到非常高興，我相信它將成為世界上最好的在線住宅市場，無可匹敵。

We started the year strong with net new sales of $80 million, our second highest sales quarter ever, and a 17% increase over the first quarter of the prior year. Apartments.com achieved the highest net new sales quarter for the second quarter in a row. LoopNet achieved outstanding results in the quarter with a 100% increase in net new sales over the first quarter of last year. We hit a new high watermark in traffic to our marketplaces in March. Monthly unique visitors totaled $94 million for the month with Apartments.com, Homes.com, LoopNet, Lands, BizBuySell, Belbex, BureauxLocaux, Business Immo and all of our marketplaces, contributing up to tens of millions of unique visitors.

我們今年開局強勁，淨新銷售額為 8000 萬美元，是我們有史以來第二高的銷售額季度，比去年第一季度增長 17%。 Apartments.com 連續第二個季度實現最高淨新銷售額季度。 LoopNet 在本季度取得了出色的成績，淨新銷售額比去年第一季度增長了 100%。 3 月份，我們的市場流量創下新高。本月，Apartments.com、Homes.com、LoopNet、Lands、BizBuySell、Belbex、BureauxLocaux、Business Immo 和我們所有的市場的每月獨立訪問者總計 9400 萬美元，貢獻了數千萬獨立訪問者。

Apartments.com continued its impressive run with another outstanding quarter. Apartments.com revenue was $211 million in the first quarter, climbing to 20% year-over-year for the first time since the first quarter of '21. Net new sales bookings were at an all-time high, breaking the record set just last quarter with an increase of 110% over the first quarter of '22. Apartments.com, while very successful, has millions of apartments that do not yet advertise on the site.

Apartments.com 以另一個出色的季度繼續其令人印象深刻的運行。 Apartments.com 第一季度的收入為 2.11 億美元，自 2021 年第一季度以來首次同比增長 20%。淨新銷售預訂量創歷史新高，打破了上個季度創下的記錄，比 22 年第一季度增長了 110%。 Apartments.com 雖然非常成功，但擁有數百萬套尚未在網站上做廣告的公寓。

We are focused on continuing to grow our sales force to reach this huge potential untapped audience. Our attention to attracting the best talent and excellent onboarding and training of new hires is paying good dividends. Our sales team productivity is up over 40% compared to last year for hires who have been with us less than a year. We are committed to excellent customer service, and that's a big contributor to our success. The apartment sales team conducted close to 140,000 quality meetings this quarter, which is 24% higher than the same quarter last year. Of those 140,000 quality meetings, over 50,000 were in person, a 45% increase over the first quarter of '22. This attention to servicing continues to be well received by our clients as evidenced by our industry-leading Net Promoter Score of 94.

我們專注於繼續壯大我們的銷售隊伍，以接觸到這一巨大的潛在未開發受眾。我們對吸引最優秀人才以及對新員工進行出色的入職和培訓的關注正在帶來豐厚的回報。對於加入我們不到一年的員工，與去年相比，我們的銷售團隊生產力提高了 40% 以上。我們致力於提供卓越的客戶服務，這是我們成功的重要因素。公寓銷售團隊本季度開展了近 140,000 次質量會議，比去年同期增長了 24%。在這 140,000 場質量會議中，有超過 50,000 場是面對面的，比 22 年第一季度增加了 45%。這種對服務的關注繼續受到我們客戶的好評，我們行業領先的淨推薦值 94 證明了這一點。

The number of properties advertising on our platform continues to expand and is now at a record 64,000 properties. Our customers are selecting higher ad package levels to obtain more leads as evidenced by our average revenue per property increase of 14% over the prior year. The economic fundamentals of the apartment industry continue to move in our favor. The vacancy rate for 3-, 4- and 5-star properties rose another 30 basis points to 7.7% in the first quarter, and net deliveries continue to outpace net absorption in the quarter with twice the units delivered as absorbed.

在我們平台上投放廣告的物業數量繼續增加，目前已達到創紀錄的 64,000 處物業。我們的客戶正在選擇更高的廣告包級別以獲得更多潛在客戶，我們每家酒店的平均收入比上一年增長 14% 就證明了這一點。公寓行業的經濟基本面繼續向對我們有利的方向發展。第一季度三星級、四星級和五星級酒店的空置率又上升了 30 個基點，達到 7.7%，淨交付量繼續超過淨吸納量，交付量是吸納量的兩倍。

Deliveries in '23 are expected to be the highest in over 40 years, and vacancy rates are forecast to increase for the remainder of the year. There are currently over 1 million units under construction, with approximately 750,000 of them being at the top end of the market. Pressure on these assets will be intense throughout 2023 as rent levels moderate. We expect vacancy rates to remain elevated by historical standards. All this could create a jet stream-like tailwind for advertising demand.

預計 23 年的交付量將達到 40 多年來的最高水平，預計今年剩餘時間的空置率將上升。目前有超過 100 萬個單位在建，其中約 750,000 個處於高端市場。隨著租金水平的放緩，這些資產在整個 2023 年將承受巨大壓力。我們預計空置率將按歷史標准保持高位。所有這一切都可以為廣告需求創造一股噴射流般的順風。

March marked the official role to the new 2023 Apartments.com marketing campaign with new TV commercials, streaming videos and streaming audio commercials. Jeff Goldblum as Brad Bellflower was featured during March Madness and all month across top networks like CBS, Bravo, TBS, TNT and more. We launched a new social media campaign, our streaming audio and podcast campaigns have hit the airwaves and engagements are at an all-time high.

三月標誌著新的 2023 Apartments.com 營銷活動的正式角色，包括新的電視廣告、流媒體視頻和流媒體音頻廣告。 Jeff Goldblum 飾演的 Brad Bellflower 在瘋狂三月期間以及整個月都出現在 CBS、Bravo、TBS、TNT 等頂級網絡中。我們發起了一項新的社交媒體活動，我們的流媒體音頻和播客活動已經播出，參與度達到歷史最高水平。

We anticipate that our 2023 campaign will yield 12 billion media impressions. The early results of this campaign are strong with our first quarter unaided brand awareness for Apartments.com jumping to our highest score ever. Apartments.com continues to attract qualified renters to our platform with an average of over 43 million monthly unique visitors in the quarter, according to Google Analytics. Apartments.com is also benefiting from the addition of Homes.com rental area to its network and the tremendous growth in traffic to Homes.com. Visitors to the homes rental area up 83% since the fourth quarter of 2022, and those visitors delivered approximately 200,000 leads to our paying Apartments.com customers, that's up 124% from just last quarter.

我們預計我們的 2023 年活動將產生 120 億次媒體印象。該活動的早期結果非常好，第一季度 Apartments.com 的獨立品牌知名度躍升至有史以來的最高分。根據 Google Analytics 的數據，Apartments.com 繼續吸引合格的租戶到我們的平台，本季度平均每月獨立訪客超過 4300 萬。 Apartments.com 還受益於將 Homes.com 租賃區域添加到其網絡以及 Homes.com 流量的巨大增長。自 2022 年第四季度以來，房屋租賃區的訪客增長了 83%，這些訪客為我們的付費 Apartments.com 客戶帶來了大約 200,000 個潛在客戶，比上一季度增長了 124%。

With more content than ever before on our network, including unit level details and touring capabilities, our lead quality continues to outperform our competitors. Our mobile sessions were an all-time high in the first quarter with 75% of Apartments.com user sessions conducted on a mobile device. Just 5 keywords now account for 33% of unbranded search activity on these devices. When the top 376 cities in the United States are examined, Apartments.com ranks #1 for all 5 of these terms 99% of the time.

我們網絡上的內容比以往任何時候都多，包括單位級別的詳細信息和巡迴演出能力，我們的領先質量繼續優於我們的競爭對手。我們的移動會話在第一季度創下歷史新高，75% 的 Apartments.com 用戶會話是在移動設備上進行的。現在僅 5 個關鍵字就佔這些設備上非品牌搜索活動的 33%。在檢查美國排名前 376 的城市時，Apartments.com 在 99% 的時間裡都在所有 5 個術語中排名第一。

The combination of the kickoff of our 2023 marketing campaign, market conditions and our larger and more seasoned sales teams helped continue to drive strong results. In sum, I am very pleased to report that we expect Apartments.com to deliver 22% to 23% revenue growth in 2023.

我們 2023 年營銷活動的啟動、市場狀況以及我們規模更大、經驗更豐富的銷售團隊相結合，幫助我們繼續取得強勁的業績。總之，我很高興地報告，我們預計 Apartments.com 將在 2023 年實現 22% 至 23% 的收入增長。

I'm very excited about the progress we've made on many Homes.com initiatives in the short period of time. Last year, we laid out the key milestones for Homes.com: grow, monetize and scale. The grow phase focused on increasing traffic, engaging buyers and sellers on our platform. Our initial goal in the grow phase was to achieve 25 million unique visitors, while our goal in the scale phase was to reach 50 million unique visitors. Traffic to our Homes.com network grew dramatically. We reached 27 million unique visitors in March according to Google Analytics.

我對我們在短時間內在許多 Homes.com 計劃上取得的進展感到非常興奮。去年，我們制定了 Homes.com 的關鍵里程碑：發展、貨幣化和規模化。增長階段的重點是增加流量，吸引我們平台上的買家和賣家。我們在增長階段的初始目標是達到 2500 萬獨立訪客，而我們在規模階段的目標是達到 5000 萬獨立訪客。我們 Homes.com 網絡的流量急劇增長。根據 Google Analytics，我們在 3 月份達到了 2700 萬獨立訪問者。

Month-to-date in April, traffic to Homes.com grew 53% over the same period March to date. As of this morning, for the partial month to date, we have already seen 28 million unique visitors to Homes.com network. Unique visitors for our Homes.com network is 88% above March of last year, and traffic to our Homes.com site is up 183% compared to last year.

