CoStar Group Inc (CSGP) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the CoStar Group second-quarter Q2 '25 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎參加 CoStar Group 2025 年第二季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製。

And now, I'd like to introduce your host for today's program, Richard Simonelli, Head of Investor Relations. Please go ahead, sir.

現在，我想介紹今天節目的主持人、投資者關係主管理查德·西蒙內利 (Richard Simonelli)。先生，請繼續。

Thank you very much. Hello, everyone. Thank you for joining us to discuss CoStar Group's second-quarter 2025 results. Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Chris Lown, our CFO, I'd like to review our Safe Harbor statement.

非常感謝。大家好。感謝您加入我們討論 CoStar Group 2025 年第二季的業績。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。

Certain portions of the discussion today may contain forward-looking statements, including the company's outlook and expectations for the third and fourth quarters and full year and beyond. Forward-looking statements may involve many risks, uncertainties, assumptions, and estimates, and other factors that can actually cause actual results to different materially from such statements. Important factors that can cause actual results to differ include, but are not limited to those stated in CoStar Group's press release issued earlier today and in our filings with the SEC, including our annual report 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 on the SEC's website.

今天討論的某些部分可能包含前瞻性陳述，包括公司對第三季、第四季、全年及以後的展望和預期。前瞻性陳述可能涉及許多風險、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。可能導致實際結果出現差異的重要因素包括但不限於 CoStar Group 今天稍早發布的新聞稿和我們向美國證券交易委員會 (SEC) 提交的文件中所述的因素，包括我們在「風險因素」標題下包含的 10-K 表年度報告和 10-Q 表季度報告，以及美國證券交易委員會網站上提供的其他向美國證券交易委員會提交的文件。

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

所有前瞻性陳述均基於 CoStar 在本次電話會議當天掌握的資訊。CoStar 沒有義務更新這些聲明，無論是由於新資訊、未來事件或其他原因，除非適用法律要求。

Reconciliation 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 these terms. Press releases are available on our website located at costargroup.com on our press room. Please refer to today's press release in how to access the replay of this call.

我們今天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 的新聞室查閱。請參閱今天的新聞稿，以了解如何存取此通話的重播。

Remember, one question during the Q&A session, so make it a good one.

請記住，在問答環節中只有一個問題，所以要問一個好問題。

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

現在，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)。

Well, I'd have to say between the operator and Rich has a set a very high bar for radio personality voices, so I'm going to try to live up to that.

好吧，我必須說，操作員和 Rich 為電台主持人的聲音設定了很高的標準，所以我會努力達到這個標準。

Thank you for joining CoStar Group's earnings call for the second quarter of 2025. I am very pleased to report another exceptional quarter. CoStar Group achieved revenue of $781 million, a strong 15% increase compared to last year. This marks our 57th quarter, consecutive quarter of double-digit revenue growth.

感謝您參加 CoStar Group 2025 年第二季財報電話會議。我很高興地報告又一個出色的季度。CoStar Group 實現營收 7.81 億美元，較去年同期強勁成長 15%。這是我們連續第 57 個季度實現兩位數的營收成長。

Adjusted EBITDA rose significantly to $85 million, representing an impressive 108% increase compared to Q2 of 2024. Both revenue and adjusted EBITDA exceeded consensus estimates and were above the high end of our guidance range.

調整後的 EBITDA 大幅上升至 8,500 萬美元，與 2024 年第二季相比成長了 108%。收入和調整後的 EBITDA 均超出普遍預期，並且高於我們指導範圍的高端。

Our commercials information and marketplace businesses also delivered an outstanding profit margin of 43% this quarter. Net new bookings totaled $93 million, a remarkable 65% increase over the previous quarter. This sets a new record as the highest quarterly net new bookings in CoStar Group's history.

我們的商業資訊和市場業務本季也實現了 43% 的出色利潤率。淨新預訂總額達 9,300 萬美元，較上一季大幅成長 65%。這創下了 CoStar 集團歷史上最高的季度淨新預訂量的新紀錄。

We're seeing strong performance across all our business segments driven by strategic investments in expanding our sales force and innovative product development. Throughout 2025, we're growing our core sales team by 20% and tripling our Homes.com sales force from 230 representatives at the end of 2024 to about 750 by the end of 2025. All this to capture additional growth opportunities.

我們看到，在擴大銷售團隊和創新產品開發的策略投資的推動下，我們所有業務部門都表現強勁。到 2025 年，我們的核心銷售團隊將增加 20%，而 Homes.com 的銷售團隊將增加兩倍，從 2024 年底的 230 名銷售代表增加到 2025 年底的約 750 名。所有這些都是為了抓住額外的成長機會。

Apartments.com had another excellent quarter with revenue up 11% from Q2 2024 reaching $292 million. Our sales team achieved $45 million in net new bookings, the fourth highest quarter ever, representing a 20% increase year over year. Apartments.com is approaching an annual revenue run rate of $1.2 billion and maintains a very strong EBITDA margin. I did have a percentage in there, but Chris had me take it out.

Apartments.com 本季又表現出色，營收較 2024 年第二季成長 11%，達到 2.92 億美元。我們的銷售團隊實現了 4,500 萬美元的淨新訂單，這是有史以來第四高的季度，年增 20%。Apartments.com 的年營收運行率接近 12 億美元，並維持著非常強勁的 EBITDA 利潤率。我確實有一部分在裡面，但克里斯讓我把它拿出來。

During the second quarter, our sales team had over 171,000 quality interactions with clients and prospects, maintaining an outstanding net promoter score of 94%. These interactions resulted in a 99% monthly renewal rate, the addition of 3,263 new rooftops for nearly 83,000 multi-family communities advertising on our platform. In the first half of 2025, we've already added 7,600 new apartment communities, more than we added throughout all of 2024, and we did it without steep discounting or paying hundreds of millions of dollars for inorganic revenue as our main competitor did.

第二季度，我們的銷售團隊與客戶和潛在客戶進行了超過 171,000 次高品質互動，保持了 94% 的出色淨推薦值。這些互動帶來了 99% 的每月續約率，為在我們的平台上做廣告的近 83,000 個多戶型社區增加了 3,263 個新屋頂。2025 年上半年，我們已經新增了 7,600 個公寓社區，超過了 2024 年全年的新增數量，而且我們沒有像主要競爭對手那樣大幅折扣或支付數億美元來獲得無機收入。

To address the multi-billion-dollar addressable market in apartments, we're growing our Apartments.com sales team to 500 representatives in 2025. So far this year, we've added 65 new sales reps with large training classes scheduled for July and August.

為了滿足數十億美元的潛在公寓市場需求，我們將在 2025 年將 Apartments.com 銷售團隊擴大到 500 名代表。今年到目前為止，我們已經增加了 65 名新銷售代表，並計劃在 7 月和 8 月舉辦大型培訓課程。

In Q2, Apartments.com launched a marketing campaign generating over 4.8 billion media impressions. The campaign reached renters across their favorite media channels and targeted landlords with new commercials featuring Brad Bellflower.We significantly increased our investment across key media channels, streaming video grew by 25%, paid social by 13%, and digital by 130% compared to Q2 '24.

在第二季度，Apartments.com 發起了一項行銷活動，產生了超過 48 億次媒體曝光。該活動透過租戶最喜歡的媒體管道觸達了他們，並透過布拉德·貝爾弗勞爾 (Brad Bellflower) 的新廣告瞄準了房東。與 2024 年第二季相比，我們大幅增加了對主要媒體管道的投資，串流影音成長了 25%，付費社群成長了 13%，數字成長了 130%。

Apartments.com was prominently featured during live sports events, including the NFL Draft, College World Series, PGA Tour, NBA and MLB regular seasons, and across popular programming on Bravo Inns, CVS, Netflix, Paramount Plus, and Hulu.

Apartments.com 在現場體育賽事中佔據突出地位，包括 NFL 選秀、大學世界大賽、PGA 巡迴賽、NBA 和 MLB 常規賽，以及 Bravo Inns、CVS、Netflix、Paramount Plus 和 Hulu 上的熱門節目。

We also made our Canadian broadcast debut during Game 6 of the NHL playoffs. With the launch of our New York City specific search experience Apartments.com, we ran targeted out-of-home advertising across all five bureaus in New York City and partnered with local influencers. The Apartments.com network averaged 42 million monthly unique visitors and 234 million network visits during this quarter, according to Google Analytics.

我們還在 NHL 季後賽第 6 場比賽期間首次在加拿大進行轉播。隨著我們針對紐約市的搜尋體驗 Apartments.com 的推出，我們在紐約市所有五個辦事處投放了有針對性的戶外廣告，並與當地有影響力的人士合作。據 Google Analytics 稱，本季 Apartments.com 網路平均每月有 4,200 萬獨立訪客，網路訪問量達 2.34 億次。

The latest comscore data shows that all of the rental portal's traffic declined Q2 '25 or Q2 '24, but with Apartments.com network doing the best with business only down 11%, while Zillow rental network was down 13%, Apartment guide was down 21%, and Rent.com was down dramatically, down 39%. Market research indicates that our unaided awareness among apartment seekers remained best in class at 68%, significantly higher than all competitors combined, all primary competitors combined.

comscore 的最新數據顯示，所有租賃入口網站的流量在 2025 年第二季或 2024 年第二季均有所下降，但 Apartments.com 網路表現最佳，業務僅下降 11%，而 Zillow 租賃網路下降 13%，Apartment guide 下降 21%，Rent.com 下降幅度較大，則下降了較大。市場調查顯示，我們在公寓尋求者中的無輔助認知度仍然處於領先地位，達到 68%，遠高於所有競爭對手的總和，即所有主要競爭對手的總和。

Our closest competitor trails by 30 percentage points, and the next closest by 58 points. Realtor.com's unaided awareness apartments stood at only 4% in June. Apartments.com continues to deliver more leads in nearly twice as many leases as our two closest competitors combined, according to [unthrottled] data. We believe the Apartments.com network holds the industry's most comprehensive inventory with a record 2.2 million rental availabilities in June of 2025.

我們最接近的競爭對手落後 30 個百分點，而接下來的競爭對手則落後 58 個百分點。Realtor.com 6 月的獨立公寓關注度僅 4%。根據 [untrottled] 的數據，Apartments.com 持續提供更多潛在客戶，租賃數量幾乎是我們最接近的兩個競爭對手總和的兩倍。我們相信，Apartments.com 網路擁有業界最全面的庫存，2025 年 6 月的租賃可用房源數量將達到創紀錄的 220 萬套。

To further enhance exposure, we also feature Apartments.com listings on the Homes.com rental area where traffic increased 26% year over year due to Homes.com's robust marketing efforts. Canadian Apartments.com also continues to perform well with visits up 31% and leads up to 62% year over year.

