CoStar Group Inc (CSGP) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 CoStar Group earnings conference call. At this time, all participants are in a listen-only mode. Please be advised today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 2025 年第一季 CoStar Group 收益電話會議。此時，所有參與者都處於只聽模式。請注意，今天的會議正在錄製。（操作員指示）

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 Rich Simonelli。

Thank you so much, operator, and hello, and thank you all for joining us to discuss the first quarter 2025 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 would like to review our Safe Harbor statement. Certain portions of the discussion today may contain forward-looking statements, including the company's outlook and expectations for the second quarter and full year of 2025 based on current beliefs and assumptions. Forward-looking statements involve many risks, uncertainties, assumptions, estimates and other factors that can cause actual results to differ materially from such statements.

非常感謝您，接線員，您好，感謝大家加入我們討論 CoStar 集團 2025 年第一季的業績。在我將電話轉給 CoStar 的執行長兼創始人 Andy Florance 和我們的財務長 Chris Lown 之前，我想回顧一下我們的安全港聲明。今天討論的某些部分可能包含前瞻性陳述，包括基於當前信念和假設的公司對 2025 年第二季和全年的展望和預期。前瞻性陳述涉及許多風險、不確定性、假設、估計和其他因素，可能導致實際結果與此類陳述有重大差異。

Important factors that can cause actual results to differ include, but are not limited to, those stated in CoStar Group's press release issued earlier today and in our filings from time to time with the SEC, including our 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 other filings with the SEC available at the SEC's website. All forward-looking 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.

可能導致實際結果出現差異的重要因素包括但不限於 CoStar Group 今天早些時候發布的新聞稿中以及我們不時向美國證券交易委員會 (SEC) 提交的文件中所述的因素，包括我們的 10-K 表年度報告和 10-Q 表季度報告，這些報告包含在這些文件以及美國證券交易委員會 (SEC) 網站上提供標題的其他文件中的風險因素。所有前瞻性陳述均基於 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 measure of any non-GAAP financial measure discussed on this call are shown in detail in our press release issued earlier today, along with the definitions for this term -- for these terms. The press release is available on our website under the costargroup.com under Press Room. As a reminder, today's conference call is being webcast, and you're on it, and so the link is also available on our website under Investors. Please refer to today's press release on how to access the replay of this call.

我們今天稍早發布的新聞稿中詳細說明了本次電話會議上討論的任何非 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。新聞稿可在我們網站 costargroup.com 的新聞室中查閱。提醒一下，今天的電話會議正在進行網路直播，您可以觀看，因此您也可以在我們網站的「投資者」欄位下找到該連結。請參閱今天的新聞稿，以了解如何存取此通話的重播。

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

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)。安迪？

Good day, and thank you for joining CoStar Group's first quarter 2025 earnings call. We posted another strong quarter with Q1 '25 revenue coming in at $732 million, a 12% increase year over year. This was our 56th consecutive quarter of double-digit revenue growth. Q1 revenue exceeded consensus and was at the top end of our guidance range. Adjusted EBITDA was $66 million, a 429% increase of Q1 -- over Q1 2024. Adjusted EBITDA also exceeded consensus and it was at the top end of our guidance range.

您好，感謝您參加 CoStar Group 2025 年第一季財報電話會議。我們又公佈了一個強勁的季度，25 年第一季的營收達到 7.32 億美元，年增 12%。這是我們連續第56個季度實現兩位數的營收成長。第一季的收入超出了預期，並且達到了我們指導範圍的最高端。調整後的 EBITDA 為 6,600 萬美元，較 2024 年第一季成長 429%。調整後的 EBITDA 也超出了普遍預期，處於我們指導範圍的最高端。

We achieved a very strong 43% profit margin, our Q1 '25 commercial real estate and information marketplace businesses, that includes CoStar Apartments, LoopNet, STR Real Estate Manager, Land and BizBuySell in aggregate coming in at 43% profit margin. Company net new bookings were $56 million in the first quarter of '25, up 6% sequentially from the fourth quarter of '24. Our international businesses have achieved three consecutive quarters of all-time net new bookings, reaching over $5 million ARR in Q1 of '25, representing 56% year over year growth. We had 130 million average unique visitors to our global websites in Q1 '25 according to Google Analytics.

我們實現了非常強勁的 43% 的利潤率，我們的 25 年第一季商業房地產和資訊市場業務（包括 CoStar Apartments、LoopNet、STR Real Estate Manager、Land 和 BizBuySell）的總利潤率達到 43%。2025 年第一季度，公司淨新預訂量為 5,600 萬美元，較 2024 年第四季季增 6%。我們的國際業務已連續三個季度實現歷史最高淨新增預訂量，2025 年第一季的 ARR 超過 500 萬美元，年增 56%。根據 Google Analytics 的數據，2025 年第一季我們全球網站的平均獨立訪客數為 1.3 億。

CoStar achieved $265 million in revenue in Q1 '25. Revenue was up 6% year over year, while annualized net new bookings reached their highest level since Q3 '23 and generating 68% year overyear growth. This was the fourth consecutive quarter of increasing net new bookings as we continue to generate strong sales with banks, institutional investors and owners.

CoStar 在 2025 年第一季實現了 2.65 億美元的營收。營收年增 6%，年化淨新預訂量達到 2023 年第三季以來的最高水平，年增 68%。這是連續第四個季度淨新預訂量增加，因為我們繼續與銀行、機構投資者和業主保持強勁的銷售勢頭。

STR's integration to CoStar contributed to its best quarter ever for net new bookings, up 17% year over year. This increase was driven by a significant rise in sales to owner operators who were 40% of STR's net new bookings in Q1. We grew the number of CoStar subscribers in Q1, 17% year over year, largely driven by the migration of STR to the CoStar platform.

STR 與 CoStar 的整合使其淨新預訂量創下有史以來最好的季度，年增 17%。這一增長是由於業主運營商銷售額的大幅增長所致，業主運營商銷售額佔 STR 第一季淨新預訂量的 40%。我們第一季的 CoStar 用戶數量年增了 17%，這主要得益於 STR 遷移到 CoStar 平台。

CoStar for lenders, led by Mr. John Vecchione achieved its best ever quarter of net new bookings, up 116% year over year. Today, lenders used by 385 institutions to manage risk on $1 trillion of CRE debt. In less than three years, it has achieved $80 million in annual revenue run rate. We have had several -- we have several product enhancements that we'll roll out in the course of the next few years that can take the total addressable market for lender well above $1 billion.

由約翰·維奇奧內 (John Vecchione) 先生領導的貸款機構 CoStar 取得了有史以來最好的季度淨新預訂量，同比增長 116%。如今，385 家機構使用貸款人來管理 1 兆美元 CRE 債務的風險。在不到三年的時間裡，該公司的年收入運行率已達到 8,000 萬美元。我們已經有了幾項產品改進，我們將在未來幾年內推出這些改進，這些改進可以使貸款人的總目標市場規模遠遠超過 10 億美元。

CoStar remains a mission-critical tool for our clients across all segments. Log-ins to CoStar were up 21% year over year, and our subscribers averaged 100 million activities each month, the highest level of activity in the past nine quarters. Our quarterly renewal rate remains strong at 92%.

CoStar 仍然是我們各個領域客戶的關鍵工具。CoStar 的登入次數年增了 21%，我們的訂閱者平均每月進行 1 億次活動，這是過去九個季度以來的最高活動水平。我們的季度續約率仍然保持強勁，達到 92%。

During the past few years and through today, we're operating in one of the worst commercial real estate environments in decades. Looking at investment-grade office, although absorption is improving, we are still seeing historic high vacancy rate of about 16%, real asking rents of [$36.64] sit at a 30-year low. Real sales price per square foot is a decade low of $257 per square foot. Market cap rates are at a high point of 9.17%. Sales volume, while recovering, is about one-third of normal levels.

從過去幾年到今天，我們的商業房地產環境是幾十年來最糟糕的環境之一。縱觀投資等級辦公室，儘管吸收量正在改善，但空置率仍處於歷史高位，約為 16%，實際租金要價為 36.64 美元，處於 30 年來的最低水平。每平方英尺的實際銷售價格為十年來的最低水平，為每平方英尺 257 美元。市場資本化率目前處於9.17%的高點。銷售量雖然正在回升，但約為正常水準的三分之一。

In industrial, we're seeing record lows for absorption and a 6% year over year decline in real asking rents. In retail, real asking rents are 10-year lows. But I want to be clear, we see clear signs that the cycle is improving. Vacancy rates have hit their (inaudible) and are beginning to fall. Availability rates have fallen 60 basis points. Sublet rents are beginning to rise. We expect that as market conditions improve over the next few years, the headwinds we've experienced will shift to tailwinds and CoStar will return to double-digit growth.

在工業領域，我們看到吸收量創歷史新低，實際租金年減 6%。在零售業，實際租金處於十年來的最低水準。但我想明確一點，我們看到了周期正在改善的明顯跡象。空置率已達到（聽不清楚）水準並開始下降。可用率下降了 60 個基點。轉租租金開始上漲。我們預計，隨著未來幾年市場狀況的改善，我們所經歷的逆風將轉變為順風，CoStar 將恢復兩位數的成長。

LoopNet turned in an outstanding quarter as annualized net new bookings skyrocketed 200% year over year. This was LoopNet's highest quarter of annualized net new bookings since Q3 '22. In the quarter, per rep productivity was twice as high as Q1 '24. This great sales performance was a result of changing our go-to-market sales strategy, our sales team is focused on selling a broad subscription package to owners and brokers to get all their properties on the platform rather than focusing on selling a few high-value signature ads that only address a small portion of the portfolio. Pants begin their search online and LoopNet is the largest commercial estate marketplace in the world. So it's far more valuable to the owner to have exposure for all their properties rather than have a robust exposure for one or two of their properties.

LoopNet 本季表現出色，年度淨新預訂量年增 200%。這是 LoopNet 自 2022 年第三季以來年度淨新增預訂量最高的季度。本季度，每位代表的生產力是 24 年第一季的兩倍。這項出色的銷售業績是我們改變市場銷售策略的結果，我們的銷售團隊專注於向業主和經紀人銷售廣泛的訂閱套餐，以便將他們的所有房產放到平台上，而不是專注於銷售一些僅針對一小部分投資組合的高價值簽名廣告。Pants 開始在網路上搜索，而 LoopNet 是世界上最大的商業房地產市場。因此，對於業主來說，讓所有房產都獲得曝光比讓一兩處房產獲得大量曝光更有價值。

This strategy will grow the number of paid properties in the platform, which increases the choice available on LoopNet for consumers and gives our sales team the opportunity to upsell silver ads to signature depth ads in the future. We're now also implementing asset-based pricing as silver ads come up for renewal. Our renewal rates on these ads remain strong at 97% as our customers understand it is important to tie the price of any given LoopNet add to the value of the property being advertised.

這項策略將增加平台上付費資產的數量，從而增加 LoopNet 上消費者可選擇的金額，並使我們的銷售團隊有機會在未來將銀色廣告追加銷售為簽名深度廣告。隨著白銀廣告的續訂，我們現在也正在實施以資產為基礎的定價。這些廣告的續約率仍然保持在 97% 的強勁水平，因為我們的客戶明白，將任何給定 LoopNet 附加的價格與所宣傳的房地產價值掛鉤非常重要。

Our pricing will reflect that $1 billion 5-star office building in Manhattan drives more value from LoopNet than does a $100,000 2-star retail building in Montana. Ultimately, it is our goal to implement asset-based pricing across all ad tiers on both new sales and renewals.