4 月至今，Homes.com 的訪問量比 3 月至今同期增長了 53%。截至今天上午，在本月的部分時間裡，我們已經看到 Homes.com 網絡的獨立訪問者達到 2800 萬。我們 Homes.com 網絡的獨立訪問者比去年 3 月增加了 88%，我們 Homes.com 網站的訪問量比去年增加了 183%。

We are now 4x the traffic levels from when we purchased Homes.com almost 2 years ago. By comparison, 2 years after we purchased Apartments.com, we'd only doubled the traffic. As we continue to build Homes.com and combine single-family residential with rental content from Apartments.com, we can now aggregate our traffic across both property marketplaces.

我們現在的流量水平是近 2 年前購買 Homes.com 時的 4 倍。相比之下，在我們購買 Apartments.com 兩年後，我們的流量只增加了一倍。隨著我們繼續建設 Homes.com 並將單戶住宅與 Apartments.com 的租賃內容相結合，我們現在可以聚合兩個房地產市場的流量。

In total, monthly unique visitors in March for our Apartments.com and Homes.com network was 72 million according to Google Analytics. For the fourth quarter of 2022, Realtor.com reported 66 million monthly unique visitors, while Redfin reported 44 million average monthly unique visitors. According to comScore, Homes.com unique visitors were up 153% year-over-year in March, Realtor.com's monthly unique visitors decreased by 20%. Zillow's unique visitors were down 5% and Redfin's traffic increased 5% compared to March of last year.

根據 Google Analytics，我們的 Apartments.com 和 Homes.com 網絡在 3 月份的每月獨立訪客總數為 7200 萬。 2022 年第四季度，Realtor.com 報告稱每月獨立訪客為 6600 萬，而 Redfin 報告稱每月平均獨立訪客為 4400 萬。根據 comScore 的數據，Homes.com 的獨立訪客在 3 月份同比增長了 153%，而 Realtor.com 的每月獨立訪客減少了 20%。與去年 3 月相比，Zillow 的獨立訪客減少了 5%，而 Redfin 的訪問量增加了 5%。

Alongside our increase in consumer traffic engagement, agent engagement continues to improve. We now have approximately 1.1 million agents registered in Homes.com network, up 37% for the first quarter of '22. Active users are those who visit the site monthly have increased 64% versus last year. I believe the engagement will continue to improve as we're providing millions of free leads to agents that could generate billions of commission dollars for them under our "your listing, your lead" business model. In the months ahead, we're intensely focused on product development, generating proprietary content and building consumer traffic. Our team is extremely talented and singularly focused on winning. I wish I could share more detail on some of the great success stories, but I cannot, for competitive reasons. With the progress we've made to date, I remain confident that we're on track to begin monetizing Homes.com advertising product in the later part of this year.

隨著我們增加消費者流量參與度，代理商參與度也在不斷提高。我們現在有大約 110 萬名代理商在 Homes.com 網絡中註冊，比 22 年第一季度增長了 37%。活躍用戶是那些每月訪問該網站的用戶，與去年相比增加了 64%。我相信隨著我們向代理商提供數百萬個免費線索，這些代理商可以在我們的“您的列表，您的線索”商業模式下為他們產生數十億美元的佣金，因此參與度將繼續提高。在接下來的幾個月裡，我們將專注於產品開發、生成專有內容和建立消費者流量。我們的團隊非常有才華，並且非常專注於獲勝。我希望我能分享一些偉大成功故事的更多細節，但出於競爭原因，我不能。鑑於我們迄今取得的進展，我仍然相信我們有望在今年下半年開始通過 Homes.com 廣告產品獲利。

LoopNet was 63 -- revenue was $63 million for the first quarter, up 16% year-over-year and accelerating from 12% growth rate in the fourth quarter of '22. Our investment in building a direct sales force for LoopNet's paying off. Net new bookings are up 100% year-over-year, which is directly attributable to our larger and more effective sales teams. The productivity for sellers in the first year has increased in each of the last 4 quarters as new reps ramp and become more productive. Sales of new signature ads are up 27% year-over-year. LoopNet captured record traffic in the quarter with 14 million average monthly unique visitors to a network of marketplaces, up 12% year-over-year.

LoopNet 為 63——第一季度收入為 6300 萬美元，同比增長 16%，高於 2022 年第四季度 12% 的增長率。我們在建立直銷隊伍方面的投資為 LoopNet 帶來了回報。新預訂淨額同比增長 100%，這直接歸功於我們規模更大、效率更高的銷售團隊。隨著新代表的增加和生產力的提高，過去 4 個季度中每個季度的銷售人員第一年的生產力都有所提高。新簽名廣告的銷售額同比增長 27%。 LoopNet 在本季度創造了創紀錄的流量，平均每月有 1400 萬獨立訪客訪問市場網絡，同比增長 12%。

According to Semrush, LoopNet has 8x the traffic of our nearest competitor in March. We're also seeing traffic gains in Canada as our unique visitors for LoopNet Canada in the first quarter are over 5x the unique visitors of our nearest competitor there. These accomplishments and investments reinforce our position as the most popular place to find a space and give me confidence in our ability to achieve our target of 18% to 19% revenue growth in 2023.

根據 Semrush 的說法，LoopNet 在 3 月份的流量是我們最接近的競爭對手的 8 倍。我們還看到加拿大的流量有所增加，因為我們在第一季度 LoopNet Canada 的獨立訪問者是我們最接近的競爭對手的獨立訪問者的 5 倍以上。這些成就和投資鞏固了我們作為最受歡迎的辦公地點的地位，並讓我相信我們有能力在 2023 年實現 18% 至 19% 的收入增長目標。

As we continue to focus on international expansion with our revenues, they are expected to exceed $80 million in 2023. By revenue, our international business now ranks #4, behind Apartments.com, CoStar and LoopNet. We now have over 500 international employees, including 200 researchers and 130 sales representatives. In Europe, we currently operate more than a dozen cities in 5 countries, with aspirations to expand our CoStar and LoopNet products into most of these major markets. Currently, CoStar and LoopNet are only offered in the U.S., Canada and the United Kingdom. We believe there's a $30 billion European market for real estate information, services and marketplaces, which is roughly the same size as our North American market.

隨著我們繼續專注於收入的國際擴張，預計到 2023 年收入將超過 8000 萬美元。按收入計算，我們的國際業務現在排名第四，僅次於 Apartments.com、CoStar 和 LoopNet。我們現在擁有 500 多名國際員工，其中包括 200 名研究人員和 130 名銷售代表。在歐洲，我們目前在 5 個國家/地區的十幾個城市開展業務，並希望將我們的 CoStar 和 LoopNet 產品擴展到這些主要市場中的大部分。目前，CoStar 和 LoopNet 僅在美國、加拿大和英國提供。我們相信歐洲的房地產信息、服務和市場市場價值 300 億美元，與我們的北美市場規模大致相當。

A key step to capturing a significant share of that market is building and selling CoStar and LoopNet on a pan-European basis. One of the core unique competencies of our research operations is our on-the-ground field research operations. Our goal over the next few years is to photograph, map and document all of the commercial properties, 10,000 square feet or larger, roughly 1,000 square meters, in 15 European countries and approximately 36 cities. We will divide each city into 1 kilometer grids and capture all the relevant building inventory in each area. We anticipate capturing information on more than 1.5 million properties with a combined value in the trillions of euros. We have done this before in the U.S., Canada and the U.K. And in each instance, these massive efforts have resulted in a profitable and very valuable information asset.

佔領該市場重要份額的關鍵步驟是在泛歐基礎上構建和銷售 CoStar 和 LoopNet。我們研究業務的核心獨特能力之一是我們的實地實地研究業務。我們未來幾年的目標是拍攝、繪製和記錄 15 個歐洲國家和大約 36 個城市中 10,000 平方英尺或更大（約 1,000 平方米）的所有商業地產。我們將每個城市劃分為 1 公里的網格，並捕獲每個區域的所有相關建築庫存。我們預計將收集超過 150 萬處房產的信息，總價值達數万億歐元。我們以前在美國、加拿大和英國都這樣做過。在每一個例子中，這些巨大的努力都產生了有利可圖且非常有價值的信息資產。

CoStar revenue increased $225 million in the first quarter, up 13%. For each month of the quarter, we saw a record number of distinct users in CoStar and in March exceeded 140,000 distinct users. Usage of CoStar and product engagement continues to grow as evidenced by nearly 6.5 million logins in the first quarter, a 26% increase over the last year. During those user sessions, property searches exceeded 20 million each month, and property detail views averaged 15 million a month. Whilst CoStar continues to be the premier product for real estate professionals -- brokers, significant opportunities exist for selling to new customers. We have a 75% plus penetration rate amongst brokerages with 5 or more brokers and continue to prospect smaller firms with an annual revenue potential of $96 million.

CoStar 的收入在第一季度增加了 2.25 億美元，增長了 13%。在本季度的每個月，我們都看到了 CoStar 中不同用戶的創紀錄數量，並且在 3 月份超過了 140,000 個不同用戶。 CoStar 的使用和產品參與度繼續增長，第一季度近 650 萬次登錄證明了這一點，比去年增長了 26%。在這些用戶會話期間，房產搜索每月超過 2000 萬次，房產詳情查看平均每月 1500 萬次。雖然 CoStar 仍然是房地產專業人士 - 經紀人的首選產品，但存在向新客戶銷售的重要機會。我們在擁有 5 名或更多經紀人的經紀公司中的滲透率超過 75%，並繼續尋找年收入潛力為 9600 萬美元的小型公司。

In addition, our sales teams are focused on owners, lenders and corporations where we have a significant addressable market. We believe we have over 51,000 owner prospects, 10,000 lender prospects and almost 4,000 corporations or 50 or more locations for a total of $1.4 billion in potential revenue. For the first time this quarter, product demonstrations to these aforementioned prospects exceeded those to the broker customers and broker prospects. Overall, we're seeing slightly lower than -- slightly lower net new bookings for CoStar, but still expect double-digit revenue growth in 2023.