為了進一步提高曝光度，我們還在 Homes.com 租賃區展示了 Apartments.com 的房源訊息，由於 Homes.com 大力行銷，該區域的流量同比增長了 26%。Canadian Apartments.com 也持續表現良好，訪客量較去年同期成長 31%，領先優勢較去年同期成長 62%。

Since Q2 last year, we've grown our Canadian business by 300%, ending June with over 1,500 paying properties. Our presence at this year's National Apartment Association Apartmentalize convention in Las Vegas was highly successful. We hosted 1,500 clients at a kickoff party featuring Kenny Chesney, attracted 3,100 booth visitors and generated over 500,000 monthly net new bookings translated to $6 million in annualized net new bookings.

自去年第二季以來，我們的加拿大業務成長了 300%，截至 6 月底，我們的付費房產已超過 1,500 處。我們參加今年在拉斯維加斯舉行的全國公寓協會 Apartmentalize 大會取得了巨大成功。我們在肯尼·切斯尼 (Kenny Chesney) 的啟動派對上接待了 1,500 名客戶，吸引了 3,100 名展位參觀者，每月產生超過 500,000 個淨新預訂，相當於年淨新預訂量為 600 萬美元。

We showcased our latest AI-powered technology, including Matterport 3D tours and [Aglo] search and incredible interactive life-sized apartment exhibit called the [Bread]. We rolled out our new Matterport Max packages with great success. Clients and prospects who experienced the power of Matterport in our booth were impressed and convinced of its value and accelerating the leasing process.

我們展示了最新的人工智慧技術，包括 Matterport 3D 遊覽和 [Aglo] 搜索，以及令人難以置信的互動式真人大小公寓展覽，名為[麵包]。我們推出了新的 Matterport Max 套餐並獲得了巨大成功。在我們的展位上體驗了 Matterport 強大功能的客戶和潛在客戶都對其價值和加快租賃流程的能力印象深刻並深信不疑。

These packages come with Matterport Pro 3 camera and allow clients to create a virtual to other units, all their units, common areas, and the entire building. Having a Matterport digital twin is becoming essential. 40% of apartment seekers look for communities in different cities, and 41% are willing to rent sight unseen if provide high quality imagery. Significantly, 53%, they'll say that we'll stop considering a rental unit without detailed imagery.

這些套件配有 Matterport Pro 3 相機，讓客戶可以建立虛擬到其他單位、所有單位、公共區域和整棟建築物。擁有 Matterport 數位孿生變得越來越重要。 40% 的公寓尋找者在不同的城市尋找社區，41% 的人願意在未看過房子的情況下租房，前提是能提供高品質的圖像。值得注意的是，53% 的人會說，如果沒有詳細的圖像，我們將不再考慮出租單位。

Consumers love the Matterport experience on Apartments.com. In Q2, they viewed Matterport's 67 million times, up 193% over the same period last year, spending 71% more time on listing detailed pages with the Matterport 3D tour. Listings with the Matterport 3D tour received 23 times more leads than those without.

消費者喜愛 Apartments.com 上的 Matterport 體驗。第二季度，消費者瀏覽 Matterport 的次數達 6,700 萬次，較去年同期成長 193%，在有 Matterport 3D 導覽的房源詳情頁面上的停留時間增加了 71%。有 Matterport 3D 導覽的房源比沒有使用 Matterport 3D 導覽的房源獲得的線索多 23 倍。

Later this year, apartments.com and Homes will introduce an AI-powered voice search, allowing consumers to find properties by speaking natural or typing free form phrases, no more filtering required. We've also been working with the largest property management firms in the country to provide greater fee transparency for the market. Last week in one of the top property managers in the country, we launched this closure of their one time and monthly fees associated with renting an apartment, creating complete fee transparencies for consumers on Apartments.com.

今年晚些時候，apartments.com 和 Homes 將推出人工智慧語音搜索，消費者可以透過說自然的語言或輸入自由形式的短語來查找房產，無需進行任何篩選。我們也一直與國內最大的物業管理公司合作，為市場提供更高的費用透明度。上週，我們在國內一家頂級物業管理公司推出了一項舉措，取消與租賃公寓相關的一次性費用和月費，為 Apartments.com 上的消費者提供完全透明的費用。

Homes.com delivered a strong second quarter, achieving solidly positive sales growth after overcoming Q1 churn from the initial sales last year. Residential annualized net new bookings totaled $12 million for the quarter, our expanding sales force drove consistent monthly growth with managed sales increasing 5% over April and June sales increasing 15% over May.

Homes.com 在第二季表現強勁，在克服了去年第一季初始銷售的流失後，實現了穩定的正銷售成長。本季住宅年度淨新預訂總額為 1,200 萬美元，我們不斷壯大的銷售團隊推動了月度持續增長，管理銷售額比 4 月份增長 5%，6 月份銷售額比 5 月份增長 15%。

Revenue for Q2 compared to (technical difficulty) grew by 8% compared to Q2 of 2024. We signed 6,300 net new members, it representing a 56% increase in membership during the quarter. Our dedicated Homes.com sales teams significantly increased product demos, rising more than sixfold from March last year to June. Our B2B marketing efforts generated the highest lead volume since launch with over 3,600 leads to our sales team in June alone, resulting in more than 5,400 product demos with a conversion rate exceeding 50%.

與 2024 年第二季相比，第二季的營收（技術難度）成長了 8%。我們淨簽了 6,300 名新會員，這意味著本季會員數量增加了 56%。我們專門的 Homes.com 銷售團隊大幅增加了產品展示，從去年 3 月到 6 月增加了 6 倍以上。我們的 B2B 行銷工作創造了自推出以來的最高銷售線索量，僅在 6 月份，我們的銷售團隊就獲得了超過 3,600 條線索，帶來了超過 5,400 個產品演示，轉換率超過 50%。

The Homes.com network attracted an average of 111 million unique monthly visitors in Q2, according to the analytics, putting us well ahead of our third and fourth ranked competitors. Our marketing campaign has successfully boosted unaided awareness intent among users. Unaided awareness has grown dramatically from 4% at the launch in 2024 to over 36% today or in Q2. Unaided intent has risen 6 points since April to reach 25%, signaling a major breakthrough in user engagement.

根據分析，Homes.com 網路在第二季平均每月吸引 1.11 億獨立訪客，遠遠領先排名第三和第四的競爭對手。我們的行銷活動成功地提升了用戶的無提示認知意圖。無輔助認知度已從 2024 年推出時的 4% 大幅成長至今天或第二季的 36% 以上。自 4 月以來，無提示意圖上升了 6 個百分點，達到 25%，這標誌著用戶參與度取得了重大突破。

Member agents listings on Homes.com achieved 22 times greater reach compared to non-members, significantly enhancing consumer engagement. Listings from members received 7 times more detailed views, 4 times more favorites, and 6 times more shares, resulting in faster sales and higher selling prices. Leveraging these marketing advantages, Homes.com members secured 62% more listings than non-members with an outstanding return on investment, especially given the average new listing commission value of $15,000 against a monthly membership fee under $500.

Homes.com 上的會員代理商清單覆蓋範圍比非會員高出 22 倍，顯著提高了消費者參與度。會員發布的商品詳情瀏覽量增加了 7 倍，收藏量增加了 4 倍，分享量增加了 6 倍，從而加快了銷售速度並提高了售價。利用這些行銷優勢，Homes.com 會員獲得的房源數量比非會員多 62%，投資回報率非常高，尤其是考慮到平均新房源佣金價值為 15,000 美元，而每月會員費不到 500 美元。

Our growing dedicated sales team is doing an increasingly effective job at educating agents about the value proposition of Homes.com. We observed significant improvement in client satisfaction reflected in rising net promoter scores. Our NPS grew from a modest 3 in Q4 of 2024 to 9 in Q1 of '25, and then it jumps substantially to 38 in Q2, marking a 340% quarter-over-quarter increase.

我們不斷成長的專業銷售團隊正以越來越有效率的工作方式向代理商宣傳 Homes.com 的價值主張。我們觀察到客戶滿意度顯著提升，這體現在淨推薦值的不斷提升。我們的 NPS 從 2024 年第四季的 3 成長到 2025 年第一季的 9，然後在第二季大幅躍升至 38，季增 340%。

Additionally, our early cancellation or failed payment rate on our 12-month contracts remained well below 1% throughout most of Q2. The newly launched Boost product has been successful. Boost provides sellers and their agents with a flexible marketing option allowing single property listings to be boosted on Homes.com to benefit from membership-level marketing.

此外，在第二季的大部分時間裡，我們 12 個月合約的提前取消或付款失敗率一直遠低於 1%。新推出的Boost產品獲得了成功。Boost 為賣家及其代理商提供了靈活的行銷選擇，讓單一房產清單在 Homes.com 上得到提升，從而受益於會員級行銷。

Since Q2 launch, we sold 1,270 Boosts, boosted listings have reached over 14,000 home buyers with an average of 32 views per buyer, making boosted listings 25% more likely to go under contract within 10 days. Can't pass that up. Nearly 25% of Boost users have converted to full Homes.com memberships. So the Boost program is a great lead pipeline for our sales force.

自第二季推出以來，我們已售出 1,270 套 Boost，Boost 房源已覆蓋超過 14,000 名購屋者，平均每位買家瀏覽 32 次，Boost 房源在 10 天內簽約的可能性增加了 25%。不能錯過。近 25% 的 Boost 用戶已轉變為 Homes.com 正式會員。因此，Boost 計劃對於我們的銷售團隊來說是一個很好的銷售管道。

This month, we launched a new advertising campaign for Homes.com celebrating our success, building an audience of over 100 million monthly unique visitors to the Homes.com network. And the spots Dan Levy and Heidi Gardner draw attention to Homes.com's massive audience to reinforce the real estate agents the value of marketing their properties and listings on this valuable to this valuable audience, cost effectively on Homes.com. The spots also tell home shoppers that 100 million-plus people have chosen to use Homes.com, so perhaps they should check it out too.

本月，我們為 Homes.com 推出了一項新的廣告活動來慶祝我們的成功，為 Homes.com 網路吸引了超過 1 億每月獨立訪客。Dan Levy 和 Heidi Gardner 的廣告宣傳聚焦 Homes.com 龐大的用戶群體，旨在強調房地產經紀人在 Homes.com 上向這些寶貴的受眾群體推廣房產和房源的價值，而且成本低廉。廣告也告訴購屋者，超過 1 億人選擇使用 Homes.com，所以他們可能也應該去看看。

We believe that the majority of home buyers, once they try Homes.com, prefer Homes.com. We strategically placed ads across popular networks including CVS, Fox, ESPN, contextually relevant shows such as Girl Meets Farm, American Pickers, and major sporting events like the Stanley Cup playoffs, NBA Finals, PGA Championship, MLB and WNBA regular seasons. Additionally, with expanded addition of streaming sponsorships with DraftKings and Roku, an audio and podcasting partnerships with Spotify and Amazon Music, collectively generating 4 billion targeted paid media impressions.