我們的定價將反映出曼哈頓價值 10 億美元的五星級辦公大樓比蒙大拿州價值 10 萬美元的二星級零售大樓從 LoopNet 中獲得的價值更大。最終，我們的目標是在所有廣告層級（包括新銷售和續約）中實施基於資產的定價。

CoStar Real Estate Manager and Visual Lease attained annualized subscription revenue growth nearing double digits. In Q1 2025, we moved forward with the consolidation of leadership and operations across the brands, positioning the leases businesses for integration in the greater CoStar data offering. This, combined with other identified cost savings resulted in 50% year over year EBITDA growth for the combined brands. Both brands continue to take market share from lease management competitors, many of whom are falling short on product innovation and focus on customers. The leases product team is now focused to combine the value of its portfolio management applications with CoStar's data and analytics, Matterport and LoopNet offerings to create an unrivaled solution for occupiers for real estate.

CoStar Real Estate Manager 和 Visual Lease 的年訂閱收入成長接近兩位數。2025 年第一季度，我們持續推動各品牌領導層和營運的整合，將租賃業務定位於整合到更大的 CoStar 數據產品中。此項措施與其他已確定的成本節約相結合，使合併後品牌的 EBITDA 比去年同期成長 50%。這兩個品牌繼續從租賃管理競爭對手那裡搶佔市場份額，其中許多競爭對手在產品創新和對客戶的關注方面存在不足。租賃產品團隊目前致力於將其投資組合管理應用程式的價值與 CoStar 的數據和分析、Matterport 和 LoopNet 產品相結合，為房地產佔用者打造無與倫比的解​​決方案。

CoStar continues to develop a data set of leases from both anonymized customer data from the leased brands and publicly available sources like the SEC and UK Land Registry with the goal of providing full transparency on rent concessions and tenant improvements to real estate professionals. Q1 brought additional growth of customers electing to share data on an aggregated and anonymized basis.

CoStar 繼續從租賃品牌的匿名客戶資料以及美國證券交易委員會和英國土地註冊處等公開來源開發租賃資料集，目的是為房地產專業人士提供有關租金優惠和租戶改善的完全透明度。第一季度，選擇以匯總和匿名方式共享資料的客戶數量進一步增長。

For the quarter, land.com net new bookings increased 58%. And land.com continues integrating with homes.com. Today, over 8,000 homes.com members are syndicating over 22,000 applicable listings to land.com. Soon, land.com members will receive a similar benefit on homes.com increasing value and opportunities for both sites.

本季度，land.com 淨新預訂量成長了 58%。land.com 將繼續與 homes.com 整合。目前，超過 8,000 名 homes.com 會員正在將超過 22,000 個適用房源聯合發佈到 land.com。很快，land.com 會員也將在 homes.com 上獲得類似的優惠，從而提升兩個網站的價值和發展機會。

In mid-March, Farmer Mac released the Farmer Mac Farmland Price Index powered by our recently acquired Acre Value. Farmer Mac said the introduction of the FPI marks a significant advancement in tracking farmland price trends with greater precision and timeliness. We agree and look forward to providing greater, more timely insight into farmland markets.

三月中旬，Farmer Mac 發布了 Farmer Mac 農田價格指數，該指數由我們最近獲得的英畝價值提供支持。農民麥克表示，FPI 的推出標誌著在更精確、更及時追蹤農地價格趨勢方面取得了重大進展。我們同意並期待提供對農地市場的更多、更及時的洞察。

BizBuySell revenue reached $8.7 million in the first quarter, representing a 10% increase year over year. Net new bookings increased 85% year over year, driven by strong growth in both business owner and business buyer subscriptions. Subscription revenue from BizBuySell Edge, which offers entrepreneurs advanced tools and market insights, grew 48% year over year. Buyer demand continues to strengthen with website visits up 22% and lead volume increasing 33% year over year.

BizBuySell 第一季營收達到 870 萬美元，年增 10%。受企業主和企業買家訂閱量強勁成長的推動，淨新預訂量年增 85%。BizBuySell Edge 為企業家提供先進的工具和市場洞察，其訂閱收入較去年同期成長 48%。買家需求持續增強，網站流量年增 22%，銷售線索量較去年同期成長 33%。

Apartments.com turned in another strong quarter with revenue of $282 million, an increase of 11% over Q1 '24. Apartments.com sales team was very active in the first quarter. They conducted over 166,000 quality interactions with clients and prospects in the quarter and increased their face-to-face meetings by 65% year over year. The increase in quality interactions is paying off as we added 4,300 new communities in Q1, the most properties we have added to Apartments.com in a single quarter in almost 10 years.

Apartments.com 本季業績再創佳績，營收達 2.82 億美元，較 2024 年第一季成長 11%。Apartments.com 銷售團隊在第一季非常活躍。他們在本季與客戶和潛在客戶進行了超過 166,000 次高品質互動，面對面會議次數較去年同期成長 65%。隨著我們在第一季增加了 4,300 個新社區，高品質互動的增加正在帶來回報，這是近 10 年來我們在單季為 Apartments.com 增加的最多房源。

We're benefiting from the shutdown of Redfin of their rent period business as we target those properties that were formally on rent period, not apartments. We launched marketing campaigns to owners, specifically comparing our traffic, leads and leases to rent period with face-to-face follow-up with these communities with much success.

Redfin 關閉租賃期業務讓我們受益匪淺，因為我們的目標是那些正式進入租賃期的房產，而不是公寓。我們向業主發起了行銷活動，特別是比較了我們的流量、潛在客戶和租賃期，並與這些社群進行了面對面的跟進，並取得了巨大成功。

We now have 80,000 multifamilies on Apartments.com. The sales team maintained a 94 Net Promoter Score during the quarter. We see a $2.6 billion opportunity in the 20-unit and above building space and is our intention to grow the sales team 23% this year to keep up with this potential. Since 2019, we've grown our apartments revenue 118%, but only grown our sales reps in production by 56%, so we'll continue to accelerate our sales force growth to keep up with this opportunity. We've added 56 sales professionals so far this year with an additional 24 sales professionals that started training this week.

目前，Apartments.com 上有 8 萬套多戶型公寓。本季度，銷售團隊的淨推薦價值 (NPS) 達到了 94。我們看到 20 個單元及以上的建築空間蘊藏 26 億美元的機會，我們計劃今年將銷售團隊擴大 23%，以滿足這一潛力。自 2019 年以來，我們的公寓收入增加了 118%，但生產銷售代表的數量僅增加了 56%，因此我們將繼續加快銷售團隊的成長，以跟上這一機會。今年到目前為止，我們已經增加了 56 名銷售專業人員，另外還有 24 名銷售專業人員本週開始接受培訓。

I'm especially excited to welcome our 37 new sales team members that have come to us from rent period. I believe that we have added more salespeople from rent period than Zillow did despite Zillow spending a lot of money to acquire assets from Redfin. These individuals average 10 years of multifamily sales experience and are already producing good results.

我特別高興地歡迎租期後加入我們的 37 位新銷售團隊成員。我相信，儘管 Zillow 花費大量資金從 Redfin 收購資產，但我們從租賃期開始增加的銷售人員比 Zillow 還多。這些人平均擁有 10 年的多戶住宅銷售經驗，並且已經取得了良好的表現。

Our 2025 Apartments.com marketing campaign is in full swing and features the most content we've ever developed to reach the largest audience possible. In Q1, our five new TV spots were featured in March Madness, the National Women's Soccer League. And for you NFL fans, you probably saw us last week on the NFL draft. Our campaign will also be featured throughout other profile shows and during the Major League Baseball, NHL and NBA seasons.

我們的 2025 Apartments.com 行銷活動正在如火如荼地進行中，並將推出迄今為止我們開發的最多內容，以覆蓋盡可能多的受眾。在第一季度，我們的五個新電視廣告在瘋狂三月全國女子足球聯賽中播出。對於 NFL 球迷來說，您可能在上週的 NFL 選秀中見過我們。我們的活動也將在其他專題節目以及美國職棒大聯盟、NHL 和 NBA 賽季期間播出。

We have increased our paid search efforts in the first quarter and will continue to do so throughout the year to attract more potential renters to our advertisers' communities by generating 5 times more number one positions in Zillow in the top 50 US rental markets. Our unaided awareness among apartment seekers remains higher than all of our competitors combined at 65%, and our closest competitor is 30 percentage-points below us. Among industry professionals, our unaided brand awareness is now at an all-time high of 86%, a 26% increase over 2024.

我們在第一季加大了付費搜尋力度，並將在全年繼續這樣做，透過在 Zillow 上在美國前 50 個租賃市場中創造 5 倍以上的第一名位置，吸引更多潛在租屋者加入我們的廣告商社群。我們在公寓尋求者中的無輔助認知度仍然高於所有競爭對手的總和，為 65%，而最接近的競爭對手比我們低 30 個百分點。在行業專業人士中，我們的無提示品牌知名度目前達到了 86% 的歷史最高水平，比 2024 年增長了 26%。

Industry professionals tell us that delivering high-quality leads to convert to more leases is the most important thing we do. In 2025, Brand Study, a brand study conducted by Gov x, 47% of owners and operators surveyed said Apartments.com had a completely or very effective lease to -- lead to lease conversion rate that's 38% more than Zillow's and 160% more than Rent Period's.

行業專家告訴我們，提供高品質的線索以轉化為更多的租約是我們所做的最重要的事情。2025 年，Gov x 進行的一項品牌研究「品牌研究」顯示，47% 接受調查的業主和營運商表示，Apartments.com 擁有完全或非常有效的租賃方式，導致租賃轉換率比 Zillow 高出 38%，比 Rent Period 高出 160%。

Apartments.com Network had 38 million average monthly unique visitors in the first quarter. ComScore has released their March data and has us ahead of Zillow in visits in March by 5% with 90 million visits and has the Apartments Network up 7% year over year for the first quarter while Zillow is showing down 27% for the same period. Very importantly, our lead flow to our customers continues to increase and is up 17% year over year.

第一季度，Apartments.com Network 每月平均獨立訪客數為 3,800 萬。ComScore 發布了 3 月份的數據，顯示我們的 3 月份訪問量超過 Zillow 5%，達到 9000 萬次，並且 Apartments Network 第一季同比增長 7%，而 Zillow 同期則下降了 27%。非常重要的是，我們客戶的銷售線索流量持續增加，較去年同期成長 17%。

According to the most recent analysis by Entrada through March of this year, Apartments delivered 1.8 times more leads in other rental networks. Apartments.com also delivers by far the highest quality of leads converting 2.7x better than other rental networks and ultimately delivers more leases than other rental networks, 5.1 times more to be exact. Our applied now leads, our highest converting lead type, are up 814% over Q1 of last year as more and more properties enable this feature. In the first quarter, we added a record of a -- high of 142,000 single-family rentals posted on the platform and assisted our independent owner clients by collecting $1.4 billion in rental payments.

根據 Entrada 截至今年 3 月的最新分析，公寓在其他租賃網路中提供的線索數量是其他租賃網路的 1.8 倍。Apartments.com 也提供迄今為止最高品質的潛在客戶，轉換率比其他租賃網路高出 2.7 倍，最終提供的租約數量也比其他租賃網路多，準確地說是 5.1 倍。隨著越來越多的飯店啟用此功能，我們現在應用程式的線索（轉換率最高的線索類型）比去年第一季成長了 814%。第一季度，我們在平台上新增了 142,000 套單戶住宅租賃訊息，創歷史新高，並幫助我們的獨立業主客戶收取了 14 億美元的租金。

We continue to see success from the utilization of Matterport on our rental sites with potential renters viewing Matterport's 53 million times in the quarter, up 59% year over year, while spending 71% more time on listings detailed pages with a Matterport. Apartments.com is also benefiting from the increased traffic on Homes.com as Apartments.com paid advertisers also get exposure over a Homes.com's rental area.

