CoStar Group Inc (CSGP) 2025 Q3 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Q3 2025 CoStar Group earnings conference call.

再會。感謝您的耐心等待。歡迎參加 CoStar 集團 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

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

現在我謹將會議交給今天的主講人，投資者關係主管里奇·西蒙內利。

Thank you very much, Operator. Hello and thank you, all, for joining us to discuss the third-quarter 2025 results of CoStar Group.

非常感謝接線生。大家好，感謝各位參加本次會議，共同探討CoStar集團2025年第三季的業績。

Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Chris Lown, our Chief Financial Officer, I'd like to review our Safe Harbor Statement.

在將電話交給 CoStar 的執行長兼創始人 Andy Florance 和財務長 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 fourth quarter and the rest 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.

今天的討論中某些部分可能包含前瞻性陳述，包括公司基於當前信念和假設對第四季度和 2025 年剩餘時間的展望和預期。前瞻性陳述涉及許多風險、不確定性、假設、估計和其他因素，這些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 data 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 these filings; as well as other filings with the SEC available on the SEC's website.

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的數據；以及我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告（這些文件中「風險因素」標題下包含的數據）；以及美國證券交易委員會網站上提供的其他文件。

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

所有前瞻性陳述均基於CoStar在本次電話會議之日可獲得的資訊。除適用法律要求外，CoStar 不承擔因新資訊、未來事件或其他原因而更新這些聲明的義務。

Reconciliation to the most directly comparable GAAP measure of any non-GAAP financial measure discussed on this call are shown in detail in our press release issued today, along with the definitions for these terms.

本次電話會議中討論的任何非GAAP財務指標與最直接可比較的GAAP指標的調節情況，以及這些術語的定義，均已在今天發布的新聞稿中詳細列出。

The press release is available on our website located at costartgroup.com, under Press Room. Please refer to today's press release on how to access the replay of this call.

新聞稿可在我們網站 costartgroup.com 的「新聞中心」欄位中找到。請參閱今天的新聞稿，了解如何收聽本次電話會議的錄音回放。

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

記住：問答環節只有一題，所以一定要問好。

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

接下來，我想把電話交給我們的創辦人兼執行長安迪‧弗洛倫斯。安迪？

Thank you for joining CoStar Group's third-quarter 2025 earnings call.

感謝您參加CoStar集團2025年第三季財報電話會議。

We achieved another excellent quarter for CoStar Group, with third-quarter 2025 revenue reaching $834 million, a 20% year-over-year increase. This is our 58th consecutive quarter of double-digit revenue growth. We're one quarter closer to potentially 100 sequential quarters of double-digit revenue growth. Stay tuned.

CoStar集團又取得了一個非常出色的季度業績，2025年第三季營收達到8.34億美元，年增20%。這是我們連續第58個季度實現兩位數營收成長。我們距離連續100個季度實現兩位數營收成長的目標又近了一個季度。敬請關注。

Adjusted EBITDA in the third quarter rose to $115 million, up 51% over Q3 2024. Profit margin in our Commercial Information and Marketplace businesses increased to 47% for Q3 2025. Net new bookings totaled $84 million, up 92% year over year.

第三季調整後 EBITDA 增至 1.15 億美元，比 2024 年第三季成長 51%。2025 年第三季度，我們商業資訊和市場業務的利潤率成長至 47%。淨新增預訂金額總計 8,400 萬美元，較去年同期成長 92%。

CoStar Group's residential real estate portals include Apartments.com, Homes.com, OnTheMarket, and Domain. These are all sites that help people find or market a residence. Assuming we owned Domain for the full third quarter, the revenue for the residential portals would now be $411 million in the quarter or $1.644 billion annualized.

CoStar Group旗下的住宅房地產入口網站包括Apartments.com、Homes.com、OnTheMarket和Domain。這些都是幫助人們尋找或出售房產的網站。假設我們擁有 Domain 整個第三季度，那麼住宅入口網站的營收在該季度將達到 4.11 億美元，年化收入將達到 16.44 億美元。

Our residential portals revenues grew 22.7% quarter over quarter and 31.3% year over year. We expect synergies across these residential portals will continue to drive improvement in our margin profile and believe that long-term margins can operate at more than 40% adjusted EBITDA margins.

我們的住宅門戶網站營收季增 22.7%，年增 31.3%。我們預計這些住宅入口網站之間的協同效應將繼續推動我們利潤率的改善，並相信長期利潤率可以達到 40% 以上的調整後 EBITDA 利潤率。

Apartments.com delivered another strong quarter, surpassing $1.2 billion in annual run rate revenue and generating $303 million in Q3 revenue, an 11% increase year over year. Apartments.com remains the preferred source for property managers and owners, as reflected by a 99% monthly renewal rate -- 99% monthly renewal rate -- and a 93 NPS score.

Apartments.com 又迎來了一個強勁的季度，年度運行率收入超過 12 億美元，第三季度營收為 3.03 億美元，年增 11%。Apartments.com 仍然是物業經理和業主的首選平台，其每月續約率高達 99%，淨推薦值 (NPS) 為 93 分。

Our high-quality proprietary content remains central to attracting consumers. Net new bookings rose 37% year over year in Q3. We added 4,200 new apartment communities in Q3. Our sales force has now grown to over 500 representatives, achieving our 2025 sales hiring target ahead of schedule. In Q3, the team conducted 200,000 client and prospect interactions, with nearly half of them occurring in-person, a 66% year-over-year increase in Q3.

我們高品質的原創內容仍然是吸引消費者的核心。第三季淨新增預訂量年增 37%。第三季我們新增了 4200 個公寓社區。我們的銷售團隊現已發展到 500 多名代表，提前實現了 2025 年的銷售招募目標。第三季度，該團隊與客戶和潛在客戶進行了 20 萬次互動，其中近一半是面對面進行的，比去年同期成長了 66%。

Our total Multifamily Property count now exceeds 87,000, an increase of 12,000 in 2025. Apartments.com's network site visits totaled 223 million for the quarter. Leads for specific models and units increased 64%. Our highest-converting Apply Now leads rose 70% year over year in Q3. In the Single-Family Rental segment, we had 1.4 million availabilities and 260,000 paid rentals, up 51% year over year.

目前我們的多戶住宅物業總數已超過 87,000 套，預計到 2025 年將增加 12,000 套。Apartments.com 的網站流量在本季總計達到 2.23 億次。特定型號和單元的銷售線索增加了 64%。第三季度，轉換率最高的「立即申請」線索年增 70%。在單戶住宅租賃領域，我們有 140 萬套可供出租的房源和 26 萬套已付費出租的房源，較去年同期成長 51%。

Homes.com rental traffic grew 55%, underscoring the synergy between Apartments.com and Homes.com. Advertisers benefit from increased exposure across both platforms at no additional cost.

Homes.com 的租屋流量增加了 55%，凸顯了 Apartments.com 和 Homes.com 之間的綜效。廣告主無需額外費用即可在兩個平台上獲得更高的曝光率。

Turning to Homes.com, Homes.com is showing steadily accelerating revenue growth from an increasing number of revenue streams. Annualized net new bookings of Homes.com subscriptions rose to 16 million in the third quarter, up 53% year over year from 10 million in the second quarter of 2025. That's actually quarter over quarter; up 53% quarter over quarter from 10 million in the second quarter of 2025, not year over year. Much more impressive, when it's QoQ. The net new annualized bookings in the third quarter represented 1,225% year-over-year increase. Revenue in Q3 increased 20% year over year.

再來看 Homes.com，Homes.com 的營收成長正在穩定加速，收入來源也不斷增加。Homes.com 訂閱的年度淨新增預訂量在第三季增至 1,600 萬，比 2025 年第二季的 1,000 萬成長了 53%。實際上這是季度環比增長；與 2025 年第二季度的 1000 萬相比，季度環比增長 53%，而不是同比增長。如果是季度環比成長，那就更令人印象深刻了。第三季淨新增年化預訂量年增1225%。第三季營收年增20%。

The number of net new subscribers added in the third quarter was 7,035, up 12% over the 6,280 net new subscribers added in the second quarter. In Q3, net new subscriber growth was 1,000% year over year. We now have over 26,000 subscribing agents.

