CoStar Group Inc (CSGP) 2023 Q4 法說會逐字稿

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（技術難度）

Discuss the fourth quarter and full year 2023 results of 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.

討論 CoStar 集團第四季和 2023 年全年業績。在我將電話轉給 CoStar 執行長兼創始人安迪·弗洛倫斯 (Andy Florance) 之前；和我們的財務長斯科特·惠勒（Scott Wheeler），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 first quarter and full year 2024 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 2024 年第一季和全年的展望和預期。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 表格年度報告和隨後的季度報告表 10-Q 標題為「風險因素」。

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 any non-GAAP financial measure discussed on this call are shown in the detail in our press release issued today, along with the definitions for those terms. The press release is available on our website located at costargroup.com under Press Room.

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。我們今天發布的新聞稿詳細介紹了本次電話會議中討論的任何非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節，以及這些術語的定義。新聞稿可在我們的網站 costargroup.com 的新聞室下取得。

As a reminder, today's conference call is being webcast, and a 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.

提醒一下，今天的電話會議正在網路直播，我們網站的「投資者」下方也提供了一個連結。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。

Fantastic job, Cyndi. Thank you. Good evening, everyone, and thank you for joining us for CoStar Group's Fourth Quarter and Year-End 2023 Earnings Call. Total revenue for the full year of '23 was $2.46 billion, a 13% increase over the full year of '22, coming in above the high end of our guidance range and above consensus estimates. Revenue for the fourth quarter of '23 was $640 million or 12% growth year-over-year. This is our 13th year in a row of double-digit revenue growth.

幹得好，辛迪。謝謝。大家晚上好，感謝您參加 CoStar 集團 2023 年第四季和年終財報電話會議。 23 年全年總收入為 24.6 億美元，比 22 年全年增長 13%，高於我們指導範圍的上限和共識預期。 2023 年第四季的營收為 6.4 億美元，年增 12%。這是我們連續第 13 年實現兩位數收入成長。

We turned in another very strong year in sales in '23, achieving our second highest net new bookings level ever of $286 million. This performance in the face of higher interest rates and demand shocks that kept property markets distressed in '23 demonstrates the resilience of our business. Our full year '23 adjusted EBITDA was $492 million and $130 million for the fourth quarter, ahead of both the high end of our guidance range and consensus estimates.

2023 年，我們又迎來了銷售強勁的一年，實現了有史以來第二高的新淨預訂量，達到 2.86 億美元。面對 23 年房地產市場低迷的利率上升和需求衝擊，我們的表現體現了我們業務的彈性。我們 23 年全年調整後 EBITDA 為 4.92 億美元，第四季為 1.3 億美元，高於我們指導範圍的上限和共識預測。

I'm proud to say that we achieved a major profit milestone in 2023 in our commercial real estate information and marketplace businesses as we deliver adjusted EBITDA margins of 40% for the full year. For the past 3 years, thousands of our team members have worked with professionalism and committed focus to build the new Homes.com the premier marketplace for buying, selling and renting homes in the United States.

我很自豪地說，我們的商業房地產資訊和市場業務在 2023 年實現了一個重要的利潤里程碑，全年調整後 EBITDA 利潤率為 40%。在過去的三年裡，我們的數千名團隊成員以專業和專注精神將新的 Homes.com 打造為美國購買、銷售和租賃房屋的首要市場。

We've conducted dozens of focus groups across the country listening to hundreds of agents, home buyers and home sellers, learning why they were so dissatisfied with the legacy offerings and what they hope for in a better residential portal. We heard loud and clear that brokers, agents, sellers, buyers and investors all dislike real estate portals that use agents listings as bait to draw in homebuyers and then sell them off to other agents as leads with exorbitant commission splits. We learned that home buyers buy a home in a community not in isolation, so they want quality, in-depth information on neighborhood schools, parks, restaurants and local culture.

我們在全國各地開展了數十個焦點小組，聽取了數百名代理商、購房者和房屋賣家的意見，了解他們為何對傳統產品如此不滿意，以及他們對更好的住宅門戶網站的期望。我們清楚地聽到，經紀人、代理商、賣家、買家和投資者都不喜歡房地產門戶網站，這些門戶網站利用代理商清單作為誘餌來吸引購房者，然後將其作為線索出售給其他代理商，並收取過高的佣金。我們了解到，購屋者在非孤立的社區購買房屋，因此他們需要有關社區學校、公園、餐廳和當地文化的優質、深入的資訊。

Our product teams have designed what we believe is clearly the best residential real estate site in the world. The site is clean, powerful, intuitive, appealing and spam-free. Our software developers rose to the challenge and built a lightning-fast, reliable platform that met the design specifications perfectly. Good job, [Jerry] and [Zack] and crew.

我們的產品團隊設計了我們認為顯然是世界上最好的住宅房地產網站。該網站乾淨、功能強大、直觀、有吸引力且無垃圾郵件。我們的軟體開發人員迎接挑戰，建構了一個閃電般快速、可靠的平台，完美滿足設計規格。幹得好，[傑瑞]和[扎克]以及工作人員。

Our content team, comprised of hundreds of photographers, drone pilots, writers, voiceover talent, musicians, geographers and video editors, captured the essence of tens of thousands of U.S. neighborhood schools and parks. Our team drove 2.6 million miles, captured 1.5 million images, shot 3.8 million video clips and conducted over 350,000 drone flights. This investment creates an experience that consumers love, strengthens our SEO traffic position and provides a significant advantage over competitive sites.

我們的內容團隊由數百名攝影師、無人機飛行員、作家、配音人才、音樂家、地理學家和影片編輯組成，捕捉了數以萬計的美國社區學校和公園的精髓。我們的團隊行駛了 260 萬英里，拍攝了 150 萬張影像，拍攝了 380 萬個影片剪輯，並進行了超過 35 萬次無人機飛行。這項投資創造了消費者喜愛的體驗，增強了我們的 SEO 流量地位，並提供了相對於競爭網站的顯著優勢。

Our efforts to grow traffic on Homes.com in 2023 were a big success. Homes.com was the fastest-growing real estate website at the end of '23 with over 600% year-over-year growth in the fourth quarter, according to Google Analytics. Our residential network traffic in the fourth quarter totaled 95 million average monthly unique visitors, growing 94% year-over-year. We were easily in the second place in traffic by this measure, well ahead of the 66 million average monthly unique visitors that Realtor.com reported 2 weeks ago. Our largest competitors, Realtor and Zillow, reported either flat or declining traffic in the fourth quarter of '23. I believe we will be able to report even stronger traffic numbers in the near future.

我們在 2023 年增加 Homes.com 流量的努力取得了巨大成功。根據 Google Analytics 的數據，Homes.com 是 2023 年底成長最快的房地產網站，第四季年增超過 600%。第四季我們的住宅網路流量平均每月獨立訪客數為 9,500 萬，較去年同期成長 94%。按照這項標準，我們在流量方面輕鬆位居第二，遠遠領先 Realtor.com 兩週前報告的 6,600 萬月平均獨立訪客。我們最大的競爭對手 Realtor 和 Zillow 報告稱，2023 年第四季的流量要么持平，要么下降。我相信在不久的將來我們將能夠報告更強的流量數據。

After building the site and traffic for over 2 years, last week, we launched a massive marketing campaign for Homes.com with 4 commercials during Super Bowl -- during the Super Bowl, an event that was watched by an estimated 123 million viewers. We ran a clever Apartments.com commercial in the first quarter with invading aliens to set Jeff Goldblum up for a memorable cameo in the first Homes.com ad in the second quarter, connecting the 2 brands. In the spots, Dan Levy plays the nephew inheriting is Uncle's business Homes.com and he sets out to reinvent the company and make it better than ever. He is supported by his hesitant sidekick played by SNL's Heidi Gardner. The spots draw attention to the value of our neighbor and school data that we offer home shoppers.

經過兩年多的時間建造網站和流量後，上週，我們在超級盃期間為Homes.com 發起了一場大規模的行銷活動，其中包含4 個廣告——在超級盃期間，估計有1.23 億觀眾觀看了這項賽事。我們在第一季度巧妙地以外星人入侵為主題，在Apartments.com 上投放了廣告，讓傑夫·高布倫(Jeff Goldblum) 在第二季度的第一個Homes.com 廣告中客串，令人難忘，將這兩個品牌連結起來。在片中，丹·利維 (Dan Levy) 飾演侄子，繼承了叔叔的企業 Homes.com，他著手重塑公司，使其變得比以往任何時候都更好。他得到了由 SNL 的 Heidi Gardner 飾演的猶豫不決的搭檔的支持。這些景點引起了人們對我們為購屋者提供的鄰居和學校數據的價值的關注。

The Super Bowl was only the kickoff. In the week following the Super Bowl, we generated an estimated 560 million impressions across prime broadcast TV, syndicated TV, cable TV, morning shows, late night shows, major streaming audio and video platforms and of course, on Google in various forms. During the course of the year, we will be in the Olympics, the Oscars, the Emmy's, March Madness, the U.S. Open, the Stanley Cup playoffs, Major League Baseball and much more. We believe that we will generate approximately 80 billion impressions for Homes.com and reach 90% of U.S. households with our message in 2024.

超級盃只是一個開始。在超級盃比賽結束後的一周內，我們在主要廣播電視、聯合電視、有線電視、早間節目、深夜節目、主要串流音訊和視訊平台，當然還有Google 上以各種形式產生了約5.6億次展示。在這一年中，我們將參加奧運、奧斯卡獎、艾美獎、瘋狂三月、美國公開賽、史丹利盃季後賽、美國職棒大聯盟等等。我們相信，到 2024 年，我們將為 Homes.com 帶來約 800 億次展示，並將我們的訊息傳達給 90% 的美國家庭。

We believe that no other competitor is investing close to what we're investing in this effort. We believe we can grow share. We believe that we have a better product and can significantly shift share and create a very attractive ROI for investors. While we have excellent traffic numbers, we do not yet have the unaided awareness we need to sustain the top traffic position and to draw the volume of advertisers we seek. As we did with Apartments.com, our plan is to grow unaided awareness from the low single digits to more than 50%. That process will take time but we believe that will drive brand awareness, SEO, SEM efficiency, traffic, audience, customer demand and revenue.

我們相信，沒有其他競爭對手的投資能與我們在這方面的投資相提並論。我們相信我們可以擴大份額。我們相信我們擁有更好的產品，可以顯著轉移份額，為投資者創造非常有吸引力的投資回報率。雖然我們擁有出色的流量數據，但我們還沒有足夠的意識來維持最高流量位置並吸引我們尋求的廣告商數量。正如我們對 Apartments.com 所做的那樣，我們的計劃是將獨立意識從較低的個位數提高到 50% 以上。這個過程需要時間，但我們相信這將提高品牌知名度、SEO、SEM 效率、流量、受眾、客戶需求和收入。

On Monday, February 12, a day after the Super Bowl, we were ready to begin monetizing Homes.com selling memberships to agents a quarter earlier than we had previously communicated to you. As we did when we launched the new LoopNet, the new -- and the new Apartments.com, we deployed the entire CoStar Group sales force to sell Homes.com. Our goal is to catapult our growth forward and quickly capitalize on the momentum and exposure generated from our marketing campaign.

2 月 12 日星期一，即超級盃比賽結束後的第二天，我們準備開始透過 Homes.com 向代理商銷售會員資格來獲利，這一時間比我們之前通知您的時間早了一個季度。正如我們推出新的 LoopNet、新的以及新的 Apartments.com 時所做的那樣，我們部署了整個 CoStar Group 銷售隊伍來銷售 Homes.com。我們的目標是推動我們的成長，並快速利用我們的行銷活動所產生的動力和曝光。

Our 1,000-plus person sales force gives us instant national reach with experienced salespeople that live in many of the very same neighborhoods as the 1.5 million residential property agents that we intend to reach. We trained the full sales team in January and rolled out very attractive incentive structures that reward our sellers to sell both homes and their primary brands like CoStar or Apartments with -- along with homes. The more they sell of both brands combined the more money they make.

我們擁有 1,000 多名銷售人員，經驗豐富的銷售人員使我們能夠立即覆蓋全國，這些銷售人員與我們打算覆蓋的 150 萬住宅房地產經紀人居住在許多相同的社區。我們在一月份對整個銷售團隊進行了培訓，並推出了非常有吸引力的激勵結構，獎勵我們的賣家出售房屋及其主要品牌（如 CoStar 或 Apartments）以及房屋。兩個品牌的銷售量加起來越多，他們賺的錢就越多。

In addition to leveraging the strength of our entire CoStar Group sales team, we are rapidly building a sales force dedicated to selling only Homes.com. We have accrued a vice president, sales managers and 100 sellers to date and intend to have over 300 account sales representatives in place by the end of the year. The response to our sales effort is phenomenal. From a standing start, we sold almost $5.2 million. It was $5 million half an hour ago. $5.2 million annualized subscription revenue in just a little over a week.

