CoStar Group Inc (CSGP) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2024 CoStar Group earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 CoStar 集團 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

After the speakers' presentation there will be a question-and-answer session. (Operator Instructions)

演講者演講結束後將進行問答環節。（操作員說明）

I would now like to hand the conference over to your speaker today, Rich Simonelli, Head of Investor Relations.

現在我想將會議交給今天的發言人，投資者關係主管里奇·西蒙內利（Rich Simonelli）。

Hello, and thank you all for joining us to discuss the third-quarter 2024 results of the CoStar Group. Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Chris Lown, our CFO, I'd like to review our Safe Harbor statement.

大家好，感謝大家與我們一起討論 CoStar 集團 2024 年第三季業績。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 Chris Lown，我想回顧一下我們的安全港聲明。

Certain portions of the discussion today may contain forward-looking statements, including the company's outlook and expectations for the fourth-quarter and full-year 2024 based on current beliefs and assumptions. Forward-looking statements involve many risks, uncertainties, and assumptions, estimates and other factors that could cause actual results to differ materially from such statements. Certain factors that could cause actual results to differ include, but are not limited to those stated in CoStar Group's press release issued earlier today and 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四季度和 2024 年全年的展望和預期。前瞻性陳述涉及許多風險、不確定性以及假設、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。可能導致實際結果有所不同的某些因素包括但不限於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10-K 表格季度報告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. And 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 detail in our press release issued today along with the definitions for these terms. The press release is available on our website located at costargroup.com under Press Release.

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以及這些術語的定義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。新聞稿可在我們的網站 costargroup.com 的新聞稿下取得。

As a reminder, since many of you are logged in already, today's conference call is being webcast live and in color, and the link is also available on our website under Investors. Please refer to today's release on how to access the replay of this call.

提醒一下，由於你們中的許多人已經登錄，今天的電話會議正在進行彩色網路直播，該連結也可以在我們網站的「投資者」下找到。請參閱今天的新聞稿，以了解如何存取本次電話會議的重播。

And with that, I'd 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。

Thank you for joining CoStar Group's third-quarter earnings call.

感謝您參加 CoStar Group 第三季財報電話會議。

Welcome back, Rich. I noticed you've missed a few earnings calls.

歡迎回來，里奇。我注意到你錯過了幾次財報電話會議。

Yes, I was off on the Eastern Shore.

是的，我去了東海岸。

I thought you were working remote. And now you're back working a real job. Well, you should be when you're in the office business, you should be in the office. That's right. Welcome back.

我以為你在遠距工作。現在你又回到了真正的工作。嗯，當你從事辦公室業務時，你應該在辦公室。這是正確的。歡迎回來。

Thank you.

謝謝。

We achieved another strong quarter of financial results. Third quarter 2024 revenue was $693 million, an 11% increase year-over-year and in line with our guidance. This is the 54th consecutive quarter of double-digit growth for CoStar Group.

我們又取得了強勁的季度財務業績。2024 年第三季營收為 6.93 億美元，年增 11%，符合我們的指引。這是 CoStar 集團連續第 54 季實現兩位數成長。

Our core businesses are strong industry leaders. I'm extremely pleased that each of our billion-dollar businesses, CoStar and Apartments, continue to grow revenue 10% and 16%, respectively. We are on track for 17% revenue growth in multifamily in 2024, a business that's now approaching $1.1 billion in run rate revenue. We grew net income in the quarter to $53 million, up from $7 million in Q1 '24. We grew EBITDA in the quarter to $51 million, up from negative $13 million in Q1 '24.

我們的核心業務是強大的產業領導者。我非常高興我們價值數十億美元的業務 CoStar 和 Apartments 的收入繼續分別成長 10% 和 16%。我們預計到 2024 年，多戶住宅業務的收入將成長 17%，該業務的運作收入目前已接近 11 億美元。我們本季的淨利潤從 24 年第一季的 700 萬美元增至 5,300 萬美元。我們本季的 EBITDA 成長至 5,100 萬美元，高於 24 年第一季的負 1,300 萬美元。

Our adjusted EBITDA of $76 million in the quarter was well ahead of our guidance range of $47 million to $52 million.

本季調整後 EBITDA 為 7,600 萬美元，遠高於我們 4,700 萬至 5,200 萬美元的指引範圍。

The early part of 2024 was our most intensive investment period into Homes.com. The profit margin of our commercial information and marketplace businesses remained strong, increasing to 43% in the quarter. Our average monthly unique visitors to our global websites reached 163 million in the third quarter of 2024, according to Google Analytics, which is up 28% year over year. Company net new bookings were $44 million in the third quarter of '24.

2024 年初是我們對 Homes.com 投資最密集的時期。我們的商業資訊和市場業務的利潤率保持強勁，本季增至 43%。根據 Google Analytics 的數據，2024 年第三季度，我們全球網站的月平均獨立訪問量達到 1.63 億，年增 28%。2024 年第三季公司淨新訂單量為 4,400 萬美元。

We launched Homes.com earlier this year. And when we did, we only had 41 dedicated salespeople to selling Homes.com. At the scale of the product, we need a much larger sales force to take advantage of the opportunity. So we asked all the sales teams across CoStar Group to help sell the new Homes.com product. They did successfully sell a significant volume of Homes.com but it came at the price of selling less of their core product.

我們在今年早些時候推出了 Homes.com。當我們這樣做時，我們只有 41 位專門的銷售人員來銷售 Homes.com。就產品規模而言，我們需要更大的銷售團隊來利用這個機會。因此，我們要求 CoStar Group 的所有銷售團隊協助銷售新的 Homes.com 產品。他們確實成功銷售了大量的 Homes.com，但代價是核心產品的銷售減少。

The reality of pivoting the entire sales force to new product is that they are all rookies in selling the new product. This means lower productivity, lower service skills, and suboptimal command and value propositions. That causes lower overall productivity and renewal rates in the early sales process. But it's worth it for launching a major new product with long-term potential.

將整個銷售團隊轉向新產品的現實是，他們都是銷售新產品的新手。這意味著較低的生產力、較低的服務技能以及次優的指揮性和價值主張。這會導致早期銷售過程中的整體生產力和續訂率降低。但對於推出具有長期潛力的重大新產品來說，這是值得的。

We have been ramping the dedicated sales teams quickly and now all but 200 the dedicated home sales teams quickly -- and now all but 200 of the overall CoStar Group, CoStar Apartments and LoopNet salespeople are back to selling their respective products as they're only in core focus.

我們一直在快速擴充專門的銷售團隊，現在除了200 名專門的房屋銷售團隊外，所有的專業銷售團隊都在迅速壯大——現在CoStar Group、CoStar Apartments 和LoopNet 的整個銷售人員中除了200 名以外的所有銷售人員都重新開始銷售各自的產品，因為他們只處於核心焦點。

It takes about one to two quarters to completely refill these pipelines. So I expect an improvement in net new bookings in Q4 and throughout 2025. We are already seeing an upturn.

完全重新填充這些管道大約需要一到兩個季度的時間。因此，我預計第四季和 2025 年全年淨新預訂量將有所改善。我們已經看到了好轉。

September was the strongest month in net new sales in our CoStar product in the past year. While we are growing at dedicated Homes.com sales force, we are concurrently investing to grow the sales teams of CoStar, LoopNet, and Apartments.com as well by more than 100 sales reps each. We believe there's more than enough market opportunity to productively engage the additional sales headcount.

9 月是我們 CoStar 產品去年淨新銷售最強勁的月份。在我們持續成長 Homes.com 專門銷售團隊的同時，我們也同時投資擴大 CoStar、LoopNet 和 Apartments.com 的銷售團隊，並分別增加超過 100 名銷售代表。我們相信有足夠的市場機會來有效地吸引額外的銷售人員。

In the four years since the COVID lockdown in March 2020, we have experienced the worst commercial real estate market in a generation. Even considering these significant headwinds, CoStar continues to be the preeminent source of information and analytics for the industry and grow revenue.

自 2020 年 3 月新冠疫情封鎖以來的四年裡，我們經歷了一代人以來最糟糕的商業房地產市場。即使考慮到這些重大不利因素，CoStar 仍然是行業資訊和分析的卓越來源，並增加了收入。

Our CRE business has performed remarkably well during this time, having steadily grown subscribers and prices while maintaining an incredible 93% renewal rate in the third quarter of 2024. We also launched new products for institutional clients, namely owners and lenders, as institutional sales are a major part of our net new sales. Our sales force Net Promoter Scores are now the highest they've ever been for CoStar.

在此期間，我們的 CRE 業務表現非常出色，訂閱用戶和價格穩步增長，同時在 2024 年第三季度保持了令人難以置信的 93% 的續訂率。我們也為機構客戶（即所有者和貸方）推出了新產品，因為機構銷售是我們新淨銷售的主要部分。我們的銷售人員淨推薦值現在是 CoStar 有史以來最高的。

We have seen much success with our lender product, which our customers use to meet banking regulatory requirements. We've experienced 36% growth since Q3 2023 and $50 million in annualized lender product revenue with only a 12.5% penetration into what we believe is a TAM of $400 million for that product area.

我們的貸方產品取得了巨大成功，我們的客戶使用該產品來滿足銀行監管要求。自 2023 年第三季以來，我們經歷了 36% 的成長，年化貸款產品收入為 5,000 萬美元，但我們認為該產品領域的 TAM 為 4 億美元，滲透率僅為 12.5%。

On our last call, we announced that we had just released our owner module, which presents the largest owners of commercial real estate in an aggregate view. The product enables the user to see the company, its subsidiaries, funds and real estate assets, leasing and sales transaction history, brokerage relationships, tenants, tenant mixes and availabilities.

在上次電話會議上，我們宣布我們剛剛發布了業主模組，該模組以聚合方式呈現商業房地產的最大業主。該產品使用戶能夠查看公司、其子公司、基金和房地產資產、租賃和銷售交易歷史、經紀關係、租戶、租戶組合和可用性。

Users of CoStar now have a comprehensive view of global owners with portfolios greater than 25 properties. CoStar will become even more valuable as the resetting of commercial property values begins to kick in '25 and '26. $930 billion of loans are due in '24 with approximately 30% of this total extended from last year. CMBS delinquency rates remain elevated and office delinquencies have increased notably to 7.7%.

CoStar 的用戶現在可以全面了解擁有超過 25 處房產的全球業主。隨著 25 年和 26 年商業房地產價值的重置開始，CoStar 將變得更加有價值。 9,300 億美元的貸款將於 2024 年到期，其中約 30% 比去年延期。CMBS 拖欠率仍然較高，辦公室拖欠率顯著上升至 7.7%。

Simultaneously, I believe that there are green shoots in the office market fundamentals that may motivate buyers looking for opportunistic value. As a result, I believe you will see more transactions on 10x in the year ahead.