我們繼續看到 Matterport 在我們的租賃網站上的使用取得成功，潛在租戶在本季度瀏覽了 Matterport 5300 萬次，同比增長 59%，同時透過 Matterport 在房源詳情頁面上花費的時間增加了 71%。Apartments.com 也受惠於 Homes.com 流量的增加，因為 Apartments.com 的付費廣告客戶也可以在 Homes.com 的租賃區域中獲得曝光。

Apartments.com Canada revenue grew 350% year over year with all-time highs in March for visitors, visits and leads. According to recent data from dash IQ, Apartments.com now delivers more leads and leases than any other ILS in Canada. 14 months ago, CoStar Group launched the new Homes.com with a marketing blitz at Super Bowl 58.

Apartments.com 加拿大的營收年增 350%，3 月訪客數、訪客數和潛在客戶數皆創歷史新高。根據 dash IQ 的最新數據，Apartments.com 現在提供的線索和租賃量比加拿大任何其他 ILS 都要多。 14 個月前，CoStar Group 在第 58 屆超級盃上發起了一場行銷攻勢，推出了全新的 Homes.com。

The new Homes.com offers a completely different business model than do competing US residential portals in the US. The new Homes.com is based on the premise that the most important thing a portal can do is to market a property for sale. This is in harmony with all the most successful and highly profitable portals around the world outside the US, which are all based upon this market the property, not an agent lead gen business model.

新的 Homes.com 提供了與美國競爭對手住宅入口網站完全不同的商業模式。新的 Homes.com 基於這樣的前提：門戶網站最重要的功能就是推銷待售房產。這與美國以外全球所有最成功、利潤最高的入口網站一致，它們都基於這個市場屬性，而不是代理商主導的商業模式。

The legacy competing unprofitable US property portals are based upon lead diversion business models. These lead diversion models divert leads from the potential homebuyers away for the listing agent and into the hands of a buyer agent willing to split their commission with a portal. Our research shows that these lead diversion models are very unpopular with home sellers, buyers and agents. These lead diversion sites are not designed to solve for the most important task, which is to sell the home.

傳統上，美國房地產入口網站都是基於潛在客戶轉移的商業模式，且沒有獲利。這些潛在客戶轉移模型將潛在客戶從潛在購屋者轉移到掛牌代理商手中，並轉移到願意與入口網站分成佣金的買方代理商手中。我們的研究表明，這些潛在客戶轉移模式並不受房屋賣家、買家和代理商的歡迎。這些引導轉移網站並不是為了解決最重要的任務，即出售房屋而設計的。

The new Homes.com is a clean fast site offering a wealth of valuable content on neighborhood schools that home shoppers cannot find on competing sites. Based upon a wealth of consumer and agent feedback, we believe that Homes.com offers a vastly superior user experience and is preferred by home shoppers.

新的 Homes.com 是一個簡潔快速的網站，提供了大量有關社區學校的有價值的內容，而這些內容是購房者在競爭網站上無法找到的。根據大量消費者和代理商的回饋，我們相信 Homes.com 提供了極其優質的使用者體驗，並且受到購屋者的青睞。

To build a massive audience for home sellers and listing agents, we launched one of the largest marketing campaigns ever in real estate. Using RPA, the same firm we successfully used to create the Apartments.com brand, we recruited talent like Dan Levy, Heidi Gartner, Morgan Freeman, Lil' Wayne and Jeff Goldblum, to create memorable and effective spots for the new Homes.com. We have run 32,000 commercials in digital placements, generating approximately 80 billion impressions. In Q1 alone, we generated 6 billion brand impressions across many of the biggest events in America, including the Super Bowl, the College Football Championship and March Madness.

為了吸引大量房屋賣家和掛牌代理商的關注，我們發起了房地產史上規模最大的行銷活動之一。我們利用RPA（我們成功打造Apartments.com品牌的同一家公司）招募了Dan Levy、Heidi Gartner、Morgan Freeman、Lil' Wayne和Jeff Goldblum等人才，為全新Homes.com打造令人難忘且效果顯著的廣告。我們已在數位廣告位投放了3.2萬則廣告，產生了約800億次曝光。僅在第一季度，我們就在美國許多大型活動中產生了 60 億次品牌印象，包括超級盃、大學橄欖球錦標賽和瘋狂三月。

To be successful, Homes.com -- for Homes.com to be successful, home shoppers need to be aware of Homes.com and have intention to use it. Our target audience is several hundred million home shoppers is massive. Before we launched in February '24, only 4% of that target audience when asked top of mind what home shopper and websites can you think of for replied Homes.com. In 14 months of marketing campaign, we have steadily increased our unaided awareness 9 times to 36%. So we're now at 36% unaided awareness.

為了獲得成功，Homes.com——為了獲得成功，購房者需要了解 Homes.com 並有意使用它。我們的目標受眾是數億家庭購物者，數量龐大。在我們於2024年2月推出Homes.com之前，當被問到最先想到的購屋者和網站是什麼時，只有4%的目標受眾回答說是Homes.com。經過14個月的行銷活動，我們的獨立認知度穩定提升了9倍，達到36%。因此，我們現在的無輔助意識率是 36%。

Early last year, our unaided awareness surpassed trulia last summer, we surpassed Redfin's unaided awareness. And last month, we crossed realtor.com. We began Zillow with 64 points above our own unaided awareness. We've closed the gap to 24 points and are still improving.

去年年初，我們的獨立認知度超過了 trulia，去年夏天，我們超過了 Redfin 的獨立認知度。上個月，我們造訪了 realtor.com。當我們剛開始造訪 Zillow 時，其評分比我們肉眼可見的評分高出 64 點。我們已將差距縮小至24分並且仍在進步。

Our unaided intention or the percentage of people surveyed that say they intend to use our site has grown from single-digit to 26%. We've also crossed realtor Redfin and Trulia on unaided intent. Zillow and Realtor have been trending down while we have been growing. I have consistently set the expectation of building a B2C brand takes three to five years. To reach this level of unaided awareness and unaided intent in an audience of hundreds of millions in 14 months is excellent progress.

我們的獨立意向或表示打算使用我們網站的受訪者百分比已從個位數增長至 26%。我們也就獨立目的與房地產經紀公司 Redfin 和 Trulia 進行了比較。當我們在不斷發展的同時，Zillow 和 Realtor 卻一直呈現下滑趨勢。我一直期望建立一個 B2C 品牌需要三到五年的時間。在 14 個月內讓數億觀眾達到這種無需任何輔助的認知和意圖的水平，這是一個了不起的進步。

I feel that over the next two to four years, we can take a solid and very valuable leadership position in the industry. With a superior product and aggressive marketing campaign and both growing unaided awareness and intent, we're seeing very strong audience and traffic growth in the Homes.com network. In just 14 months, we've built a Q1 '24 audience of 104 million average monthly unique visitors. That's according to Google Analytics. This now makes the Homes.com network one of the top two residential portals based upon monthly unique visitors according to the latest available public securities filings of our peer portals or near peer portals.

我覺得在未來的兩到四年內，我們可以在業界佔據穩固且非常有價值的領導地位。憑藉優質的產品、積極的行銷活動以及不斷增長的自主意識和意圖，我們看到 Homes.com 網路的受眾和流量成長非常強勁。在短短 14 個月內，我們在 2024 年第一季就擁有了平均每月 1.04 億獨立訪客的受眾群體。這是根據 Google Analytics 得出的結論。根據我們同行入口網站或近同行入口網站的最新公開證券文件，按月獨立訪客數計算，Homes.com 網路現已成為排名前兩的住宅入口網站之一。

We remain well ahead of Redfin and realtor.com's traffic. With such a wide lead over these two, we've shifted our traffic acquisition strategy away from pure volume to targeting quality engaged traffic. Our bounce rate has approved 45 percentage-points. Our session duration is up 200%, and the number of page visits per visit has more than doubled.

我們的流量仍然遠遠領先 Redfin 和 realtor.com。由於領先這兩家公司如此之多，我們已經將流量獲取策略從純粹的數量轉向針對品質參與流量。我們的跳出率已達 45 個百分點。我們的會話持續時間增加了 200%，每次造訪的頁面造訪次數增加了一倍以上。

We're monetizing Homes.com by selling memberships to agents giving their listings priority placements on Homes.com which brings more buyer views, more leads and on average, enables them to sell the property faster and for more money. Members listing sort to the top of their market, generally the first page where 90% of all buyers click through to listings. We present their listings with our neighborhood school content on competing listings and suggestion e-mails in our home page.

我們透過向代理商出售會員資格將 Homes.com 貨幣化，讓代理商的房源在 Homes.com 上優先展示，從而帶來更多買家瀏覽量、更多潛在客戶，平均而言，使他們能夠更快地出售房產並獲得更高的價格。會員清單排序到其市場頂部，通常是 90% 的買家點擊清單的第一頁。我們在主頁上的競爭清單和建議電子郵件中展示了他們的清單以及我們鄰裡學校的內容。

With 1 billion visits to Homes.com in the past 12 months, we have unique insights in the market to buy a new home. We retarget members' listings across thousands of websites to keep their listings top of mind. We also provide members with the Matterport and floor plan for their listing so that potential buyers can tour their listings 24/7. It's a comprehensive digital real estate marketing package no one else is offering. In a time where home sales are getting a little tougher to achieve, I think we're well positioned in the right place at the right time of the cycle.

過去 12 個月，Homes.com 的訪客人數達到 10 億次，我們對購買新房的市場有著獨到的見解。我們在數千個網站上重新定位會員的列表，以確保他們的列表始終處於首要位置。我們也為會員提供 Matterport 和房源平面圖，以便潛在買家可以全天候參觀他們的房源。這是其他人無法提供的綜合數位房地產行銷套餐。在房屋銷售變得越來越困難的時期，我認為我們在周期的正確時間處於正確的位置。

One of the most important events for a real estate agent is the listing presentation where they meet with a home seller and try to win a listing to sell their home. Homes.com members use the marketing benefits we offer through membership to differentiate themselves from competing agents and win more listing presentations. We track the listing win rate advantage for members closely, and it's steadily climbing and now member agents are winning 61% more listings than before membership. Since the average value of winning a new listing is $15,000 and monthly membership fee is less than $500, the ROI is outstanding.

對於房地產經紀人來說，最重要的活動之一是房源展示會，他們會見房屋賣家並嘗試贏得房源以出售他們的房屋。Homes.com 會員可以利用我們透過會員資格提供的行銷優勢，從競爭代理商中脫穎而出，贏得更多的房源展示。我們密切追蹤會員的房源成功率優勢，發現它正在穩步攀升，現在會員代理贏得的房源比成為會員之前增加了 61%。由於贏得新上市的平均價值為 15,000 美元，且每月會員費不到 500 美元，因此投資回報率非常高。

Last February, when we launched the new Homes.com, we faced several hurdles. At launch, we only had a very small dedicated Homes.com sales force of about 50 reps to sell to more than 1 million agents. We were offering a completely new value proposition to an agent customer base with very negative feelings about the business models of legacy real estate portals in our space. There was a bit of undeserved guilt by association.

去年二月，當我們推出新的 Homes.com 時，我們面臨幾個障礙。在推出時，我們只有一支非常小的專門的 Homes.com 銷售隊伍，約有 50 名銷售代表，負責向 100 多萬名代理商銷售產品。我們向代理商客戶群提供了全新的價值主張，他們對我們領域中傳統房地產入口網站的商業模式持非常負面的看法。由於這段關係，我感到了一些不應有的愧疚。

Last May, just after launch, our first Net Promoter Score was disappointing at negative 42. Many early members did not understand our new value proposition and believe that Homes.com like Zillow was a lead diversion site, and were disappointed we were not diverting other agents leads to them to generate buyer agency business. That had never been our intent.