除了利用整個 CoStar Group 銷售團隊的實力外，我們還在迅速建立一支專門銷售 Homes.com 的銷售團隊。迄今為止，我們已經招募了一名副總裁、銷售經理和 100 名賣家，並計劃在今年年底前擁有 300 多名客戶銷售代表。我們的銷售工作得到了驚人的迴響。從一開始，我們就賣出了近 520 萬美元。半小時前是500萬美元。短短一週多一點的時間，年化訂閱收入就達到了 520 萬美元。

From a modest start on Monday, our sales climbed each day. And by Friday, we were selling $1.1 million in memberships in a single day. We sold more than 827 memberships so far, with approximately 90% of the agents selecting 12-month memberships, with the rest choosing a 6-month subscription. We've seen agents with larger portfolios signing up at price points in the thousands of dollars a month, so far topping out at 7,400 a month. We have proposals out at much higher price points.

從週一的溫和開始，我們的銷售額每天都在攀升。到了週五，我們單日會員銷售額就達到 110 萬美元。到目前為止，我們已售出超過 827 個會員資格，大約 90% 的代理商選擇 12 個月的會員資格，其餘的則選擇 6 個月的訂閱。我們看到擁有較大投資組合的代理商以每月數千美元的價格簽約，迄今為止最高達到每月 7,400 美元。我們有價格較高的提案。

We also have agents with just a listing or so signing up at price points of only $100 to $200 a month. It doesn't matter if you're an agent with a large portfolio or a small portfolio. Either way, we're charging a small fraction of the serious ridiculously high 30% to 40% of commissions being charged by Zillow and Realtor.com to agents. We have only demoed 0.02% of the agents out there at this point. If we maintain this pace, we could sell around $200 million in annual reoccurring revenue in our first 12 months of selling.

我們也有隻掛牌上市的代理商，其簽約價格僅為每月 100 至 200 美元。無論您是擁有大投資組合還是小投資組合的代理人，都沒關係。無論哪種方式，我們收取的佣金只是 Zillow 和 Realtor.com 向代理商收取的高得離譜的 30% 到 40% 的佣金中的一小部分。目前我們僅演示了 0.02% 的代理。如果我們保持這一速度，在銷售的前 12 個月內，我們可以實現約 2 億美元的年度經常性收入。

The great news is that agents are definitely willing to spend for advertising exposure and they absolutely love the Homes.com "Your Listing, Your Lead" business model. Our direct field sales team, telephone sales teams and e-commerce sales channels are all producing results. We are initially focused on approximately 500,000 of the 1.5 million agents in the country. The annual revenue potential of this initial pool of agents for a basic Homes.com membership is over $2.5 billion. Knowing that Apartments.com basic silver ads comprise around 25% of all Apartments.com listings, if the same ratio were to apply to Homes.com then the potential opportunity could be as high as $10 billion.

好消息是，代理商肯定願意花錢進行廣告曝光，而且他們絕對喜歡 Homes.com 的「你的房源，你的線索」商業模式。我們的直接現場銷售團隊、電話銷售團隊和電子商務銷售管道都在取得成果。我們最初關注的是全國 150 萬代理商中的約 50 萬。 Homes.com 基本會員的初始代理池的年收入潛力超過 25 億美元。據了解，Apartments.com 基本白銀廣告約佔所有 Apartments.com 清單的 25%，如果同樣的比例適用於 Homes.com，那麼潛在機會可能高達 100 億美元。

Overall, I'm very proud of what the team has worked so hard to accomplish with Homes.com in only 3 years and believe it will be the most successful product launch in CoStar Group history. This coming year also marks a turning point as we've reached the peak year of our residential investment. With sales and revenue growing in the months ahead, we expect overall company profit levels to increase each quarter throughout the year and for the foreseeable future.

總的來說，我對團隊在短短三年內透過 Homes.com 所取得的成就感到非常自豪，並相信這將是 CoStar 集團歷史上最成功的產品發布。新的一年也標誌著一個轉捩點，我們已經達到了住宅投資的高峰年。隨著未來幾個月銷售和收入的成長，我們預計公司整體利潤水準在全年和可預見的未來每季都會增加。

In December, we successfully closed our acquisition of OnTheMarket in United Kingdom for GBP 100 million. We believe that at the time of the acquisition OnTheMarket -- we believe that at the time of the acquisition, OnTheMarket was one of the top 3 residential portals in the U.K. GBP 100 million is 2% of the current leading portal Rightmove's GBP 4.4 billion market cap. Rightmove currently has significantly more traffic than OnTheMarket. So a top priority for us is to grow the appeal of the site for homebuyers and sellers and grow traffic.

12 月，我們以 1 億英鎊成功完成對英國 OnTheMarket 的收購。我們認為，在收購 OnTheMarket 時 — 我們認為，在收購時，OnTheMarket 是英國三大住宅入口網站之一。1 億英鎊，佔目前領先入口網站 Rightmove 44 億英鎊市場的 2% 帽。 Rightmove 目前的流量明顯多於 OnTheMarket。因此，我們的首要任務是提高網站對購屋者和賣家的吸引力並增加流量。

Just one month in, we're making huge progress increasing January 2024 site traffic to OnTheMarket by 81% year-over-year, according to Google Analytics. We didn't waste time. We believe that we are now the fastest-growing residential portal in the U.K. As our traffic has grown, our leads have also grown 81% since December of 2023.

根據 Google Analytics 的數據，僅僅一個月後，我們就取得了巨大進展，2024 年 1 月 OnTheMarket 的網站流量年增了 81%。我們沒有浪費時間。我們相信，我們現在是英國成長最快的住宅入口網站。隨著流量的成長，自 2023 年 12 月以來，我們的潛在客戶數量也增加了 81%。

Rightmove announced at the recent Investor Day that they plan to grow revenue per agent by 42% to over GBP 2,000 per agent per month over the next 5 years. That is 10x what OnTheMarket charges agents today. Rightmove is also committed to maintaining at least 70% profit margin levels through 2028, leaving them a little room for investing in product and technology. You simply cannot make this stuff up, but you have to love it.

Rightmove 在最近的投資者日宣布，他們計劃在未來 5 年內將每位代理商的收入增長 42%，達到每月每位代理商 2,000 英鎊以上。這是目前 OnTheMarket 向代理商收取的費用的 10 倍。 Rightmove也致力於在2028年保持至少70%的利潤率水平，為他們在產品和技術上的投資留下一點空間。你根本無法編造這些東西，但你必須喜歡它。

In sharp contrast, we plan to continue CoStar's long-standing strategy of investing and partnering with agents in the industry to generate and attract high-intent leads at a fraction of the cost of other U.K. portals while still achieving an attractive margin. Agents are telling us that they're in search for an alternative to Rightmove's unfriendly agent listing fees and are supportive of OnTheMarket. Since acquisition, we have added over 1,000 agent advertisers and 57,000 listings to the site, again, in a matter of 2 months.

與此形成鮮明對比的是，我們計劃繼續CoStar 的長期策略，即投資並與行業代理商合作，以其他英國門戶網站成​​本的一小部分來產生和吸引高意向的潛在客戶，同時仍然實現有吸引力的利潤。代理商告訴我們，他們正在尋找替代方案來取代 Rightmove 不友善的代理商掛牌費用，並且支援 OnTheMarket。自收購以來，我們在 2 個月內又在該網站上增加了 1,000 多個代理商廣告商和 57,000 個清單。

Our long-term intention is to create the #1 property portal in the U.K. by combining CoStar's marketing and traffic generation expertise, the market-leading technology we have developed in Homes.com, CoStar's research and content generation capabilities and the strength of our established commercial real estate platform in the U.K. The European residential market opportunity is estimated to be $17 billion, and we intend to build and expand our share of the residential opportunity in Europe, beginning with OnTheMarket.

我們的長期目標是透過結合CoStar 的營銷和流量生成專業知識、我們在Homes.com 中開發的市場領先技術、CoStar 的研究和內容生成能力以及我們現有的實力，創建英國排名第一的房地產門戶網站英國商業房地產平台 歐洲住宅市場機會估計為 170 億美元，我們打算從 OnTheMarket 開始，建立並擴大我們在歐洲住宅機會的份額。

Apartments.com had a phenomenal year. Revenue for the year was $914 million or 23% growth over '22. This is almost $170 million of incremental annual revenue, the largest contribution ever for any of our brands. As of January this year, Apartments.com is now not only the largest business by revenue at CoStar, but also officially our first $1 billion revenue run rate business. But here comes CoStar right behind it, and then Homes.

Apartments.com 度過了非凡的一年。該年度營收為 9.14 億美元，比 2022 年成長 23%。這相當於近 1.7 億美元的年增量收入，是我們品牌有史以來最大的貢獻。截至今年 1 月，Apartments.com 不僅是 CoStar 收入最大的業務，而且正式成為我們第一個 10 億美元收入運行率的業務。但緊隨其後的是 CoStar，然後是 Homes。

The sales team delivered exceptional results at Apartments.com in '23, with annualized net new bookings growing 34% over '22. We now have almost 71,000 communities advertising their availabilities on Apartments.com, which is 11% above the fourth quarter of '22 and almost twice that of our nearest competitor. Our highly productive sales team conducted over 623,000 quality meetings in '23, which was 37% higher than in 2022 and a new record. Our customers love our sales team, rewarding them with a 94% -- 94 Net Promoter Score rating for the full year of 2023.

23 年，銷售團隊在 Apartments.com 取得了出色的業績，年化淨新預訂量比 22 年增長了 34%。現在，我們有近 71,000 個社區在 Apartments.com 上宣傳其房源，比 2022 年第四季度增長了 11%，幾乎是我們最接近的競爭對手的兩倍。我們高效的銷售團隊在 2023 年舉辦了超過 623,000 次品質會議，比 2022 年增加了 37%，創下了新紀錄。我們的客戶喜愛我們的銷售團隊，並在 2023 年全年給予他們 94% 至 94 的淨推薦值評級。

We continue to expand our mid-market sales effort by growing our sales team and developing targeted product offerings that suit the needs of midsized communities. Net productivity for our sales team increased by 14% in 2023 as compared to 2022, which resulted in a 44% growth in properties under 50 units advertising on Apartments.com. The opportunity in the small property sector is massive at almost $7 billion, and our penetration in this sector is still below 5%.

我們透過擴大銷售團隊和開發適合中型社區需求的有針對性的產品來繼續擴大我們的中端市場銷售工作。與 2022 年相比，2023 年我們銷售團隊的淨生產力成長了 14%，這導致在 Apartments.com 上投放廣告的 50 套以下房產增加了 44%。小型房地產行業的機會巨大，價值近 70 億美元，而我們在該行業的滲透率仍低於 5%。

Our award-winning marketing campaign featuring the wonderful and very funny Jeff Goldblum as Brad Bellflower, inventor of the Apartminternet, entertained audiences and delivered over 12 billion media impressions and almost 1 billion visits to our websites during the year. We jump-started our 2024 media campaign with a Super Bowl ad. This is year 10 of our brand-building marketing campaign since we launched Apartments.com back in 2015.

我們屢獲殊榮的行銷活動由傑夫高布倫(Jeff Goldblum) 飾演公寓網路的發明者布拉德貝爾弗勞爾(Brad Bellflower)，該活動為觀眾帶來了超過120 億次媒體印象和近10 億次我們網站的造訪量。我們透過超級盃廣告啟動了 2024 年媒體活動。自 2015 年推出 Apartments.com 以來，今年是我們開展品牌建立行銷活動的第十年。

This consistent long-term brand marketing strategy continues to prove successful as we finished the year with 52% unaided brand awareness with renters in the fourth quarter, 6 percentage points above our closest competitor. Based on recent study by market research for Market Connections, industry decision-makers representing 15,000 communities named Apartments.com as the most widely used advertising solution at 74%. The research also found that Apartments.com was the most well-known advertising solution, beating our closest competitor by 25%.

