CoStar Group Inc (CSGP) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2024 CoStar Group earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 2024 年第四季 CoStar Group 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指令）

I would now like to hand a 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 Rich Simonelli。

Hello, and thank you very much for joining us today to discuss the fourth-quarter 2024 and full-year 2024 results for the CoStar Group. Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Chris Lown, our CFO, I would like to review our Safe Harbor statement.

您好，非常感謝您今天加入我們，討論 CoStar 集團 2024 年第四季和 2024 年全年業績。在我將電話轉給 CoStar 的執行長兼創辦人 Andy Florance 之前；和我們的財務長克里斯·勞恩（Chris Lown）先生，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 as well as full year 2025 based on management's current beliefs and expectations. Forward-looking statements involve many risks and uncertainties, assumptions and estimates and other factors that could cause actual results to differ materially from such statements. Important factors that can cause actual results to differ are not limited to those stated in CoStar Group's press release issued earlier today and in our filings with the SEC, including annual reports on Form 10-K and quarterly reports on Form 10-Q, included under the heading Risk Factors in those filings as well as in CoStar Group's other filings with the SEC, including current reports on Form 8-K that are all available on the SEC's website.

今天討論的某些部分可能包含前瞻性陳述，包括基於管理層當前的看法和預期，公司對第一季以及 2025 年全年的展望和預期。前瞻性陳述涉及許多風險和不確定性、假設和估計以及其他可能導致實際結果與此類陳述有重大差異的因素。可能導致實際結果不同的重要因素不僅限於 CoStar Group 今天早些時候發布的新聞稿中所述的因素以及我們向美國證券交易委員會提交的文件中所述的因素，其中包括 10-K 表年度報告和 10-Q 表季度報告（包含在這些文件的「風險因素」標題下）以及 CoStar Group 向美國證券交易委員會提交的其他文件（包含在美國證券交易委員會報告的其他文件（

All forward statements are based on the information available to CoStar at the time of this call. CoStar assumes no obligation to update these statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

所有前瞻性聲明均基於 CoStar 在本次電話會議時所掌握的資訊。CoStar 不承擔更新這些聲明的義務，無論由於新資訊、未來事件或其他原因，除非適用法律要求。

Reconciliations to the most directly comparable GAAP measures 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 those terms, and that press release can be found on our website, costargroup.com under Press Room.

我們今天發布的新聞稿中詳細說明了本次電話會議中討論的任何非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳情況，以及這些術語的定義，該新聞稿可在我們的網站 costargroup.com 的新聞發布室找到。

As a reminder, today's conference call is being webcast. Please refer to today's press release on how to access the replay of this call. Remember just one call per person.

提醒一下，今天的電話會議正在透過網路直播。請參閱今天的新聞稿，以了解如何存取本次通話的重播。請記住每個人只能撥打一個電話。

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

接下來，我想將電話轉給我們的創辦人兼執行長安迪‧弗洛倫斯 (Andy Florance)。

Again, thank you for joining CoStar Group's fourth-quarter and year-end earnings call. We achieved another very strong quarter of financial results with 2024 full-year revenue and adjusted EBITDA exceeding consensus and the high end of our guidance range.

再次感謝您參加 CoStar Group 第四季和年終收益電話會議。我們又取得了非常強勁的財務業績，2024 年全年收入和調整後 EBITDA 超過了普遍預期和我們指導範圍的高端。

Revenue for the full year of 2024 was $2.74 billion, an increase of 11% over the full year of 2023 as we delivered our 55th consecutive quarter of double-digit revenue growth. For the fourth quarter of 2024, revenue was $709 million, an 11% increase year over year. We continue to generate profit while we are investing aggressively back into the business to create powerful future growth drivers, such as Homes.com.

2024 年全年營收為 27.4 億美元，較 2023 年全年成長 11%，連續第 55 季實現兩位數營收成長。2024 年第四季，營收為 7.09 億美元，年增 11%。我們在持續創造利潤的同時，也積極投資業務創造強大的未來成長動力，例如 Homes.com。

For the full year, our commercial information and marketplace businesses achieved a very strong 43% profit margin. For CoStar Group, net income [EBITDA] and adjusted EBITDA significantly improved each quarter in 2024. We grew net income from $7 million in the first quarter of '24 to $60 million in the fourth quarter. We increased EBITDA from negative $13 million in the first quarter to $73 million in the fourth quarter.

全年來看，我們的商業資訊和市場業務實現了 43% 的強勁利潤率。對 CoStar Group 而言，淨收入 [EBITDA] 和調整後的 EBITDA 在 2024 年每季都顯著提高。我們的淨收入從24年第一季的700萬美元成長到第四季的6000萬美元。我們將 EBITDA 從第一季的負 1,300 萬美元增加到第四季的 7,300 萬美元。

We grew adjusted EBITDA from $12 million in the first quarter to $112 million in the fourth quarter. Our adjusted EBITDA of $112 million in the fourth quarter was well ahead of our guidance range of $76 million to $86 million.

我們的調整後 EBITDA 從第一季的 1,200 萬美元成長至第四季的 1.12 億美元。我們第四季的調整後 EBITDA 為 1.12 億美元，遠高於我們預期的 7,600 萬至 8,600 萬美元的範圍。

Our average monthly unique visitors to our global websites increased 17% year over year to 134 million in the fourth quarter of 2024, according to Google Analytics. Company net new bookings were 53 million in the fourth quarter of 2024, up 21% sequentially from the third quarter of 2024. Net bookings are increasing because our sales forces are now optimized and back to selling their respective core product offerings.

根據 Google Analytics 的數據，2024 年第四季度，我們全球網站的平均每月獨立訪客數量年增 17%，達到 1.34 億。2024 年第四季公司淨新預訂量為 5,300 萬，較上季 2024 年第三季成長 21%。淨預訂量正在增加，因為我們的銷售團隊現在已經優化並重新開始銷售各自的核心產品。

When we launched Homes.com sales just 12 months ago, we only had 41 Homes.com sales professionals to prospect over 1 million real estate agents. To backstop this very small team, we temporarily tasked all of our sales forces to sell Homes.com. We no longer need to do that because over the past year, we've grown the Homes.com sales force nearly sixfold to 277 salespeople.

當我們在 12 個月前推出 Homes.com 銷售服務時，我們只有 41 位 Homes.com 銷售專業人員來尋找超過 100 萬名房地產經紀人。為了支持這個非常小的團隊，我們暫時委託所有銷售人員來銷售 Homes.com。我們不再需要這樣做，因為在過去的一年裡，Homes.com 的銷售團隊成長了近六倍，達到 277 名銷售人員。

We anticipating having -- we anticipate having 500 Homes salespeople by year-end 2025. And the dedicated Homes salespeople understand the significant value proposition Homes.com offers well. So they sell more, service more effectively, earn much higher NPS scores, and renew the business at much higher rates. From all perspectives, having Homes experts sell Homes.com, CoStar experts sell CoStar, and Apartments experts sell Apartments.com yields higher net bookings.

我們預計到 2025 年底將擁有 500 名房屋銷售人員。並且，敬業的 Homes 銷售人員非常了解 Homes.com 提供的重要價值主張。因此，他們銷售量更高、服務更有效、獲得更高的 NPS 分數，並且業務更新速度更快。從各個角度來看，讓 Homes 專家銷售 Homes.com、讓 CoStar 專家銷售 CoStar 以及讓 Apartments 專家銷售 Apartments.com 都可以帶來更高的淨預訂量。

Our CoStar product achieved $1.02 billion in revenue in 2024, with a growth rate of 10% year over year. CoStar continues to be the pre-eminent source of information analytics for the industry. During the worst commercial real estate market in our lifetime, we have grown revenue, adjusted prices for inflation, and launched innovative, valuable new products and features like lender and hospitality benchmarking.

我們的 CoStar 產品在 2024 年實現了 10.2 億美元的收入，年增 10%。CoStar 繼續成為該行業卓越的資訊分析來源。在我們有生以來最糟糕的商業房地產市場中，我們增加了收入，根據通貨膨脹調整了價格，並推出了創新、有價值的新產品和功能，如貸款人和酒店基準測試。

With the full CoStar sales teams focused on selling CoStar, December 2024 was the highest month of net bookings for CoStar in almost two years. Q4 2024 net new bookings were the highest since Q3 of 2023. We are pleased to report accelerating CoStar sales in the year as we cross $1 billion in CoStar revenue.

由於整個 CoStar 銷售團隊都專注於銷售 CoStar，2024 年 12 月成為 CoStar 近兩年來淨預訂量最高的月份。2024 年第四季的淨新預訂量是自 2023 年第三季以來的最高水準。我們很高興地報告，今年 CoStar 的銷售額加速成長，CoStar 的營收已超過 10 億美元。

The CoStar subscriber base has grown to over 240,000. Our renewal rates are very strong at 92%. We monitor our Net Promoter Scores closely to continually improve our service offering and maintain high renewal rates. Over the past three years, our US CoStar NPS has improved 10% to 65. Our Canadian CoStar NPS has improved 25% to 60.

CoStar 的用戶群已成長至24萬餘人。我們的續約率非常高，達到 92%。我們密切監控我們的淨推薦值，以不斷改進我們的服務並保持較高的續訂率。在過去三年中，我們的美國 CoStar NPS 提高了 10%，達到 65。我們的加拿大 CoStar NPS 提高了 25%，達到 60。

Most notably, our UK CoStar NPS has improved 35% to 65. That's really remarkable improvement there. The UK CoStar team's significant success in achieving high NPS scores might have led to our primary UK competitors, EG's recent announcement that they were withdrawing all their products and services from the UK in 2025. EG or Estates Gazette was founded 166 years ago an 1858 during Queen Victoria's reign and before Abraham Lincoln became President. CoStar has competed against EG and its various companies since we acquired Focus in the UK in 2004.

最值得注意的是，我們的英國 CoStar NPS 提高了 35%，達到 65。這確實是顯著的進步。英國 CoStar 團隊在獲得高 NPS 分數方面取得的巨大成功可能導致了我們的主要英國競爭對手 EG 最近宣布將於 2025 年從英國撤出所有產品和服務。EG 或 Estates Gazette 成立於 166 年前，即 1858 年，當時正值維多利亞女王統治時期，亞伯拉罕·林肯擔任總統之前。自 2004 年收購英國 Focus 以來，CoStar 一直與 EG 及其旗下各公司競爭。

When first began competing with them, they were primarily a weekly commercial property news magazine, stuffed with hundreds of high-paying property ads. But they launched an online commercial property service. EG has also launched an online marketing service called EG Property Link that competed with LoopNet.

當剛開始與他們競爭時，他們主要是一家每週出版的商業地產新聞雜誌，裡面充斥著數百條高價地產廣告。但他們推出了一項線上商業房地產服務。EG 也推出了一項名為 EG Property Link 的線上行銷服務，與 LoopNet 競爭。

As CoStar gained leading share in the UK, EG merged their information offering into a brokerage affiliated consortium called Radius. EG was owned by the information giant RELX. In their announcement, they cited irreparable impact of headwinds that have struck the whole of commercial real estate industry hard. I'd like to believe that to some degree, the quality of research field -- research service and technology that our team provides played some competitive role.