去年五月，我們剛推出產品，但第一個淨推薦值卻令人失望，為-42。許多早期會員不理解我們的新價值主張，並認為 Homes.com 和 Zillow 一樣是一個潛在客戶轉移網站，他們對我們沒有將其他代理商的潛在客戶轉移給他們以產生買方代理業務感到失望。這從來都不是我們的本意。

Our out-of-cycle early cancellation rate or failed payment at the time was high at 10% monthly. By late summer to early fall '24, our value proposition was better understood and our NPS turned positive and moved into the good classification in the low single digits, and our early cancellation dropped significantly to 6%. In the last few months, our Net Promoter Scores have been surging upwards and have reached 43 which is at the great classification and our early cancel or failed payment rate has dropped to between 0.25% and 2.5% per month, great progress.

我們當時的非週期提前取消率或付款失敗率高達每月 10%。到 2024 年夏末秋初，我們的價值主張得到了更好的理解，我們的 NPS 變為正值，並進入低個位數的良好分類，我們的早期取消率大幅下降至 6%。在過去的幾個月裡，我們的淨推薦值一直在飆升，已經達到了43，這是一個很高的級別，我們的提前取消或付款失敗率已經下降到每月0.25%到2.5%之間，這是一個很大的進步。

Since we launched a completely new product concept in the US in February '24, the early cancellation rate of 12-month contracts has plummeted 65%. Since last May, our Net Promoter Score has soared over 85 points to sit in a great classification.

自從我們在 2024 年 2 月在美國推出全新的產品概念以來，12 個月合約的提前取消率已下降了 65%。自去年五月以來，我們的淨推薦值已飆升超過 85 分，躋身優秀行列。

Under the very strong leadership of our Senior Vice President of Sales, Andy Stearns, we've grown that small initial team of 50 dedicated sales reps, 600% over the last 14 months to 314 reps in production. Those reps with four months of production are turning in a steady $1,612 monthly net new revenue, which implies our straight lines to $232,000 in billings per average rep at the end of 12 months or $1.1 million billings per rep at the end of five years accounting.

在我們的銷售高級副總裁 Andy Stearns 的強大領導下，我們最初的小型團隊由 50 名專職銷售代表組成，在過去 14 個月內增長了 600%，目前擁有 314 名銷售代表。那些有四個月生產經驗的銷售代表每月穩定地獲得 1,612 美元的淨新收入，這意味著我們在 12 個月末平均每位銷售代表的賬單金額為 232,000 美元，或者在五年會計末每位銷售代表的賬單金額為 110 萬美元。

The sales force is still growing very rapidly with 64 more in training and with offers out to an additional 214 salespeople. In Q4, we anticipate we'll have 500 salespeople with four months of experience selling Homes.com that would suggest we could be adding over $800,000 a month new billing each month by Q4. We have recently optimized our pricing strategy to better align the price of our product with the stronger benefits, listing agents and rental agents receive as Homes.com members. The first iteration of our pricing strategy determine membership price based on equal weighting of buyer and seller agency deals. Now we largely pace price based on seller listings.

銷售團隊仍在快速成長，目前有 64 人正在接受培訓，另有 214 名銷售人員正在接受培訓。在第四季度，我們預計我們將擁有 500 名擁有四個月銷售 Homes.com 經驗的銷售人員，這意味著到第四季度我們每月可能會增加超過 80 萬美元的新帳單。我們最近優化了定價策略，以便讓我們的產品價格與上市代理商和租賃代理商作為 Homes.com 會員所獲得的更強大的利益更好地保持一致。我們的定價策略的第一次迭代是根據買方和賣方代理交易的平等權重來決定會員價格。現在我們主要根據賣家名單來定價。

In April, month-to-date, our demo-to-close rate is 56%. So something is going right there. This is the highest monthly close rate I've ever seen for any CoStar brand. With one day left in April, the dedicated Homes.com sales team is currently positioned to close $240,000 monthly net new bookings. They're still selling past some of the sales from the prior year that the general sales force did, but they're solidly into positive territory.

截至四月份，我們的演示成交率為 56%。所以那裡一定有事發生。這是我見過的 CoStar 品牌中最高的月成交率。4 月僅剩一天，Homes.com 的專業銷售團隊目前已準備好完成每月 24 萬美元的淨新預訂。他們的銷售額仍高於去年同期一般銷售人員的銷售額，但已穩居正成長區間。

This is the dedicated sales team's best net new bookings month to date and a $420,000 positive swing from the prior month. With improving NPS scores, our projected cancellations for May are falling approximately 70%. At the same time, our gross sales are climbing as we bring on more salespeople and they gain experience. I believe that by year-end, our Homes.com sales team will be our largest and will be turning in the most net new revenue of any CoStar Group -- any product in CoStar Group with a regular 1 million net new months for Homes.com.

這是專業銷售團隊迄今為止最好的月份淨新增預訂量，與上個月相比增加了 42 萬美元。隨著 NPS 分數的提高，我們預計 5 月的取消量將下降約 70%。同時，隨著我們招募更多的銷售人員並累積經驗，我們的總銷售額也在攀升。我相信，到年底，我們的 Homes.com 銷售團隊將成為我們最大的銷售團隊，並將為所有 CoStar 集團帶來最多的淨新增收入——CoStar 集團中所有產品每月都能為 Homes.com 帶來 100 萬的淨新增收入。

We recently released a new purchase option for Homes.com called Boost, which is a marketing option for a single listing for agents with unpredictable income and not yet ready to commit to an annual membership, they can boost one listing via e-commerce. Just like membership once boosted their listing source -- at the top of search results, receives a Matterport and is retargeted across the Internet. This is a low-risk purchase option for an agent because they can go into a listing presentation use the boost as a differentiator, but they only have to pay for it when they win the listing and have offsetting commission revenue.

我們最近為 Homes.com 發布了一個名為 Boost 的新購買選項，這是一個針對單一房源的行銷選項，適用於收入不穩定且尚未準備好成為年度會員的經紀人，他們可以透過電子商務來提升一個房源。就像會員曾經提升過他們的清單來源一樣——在搜尋結果的頂部，收到 Matterport 並在網路上重新定位。對於代理商來說，這是一個低風險的購買選擇，因為他們可以在上市演示中使用提升作為差異化因素，但他們只需在贏得上市並獲得抵消佣金收入時支付費用。

From our perspective, this is a great way for agents to get their foot in the door and we will be funneling Boost purchases as leads into our sales team to call upon for upsales to membership. We're also offering the Boost option directly to home sellers. These are home sellers with agents, but often home sellers -- we've seen it in Australia, it's really successful where home sellers regularly add marketing tailwinds to their home for sale, purchasing tens of thousands of dollars worth of boost from portals to market their home for sale online.

從我們的角度來看，這是代理商獲得進入市場的好方法，我們將把 Boost 購買作​​為線索引導到我們的銷售團隊，以呼籲會員進行追加銷售。我們也直接向房屋賣家提供 Boost 選項。這些都是有代理商的房屋賣家，但通常是房屋賣家——我們在澳大利亞看到過這種情況，這種情況非常成功，房屋賣家定期為要出售的房屋添加營銷順風，從門戶網站購買價值數萬美元的助推器來在線營銷要出售的房屋。

We tested the Boost option with home sellers and listing agents and focus groups in Southern California recently. The feedback was universally positive with almost all participants saying they would purchase a boost for their home or listing at about the $500 price point. In July, we expect to launch a new homes Homes.com marketing offering for homebuilders. This is an attractive market for us to enter because new construction represents approximately 20% of all homes sold in any given year, yet there's no great single place for consumers to go and find all the available new communities. Building a site with full inventory of available new homes would be a very valuable option for both consumers and the industry, and would allow Homes.com to capture a piece of the estimated $3 billion annual of marketing spend by Americas homebuilders.

我們最近與南加州的房屋賣家、掛牌代理商和焦點小組測試了 Boost 選項。回饋普遍是正面的，幾乎所有參與者都表示他們願意以 500 美元左右的價格購買房屋或房源的增值服務。7 月份，我們預計將為房屋建築商推出新的 Homes.com 行銷服務。這對我們來說是一個很有吸引力的市場，因為新建房屋約佔每年售出的所有房屋的 20%，但消費者卻沒有一個好的地方可以找到所有可用的新社區。建立一個擁有完整新房庫存的網站對於消費者和行業來說都是非常有價值的選擇，並且可以讓 Homes.com 從美國房屋建築商每年約 30 億美元的營銷支出中分得一杯羹。

We've already secured listing fees, representing 60% of the total available inventory, and I expect this number will grow as we approach July. Initial feedback from builders has been overwhelmingly positive as we meet with them builders tell us they're thrilled that a portal is finally delivering a beautifully designed, robust new home search experience. We are carefully controlling expenses generally and with Homes.com specifically. In the first quarter, we released over $50 million in annualized savings, mostly through cost reduction initiatives in our Homes.com investment. Overall, we reduced head count in the company by 423 in Q1.

我們已經獲得了上市費用，佔總可用庫存的 60％，我預計隨著 7 月的臨近，這個數字將會增長。當我們與建築商會面時，他們給出的初步反饋非常積極，建築商告訴我們，他們很高興門戶網站終於能夠提供設計精美、功能強大的新房搜尋體驗。我們正在嚴格控制整體開支，特別是 Homes.com 的開支。在第一季度，我們實現了超過 5,000 萬美元的年度化節餘，主要是透過對 Homes.com 的投資採取成本削減措施。整體而言，我們在第一季裁減了 423 名公司員工。

Zillow recently announced an aggressive new policy of permanently banning homes that have been privately marketed for over 24 hours. Pretty aggressive. With the post NAR lawsuit, industry changes around clear cooperation no co-mingling rules, I believe that our lead diversion competitors are getting anxious that brokers with more choice may increasingly choose to market their properties away from those lead diversion platforms. The home is not listed on Zillow, they'll lose the opportunity to use the listing to seller buyer agency leads and take 40% of the buyer agency commission. We're still for them is that -- if more and more listing agents stay out their platforms and the listing count will fall and they can lose audience and fall into a downward spiral.

Zillow 最近宣布了一項激進的新政策，永久禁止私下銷售超過 24 小時的房屋。相當具有攻擊性。隨著 NAR 訴訟的發生，行業圍繞著明確合作、禁止混合規則發生了變化，我相信我們的領先轉移競爭對手開始擔心，擁有更多選擇的經紀人可能會越來越多地選擇在那些領先轉移平台之外推銷他們的房產。如果房屋沒有在 Zillow 上列出，他們將失去利用房源資訊向賣方買方代理機構提供線索並收取 40% 買方代理機構佣金的機會。我們仍然支持他們的觀點是——如果越來越多的房源代理商退出他們的平台，房源數量就會下降，他們就會失去受眾，陷入惡性循環。

We view this move not only as anticompetitive but also shows a bit of desperation. I authored an open letter last week to the industry making sure everyone was watching the power-grab Zillow is attempting. My communication surprisingly reached an estimated 50 million impressions across e-mail, LinkedIn and earned media coverage. The reaction from agents was approximately 10:1 positive to us. In those most recent focus groups, one agent said, well, everyone hate Zillow, buyers, sellers, agents or brokers. The word that many described Zillow was predatory. The decades of mistreatment agents are desperate for a viable alternative, and they now have one in Homes.com.