這種一致的長期品牌行銷策略繼續被證明是成功的，第四季度我們在租戶中的獨立品牌知名度達到了 52%，比我們最接近的競爭對手高出 6 個百分點。根據 Market Connections 市場研究的最新研究，代表 15,000 個社群的產業決策者將 Apartments.com 視為使用最廣泛的廣告解決方案（74%）。研究還發現，Apartments.com 是最知名的廣告解決方案，比最接近的競爭對手高出 25%。

The Apartments.com brand is stronger than it's ever been, delivering almost 1 billion visits to our websites and 43 million average monthly unique visitors during 2023 according to Google Analytics. Our customers care about the number of potential renters utilizing our site every month to find a place to live, making unique visitors a key metric. For the past 8 quarters in a row, Apartments.com held the #1 position in terms of monthly average unique visitors when comparing to our traffic to Zillow's publicly disclosed average monthly unique visitors.

根據 Google Analytics 的數據，Apartments.com 品牌比以往任何時候都更強大，到 2023 年，我們的網站訪問量將接近 10 億次，平均每月獨立訪客數將達到 4,300 萬。我們的客戶關心每月使用我們網站尋找住所的潛在租戶的數量，這使得獨立訪客成為關鍵指標。與我們與 Zillow 公開披露的每月平均獨立訪客流量進行比較時，Apartments.com 連續 8 個季度在每月平均獨立訪客方面排名第一。

Overall economic conditions are expected to remain favorable for rental property advertising. Vacancy rates increased in 2023 for 3- to 5-star properties by 160 basis points to 9.1% and are expected to increase in 2024 as new unit deliveries are expected to remain high in 2024 at approximately 470,000 units. We expect to see Apartments.com generate strong double-digit revenue growth in 2024 somewhere in the high teens or more, which is balanced to some degree by the level of Homes.com sales effort this top-performing advertising juggernaut delivers in 2024.

預計總體經濟狀況仍有利於租賃物業廣告。 2023 年，三星級至五星級飯店的空置率上升了 160 個基點，達到 9.1%，預計 2024 年空置率將上升，因為 2024 年新單位交付量預計將保持在約 47 萬套的高位。我們預計，Apartments.com 的收入將在2024 年實現強勁的兩位數收入增長，達到兩位數或更高，這在一定程度上與Homes.com 這家表現最佳的廣告巨頭在2024 年提供的銷售努力水平相平衡。

CoStar delivered another strong quarter with revenues of $925 million and 11% year-over-year growth rate. Fourth quarter revenue grew 8% year-over-year to $238 million. We have never seen this level of positive revenue growth for CoStar while we're at the bottom of a severe property market downturn. The strength of CoStar continues to be our ability to expand the information content and analytic capabilities in the product to diversify into bigger and broader customer sets like owners, lenders and corporate tenants.

CoStar 再次實現強勁的季度業績，營收達 9.25 億美元，年成長率為 11%。第四季營收年增 8%，達到 2.38 億美元。當我們正處於房地產市場嚴重低迷的谷底時，我們從未見過 CoStar 實現如此積極的收入成長。 CoStar 的優勢仍然在於我們能夠擴展產品的資訊內容和分析能力，以實現多元化，涵蓋更大、更廣泛的客戶群，例如業主、貸方和企業租戶。

In '23, we sold twice as much to the owner, lender and corporate tenant sectors than we did to brokers. Net sales in the fourth quarter to owner, lender and tenant customers grew almost 30% compared to the third quarter of this year. The CoStar lender product had an exceptional year in '23, nearly doubling our customer base and delivering over 5x the revenue that we realized in '22. We now have over 1,000 active users for our lender product. Our opportunity pipeline is large, with over 300 institutions progressing through our sales process.

23 年，我們向業主、貸款人和企業租戶部門出售的產品數量是向經紀人出售的產品數量的兩倍。與今年第三季相比，第四季對業主、貸方和租戶客戶的淨銷售額成長了近 30%。 CoStar 貸款機構產品在 23 年表現出色，我們的客戶群幾乎翻了一番，收入是我們在 22 年實現的 5 倍以上。我們的貸方產品現在擁有超過 1,000 名活躍用戶。我們的機會管道非常廣泛，有超過 300 家機構正在透過我們的銷售流程進行開發。

Our competitive data advantage has helped us win virtually every deal versus the main competitors in this space, including winning 7 of the largest CRE lenders in the industry. Looking ahead, there is significant opportunity to expand the CoStar lender addressable market beyond our initial focus on depository institutions. As regional banks and credit unions tighten up their credit lending requirements, or commercial earning requirements, private lenders are stepping in to fill the void.

我們的競爭性數據優勢幫助我們贏得了該領域主要競爭對手的幾乎每筆交易，包括贏得了業內最大的 7 家商業房地產貸款機構。展望未來，除了我們最初關注的存款機構之外，還有很大的機會擴大 CoStar 貸方的潛在市場。隨著地區銀行和信用合作社收緊信貸要求或商業收入要求，私人貸款機構正在介入填補空白。

We believe the total addressable market for our expanded target customer set is over $600 million. We are currently serving less than 15% of this opportunity and have plans to increase our sales and product teams to accelerate our growth next year. We released our hospitality benchmarking product in the CoStar platform in '23 and are rapidly migrating our STR customer base into the CoStar environment. Over 600 customers are now using the benchmark product in CoStar, with the remaining customers to be migrated in the first half of '24.

我們相信，我們擴大的目標客戶群的潛在市場總額將超過 6 億美元。目前，我們只提供了不到 15% 的機會，並計劃增加我們的銷售和產品團隊，以加速明年的成長。我們於 23 年在 CoStar 平台上發布了我們的飯店基準測試產品，並正在迅速將我們的 STR 客戶群遷移到 CoStar 環境中。目前，超過 600 家客戶正在 CoStar 使用基準產品，其餘客戶將在 2024 年上半年進行遷移。

More than 18,000 users are now in CoStar, managing their hotel's performance and optimizing the revenue through the reimagined tools and additional analytic capabilities. As a result of the movement of STR benchmarking at CoStar, revenues from our hospitality benchmark subscriptions will now be reported as part of CoStar, similar to our integrated approach of our lender products for financial institutions being CoStar. The transition of STR benchmarking to CoStar in '24 is a major milestone for our road map to build the full suite of STR product capabilities in CoStar. We plan to incorporate forward-booking information, complete P&L benchmarking and international market performance this year and the next.

目前，CoStar 已有超過 18,000 名用戶，透過重新設計的工具和額外的分析功能來管理飯店績效並優化收入。由於 CoStar 的 STR 基準變動，我們的飯店基準訂閱收入現在將作為 CoStar 的一部分進行報告，類似於我們為金融機構提供貸款產品的綜合方法 CoStar。 24 年 STR 基準測試向 CoStar 的過渡是我們在 CoStar 中建立全套 STR 產品功能路線圖的一個重要里程碑。我們計劃在今年和明年納入遠期預訂資訊、完整的損益基準和國際市場表現。

STR overall had an incredible year. '23 revenue grew 13% over last year, delivering the highest annual ever result since we brought -- since we bought STR in '19. The team had a record sales quarter to end the year, growing 54% over the fourth quarter of last year. Subscription revenue grew 17% and 23% over the prior year and now makes up 81% of the overall revenue, the highest percentage since the acquisition. STR's quarterly renewal rate is now in a very impressive 98%.

STR 總體而言度過了令人難以置信的一年。 '23 的收入比去年增長了 13%，這是我們自 '19 年收購 STR 以來有史以來最高的年度業績。截至年底，該團隊的季度銷售額創歷史新高，比去年第四季成長 54%。訂閱收入較上年增長 17% 和 23%，目前佔總收入的 81%，為收購以來的最高比例。 STR 的季度續訂率現在達到了令人印象深刻的 98%。

With the full capability of CoStar and STR combined, we expect to unlike -- unlock increased value for our customers and grow strong double-digit revenue towards what we believe is a $300 million hospitality market opportunity. Overall, we remain very confident in the strength and value of CoStar's platform and our growth performance in a downturn. Renewal rates for CoStar remain rock solid at 92% and we're seeing early indications of increased leasing and sales activity as we move into the first quarter of 2024. Although it's too early to call a recovery in the property markets, we expect solid mid-single-digit revenue growth from CoStar in '24.

憑藉 CoStar 和 STR 的全部能力，我們期望為我們的客戶釋放更多價值，並實現強勁的兩位數收入，實現我們認為的 3 億美元的酒店市場機會。總體而言，我們對 CoStar 平台的實力和價值以及我們在低迷時期的成長表現仍然充滿信心。 CoStar 的續約率仍然堅如磐石，為92%，隨著進入2024 年第一季度，我們看到了租賃和銷售活動增加的早期跡象。儘管現在判斷房地產市場復甦還為時過早，但我們預計中期將維持穩健- CoStar 24 年營收達到個位數成長。

LoopNet revenue was $265 million in '23, up 15% year-over-year and at the high end of our guidance range. Signature Listings -- Signature Ad listings were up 11% in the fourth quarter, delivering more traffic and leads to our customers. International revenue in the fourth quarter was up 33% and net new bookings were up 186% over the fourth quarter of '22. LoopNet continues to be the #1 listing site for commercial properties. Average monthly unique visitors to the global network in the fourth quarter were up 11% year-over-year and was 7x the traffic of the next largest competitor.

LoopNet 2023 年的營收為 2.65 億美元，年增 15%，處於我們指引範圍的高端。簽名廣告清單—第四季度簽名廣告清單增加了 11%，為我們的客戶帶來了更多流量和潛在客戶。與 2022 年第四季相比，第四季的國際營收成長了 33%，淨新預訂量成長了 186%。 LoopNet 仍然是排名第一的商業房地產清單網站。第四季全球網路的平均每月獨立訪客量年增 11%，是第二大競爭對手流量的 7 倍。

In the U.K., LoopNet is now the #1 dedicated commercial property marketplace by traffic after launching only a little over a year ago. We continue to expand internationally given our success to date and the size of the opportunity. We plan to launch LoopNet in France and Spain in 2024. 2023 was a year of growth for the LoopNet sales team. At the end of '22, only 40% of the sales were managed by LoopNet-dedicated sales representatives. And we've now effectively transitioned to 80% of those accounts from CoStar reps to LoopNet reps.

在英國，LoopNet 推出僅一年多一點，現已成為流量排名第一的專用商業房地產市場。鑑於我們迄今為止所取得的成功和機會的規模，我們將繼續在國際上擴張。我們計劃於 2024 年在法國和西班牙推出 LoopNet。2023 年是 LoopNet 銷售團隊成長的一年。到 22 世紀末，只有 40% 的銷售額是由 LoopNet 專用銷售代表管理的。現在，我們已經將其中 80% 的客戶從 CoStar 代表有效地轉變為 LoopNet 代表。

The LoopNet sales team is focused on ramping up activity, face-to-face meetings and NPS scores following the success formula of Apartments.com. As a result, we expect to deliver increased sales productivity and bookings as we move through 2024.

LoopNet 銷售團隊遵循 Apartments.com 的成功模式，專注於增加活動、面對面會議和 NPS 分數。因此，我們預計到 2024 年將提高銷售效率和預訂量。

Ten-X continues to demonstrate the value of our digital sales platform for our commercial properties. In the year when sales transactions were down 49%, Ten-X brought $4.5 billion in assets to the platform, which was a modest decline of 9% relative to the market's steeper decline. We delivered a 52% trade rate in '23, nearly double the off-line trade rate, but below the rates we achieved in '22.

Ten-X 持續展示我們的商業房地產數位銷售平台的價值。在銷售交易下降 49% 的一年中，Ten-X 為平台帶來了 45 億美元的資產，相對於市場的更大幅度下降，這一數字略有下降 9%。我們在 23 年實現了 52% 的交易率，幾乎是線下交易率的兩倍，但低於我們在 22 年實現的交易率。

Overall, Ten-X revenue finished the year around 20% below prior year levels. Despite this decline, we increased our share of property sales in the $1 million to $10 million asset category during the year, moving more transactions from offline to online. The market outlook for the coming year remains uncertain, although interest rates have stabilized in near term, bid-ask spreads and debt constraints remain a challenge.

總體而言，Ten-X 全年營收比去年同期水準下降了 20% 左右。儘管出現下滑，但我們在這一年中增加了 100 萬至 1000 萬美元資產類別的房地產銷售份額，將更多交易從線下轉移到線上。儘管利率短期內已趨於穩定，但來年的市場前景仍存在不確定性，但買賣價差和債務約束仍是一個挑戰。

Regardless of these uncertainties, in the first 45 days of 2024, our trade rate and number of bidders per asset have increased from the fourth quarter of '23 levels. There are still billions of dollars of transactions occurring each year in the $1 billion to $10 billion asset category, which we continue to pursue as part of what we believe is a $3 billion long-term market opportunity.