隨著 CoStar 在英國佔據領先地位，EG 將其資訊服務合併到名為 Radius 的經紀附屬財團。EG 為資訊巨頭 RELX 所有。他們在聲明中指出，不利因素給整個商業房地產行業帶來了難以挽回的衝擊。我願意相信，在某種程度上，我們團隊提供的研究領域──研究服務和技術的品質發揮了一定的競爭力。

RELX may have sold or may in the future sell elements to discontinued businesses to other companies. It is with respect that we acknowledge the hard work contribution achievements of one of the UK's leading commercial property and information sources over 166 years. It's our competitors that motivate us to be the best we can be.

RELX 可能已出售或將來可能會將已停止營運的業務的部分內容出售給其他公司。我們非常尊重地承認英國領先的商業地產和資訊來源之一在過去 166 年裡的辛勤工作、貢獻和成就。正是我們的競爭對手激勵著我們做到最好。

Obviously, the CRE economy has created strong headwinds for CoStar over the last four years as well, but I believe those headwinds may shift to tailwinds. I believe that the CRE economy has passed its nadir and is moving into what may be a very strong recovery.

顯然，過去四年來，商業房地產經濟也為 CoStar 帶來了強大的阻力，但我相信這些阻力可能會轉變為順風。我相信，商業房地產經濟已經度過了最低谷，並且正在進入非常強勁的復甦階段。

Demand and absorption for office space turned meaningfully positive at the end of 2024 for the first time since 2021. Availability rates are falling. Total available space is declining. Sublet vacancy rates are falling; sublet rents are climbing.

2024 年底，辦公空間的需求和吸收量自 2021 年以來首次顯著正成長。可用率正在下降。總可用空間正在減少。轉租空置率正在下降；轉租租金正在上漲。

The new construction pipeline is shut off and net supply after depreciation and obsolescence is contracting. The economy is strong and resilient. We read stories about major corporations mandating five days a week in the office and then the observation that there's not enough space for the company in their offices to allow everyone to return to work.

新建管道停止建設，折舊和老化後的淨供應量正在萎縮。經濟強勁且富有彈性。我們讀到一些報導，說大公司規定員工每週在辦公室工作五天，但後來發現公司辦公室沒有足夠的空間讓所有人回到工作崗位。

In the first quarters of the pandemic, office owners steeply discounted prime office space and leased it to tenants, who normally have a second-generation budget. I believe that we could see very strong rent growth in the years ahead with capital appreciation. We are already seeing sales transactions return to pre-pandemic levels and cap rates are rolling over their peaks.

在疫情爆發的最初幾個季度，辦公室業主大幅折扣出售黃金辦公空間，並將其租給通常擁有第二代預算的租戶。我相信，隨著資本增值，未來幾年我們將看到非常強勁的租金成長。我們已經看到銷售交易量恢復到疫情前的水平，並且資本化率也已超過峰值。

I've managed CoStar through four economic cycles or four real estate cycles. And every time, the world is certain the office sector will never again regain its value. And yet every time, the correction overshoots in the office economy roars back. CoStar and our clients may enjoy tailwinds in the next few years.

我管理 CoStar 經歷了四個經濟週期或四個房地產週期。而每一次，世界都確信辦公大樓產業將永遠不會再恢復其價值。然而每次，辦公經濟的調整都會過度，並捲土重來。CoStar 和我們的客戶可能會在未來幾年享受到順風。

The CoStar for Lenders product continued to gain momentum this past quarter. Q4 was our best quarter for the year with $1.7 million of net new annual revenue in December across 17 institutions, bringing total annual revenue to $75 million, including risk analytics. We now have signed up 370 institutions of all sizes and types, who collectively manage over $1 trillion of CRE debt, reinforcing our role as a key solution in the industry.

上個季度，CoStar for Lenders 產品持續保持強勁發展勢頭。第四季是我們今年表現最好的一個季度，12 月份，17 家機構的淨年度新收入達到 170 萬美元，包括風險分析在內的年度總收入達到 7,500 萬美元。目前，我們已經與 370 家各種規模和類型的機構簽約，他們共同管理超過 1 兆美元的 CRE 債務，鞏固了我們作為行業關鍵解決方案的地位。

Clients have been actively uploading portfolios over the last two years, further validating our long-term adoption stickiness and the depth of our platform's integration into our clients' lending cycles. Additionally, we're seeing a growing number of clients transitioning from their initial CECL or current expected credit loss and stress test solutions to ours, a clear sign that our platform is outperforming alternatives and capturing market share in a regulatory-driven segment.

過去兩年來，客戶一直在積極上傳投資組合，進一步驗證了我們的長期採用黏性以及我們平台與客戶貸款週期融合的深度。此外，我們看到越來越多的客戶從最初的 CECL 或當前預期信用損失和壓力測試解決方案轉向我們的服務，這清楚地表明我們的平台表現優於其他替代方案，並在監管驅動的領域中佔據了市場份額。

Despite a challenging high interest rate environment and cautious lending landscape over the past couple of years, we had continued to demonstrate consistent revenue growth in our lender solution. Corporate real estate departments are increasingly subscribing to CoStar as well to manage their costs find the best spaces to support their operations and efficiently renew their leases.

儘管過去幾年高利率環境充滿挑戰且貸款情況謹慎，但我們的貸款解決方案仍保持持續的收入成長。越來越多的企業房地產部門開始採用 CoStar 來管理成本，找到最佳空間來支援他們的運營，並有效地續約租約。

These corporations already rely on brokers who are very often using CoStar, but increasingly, corporate users want direct access to CoStar as well to support a faster velocity and analysis and decision-making. New corporate subscribers to CoStar this year include great brands like Amazon, Visa, Ecolab, Macy's, Church's, UnitedHealthcare, Cracker Barrel, Cisco, Edward Jones, Salesforce, Sherwin-Williams, LG, and many others. CoStar Group leases announced more than 1 million square feet of real estate across dozens and dozens of locations, and our facility staff as well use CoStar daily and find it indispensable.

這些公司已經依賴經常使用 CoStar 的經紀人，但越來越多的公司用戶希望直接訪問 CoStar，以支援更快的速度、分析和決策。今年 CoStar 的新企業訂戶包括亞馬遜、Visa、Ecolab、梅西百貨、Church's、UnitedHealthcare、Cracker Barrel、思科、愛德華瓊斯、Salesforce、Sherwin-Williams、LG 等知名品牌。CoStar Group 宣佈在數十個地點租用了超過 100 萬平方英尺的房地產，我們的設施工作人員也每天都在使用 CoStar 並發現它不可或缺。

Despite it being some of the most important information owners and tenants need, historically, accessing accurate and useful rent information has been very problematic and difficult in CRE. Rents are quoted a myriad of ways with numerous modifiers and inclusions and exclusions that can completely change the meaning of the numbers. Often, the details of individual lease deals are closely guarded.

儘管這是業主和租戶需要的最重要的信息，但從歷史上看，獲取準確和有用的租金資訊在 CRE 中一直非常成問題且困難。租金的報價方式多種多樣，其中包含無數的修飾語、包含和排除項，這些可能會完全改變數字的含義。通常，單一租賃協議的細節都會受到嚴格保密。

We have begun the integration of CoStar Real Estate Manager and our newly acquired operation, Visual Lease. Managing more than 1 million leases for thousands of major corporations, these two companies are leaders in lease accounting, lease management and transaction management. Our intention is to build the next generation in corporate real estate digital solutions by integrating these two products with CoStar and empowering our clients with the anonymized aggregated information we and this community of corporates can bring together.

我們已經開始整合 CoStar Real Estate Manager 和我們新收購的公司 Visual Lease。這兩家公司為數千家大公司管理超過 100 萬份租約，在租賃會計、租賃管理和交易管理領域處於領先地位。我們的目的是透過將這兩款產品與 CoStar 結合，並為我們的客戶提供我們和這個企業社區可以匯集的匿名匯總訊息，從而構建下一代企業房地產數位解決方案。

Just as CoStar STR aggregates and anonymizes the confidential pricing and occupancy information for the world's major hotels and creates invaluable, accurate, and precise hospitality revenue information that that industry relies on, we intend to do the same thing for corporate real estate. This would empower decision-makers to quickly evaluate potential transactions and understand if they're reasonable in the marketplace.

正如 CoStar STR 匯總並匿名化全球主要酒店的機密定價和入住率資訊並創建該行業所依賴的寶貴、準確和精確的酒店收入資訊一樣，我們打算對企業房地產做同樣的事情。這將使決策者能夠快速評估潛在交易並了解它們在市場上是否合理。

Corporate occupiers with hundreds or even thousands of leases renewing in a quarter or a year would have very good visibility into how new rent levels would increase or reduce their cost on renewal. Within CoStar, users would be able to access very precise rent levels by geography, segment, and quality, empowering them to make better informed leasing, valuation, lending, transaction development and investment decisions.

在一個季度或一年內，擁有數百甚至數千份續約合約的企業租戶可以非常清楚地了解新的租金水平將如何增加或減少他們的續約成本。在 CoStar 中，使用者可以按地理位置、細分市場和品質了解非常精確的租金水平，從而幫助他們做出更明智的租賃、估價、貸款、交易開發和投資決策。

Building this next-generation corporate real estate solution and the associated rent indices is one of our top priorities for CoStar in 2025. We believe that the total addressable revenue opportunity for CoStar is enormous and that this initiative will help us recognize more of that huge TAM sooner.

建構下一代企業房地產解決方案和相關租金指數是 CoStar 2025 年的首要任務之一。我們相信，CoStar 的總潛在收入機會是巨大的，這項舉措將幫助我們更快地認識到巨大的潛在收入機會。

We continue to make good progress on building CoStar in Europe and particularly in France for the top markets there, and we expect to release CoStar France by year-end 2025. We intend to grow the CoStar sales team by 20% this year.

我們繼續在歐洲尤其是法國頂級市場推動 CoStar 建設，並取得良好進展，我們預計將於 2025 年底推出 CoStar France。我們計劃今年將 CoStar 銷售團隊擴大 20%。

Turning to LoopNet, it's the most heavily trafficked marketplace for commercial real estate in the United States and one of the most effective ways to market commercial real estate. We believe that it has more than $1 billion TAM in the US alone.

談到 LoopNet，它是美國交易量最大的商業房地產市場，也是推銷商業房地產最有效的方式之一。我們認為，光是在美國，其潛在市場規模就已超過 10 億美元。

In 2025, one of our primary objectives is to move the asset-based pricing -- move to asset-based pricing, where the price-to-market high-value properties is greater than the price-to-market lower-value properties. We have begun renewing contracts on this basis and for the first cohort of contracts that received price increases, 98% have renewed at the significant price list. We believe that we can expand the volume of properties market on LoopNet by lowering the price point for some properties for which the current one-size-fits-all pricing is not affordable.