我們相信，大多數購屋者一旦嘗試過 Homes.com，就會更喜歡 Homes.com。我們策略性地在熱門電視網絡（包括 CVS、Fox、ESPN）、相關節目（例如《女孩遇見農場》和《美國採摘者》）以及斯坦利杯季後賽、NBA 總決賽、PGA 錦標賽、MLB 和 WNBA 常規賽等重大體育賽事上投放廣告。此外，透過擴大與 DraftKings 和 Roku 的串流媒體贊助，以及與 Spotify 和 Amazon Music 的音訊和播客合作，總共產生了 40 億次定向付費媒體曝光。

We launched a highly customized direct mail member agent appreciation campaign aimed at nearly 100,000 home sellers represented by Homes.com members. This personalized 20-page brochure delivered shortly after a listing goes live, highlights the seller's home, their agent, and the marketing advantages provided by Homes.com. The campaign has received extremely positive feedback, reinforcing seller confidence encouraging agent renewals. I believe that this campaign will further increase our NPS scores.

我們針對 Homes.com 會員所代表的近 100,000 名房屋賣家推出了高度客製化的直郵會員代理答謝活動。這本個人化的20頁宣傳冊在房源上線後不久即可送達，重點介紹賣家的房屋、其經紀人以及Homes.com提供的行銷優勢。該活動獲得了極為正面的回饋，增強了賣家的信心，並鼓勵經紀人續約。我相信這次活動將進一步提高我們的NPS分數。

This month, Zillow began questionably leveraging its market power by forcing agents to market listing on its platform within 24 hours of the listing being marketed or risk the listing being permanently banned. This tactic, we believe, raises serious antitrust concerns. Indeed, Compass has already filed a lawsuit against Zillow for such practices, (inaudible) its first listing despite it complying with Bright MLS and NAR regulations. So falsely labeled the property as off market on their website, misleading buyers. Zillow demands agents listings immediately to avoid losing the opportunity to divert and sell lease from those listings.

本月，Zillow 開始可疑地利用其市場力量，強制代理商在房源上市後的 24 小時內在其平台上推銷房源，否則房源將面臨被永久禁止的風險。我們認為，這種策略引發了嚴重的反壟斷擔憂。事實上，Compass 已經對 Zillow 的此類做法提起了訴訟，（聽不清楚）儘管 Zillow 遵守了 Bright MLS 和 NAR 規定，但這是其首次上市。因此，他們在網站上錯誤地將該房產標記為非上市房產，誤導了買家。Zillow 要求代理商立即列出房源，以免失去從這些房源轉移和出售租賃的機會。

Given a recent relaxations and clear cooperation, no commingling rules Zillow appears concerned that agents may opt for more agent-friendly platforms like Homes.com, which do not divert leaves. By demanding immediate listings and simultaneously offering Zillow-exclusive listing, Zillow risks weakening the relative value of the MLSs. A major brokerage has informed us that Zillow now seeks direct feeds from brokers, bypassing MLSs, suggesting MLSs may soon recognize Zillow as an existentialist threat -- or an existential threat, not an existentialist.

鑑於最近的放寬和明確的合作，沒有混合規則，Zillow 似乎擔心代理商可能會選擇對代理商更友好的平台，例如 Homes.com，這些平台不會轉移休假。透過要求立即列出並同時提供 Zillow 獨家列表，Zillow 有可能削弱 MLS 的相對價值。一家大型經紀公司告訴我們，Zillow 現在繞過 MLS，尋求經紀人的直接反饋，這表明 MLS 可能很快就會將 Zillow 視為一種存在主義威脅——或者是一種存在主義威脅，而不是存在主義者。

Homes.com is offering free Boost to any home for sale that Zillow bands. The first home band that we're aware of is in Montgomery County, Maryland, and one of the Homes.com boost, we've been able to serve it up to buyers 155,000 times in the first 12 days it was on the market. 205 buyers have favored listing on Homes.com and 43 have shared it with a friend or family member. I visited that open house on that listing this weekend to support the agent, and there was good traffic.

Homes.com 為 Zillow 旗下任何待售房屋提供免費 Boost。我們所知的第一個房屋樂隊位於馬裡蘭州蒙哥馬利縣，也是 Homes.com 的助推器之一，在它上市的頭 12 天裡，我們已經能夠為買家提供 155,000 次服務。 205 位買家青睞 Homes.com 上的房源，43 位買家與朋友或家人分享了它。這個週末，我參觀了該房源的開放參觀日，以支持代理商，現場人流量很大。

The agent told me they've already had 30 showings. Homes.com provides a compelling agent-friendly alternative to Zillow's aggressive tactics. Agents are liking what we are doing, our impressions on Homes.com's social media channels, targeted agents have increased 1,247% in Q2 '25 compared to Q1 '25. We're seeing considerable [social] listings growth with our net sentiment score of 58% since last quarter. From April to June '25, our social media engagement has increased by 48% with a 30% growth in positive sentiment.

經紀人告訴我他們已經進行了 30 場展示。Homes.com 為 Zillow 的激進策略提供了一個引人注目的、對代理商友好的替代方案。代理商喜歡我們所做的事情，我們在 Homes.com 社群媒體管道上的印象，與 2025 年第一季相比，2025 年第二季的目標代理商增加了 1,247%。我們看到[社交]清單數量大幅增長，自上個季度以來我們的淨情緒得分已達到 58%。從 2025 年 4 月到 6 月，我們的社群媒體參與度增加了 48%，正面情緒增加了 30%。

The reason is simple. Homes.com benefits all parties involved, home buyers, sellers, and agents, and MLSs. We eliminate friction by providing a professional online presentation of every home and community without distracting ads or spam. And we're connecting buyers honestly, directly with the seller's agent. Members listings in Boost reach more buyers more frequently. Members build their brand by being prominently featured across our site and retargeted across thousands of websites. No other US portal offers this level of exposure for agents and listings.

原因很簡單。Homes.com 使所有相關方受益，包括購屋者、賣家、代理商和 MLS。我們透過提供每個家庭和社區的專業線上展示來消除摩擦，而不會分散廣告或垃圾郵件的注意力。我們以誠實的方式直接將買家與賣家的代理人聯繫起來。Boost 中的會員清單可以更頻繁地接觸更多買家。會員透過在我們的網站上突出顯示並在數千個網站上重新定位來建立自己的品牌。沒有其他美國門戶網站能夠為代理商和房源提供這種程度的曝光度。

In August, we plan to launch a robust new home section on Homes.com. This is a vital segment, as approximately 60% of home buyers prefer new construction according to the National Association of Home Builders. I'm glad they're that confident. We have already secured 200 agreements with leading builders, positioning this new feature as a significant future revenue stream, enabling us to capitalize on a substantial market opportunity.

我們計劃於8月在Homes.com上推出一個強大的新房板塊。這是一個至關重要的板塊，因為根據美國全國住宅建築商協會（NAHBM）的數據，約60%的購屋者更青睞新房。我很高興他們如此自信。我們已經與領先的建築商達成了 200 份協議，將這項新功能定位為未來的重要收入來源，使我們能夠利用巨大的市場機會。

It was another strong quarter for our UK residential marketplace on the market. Our inventory continues to grow, with over 800,000 listings now on site, up 20% year over year, and a new record for the business. We're delivering a significant ROI to over 16,300 subscribing customers with leads up 12% in the quarter year over year, and total page views on the site up 28% for the same period. We're building an audience of serious property seekers with average time on site proactive user of 85% year over year and lead to visit conversions that we believe are beating right moves conversion rate.

對於英國住宅市場而言，這又是一個表現強勁的季度。我們的庫存持續成長，目前網站上的房源超過 80 萬個，年增 20%，創下了業務新高。我們為超過 16,300 名訂閱客戶帶來了可觀的投資回報，本季的銷售線索同比增長了 12%，網站的總頁面瀏覽量同期增長了 28%。我們正在建立一個由認真尋找房產的人員組成的受眾群體，主動用戶在網站上的平均停留時間同比增長 85%，並且我們認為訪問轉換率超過了正確舉措轉換率。

Net new bookings reached a record of $100,000 in June, which was the 14th consecutive month of net new revenue growth equivalent to an impressive $9.4 million of annualized revenue. We're continuing to develop the product using the Homes.com playbook as we further differentiate from our competitors.

6 月淨新增預訂量達到創紀錄的 10 萬美元，這是連續第 14 個月實現淨新增收入成長，相當於令人印象深刻的 940 萬美元年化收入。我們將繼續使用 Homes.com 的策略來開發產品，以進一步與競爭對手區分開來。

We are in the final stages of acquiring Domain Holdings, one of Australia's two largest real estate portals, and among the top 10 real estate marketplaces globally. We anticipate the transaction will close in the third quarter of this year, and we're very excited about combining CoStar's capabilities with Domain.

我們收購 Domain Holdings 的交易已進入最後階段，該公司是澳洲兩大房地產入口網站之一，也是全球十大房地產市場之一。我們預計交易將於今年第三季完成，我們非常高興能夠將 CoStar 的能力與 Domain 結合。

Recently, a new dynamic has emerged in the Australian market. The country's antitrust regulator, the ACCC, has announced an investigation into REA Group, which is Domain's primary competitor. In July, numerous real estate agents in Australia reported that REA Group increased their monthly subscription fees by up to 78%, likely prompting that investigation. We believe the situation creates an excellent opportunity for Domain to position itself as the more reasonable and stable service provider.

近期，澳洲市場出現了新的動態。該國反壟斷監管機構 ACCC 宣布對 Domain 的主要競爭對手 REA Group 展開調查。7 月份，澳洲多家房地產經紀人報告稱，REA 集團將其每月訂閱費提高了高達 78%，這可能引發了調查。我們相信這種情況為 Domain 創造了絕佳的機會，使自己能夠定位為更合理、更穩定的服務提供者。

It's worth knowing that REA Group in Australia and Realtor.com in the US share common ownership under News Corp and the Murdoch family. Media reports speculate that Realtor.com's CEO might return to Australia to replace REA Group's current CEO. If that were to occur, it would mean two disruptive leadership changes in our favor in one move.

值得了解的是，澳洲REA集團和美國Realtor.com都由新聞集團和默多克家族共同擁有。媒體報導推測，Realtor.com 的執行長可能會返回澳大利亞，接替 REA 集團現任執行長。如果發生這種情況，這將意味著一次性發生兩次對我們有利的顛覆性領導層變動。

Our CoStar product achieved $271 million in revenue in Q2 '25. Revenue growth accelerates sequentially from Q1, increasing 7% year over year in Q2. Net new bookings from our CoStar product accelerated from last quarter as we achieved our highest quarter of CoStar net new booking since Q3 2023. SGR had its best quarter for net new bookings up 24% year over year as compared to Q2 '24. This is the third consecutive quarter of increasing net new bookings for CoStar as we generate strong sales with banks, institutional investors, and owners.