儘管存在這些不確定性，但在 2024 年的前 45 天內，我們的交易率和每項資產的競標者數量均較 23 年第四季的水平有所增加。每年仍有數十億美元的交易發生在 10 億至 100 億美元的資產類別中，我們將繼續追求這一目標，作為我們認為的 30 億美元長期市場機會的一部分。

The real estate capital markets in the fourth quarter continue to be impacted by higher borrowing costs, tight lending standards and deteriorating real estate fundamentals. In '23, transaction volumes were down 49% and price declines range from 10% to 35% across all sectors. Banks continue to slow their loan growth as property fundamentals decline and delinquencies rise. With interest rates expected to decline later this year, current expectations are for sales volumes to increase compared to last year. We saw some early indications in January, with sales volumes rising 6.4%.

第四季房地產資本市場持續受到借貸成本上升、貸款標準收緊和房地產基本面惡化的影響。 23 年，所有行業的交易量下降了 49%，價格下降幅度為 10% 至 35%。隨著房地產基本面下降和拖欠率上升，銀行繼續放緩貸款成長。由於預計今年稍後利率將下降，目前的預期是銷量將比去年增加。我們在一月份看到了一些早期跡象，銷量成長了 6.4%。

The office sector continues to be the most challenged, with 58 million square feet of negative absorption in '23. Absorption since the pandemic now sits at negative 178 million square feet, office attendance is 60% of what it was before 2020, though that understates demand since hybrid work requires higher peak use. The market sits at a record high, 13.5% vacancy rate. A silver lining is the decline in construction starts, which we predict will eventually result in a shortage of premium office space.

辦公大樓產業仍是面臨最大挑戰的領域，2023 年吸收面積為 5,800 萬平方英尺。自疫情爆發以來，吸收面積目前為負 1.78 億平方英尺，辦公室出勤率是 2020 年之前的 60%，但這低估了需求，因為混合工作需要更高的高峰使用率。市場空置率達13.5%，創下歷史新高。一線希望是開工量下降，我們預計最終將導致優質辦公空間短缺。

Since our 15-year lease at our Washington, D.C. headquarters location is set to expire in 2025, we assessed more than 25 viable sites in the Greater Washington, D.C. metro area. We ultimately decided to purchase a 5-star trophy LEED Platinum office building located at 1201 Wilson Boulevard in Arlington, Virginia. We were able to purchase the building and the land lease for a significant discount to both recent valuations and current replacement cost. We also received nearly $7 million in both tax and economic incentives.

由於我們在華盛頓特區總部所在地的 15 年租約將於 2025 年到期，因此我們評估了大華盛頓特區都會區超過 25 個可行的地點。我們最終決定購買位於維吉尼亞州阿靈頓威爾遜大道 1201 號的一棟 LEED 白金級五星級辦公大樓。我們能夠以較近期估值和當前重置成本大幅折扣的價格購買該建築物和土地租賃。我們還獲得了近 700 萬美元的稅收和經濟獎勵。

While past performance does not ensure future performance, you might recall that back in 2010 during the great financial crisis, we acquired our 1331 L Street location for $42 million, a then significant discount to replacement cost, and sold it within 2 years in the sale leaseback for $101 million, more than twice what we bought it for. We are betting that the office market is at a nadir again. We will likely execute a sales leaseback on 1201 Wilson Boulevard at some point in the future.

雖然過去的表現並不能確保未來的表現，但您可能還記得，早在2010 年金融危機期間，我們就以4,200 萬美元的價格收購了位於L 街1331 號的位置，這對當時的重置成本來說是一個很大的折扣，並在出售中的2 年內將其出售。回租價格為 1.01 億美元，是我們購買價格的兩倍多。我們押注辦公室市場將再次陷入最低點。我們可能會在未來某個時候對威爾遜大道 1201 號執行售後回租。

The industrial sector has also seen a historic wave of new construction push vacancies up from all-time lows. But at 5.7%, industrial vacancies are still at half their peak levels. Industrial demand has remained positive, though, and the rise in vacancy should be mitigated by a pullback in construction starts in the second half of '23. The retail sector continued to be the best performing in the fourth quarter, with both positive absorption and limited new construction. The result was vacancy rates dropping to 4%, an all-time low. Conditions should remain healthy for retail, with under construction at near all-time level lows.

工業領域也出現了歷史性的新建築浪潮，將空置率從歷史低點推高。但工業職缺率為 5.7%，仍僅為高峰水準的一半。不過，工業需求依然樂觀，23 年下半年開工率的回落應該會緩解空置率的上升。零售業在第四季持續表現最佳，吸收積極，新建有限。結果空置率降至 4%，創歷史新低。零售業狀況應保持健康，在建建築數量接近歷史最低水準。

The U.S. hotel sector ended the year with RevPAR growth of 4.9%, outpacing inflation and being driven by ADR growth of 4.3% and occupancy growth of 0.6%. Robust group demand and corporate transient demand were the primary contributors to growth. RevPAR is expected to continue to outpace inflation in '24, with 4.1% growth projected. In the U.S. residential sector, mortgage rates have come down from 7.8% to 6.6%, but rates are still high enough to prevent homeowners from selling, creating low inventory of homes for sale and low levels of homes being sold. But if interest rates continue to drop, affordability will improve, and even a drop to 6% would mean home ownership would become affordable for an additional 37 million Americans.

在平均房價成長 4.3% 和入住率成長 0.6% 的推動下，美國飯店業的每間客房收入 (RevPAR) 成長 4.9%，超過了通貨膨脹率。強勁的團體需求和企業臨時需求是成長的主要動力。預計 2024 年每間可用客房收入 (RevPAR) 將持續超過通膨率，預計成長 4.1%。在美國住宅領域，抵押貸款利率已從 7.8% 降至 6.6%，但利率仍然高得足以阻止房主出售，從而導致待售房屋庫存較低和待售房屋水平較低。但如果利率繼續下降，負擔能力將會提高，甚至下降到 6% 也意味著另外 3,700 萬美國人將能夠負擔得起住房。

In the context of a distressed commercial real estate market, CoStar turned in an outstanding performance in '23, growing revenue 13% with record levels of profitability in our CRE business. It is clear that CoStar Group's diversified subscription business is highly resilient in a distressed property cycle. We believe that we will improve profits and margins again in '24 to $1.1 billion in adjusted EBITDA with 42% margins.

在商業房地產市場低迷的背景下，CoStar 在 23 年取得了出色的業績，收入成長了 13%，商業房地產業務的獲利水準創歷史新高。顯然，CoStar 集團的多元化認購業務在房地產陷入困境的周期中具有很強的彈性。我們相信，2024 年我們將再次提高利潤和利潤率，調整後 EBITDA 達到 11 億美元，利潤率為 42%。

Our entire team has worked extraordinarily hard in building the Homes.com platform and business. We believe that we just launched CoStar Group's next transformative billion-dollar business. In the conversations we are having with brokerage leaders and agents, they tell us they are 100% behind our "Your listing, Your Lead" business model, but gets better for brokers, agents, home buyers and home sellers. I am thrilled to see that support with $5.2 million in annualized subscription sales in just the first 6 business days of selling Homes.com. The first half of '24 is the peak investment for Homes.com and we believe profits and margins will start showing significant growth in the second half of '24.

我們的整個團隊在打造 Homes.com 平台和業務方面付出了巨大的努力。我們相信，我們剛剛推出了 CoStar Group 下一個變革性的十億美元業務。在我們與經紀領導者和經紀人的對話中，他們告訴我們，他們100% 支持我們的「你的房源，你的領導」商業模式，但對於經紀人、經紀人、購房者和賣家來說，情況會變得更好。我很高興看到 Homes.com 出售後的前 6 個工作天內年訂閱銷售額就達到了 520 萬美元。 24 年上半年是 Homes.com 的投資高峰，我們相信利潤和利潤率將在 24 年下半年開始顯著成長。

After my brief remarks, I'm going to turn the call over to our Chief Financial Officer, Scott Wheeler. Are you still there, Scott?

在簡短發言後，我將把電話轉給我們的財務長史考特‧惠勒。你還在嗎，史考特？

Still here, ready to go. Thank you for those brief remarks.

還在這裡，準備出發。感謝您的簡短發言。

You're welcome.

不客氣。

Okay. So clearly, 2023 was a very strong year for the company, but that sure feels like a long time ago, doesn't it? These last few weeks have really been like turning a page when you get into the launch of Homes.com, the advertising brand campaign, the selling efforts. I think 2024 is going to be a great year, I can already tell.

好的。顯然，2023 年對該公司來說是非常強勁的一年，但這確實感覺像是很久以前的事了，不是嗎？當你了解 Homes.com 的推出、廣告品牌活動和銷售工作時，過去幾週真的就像翻過一頁一樣。我認為 2024 年將是偉大的一年，我已經知道了。

But first, let's wrap up on 2023. The full year revenue growth was an impressive 13% versus prior year, which was ahead of our guidance and forecast. What I found interesting was that 2023 was the 13th consecutive year of double-digit growth, and we grew 13%. Did you know that? And last year, when our 12th consecutive year of double-digit revenue growth, we grew 12%. I wonder what that means this year. We'll see. Let's not get ahead of ourselves, but we actually turned in a great revenue performance in 2023.

但首先，讓我們總結一下 2023 年。全年營收成長與前一年相比，成長了 13%，令人印象深刻，這超出了我們的指導和預測。我發現有趣的是，2023 年是連續 13 年達到兩位數成長，我們成長了 13%。你知道嗎？去年，我們的營收連續第 12 年實現兩位數成長，成長了 12%。我想知道今年這意味著什麼。我們拭目以待。我們不要太過分，但我們實際上在 2023 年實現了出色的收入表現。

Profit results also came in above expectations, with full year adjusted EBITDA at $492 million and 20% margin, exceeding the high end of our guidance range. What I think most is impressive is that you can still see our core CoStar business delivering 40% profit margins and a record high 45% in the fourth quarter before you consider the investments we're making moving into the residential sector. I think it's important we keep an eye on the underlying strength of this business portfolio as we exit the investment phase of Homes.com particularly, and we'll expect profitability to increase, as Andy mentioned, once again as we move through 2024.

利潤結果也高於預期，全年調整後 EBITDA 為 4.92 億美元，利潤率為 20%，超出了我們指導範圍的上限。我認為最令人印象深刻的是，在考慮我們向住宅領域進行的投資之前，您仍然可以看到我們的核心CoStar 業務在第四季度實現了40% 的利潤率和創紀錄的45% 的利潤率。我認為，隨著我們退出Homes.com 的投資階段，我們必須密切關注該業務組合的潛在實力，這一點很重要，正如安迪所提到的，隨著我們進入2024 年，我們預計獲利能力將再次增加。

So looking at our revenue by our different businesses, Apartments.com grew 23% in the fourth quarter and the full year, in line with our expectations. Apartments.com added twice the amount of revenue in '23 than its nearest competitor and increased revenue in the fourth quarter of 23% sequentially over the third quarter, which demonstrates both the strength of our product platform and our 97% subscription model in Apartments.com.

因此，從我們不同業務的收入來看，Apartments.com 在第四季度和全年增長了 23%，符合我們的預期。 Apartments.com 在2023 年的營收成長是最接近的競爭對手的兩倍，第四季的營收比第三季連續成長了23%，這既證明了我們產品平台的實力，也證明了我們的Apartments 97% 訂閱模式。 com.

Our competitors are still in the game of chasing transaction revenue, which is why their revenue cycle is up in the middle of the year and then drops back in the fourth quarter. These transactions sure feel good during an upswing in market demand, but will leave you weak and unable to invest in a cyclical downturn. We expect Apartments.com revenue growth rate somewhere in the 17% to 18% range for the full year of 2024 and we're estimating 20% revenue growth for the first quarter. We expect our renewal pricing levels to moderate this coming year as inflation in the economy has come down.

我們的競爭對手仍在追逐交易收入，這就是為什麼他們的收入週期在年中上升，然後在第四季回落。在市場需求上升期間，這些交易肯定會讓您感覺良好，但會讓您變得虛弱，無法在周期性低迷時期進行投資。我們預計 Apartments.com 2024 年全年的營收成長率將在 17% 至 18% 之間，我們預計第一季的營收成長率將達到 20%。我們預計，隨著經濟通膨的下降，明年我們的續訂定價水準將會放緩。

Also, we continue to grow aggressively in the smaller property space, which carries lower price points relative to institutional scale communities. We're going to see increased levels of productivity in 2024 for our large and more experienced sales force in Apartments. Now the question is, will this increased output benefit Apartments or Homes.com? So far, this sales team is proving very effective at selling both.