同時，我相信辦公室市場的基本面已經出現萌芽，可能會激勵買家尋找機會主義價值。因此，我相信您在未來一年會在 10x 上看到更多交易。

We continue to see increased CoStar product activity engagement from our 237,000 subscribers, nearly 0.25 million but not quite. Property searches neared 73 million in the third quarter of 2024, a 17% increase year over year. Overall CoStar activity counts increased 29% over the same time last year.

我們繼續看到 237,000 名訂戶的 CoStar 產品活動參與度不斷增加，接近 25 萬，但還不完全是。2024 年第三季房產搜尋量接近 7,300 萬次，較去年同期成長 17%。CoStar 整體活動數量比去年同期增加了 29%。

Our distinct logins have increased every month. And we set a new high mark in September with more than 164,000 distinct logins. We serve subscribers for CoStar in 112 countries now.

我們的獨特登入次數每個月都在增加。我們在 9 月創下了新高，登入次數超過 164,000 次。目前，我們為 112 個國家的 CoStar 訂戶提供服務。

STR is an excellent addition to our CoStar product, adding powerful hospitality data and analytics for CoStar subscribers. The hotel asset class is $3 trillion in value. In August, we released analytics for more than 400 new global hospitality markets, an additional 1,200 new hospitality submarkets.

STR 是我們 CoStar 產品的絕佳補充，為 CoStar 用戶添加了強大的飯店數據和分析。酒店資產類別的價值為 3 兆美元。8 月份，我們發布了 400 多個新的全球酒店市場和另外 1,200 個新的酒店子市場的分析數據。

With this release, we have delivered the remaining global markets that were covered by STR before the integration. We have over 85,000 properties in STR representing 11 million rooms contributing data to our platform.

透過此版本，我們已經交付了整合前 STR 涵蓋的剩餘全球市場。我們在 STR 擁有超過 85,000 家酒店，代表 1100 萬間客房，為我們的平台提供數據。

We track over 300,000 hospitality properties from 180 countries. We believe CoStar is the only source of this comprehensive analytic data, giving our users detailed supply and demand and hotel performance insight around the globe.

我們追蹤來自 180 個國家的 30 萬多家飯店物業。我們相信 CoStar 是這種綜合分析數據的唯一來源，為我們的用戶提供詳細的供應和需求以及全球飯店績效的洞察。

Apartments.com turned in another strong quarter. Revenue was $272 million for the third quarter of '24. We continue to add new customers with properties of all unit counts to our marketplace at a rapid pace, with over 75,000 paying communities on our network, including over 10,000 in the 5 to 50-unit range.

Apartments.com 又迎來了一個強勁的季度。2024 年第三季的營收為 2.72 億美元。我們繼續快速地將擁有所有單位數量房產的新客戶添加到我們的市場中，我們的網路上有超過 75,000 個付費社區，其中包括超過 10,000 個 5 至 50 單位範圍內的社區。

In the below 20-unit market, we delivered a record inventory of house condo and townhouse listings in Q3. We have seen strong growth in the rental tools business that supports independent owners with all aspects of managing the rental portfolio.

在 20 套以下的市場中，我們在第三季度交付了創紀錄的獨立式公寓和聯排別墅庫存。我們看到租賃工具業務的強勁成長，為獨立所有者管理租賃組合的各個方面提供支援。

Q3 posted a record number of paid user entered listings, and we processed $1.3 billion in rent payments. Single-family rental listings have boosted lead count by more than 4x for our Homes.com member engines. We had nearly 0.25 billion of total visits in Q3 with 43 million average monthly unique visitors to our Apartments.com site with exceptionally strong unaided awareness from apartment seekers at 67%. In Canada, Apartments.com generated the most unique visitors of any site according to Comscore.

第三季付費用戶進入名單的數量創歷史新高，我們處理了 13 億美元的租金。單戶出租清單使我們的 Homes.com 會員引擎的潛在客戶數量增加了 4 倍以上。第三季度，我們的 Apartments.com 網站的總訪問量接近 2.5 億次，平均每月有 4,300 萬獨立訪客，其中 67% 的公寓尋求者的獨立意識異常強烈。根據 Comscore 的數據，在加拿大，Apartments.com 是所有網站中唯一訪客數量最多的。

Our marketing campaigns continue to deliver with top programming venues like the SB Awards, NBC Olympic Zone, the NFL season opener and Jimmy Kimmel Live with Jeff Goldblum as the host. Jeff Goldblum even included Apartments.com in his opening song. If this doesn't work out, he said, I still have Apartments.com and he's always welcome home to his apartment.

我們的行銷活動繼續在 SB Awards、NBC Olympic Zone、NFL 賽季揭幕戰以及由 Jeff Goldblum 擔任主持人的 Jimmy Kimmel Live 等頂級節目場地進行。傑夫·高布倫甚至在他的開場曲中加入了 Apartments.com。如果這不起作用，他說，我仍然擁有 Apartments.com，並且隨時歡迎他回到他的公寓。

Apartments.com competitive position remains strong in the multifamily segment. When we bought Apartments.com in 2014, we had approximately $85 million in revenue. And we were way back to the pack at a very crowded field, which included Zillow, who had entered the market years before us. We have now moved into the clear leadership position and our revenue growth has grown about 1,200% from that point.

Apartments.com 在多戶住宅領域的競爭地位依然強勁。當我們在 2014 年收購 Apartments.com 時，我們的營收約為 8,500 萬美元。我們在一個非常擁擠的領域又回到了前列，其中包括比我們早幾年進入市場的 Zillow。我們現在已經佔據了明顯的領導地位，從那時起我們的收入成長了約 1,200%。

Today, our multifamily revenue is 2.5x bigger than Zillow. And importantly, our revenue is subscription-based with outstanding customer satisfaction and very high renewal rates.

如今，我們的多戶住宅收入是 Zillow 的 2.5 倍。重要的是，我們的收入是基於訂閱，具有出色的客戶滿意度和非常高的續訂率。

When we purchased ForRent.com, I had the chance to spend some time to discussing industry dynamics with their leaders who had a few more decades of experience than I in the multifamily space. I asked them what happened to a business like Apartments.com when a bad market came about, there was a downturn.

當我們收購 ForRent.com 時，我有機會花一些時間與他們的領導者討論行業動態，他們在多戶住宅領域的經驗比我多了幾十年。我問他們，當市場不景氣、經濟低迷時，Apartments.com 這樣的企業會發生什麼事。

They were surprised. They stopped me and said, the question was off because we were currently in a low vacancy rate market, which was, in fact, what they considered to be a bad market. They explained that the number-one player like Apartments.com does really well in both a high vacancy or low vacancy market because apartment communities will always continuously advertise on the number-one platform.

他們很驚訝。他們攔住我說，這個問題已經結束了，因為我們目前處於低空置率市場，事實上，他們認為這是一個糟糕的市場。他們解釋說，像Apartments.com這樣的第一個玩家在高空置率或低空置率市場中都表現得非常好，因為公寓社區總是會在第一平台上不斷做廣告。

But that second tier player suffered during low vacancy markets because the apartment communities nate less leads and cut back spend on second-tier sites or backup sites. They explained that when vacancies rise and the market becomes soft, that's when the second tier sites could grow their business as communities supplement their advertising on the primary site like Apartments.com with spend on second-tier sites.

但二線業者在空置率較低的市場中遭受損失，因為公寓社區的潛在客戶減少，並削減了二線站點或備用站點的支出。他們解釋說，當空置率上升且市場變得疲軟時，二線網站就可以發展業務，因為社區會透過在二線網站上的支出來補充在 Apartments.com 等主要網站上的廣告。

So remember, when a site start showing higher growth rates in a high vacancy market, it's a confirmation that the site is an also ran second-tier player. We are now exceeding 175,000 quality client interactions per quarter. This, along with a great product, results in a satisfied customer base, which gives us a 94 NPS rating with a 92.6% renewal rate in Q3, really a remarkable NPS rating. Congratulations to the Apartments.com team.

因此請記住，當一個網站在高空缺市場中開始顯示出較高的成長率時，就證明該網站也屬於第二梯隊。目前，我們每季的優質客戶互動次數超過 175,000 次。這與出色的產品一起帶來了滿意的客戶群，這使我們在第三季度獲得了 94 的 NPS 評級和 92.6% 的續訂率，這確實是一個了不起的 NPS 評級。恭喜 Apartments.com 團隊。

In the third quarter of '24, LoopNet had its best net new sales quarter since Q3 '23 as the LoopNet sales force returned its focus to selling LoopNet. Despite the market's difficult conditions in the third quarter '24, total paid listings are up 4%, September also saw the highest number of meetings with clients and prospects in two years. Our traffic numbers continue to be impressive.

在 24 年第三季度，LoopNet 迎來了自 23 年第三季以來最好的淨新銷售季度，因為 LoopNet 銷售人員將重點轉向了銷售 LoopNet。儘管 24 年第三季市場情況嚴峻，但付費掛牌房屋總數仍成長了 4%，9 月與客戶和潛在客戶的會面次數也創兩年來最高。我們的客流量仍然令人印象深刻。

Over the past 12 months, LoopNet had a massive 72 times the unique visitors of the average competitor according to Semrush. Internationally, the Canadian LoopNet network, which is relatively new, also dominates the nearest competitor with nearly 4 times the traffic according to Semrush. I'm also pleased with our progress in the UK as the LoopNet network delivered twice the traffic of our nearest commercial only competitor, again, according to Semrush.

據 Semrush 稱，在過去 12 個月中，LoopNet 的獨立訪問量是競爭對手平均水平的 72 倍。據 Semrush 稱，在國際上，相對較新的加拿大 LoopNet 網路也以近 4 倍的流量領先最接近的競爭對手。我也對我們在英國的進展感到滿意，據 Semrush 稱，LoopNet 網路提供的流量是我們最接近的純商業競爭對手的兩倍。

We are still in the bottom of the first inning when it comes to launching the new Homes.com. We effectively launched the Homes.com site in mid-February of this year. So we are now seven months into building this mega new product area for the company. Thousands of our talented staff have put tremendous effort into creating the best residential real estate portal to win over hundreds of millions of homebuyers and sellers so that ultimately, we can monetize with 1 million agents. With success in the US, our mission will be to expand globally.