第三季新增淨用戶數為 7,035 人，比第二季新增淨用戶數 6,280 人成長了 12%。第三季度，新增用戶淨成長率年增1000%。我們現在擁有超過26000名訂戶代理商。

Just one of the many ways in which our business models are superior to competing portals is our ability to provide service to a much larger number of agents than they can. Competing portals in the United States's business models of lead diversion limits them to selling to about roughly 5% of agents because they need to take leads from the other 95% of agents of agents who are not clients so that they have something to sell to the 5% that are clients. In contrast, we can sell to well more than 50% of agents because we're not taking away leads from any agent.

我們的商業模式優於競爭對手入口網站的眾多方式之一，就是我們能夠為比他們多得多的代理商提供服務。美國競爭入口網站的潛在客戶轉移商業模式限制了它們只能向大約 5% 的經紀人銷售產品，因為它們需要從其他 95% 的非客戶經紀人那裡獲取潛在客戶，這樣它們才能有東西可以賣給那 5% 的客戶。相較之下，我們可以向超過 50% 的經紀人銷售產品，因為我們沒有搶走任何經紀人的潛在客戶。

With LoopNet, CoStar, and Apartments, we have shown that in many markets we're selling to, we're well more than half of the players in that market. This has the advantage of rating a bigger TAM but also creating more goodwill among agents.

透過 LoopNet、CoStar 和 Apartments，我們已經證明，在我們銷售的許多市場中，我們的市場份額都超過了該市場參與者的一半。這樣做的好處是可以獲得更大的潛在市場規模 (TAM)，同時也能贏得代理商的更多好感。

In competing portal models, 95% of the agents are losing business because of the portal and 5% are gaining business. In our model, almost every agent can gain business because of our portal. That creates goodwill. Alignment with your clients builds stronger and more durable brands.

在競爭激烈的入口網站模式中，95% 的代理商因為入口網站的出現而損失了業務，而 5% 的代理商則獲得了業務。在我們的模式下，幾乎所有代理商都能透過我們的入口網站獲得業務。這有助於建立良好關係。與客戶保持一致可以打造更強大、更持久的品牌。

Sales of our Homes.com Boost product rose 136% quarter over quarter to 617,000 in the third quarter. Homeowners are the primary buyers of Boost, paying, on average, $386 on a one-time basis to give their home-for-sale more exposure. At this price point, the US TAM for Boost sold to homeowners alone is already approximately $2 billion. When agents do buy a Boost for one of their listings, we see 25% of those agents convert to full Homes.com membership subscriptions.

第三季度，我們的 Homes.com Boost 產品銷售量較上季成長 136%，達到 617,000 件。Boost 的主要買家是房主，他們平均一次性支付 386 美元，以提高其待售房屋的曝光率。以此價格計算，Boost 在美國僅面向家庭用戶的市場規模就已達到約 20 億美元。當經紀人為他們的房源購買推廣服務時，我們發現其中 25% 的經紀人會轉為 Homes.com 的正式會員訂閱。

We began selling enhanced exposure on Homes.com to new home builders on August 25. In the month of September alone, we sold net new annualized bookings for new homes of 498,000. In total, we've already sold 743,000 annualized buildings since August 25.

我們從8月25日開始向新建房屋建築商出售在Homes.com上的增強曝光服務。光是 9 月份，我們就售出了 498,000 套新房的淨新增年度預訂量。自 8 月 25 日以來，我們總共已售出 743,000 棟年化建築。

As Homes.com approaches our seventh quarter since launch, it is now the fastest-growing revenue product we've ever launched. Though Apartments.com and CoStar now have more than $1 billion dollars in revenue, they grew revenue at a much slower pace than Homes has in their first seven quarters. Homes.com has now grown 50% more incremental revenue in its first seven quarters than (inaudible) Apartments.com in the same time period.

Homes.com 自推出以來已進入第七個季度，目前已成為我們推出的營收成長最快的產品。儘管 Apartments.com 和 CoStar 目前的營收都超過 10 億美元，但它們在前七個季度的營收成長速度遠低於 Homes。Homes.com 在前七個季度的增量收入比 Apartments.com 同期增長了 50%。

We're continuing to increase the size of our Homes.com sales team. We now have 500 sales reps in production, with another 150 in pre-production. We've now added field sales, new home sales specialists, and major accounts reps.

我們正在持續擴大Homes.com的銷售團隊規模。我們現在有 500 名銷售代表在崗，另有 150 名在崗前培訓。我們現在新增了現場銷售人員、新房屋銷售專員和大客戶代表。

We believe the highest and best function of a portal is to market real estate and that that is the future of the industry. I do not believe that future revenue models for successful real estate portals will be based on either [iBuying] or lead diversion to buyer agents.

我們認為門戶網站最高、最好的功能是推廣房地產，這也是該行業的未來。我不認為未來成功的房地產入口網站的收入模式會基於[iBuying]或將潛在客戶轉介給買方經紀人。

Currently, as I mentioned, we have 26,000 subscribing agents and Boost clients, promoting 130,000 active listings on Homes.com, representing 6% of the active 2.2 million properties for sale in the US.

正如我之前提到的，目前我們有 26,000 名訂閱代理商和 Boost 客戶，在 Homes.com 上推廣 13 萬個活躍房源，占美國 220 萬套活躍待售房產的 6%。

A recent analyst report from Citi say that they believe that a core product for Zillow, going forward, will be its showcase-listing product; and estimated in September '25 that Zillow had only 24,500 listings or approximately 1.1% of the active market. So we have 5 times the number of listings marketed or boosted on our site.

花旗集團最近的一份分析報告稱，他們認為 Zillow 未來的核心產品將是其展示列表產品；並在 2025 年 9 月估計，Zillow 只有 24,500 個列表，約佔活躍市場的 1.1%。因此，我們網站上推廣或宣傳的房源數量是原來的 5 倍。

Citi further estimate that Zillow had $13 million of revenue in the third quarter for showcase listings. So Homes.com is well ahead of Zillow in both revenue and listing count in what we believe is the primary sustainable revenue driver for successful residential real estate portals around the world.

花旗銀行進一步估計，Zillow 第三季展示房源的收入為 1,300 萬美元。因此，Homes.com 在收入和房源數量方面都遠遠領先於 Zillow，我們認為這是全球成功的住宅房地產入口網站的主要永續收入驅動因素。

Our strategy is to grow the share of real estate agents and homeowners relying on us to bring more exposure to their homes-for-sale. These numbers show that we're on the way to achieving that goal.

我們的策略是增加依賴我們來提高其待售房屋曝光率的房地產經紀人和房主的比例。這些數字表明，我們正在朝著實現這一目標邁進。

Our marketing campaign continues to build out audience and brand awareness. In August, unaided awareness was 42% and unaided intent was 28%. That unaided awareness is up from about 4% when we started. We are showing continued long-term upward trend in both categories.

我們的行銷活動持續擴大受眾群體，提升品牌知名度。8 月份，未提示的認知度為 42%，未經提示的意願為 28%。在我們剛開始的時候，這一未經幫助的認知水平約為 4%，而現在已經有所提高。這兩個類別都呈現持續的長期上升趨勢。

In the third quarter, the Homes.com network achieved 115 million unique monthly visitors. This led to 560 million total visits to the Homes.com network in Q3, up 7% compared to Q2. According to comScore, unique visitor traffic to Homes.com rose 8.3% compared to a 6.5% decline at Zillow and a 0.7% decline at Realtor.com. I'll just call that last part flat. comScore continues to rank the unique monthly visitors to the Homes.com network above either Realtor or Redfin.

第三季度，Homes.com 網路每月獨立訪客量達到 1.15 億。這使得 Homes.com 網路在第三季的總訪問量達到 5.6 億次，比第二季度增長了 7%。根據comScore的數據，Homes.com的獨立訪客流量成長了8.3%，而Zillow下降了6.5%，Realtor.com下降了0.7%。我個人認為Realtor.com的下降幅度基本上持平。 comScore的數據顯示，Homes.com的每月獨立訪客量仍高於Realtor和Redfin。

Our organic traffic in Q3 climbed 87% year over year. We continue to improve the quality and engagement of traffic to Homes.com, achieving a low 24% bounce rate in Q3, which is a 64% year-over-year reduction in bounce rate. Our average session duration increased to 4 minutes and 29 seconds in Q3, which is a 93% year-over-year increase.