此外，我們繼續在較小的房地產領域積極成長，相對於機構規模的社區來說，該領域的價格較低。到 2024 年，我們將看到我們龐大且經驗豐富的公寓銷售團隊的生產力水準得到提高。現在的問題是，產量的增加會讓 Apartments 或 Homes.com 受益嗎？到目前為止，事實證明，這個銷售團隊在銷售這兩種產品方面非常有效。

CoStar revenue grew 8% in the fourth quarter and 11% for the full year of 2023, at the top end of our full year guidance range. As Andy mentioned, in 2024, we will report STR benchmarking revenue in CoStar as the STR product is now fully integrated into the CoStar platform and customer migrations will be complete this year. Including our benchmarking revenue, we expect full year and first quarter CoStar revenue growth in the range of 11% to 12%. So in 2024, CoStar will become our second brand business producing over $1 billion in revenue. On a pro forma basis, adjusting for the STR revenue shift, we expect CoStar revenue growth of between 7% to 8%, consistent with what we indicated in our third quarter earnings call back in October.

CoStar 營收在第四季成長 8%，2023 年全年成長 11%，處於我們全年指導範圍的上限。正如 Andy 所提到的，2024 年，我們將在 CoStar 中報告 STR 基準測試收入，因為 STR 產品現已完全整合到 CoStar 平台中，並且客戶遷移將於今年完成。包括我們的基準收入在內，我們預計全年和第一季 CoStar 營收成長在 11% 至 12% 之間。因此，到 2024 年，CoStar 將成為我們收入超過 10 億美元的第二個品牌業務。在預計的基礎上，根據 STR 收入變化進行調整，我們預計 CoStar 收入成長在 7% 至 8% 之間，這與我們在 10 月第三季財報電話會議中表示的一致。

LoopNet revenue grew 12% in the fourth quarter, exceeding our 11% guidance. Revenue for the full year was $265 million or 15% increase over prior year, at the top end of our guidance range of 14% to 15%. We expect to see first quarter LoopNet revenue growth in the range of 8% to 9% as the sales results for LoopNet in the fourth quarter were lower than earlier in the year following the full account transitions from CoStar to LoopNet. We expect our LoopNet sales team to make meaningful contributions to selling both LoopNet and Homes.com in 2024. So accordingly, our LoopNet 2024 forecast range assumes revenue growth in the mid-single-digit range.

LoopNet 收入在第四季度增長了 12%，超出了我們 11% 的指導。全年營收為 2.65 億美元，比上年增長 15%，處於我們指導範圍 14% 至 15% 的上限。我們預計第一季 LoopNet 營收將成長 8% 至 9%，因為在帳號從 CoStar 全面轉換到 LoopNet 後，第四季 LoopNet 的銷售業績低於今年稍早。我們預計 LoopNet 銷售團隊將在 2024 年為 LoopNet 和 Homes.com 的銷售做出有意義的貢獻。因此，我們的 LoopNet 2024 年預測範圍假設收入成長在中個位數範圍內。

Revenue from Information Services grew 9% for the full year as expected. As a reminder, Information Services includes STR, Real Estate Manager, our original lender products and a few smaller information-related products, Thomas Daily and Business Immo in Europe. In 2024, a big piece of this revenue, the STR benchmarking, will move up into CoStar. Also, as we continue to grow our integrated CoStar lender product, more and more of the original lender products residing in Information Services are also moving into CoStar.

全年資訊服務收入成長 9%，符合預期。提醒一下，資訊服務包括 STR、Real Estate Manager、我們原始的貸方產品和一些較小的資訊相關產品、歐洲的 Thomas Daily 和 Business Immo。到 2024 年，該收入的很大一部分（STR 基準測試）將轉移到 CoStar。此外，隨著我們不斷發展整合的 CoStar 貸方產品，越來越多位於資訊服務中的原始貸方產品也正在遷移到 CoStar。

This is good news, of course, as we are executing on our strategy to integrate all of the Information Services products inside the CoStar platform. When the dust settles on all this, we expect Information Services revenue for 2024 in the range of approximately $130 million to $135 million, with $33 million of revenue in the first quarter. Our Real Estate Manager business is now the largest single component of Information Services, which we expect to grow in the mid- to high single digits in 2024 for Real Estate Manager.

當然，這是個好消息，因為我們正在執行將所有資訊服務產品整合到 CoStar 平台內的策略。當這一切塵埃落定後，我們預計 2024 年資訊服務收入約為 1.3 億至 1.35 億美元，其中第一季營收為 3,300 萬美元。我們的房地產經理業務目前是資訊服務中最大的單一組成部分，我們預計到 2024 年房地產經理業務將實現中高個位數成長。

Other Marketplace revenue was $134 million for the full year of 2023, ahead of our expectations for the fourth quarter, with modestly higher transaction revenues from Ten-X. Our subscription marketplace businesses, lands and business for sale contributed solid double-digit growth as they do year in and year out. We expect similar outcomes in 2024, with revenue relatively flat to the 2023 overall and first quarter revenue a little below $30 million.

2023 年全年其他市場收入為 1.34 億美元，超出我們對第四季的預期，其中 Ten-X 的交易收入略有增加。我們的訂閱市場業務、土地和待售業務年復一年地貢獻了兩位數的穩定成長。我們預計 2024 年會出現類似的結果，營收與 2023 年整體持平，第一季營收略低於 3,000 萬美元。

Our 2024 revenue outlook includes double-digit revenue growth in the subscription marketplace businesses and a rather conservative view, I must say, of Ten-X transaction revenue. We've not built any transaction market recovery assumption into 2024. So if a recovery does materialize in the months ahead, then we should benefit.

我們對 2024 年收入的展望包括訂閱市場業務的兩位數收入成長，以及我必須說的對十倍交易收入的相當保守的看法。我們尚未對 2024 年交易市場復甦做出任何假設。因此，如果復甦確實在未來幾個月內實現，那麼我們應該會受益。

Residential revenue, I saved the best for last. I can finally talk about forward growth expectations for Homes.com. First, to round off on 2023, our residential revenue was $10 million in the fourth quarter and $44 million for the full year of 2023, in line with our expectations for the legacy Homesnap revenue and inclusive of a small amount of revenue from the OnTheMarket acquisition. Our 2024 residential revenue outlook includes 3 components, these are: Homes.com; OnTheMarket; and the legacy residential products formerly known as Homesnap.

住宅收入，我把最好的留到最後。我終於可以談談對 Homes.com 的未來成長預期。首先，截至 2023 年，我們的住宅收入第四季為 1,000 萬美元，2023 年全年為 4,400 萬美元，符合我們對傳統 Homesnap 收入的預期，並包括 OnTheMarket 收購的少量收入。我們的 2024 年住宅收入展望包括 3 個組成部分，它們是：Homes.com；在市場上;以及以前稱為 Homesnap 的傳統住宅產品。

Homes.com is generating revenue. I've been waiting 3 years to say that. I'm just going to have to say it again: Homes.com is generating revenue. I think it definitely felt better the second time. So it was exciting to see our first Homes.com membership product putting points on the sales board this year. We have every brand sales team in every city across the country competing to sell Homes.com, and this is certainly going to be fun to watch.

Homes.com 正在產生收入。我等了三年才說出這句話。我不得不再說一次：Homes.com 正在創造收入。我想第二次肯定感覺好多了。因此，看到我們的第一個 Homes.com 會員產品今年在銷售板上獲得積分，真是令人興奮。我們在全國每個城市都有每個品牌的銷售團隊競相銷售 Homes.com，這肯定會很有趣。

I think the CoStar team is a little bit salty still from having Apartments reach $1 billion in revenue first, and they are currently leading the Homes.com top-selling contest ahead of Apartments. What's fun is that every sales team, no matter how big or small, has a shot at victory. Pound for pound, I'm seeing Lands.com sales team is ahead of everyone in terms of net sales per person of Homes.com and their team is 1/10 the size of Apartments. Momentum is certainly building and all 9 of our brand sales teams have contributed net new sales for Homes.com.

我認為 CoStar 團隊對於讓《Apartments》收入首先達到 10 億美元還有些不放心，而且他們目前在 Homes.com 銷售排行榜上領先於《Apartments》。有趣的是，每個銷售團隊，無論大小，都有機會取得勝利。同等而言，我發現 Lands.com 銷售團隊在 Homes.com 的人均淨銷售額方面領先於所有人，而且他們的團隊規模只有 Apartments 的 1/10。勢頭確實正在增強，我們的所有 9 個品牌銷售團隊都為 Homes.com 貢獻了淨新銷售額。

Of course, it's very early in the year and with every salesperson in CoStar incentivized to sell both their core brand products as well as Homes.com, it's a bit challenging, as you might imagine, to pin down the sales and revenue outlook by brand this year. Will we sell more Homes.com or will we sell more of our commercial brand products? It's really too early to tell, but I believe we are going to sell a whole lot of both. It's a great problem to have and regardless of the specific mix of products we sell, we believe that 2024 will be the best net sales year in the company's history by a wide margin.

當然，現在還為時過早，CoStar 的每位銷售人員都積極銷售其核心品牌產品以及 Homes.com，正如您想像的那樣，按品牌確定銷售和收入前景今年有點具有挑戰性。我們會銷售更多 Homes.com 還是銷售更多我們的商業品牌產品？現在下結論還為時過早，但我相信我們將大量出售這兩種產品。這是一個很大的問題，無論我們銷售的具體產品組合如何，我們相信 2024 年將大幅成為公司歷史上最好的淨銷售額一年。

Well, let's look at what happened the last time we took this approach, which was back in February 2015 when we appointed the entire sales force at the launch of Apartments.com. As we came into 2015, our total net sales bookings for the company were growing around 15% year-over-year. In 2015, with everyone selling our new Apartments.com ad products in addition to their core-branded products, our net new bookings increased almost 80%, with sales of all brands growing year-over-year.

好吧，讓我們看看上次我們採用這種方法時發生的情況，那是在 2015 年 2 月，當時我們在 Apartments.com 推出時任命了整個銷售團隊。進入 2015 年，我們公司的淨銷售預訂總額年增 15% 左右。 2015 年，除了核心品牌產品之外，每個人都銷售我們新的 Apartments.com 廣告產品，我們的淨新預訂量成長了近 80%，所有品牌的銷售額均逐年增長。

Now to parrot Mr. Florance a few moments ago, we all know that past performance is not indicative of future results. However, there are a number of factors working in our favor with Homes.com. We know the size of the residential market opportunity is multiple times bigger than multifamily. We just launched the biggest marketing campaign in real estate history, 4x the size of our Apartments.com initial marketing campaign. And nobody else in the industry is competing with a "Your Listing, Your Lead" business model that doesn't try to take agent commissions, but lets them buy advertising exposure to sell their listings. I think these are all very positive relative to our Apartments.com experience back in 2015.

現在重複佛羅倫斯先生剛才的話，我們都知道過去的表現並不代表未來的結果。然而，有許多因素對我們對 Homes.com 有利。我們知道住宅市場機會的規模是多戶住宅的數倍。我們剛發起了房地產史上規模最大的行銷活動，規模是 Apartments.com 初始行銷活動的 4 倍。業內沒有其他人與「你的列表，你的領先」商業模式競爭，這種模式不試圖收取代理佣金，而是讓他們購買廣告曝光來出售他們的列表。我認為，相對於我們 2015 年的 Apartments.com 經驗來說，這些都是非常正面的。

So taking our best educated guess, our 2024 forecast assumes revenue contribution from Homes.com memberships in the $50 million to $60 million range in 2024, starting from 0 in the first quarter and exiting the year with an approximate $100 million quarterly run rate. Now you might think my forecast looks a bit wimpy as you keep hearing Andy talk about updating our sales efforts every minute over here. But one step at a time, we're just getting started.