此外，我們的銷售團隊專注於我們擁有重要潛在市場的所有者、貸方和公司。我們相信我們有超過 51,000 名潛在業主、10,000 名潛在貸款人和近 4,000 家公司或 50 個或更多地點，潛在收入總額為 14 億美元。本季度，對上述這些潛在客戶的產品展示首次超過了對經紀商客戶和經紀商潛在客戶的展示。總體而言，我們看到 CoStar 的淨新預訂量略低於 - 略低，但仍預計 2023 年收入將實現兩位數增長。

We've (inaudible) corporate information on 12,600 real estate investment funds and 70,000 commercial properties within those funds into CoStar. The subfund information helps clients understand who has capital available to invest in the commercial real estate and what sort of product types they want to invest in and where they want to invest. We continue to focus on our banking customers with our lender product. Last month marked the 1-year anniversary of releasing our fully integrated solution for lenders in CoStar.

我們已經（聽不清）有關 12,600 個房地產投資基金和這些基金中 70,000 個商業地產的公司信息進入 CoStar。子基金信息可幫助客戶了解誰擁有可用於投資商業地產的資金以及他們希望投資的產品類型和投資地點。我們繼續通過我們的貸方產品關注我們的銀行客戶。上個月是我們在 CoStar 中為貸方發布完全集成的解決方案一周年。

Sales continued to be strong in Q1, ending our first year by breaking the 150 total client milestone. These clients spend many lender types, including banks, life insurance companies, credit unions and private lenders while ranging in size from $50 million CRE portfolios to over $50 billion CRE portfolios, proving a large opportunity moving forward. Our sales pipeline for lender is strong, and we expect to build on that pipeline as the solution for lenders is uniquely positioned for continued growth in this uncertain environment.

第一季度的銷售繼續強勁，以突破 150 個客戶總數的里程碑結束了我們的第一年。這些客戶使用多種貸方類型，包括銀行、人壽保險公司、信用合作社和私人貸方，規模從 5000 萬美元到超過 500 億美元的 CRE 投資組合不等，證明了向前發展的巨大機會。我們針對貸方的銷售渠道很強大，我們希望在此渠道的基礎上繼續發展，因為針對貸方的解決方案在這種不確定的環境中處於持續增長的獨特地位。

The value proposition is unmatched. No other company can connect a lender's portfolio to our rich property level information and provide a fully integrated credit model that assesses refinance risks as well as stress test a portfolio for an economic downturn. We expect continued sales opportunities due to regulators calling for increased portfolio surveillance by CRE-focused lenders for multiple reasons, including the concern over office properties, rising rates, refinancing risks and the threat of a potential economic downturn. I remain confident in our ability to grow CoStar revenue given our mission-critical data, ongoing product enhancements and the continued expansion and diversification of our customer base.

價值主張是無與倫比的。沒有其他公司可以將貸方的投資組合與我們豐富的財產級別信息聯繫起來，並提供完全集成的信貸模型來評估再融資風險以及對投資組合進行經濟衰退壓力測試。由於多種原因，包括對辦公物業的擔憂、利率上升、再融資風險和潛在經濟衰退的威脅，監管機構要求以 CRE 為重點的貸方加強投資組合監督，我們預計會有持續的銷售機會。鑑於我們的關鍵任務數據、持續的產品改進以及我們客戶群的持續擴張和多樣化，我對我們增加 CoStar 收入的能力充滿信心。

Although overall CRE transaction volume was down 51% year-over-year, Ten-X continues to outperform the market with a solid 60% trade rate, up 3x that of the off-line market and up 51% in the fourth quarter of '22. We also saw the average number of bidders per auction on the platform increased over 3.2 in the first quarter compared to 2.6 in the fourth quarter of '22. In Q1 '23, Ten-X saw the average asset value increased 18% over the last year from $3.3 million to $3.9 million, average winning bid price increased 29% compared to the prior year from $3.1 million up to $4 million, and the average buyer premium increased 35% over the last year from 71,000 to 97,000. I believe this indicates that our expanded sales force is delivering higher quality assets that investors are seeking even in a price-challenged market.

儘管整體 CRE 交易量同比下降 51%，但 Ten-X 以 60% 的穩健交易率繼續跑贏大市，是線下市場的 3 倍，第四季度增長 51% 22.我們還看到，與 2022 年第四季度的 2.6 相比，第一季度平台上每次拍賣的平均投標人數量增加了 3.2 以上。在 23 年第一季度，Ten-X 的平均資產價值比去年增長 18%，從 330 萬美元增長到 390 萬美元，平均中標價格比上年增長 29%，從 310 萬美元增長到 400 萬美元，平均買家溢價比去年增加了 35%，從 71,000 增至 97,000。我相信這表明我們擴大的銷售隊伍正在提供投資者正在尋求的更高質量的資產，即使在價格充滿挑戰的市場中也是如此。

With roughly $1.5 trillion of CRE debt maturing in the next 24 months and $700 billion maturing by year-end, we expect the continued interest rate-driven market shift to drive transaction volume up. Ten-X is already seeing an increase in momentum in the second quarter with $1.7 billion of inventory come into the platform, a 44% increase from Q2 of '22.

未來 24 個月內約有 1.5 萬億美元的 CRE 債務到期，年底前有 7000 億美元到期，我們預計利率驅動的持續市場轉變將推動交易量上升。 Ten-X 在第二季度已經看到了增長勢頭，該平台有 17 億美元的庫存，比 22 年第二季度增長了 44%。

Ten-X remains the go-to platform for accelerated asset transactions which buyers, sellers, brokers, lenders and special servicers benefit from as the markets continue to shift. Our lands business is focused on creating opportunities for our [real land] clients to capture more leads for their priority properties for sale with signature ad opportunities. This business continues its consistent profitable growth with 14% year-over-year revenue growth.

Ten-X 仍然是加速資產交易的首選平台，隨著市場的不斷變化，買家、賣家、經紀人、貸方和特殊服務商將從中受益。我們的土地業務專注於為我們的 [real land] 客戶創造機會，以通過標誌性廣告機會為其優先出售的物業捕獲更多線索。該業務繼續保持持續的盈利增長，收入同比增長 14%。

STR has achieved a record sales quarter with the highest net new in its history and delivered 14% year-over-year revenue growth on a constant currency basis compared to the first quarter of '22. We're on track to launch our new benchmarking product this month and execute our plan of migrating more than 175,000 users to the CoStar platform. This release will open access to new clients, including owners, hotel operators and brands that will enable execution of our integrated strategy.

STR 實現了創紀錄的銷售季度，創下歷史新高，與 22 世紀第一季度相比，按固定匯率計算收入同比增長 14%。我們有望在本月推出新的基準測試產品，並執行將超過 175,000 名用戶遷移到 CoStar 平台的計劃。此版本將向新客戶開放訪問權限，包括所有者、酒店運營商和品牌，這將有助於執行我們的綜合戰略。

Owners will have clearer visibility into asset performance, market performance and competitive landscape. This insight is invaluable for asset acquisition, repositioning and dispositioning. Operators will have access to data and tools to better forecast, budget, yield manage and identify demand drivers and supply implications. Hotel brands will have a full suite to support and develop teams, franchise owners relationships and management contracts. What's not to love about all that?

所有者將更清楚地了解資產績效、市場績效和競爭格局。這種洞察力對於資產收購、重新定位和處置非常寶貴。運營商將能夠訪問數據和工具，以更好地進行預測、預算、收益管理並確定需求驅動因素和供應影響。酒店品牌將擁有一套完整的套件來支持和發展團隊、特許經營權所有者關係和管理合同。有什麼不喜歡這一切的呢？

Overall, higher interest rates and increased economic uncertainty have reduced transaction volumes in the market and impacted prices since the second half of '22. As I mentioned earlier, transaction volumes declined by over 50% year-over-year in the first quarter of 2023 in the commercial real estate markets. In addition, we're now seeing asset price declines for 7 consecutive months with valuations off by 8% over that time. The office sector continues to show real weakness with vacancy rates reaching almost 13% in the first quarter. Phantom vacancy rate is much higher than that, and it's matching the all-time peak seen after the great financial crisis.

總體而言，自 22 世紀下半年以來，利率上升和經濟不確定性增加減少了市場交易量並影響了價格。正如我之前提到的，2023 年第一季度商業房地產市場的交易量同比下降了 50% 以上。此外，我們現在看到資產價格連續 7 個月下跌，估值在此期間下降了 8%。寫字樓行業繼續表現出真正的疲軟，第一季度的空置率達到近 13%。幻影空置率遠高於此，與金融危機後的歷史峰值相當。

With continued weak demand, negative net absorption and other 58 million square feet of deliveries expected in 2023, we expect vacancies to push higher for the foreseeable future. Not surprisingly, delinquency rates on commercial property loans have doubled in the past 3 months to 2.8%, and it's probably and actually higher than that. Overall sales prices for office buildings are down 26% from their peak in Q1 of 2022. Fortunately, our Ten-X platform is well positioned to assist with the recapitalization of those properties as they come to market.

由於需求持續疲軟、淨吸納量為負以及預計 2023 年將交付 5800 萬平方英尺，我們預計在可預見的未來空置率將進一步上升。不足為奇的是，商業地產貸款的拖欠率在過去 3 個月翻了一番，達到 2.8%，而且可能而且實際上比這還要高。寫字樓的整體銷售價格較 2022 年第一季度的峰值下降了 26%。幸運的是，我們的 Ten-X 平台處於有利地位，可以在這些物業上市時協助其進行資本重組。

The residential housing market remains constrained. Mortgage rates are down from the earlier highs at the end of last year, but affordability is still low by historical standards. Sales of existing homes tipped higher earlier this year after 12 consecutive months of declines. Sales of new homes have trended higher since reaching a bottom last year as builders are offering incentives like rate buydowns to clear inventories. Inventories remain tight, which should prevent values from declining rapidly.