2025 年，我們的主要目標之一是轉向基於資產的定價——轉向基於資產的定價，其中高價值房產的市場價格高於低價值房產的市場價格。我們已在此基礎上開始續簽合同，對於第一批提價的合同，98％已按重要價格表續簽。我們相信，透過降低一些目前一刀切定價方式無法負擔的房產價格，我們得以擴大 LoopNet 上的房地產市場規模。

We are shifting our sales force's emphasis from selling a few higher-priced depth advertisements to selling higher volumes of asset-based priced advertisements. While we will continue to sell the higher-tier ads, we believe that we will generate significantly more revenue growth by selling a higher mix of the silver, basic-tier ads that renew at a very high level.

我們正在將銷售人員的重點從銷售少量價格較高的深度廣告轉向銷售大量基於資產的定價廣告。雖然我們將繼續銷售更高等級的廣告，但我們相信，透過銷售更高比例的銀牌、基本等級且續約金額非常高的廣告，我們將實現更多的收入成長。

Along with crossing the $1 billion revenue mark in 2024, Apartments.com turned in a very strong fourth quarter. Revenue was $276 million for the fourth quarter of 2024. Our multi-family revenue is subscription-based with outstanding customer satisfaction with NPS scores of 94 or average NPS score of 94 and very high renewal rates in the 90s with a monthly renewal rate of 99%.

除了在 2024 年突破 10 億美元營收大關之外，Apartments.com 的第四季也表現強勁。2024 年第四季營收為 2.76 億美元。我們的多戶型收入是基於訂閱，客戶滿意度非常高，NPS 得分為 94 或平均 NPS 得分為 94，續訂率非常高，達到 90 多%，每月續約率為 99%。

In 2024, we reached 90% of renters, and all of our prospects and clients through almost every marketing channel. In 2025, we expect to deliver 13 billion impressions across TV, streaming video, podcasts, social media and influencers, direct digital, paid search, and display. We'll be launching five new advertising spots for Apartments.com with Jeff Goldblum.

到 2024 年，我們將透過幾乎所有的行銷管道接觸到 90% 的租戶以及所有的潛在客戶和客戶。到 2025 年，我們預計在電視、串流影音、播客、社群媒體和影響者、直接數位、付費搜尋和展示方面實現 130 億次展示。我們將與 Jeff Goldblum 合作為 Apartments.com 推出五個新的廣告。

Our marketing campaign continues to deliver with top programming venues. In March, you'll see us all over March madness. Our unmatched retargeting program creates 1 billion annual impressions and 1.4 million leads.

我們的行銷活動將繼續與頂級節目場所合作。三月，你會在瘋狂三月的各處看到我們。我們無與倫比的重定向計畫每年可創造 10 億次展示和 140 萬條潛在客戶。

Apartments.com continues to be the industry leader across many key metrics. We have set the standard in multi-family for high-quality leads and a strong in-person sales force. Apartment owners see Apartments.com as number one in the metric that matters most to them, delivering leases.

Apartments.com 在許多關鍵指標上繼續保持行業領先地位。我們為多戶型住宅樹立了高品質銷售線索和強大的現場銷售團隊的標準。公寓業主認為 Apartments.com 在他們最關心的指標——租賃交付量方面位居第一。

In 2024, according to Entrada, we produced 1.5 times more leases than all of our competitors combined. Most importantly, Apartments.com delivered 3 times the number of leads that convert to leases compared to our competitors.

根據 Entrada 的數據，2024 年，我們的租約數量比所有競爭對手的總和多 1.5 倍。最重要的是，與我們的競爭對手相比，Apartments.com 提供的轉化為租賃的潛在客戶數量是我們的三倍。

So with the most leads and the best conversion rate, we delivered 4.8 times more leases than other rental networks. We dominate apartment search engine results and are number one in organic search for the term apartments. We are also number one in paid search with 1.8 times more than all the competitors combined. We had 35 million average monthly unique visitors in the fourth quarter for our Apartments.com network.

因此，憑藉最多的潛在客戶和最佳的轉換率，我們提供的租約比其他租賃網路多 4.8 倍。我們在公寓搜尋引擎結果中佔據主導地位，並在「公寓」一詞的自然搜尋中排名第一。我們在付費搜尋方面也名列第一，搜尋量是所有競爭對手總和的 1.8 倍。第四季度，Apartments.com 網路每月平均獨立訪客數為 3,500 萬。

Similarweb reported that Apartments.com had the most visitors in 2024 and more than Zillow and Rent.com combined. The Apartments.com network delivered by far the most visits in the industry with $920 million in 2024.

Similarweb 報導稱，2024 年 Apartments.com 的訪問量最多，超過了 Zillow 和 Rent.com 的訪問量總和。Apartments.com 網路的訪問量迄今為止是業界最高的，到 2024 年訪問量將達到 9.2 億美元。

With consumers, we have dominated brand awareness with two out of three apartment seekers saying they will use Apartments.com. That is nearly double Zillow and 5 times more than Rent.com. We have higher brand awareness than Zillow and Rent.com combined among apartment seekers.

對於消費者來說，我們的品牌知名度已經佔據主導地位，三分之二的公寓尋找者表示他們會使用 Apartments.com。這幾乎是 Zillow 的兩倍，是 Rent.com 的五倍。在公寓尋找者中，我們的品牌知名度比 Zillow 和 Rent.com 的總和還要高。

We continue to add new customers with properties of all unit counts to our marketplace at a rapid pace with more than 75,000 paying apartment communities on our network, up 7% year over year. This includes more than 10,000 in the 5- to 49-unit range.

我們繼續快速地向我們的市場增加擁有各種單位數房產的新客戶，我們的網路上有超過 75,000 個付費公寓社區，較去年同期成長 7%。其中包括 5 至 49 個單位範圍內的 10,000 多個。

Business to our house, condo, and townhouse pages increased 25% year over year and 32% in Q4 2024 over the prior year. We increased the number of single-family rental listings by 26% over $3 million year over year -- over $3 million, not year over year. In 2024, paid single-family rental listings increased 59% year over year to 323,600, with a number of independent rental owners using Apartment.com climbing to 13% to 244,000. For the year, we processed nearly $5 billion in rental payments or just over $5 billion in rental payments.

我們的房屋、公寓和聯排別墅頁面的業務同比增長了 25%，2024 年第四季度比上年增長了 32%。與去年同期相比，我們的單戶住宅租賃房源數量增加了 26%，租金超過 300 萬美元——是超過 300 萬美元，而不是同比增長。2024 年，付費單戶住宅租賃房源年增 59% 至 323,600 套，其中使用 Apartment.com 的獨立租賃業主數量攀升 13% 至 244,000 人。今年，我們處理了近 50 億美元的租金支付，或剛剛超過 50 億美元的租金支付。

In a little over a year, we are already number one in traffic in Canada, our newest Apartments.com market, which demonstrates the success we can have extending a brand from one market -- one country to another. There's still a lot of room to grow this business. We see $2.6 billion of opportunity in the 20-unit-plus buildings and above, and there is much more opportunity below 20 units. We believe there is more than a $9 billion TAM in multi-family. We intend to grow the Apartment.com sales force headcount, 23% in 2025 to keep up with the potential of the site.

在短短一年多的時間裡，我們的 Apartments.com 最新市場加拿大的訪問量已位居第一，這證明了我們可以成功地將品牌從一個市場（一個國家）擴展到另一個國家。這項業務仍有很大的成長空間。我們發現，20 個以上單元的建築中蘊藏著價值 26 億美元的機會，而 20 個以下單元的建築中則蘊藏著更多的機會。我們相信，多戶型住宅的潛在市場規模超過 90 億美元。我們計劃在 2025 年將 Apartment.com 銷售人員數量增加 23%，以跟上網站的潛力。

Last week, Redfin announced an agreement to transfer basically the guts of the apartments Redfin portal business to Zillow. Redfin acquired Rentpath, the parent company of Rent.com, an apartment guide for $608 million in February of 2021. Redfin was able to purchase Rentpath after the FTC blocked our $588 million purchase after Rentpath had gone bankrupt.

上週，Redfin 宣布了一項協議，將公寓 Redfin 入口網站業務的核心部分轉讓給 Zillow。2021 年 2 月，Redfin 以 6.08 億美元收購了公寓指南 Rent.com 的母公司 Rentpath。在 Rentpath 破產後，美國聯邦貿易委員會 (FTC) 阻止了我們以 5.88 億美元收購 Rentpath，之後 Redfin 才得以收購 Rentpath。

On the day Redfin purchased Rentpath, its stock was trading at $9.8 a share. And since that date, their stock is dropped precipitously down 91% to $8.87 a share at yesterday's close. I think it's safe to say that Rent.com has not performed well under Redfin. So probably good that it's moving on.

Redfin 收購 Rentpath 當天，股價為每股 9.8 美元。自此以後，其股價急劇下跌 91%，昨日收盤價為每股 8.87 美元。我認為可以肯定地說，Rent.com 在 Redfin 的領導下表現不佳。因此，事情繼續進展或許是件好事。

While the announcement called the deal of partnership, I believe it's effectively a sale of the asset that attempts to avoid FTC regulatory review. I find it hard to believe the FTC will ultimately surrender the authority to investigate the potential loss of competition that this deal appears to achieve. We believe that if present to the FTC as a transaction, the FTC would obviously block such a deal.

雖然該聲明稱這是一項合作交易，但我認為這實際上是一種試圖逃避聯邦貿易委員會監管審查的資產出售。我很難相信聯邦貿易委員會最終會放棄調查該交易可能帶來競爭損失的權力。我們認為，如果將其作為交易提交給聯邦貿易委員會，聯邦貿易委員會顯然會阻止這樣的交易。

As part of the deal, Zillow pays Redfin $100 million upfront. Redfin terminates 450 of the vast -- or Redfin will be terminating 450 or the vast majority of the Rent.com staff, and Redfin will attempt to transfer its apartment property management clients to Zillow.

作為交易的一部分，Zillow 向 Redfin 預付 1 億美元。Redfin 將解僱 450 名或絕大多數 Rent.com 員工，並且 Redfin 將嘗試將其公寓物業管理客戶轉移給 Zillow。

Effectively going forward, Rent.com will no longer operate as a normal independent competing website, but rather will only operate as a shell syndication site sending leads to Zillow. We do not know the terms and costs of the lease syndication deal, but I would not be surprised if Zillow ultimately has to pay Redfin hundreds of millions, if not a billion dollars for what we see as relatively low converting leads.

實際上，從長遠來看，Rent.com 將不再作為普通的獨立競爭網站運營，而只是作為一個向 Zillow 發送線索的空殼聯合網站運營。我們不知道租賃聯合交易的條款和成本，但如果 Zillow 最終不得不向 Redfin 支付數億美元甚至數十億美元，以換取我們認為轉換率相對較低的潛在客戶，我不會感到驚訝。

This would not sound like an attractive transaction. Certainly, apartment property managers will have less choice now.

這聽起來並不是一個有吸引力的交易。當然，公寓物業經理現在的選擇會更少。

We see a large opportunity to win away many of the properties formerly market on Rent.com without paying Redfin a mass sum of money. It feels like jump ball on the former Redfin clients, and our Paige Forrest and team are quite tall.