因此，根據我們最有根據的猜測，我們對2024 年的預測假設2024 年Homes.com 會員的收入貢獻在5000 萬美元到6000 萬美元之間，從第一季的0 開始，到今年結束時的季度運轉率約1 億美元。現在，您可能會認為我的預測看起來有點軟弱，因為您不斷聽到安迪在這裡每分鐘談論更新我們的銷售工作。但一步一步來，我們才剛開始。

We expect OnTheMarket, our new U.K. residential business, to deliver approximately $40 million in revenue in 2024. First quarter revenue is expected to be in the $10 million range. The results of OnTheMarket were insignificant to our overall financial results in 2023 as the acquisition closed in the middle of December. We expect legacy residential products to continue to decline in 2024 as we sell customers Homes.com memberships. We expect full year 2024 revenue of around $20 million from the legacy products.

我們預計我們新的英國住宅業務 OnTheMarket 將在 2024 年實現約 4000 萬美元的收入。第一季收入預計在 1000 萬美元左右。由於收購已於 12 月中旬完成，OnTheMarket 的業績對我們 2023 年的整體財務表現影響不大。我們預計，隨著我們向客戶出售 Homes.com 會員資格，傳統住宅產品將在 2024 年繼續下降。我們預計 2024 年全年遺留產品的收入約為 2,000 萬美元。

So combining all the components of our residential business, our forecast assumes revenue in the range of $110 million to $120 million in 2024, starting the year with a little over $15 million in the first quarter and growing to over $40 million in the fourth quarter of 2024. Year-over-year total revenue growth is expected to be 150%, and year-over-year organic revenue growth in residential is around 70% in 2024.

因此，結合我們住宅業務的所有組成部分，我們的預測假設 2024 年收入在 1.1 億至 1.2 億美元之間，年初第一季略高於 1500 萬美元，第四季度增長至超過 4000 萬美元。2024年。預計2024年總收入年增150%，住宅有機收入年增約70%。

So to wrap up on 2023, net income was $96 million for the fourth quarter and $375 million for all of 2023, an increase of around $5 million compared to 2022. It's nice to see net income improve while we are in a major investment cycle, and that's thanks to our net interest income, which was an impressive $220 million in 2023. We earned roughly 5% on around a $4.2 billion net cash balance for the year.

因此，總結2023 年，第四季的淨利潤為9,600 萬美元，2023 年全年淨利潤為3.75 億美元，比2022 年增加了約500 萬美元。很高興看到淨利潤在我們處於主要投資週期時有所改善，這要歸功於我們的淨利息收入，2023 年達到了令人印象深刻的 2.2 億美元。這一年我們的淨現金餘額約為 42 億美元，利潤約為 5%。

Let's talk about a few of our performance metrics. First, with our sales force, which totaled approximately 1,160 people at the end of the year, with modest increases in 2023 focused on our marketplace businesses of Apartments.com and LoopNet. Sales force expansion in 2024 will be primarily concentrated in our Homes.com residential business. Contract renewal rates were 90% in the fourth quarter of 2023. And these remain strong at 95% for customers who have been subscribers for 5 years or longer. Subscription revenue on annual contracts was 81% for the fourth quarter of 2022, up from 80% in the prior year.

讓我們談談我們的一些績效指標。首先，我們的銷售團隊截至年底總計約 1,160 人，到 2023 年會有小幅成長，重點關注我們的 Apartments.com 和 LoopNet 市場業務。 2024 年銷售團隊的擴張將主要集中在我們的 Homes.com 住宅業務上。 2023 年第四季的合約續約率為 90%。對於已訂閱 5 年或更長時間的客戶來說，續約率仍維持在 95% 的強勁水準。 2022 年第四季年度合約訂閱收入為 81%，高於前一年的 80%。

Looking ahead to 2024, we expect full year revenue to range from $2.75 billion to $2.77 billion, implying an annual growth rate of between 12% and 13%. First quarter 2024 revenue is expected to range from $645 million to $650 million, representing revenue growth of 11% year-over-year at the midpoint. 2024 adjusted EBITDA is expected in the range of $170 million to $190 million, reflecting an adjusted EBITDA margin rate of around 7% for the entire year.

展望 2024 年，我們預計全年營收將在 27.5 億美元至 27.7 億美元之間，這意味著年增長率在 12% 至 13% 之間。 2024 年第一季營收預計為 6.45 億美元至 6.5 億美元，中間營收年增 11%。 2024 年調整後 EBITDA 預計在 1.7 億至 1.9 億美元之間，反映出全年調整後 EBITDA 利潤率為 7% 左右。

First quarter 2024 adjusted EBITDA is expected to dip slightly into negative territory as we launch our brand marketing campaign ahead of the revenue growth in Homes.com. We expect to see positive margins return after the first quarter and grow for the remainder of the year, with adjusted EBITDA margins in the 12% to 13% range in the second half of 2024 and exiting much higher than that.

由於我們在 Homes.com 營收成長之前推出品牌行銷活動，預計 2024 年第一季調整後 EBITDA 將小幅降至負值。我們預計第一季後利潤率將恢復正值，並在今年剩餘時間內繼續成長，2024 年下半年調整後的EBITDA 利潤率將在12% 至13% 範圍內，退出時的利潤率將遠高於此。

Our financial strategy for 2024 is to once again drive operating leverage and profit generation in our commercial businesses while we fund our residential marketplace strategy. We expect to increase profit margins in our commercial portfolio, which should be generating approximately $1.1 billion of profit before investments in Homes.com and OnTheMarket in 2024.

我們 2024 年的財務策略是在為住宅市場策略提供資金的同時，再次推動商業業務的營運槓桿和利潤產生。我們預計將提高商業投資組合的利潤率，在 2024 年投資 Homes.com 和 OnTheMarket 之前，該投資組合應產生約 11 億美元的利潤。

We're off to a strong start with Homes.com sales this year, with plans to increase our total residential investment levels in 2024 to support the brand launch and build our sales capabilities. 2024 will be the peak net investment year for residential, which includes our full marketing campaign, OnTheMarket in the U.K. and our teams reaching full strength in content, technology and sales.

今年，我們在 Homes.com 上的銷售取得了良好的開端，並計劃在 2024 年提高住宅投資總額，以支持品牌推出並建立我們的銷售能力。 2024 年將是住宅淨投資的高峰年，其中包括我們在英國的 OnTheMarket 全面行銷活動以及我們的團隊在內容、技術和銷售方面充分發揮的實力。

Our level of capital expenditures is expected to increase in 2024 from around $150 million in 2023 to around $800 million in 2024 as we enter the big construction years for our Richmond campus and at our new headquarters building in Arlington, Virginia. The operating capital apart from the building projects is expected in the $40 million to $45 million range in 2024, which is consistent with the same spending levels in 2023. Our forecast for net income -- net interest income is around $200 million for 2024, which takes into account our increased capital spend and the possible interest rate reductions in the years ahead.

隨著我們的里士滿園區和維吉尼亞州阿靈頓新總部大樓進入大型建設年，我們的資本支出水準預計將從 2023 年的 1.5 億美元左右增加到 2024 年的 8 億美元左右。 2024 年，除建築項目外的營運資本預計在4,000 萬至4,500 萬美元之間，這與2023 年的支出水準一致。我們對2024 年淨利（淨利息收入）的預測約為2 億美元，這與2023 年的支出水準一致。考慮到我們增加的資本支出和未來幾年可能的利率下降。

In summary, I'm very proud of the exceptional results we delivered in 2023 during a year complicated by high interest rates, inflation and continued economic uncertainties. We remain focused on our strategic investment in residential markets while producing record profit levels in our established commercial businesses. With monetization of Homes.com this year, we are adding another strong double-digit growth revenue stream to our brand portfolio and moving past the peak of the residential investment cycle, and onto the next phase of profit growth and profitability improvement for the company.

總而言之，我對我們在 2023 年取得的卓越業績感到非常自豪，因為在這一年中，高利率、通貨膨脹和持續的經濟不確定性使情況變得更加複雜。我們仍然專注於住宅市場的策略性投資，同時在我們成熟的商業業務中創造創紀錄的利潤水平。隨著今年Homes.com 的貨幣化，我們為我們的品牌組合增添了另一個強勁的兩位數增長收入來源，並度過了住宅投資週期的頂峰，進入了公司利潤增長和盈利能力改善的下一階段。

Overall, we're making great progress towards our long-term revenue and profit objectives and remain confident in our ability to grow Homes.com to become yet another high-margin, billion dollar revenue business for CoStar.

總體而言，我們在實現長期收入和利潤目標方面取得了巨大進展，並對將 Homes.com 發展成為 CoStar 另一個高利潤、數十億美元收入業務的能力充滿信心。

Having said all that, I think it's time to turn the call back over to our operator for the question-and-answer session.

話雖如此，我認為是時候將電話轉回給我們的接線員進行問答環節了。

(Operator Instructions) Our first question comes from Pete Christiansen with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Pete Christiansen。

Andy, I guess, top of mind here, I appreciate the sales blitz as you're dedicating the whole team here to get Homes.com onto a great footing. What are you looking towards, I guess, throughout the year to start migrating all the sales activity back to a dedicated sales force? And how are you thinking about cost of acquisition, ongoing cost to serve from a marketing perspective here as you attract new agents to the platform?

安迪，我想，我最關心的是銷售熱潮，因為您奉獻了整個團隊，讓 Homes.com 站穩腳跟。我想，您希望全年開始將所有銷售活動移回專門的銷售團隊？當您吸引新代理商加入平台時，您如何考慮獲取成本以及從行銷角度提供持續服務的成本？

Well, thank you for the question, Pete. I just wanted to update you since we came in here and began the call. We're now at $5.3 million. We've sold 58 more accounts.

好吧，謝謝你的提問，皮特。自從我們來到這裡並開始通話以來，我只是想向您通報最新情況。我們現在的收入為 530 萬美元。我們又賣了 58 個帳號。

You need to stop looking at that.

你需要停止看那個。

Yes, I think I'm addicted to that meter. So the -- yes. So we will engage the entire sales force throughout '24 on selling the product. To be honest with you, the whole sales force, I believe, wants to participate in selling the product, and I think it works best. So nothing sounds better than when you listen to a salesperson talking to a prospect and saying I'm a couple of blocks away. I just got another -- it doesn't look real.

是的，我想我對那個儀表上癮了。所以——是的。因此，我們將在 24 年期間讓整個銷售隊伍參與產品銷售。老實說，我相信整個銷售團隊都想參與產品銷售，而且我認為這樣效果最好。因此，沒有什麼比當您聽到銷售人員與潛在客戶交談並說我在幾個街區之外時聽起來更好的了。我剛得到另一個——它看起來不真實。

So the -- it really is effective when someone -- when we can sign these 500,000 accounts to people right in their own neighborhoods. The salesperson can say, "Well, I'm 3 blocks away from your office. I'd come by tomorrow. That it works really well." So it will take us a full year to build up a dedicated Homes.com sales team. I do not believe that this has dramatically more -- I think it will be similar to any other product in terms of service and support.

因此，當我們可以向自己社群的人簽署這 50 萬個帳戶時，這確實很有效。銷售人員可以說：“嗯，我離你的辦公室只有 3 個街區。我明天會過來。效果真的很好。”因此，我們需要一整年的時間來建立一支專門的 Homes.com 銷售團隊。我不認為它有更多的功能——我認為它在服務和支援方面與任何其他產品相似。

It is like Apartments.com. You do have to touch base with the customers, make sure that they're well taken care of and that they understand the performance of their membership.

它就像Apartments.com。您必須與客戶取得聯繫，確保他們得到良好的照顧，並了解其會員的表現。

But I would say that in '25, you would begin to see the shifting back to the general group. But right now, we want speed of sales.

但我想說的是，在 25 年，你會開始看到回到普通群體的轉變。但現在，我們想要的是銷售速度。

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 appreciate it. So I realize it's a big year. You're excited by the launch. I'm excited to hear the next update on the bookings for Homes.com. But can you help us better understand the spend from here? You talked about this being the year of peak spending. So what should we expect kind of as we move out into '25, '26, '27? And the targets that you laid out for 2027, what are your thoughts on them today now that you've officially started to monetize Homes.com?

我很感激。所以我意識到這是重要的一年。您對發布感到興奮。我很高興聽到 Homes.com 預訂的下一次更新。但您能幫助我們更了解這裡的支出嗎？您談到今年是支出高峰年。那麼，當我們進入「25」、「26」、「27」時，我們該期待什麼？既然您已經正式開始透過 Homes.com 獲利，您對 2027 年所訂定的目標有何看法？

Thanks for the question, Heather. I'll give you just some context there. Like I mentioned, the peak net investment this year. As we finalize resource growth, obviously, in sales, you'll see some of those costs annualized forward into 2025 off 2024. But the rest of the cost base is now in 2024 doesn't really move much in the years ahead. So that's really how we're thinking about it, and we think we have plenty of investment here to now be growing the Homes.com business for a long, long time at really strong rates.