第三季我們的自然流量年增了 87%。我們持續提升 Homes.com 的流量品質和用戶參與度，第三季跳出率降至 24%，年減 64%。第三季度，我們的平均會話長度增加到 4 分 29 秒，較去年同期成長 93%。

I believe that our efforts to put more than 70,000 Matterports on the sites is driving this deeper home shopper engagement on our site. We are optimizing for quality of traffic from our SEM, generating 112 million listing-detail page views from SEM in Q3 for a 374% year-over-year improvement. We achieved this improvement with essentially the same but a more efficient SEM spend.

我認為，我們在網站上放置超過 70,000 個 Matterport 的努力，正在推動購房者在我們網站上更深入地參與互動。我們正在優化 SEM 的流量質量，第三季透過 SEM 產生了 1.12 億次清單詳情頁面瀏覽量，年增 374%。我們以基本相同的SEM投入，但更有效率的SEM投入實現了這項改進。

I believe we're about to see our products hyper-accelerated by some of the most exciting facilitating-AI technologies I could have ever imagined. While we're already using AI throughout our organization, I'm excited about the launch of AI Smart Search on Homes.com and the future innovations it foreshadows. Consumers can ask Homes.com precisely what they're looking for in their own words. This allows for reasonably complex queries such as long conversational phrases with multiple geographies, such as, show me waterfront properties with a pool with a balcony and a great view in Miami Beach and Fort Lauderdale starting at $1 million.

我相信，我們將看到我們的產品藉助一些我所能想像到的最令人興奮的人工智慧輔助技術而得到超高速發展。雖然我們已經在整個組織內使用人工智慧，但我對 Homes.com 上推出的 AI 智慧搜尋及其預示的未來創新感到興奮。消費者可以用自己的語言向 Homes.com 準確地提出他們想要尋找的東西。這樣就可以進行相當複雜的查詢，例如包含多個地理位置的長對話短語，例如：給我顯示邁阿密海灘和勞德代爾堡的濱水房產，帶有游泳池、陽台和優美的景色，起價 100 萬美元。

This does away with having to deal with traditional filters and forms that are limiting. If you're a coder, this is like giving people with no coding skills access to the power of full deep boolean-nestled queries against 10 times the number of fields with just simple, plain English questions. As a result, Smart Search is highly customizable, intuitive, fun, easy, and more powerful.

這樣就省去了處理傳統篩選器和表單的諸多限制。如果你是一名程式設計師，這就好比讓沒有任何程式設計技能的人，只需提出簡單明了的英語問題，就能對數量是原來的 10 倍的字段，執行完整的深度布爾嵌套查詢。因此，智慧搜尋具有高度可自訂性、直覺性、趣味性、易用性和更強大的功能。

This is our own artificial intelligence capability we're engineering in. We're doing it in partnership with Microsoft.

這是我們正在自主研發的人工智慧技術。我們正與微軟合作這項工作。

In the third quarter, AI Smart Search has produced improved user engagement. This new AI Smart Search is producing significant improvement in user engagement. Users of AI Smart Search used 69% more search filters; viewed 37% more listing pages per session; were 5 times more likely to return to the site within the following week -- that's amazing; and submitted 51% more leads after viewing a listing page. It's a more effective way to find what you're looking for.

第三季度，AI智能搜尋提高了用戶參與度。這項全新的AI智能搜尋技術顯著提升了用戶參與度。使用 AI 智慧搜尋的使用者使用的搜尋篩選器數量增加了 69%；每次造訪瀏覽的清單頁面數量增加了 37%；在接下來的一周內再次造訪該網站的可能性增加了 5 倍——這太棒了；並且在查看清單頁面後提交的潛在客戶數量增加了 51%。這是找到所需資訊的更有效方法。

We are now investing 50% of our Homes.com software development efforts in the fourth quarter and beyond towards building a range of AI-empowered features into Homes.com. This is our single biggest commitment, by far, to any software development effort. This is an incredibly exciting time for Homes.com.

我們將在第四季及以後投入Homes.com軟體開發50%的資源，用於在Homes.com中建立一系列人工智慧功能。這是我們迄今為止在任何軟體開發專案中投入的最大一筆資金。對於Homes.com來說，這是一個令人無比令人興奮的時刻。

All of our products have boundless new opportunities opened up by the enormous potential of Generative AI. In the four decades that I've led CoStar Product Vision, a core principle of our success is leaning into new facilitating technologies to unlock their value for real estate.

生成式人工智慧的巨大潛力為我們所有的產品帶來了無限的新機會。在我領導 CoStar 產品願景的四十年裡，我們成功的核心原則是充分利用新的促進技術來釋放對房地產的價值。

We were among the first to digitize real estate information, put real estate on a digital map, present digital real estate photos. We were the first to incorporate digital twins in a scale. We were actually the first to leverage the Internet for real estate. In fact, we actually bought CBRE, Cushman & Wakefield, and JLL their first Internet accounts before there was even a Netscape or a Google around.

我們是最早將房地產資訊數位化、將房地產資訊放到數位地圖上、展示數位房地產照片的公司之一。我們是首家將數位孿生技術應用於規模化生產的企業。我們實際上是第一個將互聯網應用於房地產領域的公司。事實上，在 Netscape 和 Google 出現之前，我們就為 CBRE、Cushman & Wakefield 和 JLL 購買了他們的第一個網路帳號。

AI offers transformative opportunities to unlock tremendous value in real estate. I believe few products are better positioned to cohesively capitalize on this opportunity than it is Homes.com, Apartments.com, LoopNet, and CoStar.

人工智慧為釋放房地產領域的巨大價值提供了變革性的機會。我認為很少有產品比 Homes.com、Apartments.com、LoopNet 和 CoStar 更能有效地利用這一機會。

We have massive and proprietary real estate data resources. We have unmatched expertise in organizing and quality control on that information. We have leading expertise in how to make that information useful and relevant to real estate industry participants. We believe that it will bring tremendous dislocation, generally; and open up huge new value opportunities, which we plan to exploit.

我們擁有海量的專有房地產數據資源。我們在資訊組織和品質控制方面擁有無可比擬的專業知識。我們擁有領先的專業知識，能夠使這些資訊對房地產行業參與者有用且相關。我們認為這將帶來巨大的社會動盪；同時也將帶來巨大的新價值機遇，我們計劃充分利用這些機會。

While Homes.com is our initial priority for AI enhancement, we will apply the lessons learned to Apartments.com and all of our other products, as quickly as possible.

雖然 Homes.com 是我們人工智慧增強的首要目標，但我們將盡快將學到的經驗應用到 Apartments.com 和我們所有其他產品中。

AI will impact top-of-funnel traffic acquisition. Real estate portals built on SEO foundations need to build strategies to acquire traffic from AEO, Answer Engine Optimization; and GEO, Generative Engine Optimization. SEO remains the foundation of AEO and GEO, though.

人工智慧將對漏斗頂端流量獲取產生影響。以 SEO 為基礎的房地產入口網站需要製定策略，從 AEO（答案引擎優化）和 GEO（生成式引擎優化）獲取流量。不過，SEO 仍然是 AEO 和 GEO 的基礎。

A portal's brand content and context remain the key building blocks for success. Today, GEO is sub-1% of top-of-funnel acquisition. For example, one large US real estate portal in the US only draws 0.45% of its top-of-funnel traffic from ChatGPT; and another large portal in Australia only captures 0.15% of its top-of-funnel from ChatGPT.

入口網站的品牌內容和背景仍然是其成功的關鍵要素。如今，GEO 在漏斗頂端獲客中所佔比例不到 1%。例如，美國一家大型房地產入口網站僅有 0.45% 的漏斗頂端流量來自 ChatGPT；澳洲另一個大型入口網站僅有 0.15% 的漏斗頂端流量來自 ChatGPT。

So brand , direct traffic, SEM display, social, e-mail, SEO, and AEO remain 99.5% of top-of-funnel source. These traffic sources will remain important in a Generative AI future, for sure; and likely, the majority. But GEO will become much bigger top-of-funnel traffic feed. We will position our portals to capture that traffic. Many believe that traffic from GEO may be monetized the way Google monetized SEO with SEM. There's some huge AI GPU and energy bills to pay out there.