住宅市場仍然受到限制。抵押貸款利率從去年底的早期高點有所下降，但按歷史標準衡量，負擔能力仍然很低。在連續 12 個月下降之後，今年早些時候，現房銷售量有所上升。自去年觸底以來，新房銷售呈上升趨勢，因為建築商正在提供利率回購等激勵措施來清理庫存。庫存仍然緊張，這應該可以防止價值迅速下降。

The retail sector continues to benefit from reduced store closures, steady demand and minimal new supply. Available retail space fell to a new all-time low of 4.7% during the first quarter, leaving it difficult to find space a strong market. Industrial net absorption has slowed in the first quarter after 2 years of record high net absorption, and tenant demand is beginning to moderate. At 4.3%, the U.S. industrial vacancy rate is half of the levels recorded 10 years ago, and rents have climbed 10% over the last 12 months, still a strong market.

零售業繼續受益於門店關閉減少、需求穩定和新增供應量極少。第一季度，可用零售空間跌至 4.7% 的歷史新低，因此很難在強勁的市場中找到空間。工業淨吸納量在連續 2 年創歷史新高後，第一季度有所放緩，租戶需求開始放緩。美國工業空置率為 4.3%，是 10 年前水平的一半，租金在過去 12 個月裡上漲了 10%，市場依然強勁。

I'm very pleased with the performance of our business in the first quarter. CoStar continues to grow and remain resilient despite industry headwinds elsewhere. Apartments.com and LoopNet show accelerating countercyclical sales success. I am very optimistic about the progress we're making building traffic and value at Homes.com. We're very pleased to see our array of diverse platforms drawing more than 94 million unique visitors in March, and I look forward to reporting 100 million unique visitors before too long.

我對第一季度的業務表現感到非常滿意。儘管其他行業面臨逆風，CoStar 仍在繼續增長並保持彈性。 Apartments.com 和 LoopNet 顯示出加速的反週期銷售成功。我對我們在 Homes.com 建立流量和價值方面取得的進展非常樂觀。我們很高興看到我們的多元化平台在 3 月份吸引了超過 9400 萬獨立訪問者，我期待不久之後報告 1 億獨立訪問者。

At this point, I'm going to turn the call over to the very capable hands of our Chief Financial Officer, Scott Wheeler.

在這一點上，我將把電話轉交給我們的首席財務官 Scott Wheeler 非常有能力的手。

Thank you, Andy. It's a great way to start the year again. Financially, we are certainly on track, if not slightly ahead, where we expected to be this quarter and for the year, with regards to revenue and our revenue growth outlook, which is a 13% total revenue growth for 2023. Now one of our sell-side analysts recently pointed out that we have logged 50 quarters in a row of double-digit revenue growth, although we actually just completed 48 consecutive quarters of double-digit revenue growth, but who's counting? I actually use my favorite AI tool, which I call an Excel spreadsheet, to go back and figure out how many actual quarters we had double-digit growth. So it was back in 2011. So I am applying AI here at CoStar to our financial results.

謝謝你，安迪。這是重新開始新一年的好方法。在財務上，就收入和我們的收入增長前景而言，即使不是略微領先，我們也確實走上了正軌，我們預計本季度和今年將達到 2023 年總收入增長 13% 的水平。現在我們的其中一個賣方分析師最近指出，我們已經連續 50 個季度實現兩位數的收入增長，雖然我們實際上剛剛完成了連續 48 個季度的兩位數收入增長，但誰在計算呢？實際上，我使用我最喜歡的 AI 工具（我稱之為 Excel 電子表格）來回溯併計算出我們有多少個實際季度實現了兩位數的增長。時間回到了 2011 年。所以我在 CoStar 將 AI 應用到我們的財務結果中。

It might just be I.

可能只是我。

The question of my I sometimes. So revenue by services, CoStar revenue grew 13% in the first quarter. It was in line with our guidance expectations. CoStar expansion into new customers remain strong with new business sales consistently or slightly above the levels we've seen since mid-2021 after the pandemic. The brokers are certainly facing a tough transaction and leasing environment which dampened new broker sales and renewal rates, primarily among the very small broker shops.

我的問題有時。因此，按服務收入計算，CoStar 收入在第一季度增長了 13%。這符合我們的指導預期。 CoStar 向新客戶的擴張依然強勁，新業務銷售額始終或略高於我們自 2021 年年中大流行後所見的水平。經紀人肯定面臨艱難的交易和租賃環境，這抑制了新經紀人的銷售和續約率，主要是在非常小的經紀人商店中。

We expect that our revenue forecast will reflect the current market conditions, which would have CoStar revenue growing at 10% for the second quarter and for the full year of 2023. For multifamily, we added more than $35 million in year-over-year revenue during the first quarter, on our way to once again achieving 20% revenue growth. Our bigger sales team is giving us the capacity to reach more and more prospective customers that have never advertised for Apartments.com. The number of paid properties increased by 8% in the first quarter of 2023 on a year-over-year basis. This is the largest volume increase we've seen since the second quarter of 2021.

我們預計我們的收入預測將反映當前的市場狀況，這將使 CoStar 第二季度和 2023 年全年的收入增長 10%。對於多戶家庭，我們的同比收入增加了超過 3500 萬美元第一季度，我們將再次實現 20% 的收入增長。我們更大的銷售團隊使我們能夠接觸到越來越多從未為 Apartments.com 做過廣告的潛在客戶。 2023 年第一季度，付費物業數量同比增長 8%。這是我們自 2021 年第二季度以來看到的最大銷量增幅。

In addition, we're seeing more and more customers upgrading to higher-level ads versus those that are downgrading to lower-level ads. This net revenue contribution from the positive ad level mix is now back to the levels we saw last during the pandemic surge, which was the second quarter of 2020, which were certainly good, strong high levels. Looking ahead, we expect these trends to continue with rising vacancy rates and increased productivity from our recent sales force expansion classes. So we're now forecasting revenue growth, as Andy said, of 23% for multifamily for the year and for the second quarter, up from our prior guidance of 20% revenue growth for 2023.

此外，我們看到越來越多的客戶升級到更高級別的廣告，而不是降級到更低級別的廣告。積極的廣告水平組合帶來的淨收入貢獻現在回到了我們在大流行病激增期間最後一次看到的水平，那是在 2020 年第二季度，這當然是很好的、強勁的高水平。展望未來，我們預計這些趨勢將隨著空缺率上升和我們最近的銷售人員擴展課程提高生產力而繼續下去。因此，正如安迪所說，我們現在預測今年和第二季度多戶住宅的收入增長 23%，高於我們之前對 2023 年收入增長 20% 的預期。

LoopNet revenue grew 16% in the first quarter, up from 12% revenue growth in the fourth quarter of 2022, thanks to the success of our dedicated LoopNet sales team. We expect 18% revenue growth for LoopNet in the second quarter of 2023 with a full year revenue growth that we now expect at the upper end of our 18% to 19% guidance range. Revenue from Information Services increased 12% in the first quarter at the upper end of the guidance range with strong results from STR and revenue contributions from our growing European businesses.

LoopNet 收入在第一季度增長了 16%，高於 2022 年第四季度 12% 的收入增長，這要歸功於我們專門的 LoopNet 銷售團隊的成功。我們預計 2023 年第二季度 LoopNet 的收入將增長 18%，而我們現在預計的全年收入增長將處於 18% 至 19% 指導範圍的上限。信息服務收入在第一季度增長了 12%，處於指導範圍的上限，STR 的強勁業績和我們不斷增長的歐洲業務的收入貢獻。

We expect revenue growth for both the second quarter and the full year of 2023 to be 10%, slightly above the 7% to 9% full year revenue growth guidance range that we provided in February. Our first quarter residential revenue came in at $13 million as expected. Estimated revenue for the second quarter is around $12 million, with our full year '23 revenue expectations remaining unchanged at $45 million. As a reminder, we've not assumed any revenues from Homes.com advertising products in our 2023 outlook.

我們預計 2023 年第二季度和全年的收入增長均為 10%，略高於我們在 2 月份提供的 7% 至 9% 的全年收入增長指導範圍。我們第一季度的住宅收入達到了預期的 1300 萬美元。第二季度的預計收入約為 1200 萬美元，我們 23 年全年的收入預期保持在 4500 萬美元不變。提醒一下，在我們的 2023 年展望中，我們沒有假設來自 Homes.com 廣告產品的任何收入。

Other marketplace revenue contracted 4% in the first quarter of 2023, which was actually an improvement from the 10% to 13% first quarter revenue decline we expected a few months ago, as the trade rates for Ten-X that improved sequentially in the first quarter providing the extra revenue versus our forecast. We now expect revenue from other marketplaces to grow in the mid- to high single digits in the second quarter, and we're increasing our full year revenue growth estimate to 11% to 12% based on the better-than-expected first quarter results.

其他市場收入在 2023 年第一季度收縮 4%，這實際上比我們幾個月前預計的第一季度收入下降 10% 到 13% 有所改善，因為 Ten-X 的交易率在第一季度連續改善與我們的預測相比提供額外收入的季度。我們現在預計第二季度來自其他市場的收入將以中高個位數增長，並且基於好於預期的第一季度業績，我們將全年收入增長預期上調至 11% 至 12% .

Adjusted EBITDA was $123 million in the first quarter, $7 million above the high end of our guidance range. The outperformance was primarily attributable to our strong revenue performance and the timing of marketing spend in the quarter, which we expect to reverse as we move into our peak marketing season in the second and third quarters. Our adjusted EBITDA margin was 21% in the first quarter, 1 percentage point higher than our guidance.