我們認為此舉不僅具有反競爭性，而且還表現出一些絕望。上週，我向業界發表了一封公開信，確保每個人都關注 Zillow 試圖奪權的行為。令人驚訝的是，我的交流透過電子郵件、LinkedIn 和媒體報告達到了約 5,000 萬次的曝光量。代理商對我們的反應大約是 10:1 正面。在最近的焦點小組中，一位經紀人說，每個人都討厭 Zillow，無論是買家、賣家、經紀人還是代理商。許多人用「掠奪性」這個詞來形容 Zillow。幾十年來一直遭受虐待的經紀人迫切需要一個可行的替代方案，現在他們在 Homes.com 上找到了一個。

My favorite quote of the evening was: Homes.com brings us a lot and they're going to surpass Zillow very soon. The moderator asked where they're hearing that and the agent applied by saying, God, everyone at my brokerage meetings, lawyers, brokers, commercial agents, everyone.

當晚我最喜歡的一句話是：Homes.com 為我們帶來了很多東西，他們很快就會超越 Zillow。主持人問他們在哪裡聽到的，經紀人回答說，天哪，我經紀會議上的每個人，律師、經紀人、商業代理人，每個人。

At the end of the one-year mark since we kicked off our sales efforts, I'm confident that Homes.com is a winning product. We are seeing excellent momentum in sales. If you look around the world at successful real estate portals that use our business model of marketing the real estate, not lead to version, the EBITDA opportunity is really impressive. The EBITDA normalized to the size of the US GDP of market leaders like REA Group, Scout, Rightmove, Domain, Hemnet Nedialista.

在我們啟動銷售工作一週年之際，我相信 Homes.com 是一款成功的產品。我們看到銷售勢頭良好。如果您環顧全球，看看那些採用我們的房地產行銷業務模式（而非引導版本）的成功房地產入口網站，EBITDA 機會確實令人印象深刻。REA Group、Scout、Rightmove、Domain、Hemnet Nedialista 等市場領導者的 EBITDA 則是根據美國 GDP 規模進行標準化。

For the United States, ranges between $1 billion of potential EBITDA to $9 billion of potential EBITDA in the US, suggesting that, that residential portal opportunity in the United States is a lot larger than the $79 million adjusted EBIT number one of our competitors turned in, in 2024, about 100 times larger than that.

對於美國來說，潛在的 EBITDA 在 10 億美元到 90 億美元之間，這表明，美國的住宅門戶網站機會比我們的競爭對手在 2024 年實現的 7900 萬美元調整後 EBIT 要大得多，大約是這個數字的 100 倍。

OnTheMarket had a -- over the United Kingdom had another strong quarter. 11 straight months, we've seen net new bookings growth equivalent to $7.2 million annualized revenue. We are delivering fantastic ROI to agents to subscribe to OnTheMarket. Lead volume increased 17% year over year. We increased listings by 23% year over year. The audience is engaged as we saw page views and time on site grow by 99% and 81%, respectively, year very year.

OnTheMarket 在英國又度過了一個強勁的季度。連續 11 個月，我們看到淨新預訂量成長相當於 720 萬美元的年收入。我們為訂閱 OnTheMarket 的代理商提供了極佳的投資回報。銷售線索量較去年同期成長 17%。我們的上市數量年增了 23%。我們發現頁面瀏覽量和網站停留時間分別逐年增加了 99% 和 81%，觀眾的參與度很高。

In February 2025, we made an all-cash offer for Domain Holdings, one of Australia's two largest real estate portals and one of the 10 largest real estate marketplaces in the world. Domain is very profitable, growing and is in the market -- in a market with great dynamics for real estate portals with vendor or owner paid models. 2024 annual revenue was $250 million in using today's conversion rate and EBITDA of $88 million.

2025 年 2 月，我們以全現金收購了澳洲兩大房地產入口網站之一、全球十大房地產市場之一的 Domain Holdings。Domain 利潤豐厚，不斷成長，並且佔據著市場——這個市場對於採用供應商或業主付費模式的房地產入口網站來說充滿活力。以今天的轉換率計算，2024 年的年收入為 2.5 億美元，EBITDA 為 8,800 萬美元。

Australia's real estate portals use the vendor-paid advertising model unlike the competing US portals, which have lead-gen models for buyer agents. Australian portals generate revenue through marketing their real estate. Home sellers are regularly paying companies like Domain and REA anywhere from $3,000 on up to $50,000 to market their home for sale online and those -- could be AUD5,000 to AUD50,000. One element Domain -- one element that from Domain that will benefit Homes.com and OnTheMarket is depth advertising.

澳洲的房地產入口網站採用供應商付費廣告模式，而美國的競爭對手則採用針對買方代理的潛在客戶開發模式。澳洲門戶網站透過行銷其房地產來獲取收入。房屋賣家通常需要向 Domain 和 REA 等公司支付 3,000 美元到 50,000 美元不等的費用，以便在網上推銷他們的房屋，這些費用可能是 5,000 澳元到 50,000 澳元。網域的一個元素——網域的一個元素將使 Homes.com 和 OnTheMarket 受益，那就是深度廣告。

Similar to signature ads for Apartments.com and LoopNet, Domain offers four tiers of advertising that offer increasing levels of exposure as you move up their ad tiers by utilizing sort order, larger search placards, social notification and retargeting. We will be adopting the best practices of Domain in the US and in the United Kingdom.

與 Apartments.com 和 LoopNet 的簽名廣告類似，Domain 提供四個層級的廣告，透過利用排序順序、更大的搜尋標誌、社群通知和重新定位，隨著您提升廣告層級，可以提供越來越高的曝光率。我們將採用美國和英國 Domain 的最佳實務。

We see numerous opportunities to create additional value for Domain following the potential acquisition. Domain's majority owner today is a media business, which has historically underinvested in the product. Simultaneously REA Group's market dominance is not incentivized to innovate, improve their product. Both sites pale in comparison to the product we built with Homes.com. We will bring what we built in Homes.com to Australia and the United Kingdom to win over consumers.

我們看到，在潛在收購後，Domain 有無數機會創造額外價值。Domain 目前的大股東是一家媒體公司，但該公司歷來對該產品的投資不足。同時，REA 集團的市場主導地位並沒有激勵其創新和改進產品。這兩個網站與我們打造的 Homes.com 產品相比，都顯得遜色。我們將把 Homes.com 的成果帶到澳洲和英國，以贏得消費者的青睞。

Domain is also a strong entry point into Australia's commercial real estate market. They operate commercialrealestate.com.au, a top two CRE marketplace in Australia with thousands of listings we can migrate into LoopNet. Adding Australian listings to LoopNet would provide great value to multinational owners and brokers that list on LoopNet and the multinational tensor searching the site. Domain's inventory commercial listing lays a strong foundation for building CoStar covering Australia.

域名也是進入澳洲商業房地產市場的強大切入點。他們經營 commercialrealestate.com.au，這是澳洲排名前兩的 CRE 市場，擁有數千個我們可以遷移到 LoopNet 的清單。將澳洲房源資訊添加到 LoopNet 將為在 LoopNet 上列出的跨國業主和經紀人以及搜尋該網站的跨國張量提供巨大的價值。Domain的庫存商業清單為打造覆蓋澳洲的CoStar奠定了堅實的基礎。

The Board of Domain is -- majority shareholder 9 Entertainment has backed our offer, and we're in the process of conducting due diligence. Of course, there is no guarantee that our proposal will result in a transaction. We closed the acquisition of Matterport at the end of February, and we have been long time users of Matterport and I'm very excited to have the opportunity to work with RJ, Gauspec and the entire Matterport team on the next phase of their impressive journey. The Matterport technology will be an incredible asset for us. They have an impressive product road map, which will benefit our entire ecosystem.

Domain 董事會－大股東 9 Entertainment 已支持我們的報價，我們正在進行盡職調查。當然，我們並不能保證我們的提議一定會促成交易。我們在二月底完成了對 Matterport 的收購，我們一直是 Matterport 的長期用戶，我很高興有機會與 RJ、Gauspec 和整個 Matterport 團隊合作，開啟他們令人印象深刻的旅程的下一階段。Matterport 技術對我們來說將是一筆寶貴的財富。他們擁有令人印象深刻的產品路線圖，這將使我們的整個生態系統受益。

At the end of March, Matterport created digital twins for an astounding 54 billion square feet of space. Over the past four years, Matterport has increased total spaces under management by more than 20% annual and total square footage by over 30% each year. Our new goal is to reach 1 trillion square feet of digital twins that requires 35% year over year growth. Their sales success was achieved with a small sales team but mighty at 47. We plan to grow both their R&D and sales team. With Matterport technology combined with CoStar's global scale and reach, the future is bright for both companies.

截至三月底，Matterport 為驚人的 540 億平方英尺的空間創建了數位孿生。在過去四年中，Matterport 管理的總空間每年增加 20% 以上，總面積每年增加 30% 以上。我們的新目標是達到 1 兆平方英尺的數位孿生，這需要年增 35%。他們的銷售成功是由一支規模雖小但強大的 47 人銷售團隊實現的。我們計劃擴大他們的研發和銷售團隊。Matterport 技術與 CoStar 的全球規模和影響力相結合，兩家公司的前景一片光明。

I want to close by doing something important, thanking our Board members, [Mike Klein, Chris Nassetta and Laura Kaplan] who are concluding their service on the CoStar Board. Through the years, they have offered excellent counsel and have been extremely valuable in helping us build CoStar Group into the global organization it is, operating in 192 countries with a $34 billion market cap. Mike Klein and David Bonderman, they cofounded the business with me in 1987. I still marvel at Mike Klein mortgaging his house to invest. Most all of his net worth or maybe 150% of his net worth into a 22-year-old's start-up concept.

最後，我想做一件重要的事情，感謝我們的董事會成員 [Mike Klein、Chris Nassetta 和 Laura Kaplan]，他們即將結束在 CoStar 董事會的任期。多年來，他們提供了出色的建議，在幫助我們將 CoStar Group 打造成為一家業務遍及 192 個國家、市值達 340 億美元的全球性組織方面發揮了極其重要的作用。麥克·克萊因 (Mike Klein) 和大衛·邦德曼 (David Bonderman) 於 1987 年與我共同創立了這家公司。我仍然對麥克·克萊恩抵押自己的房子進行投資感到驚奇。他把自己的大部分淨資產，或者可能是淨資產的 150% 都投入到一個 22 歲年輕人的創業理念中。

It turns out he was a genius, he is a visionary and his support and counsel was matchless. As part of the ongoing refresh of our Board, we made some important announcements earlier this month. Louis Sams, who's been a CoStar Board member since 2019 has been named Chair of the Board. She has a strong international legal experience having served as EVP and General Counsel of Turner Broadcasting System, Inc. for nearly two decades and President for nearly a decade. Louise is currently the Board Chair of Princeton University, which I hear is a good place. She has been an impactful Board member and is the perfect person to chair our Board.

事實證明他是一位天才，一位有遠見的人，他的支持和建議是無與倫比的。作為董事會持續更新的一部分，我們在本月初發布了一些重要公告。路易斯·薩姆斯 (Louis Sams) 自 2019 年起擔任 CoStar 董事會成員，現在被任命為董事會主席。她擁有豐富的國際法律經驗，曾擔任特納廣播公司執行副總裁兼總法律顧問近二十年，並擔任總裁近十年。路易絲目前是普林斯頓大學的董事會主席，我聽說這是一個好職位。她是一位頗具影響力的董事會成員，也是擔任我們董事會主席的最佳人選。

I'm looking forward to working with John Berisford, Rachel Glaser; and Christine McCarthy. They bring a wealth of business experience with strong track records at leading global companies. Christine is a recognized corporate finance leader with over 30 years of experience, most recently as CFO of the Walt Disney Company. John is an accomplished executive who most recently served as President of S&P Global Ratings. Rachel has extensive market experience as the former CFO of Etsy and direct residential industry experience as the former CFO of Move, Inc.