我們看到了一個巨大的機會，可以贏得許多以前在 Rent.com 上銷售的房產，而無需向 Redfin 支付一大筆錢。這感覺就像對前 Redfin 客戶來說跳球一樣，我們的 Paige Forrest 和團隊相當高大。

We launched the new Homes.com just one year ago during Super Bowl LVIII. At roughly the same time, we acquired the residential portal on the market in the UK and relaunched it as well. In just one year, we've made tremendous progress towards our goal of providing the leading residential real estate portals and monetizing a new multi-billion dollar TAM opportunity for CoStar Group.

一年前，我們在第八十三屆超級盃期間推出了全新的 Homes.com。大約在同一時間，我們收購了英國市場上的住宅門戶網站並重新推出了它。在短短一年的時間裡，我們在提供領先的住宅房地產入口網站和為 CoStar 集團創造數十億美元新的 TAM 機會的道路上取得了巨大進步。

In less than one year, the Homes.com network became the second-largest real estate portal in the United States based on traffic with an audience of 110 million average monthly unique visitors in the fourth quarter, according to Google Analytics. 110 million unique visitors is nearly double Realtor.com's 62 million average monthly unique visitors that News Corp reported for the same quarter recently.

根據Google分析 (Google Analytics) 的數據，不到一年的時間，Homes.com 網路就成為美國第二大房地產入口網站（以流量計算），第四季平均每月獨立訪客數達到 1.1 億。 1.1 億獨立訪客數幾乎是新聞集團最近報道的 Realtor.com 同一季度平均每月 6,200 萬獨立訪客數的兩倍。

I think that's remarkable. Realtor.com launched 30 years ago in its predecessor form back in 1995, and we passed them in apples-to-apples traffic in our first year of the relaunch. We began the year with our low-single-digit unaided awareness and during the year, built and grew that awareness number to as high as 33%. As we complete our second successful Super Bowl campaign and launch our 2025 campaign, I believe that we can reach 50% unaided awareness this year potentially surpassing in two years what our competitors spent 30 years building.

我認為這太了不起了。Realtor.com 的前身是 1995 年上線的，距今已有 30 年，在重新上線的第一年，我們的流量就遠遠超過了他們。今年年初，我們的無輔助認知度僅為個位數，而在這一年中，我們的認知度已上升至 33%。隨著我們成功完成第二次超級盃宣傳活動並啟動 2025 年宣傳活動，我相信今年我們可以達到 50% 的無輔助認知度，有可能在兩年內超越我們的競爭對手花費 30 年建立起來的認知度。

We began last year with 41 Homes.com salespeople, and today, we have 275. With job offers outstanding, we are forecasting an additional 50 hires in March alone. Our goal is to have 500 Homes.com salespeople in place by the end of the year and productive. Achieving that goal, our Homes.com sales force will go from basically not existing last year to being one of our largest sales teams in just two years.

去年我們剛開始時只有 41 位 Homes.com 銷售人員，而今天我們已經有 275 位了。由於有大量工作機會，我們預計僅在 3 月就會額外招募 50 人。我們的目標是在今年年底擁有 500 名 Homes.com 銷售人員並且富有成效。為了實現這一目標，我們的 Homes.com 銷售團隊將從去年基本上不存在發展成為短短兩年內我們最大的銷售團隊之一。

Despite that, the fact is the entire team is literally rookies, but they're selling effectively. During Q4, the team in production sold on average 1,742 net new monthly revenue. As the denominator grew dramatically coming into January with more new head count, the January number remains strong at 1,636 net new per month.

儘管如此，事實上整個團隊都是新手，但他們的銷售效率很高。第四季度，生產團隊平均每月淨銷售新收入 1,742 份。隨著 1 月新進員工數量的增加，分母急劇成長，1 月的數字仍保持強勁，每月淨新增 1,636 人。

In January, the dedicated home sales team sold $3.73 million in annualized net revenue based upon that group's sales and their cancels. I expect that as the team both grows and becomes more experienced, that the sales numbers will increase significantly.

1 月份，專門的房屋銷售團隊根據其銷售額和取消量實現了 373 萬美元的年化淨收入。我預計，隨著團隊的成長和經驗的豐富，銷售數字將會大幅增加。

The dedicated home sales team is significantly more effective at servicing our new clients, achieving good net new promoter scores and renewing business then was the stop gap broader sales effort we put in in the beginning of the year on ad hoc basis. We launched the new Homes.com memberships last year. I believe we offered a better value proposition than did the legacy residential portals, but it required educating real estate agents accustomed to buying agency leads for 30 years -- and we need to educate them to the fact that we were selling solutions to win more seller listings.

與我們在年初臨時進行的更廣泛的銷售努力相比，專門的房屋銷售團隊在服務新客戶、取得良好淨新推薦值和恢復業務方面效率顯著提高。我們去年推出了新的 Homes.com 會員資格。我相信我們提供的價值主張比傳統的住宅門戶網站更好，但它需要對 30 年來習慣於購買代理線索的房地產經紀人進行教育——我們需要讓他們知道，我們銷售的解決方案是為了贏得更多的賣家房源。

Simply put, Homes.com provides a unique Internet marketing solution that helps agents sell the home they were hired to sell faster and for more money, making them better listing agents. Because they can show prospective homebuyers that they have a superior selling solution, they should be hired more often.

簡而言之，Homes.com 提供獨特的網路行銷解決方案，幫助代理商更快地以更高的價格出售他們受僱出售的房屋，使他們成為更好的上市代理商。因為他們可以向潛在的購屋者展示他們擁有卓越的銷售解決方案，所以應該更頻繁地僱用他們。

In contrast, the legacy solutions in the past 30 years sell agents leads that really belong to competing agents. Our model is used by 95% of the real estate portals around the world and is associated with profitable real estate portals. And that stands in contrast to the legacy US portals, which are really in the minority with the lead diversion model and has struggled with profitability.

相較之下，過去 30 年的傳統解決方案向代理商出售的線索實際上屬於競爭代理商。我們的模型被全球95%的房地產入口網站所採用，並與獲利的房地產入口網站相關聯。這與美國傳統入口網站形成了鮮明對比，這些入口網站在採用領先轉移模式方面確實是少數，而且在獲利方面也舉步維艱。

When we first launched, many agents thought that we were just like the legacy portals, selling them leads that belong to competing agents. So initially, we had negative NPS scores that needed improvement. As we built a dedicated Homes.com sales team just focused on selling and servicing residential agents, they did a much better job communicating our superior value proposition.

當我們首次推出時，許多代理商認為我們就像傳統入口網站一樣，向他們出售屬於競爭代理商的潛在客戶。因此最初，我們的 NPS 分數為負，需要改進。由於我們建立了專門的 Homes.com 銷售團隊，專注於銷售和服務住宅代理商，他們在傳達我們卓越的價值主張方面做得更好。

Our NPS scores have climbed dramatically throughout the year. When the broader sales force first began selling last year, our NPS was negative 40. But by January, our dedicated home sales team is achieving an average NPS score of 28, which is in the good category and 2 points away from the great category.

我們的 NPS 分數全年大幅上升。去年，當廣大銷售人員剛開始銷售時，我們的 NPS 為-40。但到了 1 月份，我們專門的房屋銷售團隊的平均 NPS 分數已達到 28，屬於良好類別，距離優秀類別僅差 2 分。

At CoStar Group, we're accustomed to consistently achieving great and excellent NPS scores, but brand-new products do not launch at excellent. When Apartments first launched the NPS scores were 10 and now at decades later, I mentioned, they average 94.

在 CoStar Group，我們習慣持續獲得優異的 NPS 分數，但全新的產品並不會以優異的成績推出。當 Apartments 首次推出時，NPS 分數為 10，而現在，幾十年過去了，正如我所提到的，平均分數為 94。

Homes.com NPS climbed 68 points in just one year. I want to congratulate the team on that achievement. It's an incredible accomplishment. We already have many of our Homes.com sales reps earning excellent NPS scores at 80 and above. Our goal is to get everyone up in that range. We expect that higher NPS scores will drive higher renewal rates and drive additional sales through referrals.

Homes.com 的 NPS 僅在一年內就攀升了 68 個百分點。我要祝賀團隊取得這項成就。這是一個令人難以置信的成就。我們 Homes.com 的許多銷售代表已經獲得了 80 以上的優秀 NPS 分數。我們的目標是讓每個人都達到這個範圍。我們預計，更高的 NPS 分數將推動更高的續訂率，並透過推薦推動更多的銷售。

When we relaunched an all-new Homes.com site one year ago, I felt we offered one of the best search experiences for buying or selling a home. While I was extremely proud to work with exceptional development product teams on such a successful launch, I am even more proud by how much those teams have accomplished in the first 12 months after that great initial launch.

當我們一年前重新推出全新的 Homes.com 網站時，我覺得我們為購買或出售房屋提供了最好的搜尋體驗之一。我非常自豪能夠與出色的產品開發團隊合作完成如此成功的發布，但更為自豪的是這些團隊在首次發布後的前 12 個月所取得的成就。

At our sales conference a week or so ago, I walked through over 110 new important features our teams added to the product across 2024. The features are too numerous to detail but include innovative valuation tools, lead verification, search by commuting distance, visualization layers to assess crime, schools, renters, owners, and adding residential news and much, much more.

在大約一週前的銷售會議上，我介紹了我們的團隊在 2024 年為產品添加的 110 多個重要新功能。其功能不勝枚舉，但包括創新的估值工具、線索驗證、按通勤距離搜尋、評估犯罪、學校、租戶、業主的可視化層，以及添加住宅新聞等等。

When I look at the product road map in the year ahead, I believe it's the most innovative work that I've ever seen in my career by a wide margin. I feel that everyone in the Homes.com product and development team is excited to be working on one of the most effective, innovative, and exceptional development teams anywhere in any industry. There are three major initiatives for Homes.com in 2025 that we believe will add new revenue streams to Homes.com.

當我展望未來一年的產品路線圖時，我相信這是我職業生涯中見過的最具創新性的工作。我覺得 Homes.com 產品和開發團隊中的每個人都很高興能夠加入任何行業中最高效、最具創新力、最卓越的開發團隊之一。我們相信，Homes.com 在 2025 年將推出三大舉措，為 Homes.com 帶來新的收入來源。

Our UK residential real estate portal on the market also achieved significant growth in our first year running it. In just one year, we've grown the number of advertisers 23% and the number of properties listed by over 40%. Our marketing investment has led to an increase in total visits by 75%, which in turn generated 42% more leads for agents.

我們的英國住宅房地產門戶網站在營運的第一年也實現了顯著的成長。僅僅一年時間，我們的廣告商數量就增加了 23%，列出的房產數量增加了 40% 以上。我們的行銷投資使總訪問量增加了 75%，從而為代理商帶來了 42% 的潛在客戶。

As a result, OnTheMarket has seen eight consecutive months of net new revenue growth. Last week, launched the new Homes.com second year with two -- we launched the new year, year two, with two new Super Bowl ads. I was proud that Adweek raised our ads as number two in Super Bowl ad ranking this year.

因此，OnTheMarket 已連續八個月實現淨新收入成長。上週，我們推出了新的 Homes.com，這是新一年的第二年，我們推出了兩個新的超級盃廣告。我很自豪，Adweek 今年將我們的廣告提升到超級盃廣告排名的第二位。

We believe that homes.Com is now the best site for hub shoppers, sellers, agents, and brokers. Homes.com has a clean, spam-free design, more content than other sites have, robust and growing product functionality and most importantly, a better business model in which all the parties can be aligned.