第一季度調整後的 EBITDA 為 1.23 億美元，比我們指導範圍的上限高出 700 萬美元。出色的表現主要歸因於我們強勁的收入表現和本季度營銷支出的時間安排，我們預計隨著我們進入第二和第三季度的營銷旺季，情況會發生逆轉。我們調整後的 EBITDA 利潤率在第一季度為 21%，比我們的指導高出 1 個百分點。

The size of the sales force in total remains largely unchanged from where we were at the end of 2022. The Apartments and LoopNet Marketplace teams grew in the first quarter sequentially, offset by modest attrition across the rest of the sales force. Our focus for the rest of 2023 is to continue to increase our sales teams in the marketplace businesses, including Apartments, LoopNet, Lands and Residential. Our contract renewal rates remain in the 90% to 91% range, while the renewal rate in the first quarter for customers who have been subscribers for 5 years or longer remained strong at 95%.

銷售人員總數與 2022 年底相比基本保持不變。公寓和 LoopNet 市場團隊在第一季度環比增長，但被其他銷售人員的適度流失所抵消。我們在 2023 年剩餘時間的重點是繼續增加我們在市場業務中的銷售團隊，包括公寓、LoopNet、土地和住宅。我們的合同續簽率保持在 90% 至 91% 的範圍內，而訂閱 5 年或更長時間的客戶在第一季度的續簽率保持在 95% 的強勁水平。

Subscription revenue on annual contracts increased to 82% for the first quarter of '23, up from 81% at the end of 2022 and 80% a year ago. Both CoStar and Apartments.com have our highest annual subscription concentration percentages. And as these 2 products grow in relative size, we see our total subscription percentage increasing along with it. With a strong start to the year, we are reconfirming our revenue guidance and raising the midpoint of our guidance range. The new revenue range of $2.465 billion to $2.48 billion implies revenue growth of 13% to 14% for the year.

23 年第一季度年度合同訂閱收入增至 82%，高於 2022 年底的 81% 和一年前的 80%。 CoStar 和 Apartments.com 的年度訂閱集中度最高。隨著這 2 種產品的相對規模增長，我們看到我們的總訂閱百分比也隨之增加。憑藉今年的強勁開局，我們重新確認了我們的收入指引並提高了我們指引範圍的中點。 24.65 億美元至 24.8 億美元的新收入範圍意味著全年收入增長 13% 至 14%。

Second quarter 2023 revenue is expected to range from $603 million to $608 million, representing revenue growth of approximately 13% at the midpoint. We are also reconfirming our adjusted EBITDA guidance and raising the midpoint of our guidance range. The new adjusted EBITDA forecast range is now $505 million to $520 million. Our investments in the Homes.com residential marketplace are yielding excellent results, and our investment plans remains unchanged from what we communicated in February. For the second quarter of 2023, adjusted EBITDA is expected to be in the range of $118 million to $123 million, indicating a second quarter adjusted EBITDA margin of 20%.

2023 年第二季度的收入預計在 6.03 億美元至 6.08 億美元之間，中點收入增長約 13%。我們還重新確認調整後的 EBITDA 指導並提高指導範圍的中點。新調整後的 EBITDA 預測範圍現在為 5.05 億美元至 5.2 億美元。我們對 Homes.com 住宅市場的投資取得了優異的成績，我們的投資計劃與我們在 2 月份傳達的內容相同。對於 2023 年第二季度，調整後的 EBITDA 預計在 1.18 億美元至 1.23 億美元之間，表明第二季度調整後的 EBITDA 利潤率為 20%。

Before we move to Q&A, I want to reassure everyone that our cash and our investments are safe and sound, with no adverse impacts from the failure of the Silicon Valley Bank and the other recent banking turmoils. We also have nothing related to First Republic Bank, by the way. We maintain a very conservative treasury strategy that keeps our cash with only the strongest financial institutions and in the safest short-term investments. We actively manage our deposits to maximize interest income within the confines of our low-risk investment practices.

在開始問答環節之前，我想向大家保證，我們的現金和投資都安全可靠，沒有受到矽谷銀行倒閉和其他近期銀行業動蕩的不利影響。順便說一句，我們也與第一共和國銀行沒有任何關係。我們維持非常保守的財務策略，只將我們的現金存放在最強大的金融機構和最安全的短期投資中。我們積極管理我們的存款，以在我們的低風險投資實踐範圍內最大化利息收入。

In the first quarter, our $5.1 billion of cash earned a net interest of approximately 4.1% for the quarter, producing approximately $44 million of net interest income after deducting the interest expense on our debt. Projecting these results for the rest of the year is expected to yield net interest income of approximately $195 million, which is well above our prior estimates. We're raising our outlook for non-GAAP net income per diluted share to include our latest estimate of net interest income. We now expect non-GAAP net income per diluted share of $1.21 to $1.24, an increase from our prior guidance of around 15%, which is $0.15 per diluted share at the midpoint.

第一季度，我們 51 億美元的現金在本季度賺取了約 4.1% 的淨利息，扣除債務利息支出後產生了約 4400 萬美元的淨利息收入。預計今年剩餘時間的這些結果將產生約 1.95 億美元的淨利息收入，這遠高於我們之前的估計。我們正在提高我們對非 GAAP 每股攤薄淨收入的展望，以包括我們對淨利息收入的最新估計。我們現在預計非 GAAP 每股攤薄淨收入為 1.21 美元至 1.24 美元，比我們之前的預期增長約 15%，即中點為每股攤薄收益 0.15 美元。

So that about wraps it up for me. You can see we're in a very strong financial position as we head into the second quarter. And our growth, our investment and our profit plans are all on track for another great year.

這樣我就把它包起來了。你可以看到我們在進入第二季度時處於非常強勁的財務狀況。我們的增長、我們的投資和我們的利潤計劃都在朝著又一個偉大的一年邁進。

So with that, I will now turn the call back over to our operator for a little bit of Q&A. Hannah, back to you.

因此，我現在將把電話轉回給我們的接線員進行一些問答。漢娜，回到你身邊。

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

（操作員說明）第一個問題來自高盛的George Tong。

You trimmed your CoStar Suite full year revenue growth guidance from 12% to 10%. How derisked is that outlook given the current state of the commercial real estate market? And then related to that, you mentioned smaller broker weakness. Can you comment on the performance of your other customer types at CoStar Suite as well as the latest pricing trends that you're realizing?

您將 CoStar Suite 全年收入增長預期從 12% 下調至 10%。鑑於商業房地產市場的現狀，這種前景有多低？然後與此相關，你提到了較小的經紀人弱點。您能否評論一下您在 CoStar Suite 的其他客戶類型的表現以及您意識到的最新定價趨勢？

Sure, George. Thanks for the question. So we do take a quick -- a close look at all of our different customer sectors and how we're performing. As I mentioned, the sales that we're making into the growth sectors, owners, investors, lenders are at, if not slightly above the levels we've been doing over the last 4 to 6 quarters. And you just really see this one isolated sector that is the smallest broker shops that are being impacted by the downturn in transactions and reduction in effort and potential layoffs in that industry.

當然，喬治。謝謝你的問題。因此，我們確實快速——仔細研究了我們所有不同的客戶領域以及我們的表現。正如我所提到的，我們對增長部門、所有者、投資者、貸方的銷售即使不是略高於我們在過去 4 到 6 個季度中所做的水平，也是如此。你真的看到了這個孤立的行業，它是最小的經紀商行，受到交易低迷、工作量減少和該行業潛在裁員的影響。

So we've taken a close look at that. We reflect those trends. We think that the second and third quarters are going to be rough in the industry. I think those are pretty well known economically. And so we ride along with that sort of expectation and would hope that it starts to get better in the latter part of the year. So we build all that into our forecast and we see that reflected in the 10%.

所以我們仔細研究了這一點。我們反映了這些趨勢。我們認為該行業第二和第三季度將不景氣。我認為這些在經濟上是眾所周知的。因此，我們懷著這種期望前行，並希望它在今年下半年開始好轉。所以我們將所有這些都納入我們的預測中，我們看到這反映在 10% 中。

So with the number of sectors holding up as strong as we have and with the bigger sales force, we don't see this as being something that would be as disruptive as what happened in the pandemic or anything previous for us. So we're pretty confident with what we've got built in so far.

因此，由於行業數量與我們一樣強勁，而且銷售隊伍更大，我們認為這不會像大流行病或我們之前發生的任何事情那樣具有破壞性。因此，我們對目前的內置功能非常有信心。

And then question on pricing. Yes, we're following -- we follow inflation level pricing. So our -- as inflation levels come down, then we reduce the increases that we put in for renewals to just stay at the rate of inflation. And that's all (inaudible) forecast.

然後是關於定價的問題。是的，我們遵循——我們遵循通貨膨脹水平定價。因此，隨著通貨膨脹水平下降，我們會減少為續約而增加的費用，以保持通貨膨脹率。這就是所有（聽不清）的預測。

The next question is from the line of Peter Christiansen with Citi.

下一個問題來自花旗銀行的 Peter Christiansen。

Andy, just wondering, can you elaborate a little bit on how you're seeing the pipeline for Ten-X, the relationships that you've built, I guess, since acquiring the asset, and how you see that pipeline evolving, I guess, as potentially we hit more distress over the coming months, years? How do you see that evolving versus how Ten-X was prior to being acquired?

安迪，只是想知道，你能否詳細說明一下你如何看待 Ten-X 的管道，你建立的關係，我猜，自從獲得資產，以及你如何看待管道的演變，我猜，因為在接下來的幾個月，幾年裡我們可能會遇到更多的痛苦？您如何看待 Ten-X 在被收購之前的發展與演變？

So surprisingly, still today, the vast majority of product that's trading on the platform is performing assets. So we are -- it takes quite some time for when market conditions become adverse to when you actually see effectively capitulation and people begin to exit investments that have gone south. So we're still a performing asset platform at this point, but we're seeing less spread between buyer expectations and seller expectations. So there's the trade rates are coming up. You can see the volume increasing this quarter as that happens. And we would expect that to continue to climb up through the year.