我們的 CoStar 產品在 2025 年第二季實現了 2.71 億美元的收入。營收成長從第一季開始連續加速，第二季年增 7%。我們的 CoStar 產品的淨新預訂量較上一季加速，我們實現了自 2023 年第三季以來 CoStar 淨新預訂量的最高季度。與 2024 年第二季相比，SGR 的淨新預訂量年增 24%，創下最佳季度。這是 CoStar 淨新預訂量連續第三個季度成長，因為我們與銀行、機構投資者和業主的銷售表現強勁。

I'm happy to see net new bookings for brokers trending upward each quarter this year. We remain on track to increase the CoStar product sales force by 20% in 2025, reaching a total of 400 sales representatives to position us to capture the substantial and growing total addressable market there.

我很高興看到今年每個季度經紀人的淨新訂單量呈上升趨勢。我們仍有望在 2025 年將 CoStar 產品銷售隊伍增加 20%，達到 400 名銷售代表，從而使我們能夠佔領那裡龐大且不斷增長的潛在總市場。

Our lender sales continued to exhibit strong growth as our expanded sales team meets the increasing demand for our product. With over 400 clients and revenue approaching $100 million, we've established a strong foundation pretty quickly that will continue to build on as we roll out additional capabilities and expand our sales force to target the larger $1 billion TAM in the lender space.

隨著我們擴大的銷售團隊滿足了我們產品日益增長的需求，我們的貸款銷售繼續呈現強勁成長。我們擁有超過 400 名客戶，收入接近 1 億美元，很快就建立了堅實的基礎，隨著我們推出更多功能並擴大銷售隊伍以瞄準貸款領域更大的 10 億美元 TAM，這一基礎將繼續鞏固。

Our quarterly CoStar renewal rate increased to 93%. Our net promoter score for the US sales team reached an outstanding 70%. That was a major first for us and been a solid progression for a couple of years there. Our Canadian team's NPS grew to 63%, again an all-time high for both teams. In addition, gross productivity per rep has improved in each of the last six months.

我們的季度 CoStar 續約率上升至 93%。我們的美國銷售團隊的淨推薦值達到了出色的70%。這對我們來說是一個重大的第一次，並且在接下來的幾年裡取得了穩定的進步。我們的加拿大團隊的 NPS 成長至 63%，再次創下兩個團隊的歷史新高。此外，過去六個月中，每位銷售代表的總生產力都有所提高。

The number of subscribers for CoStar grew to 275,000, up 19% year over year, driven predominantly by the ongoing migration of SDR users in the CoStar, and the addition of new SDR subscribers to the CoStar platform. I'm very pleased with our continued growth in a challenging market.

CoStar 的用戶數量成長至 275,000，較去年同期成長 19%，這主要得益於 CoStar 中 SDR 用戶的持續遷移，以及 CoStar 平台新 SDR 用戶的加入。我很高興看到我們在充滿挑戰的市場中繼續成長。

The CRE market continues to face difficulties, particularly in the office segment with persistently high vacancy rates, though moderating, and slightly worsening negative net absorption rates. We're seeing a sharp decline in new deliveries, which should help stabilize the office market in the near future.

商業不動產市場持續面臨困難，尤其是辦公大樓領域，空置率持續居高不下，儘管有所緩和，但負淨吸收率略有惡化。我們看到新交付量急劇下降，這將有助於在不久的將來穩定辦公市場。

Transaction volumes have maintained a positive seasonal trend with Q2 up 43% year over year.The increase in deal flow was consistent across the five main property types, with office transaction volume spiking 71%, retail increasing 46%, multi-family rising 42%, industrial growing 29%, and hospitality up 18% for the same period.

交易量保持了積極的季節性趨勢，第二季度同比增長 43%。五種主要房地產類型的交易量均有所增長，其中辦公大樓交易量飆升 71%，零售增長 46%，多戶型增長 42%，工業增長 29%，酒店增長 18%。

Our international businesses have achieved four consecutive quarters of all-time high net new bookings with an impressive 90% year-over-year growth in Q2 '25 compared to Q2 '24.In the UK, we're solidifying our market leading positioning, leading -- boosting our year-to-date net new bookings by 257% compared to the first half of last year, and accelerating year-over- year revenue growth to 14% in Q2 '25 versus Q2 '24. Concurrently, we've streamlined our cost structure, realizing $40 million in cost savings this year, which represents 19% of our 2024 expense base in Europe.

我們的國際業務已連續四個季度實現歷史最高淨新增預訂量，2025 年第二季與 2024 年第二季相比年增 90%。在英國，我們正在鞏固我們的市場領先地位，與去年上半年相比，今年迄今的淨新增預訂量成長了 257%，2025 年第二季的營收年增至 14%。同時，我們精簡了成本結構，今年實現了 4,000 萬美元的成本節約，占我們 2024 年歐洲支出基數的 19%。

Our European sales initiatives are led by Alexa-Maria Rathbone Barker, who was recently promoted to lead the CoStar business in Europe. Alexa joined CoStar Group as Head of European Sales three years ago following a decades-long -- a decade-long tenure at Bloomberg where she held senior leadership roles focused on international growth and led the European Analytics team.

我們的歐洲銷售計劃由 Alexa-Maria Rathbone Barker 領導，她最近被提拔為歐洲 CoStar 業務的負責人。三年前，Alexa 加入 CoStar Group 擔任歐洲銷售主管，此前她在彭博社任職長達十年，擔任過專注於國際發展的高級領導職務，並領導過歐洲分析團隊。

In her new capacity, Alexa will drive the continued expansion for our UK business and oversee the broader growth of CoStar across Europe. We're positioning our European business to take advantage of the substantial international growth opportunity. In Europe, over 50% of the value of CRE transactions are cross border, yet there are no comprehensive pan-European the solutions. We have been methodically expanding our European research and marketplace capabilities. We anticipate launching CoStar in France by the end of the year.

在新的職位上，Alexa 將推動我們英國業務的持續擴張，並監督 CoStar 在整個歐洲的更廣泛發展。我們正在定位我們的歐洲業務，以利用巨大的國際成長機會。在歐洲，超過50%的CRE交易價值是跨國的，但目前還沒有全面的泛歐解決方案。我們一直在有條不紊地擴大我們在歐洲的研究和市場能力。我們預計今年底在法國推出 CoStar。

LoopNet delivered an outstanding performance in the second quarter. It generated more net new business in the first half of 2025 and the entirety of 2024. Net new bookings in the first half of 2025 surged by 345% compared to the same period last year. Consequently, revenue growth accelerated sequentially from Q1 and increased by 8% year over year.

LoopNet 在第二季表現出色。它在 2025 年上半年和 2024 年全年創造了更多的淨新業務。2025年上半年淨新預訂量與去年同期相比激增345%。因此，營收成長從第一季開始連續加速，年增 8%。

We expect LoopNet's revenue growth to exceed 10% in the second half of 2025, moving into double-digit growth. Despite ongoing challenges and volatility in the commercial real estate market, we've implemented significant changes to unlock LoopNet's full potential. As previously discussed, our focus on selling LoopNet packages that enable advertisers to promote their entire portfolio rather than a select few properties. This approach delivers a high return on investment for our clients, increases listing coverage on LoopNet, and enhances both the consumer and customer experience.

我們預計LoopNet的營收成長將在2025年下半年超過10％，實現兩位數成長。儘管商業房地產市場持續面臨挑戰和波動，我們仍實施了重大變革，以釋放 LoopNet 的全部潛力。如前所述，我們專注於銷售 LoopNet 套餐，使廣告主能夠推廣他們的整個產品組合，而不是少數特定的產品。這種方法為我們的客戶帶來了高投資回報，增加了 LoopNet 上的清單覆蓋率，並增強了消費者和客戶的體驗。

Furthermore, the rollout of asset best pricing continues to yield positive outcomes. With each passing month, our service is increasingly priced relative to the value we deliver to clients, resulting in year-over-year increase in monetization per listing.

此外，資產最佳定價的推出繼續產生積極成果。隨著時間的推移，我們的服務價格相對於我們向客戶提供的價值而言不斷上漲，導致每個清單的貨幣化逐年增加。

LoopNet is the world's most active commercial estate marketplace. Tenants and investors begin their search online and LoopNet knows their preferred destination. Properties listed on LoopNet sell and lease faster. For instance, one of the largest global brokerage firms and longtime client of CoStar recently significantly increased their investment in LoopNet marketing after we quantitatively demonstrated that listings on LoopNet were 60% more likely to close in a given time period than those not listed on the platform.

LoopNet 是全球最活躍的商業房地產市場。租戶和投資者開始在線搜索，LoopNet 知道他們喜歡的目的地。LoopNet 上列出的房地產銷售和租賃速度更快。例如，在我們定量證明 LoopNet 上的上市在特定時間內成交的可能性比未在平台上上市的上市高出 60% 之後，全球最大的經紀公司之一、CoStar 的長期客戶最近大幅增加了對 LoopNet 行銷的投資。

We built the largest audience of commercial real estate shoppers globally with hundreds of thousands of properties available for sale and lease. In 2024, $120 billion worth of transactions occurred on LoopNet where tenants or buyers viewed the listings on our site before pursuing the deals they ultimately closed.

我們在全球範圍內建立了最大的商業房地產購物者群體，擁有數十萬處可供出售和出租的房產。2024 年，LoopNet 上發生了價值 1200 億美元的交易，租戶或買家在最終達成交易之前會查看我們網站上的清單。

Our effort to expand LoopNet's global print are progressing well. We launched LoopNet in Spain and we expect to launch LoopNet in France in Q4. This will bring our total listings across Europe to over 100,000 with significant potential for further expansion as we address the evident market need for a pan-European and global commercial real estate marketplace.

我們擴大 LoopNet 全球印刷量的努力正在順利進行中。我們在西班牙推出了 LoopNet，並預計第四季度在法國推出 LoopNet。這將使我們在歐洲的房源總數超過 100,000 個，並且隨著我們滿足泛歐和全球商業房地產市場的明顯市場需求，具有進一步擴張的巨大潛力。

With the expected close on the Domain acquisition in Q3 2025, Australia will soon become part of the LoopNet network. That'll be a good day.

隨著 Domain 收購預計將於 2025 年第三季完成，澳洲很快就會成為 LoopNet 網路的一部分。那將會是美好的一天。

Land.com achieved the highest quarter of net new bookings since Q3 2022. This was a result of improved segmentation servicing of clients. Clients elected to migrate their marketing exposure from the lower and middle advertising plans to the highest plan.