謝謝你的提問，希瑟。我會給你一些背景資訊。就像我提到的，今年淨投資達到高峰。當我們最終確定銷售方面的資源成長時，您會看到其中一些成本從 2024 年開始按年計算到 2025 年。但 2024 年的其餘成本基礎在未來幾年並沒有太大變化。這就是我們真正的想法，我們認為我們現在有足夠的投資，可以在很長一段時間內以非常強勁的速度發展 Homes.com 業務。

The update that you're looking forward to next quarter is going to be a fun one because we all want to start drawing those lines around the revenue growth for Homes and how that will perform, which obviously sets us on the track towards those 2027 goals. So I think we'll talk more about that next quarter, but we are still seeing traction towards 2027, and we're committed to still reaching those levels. Too early to tell yet on the revenue leverage rates for Homes.com, which make a big difference as you would expect.

您期待下個季度的更新將是一個有趣的更新，因為我們都希望開始圍繞 Homes 的收入增長及其表現進行劃分，這顯然使我們走上了實現 2027 年目標的軌道。因此，我認為我們將在下個季度更多地討論這個問題，但我們仍然看到 2027 年的牽引力，並且我們致力於仍達到這些水平。現在判斷 Homes.com 的收入槓桿率還為時過早，正如您所期望的，這會產生巨大的影響。

With over a week of experience.

有了一週多的經驗。

With only a week of experience. More to come, but thanks for the question.

僅僅一周的經驗。還會有更多內容，但謝謝你的提問。

Our next question comes from George Tong with Goldman Sachs.

我們的下一個問題來自高盛的喬治唐。

You're investing approximately $1 billion in residential this year, which is nearly double the amount of spend from 2023. Can you discuss where the residential investments are going? And then from a margin perspective, we talked about how margins should improve in the back half. Could you give us a little bit more clarity on the margin cadence by quarter as you move through the year?

今年您將在住宅領域投資約 10 億美元，幾乎是 2023 年支出金額的兩倍。您能討論一下住宅投資的去向嗎？然後從利潤率的角度來看，我們討論了後半段的利潤率應該如何提高。您能否更清楚地介紹一下全年各季度的利潤率節奏？

Sure, George. Let me take the margin cadence question. I mentioned that we'll be in the 12% to 13% in the second half. I think exiting the year, we'll be over 15%, probably 16% going out of the year. And then in the first quarter, we mentioned the minus $8 million to $12 million there, and then we'll take a step between first and third quarter and the second. So you see a steady sequential increase in the margin profile overall for the company.

當然，喬治。讓我來回答邊距節奏問題。我提到下半年我們會處於 12% 到 13% 的水平。我認為今年結束時，我們將超過 15%，可能是 16%。然後在第一季度，我們提到了負 800 萬美元到 1200 萬美元，然後我們將在第一季、第三季和第二季之間採取一步。因此，您會看到公司整體利潤率穩定連續成長。

When you look at where the investment going for residential, we've added OnTheMarket. And as you watched the announcements around what we're doing there, we committed to putting in around $50 million of marketing that right now has us moving up rather quickly with both listings, traffic and inching up closer towards the #2 position. So that's proving to be very valuable right now.

當您查看住宅投資的去向時，我們添加了 OnTheMarket。當您觀看有關我們在那裡所做的事情的公告時，我們承諾投入約 5000 萬美元的營銷費用，現在我們在列表、流量方面都取得了相當快的進步，並逐漸接近第二名的位置。所以現在事實證明這是非常有價值的。

And then the rest of the investment is, as you would expect, it's in the Homes.com U.S. business, which is the biggest part is going to be our marketing investments and then followed by the teams that run our content research and technology. So those have been the biggest pieces all along. They'll continue to be the biggest pieces probably in that order as we go forward.

然後，正如您所期望的，其餘的投資是在 Homes.com 美國業務中，其中最大的部分將是我們的行銷投資，然後是運行我們的內容研究和技術的團隊。所以這些一直都是最大的部分。隨著我們的前進，它們可能仍將是最大的部分。

And we don't anticipate those growing in the out years. We anticipate them moderating. So we've probably been a bit more aggressive. We have been more aggressive in year 1 than we were with Apartments.com. Apartments.com took 2, 3 years to build up; this time, we went right at it.

我們預計這些數字在未來幾年不會成長。我們預計他們會有所緩和。所以我們可能會更加激進一些。我們在第一年比在 Apartments.com 時更積極進取。 Apartments.com 花了兩三年的時間才建立起來；這一次，我們直擊要害。

Our next question comes from Alexei Gogolev with JPMorgan.

我們的下一個問題來自摩根大通的阿列克謝‧戈戈列夫。

Just to clarify the previous comment, Andy. So do you feel like you are front-loading some of the investments that may have initially been planned for 2025 and 2026, you are front-loading it into 2024 in resi?

只是為了澄清之前的評論，安迪。那麼，您是否覺得您正在將最初計劃於 2025 年和 2026 年進行的一些投資提前到 2024 年？

Well, given the fact that more than half of the investment is marketing between the United Kingdom and the United States, I think that's fair to say. So when you look back, I believe, in year 1, we spent $40 million in marketing on Apartments...

嗯，考慮到一半以上的投資是在英國和美國之間進行行銷，我認為這是公平的說法。所以當你回顧過去時，我相信，在第一年，我們在公寓行銷上花了 4000 萬美元...

For branding. Yes.

用於品牌推廣。是的。

For branding. So I think we're a touch more aggressive this time around, and that's an understatement. But we are doing that with, I think, a pretty sober eye on the ROI and what we hope to achieve. And I think that it's only a week of sales. It gives you an idea that there's a market there, there's a product there; and we think it will enable us to move faster than any competitor expected us to move.

用於品牌推廣。所以我認為這次我們更加激進了，這是一個輕描淡寫的說法。但我認為，我們這樣做是對投資報酬率和我們希望實現的目標有相當清醒的認識。我認為這只是一周的銷售量。它讓你知道那裡有市場，那裡有產品；那裡有市場。我們認為這將使我們的行動速度超過任何競爭對手的預期。

Understood. Perfect. And Scott, could you help us reconcile the net new bookings figure? I fully recognize that it was a record figure for the year, $286 million. But could you talk a bit more about the dynamic in the fourth quarter and whether there was any cyclicality in there?

明白了。完美的。史考特，你能幫我們核對淨新預訂量嗎？我充分認識到，2.86 億美元是今年的創紀錄數字。但您能否多談談第四季度的動態以及其中是否存在週期性？

Yes. Certainly, we see a little bit in the fourth quarter cyclicality on those numbers. I think the $286 million this year was slightly behind the $300 million or so we made last year. Still as you look at the components, Apartments.com is delivering the strongest performance given the vacancy levels in that industry and what that team is able to do. And then CoStar and LoopNet, relatively softer in the fourth quarter than what we would have seen previously. And that really makes up the bulk of all of our net revenue.

是的。當然，我們在第四季度看到這些數字有些週期性。我認為今年的 2.86 億美元略低於我們去年的 3 億美元左右。儘管如此，當您查看各個組成部分時，考慮到該行業的空缺水平以及該團隊的能力，Apartments.com 的表現最為強勁。然後是 CoStar 和 LoopNet，第四季的情況比我們之前看到的相對疲軟。這確實構成了我們所有淨收入的大部分。

As we get into next year, you'll see less of a drag from the legacy residential products, which also helps us as we add Homes.com to get higher growth in our total company sales next year, which is something that we expect to happen with the sales force and the productivity they can give us right out of the gates here.

當我們進入明年時，您會看到傳統住宅產品的拖累減少，這也有助於我們在明年添加 Homes.com 時實現公司總銷售額的更高增長，這是我們期望的銷售人員和他們可以立即為我們提供的生產力會發生這種情況。

Our next question comes from Ryan Tomasello with KBW.

我們的下一個問題來自 KBW 的 Ryan Tomasello。

Understanding that the Homes brand campaign is still early innings of seeing how that plays out. But maybe you could elaborate on what flexibility you might maintain around investments this year, depending on how performance evolves. Curious if there are specific milestones or circuit breakers you've built in around agent adoption traffic, et cetera, to inform and revisit those plans as the year plays out, whether that's laying on the gas even more or perhaps pulling it back. Just trying to understand how set in stone the investment plans are this year.

了解 Homes 品牌活動仍處於早期階段，看看效果如何。但也許你可以詳細說明今年你可以在投資方面保持什麼樣的彈性，這取決於業績的發展。很好奇您是否在代理採用流量等方面建立了特定的里程碑或斷路器，以便在今年結束時通知並重新審視這些計劃，無論是進一步加速還是可能將其拉回。只是想了解今年的投資計畫是如何決定的。

Sure. From what I can see here in February with a relatively early view of traffic and sales, we're at the -- we're very -- I'm very pleased with our initial results and pleased what we think we see in traffic. So it exceeds -- or it meets and exceeds my best expectation for where we'd be at this point and frankly, pretty excited about it.

當然。從我在二月看到的相對較早的流量和銷售情況來看，我們對我們的初步結果非常滿意，並對我們在流量中看到的情況感到滿意。所以它超出了——或者說它滿足並超越了我對我們目前所處位置的最佳期望，坦白說，對此感到非常興奮。

I don't see a scenario where we accelerate the investment in marketing. I think we went to the -- we put the accelerator to the -- the pedal to the floor and the floor is pretty tough. And I don't think there's anywhere to go from here. 80 billion impressions or 600 impressions per household is pretty aggressive. We think it will pay off.

我不認為我們會加速行銷投資。我想我們把油門踩到地板上，地板非常堅硬。我不認為這裡有什麼可去的。 800 億次展示或每個家庭 600 次展示是相當激進的。我們認為這會得到回報。

In terms of circuit breaker going the other way, becoming more conservative, again, we don't see -- early stage, we don't see any indication of a reason to pull back. We're exceeding our expectations right now dramatically. And so we could, and we do have significant flexibility. So if the unlikely were to happen, we could pull back dramatically. But I don't anticipate that being the case. I think the bigger question is, do we moderate the level in '25 or '26 based on what we're achieving?

就熔斷機制走向相反、變得更加保守而言，我們再次沒有看到——在早期階段，我們沒有看到任何撤回理由的跡象。我們現在大大超出了我們的預期。所以我們可以，而且我們確實有很大的靈活性。因此，如果不太可能發生的情況發生，我們可能會大幅撤退。但我預計情況不會如此。我認為更大的問題是，我們是否會根據我們所取得的成就來調整 25 年或 26 年的水準？

Our next question comes from John Campbell with Stephens.

我們的下一個問題來自約翰·坎貝爾和史蒂芬斯。

So Andy, as much as I want to ask you if the Homes.com bookings meter has moved over the last couple of minutes, I'm going to hold off. I'm guessing we're going to get plenty of updates in the quarters ahead. But bigger picture question here, just on the industry kind of legal backdrop. Obviously, a lot of moving parts there. I think it's clear, at least from where I sit, that things seem to be progressing in the favor of Homes.com as far as the value proposition. But what is your take specifically on dual agency, whether you think that's where the market is heading and how you think Homes.com is uniquely positioned to capitalize on that?

安迪，雖然我很想問你 Homes.com 的預訂表在過去幾分鐘內是否發生了變化，但我還是要推遲。我猜我們將在未來幾個季度獲得大量更新。但更大的問題在於產業的法律背景。顯然，那裡有很多活動部件。我認為很明顯，至少從我的立場來看，就價值主張而言，事情似乎正在朝著有利於 Homes.com 的方向發展。但您對雙重代理商有何具體看法？您是否認為這就是市場的發展方向？您認為 Homes.com 擁有獨特的優勢來利用這一點？

Sure. So obviously, the legal situation is complex and there are going to be lots of angles and views on that. And we -- I will not be the leading expert on that, but certainly, things are in flux. I know the big brokerage firms are pursuing settlements. I know the major brokerage firms don't want to fight and extend a protracted battle on whether or not sellers should be forced to compensate buyer/agents. I would not be surprised if there wasn't an outcome where buyers paid their own agent. They can finance that, I believe.