令人驚訝的是，時至今日，該平台上交易的絕大多數產品仍在執行資產。所以我們 - 當市場條件變得不利時，您實際上會看到有效的投降並且人們開始退出南下的投資需要相當長的時間。所以我們在這一點上仍然是一個表現良好的資產平台，但我們看到買家期望和賣家期望之間的差異較小。因此，貿易利率正在上升。當這種情況發生時，您可以看到本季度的交易量在增加。我們預計這一年將繼續攀升。

We have a much larger sales organization than we've had in the past to be able to capture that opportunity. Plus, we've also completely integrated all of the systems of Ten-X into the CoStar and LoopNet platforms. So we're dramatically more efficient as we want to take on new assets. We also are more disciplined now on making sure that we do not bring on any assets that the seller does not have realistic expectations for.

我們有一個比過去更大的銷售組織來抓住這個機會。此外，我們還將 Ten-X 的所有系統完全集成到 CoStar 和 LoopNet 平台中。因此，當我們想要採用新資產時，我們的效率會大大提高。我們現在也更加自律，以確保我們不會帶來賣方沒有現實期望的任何資產。

So our commitment committee on the Ten-X management team is very disciplined. So it's somewhat awkward. You don't want to see a flood of inventory coming into Ten-X because it means that the market has gone really south. But with the federal government continuing to work from home, you'll probably see a lot of office assets go down.

因此，我們對 Ten-X 管理團隊的承諾委員會紀律嚴明。所以有點尷尬。你不想看到大量庫存湧入 Ten-X，因為這意味著市場已經真正走向南方。但隨著聯邦政府繼續在家辦公，你可能會看到很多辦公資產都在減少。

The next question is from Stephen Sheldon with William Blair.

下一個問題來自斯蒂芬謝爾頓和威廉布萊爾。

LoopNet, really strong booking trends there. So do you think you're at full stride there with the expanded sales force? Or is there still a lot more to go, I guess, in terms of ramping productivity? And then can you talk about the demand environment in LoopNet given the trend in office vacancy rates? It seems like a great environment right now. But do you also think that you could be a point where vacancy rates trend too high, some property owners capitulate and just assume they're not going to find tenants and therefore, reduce ad spend? And I guess essentially, is there an optimal range for office vacancy rates from your perspective to maximize demand at LoopNet? And if so, what do you think that is?

LoopNet，那裡的預訂趨勢非常強勁。那麼，您認為隨著銷售隊伍的擴大，您是否正在全力以赴？或者我想，在提高生產力方面還有很多工作要做嗎？然後你能談談在辦公室空置率趨勢下LoopNet的需求環境嗎？現在看來環境不錯。但你是否也認為你可能會成為空置率趨勢過高的一個點，一些業主屈服並假設他們不會找到租戶並因此減少廣告支出？我想基本上，從您的角度來看，辦公室空置率是否存在最佳範圍以最大化 LoopNet 的需求？如果是這樣，你認為那是什麼？

Yes. I don't think there's an upper end. What we see in the past -- so we've been selling advertising solutions to commercial property owners for quite some time now, from when it was in books to when it was in CD ROMs, to when it's on the Internet. And when the market conditions get really awful at the upper end of high vacancy rates, what you find is that the assets recapitalized, a new owner comes in at a much lower cost basis. The cost of our advertising is de minimis or irrelevant in the cost -- the context of the cost of the building, and they're actually very aggressive in advertising.

是的。我認為沒有上限。我們過去看到的——所以我們已經向商業地產所有者銷售廣告解決方案已有一段時間了，從書本到 CD ROM，再到互聯網。當市場狀況在高空置率的上端變得非常糟糕時，您會發現資產進行了資本重組，新所有者的成本要低得多。我們的廣告成本是最低限度的，或者與成本無關——在建築成本的背景下，他們實際上在廣告方面非常激進。

So the biggest advertising spend I've ever seen is from owners who picked up bankrupt assets, new owners have picked up. And they're basically coming in there with lower price points than the remaining properties that hadn't yet gone under because they've got a lower cost basis. So I think there's no -- I don't believe that there's any upper end to vacancy rate and demand for our asset, LoopNet. Obviously, right when someone's going bankrupt, they stop, but it's made up for by now the new owner coming in aggressively.

因此，我見過的最大的廣告支出來自於拾起破產資產的業主，新業主已經拾起。而且他們基本上以低於尚未破產的其餘房產的價格進入那裡，因為它們的成本基礎較低。所以我認為沒有 - 我不相信空置率和對我們資產 LoopNet 的需求有任何上限。顯然，就在有人破產的時候，他們會停下來，但現在新東家的積極進駐已經彌補了這一點。

I actually think we have a lot of room to go. I look at 1 or 2 other businesses overseas, and I look at what they're generating in revenue for commercial real estate advertising on the Internet. And just interpolate that by GDP, and it suggests we have a doubling, tripling, quadrupling of revenue to go. So I'm looking forward to continuing to grow the LoopNet sales force and continue to optimize our pricing models and to increase the functionality. And I also think that moving LoopNet pan-European will have a huge benefit.

我實際上認為我們還有很大的發展空間。我查看了其他 1 或 2 家海外企業，並查看了它們在 Internet 上為商業房地產廣告帶來的收入。只需用 GDP 進行插值，它表明我們的收入將翻一番、三倍、四倍。因此，我期待著繼續壯大 LoopNet 的銷售隊伍，繼續優化我們的定價模型並增加功能。而且我還認為將 LoopNet 遷移到泛歐將帶來巨大的好處。

I spent a lot of time listening to focus group interviews with corporate users and investors who move across borders. And as we provide a solution that crosses borders, I think that will increase demand for assets marketed on LoopNet, which would be another positive demand driver. So if you can't tell, I'm bullish on LoopNet and remain bullish on LoopNet.

我花了很多時間聽取對跨境企業用戶和投資者的焦點小組訪談。當我們提供跨境解決方案時，我認為這將增加對在 LoopNet 上銷售的資產的需求，這將是另一個積極的需求驅動因素。所以，如果你不知道，我看好 LoopNet，並繼續看好 LoopNet。

As you should.

如你所願。

Though it was once a competitor.

雖然它曾經是一個競爭對手。

The next question is from John Campbell with Stephens.

下一個問題來自 John Campbell 和 Stephens。

The first one is -- I guess a 2-part question here. So first off, a great job on the Homes.com traffic ramp. That was a really impressive early start for you guys. So first, on the roughly $53 million of sequential step-up in sales and marketing, how much of that was tied to resi?

第一個是——我想這是一個由兩部分組成的問題。所以首先，在 Homes.com 流量坡道上做得很好。對你們來說，這是一個非常令人印象深刻的早期開始。那麼首先，在銷售和營銷方面連續增加的大約 5300 萬美元中，有多少與 resi 相關？

Yes. So we haven't indicated how much residential marketing spend, as you can appreciate, John. So I think you see every sequential quarter, we'll get more and more marketing coming in total as all of our marketplaces get into the more of the rental and high-volume seasons in the second and third quarter. But we'll just keep the discussion to overall company at this stage.

是的。所以我們沒有說明住宅營銷花費了多少，約翰，你會明白的。所以我認為你會看到每個連續的季度，隨著我們所有的市場在第二和第三季度進入更多的租賃和高銷量季節，我們將獲得越來越多的營銷。但在這個階段，我們只會將討論保留給整個公司。

Okay. And I guess, just broadly, you're expecting that sales and marketing step up sequentially throughout the remainder of the year, even into 4Q.

好的。而且我想，從廣義上講，您預計銷售和營銷會在今年餘下時間逐步增加，甚至進入第四季度。

Yes. So I think what you'll see is our pattern will step up in second quarter. We're going to step up even more in third as we get closer to our product launch in residential. Then you'll see clearly we'll be preparing the market for that. And then I think what we'll see is the fourth quarter will be higher than most of our fourth quarters previously because we have an additional platform that we're doing brand marketing for now this year versus prior years. So you see a bit more of a spend that carries in later in the year than we've had before because of the addition of the new platform. So hopefully, that helps.

是的。所以我認為你會看到我們的模式將在第二季度加強。隨著我們越來越接近我們在住宅中的產品發布，我們將在第三名中更上一層樓。然後你會清楚地看到我們會為此準備市場。然後我認為我們將看到的是第四季度將高於我們之前第四季度的大部分時間，因為我們有一個額外的平台，我們今年現在正在做品牌營銷，而不是往年。因此，由於添加了新平台，您會看到今年晚些時候的支出比我們以前多一點。希望這會有所幫助。

But if you see anyone from (inaudible), tell them we're spending all the money in Madrid.

但是，如果您看到來自（聽不清）的任何人，請告訴他們我們將所有的錢都花在了馬德里。

Will do. And then, Andy, back -- I guess big picture question for resi. As you look out the next couple of quarters, what would you offer up as key milestones you'd like to see the team hit?

會做。然後，安迪，回來——我猜是關於 resi 的大局問題。當您展望接下來的幾個季度時，您會提供什麼作為您希望團隊實現的關鍵里程碑？

Well, for the next -- there's a lot going on. I mean it is a very full plate of initiatives, and there's well over 1,000 people working on the initiative right now. I think that the traffic numbers remain a key metric that we're watching, obviously. As we mentioned, we plan to begin to monetize the platform at the very end of the year. And the first 1,000 customers on that platform are probably the most important customers that you may 1 day have hundreds of thousands or millions. The first 1,000, the most important. But I would stay with -- I would just stay with the simple traffic numbers.