Land.com 實現了自 2022 年第三季以來最高的淨新增預訂量。這是客戶細分服務改進的結果。客戶選擇將其行銷曝光度從中低檔廣告計畫遷移到最高檔計畫。

Signature ads increased by 49%. Land professionals will benefit from a tremendous increase in reach and value because of the promotion of Land's paid listings on Homes.com and the integration of our recently acquired AcreValue. CoStar real estate management continues to grow revenue and drive [centers] between visual lease and real estate manager. Subscription revenue grew 9% in Q2 '25 compared to Q2 '24.

簽名廣告增加了49%。由於 Land 付費清單在 Homes.com 上的推廣以及我們最近收購的 AcreValue 的整合，土地專業人士將受益於覆蓋範圍和價值的大幅提升。CoStar 房地產管理持續增加收入並推動視覺租賃和房地產經理之間的[中心]。與 2024 年第二季相比，2025 年第二季的訂閱收入成長了 9%。

I recently had the opportunity to spend some time in Atlanta working with the product teams and integration of CoStar between Visual Lease and real estate manager along with Matterport and LoopNet. I'm confident this will be amazing solution for anyone that leases commercial space.

最近我有幸在亞特蘭大度過了一段時間，與產品團隊合作，負責 Visual Lease 和房地產經理之間的 CoStar 以及 Matterport 和 LoopNet 的整合。我相信對於任何租賃商業空間的人來說，這都是一個令人驚嘆的解決方案。

Lease by sell revenue reached $8.8 million in the second quarter, a 9% increase year over year. Business for sale net new bookings increased 200% from Q2 2024, driven by strong growth in both business owner and broker subscriptions. Subscription revenue from business buy sell edge, which offers entrepreneurs advanced tools and marketing insights grew 50% year over year. Buyer demand continued to strengthen with lead volume increasing 23% Q2 year over year.

第二季租賃銷售收入達到 880 萬美元，年增 9%。受企業主和經紀人訂閱量強勁增長的推動，待售企業淨新預訂量較 2024 年第二季度增長了 200%。為企業家提供先進工具和行銷見解的商業買賣優勢的訂閱收入比去年同期增長了 50%。買家需求持續增強，第二季的鉛交易量年增 23%。

Business owners are increasingly turning to business by sell for evaluation estimates, educational content, and other resources. Over 25,000 new business owners registered on BizBuySell during the quarter with 5,000 creating detailed business profiles that that shared location, industry revenue, and profit.

企業主越來越多地透過出售評估估算、教育內容和其他資源來開展業務。本季度，超過 25,000 名新企業主在 BizBuySell 上註冊，其中 5,000 名創建了詳細的企業資料，分享了位置、行業收入和利潤。

Importantly, thousands of these owners also turned to BizBuySell to connect with our network of business brokers, subscribers for expert guidance and listing representation. In Q2, brokers reported 2,342 sold business transactions on the platform, totaling nearly $2 billion in enterprise value. Brokers are rapidly adopting our recently released deal accelerator feature which streamlines dealmaking by automating buyer qualification and information sharing processes, helping brokers close more deals and earn higher commissions.

重要的是，數以千計的業主也轉向 BizBuySell 與我們的商業經紀人、訂閱者網絡建立聯繫，以獲得專家指導和上市代表。經紀商報告稱，第二季該平台共完成 2,342 筆業務出售交易，企業價值總計近 20 億美元。經紀人正在迅速採用我們最近發布的交易加速器功能，該功能透過自動化買家資格和資訊共享流程來簡化交易流程，幫助經紀人完成更多交易並賺取更高的佣金。

Finally turning to Matterport, saving the best for last. Matterport is clearly the world's leading provider of digital twin solutions technology. Its primary competition comes from the hundreds of billions of traditional two-dimensional images used to market real estate and manage facilities. However, these 2D photos fall significantly short of Matterport's immersive capabilities, which intuitively transport remote viewers into space, providing experience second only to physically being there, hence porting matter.

最後轉向 Matterport，將最好的留到最後。Matterport 顯然是全球領先的數位孿生解決方案技術提供者。其主要競爭來自於用於行銷房地產和管理設施的數千億張傳統二維圖像。然而，這些 2D 照片遠遠達不到 Matterport 的沉浸式功能，該功能可以直觀地將遠端觀看者傳送到太空，提供僅次於親臨現場的體驗，從而實現物質傳送。

While Matterport offers an exceptional product, the business has not yet achieved profitability and its growth rate has slowed. We strongly believe that integrating Matterport with CoStar Group will help the company thrive, accelerate growth, and achieve strong profit margins. An integrated Matterport solution will significantly enhance the value of CoStar's marketplaces and information platforms.

儘管 Matterport 提供了卓越的產品，但該業務尚未實現盈利，且成長速度有所放緩。我們堅信，Matterport 與 CoStar Group 的整合將有助於公司蓬勃發展、加速成長並實現強勁的利潤率。整合的 Matterport 解決方案將顯著提升 CoStar 的市場和資訊平台的價值。

Currently, Matterport has a very small sales force, I believe, fewer than 30 quota carrying salespeople globally, not quite one per major country, which means many of Matterport's most promising revenue opportunities have never been contacted by a Matterport salesperson. That will change. We planned to significantly expand Matterport sales force and then market its integrated solutions through the thousands of CoStar sales representatives at Homes.com, LoopNet, Domain, Real Estate Manager, Land, Apartments.com and other platforms.

目前，我相信 Matterport 的銷售團隊規模非常小，全球範圍內的銷售人員配額不足 30 人，每個主要國家甚至不到一名，這意味著 Matterport 的許多最有前景的收入機會從未被 Matterport 銷售人員接觸過。這種情況將會改變。我們計劃大幅擴大 Matterport 銷售隊伍，然後透過 Homes.com、LoopNet、Domain、Real Estate Manager、Land、Apartments.com 和其他平台的數千名 CoStar 銷售代表推銷其整合解決方案。

Historically, Matterport has operated as a product-led company with strong business consumer focus, which results in less emphasis on sales efforts or field sales efforts and less focused on its most powerful technology, the Matterport 3 camera. We intend to shift Matterport towards a business to business or B2B approach. The Matterport Pro 3 camera delivers a superior capture experience, and a very superior display experience compared to mobile devices. Customers using the Pro 3 camera have an 85% renewal rate for our SaaS services, while those using an Android phone only have a 40% renewal rate.

從歷史上看，Matterport 是一家以產品為主導的公司，非常注重商業消費者，因此較少重視銷售工作或現場銷售工作，也較少關注其最強大的技術 Matterport 3 相機。我們打算將 Matterport 轉向企業對企業或 B2B 方式。與行動裝置相比，Matterport Pro 3 相機可提供卓越的拍攝體驗和非常出色的顯示體驗。使用Pro 3相機的客戶對我們的SaaS服務的續約率為85%，而使用Android手機的客戶續約率僅40%。

We plan to invest time and capital in developing even more advanced cameras, appropriately named the Matterport Pro 4 and the Pro 4 Ultra, it expects to be revealed one day. We will work to maintain our highest end cameras more make our highest end cameras, more price accessible to the hundreds of thousands of potential users around the world. Right now, the first Matterport taken with the Pro 3 effectively costs a photographer $6,500. The first picture costs you $6,500. The second costs $3, the third, the fourth, the fifth each cost $3.

我們計劃投入時間和資金來開發更先進的相機，恰當地命名為 Matterport Pro 4 和 Pro 4 Ultra，預計有一天會亮相。我們將努力保持我們的最高端相機，並使我們的最高端相機以更低的價格為全球數十萬潛在用戶所接受。目前，使用 Pro 3 拍攝的第一張 Matterport 照片實際上要花費攝影師 6,500 美元。第一張照片花費你 6,500 美元。第二個花費 3 美元，第三個、第四個、第五個各花費 3 美元。

As a result, many potential users never get to the second Matterport or the first Matterport. This is easy enough to profitably change and software. We're integrating Matterport's amazing capabilities more deeply into all of our portals and information solutions. I think that in combination, we can bring properties to life like never before. We're relaunching the Matterport brand, adding the signature CoStar Group, star wheel logo to the front of the Matterport name. And we're going to co-brand Matterport with our portal brands appropriately to the property types.

結果，許多潛在用戶永遠不會使用第二個 Matterport 或第一個 Matterport。這很容易實現有利可圖的軟體更改。我們正在將 Matterport 的驚人功能更深入地融入我們所有的入口網站和資訊解決方案中。我認為，透過結合起來，我們可以讓房產變得前所未有的生動。我們正在重新推出 Matterport 品牌，並在 Matterport 名稱前面添加標誌性的 CoStar Group 星輪標誌。我們將根據不同的房產類型，將 Matterport 與我們的入口網站品牌進行聯合品牌化。

While we invest in profitable growth initiatives at Matterport, we have a sharp eye on getting to profitability so that we ultimately are positioned to achieve our goal of digitizing the world's real estate. Yesterday, we began winding down operations of Matterport's photography business, VHT. Matterport acquired VHT in June of 2022, but it's not realized its strategic potential.

雖然我們在 Matterport 投資於獲利性成長計劃，但我們也密切關注獲利能力，以便最終實現數位化全球房地產的目標。昨天，我們開始逐步結束 Matterport 攝影業務 VHT 的營運。Matterport 於 2022 年 6 月收購了 VHT，但尚未發揮其戰略潛力。

VHT primarily operates as a loss-making real estate photography service largely focused on the Chicago market. Approximately 75% of VHT's photography services do not include a Matterport tour, and other contractors are using the high-quality Pro 3 camera. VHT generated roughly $14 million in annual revenue, but incurred losses exceeding $10 million. It's a non-strategic asset, so we're going to reallocate resources to more productive areas.

VHT 主要經營虧損的房地產攝影服務，主要集中在芝加哥市場。VHT 大約 75% 的攝影服務不包括 Matterport 之旅，其他承包商正在使用高品質的 Pro 3 相機。VHT 每年的收入約為 1,400 萬美元，但虧損超過 1,000 萬美元。它是一種非策略性資產，所以我們將把資源重新分配到更有生產力的領域。

In conclusion, I'm thrilled with our strong financial results and CoStar record annualized net new bookings quarter of $93 million, a remarkable 65% increase over the prior quarter. Again, $93 million in net new bookings in the quarter. With a $100 billion total addressable market in the world's largest asset class, we remain committed to our mission of digitizing global real estate.

總而言之，我對我們強勁的財務業績和 CoStar 創紀錄的年度淨新預訂量感到非常興奮，該季度淨新預訂量達到 9300 萬美元，比上一季增長了 65%。本季淨新增預訂量再次達到 9,300 萬美元。我們擁有全球最大資產類別中 1000 億美元總目標市場，我們將繼續致力於實現全球房地產數位化的使命。

At this point, I will finally turn the call over to our CFO, Chris Lown.