在推出新的 Homes.com 方面，我們仍處於第一局的底部。我們於今年二月中旬正式推出了 Homes.com 網站。因此，我們現在已經為公司建造這個大型新產品領域七個月了。我們數千名才華橫溢的員工付出了巨大的努力，創建了最好的住宅房地產門戶網站，以贏得數億購房者和賣家的青睞，最終我們可以透過 100 萬經紀人實現盈利。隨著在美國取得成功，我們的使命將是向全球擴張。

Many will try and read the tea leaves and discern within hours, days, and months with the outcome of the years ahead will be. I've been fortunate to have the opportunity to work on several large-scale projects like this, and I know the outcomes only become clear to everybody in the public over the course of several years.

許多人會嘗試閱讀茶葉，並在數小時、數天和數月內辨別未來幾年的結果。我很幸運有機會參與幾個這樣的大型項目，我知道只有在幾年的時間裡公眾才會清楚其結果。

I feel really great about where we are -- what we're accomplishing already, and I'm highly confident that we can win major share revenue and EBITDA in this segment. We continue to hear directly from agents and focus groups brokerage industry leaders that they definitely prefer our business model of your listing your lead.

我對我們所處的位置以及我們已經取得的成就感到非常滿意，我非常有信心我們能夠在這一領域贏得主要份額收入和 EBITDA。我們繼續直接從代理商和焦點小組經紀行業領導者那裡聽到，他們肯定更喜歡我們列出您的潛在客戶的業務模式。

Agents and brokerage firms are becoming more frustrated. They're forced to put their listings into the MLS and they have their listings sold off into lead diversion models such as Zillow and Realtor which means the seller's agent lose control over the listing and loses potential business from those diverted leads, those non-permission diverted leads. Buyers want to see who the listing agent is that they can reach out for a quick question without getting the hard sell from half a dozen buyer brokers.

代理商和經紀公司變得更加沮喪。他們被迫將其房源放入MLS，並將其房源出售給Zillow 和Realtor 等潛在客戶轉移模型，這意味著賣方的代理人失去了對房源的控制，並失去了那些轉移的潛在客戶、未經許可的潛在客戶的潛在業務。買家想知道誰是掛牌經紀人，這樣他們就可以快速詢問問題，而不會受到六位買家經紀人的強硬推銷。

Sellers want the agent they hired and worked hard to find to work the leads for their homes effective sale. I believe that our business model is clearly superior to our competitors and that it will be the future model.

賣家希望他們聘請並努力尋找的代理人能夠為他們的房屋有效銷售提供線索。我相信我們的商業模式明顯優於我們的競爭對手，而這將是未來的模式。

In the US, our marketing campaign for Homes.com continues to deliver strong results. Year-to-date, we have delivered 15 billion impressions with nearly 5 billion in Q3. We have run more than 25,000 commercials, including spots in the Super Bowl, the Olympics, the NFL, the Grammys, and most recently at the Emmys, which was hosted by our spokesperson, Dan Levy, along with his father. It was phenomenal to have new commercial content running in the Emmy's using the actors that we're hosting or an actor that was hosting them as it was a great moment for Homes.com.

在美國，我們的 Homes.com 行銷活動持續取得強勁成果。年初至今，我們已實現 150 億次展示，其中第三季接近 50 億次。我們已經投放了超過 25,000 個廣告，包括超級盃、奧運、NFL、葛萊美獎以及最近由我們的發言人 Dan Levy 和他的父親主持的艾美獎的廣告。使用我們主持的演員或主持他們的演員在艾美獎上播放新的商業內容真是太棒了，因為這對 Homes.com 來說是一個偉大的時刻。

With SEM and digital, we're on track to generate 80 billion impressions this year for Homes.com. You, like 90% of Americans, have likely seen Homes.com ads. We have four great new creatives running, which highlight how clean and beautiful the site is, the benefit of seeing the real listing age in all listing, the fact that Homes.com has been completely rebuilt to be the best, and the positive impact that agents have on homebuyers and sellers lives.

借助 SEM 和數位技術，我們今年預計為 Homes.com 創造 800 億次展示次數。您和 90% 的美國人一樣，可能看過 Homes.com 廣告。我們正在運行四個偉大的新創意，它們強調了該網站是多麼乾淨和美麗，在所有列表中看到真實列表年齡的好處，Homes.com 已經完全重建為最好的事實，以及它的積極影響經紀人關係到購屋者和賣家的生活。

We monitor third-party surveys who ask homebuyers and sellers to name residential real estate portals from the top of their mind. This is unaided awareness. As your unaided awareness grows, your site traffic and value to ages can grow. Homes.com unaided awareness has risen from 4% before the marketing campaign launched in February to 33% in the most recent months. So from 4% to 33% more than a significant increase. While we have not yet achieved higher unaided awareness of the brands that have been around for decades, we're certainly closing on them quickly, and that's an important indicator.

我們監控第三方調查，這些調查要求購屋者和賣家根據自己的想法說出住宅房地產入口網站的名稱。這是無輔助的意識。隨著您的獨立意識的增強，您的網站流量和對年齡的價值也會增加。Homes.com 的獨立認知度已從 2 月行銷活動啟動前的 4% 上升到最近幾個月的 33%。所以從4%到33%以上有顯著的成長。雖然我們還沒有對已經存在了幾十年的品牌實現更高的獨立認知度，但我們肯定會很快接近它們，這是一個重要的指標。

For perspective, both Apartments.com and Homes had similar unaided awareness just prior to launch. In the eight months post launch, Homes.com with 33% unaided awareness has outperformed where apartments got to, which was 20% unaided awareness in its eighth month. So we're growing awareness faster for Homes.com than we did for apartments. This is particularly remarkable because Homes.com is growing this share into a much more competitive segment with entrenched competitors who've been investing heavily in marketing for an extended period of time.

從長遠來看，Apartments.com 和 Homes 在推出之前都有類似的獨立意識。在推出後的八個月內，Homes.com 的獨立認知度為 33%，其表現優於公寓，後者在第八個月的獨立認知度為 20%。因此，我們對 Homes.com 的認知度成長速度比對公寓的認知度更快。這是特別引人注目的，因為 Homes.com 正在將這一份額發展成為一個更具競爭力的細分市場，而其競爭對手長期以來一直在行銷方面投入巨資。

Another unaided survey question asks home sellers and buyers, which site they plan to use? Homes.com unaided intention has grown 500% this year from 4% prelaunch to 20% today. The survey also asked home sellers and buyers their likelihood to recommend Homes.com and that generates our Net Promoter Score. Here, we've done particularly well.

另一個獨立調查問題詢問房屋賣家和買家，他們計劃使用哪個網站？今年，Homes.com 的獨立意願成長了 500%，從發布前的 4% 成長到如今的 20%。該調查還詢問了房屋賣家和買家推薦 Homes.com 的可能性，並由此產生了我們的淨推薦值。在這裡，我們做得特別好。

Prior to launch, Homes.com NPS was 44, and it steadily climbed to 75% in less than a year. The Homes.com delivered 130 million average delivered 130 million average monthly unique visitors for the third quarter, according to Google Analytics, which was an increase of 17% over the same quarter last year.

在推出之前，Homes.com 的 NPS 為 44，並在不到一年的時間內穩步攀升至 75%。根據 Google Analytics 的數據，Homes.com 第三季平均每月獨立訪客數為 1.3 億，較去年同期成長 17%。

Homes.com had 85 million average monthly unique visitors in the third quarter, an increase of 38% year over year. Based on the latest data we have, we believe that -- that the Homes.com network of residential sites is now the second most heavily traffic US residential portal. Homes.com creates value for agents and their home sellers by intensively marketing their listings and services. I do not believe that there's a better way to market a home for sale today than by leveraging the unique marketing power of Homes.com.

Homes.com第三季平均每月獨立訪客數為8,500萬，較去年同期成長38%。根據我們掌握的最新數據，我們相信 Homes.com 住宅網站網路現在是美國第二大流量住宅入口網站。Homes.com 透過集中行銷房源和服務為代理商及其房屋賣家創造價值。我認為，現今沒有比利用 Homes.com 獨特的行銷能力更好的行銷待售房屋的方法了。

According to NAR, 100% of home shoppers turn to the Internet to find their next home, making the Internet the most important marketing arena for home buying. Portals like Realtor and Zillow turn the Internet against agents by stripping away the leads from the listing agents. In contrast, Homes.com makes internet work for agents with our your listing your lead principle.

據 NAR 稱，100% 的購屋者轉向網路尋找下一個家，這使得網路成為購屋最重要的行銷平台。Realtor 和 Zillow 之類的入口網站透過剝奪掛牌經紀人的線索，使網路對經紀人不利。相較之下，Homes.com 以「您的清單就是您的主導」原則為代理商提供網路服務。

Members gain advantage on Homes.com because they're listing sort to the top of results. These listings are presented across many different sections of the Homes.com site, highlighted in millions of e-mails and are extensively retargeted to home shoppers across the Internet.

會員在 Homes.com 上獲得優勢，因為他們將排序列在結果的頂部。這些清單出現在 Homes.com 網站的許多不同部分，在數百萬封電子郵件中突出顯示，並廣泛重新定位到互聯網上的家居購物者。

On average, Homes.com members listings are viewed on the site, 120,000 times per month, each which is 46 times more than the 2,600 times a nonmember listings are viewed. So that's giving the members listings a massive amount of exposure and value to the home seller.

平均而言，Homes.com 會員清單每月在該網站上的瀏覽次數為 120,000 次，比非會員清單的瀏覽次數 2,600 次高出 46 倍。因此，這為會員名單提供了大量的曝光度和對房屋賣家的價值。

So these members listings that are getting more exposure; they're shared 343% more often than basic listings. They're favored at 600% more often than basic listings. On average, member listings sell faster and for more money. Our member agents sell this fact in their presentations to potential home sellers and that allows them to win more valuable listing assignments.

因此，這些會員名單的曝光度越來越高；它們的分享頻率比基本清單高 343%。它們的受歡迎程度比基本清單高出 600%。平均而言，會員名單的銷售速度更快，價格也更高。我們的會員代理在向潛在房屋賣家的演示中向他們推銷這一事實，這使他們能夠贏得更有價值的掛牌任務。

Our data shows that Homes.com members are winning 50% more listings after they become members than when the time period was before they became members. So they're winning 50% more listings; that is a very compelling potential ROI for them.

我們的數據顯示，Homes.com 會員在成為會員後贏得的房源比成為會員之前多了 50%。因此，他們贏得了 50% 以上的掛牌量；這對他們來說是非常有吸引力的潛在投資回報率。

Homes.com markets brokerages, brands, and agents where other sites strip their identities or make them nearly invisible from the Internet. Zillow strips the brokerage of the brand, the agent from the listing and replaces it with a button Contact Agent, which really means contact Zillow. It's not hard to imagine why brokers and agents love Homes.com since we show their name on their listings and the leads go directly to them.