因此，品牌、直接流量、SEM 展示廣告、社群媒體、電子郵件、SEO 和 AEO 仍佔漏斗頂部流量來源的 99.5%。這些流量來源在生成式人工智慧的未來肯定仍然很重要；而且很可能佔據絕大多數。但地理位置將成為漏斗頂端更大的流量來源。我們將調整門戶網站的位置，以吸引這些流量。許多人認為，來自地理位置的流量可以像Google透過搜尋引擎優化（SEO）和搜尋引擎行銷（SEM）來實現獲利一樣獲利。人工智慧GPU和能源方面的支出非常巨大。

I just spent a few days at the Online Marketplace Conference in Madrid with dozens of real estate portal CEOs and digital real estate experts. All felt the competitive urgency to integrate the range of capabilities of Generative AI into their portals. But I did not find one person who thought that Generative AI solutions would effectively meet the specialized needs of the real estate world.

我剛剛在馬德里參加了為期幾天的線上市場大會，與數十位房地產入口網站執行長和數位房地產專家進行了交流。所有人都感受到將生成式人工智慧的各種功能整合到各自入口網站中的緊迫競爭壓力。但我沒有找到一個認為生成式人工智慧解決方案能夠有效滿足房地產行業特殊需求的人。

To be successful, there's a need to build specialized AI models around buyer personalization and profiles, data capture, listing evaluation, computer vision, digital twin searching, area evaluation, lead management, advertising optimization, valuation, and many other algorithms. That is exactly the exciting work we are leaning into and embracing.

要取得成功，需要圍繞買家個性化和畫像、資料收集、清單評估、電腦視覺、數位孿生搜尋、區域評估、線索管理、廣告最佳化、估值以及許多其他演算法建立專門的 AI 模型。這正是我們正在積極投入和擁抱的令人興奮的工作。

There was a time when AOL, Yahoo, or eBay were ascendant and uniquely dominant. Microsoft and Google are still dominant, though perhaps past their zenith of dominance.

曾幾何時，AOL、雅虎或 eBay 都處於鼎盛時期，擁有絕對的市場主導地位。微軟和谷歌仍然佔據主導地位，儘管可能已經過了鼎盛時期。

All of these impressive general-purpose transformative technology innovations enthusiastically built real estate portals and tried to dominate digital real estate. All failed. All failed. They've now exited the space. Only eBay has anything left and it's not much. This is where I [fizz] about the thing. Specialized solutions often leveraging these companies' capabilities repeatedly, ultimately, dominated the real estate vertical.

所有這些令人印象深刻的通用變革性技術創新都熱情地建立了房地產入口網站，並試圖主導數位房地產市場。全部失敗了。全部失敗了。他們現在已經退出那個空間了。只有 eBay 上還有存貨，而且不多。這就是我對此感到[激動]的地方。經常反覆利用這些公司能力的專業解決方案最終主導了房地產垂直領域。

I believe the past is prologue here. There are a number of incredible Generative AI companies that are building invaluable tools. Those tools will be leveraged by specialized digital real estate companies to create specialized value. A specialized digital real estate company that does it best among them will unlock huge value for its investors.

我相信過去是這裡的序章。有許多優秀的生成式人工智慧公司正在開發非常有價值的工具。這些工具將被專業的數位房地產公司利用，以創造獨特的價值。其中，一家專注於數位房地產領域的公司如果做得最好，將為投資者創造巨大的價值。

CoStar Group, as the largest digital real estate company in the world by market cap, is well positioned to win in an AI future. It's just a brief comment on AI.

CoStar集團是全球市值最大的數位房地產公司，在人工智慧的未來中佔據了有利地位。這只是對人工智慧的簡短評論。

The Homes.com subscriber net promoter score rose to 36 in the third quarter, rising 84% over Q2 '25. October to date, that NPS score continues to rise and is now at an outstanding [843]. We're not done there. We'd like to get it up to Apartments's 93 but the progress is amazing. It took less than two years for Homes.com to reach an NPS level that took CoStar about a decade or so to reach.

Homes.com 的用戶淨推薦值在第三季上升至 36，比 2025 年第二季成長了 84%。截至10月，NPS得分持續上升，目前已達到非常高的水準。[843]我們還沒說完。我們希望達到公寓93的水平，但目前的進展已經非常驚人了。Homes.com 花了不到兩年的時間就達到了 CoStar 花了大約十年才達到的 NPS 水平。

As our NPS increases, so does our subscriber retention rate. In Q3 '25, our retention rate of subscribers we sold six months prior from Q1 to 2025 rose to 86%. The Q3 retention rate rose 7.5% from 81% retention in Q2 2025 and rose 39% year over year from 62% retention in Q3 2024.

隨著淨推薦值 (NPS) 的提高，我們的用戶留存率也會提高。2025 年第三季度，我們 2025 年第一季至 2025 年期間售出的訂閱用戶留存率上升至 86%。第三季顧客留存率較 2025 年第二季的 81% 成長了 7.5%，較 2024 年第三季的 62% 年成長了 39%。

We are offering Homes.com subscribers the benefits of Matterports for their listings. Agents tell us in focus groups that they really value that benefit. Member listings with Matterports captured nearly 40 times listing-detail views of member listings without Matterports. That should be the objective, if any real estate agent selling a home get 40 times as many people to inspect that home. In the quarter, subscribers who had a Matterport on a listing had a 37% higher renewal rate than those that did not. It's working.

我們為 Homes.com 的訂閱用戶提供 Matterport 功能，用於展示他們的房源資訊。經紀人在焦點小組訪談中告訴我們，他們非常重視這項福利。使用 Matterport 的會員名單的詳情瀏覽量比未使用 Matterport 的會員名單高出近 40 倍。如果任何房地產經紀人出售房屋時，都能吸引 40 倍的人來看房，那這應該就是他們的目標。本季度，房源包含 Matterport 的訂閱用戶續訂率比沒有包含 Matterport 的訂閱用戶高出 37%。它奏效了。

We are enhancing our Matterport benefit to subscribers by offering a photo-realistic 3D view of the exterior of the house to complement the digital twin of the interior. This exciting new technology is called a Gaussian Splat. We capture it with a short drone flight around the house, where legal. I would encourage you to view one live by looking up a home-for-sale at 5471 Country Club Parkway in San Jose, California on Homes.com and view that Matterport 3D exterior. Eventually, the house will sell and it won't be there anymore.

我們正在增強 Matterport 為訂閱用戶帶來的益處，提供房屋外部的逼真 3D 視圖，以補充室內數位孿生模型。這項令人興奮的新技術被稱為高斯散射。在法律允許的情況下，我們會用無人機在房子周圍進行短距離飛行拍攝。我建議您親自去看看，在 Homes.com 上搜尋位於加州聖荷西鄉村俱樂部大道 5471 號的待售房屋，然後查看 Matterport 3D 外觀。最終，房子會賣掉，它也會不復存在。

In recent focus groups, we're seeing success in raising real estate agent awareness that Homes.com is the only Your Listing, Your Lead portal. 51% of agents surveyed recognize Your Listing, Your Lead and overwhelmingly connected it to the Homes.com brand. Agents disliked lead diversion; expressed a strong preference for a portal operating with Your Listing, Your Lead principle. As we continue to build that awareness, we believe that Homes.com will become the portal agents trust and most recommend to their clients.

在最近的焦點小組訪談中，我們發現，提高房地產經紀人對Homes.com作為唯一「您的房源，您的客戶線索」入口網站的認知度取得了成功。 51%的受訪經紀人了解「您的房源，您的客戶線索」這項功能，並且絕大多數人將其與Homes.com品牌聯繫起來。經紀人不喜歡客戶線索被轉移；他們強烈傾向於採用「您的房源，您的客戶線索」原則的門戶網站。隨著我們不斷提升用戶認知度，我們相信 Homes.com 將成為經紀人信賴並最常推薦給客戶的入口網站。

Now, I need to turn to an uncomfortable but important matter. Zillow is under siege, facing an unprecedented wave of lawsuits. I'm not sure that the market grasps the sheer magnitude of the risk bearing down on Zillow from all sides. These lawsuits are not isolated instances, They collectively target the heart of Zillow's operations, exposing alleged anti-trust violations, widespread copyright theft, and blatant consumer deception. With private plaintiffs and government regulators now alert to Zillow's misconduct, I predict even more aggressive legal and regulatory action in the months ahead.