現在，我終於將電話轉給我們的財務長 Chris Lown。

Thank you, Andy. Good evening. I'm happy to report that CoStar has now reached its 57th consecutive quarter of double-digit revenue growth, coming in at 15%. We also achieved the commercial information and marketplace brands margin of 43% in the second quarter. As a reminder, this margin excludes Homes.com on the market and the recently acquired Matterport.

謝謝你，安迪。晚安.我很高興地報告，CoStar 現已連續第 57 個季度實現兩位數收入成長，增幅達到 15%。我們也在第二季實現了 43% 的商業資訊和市場品牌利潤率。提醒一下，這個利潤率不包括市場上的 Homes.com 和最近收購的 Matterport。

Net new bookings for the second quarter were a record $93 million, representing a 65% sequential increase from the first quarter and a 38% increase year over year. Apartments.com, CoStar, and LoopNet all contributed strong bookings growth as our growing dedicated sales forces are delivering.

第二季淨新預訂金額創紀錄達 9,300 萬美元，較第一季較上季成長 65%，比去年同期成長 38%。隨著我們日益壯大的專業銷售隊伍，Apartments.com、CoStar 和 LoopNet 均貢獻了強勁的預訂量成長。

Revenue for the second costs $781 million, exceeding the high end of guidance. Matterport revenue was $44 million in the second quarter, feeding our guidance estimate and contributing to our performance in the second quarter.

第二項業務的收入為 7.81 億美元，超過了預期的最高值。Matterport 第二季度的營收為 4,400 萬美元，滿足了我們的預期，並為我們第二季的業績做出了貢獻。

Second-quarter adjusted EBITDA came in at $85 million and 11% margin, also exceeding the high end of our guidance range. The outperformance in adjusted EBITDA was a result of timing of investment spend and our revenue beat this quarter.

第二季調整後的 EBITDA 達到 8,500 萬美元，利潤率為 11%，也超過了我們預期範圍的高端。調整後的 EBITDA 表現優異是由於投資支出時機的選擇以及本季收入的超出預期。

CoStar revenue grew 7% in the second quarter ahead of guidance. Sales rep productivity has steadily improved over the past six quarters, and second quarter of productivity was the highest since Q3 2023. The strong second-quarter performance combined with internal leading indicators compels us to increase our full year revenue growth guidance to 7%. We expect growth in the third quarter to also be 7%.

CoStar 第二季度營收成長 7%，超出預期。過去六個季度，銷售代表的生產力穩定提高，第二季的生產力是自 2023 年第三季以來的最高水準。強勁的第二季業績加上內部領先指標迫使我們將全年營收成長預期提高至 7%。我們預計第三季的成長率也將達到7%。

Residential revenue was $28 million in the second quarter. We expect third-quarter residential revenue to increase $3 million to $4 million sequentially. And we now expect residential revenue growth of over 20% in 2025. Apartments.com's second-quarter revenue growth came in at 11% year over year, a head of the 10% guidance we provided last quarter.

第二季住宅收入為 2800 萬美元。我們預計第三季住宅收入將比上季增加 300 萬至 400 萬美元。我們目前預計 2025 年住宅收入成長率將超過 20%。Apartments.com 第二季營收年增 11%，高於我們上季提供的 10% 預期。

Sales rep productivity improved to its highest level in two years, an impressive feat, considering we are also at our highest number of sales reps. Our first half of 2025 results are broadly in line with expectations, and we remain on track to achieve the 11% to 12% full year revenue growth guidance we provided last quarter. Third-quarter revenue growth is also expected to be 11% to 12%.

銷售代表的生產效率提高到了兩年來的最高水平，考慮到我們的銷售代表數量也達到了最高水平，這是一個令人印象深刻的成就。我們 2025 年上半年的業績基本上符合預期，我們仍有望實現上個季度提供的 11% 至 12% 的全年營收成長預期。預計第三季營收成長率也將達到11%至12%。

LoopNet revenue grew 8% in the second quarter, 1 percentage point higher than last quarter's guidance. LoopNet's dedicated sales force continues to perform. In fact, the sales team delivered LoopNet's highest first half net new bookings ever. The shift in sale strategy to focus on selling broad subscription packages and utilize asset-based pricing has been working well, and we anticipate the benefits of the strategic shift to continue.

LoopNet 第二季營收成長 8%，比上一季的預期高出 1 個百分點。LoopNet 的專業銷售團隊繼續表現出色。事實上，銷售團隊為 LoopNet 帶來了有史以來最高的上半年淨新預訂量。銷售策略轉向專注於銷售廣泛的訂閱方案並利用基於資產的定價，這一轉變一直效果良好，我們預計策略轉變帶來的好處將會持續下去。

This first half performance and strong momentum gives us the confidence to increase our 2025 revenue growth expectations to 8% to 9%. Third-quarter revenue growth is now expected to be between 10% and 11%. Revenue from information services was $39 million in the second quarter. We are updating our guidance for information services revenue growth to 16% to 18% and expect third-quarter revenue growth of approximately 20%.

上半年的業績和強勁勢頭使我們有信心將 2025 年的營收成長預期提高到 8% 至 9%。目前預計第三季營收成長率將在 10% 至 11% 之間。第二季資訊服務收入為3900萬美元。我們將資訊服務收入成長預期更新為 16% 至 18%，並預計第三季營收成長約為 20%。

Other revenue was $75 million in the second quarter with Matterport contributing $44 million. For the third quarter, we expect other revenue of approximately $75 million including approximately $40 million from Matterport. Through our integration and streamlining efforts, we are discontinuing certain non-core Matterport revenue that did not positively contribute to earnings, which is why we're expecting Q3 revenue to be below the level realized in Q2.

第二季其他收入為 7500 萬美元，其中 Matterport 貢獻了 4400 萬美元。對於第三季度，我們預計其他收入約為 7500 萬美元，其中來自 Matterport 的收入約為 4000 萬美元。透過整合和精簡工作，我們將停止某些對獲利沒有積極貢獻的非核心 Matterport 收入，這就是我們預計第三季收入將低於第二季水準的原因。

The impact from the discontinued revenue to our full year outlook is around $10 million. As such, we were revising the top end of our revenue guidance and now expect other revenue between $270 million and $275 million. Adjusted EBITDA for the second quarter was $85 million at an 11% margin, meaningfully above the high end of our $50 million to $60 million second-quarter guidance. A favorable performance relates to higher than projected revenue, lower-than-anticipated professional services costs, and timing of certain growth initiatives.

停止收入對我們全年前景的影響約為 1000 萬美元。因此，我們修改了營收預期的最高值，目前預計其他收入將在 2.7 億美元至 2.75 億美元之間。第二季調整後的 EBITDA 為 8,500 萬美元，利潤率為 11%，遠高於我們第二季 5,000 萬至 6,000 萬美元的預期上限。良好的業績表現與高於預期的收入、低於預期的專業服務成本以及某些成長計畫的時機有關。

We have made great progress on bolstering our sales force, which has reached 1,800 reps at quarter end. This is an increase of more than 400 salespeople since the beginning of the year, and a 43% increase in reps year over year. While sales headcount has reached the most at Homes.com, it hasincreased the most at Homes.com. We're delivering sales rep growth in all our major brands.

我們在增強銷售團隊方面取得了巨大進展，截至本季末，銷售代表人數已達 1,800 人。自今年年初以來，銷售人員增加了 400 多名，銷售代表數量年增 43%。Homes.com 的銷售人員數量已達歷史最高，但其增幅也最高。我們所有主要品牌的銷售代表數量均有所增加。

Our contract renewal rate was 89% for the second quarter with the renewal rate for customers who have been subscribers for five years or longer at 95%. Subscription revenue on annual contracts was 78% for the second quarter. Matterport's inclusion decreased this metric by 2 percentage points. On June 30, our June 30 balance sheet includes $3.7 billion in cash, which are net interest income of $33 million in the second quarter, a 3.5% rate of return.

我們第二季的合約續約率為 89%，其中訂閱五年或更長時間的客戶的續約率為 95%。第二季年度合約的訂閱收入為 78%。Matterport 的加入使得這項指標下降了 2 個百分點。6月30日，我們的6月30日資產負債表包括37億美元現金，其中第二季淨利息收入3,300萬美元，收益率為3.5%。

We repurchased 585,000 shares in the second quarter for $45 million, bringing our year-to-date totals to 825,000 shares repurchased for $64 million. In 2025, we anticipate repurchasing at least $150 million of the $500 million share repurchase authorized.

我們在第二季回購了 585,000 股，回購金額為 4,500 萬美元，使我們年初至今的回購總額達到 825,000 股，回購金額為 6,400 萬美元。2025 年，我們預計將回購授權 5 億美元股票中的至少 1.5 億美元。

On May 9, we formally agreed to purchase the main group for AUD4.43 per share. As mentioned last quarter, we already acquired a 16.9% ownership in Domain. We expect to pay an incremental AUD2.3 billion to acquire the remaining shares when the transaction closes. In anticipation of the deal closing, we entered into a forward swap of USD to AUD to mitigate foreign currency risk while the deal is pending. We expect the total remaining equity price to be around $1.5 billion.

5月9日，我們正式同意以每股4.43澳元的價格收購本集團。正如上個季度所提到的，我們已經獲得了 Domain 16.9% 的所有權。我們預計交易完成後將額外支付 23 億澳元收購剩餘股份。為了預期交易的完成，我們簽署了美元兌澳元的遠期掉期協議，以減輕交易期間的外匯風險。我們預計剩餘股權總價格約為 15 億美元。

Based on our outperformance in the second quarter, we are increasing the midpoint of our 2025 revenue guidance. We are now providing a range of $3.135 billion to $3.155 billion, implying an annual growth rate of 15%. Our guidance does not contemplate the expected closing of the Domain Group acquisition in the third quarter.

根據我們第二季度的出色表現，我們提高了 2025 年收入預期的中位數。我們現在提供的資金範圍是 31.35 億美元至 31.55 億美元，這意味著年增長率為 15%。我們的指導意見並未考慮在第三季完成 Domain Group 的收購。

The company expects third-quarter revenue of $800 million to $805 million, representing 16% year-over-year growth at the midpoint of the range. We're also increasing our adjusted EBITDA guidance for the year, with revised guidance of $370 million to $390 million. Our revised adjusted EBITDA guidance reflects our second-quarter beat versus guidance and incorporates the timing of the growth initiative spend getting pushed to the back half of the year. For the third quarter of 2025, adjusted EBITDA is expected to be in a range of $75 million to $85 million.