我們相信，homes.Com 現在是中心購物者、賣家、代理商和經紀人的最佳網站。Homes.com 的設計簡潔、沒有垃圾郵件，內容比其他網站更豐富，產品功能強大且不斷增長，最重要的是，它擁有一個可以讓各方協調一致的更好的商業模式。

We want to let the world know that Homes.com is the best, but our attorneys say we cannot legally say that. So we built an ad campaign trying to say that we are the best, but not doing it in line with our reality. This year, our two 30-second Super Bowl ads featured Morgan Freeman, Dan Levy, and Heidi Gartner. When Morgan Freeman tries to say Homes.com is the best, it sounds like the voice of God.

我們想讓全世界知道 Homes.com 是最好的，但我們的律師說，從法律上來說我們不能這麼說。因此，我們發起了一場廣告活動，試圖宣稱我們是最好的，但這並不符合我們的現實。今年，我們的兩則 30 秒超級盃廣告由摩根費里曼、丹利維和海蒂加特納主演。當摩根費里曼試圖說 Homes.com 是最好的時，這聽起來就像上帝的聲音。

Overall, our marketing campaign for Homes.com continues to deliver strong results. In 2024, we delivered nearly 19 million impressions with nearly 3 billion impressions in Q4. In 2024, we ran more than 47,000 commercials, including spots and high-profile media like the Olympics, the World Series, College Football, the NFL, the Grammys, the Emmys, and across primetime TV and streaming video like Netflix, Disney, Paramount, YouTube, and ESPN. We are also advertising on streaming audio partners like iHeartRadio, Spotify, Pandora, and Amazon Music, including podcasts like Freakonomics, Mad Money, and Conan O'Brien.

整體而言，我們針對 Homes.com 的行銷活動持續取得強勁成果。2024 年，我們的展示次數接近 1,900 萬次，第四季的展示次數接近 30 億次。2024 年，我們播放了超過 47,000 個廣告，包括奧運、世界大賽、大學橄欖球賽、美國職業橄欖球聯盟、葛萊美獎、艾美獎等廣告和高知名度媒體，以及 Netflix、Disney、Paramount、YouTube 和 ESPN 等黃金時段電視和串流影片。我們也在 iHeartRadio、Spotify、Pandora 和 Amazon Music 等串流音訊合作夥伴上做廣告，包括 Freakonomics、Mad Money 和 Conan O'Brien 等播客。

We are all over social media with millions of impressions on Meta, Pinterest, Reddit, and TikTok and whatnot. 90% of Americans have likely seen Homes.com ads. We believe that we have built the best site for buying and selling a home. Our members are gaining dramatically more exposure for their sellers on Homes.com. They're listing sell faster and for more money on average. And because our members offer superior marketing solution, they're winning 58% more listings.

我們遍佈社群媒體，在 Meta、Pinterest、Reddit、TikTok 等平台上的曝光量達數百萬。 90% 的美國人可能都看過 Homes.com 的廣告。我們相信我們已經建立了最好的房屋買賣網站。我們的會員在 Homes.com 上為他們的賣家獲得了顯著的曝光率。他們列出的商品銷售速度更快，而且平均售價更高。而且由於我們的會員提供卓越的行銷解決方案，他們贏得的清單數量增加了 58%。

We had a great first year for Homes.com, and we're building phenomenal momentum to create the leading site for buying and selling homes. I believe that we can win major share, grow a third $1 billion business, and generate substantial long-term EBITDA value for our shareholders.

Homes.com 成立的第一年取得了輝煌的成績，我們正積聚驚人力量，致力於將其打造為領先的房屋買賣網站。我相信我們能夠贏得主要份額，發展第三個 10 億美元業務，並為我們的股東創造可觀的長期 EBITDA 價值。

A quick update on Matterport. CoStar and Matterport have each certified substantial compliance with the FTC's second request and continue to work cooperatively with the FTC's review of CoStar's pending Matterport acquisition. We believe we're on track for the deal to close in the first quarter.

有關 Matterport 的快速更新。CoStar 和 Matterport 都已證明基本遵守了 FTC 的第二項請求，並繼續配合 FTC 對 CoStar 即將進行的 Matterport 收購的審查。我們相信該交易將在第一季完成。

One of our main investments in 2025, we probably picked up will be growing our sales force. We plan to grow the sales force from 1,390 at December 2024 to reach 1,890 by December 2025. Adding approximately 500 salespeople will grow our sales force by 35% and, we believe, bring significant revenue growth potential or incremental additional revenue growth potential to a great business.

我們在 2025 年的主要投資之一可能是擴大我們的銷售團隊。我們計劃將銷售團隊從 2024 年 12 月的 1,390 人增加到 2025 年 12 月的 1,890 人。增加約 500 名銷售人員將使我們的銷售團隊增加 35%，我們相信，這將為偉大的企業帶來巨大的收入成長潛力或增量額外收入成長潛力。

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

現在，我將把電話轉給我們的財務長克里斯。

Thank you, Andy. Full-year 2024 revenue grew 11% versus the prior year, Coming in ahead of consensus and above the high end of our revenue guidance range. Full-year adjusted EBITDA in 2024 came in above expectations at $241 million and a 9% margin, also exceeding consensus on the high end of our guidance range. Our commercial information and marketplace brands delivered 43% profit margins for 2024, proving the underlying strength of the commercial product portfolio as we continue to invest in our residential and international strategy.

謝謝你，安迪。2024 年全年營收較上年成長 11%，超出預期，且高於我們營收預期範圍的高端。2024 年全年調整後 EBITDA 高於預期，達到 2.41 億美元，利潤率為 9%，也超過了我們預期範圍的高端。我們的商業資訊和市場品牌在 2024 年實現了 43% 的利潤率，證​​明了商業產品組合的潛在實力，因為我們將繼續投資於住宅和國際策略。

CoStar revenue grew 10% in both the fourth quarter and full year of 2024, in line with our guidance. As mentioned on previous calls, CoStar revenue was positively impacted by the integration of the STR benchmarking into our CoStar platform. This integration resulted in approximately 4 percentage points of CoStar revenue growth in 2024.

CoStar 的營收在 2024 年第四季和全年均成長了 10%，符合我們的預期。正如先前的電話會議中所提到的，STR 基準測試整合到我們的 CoStar 平台對 CoStar 的收入產生了積極影響。此次整合將使 CoStar 2024 年的營收成長約 4 個百分點。

For Q1 2025, we expect revenue growth of 6% as STR has now been integrated into CoStar, and we expect 6% to 7% growth for the full year as we continue to manage through the challenging CRE markets.

對於 2025 年第一季度，我們預計營收將成長 6%，因為 STR 現已整合到 CoStar 中，我們預計全年營收將成長 6% 至 7%，因為我們將繼續應對充滿挑戰的 CRE 市場。

Apartments.com revenue grew by $153 million or 17% year over year in 2024, in line with our expectations and in line with Apartments.com's five-year revenue CAGR. We expect Apartment.com revenue growth of 11% to 12% for the full year of 2025, and we are forecasting 11% revenue growth for the first quarter. Our moderating growth rate in 2025 reflects the increased scale of Apartments.com and the impact of Apartments.com sales reps supporting both our commercial brand as well as the launch of Homes.com in 2024. We believe the expansion of our Apartments.com sales force throughout 2025 should bolster growth as we continue to penetrate the significant untapped TAMs.

2024 年，Apartments.com 的營收將年增 1.53 億美元，增幅為 17%，符合我們的預期，也與 Apartments.com 的五年收入複合年增長率一致。我們預計 Apartment.com 2025 年全年營收將成長 11% 至 12%，其中第一季營收將成長 11%。我們在 2025 年的放緩增長率反映了 Apartments.com 規模的擴大以及 Apartments.com 銷售代表對我們的商業品牌以及 2024 年推出的 Homes.com 的支持的影響。我們相信，隨著我們繼續滲透尚未開發的大量 TAM，2025 年 Apartments.com 銷售團隊的擴張將促進成長。

LoopNet revenue grew 5% in the fourth quarter and 6% for the full year of 2024, in line with our guidance. We expect that in the first quarter of 2025 and for the full year of 2025, LoopNet revenue growth will be in the mid-single digits, consistent with 2024 growth.

LoopNet 營收在第四季成長了 5%，2024 年全年成長了 6%，符合我們的預期。我們預計，2025 年第一季和 2025 年全年，LoopNet 營收成長將達到中等個位數，與 2024 年的成長保持一致。

Revenue from information services was $37 million in the fourth quarter and $136 million for the full year of 2024. We expect Information Services revenue growth for 2025 to be in the range of 18% to 20%, with Visual Lease contributing approximately $40 million of revenue. Revenue growth for the first quarter of 2025 is expected to be in the high-teens to low-20% range.

第四季資訊服務收入為 3,700 萬美元，2024 年全年資訊服務收入為 1.36 億美元。我們預計 2025 年資訊服務收入成長率將在 18% 至 20% 之間，其中 Visual Lease 將貢獻約 4,000 萬美元的收入。預計 2025 年第一季的營收成長率將達到 15% 至 20% 之間。

Other marketplaces revenue was $36 million for the fourth quarter and $130 million for the full year 2024. We expect revenue growth for 2025 in the mid- to high-single-digits and first-quarter revenue slightly below $30 million. We expect 10x transaction volumes to ramp through 2025 and in line with an expected improvement in overall CRE transaction volumes.

其他市場第四季營收為 3,600 萬美元，2024 年全年營收為 1.3 億美元。我們預計 2025 年營收成長率將達到中高個位數，第一季營收將略低於 3,000 萬美元。我們預計到 2025 年交易量將成長 10 倍，與整體 CRE 交易量的預期改善保持一致。

Residential revenue was $28 million in the fourth quarter and $101 million for the full year of 2024. Our 2025 residential revenue growth outlook is in the high-teens to low-20s percent range, and we expect first-quarter revenue growth of approximately 40%.

第四季住宅收入為 2,800 萬美元，2024 年全年住宅收入為 1.01 億美元。我們對 2025 年住宅收入成長的預期在 10% 到 20% 之間，我們預計第一季的營收成長約為 40%。

For CoStar Group, net income was $60 million for the fourth quarter and $139 million for the full year of 2024. We earned $213 million of net investment income on our $4.7 billion in cash in 2024 and or a 5.5% net yield.

CoStar Group 第四季淨收入為 6,000 萬美元，2024 年全年淨收入為 1.39 億美元。2024 年，我們從 47 億美元現金中獲得了 2.13 億美元的淨投資收益，即 5.5% 的淨收益率。

Our sales force totaled 1,390 people at the end of 2021, with the majority of the increase concentrated in our Homes.com residential business. We expect to have over 500 sales reps for Homes.com by the end of 2025. Due to the large untapped total addressable market in the commercial real estate and apartment markets, we are also expanding the sales force of CoStar apartments and LoopNet to capture that opportunity. Our contract renewal rate was 89% in the fourth quarter of 2024 and remains strong at 94% of customers who have been subscribers for five years or longer.