我期待與 John Berisford、Rachel Glaser 和 Christine McCarthy 合作。他們在全球領先公司擁有豐富的商業經驗和出色的業績記錄。克里斯汀是公認的企業財務領袖，擁有 30 多年的經驗，最近擔任華特迪士尼公司的財務長。約翰是一位經驗豐富的主管，最近擔任標準普爾全球評級總裁。Rachel 曾擔任 Etsy 的財務官，擁有豐富的市場經驗，並曾擔任 Move, Inc. 的財務長，擁有直接的住宅產業經驗。

I'll be chairing our new Board's Capital Allocation Committee and John Christie and Robert Musselwhite will also serve on the committee. The Board established the committee to review and make recommendations to the Board regarding the company's capital structure, capital allocation priorities and financial targets. The committee's review will also focus on operating performance, including the setting of near-term long-term financial targets for resource and capital allocation. The committee's charge is to continue the company's outstanding capital allocation track record has resulted in the company's outperforming 98% of the NASDAQ companies since our IPO.

我將擔任我們新董事會資本分配委員會主席，約翰·克里斯蒂 (John Christie) 和羅伯特·穆塞爾懷特 (Robert Musselwhite) 也將在該委員會任職。董事會成立該委員會負責審查公司的資本結構、資本配置重點和財務目標並向董事會提出建議。該委員會的審查也將著重於經營業績，包括設定資源和資本配置的近期長期財務目標。該委員會的職責是延續公司出色的資本配置記錄，自首次公開募股以來，公司的表現優於 98% 的納斯達克公司。

And with my very brief remarks, I'm going to turn it over to Chris Lown.

我將用非常簡短的發言將發言權交給克里斯·朗 (Chris Lown)。

Thank you, Andy. First quarter 2025 revenue grew 12% year over year to $732 million. Matterport contributed $15.9 million of revenue for the quarter, which represented one month of activity. Excluding the Matterport contribution, revenue was at the high end of our guidance and above consensus estimates.

謝謝你，安迪。2025 年第一季營收年增 12%，達到 7.32 億美元。Matterport 本季貢獻了 1590 萬美元的收入，這代表了該月的活動。不包括 Matterport 的貢獻，收入處於我們預期的高位，並且高於普遍預期。

First quarter adjusted EBITDA came in at $66 million and a 9% margin, also exceeding consensus on the high end of our guidance range. The outperformance in adjusted EBITDA was primarily due to timing of marketing spend, lower personnel costs from cost saving initiatives and hiring timing. Matterport contributed an adjusted EBITDA loss of $2.7 million for the first quarter stub period. Our commercial information and marketplace plans delivered healthy 43% profit margins in the first quarter. This measure does not include our investments in Homes.com, OnTheMarket and Matterport.

第一季調整後的 EBITDA 達到 6,600 萬美元，利潤率為 9%，也超過了我們預期範圍的高端。調整後的 EBITDA 表現優異主要歸因於行銷支出的時機、成本節約措施帶來的人員成本降低以及招募時機。Matterport 第一季調整後 EBITDA 虧損 270 萬美元。我們的商業資訊和市場計劃在第一季實現了 43% 的健康利潤率。此指標不包括我們對 Homes.com、OnTheMarket 和 Matterport 的投資。

CoStar revenue grew 6% in the first quarter, in line with our guidance. Even considering what continues to be a difficult commercial real estate backdrop, CoStar net new bookings continue to improve and are now at the highest levels since the third quarter of 2023. While we do not anticipate -- I'm sorry, while we do anticipate some slight headwinds from government contract cancellations expected throughout 2025, we still expect CoStar revenue growth to remain at 6% in the second quarter and we are maintaining our 6% to 7% revenue growth guidance for the full year.

CoStar 第一季營收成長 6%，符合我們的預期。即使考慮到商業房地產市場持續艱難的形勢，CoStar 的淨新預訂量仍在繼續改善，目前已達到 2023 年第三季以來的最高水準。雖然我們並不預期——抱歉，雖然我們確實預期 2025 年全年政府合約取消會帶來一些輕微阻力，但我們仍然預計 CoStar 收入增長率將在第二季度保持在 6%，並且我們維持全年 6% 至 7% 的收入成長預期。

Apartments.com revenue grew 11% year over year in the first quarter, in line with our expectations. We refocused our sales plans this year to emphasize new rooftops, and we are seeing the benefits of this incentive structure with a considerable growth in our number of listed properties. The under 100-unit property cohort increased 19% year over year in the quarter. This addressable market is nearly 4 times the size of the over 100 unit property cohort. We expect to continue to penetrate the sub-100 property segment, and as such, we are maintaining our full year 2025 Apartments.com revenue guidance of 11% to 12%.

Apartments.com 第一季營收年增 11%，符合我們的預期。我們今年重新調整了銷售計劃，將重點放在新屋頂上，並且我們看到了這種激勵結構帶來的好處，我們的上市房產數量大幅增加。本季度，100 套以下房產數量年增 19%。這個目標市場規模幾乎是 100 套以上房產群體的 4 倍。我們預計將繼續滲透到 100 以下的房地產領域，因此，我們維持 2025 年全年 Apartments.com 收入成長 11% 至 12% 的預期。

For 2Q 2025, we expect multifamily revenue growth of 10%. LoopNet revenue grew 5% in the first quarter, also in line with our guidance. Importantly, we are building great momentum at LoopNet as it delivered its highest net new bookings quarter in nearly three years. We expect revenue growth to accelerate throughout the year with 7% growth expected in the second quarter of 2025. We are increasing our guidance expectations for 2Q for 2025 and now expect revenue growth of 7% to 8% for the full year as growth accelerates throughout the year.

到 2025 年第二季度，我們預計多戶型住宅收入將成長 10%。LoopNet 第一季營收成長了 5%，也符合我們的預期。重要的是，LoopNet 正在積聚巨大發展勢頭，其季度淨新預訂量創下了近三年來的最高紀錄。我們預計全年營收成長將加速，預計 2025 年第二季將成長 7%。我們提高了對 2025 年第二季的指導預期，目前預計全年營收成長率將達到 7% 至 8%，因為全年成長都將加速。

Revenue from information services was $40 million in the first quarter. Revenue growth for the second quarter and full year is expected to be in the 18% to 20% range. Visual Lease's integration with Real Estate Manager is well underway and we're extremely excited about the lease benchmarking product and expect the beta launch by year-end.

第一季資訊服務收入為4000萬美元。預計第二季和全年營收成長率將在18%至20%之間。Visual Lease 與 Real Estate Manager 的整合正在順利進行中，我們對租賃基準測試產品感到非常興奮，並預計測試版將於年底推出。

Other revenue, which now includes Matterport, was $45 million for the first quarter, with Matterport contributing $15.9 million. We expect other second quarter revenue of approximately $70 million with Matterport revenue of approximately $40 million. We expect full year revenue to increase by 100% to 115% and to $270 million to $280 million, with Matterport contributing $135 million to $140 million.

第一季其他收入（包括 Matterport）為 4500 萬美元，其中 Matterport 貢獻了 1590 萬美元。我們預計第二季其他收入約為 7,000 萬美元，其中 Matterport 收入約為 4,000 萬美元。我們預計全年營收將成長 100% 至 115%，達到 2.7 億至 2.8 億美元，其中 Matterport 將貢獻 1.35 億至 1.4 億美元。

Residential revenue was $27 million in the first quarter. First quarter sales reflected the nature of cancellations from our initial first quarter 2024 Homes.com sales, and we expect net new bookings to increase throughout the year. This will result in meaningful revenue growth acceleration throughout the second half of 2025. Our 2025 residential revenue growth outlook remains in the mid-teens to low 20s percent range, and we expect second quarter revenue growth in the low single digits due to the impact of first quarter cancellations.

第一季住宅收入為 2700 萬美元。第一季的銷售額反映了我們 2024 年第一季 Homes.com 初始銷售的取消性質，我們預計全年淨新預訂量將會增加。這將導致 2025 年下半年營收成長顯著加速。我們對 2025 年住宅收入成長的預期仍保持在 15% 至 20% 左右的區間，並且由於第一季取消訂單的影響，我們預計第二季營收成長率將保持在個位數以下。

In just one short year, we have rapidly increased Homes.com's unaided brand awareness 9x to 36 and have become the second most visited US residential portal. As we continue to scale the Homes.com dedicated sales force, we expect revenue growth to accelerate into 2026 and beyond and are excited about what could be CoStar's largest business.

在短短一年內，我們迅速將 Homes.com 的獨立品牌知名度提高了 9 倍，達到 36%，並成為美國訪問量第二大的住宅入口網站。隨著我們繼續擴大 Homes.com 專門銷售隊伍的規模，我們預計營收成長將在 2026 年及以後加速，並對這可能成為 CoStar 最大的業務感到興奮。

For the first quarter, CoStar posted a $15 million net loss due primarily to the onetime costs from closing the Matterport acquisition. We earned $38.5 million of net investment income on our $3.8 billion in cash in the first quarter or a 4.1% net yield. We are making great progress on increasing our sales forces, which totaled 1,600 salespeople at end March. While much of the increase was concentrated in Homes.com, we are ahead of our sales head count hiring plan across all of our brands. Our contract renewal rate was 89% in the first quarter of 2025 and remains strong at 94% for customers who have been subscribers for five years or longer.

第一季度，CoStar 淨虧損 1,500 萬美元，主要原因是完成 Matterport 收購所產生的一次性成本。我們第一季的 38 億美元現金中獲得了 3,850 萬美元的淨投資收益，淨收益率為 4.1%。我們在擴大銷售團隊方面取得了巨大進展，截至 3 月底，我們的銷售人員總數已達 1,600 名。雖然大部分成長集中在 Homes.com，但我們所有品牌的銷售人員招募計畫都已提前完成。2025 年第一季度，我們的合約續約率為 89%，對於簽約五年或更長時間的客戶提供續約率仍然保持在 94% 的強勁水平。

Subscription revenue on annual contracts was 80% of total revenue for the first quarter of 2025. Net new bookings for the first quarter were $56 million, representing a sequential increase of 6% from the fourth quarter and a 29% increase from the third quarter of 2024. Absent the onetime headwinds from Homes.com cancellations in the first quarter, net new bookings would have been $60 million. Commercial net new bookings increased 14% year over year and 19% from the fourth quarter, coming in higher than any quarter in 2024.

年度合約的訂閱收入佔 2025 年第一季總收入的 80%。第一季淨新預訂量為 5,600 萬美元，季增 6%，較上季 2024 年第三季成長 29%。如果不考慮第一季 Homes.com 取消預訂帶來的一次性不利影響，淨新預訂將達到 6,000 萬美元。商業淨新預訂量年增 14%，季增 19%，高於 2024 年的任何一個季度。

During the first quarter of 2025, CoStar Group repurchased 240,000 shares for an aggregate cost of $18.5 million. We still anticipate repurchasing $150 million of shares in total in 2025. On March 27, CoStar provided a nonbinding indicative offer to acquire Domain Group for AUD4.4 per share. As part of this effort, we acquired 107 million shares at an average cost of AUD4.22 or approximately USD290 million. We now own 16.9% of Domain's outstanding shares, are in the process of performing due diligence and recently received a two-week extension to complete our due diligence by May 12.

2025 年第一季度，CoStar Group 回購了 24 萬股，總成本為 1,850 萬美元。我們仍預期 2025 年將回購總計 1.5 億美元的股票。3月27日，CoStar提出以每股4.4澳元收購Domain Group的非約束性指示性要約。作為這項努力的一部分，我們以平均 4.22 澳元或約 2.9 億美元的價格收購了 1.07 億股股票。我們目前擁有 Domain 16.9% 的流通股，正在進行盡職調查，最近獲得了兩週的延期，以便在 5 月 12 日之前完成盡職調查。

For the full year of 2025, we expect revenue of $3.115 billion to $3.155 billion, implying an annual growth rate of 14% to 15%. This forecast is broadly in line with our original 2025 guidance and includes a 4 percentage-point to 5 percentage-point contribution from the Matterport acquisition. Second quarter 2025 revenue is expected in the $770 million to $775 million range, representing 14% year over year growth at the midpoint.