該公司預計第三季營收為 8 億美元至 8.05 億美元，以區間中位數計算，年增 16%。我們也提高了今年的調整後 EBITDA 指引，修訂後的指引為 3.7 億美元至 3.9 億美元。我們修訂後的 EBITDA 指引反映了我們第二季業績超出指引的情況，並考慮到了成長計畫支出延後到下半年的時間。2025 年第三季度，調整後的 EBITDA 預計在 7,500 萬美元至 8,500 萬美元之間。

And with that, I'll now turn the call back over to our co-operator to open the line for questions.

現在，我將把電話轉回給我們的合作夥伴，以便開通問答熱線。

(Operator Instructions) Ryan Tomasello, KBW.

（操作員指示）Ryan Tomasello，KBW。

Hi, everyone, thanks for taking the question. Wanted to touch on Apartments.com regarding the competitive dynamics in the space. Can you say whether or not you've observed any signs of wallet share loss either directly through properties being moved off the platform or indirectly winning less share of budget growth? And given Zillow's rental package, I believe, it is priced below Apartments.com. Have you seen any pressure on your ability to take price in that business or drive upgrades from that customer base? Thanks.

大家好，感謝你們提出這個問題。想談談 Apartments.com 領域的競爭動態。您能否說說是否觀察到錢包份額損失的跡象，無論是直接透過將資產從平台上轉移出去，還是間接贏得預算增長份額的減少？考慮到Zillow的租賃套餐，我認為它的價格低於Apartments.com。您是否覺得您在該業務中定價或推動客戶升級方面面臨壓力？謝謝。

Thank you for the question. We have not seen any loss of share or ability to really capture price value at Apartments.com. I think we're conflating two different things here. Obviously, the product is extremely strong with very high NPS renewal rates, growing bookings, robust sales bookings, growing ASP, and that's being conflated a little bit with looking at a lot of purchasing clients by our competitor paying top dollar to buy share from Redfin and from Realtor.

謝謝你的提問。我們沒有看到Apartments.com的市佔率有任何下降，也沒有看到其真正捕捉價格價值的能力有所下降。我覺得我們把兩件事混為一談了。顯然，該產品非常強大，具有非常高的 NPS 續約率、不斷增長的預訂量、強勁的銷售預訂量、不斷增長的 ASP，而這與我們的競爭對手以高價從 Redfin 和 Realtor 購買份額的大量購買客戶的情況略有不同。

That's relatively low quality advertisers coming in, the ASP on those properties is dramatically below the ASP on Apartments.com. So I would say, we feel that we're in a very strong competitive position, and nothing's changing.

這些廣告商的品質相對較低，這些房源的平均售價遠低於Apartments.com。所以，我想說，我們覺得自己處於非常強勁的競爭地位，而且情況沒有任何改變。

Yeah, I had one other or two other points. One, the [greenfield] TAM in this industry is still massive and so this concept of wallet share, taking wallet share really isn't applicable here, given how large the TAM are. We're both competing and there's massive TAM.

是的，我還有另外一、兩點。首先，這個行業的 [greenfield] TAM 仍然很大，所以考慮到 TAM 的規模，這種錢包份額、奪取錢包份額的概念在這裡並不適用。我們都在競爭，並且存在著巨大的 TAM。

And the second thing, and I think Andy says is the best is we sell leases. We don't sell leads, and that's why we have the product we have and the results we have and so I just -- I think you always need to keep those two things in mind.

第二件事，我認為安迪說的最好的是我們出售租賃合約。我們不出售線索，這就是我們擁有產品和成果的原因，所以我只是——我認為你始終需要牢記這兩件事。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Hey, thanks. Just on Homes.com, great to hear about the improving NPS scores. So curious, what do you think is driving that improvement? Is it better breath of lead, higher lead quality, especially if I think you're starting to screen some of the inbounds? Other value levers like including Matterport membership, et cetera. So what's driving that and where do you think there's still significant work to do to improve the ROI of a Homes.com membership?

嘿，謝謝。就在 Homes.com 上，很高興聽到 NPS 分數不斷提高的消息。很好奇，您認為是什麼推動了這種改善？是鉛的呼吸比較好，鉛的品質更高，特別是當我認為你開始篩選一些入站的東西時？其他價值槓桿包括 Matterport 會員資格等等。那麼，推動這趨勢的因素是什麼？您認為在提高 Homes.com 會員的投資報酬率方面，還有哪些重要工作要做？

Sure. So I think it's important to keep all this stuff in context and in perspective. This is a brand new product, we're pretty much rounding the first year and some number of months on the product. We are -- we believe we're launching a vastly superior product offering to anything else offered in the United States and we are inspired by some very successful and profitable business outside the United States and other countries. So we're building up a sales force, these folks are doing a great job.

當然。所以我認為把所有這些事情放在背景和視角是很重要的。這是一個全新的產品，我們基本上已經完成了該產品的第一年幾個月的開發。我們相信，我們推出的產品將比美國市場上的任何其他產品都要優質得多，而且我們受到美國和其他國家以外一些非常成功且盈利能力強的企業的啟發。因此，我們正在建立一支銷售隊伍，這些人做得非常出色。

They are relatively rookies, they're in their first year of sales for many of them. And you're just seeing quarter to quarter, month to month improvements in MPS and in bookings. So largely, the challenge is just sort of communicating accurately to clients the value propositions and how to utilize the product most effectively. It's a compelling offering for these folks and it's just a learning curve.

他們相對來說是新手，其中許多人都是第一年從事銷售工作。而且您會看到 MPS 和預訂量逐季度、逐月都在改善。因此，最大的挑戰在於準確地向客戶傳達價值主張以及如何最有效地利用產品。對這些人來說，這是一個引人注目的產品，而且只是一個學習曲線。

So winning 60%-plus more listings because you have a better marketing solution for homes for sale is a no-brainer, and we're seeing people begin to appreciate the value of marketing real estate on the internet. Again, real estate has there hasn't been any major player offering marketing real estate, residential real estate on the internet as a value proposition, so it's having been the leader in that space, beating any competitor and providing that service, total revenue achieved is new and gaining traction.

因此，由於您擁有更好的待售房屋行銷解決方案，贏得 60% 以上的房源是輕而易舉的事，我們看到人們開始認識到在網路上行銷房地產的價值。再說一次，房地產領域還沒有任何主要參與者在互聯網上提供房地產營銷、住宅房地產作為價值主張，因此它一直是該領域的領導者，擊敗任何競爭對手並提供該服務，實現的總收入是新的，並且越來越受到關注。

We are seeing huge take-up of the Matterport offering or the combined Matterport and as we look forward, I think that product and similar products that we develop will be differentiators in providing marketing solutions for real estate on the internet. I hope that answers the question, and I'd also say you see CoStar crossing through 70%, you see Apartments in the mid low 90s. That takes years to build that MPs higher and higher and higher and get that 99% renewal rate, but we're on the track.

我們看到 Matterport 產品或合併後的 Matterport 獲得了巨大的認可，展望未來，我認為我們開發的產品和類似產品將成為在互聯網上提供房地產營銷解決方案的差異化因素。我希望這能回答這個問題，我還想說，你會看到 CoStar 突破 70%，而 Apartments 則在 90 年代中期。要花數年時間才能讓議員人數不斷增加，並達到 99% 的更新率，但我們已經走在正軌上。

We're focused on it and the years do go by, and we will win.

我們專注於此，隨著時間的推移，我們將會取得勝利。

Pete Christiansen, Citi.

花旗銀行的 Pete Christiansen。

Thank you. Good evening, really nice results here guys.

謝謝。晚上好，大家的結果真的很棒。

Thank you. We really appreciate that.

謝謝。我們對此深表感激。

I was hoping you could talk a little bit about pricing. I mean, you mentioned multi-family ASPs, I guess, are a positive there and obviously, the AUM-based pricing and LoopNet is starting to really hit its stride, but I'm just curious about maybe other parts of the business suite, and then the new homes model. If you can elaborate on that. Thank you.

我希望您能談談定價問題。我的意思是，您提到的多戶型 ASP，我想，是一個積極的方面，顯然，基於 AUM 的定價和 LoopNet 開始真正發揮作用，但我只是好奇商務套件的其他部分，然後是新房模式。如果你能詳細說明一下的話。謝謝。

Sure. So I'll defer on CoStar to Chris if he's got the information. I have no information that ASP on CoStar is changing in one way or another. I believe we're in the same place. I would actually say that our lender ASP would be dramatically higher than our standard broker on our ASP, but on the home side, we continue to optimize to the member's Portfolio and we are seeing pricing coming in at -- for a very small player at a couple $100 a month, we're also seeing for larger players deals come in at $7,500 a month or $8,000 a month.

當然。因此，如果 Chris 掌握了相關信息，我會將 CoStar 的決定交給他。我不知道 CoStar 上的 ASP 是否發生了某種變化。我相信我們處於同一個境地。我實際上會說，我們的貸款人 ASP 將大大高於我們的標準經紀人的 ASP，但在房源方面，我們將繼續針對會員的投資組合進行優化，我們看到定價 - 對於非常小的參與者來說，每月只需幾百美元，對於較大的參與者，我們也看到交易價格為每月 7,500 美元或每月 8,000 美元。

We're very comfortable at this low penetration rate playing a little bit more to penetration than to maximizing ASP. So if you're introducing a new product, you want to play the penetration game. Initially, you have the rest of eternity to play the ASP game. So we're comfortable where it's going and we're thinking we're a good result there.

我們對這種較低的滲透率感到非常滿意，我們更注重滲透率而不是最大化 ASP。因此，如果您要推出一款新產品，您就需要玩滲透遊戲。最初，您可以用餘生來玩 ASP 遊戲。所以我們對事情的進展感到滿意，並認為我們會取得好的結果。

Curtis Nagle, BFA.

柯蒂斯‧納格爾，美術學士。

Great, thanks very much for taking the question. I just wanted to contextualize the new member group, I think it goes up 61% at Homes.com, $6,300. If I compare to 1Q and then in terms of what you factored in the guidance for the rest of the year, what are you factoring for net new member growth within that guidance?

太好了，非常感謝您提出這個問題。我只是想將新會員群體具體化，我認為 Homes.com 的價格上漲了 61%，達到 6,300 美元。如果我將其與第一季進行比較，那麼就您對今年剩餘時間的預測而言，您在該預測中將哪些因素考慮在內來影響淨新會員成長？

Yeah, we haven't provided that detail from a member perspective, that level of detail other than the guidance we provided in my earnings comments.

是的，除了我們在收益評論中提供的指導之外，我們還沒有從會員的角度提供這種程度的細節。

Okay, can I take a shot on another question then?

好的，那我可以回答另一個問題嗎？

Definitely, you do.

毫無疑問，你是這樣。

Chris, maybe just in terms of the [EBITDA] guide for the third quarter. I think there's a bit of time and shifts, but anything else kind of going on there in terms of rate going down just a little bit versus last year? Is it just timing?