Homes.com 推銷經紀商、品牌和代理商，而其他網站則剝奪他們的身份或使他們在網路上幾乎不可見。Zillow 從清單中移除了品牌經紀、代理商，取而代之的是「聯絡代理商」按鈕，這實際上意味著聯繫 Zillow。不難想像為什麼經紀人和代理商喜歡 Homes.com，因為我們在他們的清單中顯示了他們的名字，線索直接指向他們。

I estimate that homebuyers and sellers will see an agent and their brokerage name on Homes.com 272 billion times across the year. So they're not invisible on our site; they're highly promoted.

我估計，全年購屋者和賣家將在 Homes.com 上看到經紀人及其經紀公司名稱 2,720 億次。因此，它們在我們的網站上並非不可見；而是在我們的網站上。他們得到了高度提升。

The ultimate customer is the home seller paying hundreds of billions and commissions and what they want is to market their home for sale and sell it faster and for more money. That's what we help them do. When you innovate with a better business model and it's different than what has been offered in the past two decades, it takes a little time for people to understand that something is different and better.

最終客戶是支付數千億美元和佣金的房屋賣家，他們想要的是推銷自己的房屋以供出售，並更快地出售並賺取更多的錢。這就是我們幫助他們做的事情。當你用更好的商業模式進行創新時，它與過去二十年提供的模式不同，人們需要一點時間才能理解某些東西是不同的、更好的。

We generated another Net Promoter Score for the likelihood that a client or a member agent would recommend another agent get a membership to Homes.com. Each month, we have seen significant improvement in that NPS. Our NPS climbed 35 points between May and September or actually between May and June, and inclined 8.7 points between Jan, July, 1.4 points July to August and 6 point -- 1 point from August to September. So it keeps climbing month after month as people learn about the value proposition.

我們根據客戶或會員代理推薦其他代理商獲得 Homes.com 會員資格的可能性產生了另一個淨推薦值。每個月，我們都看到 NPS 顯著改善。我們的NPS 在5 月至9 月期間（實際上是5 月至6 月期間）攀升了35 個點，在1 月至7 月期間傾斜了8.7 個點，7 月至8 月期間傾斜了1.4 個點，8 月至9 月期間傾斜了6 個點（1 個點）。因此，隨著人們了解價值主張，它會逐月攀升。

Our NPS score is already good, but we hope to eventually reach the incredibly high NPS of Apartments.com. We now offer Matterport 3D tours as part of the Homes.com membership in 94 markets. Properties with 3D tours sort to the top of the list in searches and contribute to more consumer engagement. We know that Apartments.com that apartments with Matterports have 134% more time on site. It also improves the quality of a lead when consumers have more visual information about the property before they submit the lead. We believe that as more of our members use Matterport, it will increase the velocity at which they can sell their clients' homes.

我們的 NPS 分數已經很好，但我們希望最終能夠達到 Apartments.com 令人難以置信的高 NPS。現在，我們在 94 個市場提供 Matterport 3D 遊覽，作為 Homes.com 會員資格的一部分。提供 3D 遊覽的飯店在搜尋中排名靠前，有助於提高消費者參與度。據我們所知，Apartments.com 配備 Matterports 的公寓的入住時間延長了 134%。當消費者在提交潛在客戶之前獲得更多有關該房產的視覺資訊時，還可以提高潛在客戶的品質。我們相信，隨著越來越多的會員使用 Matterport，他們出售客戶房屋的速度將會加快。

Homes.com is outperforming Apartments.com in revenue generation at the same relative time post launch. In the two full quarters post launch, Apartments.com generated $28 million in annualized revenue. Homes.com has nearly doubled that performance, generating $54.8 million in annualized revenues in the first two quarters post launch.

Homes.com 在推出後的同一相對時間內，在創收方面的表現優於 Apartments.com。在推出後的兩個完整季度中，Apartments.com 的年化收入為 2,800 萬美元。Homes.com 的業績幾乎翻了一番，在推出後的前兩個季度就創造了 5,480 萬美元的年收入。

As I mentioned, each time we launch a major new product, we leverage the scale of the existing sales force to bring more resources to the brand-new sales effort. As soon as practical, we build out a dedicated sales force for the new product. In this case, our top priority today is building out a dedicated sales force for Homes.com.

正如我所提到的，每次我們推出重大新產品時，我們都會利用現有銷售團隊的規模，為全新的銷售工作帶來更多資源。一旦可行，我們就會為新產品建立一支專門的銷售團隊。在這種情況下，我們今天的首要任務是為 Homes.com 建立一支專門的銷售團隊。

At the point we launched the new Homes.com at this year's Super Bowl, we had 41 Dedicated Homes.com salespeople in production. We hired 28 in the second quarter and 108 in the third quarter. By September this year, we had 113 in production with 192 hired, but some still in training. Our goal is to have more than 275 salespeople hired in production by year-end. We hope to double that sales force again in '25 and bring it closer to 600 salespeople by year-end.

當我們在今年的超級盃比賽中推出新的 Homes.com 時，我們有 41 名專門的 Homes.com 銷售人員在生產。我們第二季招募了 28 名員工，第三季招募了 108 名員工。截至今年 9 月，我們已投入生產 113 台，僱用了 192 名員工，但有些仍在培訓中。我們的目標是在年底前僱用超過 275 名銷售人員參與生產。我們希望在 25 年將銷售人員數量再次增加一倍，並在年底前接近 600 名銷售人員。

At this point, we have a very capable sales leader for Homes.com in Andrew Stearns, and I have confidence that he can meet this key result. No pressure, Andrew. Currently, the average Homes.com salesperson with four months of experience is selling 2,108 gross monthly new sales and 1,641 net new monthly sales. That equates to 236,000 annualized billings after a year of selling at that average pace. If we ramp up to 600 salespeople, we could add $142 million in annualized billings on an annualized basis. I would hope to beat that level as we continue to grow the brand and the product.

至此，我們的 Homes.com 擁有一位非常有能力的銷售主管 Andrew Stearns，我相信他能夠實現這一關鍵成果。沒有壓力，安德魯。目前，擁有四個月經驗的 Homes.com 銷售人員平均每月新銷售量為 2,108 件，每月新銷售淨額為 1,641 件。以平均速度銷售一年後，這相當於 236,000 筆年化帳單。如果我們將銷售人員增加到 600 名，我們的年化帳單可以增加 1.42 億美元。我希望隨著我們繼續發展品牌和產品，能夠超越這個水平。

On the market, our UK residential real estate portal continues to make great progress. We have grown year-over-year traffic by 212%, unique visitors by 348%, listing agents by 27%, sales leads by 76%, and total stock by 45%. It is hard to believe that CoStar acquired on the market only 12 months ago with so much progress.

在市場上，我們的英國住宅房地產入口網站繼續取得長足進展。我們的流量年增了 212%，獨立訪客成長了 348%，上市代理成長了 27%，銷售線索成長了 76%，總庫存成長了 45%。很難相信 CoStar 上市僅 12 個月就取得如此大的進展。

Agents in the United Kingdom expressed overwhelmingly to me that they're dissatisfied with the way pricing works there with competitors. Rightmove has already publicly suggested it will increase prices by 35% in the next couple of years, and that follows a track record of years of price increases. This could create a great opportunity for -- on the market to grow in the United Kingdom.

英國的代理商絕大多數向我表示，他們對英國與競爭對手的定價方式不滿意。Rightmove 已經公開表示，將在未來幾年內將價格上漲 35%，而這也是多年來價格上漲的記錄。這可能為英國市場的發展創造絕佳機會。

There's an extraordinary amount of change in the residential real estate market. We believe Homes.com is well positioned to capitalize on this rapid transformation in the U.S. market.

住宅房地產市場發生了巨大的變化。我們相信 Homes.com 處於有利位置，可以利用美國市場的快速轉型。

Generally speaking, the brokerage firms are unhappy. Post the NAR settlement in March earlier this year, more than 100 brokerage firms, including industry giants anywhere in COMPASS, have gone public wanting to take back control of their listings that their agents work hard to get. Consumers aren't happy and are becoming more aware. Under the guise of transparency, those portals have utilized the legacy MLS system to leverage sellers' listings as at to monetize diverted leads to the highest buyer agent bidder and away from the listing agent who's working on behalf of the seller.

整體來說，券商都不滿意。今年 3 月初，NAR 達成和解後，超過 100 家經紀公司，包括 COMPASS 各地的行業巨頭，紛紛公開上市，希望奪回對其代理人努力爭取的上市公司的控制權。消費者並不滿意，並且越來越意識到這一點。在透明度的幌子下，這些入口網站利用傳統的 MLS 系統來利用賣家的列表，將轉移的線索貨幣化給最高買家代理出價者，而不是代表賣家工作的列表代理。

In many cases, these leads are sold to multiple buyer agent bidders. The Zillow Flex and realtor.com shared lead models unleashed multiple agents contacting unsuspecting buyers that to this day, believe that they're reaching out to the listing agent when they were clicking on the house, they were interested in.

在許多情況下，這些潛在客戶會被出售給多個買方代理投標者。Zillow Flex 和 realtor.com 共享的潛在客戶模式讓多個經紀人聯繫了毫無戒心的買家，直到今天，他們仍然相信，當他們點擊他們感興趣的房子時，他們正在聯繫掛牌經紀人。

This is not only misleading. It's a terrible consumer experience. Due to the NAR settlement, MLS rules now require the buyer agents working with a buyer enter into a written agreement before even taking them on a tour, specifying the amount the agent will be compensated and who will be paying for it, the home seller or the buyer. I believe that this new rule will create significant friction and pose a painful challenge to realtor in Zillow.

這不僅具有誤導性。這是一次糟糕的消費體驗。由於 NAR 和解，MLS 規則現在要求與買家合作的買家經紀人在帶買家參觀之前簽訂書面協議，明確經紀人將獲得補償的金額以及支付費用的人、房屋賣家或買家。我相信這項新規則將產生巨大的摩擦，並對 Zillow 的房地產經紀人構成痛苦的挑戰。

The buyer goes to an open house or Homes.com where you're always putting touch directly with listing agent, there is no friction as no buyer's agent agreement is needed to go see the house, that's another benefit of the -- you're listing your lead model. Of course, 90% of home shoppers will still use a buyer's agent, but they want to do so on their own terms with transparency, honesty, and with their own timing.