截至 2021 年底，我們的銷售團隊總計 1,390 人，其中大部分成長集中在我們的 Homes.com 住宅業務。我們預計到 2025 年底 Homes.com 將擁有超過 500 名銷售代表。由於商業房地產和公寓市場中尚未開發的潛在市場總量龐大，我們也正在擴大 CoStar 公寓和 LoopNet 的銷售隊伍，以抓住這個機會。我們的合約續約率在 2024 年第四季為 89%，並且仍然保持強勁，訂閱五年或更長時間的客戶的續約率達到 94%。

Subscription revenue on annual contracts was 80% for the fourth quarter of 2024. Net new bookings for the fourth quarter was $53 million, representing a sequential increase of 21% from the third quarter of 2024. We expect net new bookings in 2025 to be higher than 2024, as a result of our sales forces refocused on their respective businesses, a significant increase in dedicated Homes.com sales reps compared to the first quarter of 2024, increased sales forces in our other commercial businesses and improving market conditions in commercial real estate.

2024 年第四季年度合約的訂閱收入為 80%。第四季淨新預訂額為 5,300 萬美元，較 2024 年第三季季增 21%。我們預計 2025 年的淨新預訂量將高於 2024 年，這是由於我們的銷售人員重新專注於各自的業務，與 2024 年第一季相比，專職 Homes.com 銷售代表數量顯著增加，我們其他商業業務的銷售人員增加以及商業房地產市場條件改善。

In 2025, we are also announcing a share buyback program of $500 million. We expect to execute $150 million of share repurchase annually, which will more than offset annual noncash based compensation.

2025 年，我們也將宣布 5 億美元的股票回購計畫。我們預計每年回購 1.5 億美元的股票，這將足以抵消年度非現金薪酬。

Looking ahead to 2025, we expect full year revenue of $2.985 billion to $3.015 billion implying an annual growth rate of 9% to 10%. First-quarter 2025 revenue is expected to range from $711 million to $716 million, representing revenue growth of 9% year over year at the midpoint. 2025 adjusted EBITDA is expected in the range of $375 million to $405 million, reflecting an adjusted EBITDA margin of approximately 13%. The first-quarter 2025 adjusted EBITDA is expected to be $25 million to $35 million.

展望 2025 年，我們預計全年營收為 29.85 億美元至 30.15 億美元，意味著年增長率為 9% 至 10%。預計 2025 年第一季營收在 7.11 億美元至 7.16 億美元之間，中位數營收年增 9%。預計 2025 年調整後 EBITDA 在 3.75 億美元至 4.05 億美元之間，調整後 EBITDA 利潤率約為 13%。2025 年第一季調整後 EBITDA 預計為 2,500 萬至 3,500 萬美元。

Our level of capital expenditures is expected to range from $400 million to $450 million in 2025, with roughly $360 million of that total spend for our Richmond campus, which we expect to be substantially completed in the first half of 2026. Operating capital apart from the Richmond campus is expected to be in the $90 million range, an increase over prior years, primarily due to our planned CapEx for Arlington, Virginia headquarters.

預計 2025 年我們的資本支出水準將在 4 億美元至 4.5 億美元之間，其中約 3.6 億美元用於里士滿園區，我們預計園區將於 2026 年上半年基本完工。除里士滿園區以外的營運資本預計在 9,000 萬美元左右，比前幾年有所增加，這主要歸功於我們為維吉尼亞州阿靈頓總部計劃的資本支出。

Our forecast for net interest income is approximately $170 million for 2025, taking into account our increased capital spend and possible interest rate reductions in the year ahead. This figure does not account for any M&A activity.

考慮到我們增加的資本支出和未來一年可能出現的利率下降，我們預測 2025 年的淨利息收入約為 1.7 億美元。該數字並未考慮任何併購活動。

Finally, we are withdrawing our five-year revenue and EBITDA targets that we set back in February 2022. When we provided this guidance, we could not unforeseen the unprecedented long-lasting downturn in the commercial and residential businesses over these several years. However, looking ahead, we continue to see significant growth opportunities in our core products.

最後，我們撤回了 2022 年 2 月設定的五年收入和 EBITDA 目標。當我們提供該指引時，我們無法預見這些年來商業和住宅業務前所未有的長期低迷。然而，展望未來，我們仍然看到核心產品存在巨大的成長機會。

For CoStar Suite, the significant untapped TAMs, the inclusion of STR, the continued rollout and penetration of the lender product, expansion into Europe in 2025 and 2026, and additional in-development products, leave us optimistic that CoStar will see double-digit growth again once we are through this RE malaise.

對於 CoStar Suite 而言，大量尚未開發的 TAM、STR 的納入、貸款人產品的持續推出和滲透、2025 年和 2026 年向歐洲的擴張以及其他正在開發的產品，讓我們樂觀地認為，一旦我們度過這次房地產低迷期，CoStar 將再次實現兩位數的增長。

In Apartments.com, we expect to continue to see low- to mid-double-digit growth over the coming years, given the $2.6 billion TAM in 20-unit-plus buildings and much more than that in the TAM for 1- to 19-unit buildings. These opportunities remain underpenetrated, and we are optimistic we will capture the lion's share of that opportunity as we continue to invest in the platform and deliver best-in-class metrics and service to help our customers achieve their objectives.

在 Apartments.com 上，我們預計未來幾年將繼續看到低至中兩位數的增長，因為 20 個單元以上的建築的總市場規模為 26 億美元，而 1 至 19 個單元的建築的總市場規模則要高得多。這些機會仍未被充分挖掘，我們樂觀地認為，隨著我們繼續投資該平台並提供一流的指標和服務以幫助我們的客戶實現他們的目標，我們將抓住其中的最大份額。

With the relatively new head of LoopNet and a brand new head of LoopNet sales, we expect LoopNet to again deliver double-digit growth in the future on the back of an expanded footprint and revised pricing strategy. Even in light of its growth from approximately $50 million when we acquired the company to nearly $300 million today, we expect this division to return to double-digit growth as we take advantage of these opportunities. With regard to our other businesses like Real Estate Manager and Visual Lease, Land.com, and BizBuySell, we believe these properties have long-term double-digit growth opportunities.

隨著 LoopNet 的負責人和銷售主管的更換，我們預計 LoopNet 將在擴大業務範圍和修改定價策略的推動下，在未來再次實現兩位數的成長。即使考慮到該部門的規模從我們收購時約 5,000 萬美元增長至如今的近 3 億美元，我們預計，隨著我們利用這些機會，該部門將恢復兩位數的成長。對於我們的其他業務，如房地產經理和 Visual Lease、Land.com 和 BizBuySell，我們相信這些資產具有長期兩位數的成長機會。

Finally, given the meaningful industry changes in the residential real estate market, we remain enthusiastic about Homes.com as we continue to scale this platform to monetize what could be one of CoStar's largest businesses. As we increase our dedicated sales force through 2025, we expect revenue to increase in line with that growth, which will pay dividends from 2026 and beyond, delivering strong double-digit growth.

最後，鑑於住宅房地產市場發生的重大行業變化，我們仍然對 Homes.com 充滿熱情，因為我們將繼續擴大這個平台的規模，以實現 CoStar 最大的業務之一的盈利。隨著我們在 2025 年之前增加專職銷售隊伍，我們預計收入也將隨之增長，並從 2026 年及以後開始產生紅利，實現強勁的兩位數增長。

In summary, I'm proud of our 2024 results delivered during a year complicated by high interest rates, inflation, and economic volatility. We remain focused on our strategic investments in the commercial and residential markets while producing record profit levels in our established commercial businesses.

總而言之，我為我們在高利率、通貨膨脹和經濟波動的複雜一年中取得的 2024 年表現感到自豪。我們將繼續專注於商業和住宅市場的策略性投資，同時在現有的商業業務中創造創紀錄的利潤水平。

With that, I will now turn the call back over to the operator for questions.

說完這些，我現在將把電話轉回給接線生以便回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

John Campbell, Stevens.

約翰坎貝爾、史蒂文斯。

Hey, guys. Thanks for the time and congrats on a solid quarter. Andy, last fall, you talked to being kind of midstream in the data collection efforts in some of the large overseas markets. And then you guys have put out a series of press releases announcing new client partnerships. It seems like your -- the traction is building. I just wanted to get your take on just broadly, how long do you think it takes for international to somewhat rise as a needle mover for suite or for CoStar?

嘿，大家好。感謝您抽出時間，並祝賀本季業績穩健。安迪，去年秋天，您談到在一些大型海外市場的資料收集工作中處於中游地位。然後你們發布了一系列新聞稿宣布新的客戶合作夥伴關係。看起來你的——牽引力正在增強。我只是想廣泛地了解一下，您認為國際需要多長時間才能成為 Suite 或 CoStar 的推動者？

And then secondly, just international expansion to date, I mean it's gone unnoticed from the P&L standpoint, just as far as the investment level. I'm just wondering if you can envision a time where you might want to accelerate that pace and more meaningfully boost the level of investment.

其次，就迄今為止的國際擴張而言，從損益表的角度來看，以及就投資水準而言，它都沒有引起人們的注意。我只是想知道您是否可以設想有一天您可能希望加快這一步伐並更有意義地提高投資水平。

Sure. So we have been making steady progress there. We are in the process of implementing a little bit of financial discipline on P&L across our European operations and making sure that we're not running multiple versions of the same product running both the acquired and the general broader LoopNet CoStar platform. So we have a little bit of a case where we're running some duplicative costs. So one of the reasons you won't see as big a hit in the P&L in the years to come is that we're rationalizing some of those European operations not to run dual initiatives and move towards just a consistent CoStar LoopNet platform in Europe.

當然。因此我們一直在穩步取得進展。我們正在對整個歐洲業務的損益表實施一些財務紀律，並確保我們不會在收購的和更廣泛的 LoopNet CoStar 平台上運行同一產品的多個版本。因此，我們遇到了一些重複成本的情況。因此，未來幾年您不會看到損益表受到太大影響的原因之一是，我們正在合理化一些歐洲業務，不再運行雙重計劃，而是轉向歐洲一致的 CoStar LoopNet 平台。

As I mentioned, we'll have France up and running this year. Spain would be pretty quickly following that. And we are looking at moving all of our marketplaces in Europe to LoopNet this year in 2025. LoopNet is a lot easier to roll out than is CoStar. CoStar is a building-by-building sort of research process, whereas LoopNet is easier to pull together groups of listings that don't have to be comprehensive coverage, just -- it will be the -- we don't believe there's any other sort of pan-European international marketplace for market and commercial real estate that really meets the demand for cross-border leasing and sales activity.

正如我所提到的，我們今年就會在法國開始運作。西班牙很快就會效法。我們計劃於今年（2025年）將歐洲的所有市場遷移至LoopNet。LoopNet 比 CoStar 更容易推廣。CoStar 是一種逐棟建築的研究過程，而 LoopNet 更容易匯總不需要全面覆蓋的房源信息，只是——我們認為，沒有任何其他類型的泛歐洲國際市場和商業房地產市場能夠真正滿足跨境租賃和銷售活動的需求。

So we're making good progress on it. I do not see a massive P&L hit coming anywhere significant P&L hit coming associated with that in 2025. In fact, it will probably go the other way. but we continue to watch for opportunities to grow internationally. And we are making some decent progress on that front.