好吧，對於下一個 - 有很多事情要做。我的意思是這是一個非常全面的計劃，現在有超過 1,000 人在參與這項計劃。顯然，我認為流量數字仍然是我們關注的關鍵指標。正如我們提到的，我們計劃在今年年底開始將該平台貨幣化。該平台上的前 1,000 名客戶可能是最重要的客戶，您一天可能擁有數十萬或數百萬。前 1,000 個，最重要。但我會堅持——我會堅持簡單的交通數字。

Now I believe that critical traffic numbers are what we talked about before, 25 million, which we've crossed, 50 million, which we're moving towards. Beyond that 50 million mark, you really have what you need to produce some compelling marketing solutions for your clients, and you can really begin to monetize. So I think the numbers correctly -- you correctly observed that I would say that one of the biggest risk factors for Homes.com has just been reduced with these results today, if you're watching.

現在我相信關鍵流量數字就是我們之前談到的，2500 萬，我們已經超過了，5000 萬，我們正在朝著這個目標邁進。超過 5000 萬大關，您就真正擁有了為您的客戶製作一些引人注目的營銷解決方案所需的一切，您就可以真正開始盈利了。所以我認為這些數字是正確的——你正確地觀察到我會說 Homes.com 的最大風險因素之一已經隨著今天的這些結果而減少，如果你正在觀看的話。

The next question is from the line of Ashish Sabadra with RBC.

下一個問題來自 RBC 的 Ashish Sabadra。

I just wanted to drill down further on the CoStar Suite. I was wondering if you can quantify what percentage of the revenue really comes from the smaller midsized brokers where you might potentially see any kind of headwinds.

我只是想進一步深入了解 CoStar Suite。我想知道您是否可以量化收入中有多少百分比真正來自您可能會遇到任何不利因素的中小型經紀商。

And then just to follow up, Andy, on your comment around the prospects, owners, lenders and corporations, which represents a $1.4 billion opportunity. I was wondering how much percentage of the revenue comes from those right now. And how should we think about that trajectory for the rest of the year but also over the next few years?

然後只是跟進，安迪，你對潛在客戶、所有者、貸方和公司的評論，這代表了 14 億美元的機會。我想知道現在有多少收入來自這些收入。我們應該如何考慮今年餘下時間以及未來幾年的發展軌跡？

So let me take the first part of that question there, Ashish. When you look at our broker mix, in CoStar, a little over 35% of our CoStar revenue is from the broker pool, and then about 25% of that group is representative of small, what we call the 1 or 2 broker set. So that gives you 25% or 35%. So it's roughly 8% of that pool. So it's pretty limited exposure for now in the small broker set.

Ashish，讓我回答這個問題的第一部分。當您查看我們的經紀人組合時，在 CoStar 中，我們 CoStar 收入的 35% 以上來自經紀人池，然後該組中約 25% 代表小型經紀人，我們稱之為 1 或 2 經紀人組。所以這會給你 25% 或 35%。所以它大約佔該池的 8%。因此，目前在小型經紀商群體中的風險敞口非常有限。

And to be clear, they don't all go away. It's really -- having watched this a few times, it's the folks who are 67 years old who decide to step out at the cycle point. So it's a subset of the group. And there's some -- obviously, some other constituencies. So the majority of our revenue today is the owners, lenders, and a smaller component is the corporate users. Obviously, we have government in there. We have vendors. We have a whole number of other sectors.

需要明確的是，它們並沒有全部消失。真的 - 看過幾次之後，是 67 歲的人決定在周期點走出去。所以它是該組的一個子集。顯然，還有一些其他選區。因此，我們今天的大部分收入來自所有者、貸方，而一小部分是企業用戶。顯然，我們那裡有政府。我們有供應商。我們還有許多其他部門。

I believe that the -- while the brokerage side of our business continues to grow, I believe that those owner, lender, corporate user sectors are going to be, by far, the biggest growth driver and coupled with international demand over the next 3 to 4 years. So I think this is a trend that's been going on for 2 decades now. So I think when we went public, 85%, 90% of our revenue was brokers. So while that revenues continue to grow, it's now only 35%. So as it continues to grow, I'd anticipate 5 years from now, it will only be 15% -- 10%, 15% of our revenue, something like that.

我相信——雖然我們業務的經紀方面繼續增長，但我相信這些業主、貸方、企業用戶部門將成為迄今為止最大的增長動力，並在未來 3 至 3 年內與國際需求相結合4年。所以我認為這是一個已經持續了 2 年的趨勢。所以我認為當我們上市時，85%、90% 的收入來自經紀人。因此，儘管收入繼續增長，但現在僅為 35%。因此，隨著它繼續增長，我預計 5 年後，它只會占我們收入的 15% - 10%、15% 之類的。

The next question is from the line of Mayank Tandon with Needham.

下一個問題來自 Mayank Tandon 與 Needham 的對話。

Andy, of the 15 countries -- or was it cities that you mentioned the focal point in Europe, is that going to be an organic initiative? Or do you think you could buy assets in these regions that could help accelerate the traction there to be able to penetrate that $30 billion opportunity? And when should we expect meaningful revenue contribution from this initiative?

安迪，在 15 個國家中——或者你提到的歐洲焦點城市，這將是一個有機的舉措嗎？或者你認為你可以在這些地區購買資產，以幫助加速那裡的牽引力，從而能夠抓住 300 億美元的機會？我們應該在什麼時候期望從該計劃中獲得有意義的收入貢獻？

Yes. So there definitely are acquisition opportunities in Europe. There are very few companies that -- in Europe that -- like none that do exactly what we do in the CoStar information side. They're more on the marketplace side, similar to LoopNet or to Homes.com. There's not a lot of Apartments.com players over there. But on the CoStar side, we really stand alone. One of the key initiatives is to build the comprehensive information grid by doing the field research and proactive research that is a 2- to 3-year process. So then you see meaningful monetization on the CoStar side really 2 to 3 years out.

是的。所以歐洲肯定有收購機會。在歐洲，很少有公司像我們在 CoStar 信息方面做的那樣。它們更偏向於市場方面，類似於 LoopNet 或 Homes.com。那裡的 Apartments.com 玩家不多。但在 CoStar 方面，我們真的很孤獨。其中一項關鍵舉措是通過進行為期 2 至 3 年的實地研究和主動研究來構建綜合信息網格。所以你會在 2 到 3 年後看到 CoStar 方面有意義的貨幣化。

On the LoopNet side or on the marketplace side, I think it would be a little bit sooner, probably 18 months or so. But we have our head down doing what we've done many times before, which is capturing the whole -- all the content, the core content. And the wonderful thing is we seem to be the only people in the world that like to go out and do something that hard and crazy, and then it becomes very valuable once we go and do it. We're pretty good at it.

在 LoopNet 方面或市場方面，我認為它會更早一些，大概 18 個月左右。但是我們低著頭做我們以前做過很多次的事情，那就是捕捉整體——所有的內容，核心內容。奇妙的是，我們似乎是世界上唯一喜歡出去做一些艱難而瘋狂的事情的人，一旦我們去做了，它就會變得非常有價值。我們很擅長。

And the wonderful thing is the technology has never been better than it is today to do what we do when we build inventory. So we can use machine vision now to look at aerial photographs, compare them to the millions and millions of other properties and aerial photographs we've got. We can very precisely direct our field researchers and make them very, very efficient as they move through these markets.

奇妙的是，在我們建立庫存時，技術從來沒有像今天這樣好過。所以我們現在可以使用機器視覺來查看航拍照片，將它們與我們擁有的數百萬其他財產和航拍照片進行比較。我們可以非常精確地指導我們的實地研究人員，並使他們在穿越這些市場時非常、非常高效。

So it will be a good adventure, and I think there'll be some great returns for it. And I remain convinced that the market for -- the demand for Ten markets is 20x the demand for (inaudible).

所以這將是一次很好的冒險，我認為它會有一些豐厚的回報。而且我仍然相信市場 - 十個市場的需求是（聽不清）需求的 20 倍。

The next question is from the line of Jeff Silber with BMO.

下一個問題來自 BMO 的 Jeff Silber。

This is, I guess, a follow-up from the prior question. You've obviously got a sizable cash balance. It's great to see that you're generating more interest income off of there. But when do you think you might put that cash balance to work? And where would that cash balance be working?

我想，這是對先前問題的跟進。你顯然有相當大的現金餘額。很高興看到您從那裡獲得了更多的利息收入。但是你認為你什麼時候可以使用現金餘額？現金餘額將在哪裡發揮作用？

I think we -- I believe that our organic initiatives are not going to exceed our EBITDA generation or cash flow generation. We don't see anything like that at this point. So it's really acquisition opportunities. We're -- we have been very patient. We believe that there's better value opportunities. And as I listened to Scott describe $5.1 billion in cash, I believe it's a wonderful time to have a great balance sheet as other companies may run into some troubles.

我認為我們——我相信我們的有機舉措不會超過我們的 EBITDA 產生或現金流產生。我們目前看不到這樣的事情。所以這真的是收購機會。我們 - 我們一直非常耐心。我們相信有更好的價值機會。當我聽斯科特描述 51 億美元的現金時，我相信現在是擁有良好資產負債表的好時機，因為其他公司可能會遇到一些麻煩。

And so both in Europe and the United States, we believe there are opportunities. We continue to have conversations. You probably have read in the media about a number of conversations we have had that were substantive. We did take a 4-week holiday from -- after the latest round of media reports, but there's still a lot out there. And I have meetings this week, but you won't know where.

因此，在歐洲和美國，我們相信都有機會。我們繼續進行對話。您可能已經在媒體上讀到過我們進行的一些實質性對話。在最新一輪的媒體報導之後，我們確實休了 4 週的假，但還有很多事情要做。我這周有會議，但你不會知道在哪裡。

The next question is from Heather Balsky with Bank of America.

下一個問題來自美國銀行的 Heather Balsky。

I appreciate you taking my question. I'd love to ask you about the residential piece. You talked about where you are on a traffic basis. There's less risk going forward. I know you're not kind of telling us specifically your sort of spending plans for this year and beyond this year. But if things continue to progress at the rate they do and the pace they do, kind of how do you see things evolving at a high level? Can you just kind of help us kind of see your path between now and 2027?