買家會去開放​​日或Homes.com，在那裡你總是直接與掛牌經紀人聯繫，不會有任何摩擦，因為不需要買家的經紀人協議就可以去看房子，這是另一個好處— —你列出您的主要型號。當然，90% 的購屋者仍會使用買方代理人，但他們希望按照自己的條件、透明、誠實並按自己的時間表安排。

CoStar has always invested back into the business to help us grow and gain the synergies that occur from building out more products that reach more real estate customer segments across more geography. So we're a company that's always reinvested into growth. I look at a model like REA Group or Rightmove that has historically remained primarily focused on achieving the highest possible margins rather than reinvesting in growth. They're both successful businesses, very successful businesses, but may offer less long-term shareholder value growth. I believe REA Group has primarily grown by increasing pricing on a per agent basis.

CoStar 始終對業務進行投資，以幫助我們發展並獲得協同效應，這些產品是透過開發更多產品來覆蓋更多地區的更多房地產客戶群而產生的。因此，我們是一家始終對成長進行再投資的公司。我研究了像 REA Group 或 Rightmove 這樣的模式，這些模式歷來主要專注於實現盡可能高的利潤，而不是對成長進行再投資。它們都是成功的企業，非常成功的企業，但可能提供較少的長期股東價值成長。我相信 REA Group 的成長主要是透過提高每個代理商的定價來實現的。

According to data from online marketplaces, which I believe is run by a former CEO of REA Group. So according to a reasonable authority, according to data from online marketplaces in 2009, REA Group was generating GBP500 of revenue per month per agent. Yet by 2024, they were generating GBP4,500 per month per agent. That's a 15% compound annual growth in fees per agent. This is a usurious $70,000 per agent annually. So generating $70,000 per agent annually.

根據線上市場的數據，我認為該市場是由 REA 集團的前執行長所經營的。因此，根據合理的權威機構的說法，根據 2009 年線上市場的數據，REA 集團每個代理商每月的收入為 500 英鎊。然而到 2024 年，他們每個代理商每月的收入為 4,500 英鎊。也就是說，每個代理商的費用年複合成長率為 15%。每個代理人每年的收入高達 70,000 美元。因此，每位代理商每年可賺取 70,000 美元。

Looking forward, if REA Group continues with that value creation strategy and increases their fees per agent by 15% compound annual growth rate for the next 15 years as they did for the last 15, they'll be seeking $700,000 in fees per agent in '39. That's not possible. Things that cannot continue will not continue. I believe that they understand this problem, which is why they made the recent failed attempt to acquire Rightmove in the UK in seeking alternative growth.

展望未來，如果REA 集團繼續實施這項價值創造策略，並像過去15 年一樣，在未來15 年將每位代理人的費用提高15%，那麼他們將在「2017 年」向每位代理人收取70 萬美元的費用。那是不可能的。無法繼續的事情就不會繼續。我相信他們明白這個問題，這就是為什麼他們最近試圖收購英國的Rightmove以尋求替代成長，但失敗了。

In sharp contrast, CoStar has historically made significant investments to continuously expand our customer base rather than to use a smaller one. And therefore, we've created sustainable long-term shareholder value. Our investments in buying and growing LoopNet Apartments.com were initially somewhat unpopular with investors. It's probably an understatement for those of who that are there for that. We were a $1 billion market cap business when we bought LoopNet in 2011.

與此形成鮮明對比的是，CoStar 歷來進行了大量投資來不斷擴大我們的客戶群，而不是使用較小的客戶群。因此，我們創造了可持續的長期股東價值。我們購買並發展 LoopNet Apartments.com 的投資最初不受投資者歡迎。對於那些在那裡的人來說，這可能是一個輕描淡寫的說法。2011 年收購 LoopNet 時，我們的市值為 10 億美元。

And just three years later, in 2014, we were a $4.5 billion market cap business when we bought Apartments.com. And certainly Zillow was the same size as we were in 2014 with a $4 billion market cap. Today, we're a $30 billion market cap business and more than double the size of Zillow's market cap.

僅僅三年後，也就是 2014 年，當我們收購 Apartments.com 時，我們的市值已達 45 億美元。當然，Zillow 的規模與 2014 年的規模相同，市值為 40 億美元。如今，我們的市值已達 300 億美元，是 Zillow 市值的兩倍多。

Our investment as a percentage of market cap in Apartments.com was significantly higher than the investment were today making in Homes.com. The Homes.com opportunity is bigger than the apartments and the commercial real estate information opportunities combined. Today, so you may have seen just recently a press release cost in addition to the earnings press release. And so today, we announced a definitive agreement to acquire Visual Lease. The strategic acquisition is expected to enhance CoStar Group's real estate manager business line and provide additional lease management and accounting services to current visual lease customers.

我們對 Apartments.com 的投資佔市值的百分比明顯高於目前對 Homes.com 的投資。 Homes.com 的機會比公寓和商業房地產資訊機會的總和還要大。今天，除了收益新聞稿之外，您最近可能還看到了新聞稿成本。因此，今天，我們宣布達成收購 Visual Lease 的最終協議。此次策略收購預計將增強 CoStar Group 的房地產管理業務線，並為現有的視覺租賃客戶提供額外的租賃管理和會計服務。

CoStar Real Estate Manager used by large enterprise-level customers, providing vital lease administration reporting compliance services, ensuring seamless workflows between real estate and accounting teams. By combining CoStar Group's resources with Visual Leases' diverse customer base, best-in-class customer retention, deep lease portfolio management expertise at a user-centric design we're well positioned to offer a more comprehensive service offering and continuing growth growing both nationally and internationally in this segment.

CoStar Real Estate Manager 由大型企業級客戶使用，提供重要的租賃管理報告合規服務，確保房地產和會計團隊之間的無縫工作流程。透過將CoStar Group 的資源與Visual Leases 的多元化客戶群、一流的客戶保留率、以用戶為中心的設計的深入租賃組合管理專業知識相結合，我們有能力提供更全面的服務，並在全國範圍內部持續成長。

Finally, I want to touch on the economy and what we're seeing in the real estate economy. The commercial real estate economy has started to show signs of potential improvement from what I think is probably a cycle bottom. Office prices are down 18% over the past year and currently sit 43% below their peak level. It'd be a little worse if we were doing that in real dollars. Multifamily prices are down 11% over the past year and are 25% off from their peak. Industrial and retail prices never saw as big a decline and are down only 5% from their peaks.

最後，我想談談經濟以及我們在房地產經濟中看到的情況。商業房地產經濟已經開始顯示出潛在改善的跡象，我認為這可能是一個週期底部。辦公室價格在過去一年下降了 18%，目前比最高水準低 43%。如果我們用實際美元來做的話，情況會更糟。多戶住宅價格比去年下降了 11%，比高峰低了 25%。工業和零售價格從未出現過如此大的下降，僅比高峰下降了 5%。

The multifamily sector continued its recent trend of better-than-expected renter demand with 174,000 units being absorbed. This puts absorption for the year on pace to be double last year's levels and to be near the record levels last seen in 2021.

多戶住宅市場延續近期租戶需求好於預期的趨勢，吸收了 174,000 套公寓。這使得今年的吸收量將是去年水準的兩倍，並接近 2021 年的歷史最高水準。

But with the wave of new construction that the sector has seen, strong absorption was not enough to match deliveries and vacancies remained at elevated levels currently at 7.9% and would increase a bit. With 720,000 units still under construction, those vacancy rates, I think, will remain at upper levels for quite some time. The office sector hit an all-time high in vacancy this quarter, but I'm becoming somewhat optimistic that we're about to see a turn.

但隨著該行業的新建築浪潮，強勁的吸收量不足以與交付量相匹配，空置率目前仍維持在 7.9% 的較高水平，並將略有增加。由於仍有 72 萬個單位仍在建設中，我認為這些空置率將在相當長一段時間內保持在較高水平。本季辦公室空置率創下歷史新高，但我對即將看到轉變感到有些樂觀。

The rate of increase in vacancy is slowing to a crawl. One important lead indicator, sublet vacancy, is now clearly falling. Another leading indicator, total availability is already falling. The spread between vacancy and availability is shrinking usually indication of early signs of recovery.

職缺的成長速度正在放緩。一項重要的領先指標——轉租空置率——目前正在大幅下降。另一個領先指標是總可用性已經下降。空置率和可用率之間的差距正在縮小，這通常是復甦的早期跡象。

Leasing volume is back to pre-pandemic levels, though with smaller average lease size, suggesting a larger number of overall leases being signed. New construction underway at 82 million square feet is the lowest level seen since 2013 and not far from the lowest levels ever seen. These low levels will eventually translate into shrinking vacancies and rising rates, rents, back up the truck and load up on quality distressed office buildings on 10x. That was a little commercial inserted to build earnings call.

租賃量回到了大流行前的水平，儘管平均租賃規模較小，這表明簽署的總體租賃數量有所增加。正在施工的新建築面積為 8,200 萬平方英尺，是自 2013 年以來的最低水平，距離歷史最低水平不遠了。這些低水準最終將轉化為空置率的減少和費率、租金的上漲，支持卡車並將優質陷入困境的辦公大樓裝載10倍。這是為了召開財報電話會議而插入的小廣告。

The industrial sector contained the trend of recent quarters with modest positive demand being matched by even more supply as the historic way of construction in the sector continues to play out. Absorption last quarter was 32 million square feet. Deliveries were almost double that at 63 million square feet, vacancy rose a bit at 15 basis points. Industrial vacancy currently sits pretty stable at 6.6%.

工業部門遏制了近幾個季度的趨勢，隨著該部門歷史性的建設方式繼續發揮作用，適度的積極需求與更多的供應相匹配。上季吸納量為 3,200 萬平方英尺。交車量幾乎翻倍，達到 6,300 萬平方英尺，空置率小幅上升 15 個基點。目前工業空置率相當穩定，為 6.6%。

The retail sector, which has been relative supply/demand equilibrium for the past two years continued that trend last quarter with normal vacancy rates. The hospitality sector saw overall improved performance this past quarter. Over the past year, upper scale hotels have seen occupancies grow up 1%, while lower scale hotels have dropped 2%.

過去兩年供需相對平衡的零售業上季延續了這一趨勢，空置率正常。上季飯店業的業績整體有所改善。過去一年，高檔飯店的入住率成長了 1%，而中小型飯店的入住率則下降了 2%。

In the residential sector, mortgage rates have eased from their peak a year ago and are down 170 basis points, but are still high enough levels to prevent a significant increase in home sales with most homeowners sitting on mortgages below 4%. The thought of having to move to a mortgage rate of over 6% is not appealing and it's preventing homeowners from selling their house and buying another one. This meant fewer homes being offered for sale, which is propping prices up a bit and keeping affordability at near record lows.