現在，我需要談一件令人不舒服但又很重要的事。Zillow正面臨前所未有的訴訟浪潮，處境岌岌可危。我不確定市場是否充分認識到Zillow面臨的來自四面八方的巨大風險。這些訴訟並非孤立事件，它們共同針對 Zillow 運營的核心，揭露了其涉嫌違反反壟斷法、廣泛侵犯版權以及公然欺騙消費者的行為。鑑於私人原告和政府監管機構現在都已註意到 Zillow 的不當行為，我預測未來幾個月將會出現更激烈的法律和監管行動。

There are five federal lawsuits filed against Zillow since June of 2025.

自 2025 年 6 月以來，已有五起聯邦訴訟針對 Zillow 提起。

First, Zillow threatened to permanently ban any listing that was publicly marketed but not put on the MLS within 24 hours. So if you put a for-sale sign in your front yard and didn't put it on Zillow within 24 hours, you're banned. If you do a Facebook post and don't put it on Zillow in 24 hours, you're banned. Pretty aggressive.

首先，Zillow威脅要永久禁止任何公開行銷但未在24小時內上架MLS的房源。所以，如果你在自家前院掛了出售牌，但沒有在 24 小時內將其發佈到 Zillow 上，你就會被禁止上架。如果你在 Facebook 上發帖，但 24 小時內沒有將其發佈到 Zillow 上，你就會被封鎖。相當激進。

It appeared that Zillow was targeting Compass. Zillow followed through and banned Compass listings that were not put on Zillow within 24 hours. On June 23, 2025, Compass sued Zillow, exposing Zillow's so-called Zillow ban for what it truly is, a ruthless scheme to strangle competition and trap home sellers inside of Zillow's walled garden. If Compass prevails and home sellers choose where and when to list their homes, Zillow could lose massive swaths of its inventory, calling into question its lead diversion model.

Zillow 似乎瞄準了 Compass。Zillow 採取了行動，禁止了所有未在 24 小時內發佈到 Zillow 上的 Compass 房源。2025 年 6 月 23 日，Compass 起訴 Zillow，揭露了 Zillow 所謂的「Zillow 禁令」的真面目，這是一個扼殺競爭、將房屋賣家困在 Zillow 的圍牆花園中的殘酷計劃。如果 Compass 勝訴，房屋賣家可以自由選擇何時何地掛牌出售房屋，Zillow 可能會失去大量房源，使其潛在客戶轉移模式受到質疑。

I believe that Zillow's actions pushed Compass into defensively merging with Anywhere. When the Compass-Anywhere merger is completed, the combined company will be, by far, the largest real estate brokerage in the US, with, as I understand, as many as 300,000-plus agents.

我認為 Zillow 的舉動迫使 Compass 出於防禦目的與 Anywhere 合併。Compass-Anywhere 合併完成後，合併後的公司將成為美國迄今為止最大的房地產經紀公司，據我了解，其經紀人數量將超過 30 萬。

I'm pretty sure that Zillow just picked a fight it cannot win. Compass will have the most important listing content in real estate. Zillow will need them a lot more than Compass needs Zillow.

我非常肯定 Zillow 挑起了一場它贏不了的仗。Compass 將擁有房地產領域最重要的房源資訊。Zillow 比 Compass 更需要他們。

We filed our lawsuit against Zillow on July 30, 2025, to put an end to Zillow's brazen theft and monetization of CoStar's intellectual property. Zillow undoubtedly has used content stolen from Apartments.com to unfairly build their Rental business.

我們於 2025 年 7 月 30 日對 Zillow 提起訴訟，以製止 Zillow 公然竊取和利用 CoStar 的智慧財產權牟利的行為。Zillow無疑地使用了從Apartments.com竊取的內容來不正當地發展其租賃業務。

The scale of this infringement is staggering. For context, in 2019, Xceligent was caught with 38,489 CoStar-copyrighted photographs. The Federal court awarded $500 million in damages to us.

此次侵權規模令人震驚。作為背景，2019 年，Xceligent 被發現擁有 38,489 張 CoStar 版權照片。聯邦法院判決我們要獲得 5 億美元的賠償。

Zillow's conduct is even more egregious. We're determined to hold them fully accountable.

Zillow的行為更加惡劣。我們決心追究他們的全部責任。

Then, in September, Zillow was sued in a class action suit by a group of plaintiffs who alleged that they were being deceived into overpaying hidden fees through Zillow's notorious Contact Agent button. Don't push it. This case tears straight to the heart of Zillow's business model, laying bare a system built on deception.

隨後，在 9 月份，Zillow 被一群原告提起集體訴訟，這些原告聲稱他們透過 Zillow 臭名昭著的「聯繫經紀人」按鈕被欺騙，支付了過多的隱藏費用。別逼他。這個案例直擊 Zillow 商業模式的核心，揭露了一個建立在欺騙基礎上的系統。

The complaint exposes Zillow's tactics, saying Zillow actually directs the buyer away from the listing agent and directs the buyer to an unrelated buyer agent who lacks any specialized knowledge about the subject, property.

該投訴揭露了 Zillow 的策略，稱 Zillow 實際上引導買家遠離掛牌經紀人，並將買家引導給一個與掛牌經紀人無關、缺乏任何房產專業知識的買方經紀人。

The fallout isn't just limited to duped buyers. Zillow's lead diversion racket is bleeding home sellers by diverting their potential home buyers to agents that may compete with their listing.

後果不僅限於受騙的買家。Zillow 的引流騙局正在讓房屋賣家損失慘重，因為它將潛在購房者引流到可能與他們房源競爭的經紀人那裡。

We're not done. Hang with me. Most recently, September 30, 2025, the United States's Federal Trade Commission filed suit against Zillow Group and Redfin over an illegal agreement to suppress competition. They stated that the illegal deal stunts multifamily rental advertising competition, harming American renters and property managers.

我們還沒完。跟我一起玩。最近，2025 年 9 月 30 日，美國聯邦貿易委員會對 Zillow Group 和 Redfin 提起訴訟，指控它們達成非法協議以壓制競爭。他們表示，這項非法交易阻礙了多戶住宅租賃廣告的競爭，損害了美國租屋者和物業經理的利益。

The FTC went on to say that the Zillow partnership with Redfin was nothing more than an end-run around competition that insulates Zillow from head-to-head competition on the merits with Redfin for customers advertising multifamily buildings. The FTC is seeking injunctive relief; meaning, a potential unwinding of the deal.

美國聯邦貿易委員會 (FTC) 也表示，Zillow 與 Redfin 的合作只不過是規避競爭的一種手段，使 Zillow 免於與 Redfin 在多戶住宅廣告客戶方面進行正面競爭。美國聯邦貿易委員會正在尋求禁制令救濟；這意味著，該交易有可能被撤銷。

The lawsuit was followed up the next day by another lawsuit on behalf of a bipartisan coalition of Attorney Generals from Virginia, Arizona, Connecticut, New York, and Washington State.

第二天，維吉尼亞州、亞利桑那州、康乃狄克州、紐約州和華盛頓州的兩黨總檢察長聯盟又提起了另一項訴訟。

You might assume the CoStar Group sees deals like this when they come up, like the Redfin deal. My immediate and clear reaction would have been that, obviously, the FTC would not allow such an illegal deal and any effort to end-run the FTC regulatory process would necessarily bring unnecessarily excruciating pain and damage to anyone foolish enough to try it. So we never would have pursued it.

你可能會認為 CoStar 集團會在遇到類似 Redfin 這樣的交易時及時介入。我當時的第一個反應是，顯然，聯邦貿易委員會不會允許這種非法交易，任何試圖繞過聯邦貿易委員會監管程序的行為，都必然會給任何愚蠢到嘗試這樣做的人帶來不必要的痛苦和損失。所以我們根本不會去追究這件事。

If Zillow is ordered by Federal courts, the FTC, or Attorney Generals of states to disgorge their allegedly illegally gained department revenue and content, I believe it will seriously damage Zillow's reputation in the apartment industry. These lawsuits will take years to resolve. The full extent of Zillow's contact, as alleged in these complaints, and the various remedies from these lawsuits is yet to be seen.

如果聯邦法院、聯邦貿易委員會或各州總檢察長命令 Zillow 交出其涉嫌非法獲得的部門收入和內容，我認為這將嚴重損害 Zillow 在公寓行業的聲譽。這些訴訟需要數年時間才能解決。這些投訴中指控的 Zillow 的接觸範圍究竟有多廣，以及這些訴訟中可能採取的各種補救措施，還有待觀察。

Moving to the United Kingdom, it was a strong quarter for OnTheMarket, our UK residential marketplace, with leads up 21% year over year in Q3 '25. We delivered significant ROI to our 16,000 subscribing customers there.