對於 2025 年全年，我們預計收入為 31.15 億美元至 31.55 億美元，意味著年增長率為 14% 至 15%。該預測與我們最初的 2025 年指引大致一致，其中包括 Matterport 收購帶來的 4 個百分點至 5 個百分點的貢獻。預計 2025 年第二季的營收將在 7.7 億美元至 7.75 億美元之間，年增 14%。

2025 adjusted EBITDA is now expected in the range of $355 million to $385 million, reflecting an adjusted EBITDA margin of approximately 12%. The inclusion of Matterport is anticipated to reduce our adjusted 2025 EBITDA forecast by approximately $30 million. So excluding Matterport, we remain broadly in line to slightly above our original 2025 guidance. Second quarter 2025 adjusted EBITDA is now expected to be $50 million to $60 million, reflecting an adjusted EBITDA margin of around 7%.

預計 2025 年調整後 EBITDA 在 3.55 億美元至 3.85 億美元之間，調整後 EBITDA 利潤率約為 12%。預計 Matterport 的加入將使我們對 2025 年調整後的 EBITDA 預測減少約 3000 萬美元。因此，除 Matterport 外，我們的業績仍大致符合或略高於我們最初的 2025 年指引。預計 2025 年第二季調整後 EBITDA 為 5,000 萬至 6,000 萬美元，調整後 EBITDA 利潤率約 7%。

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員以回答問題。

(Operator Instructions)

（操作員指示）

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Andy, great to hear from you. And I was wondering if you had any additional comments on the delayed market listing exemption that was discussed by the NAR and then the reaction from Zillow. Have you had a chance to speak to brokerage firms, what is their view on the Zillows and resin reactions?

安迪，很高興收到你的來信。我想知道您對 NAR 討論的延遲上市豁免以及 Zillow 的反應是否有任何其他評論。您有機會與經紀公司交談嗎？他們對 Zillows 和樹脂的反應有何看法？

The what I've heard is overwhelmingly negative. So I've heard, read hundreds of comments from agents. And again, I'd say, 90%-some negative. So there's a pretty transparent thought there that they're requiring people to put their listings up early in order to make sure that they have a chance to monetize them and people aren't taking the listings to market without going through Zillow first. And I think that is sort of a surprising over sort of active probably -- I think, shows a little bit of weakness.

我所聽到的絕大多數都是負面消息。我聽過、讀過數百則來自代理商的評論。我再說一遍，90% 都是負面的。因此，有一個非常明顯的想法，他們要求人們儘早發布他們的房源信息，以確保他們有機會將其貨幣化，並且人們不會在沒有先通過 Zillow 的情況下將房源信息推向市場。我認為這是一種令人驚訝的過度活躍，可能——我認為這顯示出一點弱點。

But I think it's being confused a little bit with something related to Compass. I don't think it is. It is unusual to see something the NAR is allowing having a portal trying to set in new these other rules. So it created a good opportunity for us for sure.

但我認為它與指南針相關的東西有點混淆。我不這麼認為。看到 NAR 允許入口網站嘗試設定新的其他規則是很不尋常的。所以這肯定為我們創造了一個很好的機會。

And Chris, a quick follow-up on your guidance. Would you be able to tell us what was the non-residential EBITDA margin in Q1 and if your outlook for resi spend for 2025 is still intact?

克里斯，請快速跟進您的指導。您能否告訴我們第一季非住宅 EBITDA 利潤率是多少，以及您對 2025 年住宅支出的展望是否仍然不變？

Yeah. So the commercial margin was 43% for the first quarter. And as Andy mentioned or...

是的。因此第一季的商業利潤率為43%。正如安迪所提到的......

Chris, that's impressive.

克里斯，這真令人印象深刻。

That's a pretty good margin. And as Andy mentioned, we have been very focused on expenses around Homes.com. A lot of our actions taken in the first quarter to manage and reduce costs. We did come out of Homes.com. So we are very much on track from a budget perspective around the numbers we've discussed historically for Homes.com. No change there.

這是一個相當不錯的利潤。正如安迪所提到的，我們一直非常關注Homes.com的支出。我們在第一季採取了很多措施來管理和降低成本。我們確實退出了 Homes.com。所以從預算角度來看，我們的預算與之前討論過的 Homes.com 的預算數字基本上一致。沒有變化。

Pete Christiansen, Citi.

花旗銀行的 Pete Christiansen。

Good progress on a number of fronts here. Andy, can -- and congratulations on closing Matterport. Can you walk us through the next 12, 18 months -- just if you could just double-click on how you envision Matterport being integrated into the CoStar platform and how you think about monetization of that product? And just curious on how do you think that amount of port of vials would close over the next 12 to 18 months?

這裡的許多方面都取得了良好的進展。安迪，可以——恭喜你關閉 Matterport。您能否向我們介紹一下未來 12 到 18 個月的情況？能否請您簡單談談您對 Matterport 融入 CoStar 平台的設想，以及您對該產品的貨幣化有何看法？我只是好奇，您認為在未來 12 到 18 個月內，這麼多的藥瓶口會如何關閉？

Yeah, sure. So Matterport is going to have two different lives. One is it's being very broadly used around the world by construction companies, brokers, agents, developers, boat dealers, airplane manufacturers, anyone trying to digitize a space. And then it will be more deeply embedded into all of our platforms, from real estate manager to CoStar to LoopNet to Apartments to Homes to hopefully Domain one day. And we will be embedding it deeply, natively and building unique and special features in those product areas that makes a Matterport available with more power in those spaces.

是的，當然。因此 Matterport 將會擁有兩種不同的命運。一是它被世界各地的建築公司、經紀人、代理商、開發商、船舶經銷商、飛機製造商以及任何試圖將空間數位化的人廣泛使用。然後它將更深入地嵌入我們所有的平台中，從房地產經理到 CoStar、LoopNet、公寓、住宅，希望有一天能嵌入 Domain 中。我們將對其進行深度、原生的嵌入，並在這些產品領域中建立獨特的特殊功能，使 Matterport 在這些領域發揮更大的作用。

I've had a chance to meet a lot of the Matterport folks. I would say that they and I have real a common vision for some exciting R&D projects that I think will add a lot of value. I believe Matterport is on the verge of producing some pretty interesting things in their technology. They'll have a lot of applications, both for our platforms and outside our platforms. I think that I'm really amazed at how ubiquitous the value prop is for Matterport. I'm just recently touring some construction over in Europe. And they've been Matterporting the construction set every week.

我有機會見到很多 Matterport 的人。我想說的是，他們和我對一些令人興奮的研發項目有著共同的願景，我認為這些項目將會增加很多價值。我相信 Matterport 即將利用其技術創造出一些非常有趣的東西。他們會有很多應用程序，既適用於我們的平台，也適用於我們的平台之外。我認為 Matterport 的價值主張如此普遍，這讓我感到非常驚訝。我最近正在歐洲參觀一些建築。他們每週都會將施工現場的情況透過 Matterport 進行報告。

Matterport up until recently has only had about five salespeople to cover Europe, Asia, Africa, all the world ex the United States clearly -- and I figure that those five salespeople had 1.3 million good prospects per salesperson. So I think there's a wonderful opportunity to invest in both the R&D side, the sales side and grow significant revenue for Matterport, build it to a good margin and then also fund more aggressive R&D within the product.

直到最近，Matterport 才有大約五名銷售人員負責歐洲、亞洲、非洲以及除美國以外的全世界——我估計這五名銷售人員每人有 130 萬個良好的潛在客戶。因此，我認為這是投資研發和銷售方面的絕佳機會，可以為 Matterport 增加可觀的收入，使其獲得良好的利潤率，然後為產品內更積極的研發提供資金。

Yeah. I'd expand on that a little bit and also add from a practical perspective, it inevitably lower cancellations and products, right, as people have more time on site. They use it more. We hear people renting apartments with Matterports without going physically there. People looking for commercial real estate will travel less, and therefore, will spend more time on site and will become more ubiquitous. So we think really we believe real financial tailwinds will accrue as well as we -- as Andy said, really deeply embed this application across all of our platforms, which will just strengthen their outcomes, but also their financial outcomes as well.

是的。我想稍微擴展一下這一點，並從實際角度補充一點，由於人們在現場有更多的時間，它不可避免地會降低取消率和產品率。他們使用它更多。我們聽說人們透過 Matterports 租公寓，而不需要親自去那裡。尋找商業房地產的人們將減少出行，因此將在現場花費更多時間，並變得更加無處不在。因此，我們真的相信真正的金融順風將會出現，正如安迪所說，我們將這個應用程式深深嵌入到我們所有的平台上，這不僅會加強他們的成果，也會加強他們的財務成果。

(Operator Instructions)

（操作員指示）

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

You mentioned realizing about $50 million in residential savings in the quarter, can you talk about how you're thinking about investment spend for this year in light of the work that the capital allocation committee is doing on the Board? How are you thinking about the $900 million in change originally targeted for the year?

您提到本季實現了約 5000 萬美元的住宅儲蓄，您能否根據資本分配委員會在董事會所做的工作談談您對今年投資支出的看法？您如何看待今年原定的 9 億美元變革目標？

Yeah, the $900 million investment is unchanged. The $500 million was really a capital allocation, a proactive capital allocation decision we made to take some costs out of Homes.com and shift them towards the sales force, as was mentioned, our sales force growth is exceeding our expectations, which is fantastic, but we're able to make capital allocation decisions to move costs from one place and invest that capital elsewhere. And so it's in line with plan and there are no changes.

是的，9億美元的投資沒有改變。這 5 億美元實際上是一種資本配置，是我們做出的一項主動的資本配置決策，目的是從 Homes.com 中剝離一些成本並將其轉移到銷售隊伍上，正如所提到的，我們的銷售隊伍增長超出了我們的預期，這是非常棒的，但我們能夠做出資本配置決策，將成本從一個地方轉移到其他地方投資。因此這符合計劃並且沒有任何變化。

John Campbell, Stephens.

約翰·坎貝爾，史蒂芬斯。

Andy, I want to maybe circle back on CCP. I think you probably expect a lot of questions there. It does seem like you're looking to position Homes.com as, I guess, a site that kind of captures those private listings that don't abide by Zillow standard. I don't know if that's eventually as they make their with MLS or maybe just a straight connection or a feed into you guys. That seems pretty clear to me, but outside of that, I'm just curious the other ways you may be thinking about leaning in.

安迪，我可能想再回到 CCP 的話題上。我想你可能會遇到很多問題。我猜，您似乎確實想將 Homes.com 定位為收集不符合 Zillow 標準的私人房源的網站。我不知道他們最終是否會與 MLS 合作，或者可能只是直接聯繫或向你們提供資訊。對我來說這似乎很清楚，但除此之外，我只是好奇您可能正在考慮的其他方式。

I don't know if that's helping power, maybe white label, the private list networks or something along those lines. And just I'm guessing there's probably some competitive dynamics that limit what you can say, but maybe just shed some light where you can.

我不知道這是否是幫助力量，也許是白標、私人名單網絡或類似的東西。我猜想可能存在一些競爭動態，限制了您能說的內容，但也許您可以盡可能地闡明一些事情。

Yeah. So I think that clear cooperation has always been in a people since the beginning of time in real estate have marketed listings off market. People have always looked to see if there's someone in the shop in the neighborhood, a connection that wants to by a property, especially at the middle upper end. Properties that happens in commercial real estate. It happens around the world. Typically, 20% of listings around the world, are going to be marketed off-market or private.