在住宅領域，抵押貸款利率已從一年前的峰值回落，下降了170 個基點，但仍處於足夠高的水平，無法阻止房屋銷售的大幅增長，因為大多數房主的抵押貸款利率低於4 %。必須將抵押貸款利率提高到 6% 以上的想法並不吸引人，而且它會阻止房主出售自己的房子併購買另一棟房子。這意味著待售房屋數量減少，從而推高了價格，並使負擔能力保持在接近歷史低點的水平。

In summary, despite macroeconomic headwinds, we continue to demonstrate the strength of our commercial real estate and multifamily business with continued double-digit growth and strong EBITDA margins. Our residential portals are benefiting from our product enhancements, strong marketing campaigns, growing consumer awareness, growing site traffic and revenue growth on both sides of the pond. Given the huge total addressable market opportunities across our product offering, we believe investing in our sales forces across the board will allow us to invigorate sales in '25 and solid revenue growth in 2016 and beyond.

總而言之，儘管宏觀經濟不利，我們仍繼續展示我們商業房地產和多戶住宅業務的實力，持續實現兩位數成長和強勁的 EBITDA 利潤率。我們的住宅入口網站受益於我們的產品改進、強有力的行銷活動、不斷提高的消費者意識、不斷增長的網站流量以及池塘兩岸的收入成長。鑑於我們的產品系列中存在巨大的潛在市場機會，我們相信對銷售團隊的全面投資將使我們能夠在 25 年重振銷售，並在 2016 年及以後實現穩定的收入成長。

At this point, I'm going to turn the call over to Christopher, our CFO. Over to you, Chris.

此時，我將把電話轉給我們的財務長克里斯托弗。交給你了，克里斯。

Thank you, Andy. Good evening. I'm happy to report that CoStar Group's revenue grew 11% year over year in the third quarter, in line with our guidance and marking our 54th consecutive quarter of double-digit revenue growth. Net new bookings for the quarter were $44 million.

謝謝你，安迪。晚安.我很高興地向大家報告，CoStar Group 第三季的營收年增 11%，符合我們的指導方針，這標誌著我們連續 54 個季度實現兩位數收入成長。該季度新預訂淨額為 4,400 萬美元。

As Andy mentioned, we began migrating the sales force back to their core brands late in the third quarter, and we expect sales reps to rebuild pipelines in the fourth quarter and return to higher levels of productivity in early 2025. Our core business is strong, and the total addressable market is billions of dollars. Given the size of this opportunity, we have already begun to invest in increasing the size of our sales teams in CoStar, Apartments.com and LoopNet.

正如安迪所提到的，我們在第三季末開始將銷售隊伍遷移回核心品牌，我們預計銷售代表將在第四季重建管道，並在 2025 年初恢復到更高的生產力水平。我們的核心業務很強大，潛在市場總額達數十億美元。鑑於這個機會的規模，我們已經開始投資擴大 CoStar、Apartments.com 和 LoopNet 的銷售團隊規模。

Looking first at our CoStar product. Revenue grew 10% in the third quarter in line with our guidance. We are maintaining our previous full-year guidance of 10% growth. Importantly, we have grown our customer base through an incredibly challenging commercial real estate market and have continued to enhance, develop, and expand the product.

首先看看我們的 CoStar 產品。第三季營收成長 10%，符合我們的預期。我們維持之前 10% 成長的全年指導。重要的是，我們透過極具挑戰性的商業房地產市場擴大了我們的客戶群，並不斷增強、開發和擴展產品。

A key example of this is our lender product. As the former CFO of one of the largest real estate finance companies in the US, I believe CoStar's lender product is the most sophisticated products for real estate lenders on the market today. Given its strong position and leading capabilities, Lender continued to see robust growth in the third quarter, posting impressive 36% revenue growth year over year.

一個重要的例子是我們的貸方產品。作為美國最大的房地產金融公司之一的前財務官，我相信 CoStar 的貸款產品是當今市場上房地產貸款人最先進的產品。鑑於其強大的地位和領先能力，Lender 在第三季度繼續保持強勁增長，營收年增 36%，令人印象深刻。

Apartments.com third quarter revenue growth came in at 16%, and we are maintaining our full year guidance of 17% revenue growth. LoopNet revenue grew 5% in the third quarter, in line with our guidance and we are maintaining our full year revenue outlook for LoopNet of mid-single-digit growth. Residential revenue came in at $28 million in the third quarter, and we now expect full year 2024 revenue to approximate $100 million. Over the past seven months, we have continuously fine-tuned our sales strategy and our customer service analytics for Homes.com agent members to open form agents of the tremendous benefits of Homes.com membership.

Apartments.com 第三季營收成長 16%，我們維持全年營收成長 17% 的指引。LoopNet 第三季營收成長了 5%，符合我們的指引，我們維持 LoopNet 全年營收中個位數成長的預期。第三季住宅收入為 2,800 萬美元，我們現在預計 2024 年全年營收約為 1 億美元。在過去的七個月裡，我們不斷調整我們對 Homes.com 代理商會員的銷售策略和客戶服務分析，讓代理商享受 Homes.com 會員的巨大好處。

Additionally, we are rapidly growing the dedicated Homes.com sales force. Revenue from information services dropped 26% year over year due to the continued transition of STR into CoStar. We are now guiding for annual revenue to be modestly higher than the $130 million. Other marketplaces revenue was $32 million in the third quarter, and we now expect fourth-quarter revenues to be similar to those in the third quarter.

此外，我們正在迅速壯大 Homes.com 的專業銷售團隊。由於STR持續轉型為CoStar，資訊服務收入較去年同期下降26%。我們現在的目標是年收入略高於 1.3 億美元。其他市場第三季的營收為 3,200 萬美元，我們現在預計第四季的營收將與第三季相似。

On a consolidated basis, adjusted EBITDA for the third quarter was $76 million, producing an 11% margin, which is well ahead of our 7% guidance. We were able to successfully manage our expenses given the current climate our commercial information and Marketplaces businesses delivered a profit margin of 43% in the third quarter.

綜合來看，第三季調整後 EBITDA 為 7,600 萬美元，利潤率為 11%，遠高於我們 7% 的指導值。鑑於目前的情況，我們的商業資訊和市場業務在第三季度實現了 43% 的利潤率，我們能夠成功地管理我們的開支。

Our sales force totaled approximately 1,340 people at the end of the third quarter, a 19% year over year increase and approximately 100% more than last quarter. Our contract renewal rate was 91% for the third quarter with the renewal rate for customers who have been subscribers for five years or longer at 95%. Subscription revenue on annual contracts was 80% for the third quarter of 2024.

截至第三季末，我們的銷售人員總數約為 1,340 人，年增 19%，比上季增加約 100%。第三季我們的合約續約率為 91%，訂閱五年或以上的客戶續約率為 95%。2024 年第三季年度合約訂閱收入為 80%。

We continue to have a fortress balance sheet with $4.9 billion in cash, which earned net interest income of $56 million, a 5% rate of return. With our pending Matterport acquisition expected to now close either in the fourth quarter of 2024 or the first quarter of 2025. Our guidance does not reflect any financial impact from this transaction. In addition, as Andy mentioned, we recently announced the $272.5 million acquisition of Visual Lease.

我們仍然擁有 49 億美元現金的堡壘資產負債表，賺了 5,600 萬美元的淨利息收入，回報率為 5%。我們對 Matterport 的收購預計將於 2024 年第四季或 2025 年第一季完成。我們的指引並未反映此交易的任何財務影響。此外，正如 Andy 所提到的，我們最近宣布以 2.725 億美元收購 Visual Lease。

Our guidance also does not reflect our final any financial impact from this transaction, which we expect to close in the fourth quarter of 2024, and we expect it to be accretive to earnings in 2025.

我們的指引也沒有反映此交易對我們的最終財務影響，我們預計該交易將於 2024 年第四季完成，並且我們預計它將在 2025 年增加收益。

Our full-year 2024 revenue outlook is now in the $2.72 billion to $2.73 billion range, representing growth of 11%. The modest adjustment to our revenue guidance range reflects our adjusted residential guidance and less favorable property market conditions in the third quarter. We anticipate adjusted EBITDA for the year in the range of $205 million to $215 million, which is $10 million higher than our second-quarter guidance.

目前，我們對 2024 年全年營收的預期為 27.2 億美元至 27.3 億美元，成長 11%。我們對收入指導範圍的適度調整反映了我們調整後的住宅指導和第三季不太有利的房地產市場狀況。我們預計今年調整後的 EBITDA 在 2.05 億美元至 2.15 億美元之間，比我們第二季的指導高出 1000 萬美元。

I will now turn the call back over to our operator to open the lines for questions.

我現在將把電話轉回給我們的接線員以打開提問線路。

(Operator Instructions)

（操作員說明）

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

It seems like your commercial real estate backdrop is improving as we speak. So how are you thinking about the growth outlook in 2025 for businesses like the Suite and LoopNet? Should we be expecting some notable acceleration there, especially as you move past the Homes.com sales distractions this year, the sales capacity sounds like you're adding? And then just given the more favorable backdrop, how are you generally thinking about it?

就在我們說話的時候，你們的商業地產背景似乎正在改善。那麼您如何看待 Suite 和 LoopNet 等企業 2025 年的成長前景？我們是否應該期待那裡會出現一些顯著的加速，尤其是當你擺脫了今年 Homes.com 的銷售幹擾時，銷售能力聽起來像是你在增加？然後，考慮到更有利的背景，您一般如何看待它？

Yes. So as we continue to grow the product, so a couple of different approaches to that. One is, yes, it's remarkable that we've done as well as we have in this sort of difficult market. And so when the pressure starts to ease off a bit. And again, I'm observing these improvements in, say, the office market pretty early in the cycle.

是的。因此，隨著我們繼續發展產品，我們採取了幾種不同的方法。一是，是的，我們在這種困難的市場中取得瞭如此好的成績，這真是了不起。所以當壓力開始減輕一點時。再說一次，我在周期的早期就觀察到了辦公市場的這些改善。

I think it will become more evident in the next quarter or two. But that will switch that from a headwind to a tailwind, which should give us a benefit. When I look at our penetration rates into brokers, corporations, owners, institutions, banks, there is plenty of room to grow and that growth is going to be easier in a better market. I feel that LoopNet's growth is a little more neutral to that environment. But I think that the fundamentals in LoopNet of growing the sales force, improving the pricing model, that will all give us some headwind.