所以我們在這方面取得了良好的進展。我不認為 2025 年會出現任何與此相關的重大損益損失。事實上，情況很可能會恰恰相反。但我們仍在尋找國際發展的機會。我們在這方面取得了一些進展。

And if you want a second question, we're having a sale today on questions.

如果您想問第二個問題，我們今天正在進行問題銷售。

I'll go in the queue. Thank you.

我會排隊。謝謝。

Pete Christensen, Citi.

花旗銀行的 Pete Christensen。

Thank you. Good evening. I want to double-click on the guide for apartments this year. And considering you had 7%-ish, 8% growth in properties year over year in '24 against almost 17% revenue growth, as you think about that $11 million to $12 million for '25, can you just walk us through the mix of the assumption on property growth versus pricing? And is there -- a function of going down market, so I guess more properties, but it takes longer for you to scale into that big TAM opportunity. Is that how we should think about it? Thanks.

謝謝。晚安.我想雙擊今年的公寓指南。考慮到您在 24 年的房地產同比增長率為 7% 到 8%，而收入增長了近 17%，考慮到 25 年的收入為 1100 萬到 1200 萬美元，您能否向我們介紹一下房地產增長與定價的假設？而且是否有向低端市場發展的功能，所以我想會有更多房產，但需要更長的時間才能擴展到巨大的 TAM 機會。我們該這樣思考嗎？謝謝。

Yeah. I'd say a couple of things. You're right on your metrics around growth in units and pricing. So what we have seen -- just to clarify, I mean, $153 million of revenue, it's significantly bigger that growth versus our biggest competitor. But we still see a massive TAM opportunity to move on units, so increased unit size, but also increased pricing as well. There clearly will be more of a unit increase over the next year versus price increase. And inevitably, as you go further down into the smaller buildings, it does change a little bit the dynamics.

是的。我想說幾件事。您對單位成長和定價的衡量標準是正確的。所以我們看到——只是為了澄清一下，1.53 億美元的收入，與我們最大的競爭對手相比，這一增長要大得多。但我們仍然看到巨大的TAM機會在單位上移動，因此增加了單位規模，同時也增加了定價。顯然，明年銷量的成長幅度將大於價格的成長幅度。不可避免的是，當你進一步深入較小的建築物時，它的動態確實會發生一些變化。

But we believe the TAM in the larger market is still double the size of our current revenue. So there's plenty of opportunity in our key market. There's huge TAM opportunity in the 50 to 100 and the 20 to 50 market. And the biggest TAM opportunity, you got to get it right, is actually the 1 to 19 property market.

但我們相信，較大市場的 TAM 仍然是我們目前收入的兩倍。因此，我們的關鍵市場存在大量機會。50 到 100 和 20 到 50 的市場中存在巨大的 TAM 機會。你必須正確理解的最大 TAM 機會實際上是 1 到 19 房地產市場。

So I think you're thinking about it the right way, and that there's been a pretty even mix between units and pricing over the last couple of years. I think you will see more of a push on unit, at least in 2025, but there's so much opportunity that I'm not sure that once you get through it, that it will matter that much.

所以我認為你的想法是正確的，而且在過去幾年裡，單位數和定價之間的比例相當均衡。我認為，至少在 2025 年，你會看到更多的推動力，但機會太多了，我不確定一旦你度過了難關，它是否還會那麼重要。

Pete, you can see from our NPS at 94 that we spent a lot of time with our existing customers, and that's great. That leaves with us great renewal rates, client loyalty. But that's one of the reasons why you saw a relatively low property growth and then more revenue growth associated with people buying -- same clients buying more exposure for the same properties in a slightly higher vacancy rate market for multi-family or lower occupancy market.

皮特，從我們的 NPS 94 可以看出，我們花了很多時間在現有客戶身上，這很好。這為我們帶來了極高的續約率和客戶忠誠度。但這就是為什麼房地產成長率相對較低，而人們購買帶來的收入成長卻更多的原因之一——同樣的客戶在空置率稍高的多戶型市場或入住率較低的市場中購買同樣的房產，會獲得更多的機會。

We're aware that we invest a lot of time with existing clients in 2024 and part of our initiative in growing the sales force is to basically have the additional headcount we need to go out and reach more new rooftops. So those new road tops are out there.

我們意識到，2024 年我們將在現有客戶身上投入大量時間，而我們擴大銷售團隊的舉措之一就是增加我們需要的員工，以便走出去，覆蓋更多的新屋頂。所以那些新的路基就在那裡。

We own -- there's many tens of thousands of folks we didn't get to talk to at all in 2024. And we hope to talk to more in 2025.

我們擁有——到 2024 年，我們有數以萬計的人根本沒有機會與他們交談。我們希望在 2025 年進行更多交流。

On the smaller properties, one of the things we did see this year is we typically sell to those small properties with our mid-market sales team, which is centralized in Richmond, Virginia. We saw a significant increase in productivity from that group this year. So they're getting pretty good at selling to those 20-unit, 30-unit apartment communities.

對於較小的房產，我們今年確實看到的情況之一是，我們通常透過位於維吉尼亞州里士滿的中型市場銷售團隊向這些小型房產進行銷售。今年我們看到該團隊的生產力顯著提高。因此，他們在向那些擁有 20 個單元、30 個單元的公寓社區銷售房屋方面做得相當不錯。

So I'd say that things are going well at both the larger communities and the smaller and mid-sized communities. But again, I think the really interesting thing is the growth in the individual properties, because that market is massive -- the individual townhouse, condo, home, that kind of thing.

所以我想說，無論是大型社區還是小型和中型社區，情況都進展順利。但我再次認為真正有趣的是個人房產的成長，因為這個市場非常龐大——個人聯排別墅、公寓、住宅等等。

Thank you. That's helpful. My second question would have been on rep productivity at that level. I guess, over time, you would expect that to improve. That sounds good.

謝謝。這很有幫助。我的第二個問題是關於該級別的銷售代表生產力。我想，隨著時間的推移，你會期望情況會有所改善。聽起來很好。

It was remarkable. Looking at the chart, it's significant improvement pretty encouraging.

這真是太了不起了。從圖表來看，它的顯著改善相當令人鼓舞。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

Hi everyone, thanks for taking the questions. Appreciate the updated commentary around the structural growth targets, Chris. I guess as it relates to the bottom line, I was hoping you can maybe talk about your approach to managing margins over the coming years, where you think core commercial margins might go relative to, I guess, the 43% you called out for last year. And for residential, just generally how you're thinking about the timeline to narrowing those losses more to a breakeven level. Thanks.

大家好，感謝你們回答問題。克里斯，感謝您關於結構性成長目標的最新評論。我想，由於它與底線有關，我希望您可以談談未來幾年管理利潤的方法，您認為核心商業利潤率可能會相對於您去年所說的 43% 有所下降。對於住宅而言，您通常如何考慮將損失縮小到損益平衡水平的時間表。謝謝。

Yeah, sure. So what is very apparent to me seven months into the job is really how fixed cost of our commercial businesses are. So you see the power of the increase in the margins every year, every quarter. And so we talked about 1% or 2% increase in margins year in and year out, and we're continuing to see that. So I think you can expect to continue to see that going forward.

是的，當然。因此，上任七個月後，我真正清楚的看到的是我們商業業務的固定成本到底是多少。因此，你可以看到每年、每季利潤率的成長勢頭。因此，我們每年都在談論利潤率成長 1% 或 2%，而且我們也一直看到這種情況。因此我認為你可以期待未來繼續看到這種情況。

There's no big capital requirements. We continue to invest organically. And so I think that still holds very true, and it's very true in this announcement.

沒有大的資本要求。我們繼續進行有機投資。所以我認為這仍然是正確的，而且在這一聲明中也是如此。

I think importantly for the Homes.com segment, as Andy mentioned, we launched last year, but I really see this year as a real full launch, right? So we have our sales team ramped up, will ramp up through the rest of the year. We have a product that is clearly defined in a value proposition. We have a sales team that is fully selling it.

我認為對於 Homes.com 部門來說重要的是，正如安迪所提到的，我們去年推出了該部門，但我真的認為今年是真正的全面推出，對嗎？因此，我們的銷售團隊已經加強，並將在今年剩餘時間內加強銷售。我們有一個在價值主張中明確定義的產品。我們有一個全力銷售它的銷售團隊。

We will still experience cancels to -- remember our first quarter of 2024 was a big year. And a lot of those contracts were 12-month contracts. So we'll see that wave finally abate after we get through the first quarter.

我們仍會經歷取消——記住，2024 年第一季對我們來說是重要的一年。其中很多合約都是 12 個月的合約。因此，我們將看到，在第一季結束後，這股浪潮最終會消退。

So I think you'll have a much clearer picture on Homes.com as second and third quarter moves throughout the year. And you'll see that momentum build, and that's what we expect from the productivity, the reduction in cancellations, NPS scores increasing, sales force increasing. So I do think you'll just see it evolve from the first to the fourth quarter of this year, and that's what we're looking forward to.

因此，我認為，隨著第二季和第三季全年的走勢，您將對 Homes.com 有更清晰的了解。你會看到這種勢頭的增強，這就是我們對生產力、取消量減少、NPS 分數增加、銷售團隊增加的期望。因此我確實認為你會看到它從今年第一季到第四季度的發展，這正是我們所期待的。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Hello, everyone. Chris, just to follow up on the previous question. With your expectation of commercial margins continuing to improve by 1 percentage point, 2 percentage points per year, what does that mean for Homes.com spend in 2025? Do you expect the US portion to be roughly similar to last year? And what does it mean for international expansion for residential business?

大家好。克里斯，我只是想跟進一下上一個問題。您預計商業利潤率將繼續每年提高 1 個百分點、2 個百分點，這對 Homes.com 在 2025 年的支出意味著什麼？您預計美國的份額與去年大致相同嗎？這對於住宅業務的國際擴張意味著什麼？

Well, a couple of things. One, we've historically talked about our 2025 spend being roughly the same as 2024, and we're broadly in line with that. I would say we have a very close eye and pencil on expenses, and we are always looking for opportunities to make sure we're spending the right capital in the right way, but we are expecting '25 to look very similar to '24. And then on the international side, in the UK, as Andy mentioned, we've had some great growth there in a number of key metrics that we look at. And we're expecting to start to harvest that in '25.

嗯，有幾件事。首先，我們過去曾討論過 2025 年的支出將與 2024 年大致相同，而且我們大致與此保持一致。我想說的是，我們非常密切地關注開支，我們一直在尋找機會確保我們以正確的方式花費正確的資金，但我們預計 25 年的情況將與 24 年非常相似。然後從國際方面來看，在英國，正如安迪所提到的那樣，我們關注的許多關鍵指標都取得了長足的成長。我們預期在25年開始收穫。

And so I think inevitably that it'll be slightly lower than 24%, given our investment in our acquisition, but still looking to push ahead, given a significant opportunity in the UK. If you look at the peers of our company, they have very attractive margins, very attractive cash flow, and we believe that we will inevitably win a lot of that business and take a leading position in that market.