感謝您回答我的問題。我很想問你關於住宅的事情。你談到了你在交通基礎上的位置。前進的風險較小。我知道你並沒有具體告訴我們你今年及以後的支出計劃。但是，如果事情繼續以他們所做的速度和速度發展，那麼您如何看待事情在高水平上的發展？你能幫我們看看你從現在到 2027 年的道路嗎？

Heather, are you specifically talking about investments or combination of investments and traffic?

Heather，您是專門談論投資還是投資與流量的結合？

Well, I guess the investment side and how it's tied to your thoughts around how sales progress.

好吧，我想投資方面以及它如何與您對銷售進展的想法聯繫在一起。

Yes. So I think this -- the remainder of this year, I believe, is fairly predictable. People have a good idea of what we're doing the remainder of this year. The wonderful thing is, is that we have pulled just a small percentage of the levers we have to grow traffic. So some of the things that I think are -- I think there's more traffic generation opportunities ahead of us this year that we -- than those that are behind us. So it makes me feel pretty good about our ability to hit our second traffic goal as the year comes to a close or just slightly thereafter, which would be way out of schedule.

是的。所以我認為這 - 我相信今年剩餘時間是可以預見的。人們很清楚我們在今年剩餘時間裡要做什麼。奇妙的是，我們只拉動了我們必須增加流量的一小部分槓桿。所以我認為的一些事情 - 我認為今年我們面前有更多的流量產生機會 - 而不是我們身後的那些。因此，這讓我對我們在年底或稍晚的時候實現我們的第二個流量目標的能力感到非常滿意，這將超出計劃。

I'm very excited about our simple monetization strategy at the tail end of this year. I think it's straightforward. I think it's compelling. And I think we can spin up a sales operation to support it pretty quickly. As we -- my hope is that as we can begin to show proof of concept against that sales initiative in the later part of the year, going into '24, then we can do what we did with Apartments.com where we are showing proof of concept and results and invest against that proof of concept and result into what is a huge market.

我對今年年底的簡單貨幣化策略感到非常興奮。我認為這很簡單。我認為這很有說服力。而且我認為我們可以快速啟動銷售業務來支持它。當我們 - 我希望我們可以在今年下半年開始展示針對該銷售計劃的概念證明，進入 24 年，然後我們可以做我們在 Apartments.com 上所做的事情，在那裡我們展示證明的概念和結果，並根據概念證明和結果進行投資，進入一個巨大的市場。

So it's too early to say what we're doing in '24, '25, '26 and '27 for investments. It will be a balance between what we're showing in revenue results versus what we're willing to invest into the business. So -- but it's probably 60%, 70% of my time right now. And I'm pleased with where it's going. And it's a lot of work, but we have a great team and feel pretty good about it. But obviously, we're the underdog as we were in the early days of Apartments.com. And so you have to be coming up with some unique ideas and different strategies. And I think I feel pretty good about that what we've got going on.

因此，現在說我們在 24 年、25 年、26 年和 27 年進行的投資還為時過早。這將是我們在收入結果中顯示的內容與我們願意投資於業務的內容之間的平衡。所以——但現在可能是我 60%、70% 的時間。我對它的發展方向感到滿意。這是很多工作，但我們有一支很棒的團隊，並且對此感覺非常好。但很明顯，我們是 Apartments.com 早期的失敗者。所以你必須想出一些獨特的想法和不同的策略。而且我認為我對我們正在進行的事情感覺很好。

The next question is from Ryan Tomasello with Stifel (sic) [KBW].

下一個問題來自 Ryan Tomasello 和 Stifel (sic) [KBW]。

Just 2-part one here. Clearly, a lot of confidence in the resiliency of the business. But just given uncertainty that's out there around macro and CRE, it'd just be helpful to hear your thoughts around your willingness to pull expense levers under the scenario that the sales environment does weaken more than you're hoping.

這裡只有兩部分。顯然，對業務的彈性充滿信心。但考慮到宏觀和 CRE 存在的不確定性，在銷售環境確實比你希望的更疲軟的情況下，聽聽你對拉動費用槓桿的意願的想法會很有幫助。

And as a follow-up on the Homes.com traffic trends, maybe you could elaborate a bit more, Andy, on what levers you've leaned on so far to drive that traffic growth in terms of, I guess, SEO, SEM, synergies with apartments and what remaining levers you have to pull that you just alluded to.

作為 Homes.com 流量趨勢的後續行動，也許你可以詳細說明一下，安迪，到目前為止你依靠什麼槓桿來推動流量增長，我想，SEO，SEM，與公寓的協同作用以及您剛才提到的剩餘槓桿。

Yes. So I don't think we want to go into too much detail on our traffic strategies right now just for competitive reasons. I would point out that we have the greenest residential real estate portal around because our load time with the homepages ranges from 4 milliseconds to something like 30 -- 24 milliseconds. So that gives us a BA on Google Analytics for performance time, which means you consume less electricity and generate less carbon, and we only generate 0.22 grams per 10,000 loads.

是的。所以我認為我們現在不想僅僅出於競爭原因就我們的流量策略進行過多的詳細介紹。我要指出的是，我們擁有最環保的住宅房地產門戶網站，因為我們的主頁加載時間從 4 毫秒到 30 - 24 毫秒不等。因此，這使我們在 Google Analytics 上獲得了性能時間的學士學位，這意味著您消耗的電力更少，產生的碳也更少，而且我們每 10,000 次負載僅產生 0.22 克。

So super efficient, high performance is a key piece that we've done. And I hope that obfuscates what we're doing in strategy for traffic. But I think we've talked about some of those traffic strategies, and some of it self-evident like what we haven't yet done, which we're going to be doing, and the things that we've done in apartments that are in the past successfully that we've talked about today that have not yet been done with homes that are self-evident. So yes, there's more ahead than there is in the rearview mirror on the traffic performance. But congrats to Jerry Rodgers and his team for such great performance that benefits your SEO growth.

因此，超高效、高性能是我們所做的關鍵部分。我希望這會混淆我們在流量策略方面所做的工作。但我認為我們已經討論了其中一些交通策略，其中一些是不言自明的，比如我們還沒有做的，我們將要做的，以及我們在公寓裡所做的事情我們今天談到的過去成功的，尚未完成的家庭是不言而喻的。所以是的，在交通性能方面，前方比後視鏡裡的要多。但祝賀 Jerry Rodgers 和他的團隊取得如此出色的表現，有利於您的 SEO 增長。

So -- and our willingness to -- if the market continues to degrade significantly, sure, we're always responsive to any need to sort of pull back on initiatives where we're not seeing a market perform because of severe economic conditions. We are prepared to do cost containment efforts. But realistically, in the very worst markets over the last 35 years, we've rarely seen -- I think the worst we ever saw was a 2%, 3% decline when we were only selling CoStar to brokers. We are so much more diverse now, and we have so many what I believe are countercyclical drivers, whether it be lender or Ten-X or marketing for high asset value items that I think it's unlikely that we'd be in a situation where we have to really pull back because of the economy. Though I'm quite impressed by this particular down cycle and the potential.

因此 - 我們願意 - 如果市場繼續顯著惡化，當然，我們總是對任何需要做出反應，以取消由於嚴峻的經濟條件而導致市場表現不佳的舉措。我們準備進行成本控制工作。但實際上，在過去 35 年最糟糕的市場中，我們很少看到——我認為我們見過的最糟糕的情況是當我們只向經紀人出售 CoStar 時下跌 2%、3%。我們現在更加多樣化，我們有很多我認為是反週期的驅動因素，無論是貸方還是 Ten-X 還是高資產價值項目的營銷，我認為我們不太可能處於這樣一種情況由於經濟原因不得不真正撤退。儘管我對這種特殊的下行週期和潛力印象深刻。

Yes. Well, you noticed -- I mean we look very closely at the last disruptions that happened, the pandemic in '20 and the great financial crisis more than a decade ago. And as you proceed through each of those, you noticed in the last down cycle that our revenue growth didn't slow at all, and we see nothing even as disruptive of that this time. And you just look what's happening with Apartments and LoopNet proving to overbalance countercyclical that our revenue growth is not going to slow at this balance in a down cycle, and we don't see that coming at all. And we do see a lot of clear data underneath, as you might suspect, on what's going on. So our portfolio is much stronger as even 3 years ago, and I think we saw that in the results that we announced today.

是的。好吧，你注意到了——我的意思是我們非常密切地關注最近發生的破壞，20 世紀的大流行病和十多年前的金融危機。當你經歷每一個過程時，你會注意到在上一個下行週期中我們的收入增長根本沒有放緩，而且這次我們甚至沒有看到任何破壞性的東西。你只要看看 Apartments 和 LoopNet 發生的事情就證明了反週期的超平衡，即我們的收入增長不會在下行週期中以這種平衡放緩，而且我們根本看不到這種情況。正如您可能懷疑的那樣，我們確實在下面看到了很多關於正在發生的事情的清晰數據。因此，我們的投資組合甚至比 3 年前更強大，我認為我們在今天宣布的結果中看到了這一點。

There are no additional questions waiting at this time. So I will turn the call over to Andy to wrap it up -- wrap the call up.

目前沒有其他問題等待您回答。所以我會把電話轉給安迪來結束——結束電話。

Wow. We finished 7 minutes early. Well, I'd like to thank everyone for joining us for our first quarter '23 earnings call. We look forward to speaking with you again in our second quarter call in July 25, 2023 at 5:00 p.m. Eastern Standard Time. So thank you very much for participating today, and have a good evening or a good day, if you're in Asia. Bye-bye.

哇。我們提前7分鐘結束。好吧，我要感謝大家參加我們 23 年第一季度的財報電話會議。我們期待在 2023 年 7 月 25 日下午 5:00 的第二季度電話會議上再次與您交談。東部標準時間。非常感謝您今天的參與，如果您在亞洲，祝您度過愉快的夜晚或愉快的一天。再見。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。