克里斯，也許只是就第三季的[EBITDA]指南而言。我認為有一些時間和變化，但與去年相比，利率是否還有其他下降趨勢？只是時機問題嗎？

Yeah, if you actually look at the second quarter beat and the third quarter and you take it sort of take those two together, you'll see the beat organic actual beat in there, but you also see the timing shift that kind of mounts for the delta if you look at consensus, third quarter versus the second-quarter beat, so it really is primarily timing and the beats the benefit on the upside, but then the majority of it is timing.

是的，如果你實際看一下第二季度和第三季度的業績，並將兩者結合起來，你會看到其中有機的實際業績，但如果你看一下共識，你也會看到時間上的變化，這種變化會導致增量增加，第三季度與第二季度的業績相比，所以它實際上主要是時機問題，而業績的增長會帶來好處，但大部分時機還是問題。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Hello, everyone, and congrats with great results. I wanted to double check, is there any seasonality in the commercial book excluding Apartments.com? Just wondering if it's normal for that portion of the bookings to be broadly unchanged, quote unquote, or --?

大家好，恭喜你取得了優異的成績。我想再確認一下，除 Apartments.com 之外的商業書籍是否存在季節性？我只是想知道，這部分預訂量基本上保持不變是否正常，或者--？

The answer is no. Obviously, in the broader commercial margin that we provid, Apartments usually has a very strong second quarter. CoStar historically has a stronger fourth quarter, sort of all moves out. I think there is a margin improvement, but there's rounding it gives you the 43% number.

答案是否定的。顯然，在我們所提供的更廣泛的商業利潤中，公寓通常在第二季度表現非常強勁。從歷史上看，CoStar 的第四季表現更為強勁，各方面表現均有所提升。我認為利潤率有所提高，但四捨五入後得到的是 43% 這個數字。

Chris, I was talking more about bookings.

克里斯，我更多地談論的是預訂。

I'm sorry. I apologize. So booking in CoStar's pretty stable through the years. Sometimes you get us a little bit of a lift in the fourth quarter. Yeah, and Apartments always has a strong second quarter, which we've talked about historically.

對不起。我很抱歉。因此，多年來 CoStar 的預訂量一直相當穩定。有時你會在第四節帶給我們一點鼓舞。是的，公寓的第二季表現總是很強勁，這一點我們歷史上已經討論過了。

And I think through time, Homes will probably have a strong second quarter too.

我認為隨著時間的推移，Homes 的第二季可能也會表現強勁。

Yeah, and LoopNet is clearly on a path to see organic growth, which would be (inaudible) given the change in the business model.

是的，LoopNet 顯然正走在有機成長的道路上，考慮到商業模式的變化，這將是（聽不清楚）。

We have a strong negative seasonality in the fourth quarter, which we've now eliminated.

第四季我們面臨強烈的負面季節性影響，但現在已經消除了。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good afternoon. Andy, in Homes.com, you mentioned playing more the penetration than maximizing price. Can you remind us how the average price for a new membership has changed during the quarter and how you're thinking about the broader pricing strategy going forward? Is there strategy to price based on tiers or just pricing based on agent performance, listing volumes, et cetera?

你好，謝謝。午安.安迪，在 Homes.com 上，你提到更多地關注滲透率而不是最大化價格。您能否提醒我們本季新會員的平均價格是如何變化的，以及您對未來更廣泛的定價策略有何看法？是否有基於層級定價的策略，或僅根據代理商績效、上市量等定價？

So we're very mindful that every single subscription sold has a very high gross margin. We're looking at our direct costs, our Matterport costs, all that, and we want to have a very high direct margin. We want to drive participation in referrals so as NPSs go up, we want to sell profitable business that drives margin. Again, we're at a very low penetration point with a new product area.

因此，我們非常清楚，售出的每一份訂閱都有很高的毛利率。我們正在考慮我們的直接成本、Matterport 成本等等，我們希望獲得非常高的直接利潤。我們希望推動推薦參與度，以便隨著 NPS 的上升，我們希望出售能夠推動利潤成長的獲利業務。再次，我們在新產品領域的滲透率還處於非常低的水平。

The pricing is based on -- we've done some shifting like we used to charge agents based on some of their buyer agency work. We've shifted that away and we more focused on the pricing model being on the listing side of the business and the value of the assets, the volume of the assets, the size of the team. And then we've begun to put a bit of a factor in there for their rental portfolios because with the Homes.com rental listing syndicating over to Apartments.com, that creates a lot of value for them on the rental listing side, so it's a constantly changing mix and I anticipate best practice will keep shifting and playing with it every quarter.

定價依據－我們做了一些轉變，例如我們過去根據一些買方代理工作向代理商收取費用。我們已經改變了這種觀念，我們更加關注業務上市方面的定價模式以及資產的價值、資產的數量和團隊的規模。然後，我們開始在他們的租賃組合中加入一些因素，因為隨著 Homes.com 租賃清單聯合到 Apartments.com，這為他們在租賃清單方面創造了很多價值，所以這是一個不斷變化的組合，我預計最佳實踐將在每個季度不斷變化和運用。

But thematically, we want to have profitable penetration growth on a unit basis, and again, if you look at like a LoopNet where you might be in the 60% penetration or at the institutional end of apartments, you might pay that 60% penetration. We're on the low penetration cycle for Homes.com, so we don't want to -- we want to focus on growing share profitably on a unit basis, knowing that you have a lot of time to capture more value.

但從主題上講，我們希望在單位基礎上實現盈利性的滲透率增長，再說一次，如果你看一下 LoopNet，你的滲透率可能達到 60%，或者處於公寓的機構端，那麼你可能會支付 60% 的滲透率。我們正處於 Homes.com 的低滲透週期，因此我們不想——我們希望專注於以單位為基礎盈利地增加份額，因為我們知道你有足夠的時間來獲取更多價值。

And also remember that folks who are successful in the model we're adopting, the one we're selling in the United States was around marketing the real estate. Again, we're the only platform that's really in the United States that's really focused on marketing real estate. The folks that do this kind of platform and what we do currently in Apartments.com in the United States and LoopNet in the United States, you begin by selling a product which is around participation.

還要記住，那些在我們採用的模式中取得成功的人，我們在美國銷售的模式是圍繞著房地產行銷的。再說一次，我們是美國唯一真正專注於房地產行銷的平台。從事此類平台的人們以及我們目前在美國的 Apartments.com 和 LoopNet 所做的事情，都是從銷售圍繞參與的產品開始的。

So you sell first the entry-level listing, just a silver ad, like a baseline promotion ad. Through time, you can do something called depth advertising or signature advertising, but something that evolves through time. And if I look like an REA Group in Australia, I would imagine that 80% of their revenue comes from depth advertising, but that's a lever you pull in intermediate out years.

因此，您首先銷售入門級列表，只是銀色廣告，就像基準促銷廣告一樣。隨著時間的推移，你可以做一些稱為深度廣告或簽名廣告的事情，但這些事情會隨著時間的推移而發展。如果我看起來像澳洲的 REA 集團，我會想像他們 80% 的收入來自深度廣告，但這是在中期拉動的槓桿。

Jeff Mueler, Baird.

傑夫·穆勒，貝爾德。

Yeah, thank you. The 750 Homes.com headcount figure in the year, is that a change? I thought you were talking 500 to 600. And how are you thinking about I guess the serviceable addressable market in terms of agent headcount that you're going after at this point? Thank you.

是的，謝謝。Homes.com 今年的員工人數為 750 人，這是一個改變嗎？我以為你說的是 500 到 600。那麼，就您目前追求的代理商人數而言，您如何看待可服務的目標市場？謝謝。

Sure, yes, I am reining in Andy Stearns, who's built quite an effective machine down there in Richmond, Virginia. So it has been inching up. We're going to hold it there at that number. We may take some of those resources and use them for selling Matterport. Again, Matterport has had a relatively small sales force. And the second part of the question was? I'm sorry, the addressable market there. So the addressable market is just massive, right?

當然，是的，我正在控制安迪·斯特恩斯，他在維吉尼亞州里士滿建造了一台非常有效的機器。所以它一直在緩慢上升。我們將保持這個數字。我們可能會利用其中一些資源來銷售 Matterport。再次，Matterport 的銷售團隊相對較小。問題的第二部分是什麼？抱歉，那裡有可尋址市場。那麼潛在市場非常巨大，對嗎？

So you have 1.5 million agents there that you can sell to, in reality, you probably have 500,000 to 750,000 who are really viable candidates, and you have -- you need to look at these folks, these 700,000 some prospects, not as a one-time sale. You're not just selling him something on day one, and then never talk to them again. You want to sell them something and develop a relationship with them.

因此，您有 150 萬個代理商可以向他們銷售產品，實際上，您可能有 50 萬到 75 萬個真正可行的候選人，而且您需要將這些人，這 70 萬個潛在客戶，視為一次性銷售。你不能只是在第一天向他推銷某些東西，然後再也不跟他們說話。您想向他們銷售某些東西並與他們建立關係。

You want to communicate with them about the value they are receiving from their membership, and continue to educate them on the value they're receiving. Keeping in mind that in models around the world and in commercial state in the United States, these client relationships grow, and you are able to sell them more and more products and services, so if you get to 750 salespeople, you're talking about roughly 1,000 clients prospects for salesperson, which is a pretty aggressive load. I mean, it's one of the beauties of this space is that it is a huge market opportunity.

您想與他們溝通他們從會員資格中獲得的價值，並繼續教育他們所獲得的價值。請記住，在世界各地的模式和美國的商業狀態下，這些客戶關係不斷發展，並且您能夠向他們銷售越來越多的產品和服務，因此，如果您有 750 名銷售人員，那麼您談論的就是大約 1,000 名銷售人員的客戶前景，這是一個相當激進的負荷。我的意思是，這個領域的魅力之一在於它有巨大的市場機會。

One of the beauties of our business model is that unlike our competitors that can only really sell the 5% of the market, our business model can sell to 60%, 70%, 80% of the market, which is why we love it and why investors should too.

我們的商業模式的優點之一是，與只能銷售 5% 市場份額的競爭對手不同，我們的商業模式可以銷售 60%、70% 甚至 80% 的市場份額，這就是我們喜歡它的原因，也是投資者應該喜歡它的原因。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Andy Florance for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將程序交還給安迪·弗洛倫斯 (Andy Florance)，以便他可以做出進一步的評論。

Thank you, everyone, for joining us for the second-quarter earnings call. Sorry if I'm a little too enthusiastic, but for good reason. And we look forward to updating you on the progress in the business in the next earnings call. Thank you very much for joining us.

感謝大家參加我們的第二季財報電話會議。抱歉我有點太熱情了，但這是有原因的。我們期待在下次收益電話會議上向您通報業務進度。非常感謝您加入我們。

Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。