再來看英國市場，我們的英國住宅市場 OnTheMarket 在本季表現強勁，2025 年第三季潛在客戶數量較去年同期成長 21%。我們為當地的 16,000 名訂閱客戶帶來了顯著的投資報酬率。

Bringing some Homes.com-inspired features to OnTheMarket has resulted in positive changes to the site that are generating more consumer engagement. We are building an audience of serious property seekers, with total page views up 24% year over year in Q3. Average time on site per active user is up 79% year over year. Lead-to-visit conversions are up 31% year over year. Net new bookings increased for the 17th month in a row and has delivered nearly 11 million of annualized net new bookings since its acquisition.

將 Homes.com 的一些功能引入 OnTheMarket 網站，為網站帶來了積極的變化，提高了消費者的參與度。我們正在建立一個由認真的房產買家組成的受眾群體，第三季頁面總瀏覽量年增 24%。每位活躍用戶的平均網站停留時間較去年同期成長 79%。潛在客戶轉換率年增 31%。淨新增預訂量連續第 17 個月成長，自被收購以來，年化淨新增預訂量已接近 1,100 萬。

We closed the acquisition of Domain in August. I'm excited to work with the Domain team and their customers to bring Homes.com, CoStar, and LoopNet platforms to Australia. Domain's Residential Marketplace and Commercial Marketplace -- well, Domain's Residential Marketplace is very successful and generates more than 50% direct contribution margin. Its Commercial Marketplace generates a 40% direct margin. Both marketplaces have long-term growth potential under the CoStar umbrella.

我們於8月份完成了對Domain的收購。我很高興能與 Domain 團隊及其客戶合作，將 Homes.com、CoStar 和 LoopNet 平台引入澳洲。Domain 的住宅市場和商業市場—Domain 的住宅市場非常成功，直接貢獻利潤率超過 50%。其商業市場可產生 40% 的直接利潤。在 CoStar 的旗下，這兩個市場都具有長期成長潛力。

The Domain brand is very well known in Australia. There's significant potential to expand market share there, where homeowners invest significantly in digital real estate advertising.

Domain品牌在澳洲非常有名。該地區具有巨大的市場份額擴張潛力，因為房主在數位房地產廣告方面投入巨大。

Domain has an excellent management team led by Jason Pellegrino, who knows the Australian market well. He used to be the MD for Google there. His vision for the business aligns with ours.

Domain 擁有一支優秀的管理團隊，由 Jason Pellegrino 領導，他對澳洲市場非常了解。他以前是谷歌的總經理。他對公司的願景與我們一致。

We have made fast progress since taking ownership of the Domain business on August 28, delivering 7.4 million unique users in September on Domain's residential platforms, which was the largest number of unique users on Domain's own platforms in its history. The quality of this increased audience was retained, delivering the highest consumer reviews per listing in Domain's history. We're on track to significantly beat those records in October.

自 8 月 28 日收購 Domain 業務以來，我們取得了快速進展，9 月份 Domain 的住宅平台吸引了 740 萬獨立用戶，這是 Domain 自身平台歷史上獨立用戶數量最多的一次。雖然受眾群體有所擴大，但其品質仍然保持良好，每個房源的消費者評價數量達到了 Domain 歷史上的最高水準。我們預計在10月大幅打破這些紀錄。

We have already delivered a 24% year-over-year increase in audiences on our commercial real estate platforms in Australia. These strong audience results were driven by a mix of greater marketing investments supported by an improved mix of marketing investment across every step of the consumer journey and rapid product improvement supported by a refocused product team and access to CoStar platforms, relationships, and talent.

我們在澳洲的商業房地產平台上的受眾人數已經實現了同比增長 24%。這些強勁的受眾成長成果得益於以下因素的綜合作用：加大行銷投入，並在消費者旅程的每個階段改進行銷投入組合；快速的產品改進，這得益於重新聚焦的產品團隊以及對 CoStar 平台、人脈和人才的利用。

Examples of product improvements already executed and planned within the first 60 days of ownership include improvements in platform speeds and latency, removal of all advertising interrupting the consumer experience, and improvements in image quality.

在擁有該產品後的前 60 天內，已經執行和計劃進行的產品改進範例包括：提高平台速度和延遲，消除所有乾擾消費者體驗的廣告，以及提高影像品質。

A key highlight was the growth achieved in our audience metrics, where we saw Domain apps average 138% increase year over year in downloads across iOS and Android, allowing us to successfully overtake our main competitor in App Store rankings.

一個關鍵亮點是我們在受眾指標方面取得的成長，Dom​​ain 應用在 iOS 和 Android 上的下載量同比增長了 138%，使我們能夠在 App Store 排名中成功超越我們的主要競爭對手。

Domain was previously constrained under its former media company owner. It received limited management focus, limited expertise, and scarce resources -- limited expertise in real estate marketplaces. It was operated with short-term EBITDA strategy, keeping it from competing effectively with the market leader at REA. We believe that with CoStar Group's technology and resources, Domain will compete more effectively and will achieve stronger long-term profitability.

該網域之前受其前媒體公司所有者的限制。它獲得的管理關注有限，專業知識有限，資源稀缺——尤其是在房地產市場方面的專業知識有限。它採用短期 EBITDA 策略運營，使其無法與市場領導者 REA 有效競爭。我們相信，憑藉 CoStar 集團的技術和資源，Domain 將更具競爭力，並實現更強勁的長期獲利能力。

A dozen members of my management team and I recently spent two weeks in Sydney for a deep dive into the Domain business and believe there are clear opportunities to make changes that will create value for our shareholders. Most of the significant software resources and products we offer we believe are compatible with the Australian market. We can integrate Domain into them to create competitive advantage and cost efficiencies. We hope to improve Domains' focus and profitability by rationalizing some of its product portfolio.

最近，我和我的十幾位管理團隊成員在雪梨待了兩週，深入了解了 Domain 的業務，我們認為存在著明顯的變革機會，這將為我們的股東創造價值。我們相信，我們提供的絕大多數重要軟體資源和產品都與澳洲市場相容。我們可以將 Domain 整合到它們之中，以創造競爭優勢和成本效益。我們希望透過精簡部分產品組合來提高 Domains 的業務重點和獲利能力。

Under prior ownership, Domain allocates significant resources to about 10 non-core initiatives at the expense of the highly profitable residential and commercial portals. I believe that most of the software development resources were allocated to products generating less than 20% of its revenue. We will refocus Domain's resources towards its successful, scalable core and competing against its main competitor.

在前任所有者的領導下，Domain 將大量資源分配給了大約 10 個非核心項目，而犧牲了利潤豐厚的住宅和商業入口網站。我認為大部分軟體開發資源都分配給了那些收入佔比不到20%的產品。我們將重新調整 Domain 的資源，使其集中在其成功、可擴展的核心業務，並與主要競爭對手競爭。

We expect to offer LoopNet, Homes, and CoStar in Australia within 18 months. There's currently, we believe, no equivalent to CoStar in Australia. While Domain and REA Group offers products similar to LoopNet, I do not believe that they're on par with what LoopNet offers. This presents a significant opportunity for us to quickly establish a leading presence.

我們預計將在 18 個月內向澳洲提供 LoopNet、Homes 和 CoStar 服務。我們認為，目前澳洲還沒有與 CoStar 類似的公司。雖然 Domain 和 REA Group 提供的產品與 LoopNet 類似，但我認為它們無法與 LoopNet 的產品相提並論。這為我們迅速建立領先地位提供了一個絕佳的機會。

The more I live with Matterport, the more impressed I am with its technology, how well it works, and how useful it is to real estate. Matterport creates a strategic advantage in both our residential and commercial product portfolios. Matterport's digital twins unlock value by bringing a new important dimension of digitizing real estate in every product we offer.

我越是使用 Matterport，就越是驚嘆於它的技術、它的出色性能以及它對房地產行業的實用性。Matterport 為我們的住宅和商業產品組合都創造了策略優勢。Matterport 的數位孿生技術為我們提供的每款產品都帶來了房地產數位化這一全新重要維度，從而釋放了其價值。

As part of CoStar Group, we see Matterport set on two pillars.