是的。所以我認為，自從房地產業開始在場外銷售房源以來，人們就一直保持著明確的合作。人們總是會留意附近是否有人開著商店，或者是否有人想購買房產，尤其是中高端房產。商業房地產中發生的屬性。這種事在世界各地都有發生。通常，全球 20% 的房源將以場外或私人方式銷售。

I don't want to get too deeply into what Compass is doing or what XP is doing. But just more as a general theme, I think that there is an important dynamic changing here with clear cooperation being more flexible and with the no co-mingling rules on the MLS is changing. You've got -- people begin to question where they want their listings to go and when they want them to go there. And if you've done some research, I'm sure you've heard that the lead diversion models are not popular. They don't exist in other countries because when people have a choice as to where they market their listings they choose not to have their leads taken and sold off.

我不想太深入地了解 Compass 正在做什麼或 XP 正在做什麼。但只是作為一個總體主題，我認為這裡有一個重要的動態變化，明顯的合作變得更加靈活，而且 MLS 上的禁止混合規則也在改變。人們開始質疑他們希望他們的清單放在哪裡以及何時放在那裡。如果你做過一些研究，我相信你已經聽說過，潛在客戶轉移模型並不受歡迎。它們在其他國家並不存在，因為當人們可以選擇在哪裡行銷他們的商品時，他們選擇不讓他們的線索被帶走並出售。

So I think there's generally some anxiety on the part of some of those folks that the people will make more choices to avoid the lead diversion platforms longer and that positions us really well because we're actually in harmony with everyone because we are actually presenting their listings with their names on them and are not trying to rewrite the rules or -- we're not trying to regulate it. We're pretty much working with the clients as they want to work. But we're not going to get into any debates between different firms on the strengths of clear cooperation, private networks and all that stuff. I think they do it anyhow and they have done it since the beginning of time.

因此，我認為，有些人普遍感到焦慮，他們擔心人們會做出更多選擇，更長時間地避開潛在客戶轉移平台，而這對我們來說非常有利，因為我們實際上與每個人都保持一致，因為我們實際上在展示他們的列表，上面有他們的名字，而不是試圖重寫規則或 - 我們並沒有試圖對其進行監管。我們基本上按照客戶的意願與他們合作。但我們不會介入不同公司之間關於明確合作、私人網路等優勢的爭論。我認為他們無論如何都會這麼做，而且從一開始就這麼做。

Ryan Tomasello, KBW.

瑞安·托馬塞洛（Ryan Tomasello），KBW。

I wanted to double-click on multifamily. I guess, can you help us understand what's driving the growth decel in the second quarter to 10% and your confidence in the implied acceleration in the back half of the year? And does that bake in any benefit at all from the sales force investments and considering the incentives you called out for prioritizing property growth how should we consider the evolution there on pricing versus property count? And then just lastly, on bookings. I don't think we got any color on apartments bookings in the quarter. So anything you're willing to provide there would be helpful.

我想雙擊「多戶家庭」。我想，您能否幫助我們了解第二季經濟成長放緩至 10% 的原因，以及您對今年下半年隱含加速成長的信心？這是否從銷售隊伍投資中獲得了任何好處？考慮到您所呼籲的優先考慮房地產增長的激勵措施，我們應該如何考慮定價與房地產數量的演變？最後，關於預訂。我認為我們沒有得到本季度公寓預訂情況的任何資訊。因此，您願意提供的任何東西都會有所幫助。

Yeah. So you snuck in a couple of questions there. So one, remember, the second quarter is the big quarter for Apartments.com. That's when the big conference happens, happens in June sort of so the back end of the second quarter. So that flows through in the third and fourth quarter.

是的。所以你偷偷地問了幾個問題。首先，記住，第二季是Apartments.com最重要的季度。大型會議會在六月左右舉行，也就是第二季的後半段。因此這將貫穿第三季和第四季。

So that's the dynamic that happens year in and year out. I think you have that dynamic, you additional -- have the dynamic of the additional head count from a sales perspective. As Andy said, the rent period sales force is a fantastic sales force. They're actually already up and running. They've had a great experience trying to sell against us so now they get to sell for us, so we'll get acceleration there.

這就是年復一年發生的動態。我認為您有這種動態，您有額外的 - 從銷售角度來看有額外員工數量的動態。正如安迪所說，租賃期銷售人員是一支出色的銷售團隊。它們實際上已開始運作。他們在與我們競爭的過程中累積了豐富的經驗，所以現在他們可以為我們銷售，這樣我們就能加速發展。

Ensuring that the sales team is focused on the right things. Rooftops is important and price is important, but we feel good about that acceleration. So all that translates into a third and fourth quarter increase in our acceleration of where we are versus the second quarter. So that all makes us feel relatively good. And we didn't provide a net new number for apartments, but you should assume a sort of in the mid-$20s million range for net new bookings.

確保銷售團隊專注於正確的事情。屋頂很重要，價格也很重要，但我們對這種加速感到滿意。因此，所有這些都意味著，與第二季度相比，第三季和第四季我們的成長速度將會加快。所以這一切都讓我們感覺相對良好。我們沒有提供公寓的淨新增數量，但您應該假設淨新增預訂量約為 2000 萬美元。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

On the Suite, I guess, as you're thinking about the degree of pricing increases changed at all? I think you've typically talked about roughly a 3% to 5% annual uplift. But just given your dominant positioning there and continuing to add new data sets, new forms of value, could you potentially look to be more aggressive on that front in the coming years, especially if the CRE backdrop continues to improve.

關於套房，我猜，您正在考慮價格上漲的程度有什麼變化嗎？我認為您通常談論的是每年大約 3% 到 5% 的增長。但是，鑑於您在那裡的主導地位以及不斷添加新的數據集、新的價值形式，您是否有可能在未來幾年在這方面採取更積極的態度，特別是如果 CRE 背景繼續改善的話。

I would emphasize that we've been coming through a very challenging commercial real estate market. It is, I think, a real testament to CoStar that we continue to show good growth through a very brutal market condition for commercial real estate. I do believe that, historically, we've always slowed our pricing increases during difficult markets to support our clients. And then we are generally more aggressive with our price adjustments when we are in good markets for our clients. .

我想強調的是，我們正經歷一個非常具有挑戰性的商業房地產市場。我認為，這真正證明了 CoStar 在商業房地產市場非常殘酷的環境下仍能繼續保持良好的成長。我確實相信，從歷史上看，在市場困難時期我們總是會放慢價格上漲的速度來支持我們的客戶。當我們的客戶市場狀況良好時，我們通常會更積極地調整價格。。

And I think it's pretty clear that we are moving into a better market for our clients. You can see it in the availability rates dropping. You can see vacancy over, you see transaction volumes picking up. We tend to talk about the markets turning a little bit earlier than our clients understand they're turning. So -- but they definitely are turning, barring anything -- major recession happening generally, the overall fundamentals for real estate are good and would allow us to be a touch more aggressive in the years to come. But I think you'd also just see volume increasing, too.

我認為很明顯我們正在進入一個對客戶來說更好的市場。您可以從可用率的下降中看到這一點。您可以看到空置率下降，交易量上升。我們談論市場轉變的時間往往比客戶意識到的要早一些。所以 — — 但它們肯定正在轉變，除非發生任何重大衰退，房地產的整體基本面是良好的，這將使我們能夠在未來幾年採取更積極的態度。但我認為你也會看到交易量增加。

I'd also add that the value proposition that Andy has developed over CoStar since the development is massively different today than it was right at inception where it's primarily a broker product with lender, with the lease benchmark product that's coming with STR. I mean the value proposition to create additional revenue streams or compound sort of the value is dramatically different. So the model has also changed with to our advantage as we roll out those products and expand TAMs as well.

我還要補充一點，自開發以來，安迪在 CoStar 上提出的價值主張與最初的想法相比已經有很大不同，當時它主要是與貸方合作的經紀產品，而租賃基準產品則隨 STR 而來。我的意思是，創造額外收入來源或複合價值的價值主張是截然不同的。因此，隨著我們推出這些產品並擴大 TAM，模型也發生了變化，對我們有利。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

It sounds like when you were talking about Homes.com attrition, a lot of that was like early cancels with the contract metrics. Can you give us any sense of clients that signed on kind of last fall that were on a six-month contract and then just naturally come up for renewal that were kind of sold on a message that was better aligned to what the value prop actually is. Just like what those contracts are retaining at? Or is there some reason that wouldn't start to provide a good indication at this point?

聽起來，當您談論 Homes.com 的人員流失時，很多都是因為提前取消了合約指標。您能否告訴我們，去年秋天簽約六個月合約的客戶，後來自然而然地提出續約，而他們所傳達的訊息與實際價值主張更加一致。就像那些合約保留的是什麼？或者是否存在某種原因導致此時無法提供良好的指示？

Yeah, I wouldn't have specific data on fall contracts on six months renewal. What I can tell you is that when you look at the -- when you look at the in-period cancellation rate, that line is dramatically down. It is falling to some pretty low numbers. And I believe the six months in the last month or the last of the six months in contract cancellations, 0.25%, which is de minimis. It had been up at a much higher number, maybe 5%, 6%, 7%, 8% at the beginning.

是的，我沒有關於六個月續約的秋季合約的具體數據。我可以告訴你的是，當你查看期內取消率時，你會發現這條線急劇下降。它正在下降到相當低的數字。我認為，六個月中最後一個月或六個月中最後六個月的合約取消率為 0.25%，這是最低限度的。一開始這個數字要高得多，大概是 5%、6%、7%、8%。

And again, I believe a big part of that was just in the excitement of the early launch everyone thought we were selling lead diversion and no one knew what the whole rest of the world is buying, which is digital marketing for real estate, which is what Apartments is, it's what LoopNet is, it's what RA group, right move everyone else is. So we were offering something new. Now we had a very small sales force, a generalized sales force. But now I'm very happy with seeing it's up in that 40 NPS range, which is outstanding, and to do it that quickly suggests to me that we will have solid renewal rates going forward.

而且，我相信這很大一部分原因只是在早期發佈時的興奮，每個人都認為我們是在銷售領先轉移，沒有人知道全世界其他地方在購買什麼，也就是房地產的數字營銷，也就是 Apartments，也就是 LoopNet，也就是 RA 集團，對吧，其他人都在購買。所以我們提供了一些新的東西。現在我們的銷售團隊規模很小，是一支綜合型銷售團隊。但現在我很高興看到它上升到了 40 NPS 的範圍內，這非常出色，並且能夠如此迅速地做到這一點，對我來說意味著我們將來會擁有穩定的續訂率。

I'd also highlight the preponderance of our contracts are 12 months. So again, the data is moving in the right direction. But I think your question is to be better to be asked in sort of the next three to six months as that starts to roll forward.

我還要強調的是，我們的合約期限大部分為 12 個月。所以，數據再次朝著正確的方向發展。但我認為您的問題最好在未來三到六個月內提出，因為那時問題會開始向前發展。

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

現在我想將電話轉回給安迪·弗洛倫斯先生，請他做最後發言。

Well, I think I've taken all the time I was allotted for this year. So we're off to a great start in '25. Again, I want to thank the Board members who are completing their service to the company and welcome the new Board members on board. I'm very excited about the progress we're making with Homes.com and with the great performance we're seeing across basically all of our product areas. Thank you all for joining us and your patience on the call. and look forward to updating you next quarter.

好吧，我想我已經用完了今年分配給我的所有時間。因此，我們在 2025 年有了一個好的開始。再次，我要感謝即將完成公司任期的董事會成員，並歡迎新董事會成員的加入。我對 Homes.com 所取得的進展以及我們所有產品領域的出色表現感到非常興奮。感謝大家的參與和在通話中的耐心等待。我們期待下個季度向您報告最新情況。

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。