當然。顯然，法律情況很複雜，對此會有很多角度和觀點。我們——我不會是這方面的領先專家，但可以肯定的是，事情在不斷變化。我知道大型經紀公司正在尋求和解。我知道各大經紀公司不想就賣方是否應該被迫賠償買方/代理人的問題進行持久戰。如果買家沒有向自己的經紀人付款，我不會感到驚訝。我相信他們可以提供資金。

I do believe that Homes.com is advantaged competitively for sure in that our revenue model is agnostic to whether or not there is a buyer/broker participation rule in place. Our product is generating buyer/agency leads. It's generating seller leads. It's helping people sell homes with more exposure and more lead generation. And this is unlike any of the competing models that rely on the seller agent having a preagreed split with the buyer/agent.

我確實相信 Homes.com 確實具有競爭優勢，因為我們的收入模式與是否存在買家/經紀人參與規則無關。我們的產品正在產生買家/代理商線索。它正在產生賣家線索。它幫助人們以更多的曝光率和更多的潛在客戶來銷售房屋。這與依賴賣方代理人與買方/代理人預先商定分割的任何競爭模式不同。

So if that were to -- and again, I don't know what's going to happen. But if it were to shift to the buyer paying the buyer agent, I would think that we would have significant advantage in funding our business moving forward. I think that some of the competitors have tried to begin to migrate their business to a world in which there's not a buyer/broker participation rule, but I believe it requires a level of cannibalization that they haven't yet processed. And what they're doing is sort of half measure at best.

因此，如果那樣的話，我不知道會發生什麼事。但如果轉向買方代理人付款，我認為我們在為我們的業務發展提供資金方面將具有顯著的優勢。我認為一些競爭對手已經試圖開始將他們的業務遷移到一個沒有買方/經紀人參與規則的世界，但我相信這需要一定程度的蠶食，而他們尚未處理。他們所做的充其量只是一半的措施。

So I think we're going to do well and win whatever happens, but I think it would create tailwinds if the -- if we ended up with a settlement that required buyers to pay their buyer/broker a commission. But people like their buyer/broker. We're helping -- we're sending hundreds of thousands of leads for buyer/brokers -- for buyer/brokerage. But we'll send seller listing leads. We'll send leads for people buying homes. We'll be here generating leads, and we're not on one side, just one side, we're more diversified than the competitors.

因此，我認為無論發生什麼，我們都會做得很好並贏得勝利，但我認為，如果我們最終達成和解，要求買家向買家/經紀人支付佣金，這將產生順風。但人們喜歡他們的買家/經紀人。我們正在為買家/經紀人提供幫助——我們正在為買家/經紀人發送數十萬條線索。但我們會向賣家發送清單線索。我們將為購屋者發送線索。我們將在這裡產生潛在客戶，我們不是站在一邊，只是一邊，我們比競爭對手更多元化。

Okay. Makes a lot of sense. And then somewhat related to that, you mentioned sending free leads. When you guys refer to the Homes.com revenue model, you often refer to the term membership. I'm hoping if you could maybe unpack what exactly that means, maybe starting off with the base level of spend. And then what other products and services are kind of included in that "membership"?

好的。很有道理。然後與此相關的是，您提到發送免費線索。當你們提到 Homes.com 收入模式時，通常會提到「會員資格」這個詞。我希望您能解開這到底意味著什麼，也許可以從基本支出水平開始。那麼「會員資格」中還包括哪些其他產品和服務呢？

Sure. Membership is pretty straightforward. It means that you're -- you as an agent, it's sold to the agent, and it is priced based upon the sort of transaction volumes you historically do and the price point you operate in and will eventually be based on the market you're in. But it is very price-competitive with what has been out there historically. When you are a member, your listings sort higher and have more agent branding on them. You have a number of your listing detailed pages, have more agent branding on it as well as your other listings.

當然。會員資格非常簡單。這意味著你——你作為代理人，它被賣給代理人，它的定價是根據你歷史上進行的交易量的類型和你經營的價格點，最終將基於你的市場但與歷史上的產品相比，它的價格極具競爭力。當您成為會員時，您的清單排序會更高，並且上面有更多的代理品牌。您有許多清單詳細頁面，上面有更多代理品牌以及其他清單。

When you go to the agent director or the neighborhood page or the school page, the agents who are members sort to the top of those different neighborhood pages, school tenant zone pages, whatnot. We aggressively retarget traffic who are engaging with member listings and agent profiles. So to simplify it, or not simplify it, but you -- a member might receive, on average, 1.3 million impressions a month for their listings and their agent bio. A nonmember, while they get leads for free, gets 5,000. So 5,000 versus 1.3 million impressions. There's a significant advantage in being a member.

當您前往代理總監或社群頁面或學校頁面時，作為會員的代理商會排序到這些不同社群頁面、學校租戶區域頁面等的頂部。我們積極地重新定位與會員名單和代理商資料相關的流量。因此，為了簡化它，或者不簡化它，但是您 - 會員可能會平均每月收到 130 萬次展示，展示他們的清單和代理商簡介。非會員雖然可以免費獲得潛在客戶，但可以獲得 5,000 個。因此，展示次數為 5,000 次與 130 萬次。成為會員有一個顯著的優勢。

And right now, depending upon the firm, we're seeing a 8 to 14x increase in lead flow for members if they're sorting to the top of these pages. And where they're getting the most dramatic increase in lead flow is on the agent bio pages. So homeowners -- homebuyers will tend to go a couple of pages deep looking for the right home. But homebuyers or home sellers are not willing to go past Page 1 or 2 of agents that they might hire. So that's where we see the highest advantage in winning selling listings and winning buyer/agency on our site. But the good news is it's working.

現在，根據公司的不同，如果會員排序到這些頁面的頂部，我們發現會員的潛在客戶流量會增加 8 到 14 倍。他們的潛在客戶流量成長最顯著的是代理商簡介頁面。因此，房主——購屋者往往會深入幾頁尋找合適的房子。但購屋者或賣家不願意越過他們可能僱用的經紀人的第一頁或第二頁。因此，這就是我們在贏得網站上的銷售清單和贏得買家/代理商方面看到的最大優勢。但好消息是它正在發揮作用。

Our last question comes from Ashish Sabadra with RBC Capital Markets.

我們的最後一個問題來自加拿大皇家銀行資本市場的 Ashish Sabadra。

I just wanted to drill down further on the resi monetization, the commentary around $200 million annual recurring bookings continuing at this pace. I was just wondering, as we think about like the agent within that bookings, how are you thinking -- you talked about a wide range there, from $100, $200 per month to as much as $7,400. Are there certain kinds of agents that you're targeting? Any color there would be helpful.

我只是想進一步深入了解 Resi 貨幣化，每年約 2 億美元的經常性預訂繼續以這種速度增長。我只是想知道，當我們像預訂中的代理商一樣思考時，您是怎麼想的 - 您在那裡談到了廣泛的範圍，從每月 100 美元、200 美元到高達 7,400 美元。您的目標客戶是否是某些特定類型的代理商？任何顏色都會有幫助。

Sure. So we are -- there's 1.6 million agents. I think we're initially targeting 540,000 agents. I think we set a floor -- I won't get the exact number, but I think $30,000, $40,000 annual earnings is what we -- or higher. So it's a pretty broad swath. Price points are from $100, $200 at the lower end, up to tens of thousands of dollars to $100,000 a month for one of these bigger teams with lots of agents on them.

當然。所以我們有 160 萬特工。我認為我們最初的目標是 54 萬名代理商。我認為我們設定了一個下限——我不會得到確切的數字，但我認為我們的年收入是 30,000 美元、40,000 美元——或者更高。所以這是一個相當廣泛的範圍。對於這些擁有大量經紀人的大型團隊來說，價格從 100 美元到 200 美元不等，最高可達每月數萬美元到 10 萬美元。

I've spent the last week monitoring sales calls, listening to the sort of reaction and the dialogue of the discussion. One of the things I'm very pleased with is that, I would say, overall, though the price points are different, the prospects and buyers have been pretty resonant with what we're doing. So I think we've dialed it in correctly and we'll be refining the strategy as we go through the year. Scott, would you add anything on that?

上週我一直在監視銷售電話，傾聽各種反應和討論的對話。我非常滿意的一件事是，總體而言，儘管價格點不同，但潛在客戶和買家對我們所做的事情非常有共鳴。所以我認為我們的選擇是正確的，我們將在這一年中完善策略。史考特，你能補充一下嗎？

That's the initial population, of course, that we came out with the targets. And what we're seeing is that the inbound lead flow is very strong from all agents. So our sales force is going after their top prospects in the target list, but also responding to all the leads that are coming in as quickly as possible. And then on top of that, we have our e-commerce channel, which agents can go in and sign up with a few clicks and have all their information and they're ready to go. So all of those are performing well, and we'll continue to expand the group we target. But right out of the gate, we've got a lot to cover quickly.

當然，這是我們設定目標的初始人口。我們看到的是，來自所有代理商的入站潛在客戶流量都非常強勁。因此，我們的銷售人員不僅要尋找目標清單中的頂級潛在客戶，還要盡快回應所有出現的潛在客戶。除此之外，我們還有電子商務管道，代理商只需點擊幾下即可進入並註冊，並獲得所有信息，然後就可以開始工作了。所以所有這些都表現良好，我們將繼續擴大我們的目標群體。但一開始，我們就有很多事情需要快速討論。

10 more memberships. Another 50,000.

還有 10 個會員資格。另外50,000。

I would now like to turn the conference back to Andy for closing remarks.

現在我想請安迪致閉幕詞。

Thank you. Appreciate that. So today, I've got more interesting concluding remarks that I normally have. So I have some news to share with you. Scott Wheeler joined us as our CFO 8 years ago or so. During those 8 years, he's done a fantastic job at the helm of our finance department. We've seen our revenues triple in that time period, and we've gone from strength to strength.

謝謝。感謝。所以今天，我有比平常更有趣的結束語。所以我有一些消息要跟大家分享。 Scott Wheeler 大約八年前加入我們，擔任財務長。在這 8 年裡，他在領導我們的財務部門方面做得非常出色。在此期間，我們的收入成長了兩倍，而且我們的實力不斷增強。

I would count Scott more than just a valued colleague. He's become a good friend of mine. As you may know, Scott loves to climb mountains. He was the first father-daughter team to summit the tallest mountain in every U.S. state. It wasn't much of an accomplishment in Florida. It was a much bigger accomplishment in Alaska. Scott has accomplished as much as anyone could wish to professionally. So now he's earned the opportunity to retire and pursue his climbing passion in the golden years ahead.

我認為斯科特不僅僅是一位有價值的同事。他已經成為我的好朋友了。如你所知，斯科特喜歡爬山。他是第一支登上美國各州最高山峰的父女隊。這在佛羅裡達州算不上什麼成就。這是阿拉斯加更大的成就。斯科特在職業上取得了任何人都希望取得的成就。因此，現在他獲得了退休的機會，並在未來的黃金歲月中追求他的攀岩熱情。

Golden? That was off.

金的？那是關閉的。

Scott will remain with the company until June to facilitate a transition, and I will bring back the other 2 former CFOs to help in the transition as well. Scott is our third public company CFO, with each of our prior CFOs also having served exactly 8-year tenure. We'll begin a search for our '24 to 2032 CFO immediately. I would have let Scott announce his own retirement, but the last CFO to retire became verklempt when he announced his retirement so I wanted to avoid that awkwardness today. Scott leaves with no disagreements or issue, he simply wants to enjoy the fruits of his labor. God speed, Scott, and thank you so much.

史考特將留在公司直到六月，以促進過渡，我也會帶回另外兩位前財務長來幫助過渡。 Scott 是我們的第三位上市公司財務官，我們之前的每位財務長的任期也正好是 8 年。我們將立即開始尋找 24 至 2032 年的財務長。我本來想讓斯科特宣布自己退休，但最後一位退休的財務長在宣布退休時變得非常狼狽，所以我今天想避免這種尷尬。斯科特離開時沒有任何分歧或問題，他只是想享受自己的勞動成果。上帝保佑，斯科特，非常感謝你。

I would like to thank everyone for joining us for our fourth quarter and year-end '23 earnings call. We look forward to speaking with you again on our first quarter call on April 23, '24. Thank you very much for participating. Thank you, Mr. Scott Wheeler.

我要感謝大家參加我們的 23 年第四季和年底財報電話會議。我們期待在 2024 年 4 月 23 日的第一季電話會議上再次與您交談。非常感謝您的參與。謝謝你，史考特‧惠勒先生。

Thank you, Andy. I'll cry after the call.

謝謝你，安迪。打完電話我會哭。

You need a tissue, man?

你需要紙巾嗎，老兄？

That was kind of you.

你真是太好了。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。