作為 CoStar 集團的一部分，我們認為 Matterport 的發展是建立在兩大支柱之上。

On one pillar, Matterport is a standalone solution for industries such as insurance, construction, public safety, facilities management, and similar, which we believe is, by itself, a multi-billion dollar revenue opportunity.

從某種意義上說，Matterport 是一個獨立的解決方案，適用於保險、建築、公共安全、設施管理等行業，我們認為這本身就是一個價值數十億美元的收入機會。

In the second pillar, Matterport is brought to market as an integrated solution within our marketplaces and information solutions through our existing sales forces of 2,000-some people. We believe that in the second pillar, Matterport can help CoStar compete and achieve more than $1 billion in incremental value. Integration of Matterport in the second pillar is well underway. You can see deeper-than-ever integration of Matterport within our products.

在第二支柱中，Matterport 透過我們現有的 2000 多人的銷售團隊，作為我們市場和資訊解決方案中的整合解決方案推向市場。我們相信，在第二支柱領域，Matterport 可以幫助 CoStar 提升競爭力，並實現超過 10 億美元的增量價值。Matterport 在第二支柱中的整合工作正在順利進行。您可以看到 Matterport 與我們產品之間前所未有的深度融合。

I believe that prior to merging with CoStar, Matterport was a world-class transformative technology held back by lack of focus on go-to-market strategy, with an underscaled sales and marketing effort. Matterport had fewer than 30 sales representatives globally, leaving many huge revenue opportunities untapped. We plan to expand the sales force by 200 by the end of '26 and drive accelerated revenue growth.

我認為，在與 CoStar 合併之前，Matterport 是一項世界級的變革性技術，但由於缺乏市場推廣策略，銷售和行銷力度不足，其發展受到了阻礙。Matterport在全球的銷售代表不到30人，錯失了許多巨大的收入機會。我們計劃在 2026 年底前將銷售團隊擴大 200 人，並推動營收加速成長。

Matterport's Q3 revenue is 12% higher than our expectations, $44 million versus $40 million. Our Q3 '25 net bookings were up 194% over Q3 last year. We emphasized new customer acquisition, which resulted in a 94% increase year-over-year in incremental new customer logos.

Matterport 第三季營收比我們預期高出 12%，達到 4,400 萬美元，而預期為 4,000 萬美元。2025年第三季我們的淨預訂量比去年第三季成長了194%。我們專注於新客戶的獲取，結果新客戶數量年增了 94%。

Our Matterport MAX rollout for Apartments.com began at the NAA conference in June of this year. We have already sold over 530 Matterport MAX subscriptions, which are adding upwards of $5,000 per year in annual subscription revenue per unit.

我們為 Apartments.com 推出的 Matterport MAX 於今年 6 月在 NAA 大會上正式啟動。我們已經售出了超過 530 份 Matterport MAX 訂閱，每份訂閱每年可帶來超過 5,000 美元的訂閱收入。

We just completed a successful developer summit and hackathon with the Matterport team. Coming out of that, I'm very confident that we have an outstanding and innovative product roadmap that will delight our customers, and for you, all, more importantly, our shareholders.

我們剛剛與 Matterport 團隊成功舉辦了一次開發者高峰會和黑客馬拉松。因此，我非常有信心，我們擁有一個傑出且創新的產品路線圖，它將令我們的客戶感到滿意，更重要的是，也將令你們所有人，我們的股東感到滿意。

Turning to CoStar, CoStar generated $277 million in Q3-of-'25 revenue, reflecting 8% year-over-year growth. Revenue growth has steadily improved in '25, as net new bookings remain strong. [Per-rep] productivity in Q3 was at its highest since Q3 '23. Cancellation rates have declined over the past two quarters. Our renewal rate reached 93.3, the highest since '23. Our subscriber count rose to 284,000 in the third quarter, up 20% year over year.

再來看 CoStar，CoStar 在 2025 年第三季創造了 2.77 億美元的收入，比去年同期成長 8%。2025年，隨著淨新增訂單量保持強勁，營收成長穩定提升。第三季每位銷售代表的生產力達到了2023年第三季以來的最高水準。過去兩個季度，取消率有所下降。我們的續約率達到了 93.3%，是自 2023 年以來的最高水準。第三季度，我們的訂閱用戶數量增至 284,000 人，年增 20%。

Our Lender business achieved a record quarter, closing $4.3 million annual net new bookings. With nearly-almost-just-there $100 million in revenue and over 450 clients, including banks, credit unions, private lenders, regulars, insurers, CoStar for Lenders has demonstrated strong success and has significant potential. CoStar Lender has already uploaded over $1 trillion dollars of loans into CoStar.

我們的貸款業務實現了創紀錄的季度業績，年度淨新增貸款額達到 430 萬美元。CoStar for Lenders 的收入已接近 1 億美元，擁有超過 450 位客戶，包括銀行、信用社、私人貸款機構、普通客戶和保險公司，已取得顯著成功，並具有巨大的潛力。CoStar Lender 已向 CoStar 上傳了超過 1 兆美元的貸款。

Clients' loan portfolios are securely uploaded to our SOC 2-compliant platform, unavailable to any AI scraper; and integrated with CoStar's proprietary data analytics and credit modeling, informed by our research and marketplace solutions. This comprehensive ecosystem delivers unmatched value for regulatory examinations, asset allocation, and responsible growth.

客戶的貸款組合會安全地上傳到我們符合 SOC 2 標準的平台，任何 AI 抓取工具都無法存取；並且與 CoStar 的專有資料分析和信用建模相結合，這些分析和建模均基於我們的研究和市場解決方案。這個綜合生態系統為監管審查、資產配置和負責任的成長提供了無與倫比的價值。

In '26, we plan to launch our benchmarking product and have begun developing a loan origination system, expanding our total addressable market. One of our core goals for all of our emerging businesses is to cross that oh-so-important $100 million revenue milestone. So congratulations to John Vecchione, (inaudible), and the entire Lender team. Well done. Dinner is on me.

2026年，我們計劃推出基準測試產品，並已開始開發貸款發起系統，從而擴大我們的潛在市場。我們所有新興業務的核心目標之一，就是突破1億美元的營收里程碑，這至關重要。所以，恭喜約翰·韋基奧內（聽不清楚）以及整個貸款團隊。做得好。晚餐我請客。

LoopNet remains the world's largest and most active real estate marketplace, capturing 8.5 times more searches than our nearest competitor. In the third quarter of '25, LoopNet achieved 10% revenue growth. Based on net new bookings from the last three quarters of '25, we expect the platform to deliver low-double-digit growth next year. I firmly believe that LoopNet should and can return to 20%-plus annual growth rates soon.

LoopNet 仍然是全球最大、最活躍的房地產市場，其搜尋量是排名第二的競爭對手的 8.5 倍。2025 年第三季度，LoopNet 實現了 10% 的營收成長。根據 2025 年最後三個季度的淨新增預訂量，我們預計該平台明年將實現兩位數低成長。我堅信 LoopNet 應該而且很快就能恢復到 20% 以上的年增長率。

Our strategic focus has been on offering LoopNet advertising packages that enable clients to promote their entire property portfolios, rather than just select assets. These silver ads, their portfolio comprehensive design, are designed to drive higher renewal rates, deliver strong ROI for clients, expand listing coverage, and enhance both the consumer and customer experience. We are also continuing to roll out asset-based pricing for renewals, aligning our service pricing with the value delivered to clients.

我們的策略重點是提供 LoopNet 廣告套餐，使客戶能夠推廣其整個房地產組合，而不僅僅是部分資產。這些銀級廣告，憑藉其全面的產品組合設計，旨在提高續訂率，為客戶帶來強勁的投資回報率，擴大清單覆蓋範圍，並提升消費者和客戶的體驗。我們也將繼續推行以資產為基礎的續約定價，使我們的服務定價與為客戶提供的價值一致。

International expansion remains a key pillar of LoopNet's growth. Many of the largest multinational companies in the world are heavy users of LoopNet. We could provide them even more value, if we carried listings in more countries. In August of '25, we integrated all French listings from BureauxLocaux into LoopNet, bringing the total number of European listings to 100,000 across France, Spain, and the UK.