我認為這一點在接下來的一兩個季度將會變得更加明顯。但這會將其從逆風轉變為順風，這應該會為我們帶來好處。當我觀察我們對經紀人、公司、所有者、機構、銀行的滲透率時，我們發現還有很大的成長空間，而且在更好的市場中成長會更容易。我覺得 LoopNet 的成長對於這種環境來說更中性。但我認為 LoopNet 的基本原理是增加銷售團隊、改進定價模型，這都會為我們帶來一些阻力。

As we've grown our revenue through the years, you have to keep growing your sales force at the same productivity level in order to cover what would be a normal very low cancellation rate. So if you're only seeing 7% annual cancels in CoStar, that still is a nut you have to sell past to continue to grow subscription revenue. So as we grow the sales force, that will give us a little tailwind, too. So optimistic about how those all look in the year to come, barring any sort of external event that occurs that we can anticipate.

隨著我們多年來收入的成長，您必須在相同的生產力水平上不斷擴大銷售隊伍，才能滿足正常的非常低的取消率。因此，如果你在 CoStar 中只看到每年 7% 的取消率，那麼你仍然必須賣掉這部分內容才能繼續增加訂閱收入。因此，隨著我們銷售團隊的壯大，這也會為我們帶來一些推動力。對未來一年的情況非常樂觀，除非發生任何我們可以預見的外部事件。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

So early in the call, you made a reference Andy, to starting to see an upturn as you reprioritize sales resources back to their core responsibilities. Can you just go into more detail on what you're seeing? And maybe why was the distraction greater than you were kind of expecting? Because I think when you set out on this dual sales responsibilities, you tried to structure the comp plans to protect the core bookings.

在電話會議的早期，您提到了安迪，當您重新調整銷售資源的優先順序，使其回歸其核心職責時，情況開始出現好轉。能更詳細地介紹一下您所看到的情況嗎？也許為什麼幹擾比你預期的還要大？因為我認為當你開始承擔這種雙重銷售職責時，你試圖建立補償計劃以保護核心預訂。

Sure. So we have seen an uptick in, say, CoStar sales in the most recent month, which is basically directly attributable to people putting more of their attention into their core product. So as they -- as salespeople went into selling Homes.com inevitably, like them to keep selling both products, but I think they ended up spending a little more time in the home side, and they were not as experienced at selling a new product, the value propositions were not as clear to them. So they pretty much were slowing down a little bit as they moved into semi-rookie status in a new product area. So I really appreciate their efforts in helping that Homes.com get off to a good start.

當然。因此，我們看到最近一個月 CoStar 的銷售額有所上升，這基本上直接歸因於人們將更多注意力投入其核心產品。因此，當他們——銷售人員不可避免地開始銷售Homes.com 時，就像他們繼續銷售這兩種產品一樣，但我認為他們最終在家庭方面花費了更多的時間，而且他們在銷售新產品方面沒有那麼豐富的經驗，價值主張對他們來說就沒那麼清晰。因此，當他們在新產品領域進入半新秀狀態時，他們的速度幾乎放慢了一點。因此，我非常感謝他們為幫助 Homes.com 取得良好開端所做的努力。

But the reality is their time was just limited. And between the two, they couldn't maintain growth in Homes and the same level of production in their core products. So this is one of the dilemmas that you always face when you're starting a major new product area that you hope to be a $1 billion business one day. You just don't have a sales force for a $1 billion product before you begin.

但現實是他們的時間有限。兩者之間，他們無法維持住宅的成長以及核心產品的相同生產水準。因此，當您開始一個主要的新產品領域並希望有一天能成為價值 10 億美元的業務時，這是您經常面臨的困境之一。在開始之前，您只是沒有一支銷售 10 億美元產品的銷售團隊。

So the pace of ramping up the dedicated home sales force that we mentioned is ambitious; it's hard work. but I think that we're making really good progress for it. And I wish I could take you on a tour through the sales floor in Richmond, where these hundreds of home salespeople are beginning to build a really highly energized, strong sales force. And I think they'll be able to grow into carrying that load completely on their own. And by '25, 100% of the legacy core sales teams will be back focused on their products and that will reenergize growth.

因此，我們提到的加強專門的房屋銷售隊伍的步伐是雄心勃勃的；這很辛苦。但我認為我們正在為此取得非常好的進展。我希望我能帶您參觀里士滿的銷售大廳，那裡數百名房屋銷售人員正在開始建立一支真正充滿活力、強大的銷售團隊。我認為他們將能夠成長為完全依靠自己承擔這項重擔。到 25 年，100% 的傳統核心銷售團隊將重新專注於他們的產品，這將重新激發成長活力。

So it's a price you pay as you launch a new potential $1 billion product line. But I think it's well worth it. It's always painful when you're doing this, but it's worth it.

因此，這是您推出潛在價值 10 億美元的新產品線時所付出的代價。但我認為這是非常值得的。當你這樣做的時候總是很痛苦，但這是值得的。

Pete Christiansen, Citi.

皮特克里斯蒂安森，花旗銀行。

Andy, I was just wondering if you could talk to the potential of the Homes business and the seasonality. I would imagine some of the shorter-term contracts, maybe the renewals part so great after six months given the low in the season. Do you think that's going to be a feature of the business? And what can you do to save that off?

安迪，我只是想知道您是否可以談談房屋業務的潛力和季節性。我會想像一些短期合同，考慮到本賽季的低點，六個月後續約可能會很棒。您認為這會成為該業務的一個特徵嗎？你能做些什麼來避免這種情況呢？

Pete, I don't really think that what -- I think the primary issue there was that -- as you put 1,300 people into selling a new product with a day or two of training, which is all you have when you're trying to move that many people into that product area, they were selling the product without a solidly refined value proposition as you want to see and the we're also not as experienced in providing follow-up sales training after the sale or product support after the sale.

皮特，我真的不認為是什麼 - 我認為主要問題是 - 當你讓 1,300 人通過一兩天的培訓來銷售新產品時，這就是你嘗試時所擁有的一切為了讓這麼多人進入該產品領域，他們在銷售產品時沒有像您希望看到的那樣有一個堅實完善的價值主張，而且我們在提供銷售後的後續銷售培訓或銷售後的產品支持方面也沒有經驗。

And so there was a significant number of folks who thought they were buying a buyer agent lead diversion product, which is not what they were really buying -- or even though it wasn't sold that way in some cases, they perceive that's what they were buying because that's all that you could buy in the industry for the last two decades. I feel very comfortable about the -- what we're selling as a value proposition, which is the ability to win new listings in a competitive market at a rate greater than you were before. And what we're showing is 50% improvement in win rate on new listings.

因此，有相當多的人認為他們購買的是買方代理引導轉移產品，但這並不是他們真正購買的產品- 或者即使在某些情況下它不是以這種方式出售的，他們認為這就是他們想要的我們之所以購買，是因為這就是過去二十年你在這個行業所能買到的一切。我對我們所銷售的價值主張感到非常滿意，即能夠以比以前更高的速度在競爭激烈的市場中贏得新上市的產品。我們展示的是新名單的獲勝率提高了 50%。

That more than gives you an adequate ROI to justify the product. And when I mentioned that constantly improving NPS score through the year on the product with members, that shows that members are beginning to understand that value proposition. It's resonating and we're getting better and better NPS scores.

這不僅可以為您提供足夠的投資回報來證明該產品的合理性。當我提到全年不斷提高會員產品的 NPS 分數時，這表明會員開始理解這一價值主張。它引起了共鳴，我們的 NPS 分數越來越好。

So I believe that over time, people will look at this as an annual subscription. I don't think our product -- I think for people that have consistent listings and a lot of people do, like in residential real estate, you've got [1,000,006] folks or where the number is, of which about 450,000 are actually in the business and they're -- and doing it full time to support themselves and probably 400,000-some have a consistent inventory of listings.

所以我相信，隨著時間的推移，人們會將其視為年度訂閱。我不認為我們的產品 - 我認為對於那些擁有一致清單的人來說，很多人都這樣做，就像在住宅房地產中一樣，你有[1,000,006]個人或數字，其中大約450,000實際上是他們全職工作以養活自己，可能有40 萬人，其中一些擁有一致的清單庫存。

Those folks with a consistent inventory of listings, I think, are year-round continuous high renewal rate subscribers to Homes.com. The folks who don't have any listings, many of them who bought into Homes.com early on, they're not going to get the same benefit from homes just because they don't really win a lot of listings no matter what tools they have. So that -- I think that's really more what happened early on, not cycle.

我認為，那些擁有穩定的房源庫存的人是 Homes.com 全年持續高續訂率的訂戶。那些沒有任何房源的人，其中許多人很早就購買了 Homes.com，他們不會從房屋中獲得同樣的好處，因為無論使用什麼工具，他們都不會真正贏得很多房源他們有。所以——我認為這更多的是早期發生的事情，而不是週期。

That's too long a question. But Pete, didn't you like Chris' line about being CFO or CEO, whatever, of a major financial institution in loving the lender product? That was strong.

這個問題太長了。但是皮特，你不喜歡克里斯的台詞嗎？那是很強的。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Can you say what the revised annual guidance this year includes for residential spend and the nonresidential EBITDA margin for the full year? And just given all the moving pieces, Andy, with respect to residential and Homes.com, I think it would be helpful if you were willing to provide some early indication of how next year's investment levels might trend at least relative to this year, just to give some folks reassurance around how that might impact margins over the near term?

您能否介紹今年修訂後的年度指引包括哪些住宅支出和全年非住宅 EBITDA 利潤率？安迪，考慮到住宅和 Homes.com 方面的所有動態，我認為如果您願意提供一些早期跡象，說明明年的投資水平至少相對於今年的趨勢，將會很有幫助，只是讓一些人放心這可能會如何影響短期內的利潤率？

So I'll answer the second part first and then Chris can answer the second. So I think that we are already -- we launched Homes.com with a very aggressive investment level that I think is appropriate for a product opportunity to scale and size. So the good news -- the bad news is that was a big investment. The good news is it's at a level that I think it sustains us. So I don't see a need to increase our investment in marketing or in Homes.com as we go into next year.

所以我會先回答第二部分，然後克里斯可以回答第二部分。因此，我認為我們已經以非常積極的投資水平推出了 Homes.com，我認為這對於擴大規模和規模的產品機會是合適的。所以好消息 - 壞消息是這是一項巨大的投資。好消息是，我認為它已經達到了支撐我們的水平。因此，在進入明年時，我認為沒有必要增加對行銷或 Homes.com 的投資。

So I think that improvement in EBITDA you've seen through the year is sort of indicative of the fact that we saw a low point in net investment in the EBITDA associated with that investment. So I'll have Chris answer the second part.