因此，考慮到我們在收購中的投資，我認為該比例不可避免地會略低於 24%，但考慮到英國的重大機遇，我們仍希望繼續向前邁進。如果你看看我們公司的同行，他們擁有非常有吸引力的利潤率，非常有吸引力的現金流，我們相信我們將必然贏得大量業務並在該市場佔據領先地位。

Alexei, I would also say that there's a rotation where we're spending money. So you can see that headcount growth in sales. And so we are seeing cost reductions in a number of areas and then we're reinvesting that into revenue generation. So the ratios of headcount on staff that's dedicated to sales versus producing the product initially is shifting.

阿列克謝，我還想說，我們的花錢方式是輪流的。因此您可以看到銷售額中的員工數量的成長。因此，我們看到許多領域的成本降低，然後我們將其重新投資於創造收入。因此，最初負責銷售和生產產品的員工數量比例正在改變。

And then the final question I have for you. Alexei, is, are you in the office and you're not texting other people while we're on this call, are you?

我要問您的最後一個問題。阿列克謝，你在辦公室嗎？ 我們通話時你沒有給其他人發短信，是嗎？

No. Andy, I'm not. And thank you for this conference. I'm not texting anyone.

不。安迪，我不是。感謝你們參加這次會議。我沒有給任何人發短信。

I just wouldn't want Jamie Dimon to find out.

我只是不想讓傑米戴蒙發現。

I do have a JPMorgan background if that makes you feel better.

如果這能讓你感覺好一點的話，我確實有摩根大通的背景。

How about the additional comments with regards to the actual spend. Could you maybe give us some more color? How are you progressing in terms of content investments and to schools and parks and some other areas? And how does that compare to last year? What sort of more investments are you planning and also investments around SMO, SEO as well as TV advertising?

關於實際支出的補充評論怎麼樣？您能給我們更多細節嗎？您在內容投資以及學校、公園和其他一些領域方面進展如何？和去年相比怎麼樣？您計劃進行哪些進一步的投資，以及在 SMO、SEO 以及電視廣告方面的投資？

Yeah. So our significant investments right now going into 2025 are around salespeople. And we have made tremendous progress on unaided awareness going from low single digit up to hit a high at 33. I expect that we'll probably like the -- where we are going into February, March on unaided awareness with the next round of ads that you just saw with the Super Bowl. We are, in no way, increasing our investments on content or any of those other initiatives, because we made tremendous progress on building that content in prior periods. And what really matters now is controlling our costs and investing into revenue generation.

是的。因此，我們現在到 2025 年的主要投資是圍繞著銷售人員。我們在無輔助認知方面取得了巨大進步，從較低的個位數上升到最高的 33%。我預計，我們將在 2 月和 3 月透過超級盃賽事中推出的下一輪廣告來提升大眾認知度。我們絕不會增加對內容或任何其他計劃的投資，因為我們在前期的內容建立方面已經取得了巨大進展。現在真正重要的是控製成本並投資創造收入。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey. Thanks. On LoopNet, how long do you think it could take for revenue growth there to accelerate as you shift more to the asset-based price model and shift sales focus more to the silver packages? It looks like you're assuming similar growth in 2025 to 2024, but do you think those changes could have an impact on bookings and move that as we think about rest of this year and potentially set up for acceleration into 2026. How are you guys thinking about it?

嘿。謝謝。在 LoopNet 上，隨著您更多地轉向基於資產的價格模型並將銷售重點轉移到銀色套餐，您認為那裡的收入成長需要多長時間才能加速？您似乎假設 2025 年至 2024 年的成長速度類似，但您是否認為這些變更可能會對預訂量產生影響，並在我們考慮今年剩餘時間並可能加速到 2026 年時推動預訂量成長？大家覺得怎麼樣？

I'll give you an anecdotal answer, and then Chris will give you the official answer. But we're already in -- in January, 71% of our net new sales were the silver ad that's sort of super-high-renewing ad level, which probably is a flip from January the prior year, where it was probably 71% of the sales being the depth advertising up in the diamonds, platinums.

我會給你一個軼事答案，然後克里斯會給你官方答案。但是我們已經進入了——1 月份，我們 71% 的淨新銷售額來自白銀廣告，這是一種超高續訂廣告級別，這可能與去年 1 月份的情況有所不同，當時 71% 的銷售額可能是來自鑽石和鉑金的深度廣告。

And we are seeing our best January and February tracking results in LoopNet in years based on that shift in strategy. But it is -- you're moving a pretty big ship. So it will take a while to actually have that reflect in year-over-year growth rates, but we're seeing really good initial results. And I'll let Chris give you the official answer.

基於這項策略轉變，我們看到 LoopNet 多年來一月和二月的追蹤結果最好。但事實是——你正在移動一艘相當大的船。因此，實際上需要一段時間才能在同比增長率中反映出來，但我們看到的初步結果確實不錯。我會讓克里斯給你官方答案。

Yeah, Andy was spot on. Our expectation is for the business to build momentum every quarter. So while we're expecting a fairly similar year-over-year growth versus '24, every quarter, we should see a little acceleration. And therefore, our exit rate in the fourth quarter should set us up for a good 2026. So that is our expectation. And as Andy just mentioned, the early signs of what we're doing will look positive.

是的，安迪說得對。我們的期望是業務每季都能保持強勁發展勢頭。因此，雖然我們預計每季的年成長率與24年相比相當，但我們應該會看到略微的加速。因此，我們第四季的退出率應該為我們 2026 年的良好表現奠定基礎。這就是我們的期望。正如安迪剛才提到的，我們所做的事情的早期跡像看起來是積極的。

Got it. That's helpful. And just a quick follow-on. A full commentary on LoopNet. Curious if you can share anything on overall net new bookings activity in the first six to seven weeks of 2025 and whether things have continued to pick up, like you saw acceleration in 3Q into 4Q. Curious what you're seeing there.

知道了。這很有幫助。接下來是簡短的跟進。對 LoopNet 的完整評論。好奇您是否可以分享有關 2025 年前六到七週的整體淨新預訂活動的任何信息，以及情況是否持續回暖，就像您看到第三季度到第四季度的加速一樣。好奇你在那裡看到了什麼。

We're not giving guidance, but I feel -- we feel very good about our first-quarter guidance that we just gave.

我們沒有提供指引，但我覺得──我們對剛剛給出的第一季指引感到非常滿意。

Jeff Mueler, Baird.

傑夫穆勒、貝爾德。

Yeah. Thank you. How are you monitoring Apartments.com new logo win rates versus competitors? Or just what can you say that gives you the most confidence that it's just a sales capacity issue and not a deteriorating win rate issue for Apartments.com with an evolving competitive set? I just would have expected better apartments growth with easier comps and taking out the split sales responsibilities of building sales headcount. It seems like you have a number of things that should drive it. Thanks.

是的。謝謝。您如何監控 Apartments.com 與競爭對手相比的新標誌獲勝率？或者您能說什麼讓您最有信心這只是一個銷售能力問題，而不是 Apartments.com 在不斷發展的競爭環境中獲勝率下降的問題？我只是希望公寓業務能夠有更好的成長，同時更容易進行同店銷售，並消除建築銷售人員的銷售責任分擔問題。看起來您有許多事情可以推動它。謝謝。

So let me just give you some numbers, because I always find this an interesting discussion, because people never really talk about the numbers. And so in 2024, we produced $153 million of additional revenue. Our next biggest competitor, I think, was $96 million. We have over 75,000 properties on our platform. They have 50,000 properties. Our revenue basis reached $1.1 billion. The revenue base is sub-$500 million.

所以讓我給你一些數字，因為我總是發現這是一個有趣的討論，因為人們從來沒有真正談論過數字。因此，到 2024 年，我們創造了 1.53 億美元的額外收入。我認為，我們下一個最大的競爭對手是 9,600 萬美元。我們的平台上有超過 75,000 處房產。他們擁有 50,000 處房產。我們的收入基礎達到了11億美元。收入基數低於5億美元。

Any growth rate that they put on the table, you have to have. You have to more than half, because we're more than twice the size. And so inevitably, there was a distraction of the sales force. And because that happened in the first and second quarter, from a roll rate and a renewal perspective, it will impact us a little more. But I think we have incredible opportunity ahead of us. I think both of these businesses have incredible opportunity ahead of us.

他們提出的任何成長率，你都必須接受。你必須超過一半，因為我們的規模是原來的兩倍以上。這不可避免地會分散銷售人員的注意力。而且因為這發生在第一季和第二季度，從滾動率和更新率的角度來看，它會對我們的影響更大一些。但我認為我們面前有不可多得的機會。我認為這兩項業務都面臨著難以置信的機會。

We think we can double our revenue in our core TAM. And as Andy said, our mid-market team does great, and we're actually going to push as we expand that sales force into those markets and really penetrate that TAM. But the lower level -- the lower-unit TAM is also fairly large. So again, much more -- much bigger business, really attractive growth prospects, much higher margins.

我們認為我們可以將核心TAM的收入翻倍。正如安迪所說，我們的中端市場團隊表現出色，我們實際上會努力將銷售團隊擴展到這些市場並真正滲透到 TAM。但較低等級——較低單位的 TAM 也相當大。所以，再說一遍，更大的業務，真正有吸引力的成長前景，更高的利潤率。

And Andy made a point -- he was talking about his other competitors. Our competitors make us better, and we welcome the competition. But I think people have to put this back into context of what the size of our business is, what the growth of our business is, what the margin profile of our business is, and what that represents.

安迪提出了一點——他正在談論他的其他競爭對手。我們的競爭對手使我們變得更好，我們歡迎競爭。但我認為人們必須把這個問題重新放到我們的業務規模、業務成長、業務利潤狀況和這代表什麼的背景下考慮。

So we're enthusiastic. We're excited, and we're looking forward to tackling not only the huge TAM we've already penetrated, but the other TAMs as well in the segment.

因此我們很熱情。我們非常興奮，我們期待著不僅解決我們已經滲透的龐大TAM，而且還解決該領域的其他TAM。

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

謝謝。現在，我想將電話轉回給安迪·弗洛倫斯 (Andy Florance)，請他做最後發言。

Well, I think you hit Chris's button on that last question, but I have to agree. We're Apartments.com, 94% NPS score, 99% monthly renewal, growing -- both headcount growing production in the mid and in the upper end.

好吧，我認為你在最後一個問題上觸動了克里斯的心弦，但我不得不同意。我們是 Apartments.com，NPS 得分為 94%，每月續約率為 99%，並且還在不斷增長 — — 員工人數和產量都處於中端和高端。

So we had a very strong 2024. I want to thank all the staff who made it a strong 2024, the salespeople, the researchers, the software developers, the product managers. We look forward to delivering outstanding results in 2025 and reporting good progress on all of our major product areas. And thank you for joining us, and we look forward to seeing all of you in the near term.

因此，我們的 2024 年表現非常強勁。我要感謝所有為 2024 年做出貢獻的員工、銷售人員、研究人員、軟體開發人員和產品經理。我們期待在 2025 年取得優異成績，並在所有主要產品領域取得良好進展。感謝你們的加入，我們期待在不久的將來與你們再次相見。

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。