因此，我認為您今年所看到的 EBITDA 的改善在一定程度上表明了這樣一個事實：我們看到了與該投資相關的 EBITDA 淨投資的低點。所以我會讓克里斯回答第二部分。

Yes. And I think to the second point, we're still on track to spend the amount we have discussed throughout the year in residential. And we continue to see continued growth in margins in the commercial businesses that we've discussed. So I think we're on track by for the numbers that we discussed historically and no real change.

是的。我認為第二點，我們仍然有望在住宅方面花費我們全年討論的金額。我們繼續看到我們討論過的商業業務的利潤率持續成長。因此，我認為我們正在按照歷史上討論的數字走上正軌，並且沒有真正的變化。

George Tong, Goldman Sachs.

喬治唐，高盛。

I wanted to also ask about the resi business. Can you elaborate on how much of your reduction to the residential guide is due to the sales force productivity issues you mentioned versus client demand? And discuss how overall client demand for Homes.com memberships is tracking relative to your internal expectations.

我還想問一下有關RESI業務的問題。您能否詳細說明一下，住宅指南的減少有多少是由於您提到的銷售人員生產力問題與客戶需求之間的關係造成的？並討論客戶對 Homes.com 會員資格的整體需求相對於您的內部期望的追蹤情況。

So I would say that I would say that it's more -- it's not so much about client demand. It is about sales force mechanics. It's about how many people you put -- you can put onto the product and training cycle up at what pace. So what we're seeing is, as we hire a significant number of -- I don't want to say junior, but not senior salespeople, we're hiring a number of salespeople successfully into the homes sales force, a very high percentage of them are ramping up very quickly to a production level that covers their cost in their first year with the company and then moves them into being very profitable in out years.

所以我想說，我想說的是，這跟客戶需求無關。這是關於銷售隊伍機制的。這取決於你投入了多少人——你可以以什麼速度投入產品和訓練週期。所以我們看到的是，當我們僱用大量的——我不想說初級銷售人員，但不是高級銷售人員時，我們成功地僱用了許多銷售人員進入房屋銷售隊伍，比例非常高他們中的一些人很快就達到了生產水平，足以覆蓋他們在公司第一年的成本，然後在接下來的幾年裡變得非常有利可圖。

So it's not so much like they're all -- like we're finding plenty of demand. It's more of a question of how many people do you have approaching the opportunity? And how fast can you hire people? I mean there's a limit to how many people you can hire into a sales role like that before you start to lose quality or the things begin to rattle too much. So adding 108 people in a quarter is pretty good, but we wouldn't want to go too far ahead of that because that's just a lot of people are bringing on board.

所以，這並不是說我們發現了很多需求。更重要的是有多少人接近這個機會？招募人員的速度有多快？我的意思是，在你開始失去品質或事情開始變得過於混亂之前，你可以僱用多少人擔任這樣的銷售角色是有限的。因此，在一個季度內增加 108 名員工是相當不錯的，但我們不想提前太多，因為只有很多人加入。

John Campbell, Stephens Inc.

約翰坎貝爾，史蒂芬斯公司

I know there's some seasonality in the spin, particularly with marketing spend that's typically higher in the front half, but -- it looks like sales and marketing dropped sequentially pretty sharply. That was the first, I think, sequential drop you guys have seen in 3Q since maybe 2019.

我知道這種情況存在一定的季節性，尤其是上半年的行銷支出通常較高，但是，銷售和行銷似乎連續大幅下降。我認為，這是自 2019 年以來你們在第三季看到的第一次連續下降。

So kind of related to Ryan's question here, as you think about the resi investment next year, and it sounds like you don't expect that to go up. But my question is, could that initially go lower from a gross point. I would imagine you're not probably doing the same amount of Super Bowl commercials, I would imagine the step down and spend probably was a little bit less SEM, so you're still seeing good traffic at lower levels of spend. So I'm just curious about if there's a potential for it to actually go lower next year.

這與 Ryan 的問題有關，當你考慮明年的 Resi 投資時，聽起來你並不期望它會上升。但我的問題是，最初的總點是否會下降。我想你可能不會做同樣數量的超級盃廣告，我想你的降級和支出可能會少一點 SEM，所以你仍然會在較低的支出水平下看到良好的流量。所以我只是好奇明年是否有可能真正下降。

Well, give you one glimpse we are anticipating a 33% reduction in Homes' Super Bowl ads this year. So that gives you some indication. But again, we remain bullish about the opportunity and what we're accomplishing. We see indicators that make us feel good about where we're going with this opportunity. So we are likely to continue to push on it into next year and don't see us pulling back dramatically from where we were this year nor accelerating from where we were this year.

好吧，讓您看一下，我們預計今年 Homes 的超級盃廣告將減少 33%。這給了你一些指示。但我們仍然看好這個機會和我們正在取得的成就。我們看到的指標讓我們對利用這個機會的發展方向感到滿意。因此，我們可能會繼續推動這一進程到明年，並且不會看到我們從今年的水平大幅回落，也不會從今年的水平加速。

And I think it's important to remember, we will be growing the sales force pretty meaningfully. So actually, that sales force increase will drive expenses and will be partially offset by some lower marketing spend. So there will be some change in the mix, but inevitably, it probably ends up at the same level.

我認為重要的是要記住，我們將非常有意義地發展銷售隊伍。因此，實際上，銷售人員的增加將增加支出，並將被行銷支出的減少部分抵消。因此，混合中會有一些變化，但不可避免地，最終可能會達到相同的水平。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Andy, just a big picture question here. As you think about the Homes.com product and just conceptually, you can make the agreement that it's possible to build a perfect product, execute perfectly on our product but for maybe factors beyond your control, it just doesn't work out.

安迪，這裡只是一個大問題。當您從概念上思考 Homes.com 產品時，您可以同意建立完美的產品並在我們的產品上完美執行是可能的，但由於可能超出您控制範圍的因素，它只是行不通。

So how are you thinking about some of the metrics beyond just like a net bookings number to kind of understand the decision-making and how patient that you're willing to be or how patient investors should be?

那麼，除了淨預訂量之外，您如何考慮一些指標來了解決策以及您願意有多大耐心或投資者應該有多大耐心？

Well, again, you have this phenomena where people in seven months want a conclusive result, and that doesn't happen. You don't build a $1 billion product in seven months. But what we're looking at is we're looking at our growth in consumer awareness, our ability to bring people to our site preference for our site which we're seeing a clear preference for our site.

嗯，再次出現這種現象，人們希望在七個月內得到結論性的結果，但這並沒有發生。你不可能在七個月內打造出價值 10 億美元的產品。但我們關注的是我們消費者意識的成長，我們讓人們對我們的網站產生偏好的能力，我們看到了對我們網站的明顯偏好。

And we are watching a shift in the industry away from buyer agency lead diversion to something where folks are looking to have the portals do what they do in the rest of the world, which is to market the home for sale, which is the whole point to begin with. So we're pretty excited about everything that's occurring despite the fact that it's hard to launch it and the fact that it requires a little bit of patience and that it requires capital to be able to pursue an opportunity like this.

我們正在觀察該行業的轉變，從買方代理主導轉移到人們希望門戶網站做他們在世界其他地方所做的事情，即推銷待售房屋，這就是重點首先。因此，我們對正在發生的一切感到非常興奮，儘管啟動它很困難，而且需要一點耐心，並且需要資本才能抓住這樣的機會。

So when I look at the sales metrics at the micro level, and we just sum it up and we look at the people we're bringing in and what they're achieving and the growth in NPS scores just mechanically, it lays out to a good result and a good time period. Now when does it become obvious to everybody that it is going in the right direction, it's not this year. It would be -- it's difficult for me to tell when it becomes obvious that it's working, but it's probably next year.

因此，當我查看微觀層面的銷售指標時，我們只是對其進行總結，然後機械地查看我們引入的人員以及他們所取得的成就以及 NPS 分數的增長，這表明好的結果和好的時間。現在什麼時候大家才能明顯看出事情正在朝著正確的方向發展，不是今年。我很難判斷什麼時候它會明顯發揮作用，但可能是明年。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，加拿大皇家銀行。

The core bookings were down 34% in the quarter. They're being down 38% year-to-date. How should we think about the impact of weak bookings going into next year? And how do we think about the puts and takes to help offset that headwinds from the vehicle booking?

本季核心預訂量下降 34%。今年迄今為止，他們的股價下跌了 38%。我們該如何看待明年預訂疲軟的影響？我們如何考慮賣出和賣出以幫助抵消車輛預訂帶來的不利因素？

Yes. So inevitably, in a subscription business, net bookings ultimately translate into revenue in the following year. And so it's fairly mechanical that we -- the third quarter, we have our net bookings, they're sort of in the ground and they'll roll forward to 2025. I think what Andy has talked about is getting the sales force reengaged, but also investing in the sales force. So really pay attention to net bookings in 4Q, 1Q, 2Q of next year, which will then roll into a '26 growth.

是的。因此，在訂閱業務中，淨預訂最終不可避免地轉化為下一年的收入。因此，我們第三季的淨預訂量相當機械，它們已經落地，並將滾動到 2025 年。我認為安迪所說的是讓銷售人員重新參與進來，同時也對銷售人員進行投資。因此，請真正關註明年第四季、第一季、第二季的淨預訂量，然後將進入 26 年的成長。

So again, I think it's a mechanical exercise. We have three quarters in the ground. You can roll it forward, but really pay attention to our net bookings over the coming quarters to really get line of sight on the second half of '25 growth into '26.

再說一次，我認為這是一個機械練習。我們有四分之三在地下。您可以將其向前推進，但請真正關注我們未來幾季的淨預訂量，以便真正了解 25 年下半年到 26 年的成長情況。

Thank you. I would now like to turn the call back over to Rich Simonelli for any closing remarks.

謝謝。我現在想將電話轉回里奇·西蒙內利（Rich Simonelli），請其發表結束語。

I'm actually going to grab those closing remarks from Rich. So --

實際上，我要聽取里奇的結束語。所以--

You should.

你應該。

Yes. So I just want to thank everyone for joining us on this earnings call. I look forward to updating you shortly here. If you have any additional questions following the call, please reach out to our very musically talented IR professional Rich Simonelli at getrich@costar.com. Thank you for joining us. Look forward to talking to you next quarter.

是的。因此，我只想感謝大家參加我們的財報電話會議。我期待著盡快在這裡向您通報最新情況。如果您在通話後還有任何其他問題，請透過 getrich@costar.com 聯繫我們極具音樂才華的 IR 專業人士 Rich Simonelli。感謝您加入我們。期待下個季度與您交談。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。