國際擴張仍然是 LoopNet 成長的關鍵支柱。世界上許多最大的跨國公司都是 LoopNet 的重度使用者。如果我們能在更多國家上架商品，就能提供他們更大的價值。2025 年 8 月，我們將 BureauxLocaux 的所有法國房源整合到 LoopNet 中，使歐洲房源總數達到 10 萬，涵蓋法國、西班牙和英國。

We can see major tenants like Amazon and many others searching LoopNet for commercial real estate not only in the US but also in Canada, France, the UK, and Spain so wherever we're going, they're searching.

我們可以看到像亞馬遜這樣的大型租戶以及許多其他公司都在 LoopNet 上搜尋商業地產，不僅在美國，而且在加拿大、法國、英國和西班牙也是如此，所以無論我們去哪裡，他們都在搜尋。

We will soon add Australia, as I mentioned, through our Domain acquisition, further growing our global reach.

正如我之前提到的，我們將透過收購 Domain 業務，很快就把澳洲納入版圖，進一步擴大我們的全球影響力。

We believe that LoopNet can deliver more value to local advertisers, if we're delivering a unique and valuable global audience with high buying power.

我們相信，如果我們能為本地廣告商提供具有高購買力的獨特且有價值的全球受眾，LoopNet 就能為他們帶來更大的價值。

Our data consistently shows that properties listed on LoopNet sell and lease faster. For properties listed in January '24, 30% of those on LoopNet transacted; while only 22% of those not listed on LoopNet transacted. For firms listing 90% to 100% of their listings on LoopNet, they're 24-month close rate 36%; while those not listed on LoopNet only had a 20% close rate.

我們的數據顯示，在 LoopNet 上列出的房地產銷售和租賃速度更快。2024 年 1 月上市的房產中，在 LoopNet 上上市的房產有 30% 完成了交易；而未在 LoopNet 上上市的房產只有 22% 完成了交易。在 LoopNet 上發布 90% 到 100% 房源的公司，其 24 個月成交率為 36%；而未在 LoopNet 上發布的公司，成交率僅為 20%。

If a few hundred dollars invested in the LoopNet could increase your chance of transacting a commercial property by 80%, I believe that's a no-brainer.

如果投資幾百美元到 LoopNet 就能讓你的商業房地產交易成功率提高 80%，我認為這絕對是明智之舉。

Turning to CoStar Real Estate Manager, CoStar Real Estate Manager and Visual Lease now support real estate lease management accounting; project management needs for 2,000 corporate clients, including more than half of the Fortune 500.

CoStar Real Estate Manager 和 Visual Lease 現在支援房地產租賃管理會計；為 2,000 家企業客戶（包括超過一半的財富 500 強企業）提供專案管理服務。

Third-quarter '25 revenue climbed 63% year over year to $30.6 million. The business is very profitable with growing margins.

2025 年第三季營收年增 63%，達到 3,060 萬美元。這家企業獲利能力很強，利潤率還在不斷提高。

We are making good progress integrating CoStar Real Estate Manager, Visual Lease, and CoStar into one extremely valuable corporate real estate solution. We expect to launch lease benchmarking capabilities mid-'26, creating a new level of transparency, helping investors, brokers, corporates, and lenders gain a more accurate and timely understanding of serial rents and potential income. We expect to release an integrated product with Real Estate Manager and CoStar Suite in late '26.

我們在將 CoStar Real Estate Manager、Visual Lease 和 CoStar 整合到一個極具價值的企業房地產解決方案方面取得了良好進展。我們預計將於 2026 年年中推出租賃基準功能，這將創造一個新的透明度水平，幫助投資者、經紀人、企業和貸款人更準確、更及時地了解連續租金和潛在收入。我們預計將於 2026 年底發布一款整合了房地產管理軟體和 CoStar 套件的產品。

Clients will be able to access comprehensive market data and gain visibility into previously unseen opportunities to optimize their real estate portfolios. This will allow them for detailed analysis to make the most-informed decisions that we believe will significantly drive significant ROI and cost savings for these clients.

客戶將能夠獲取全面的市場數據，並了解以前未曾發現的機會，從而優化其房地產投資組合。這將使他們能夠進行詳細分析，從而做出最明智的決策，我們相信這將顯著提高這些客戶的投資報酬率並節省成本。

We shared our new product roadmap in our recent customer advisory meeting with major clients, which include real estate finance and accounting leaders. We received very, extremely positive feedback on the new product direction.

我們在最近與主要客戶（包括房地產金融和會計領域的領導者）舉行的客戶諮詢會議上分享了我們的新產品路線圖。我們收到了對新產品方向非常、極為正面的回饋。

CoStar Group's European business continues to deliver record net new bookings, reaching $5.7 million in Q3 2025 and $16.9 million year to date, representing a 51% year-over-year growth. UK business achieved another record quarter with year-to-date net new bookings up 125% and revenue up 17% year over year. In France, our research team has curated over 260,000 buildings, 50,000 availabilities, 140,000 tenants, and 60,000 sale and lease comps.

CoStar 集團的歐洲業務繼續創造淨新增預訂量紀錄，2025 年第三季達到 570 萬美元，今年迄今達到 1,690 萬美元，年增 51%。英國企業又創下了一個創紀錄的季度業績，今年迄今的淨新增訂單量年增 125%，營收年增 17%。在法國，我們的研究團隊整理了超過 260,000 棟建築、50,000 個可用房源、140,000 個租戶以及 60,000 個銷售和租賃比較數據。

Business Immo, now fully integrated into CoStar News, reaches over 100,000 French CRE professionals monthly. We're confident that CoStar will soon become the leading source for CRE data in France, connecting global and French investors.

Business Immo 現已完全整合到 CoStar News 中，每月涵蓋超過 10 萬名法國商業房地產專業人士。我們相信，CoStar 很快就會成為法國領先的商業房地產數據來源，連接全球和法國投資者。

In closing, I believe that our results this quarter demonstrate that my colleagues here at CoStar Group are making great progress continuing to successfully grow our existing businesses, while effectively investing into new real estate segments and new global markets.

最後，我認為本季的業績表明，CoStar集團的同事們在繼續成功發展現有業務的同時，也有效地投資於新的房地產領域和新的全球市場，取得了巨大的進步。

With $350 trillion of real estate in the world, we believe we're creating value, digitizing it with leading marketplaces and information solutions that can result in a $1 trillion addressable market with a deep moat. We're busy building it one brick at a time.

全球房地產價值高達 350 兆美元，我們相信我們正在創造價值，透過領先的市場和資訊解決方案將其數位化，從而打造一個價值 1 兆美元且擁有強大競爭優勢的市場。我們正忙著一塊磚一塊磚地把它建成。

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

接下來，我將把電話轉交給我們的財務長克里斯。

Thank you, Andy. Good evening.

謝謝你，安迪。晚安.

I'm happy to report that CoStar has now posted its 58th consecutive quarter of double-digit revenue growth, coming in at 20%. We achieved an impressive commercial information and marketplaces brand margin of 47% in the third quarter versus 43% in 3Q '24. Net new bookings for the third quarter were $84 million, representing a 92% increase year over year. Every major product contributed to this record, as our growing dedicated sales force of over 2,000 people is delivering for CoStar.

我很高興地宣布，CoStar 已經連續 58 個季度實現了兩位數的營收成長，成長率達到了 20%。第三季度，我們的商業資訊和市場品牌利潤率達到了令人矚目的 47%，而 2024 年第三季為 43%。第三季淨新增訂單金額為 8,400 萬美元，較去年同期成長 92%。每一款主要產品都為這項紀錄做出了貢獻，我們不斷壯大的、擁有 2000 多名員工的專業銷售團隊正在為 CoStar 創造佳績。

Revenue for the third quarter was $834 million, which included a $25 million contribution from the Domain acquisition. Revenue, excluding Domain, of $808 million exceeded the high end of our guidance.

第三季營收為 8.34 億美元，其中包括收購 Domain 帶來的 2,500 萬美元收入。不計入 Domain 業務，營收為 8.08 億美元，超過了我們預期的上限。

Third-quarter adjusted EBITDA came in at $115 million, also exceeding the high end of our guidance at a 14% margin. The outperformance in adjusted EBITDA was a result of continued expense discipline and better-than-expected revenue.

第三季調整後 EBITDA 為 1.15 億美元，利潤率為 14%，也超過了我們先前預期的上限。調整後 EBITDA 的優異表現得益於持續的費用控制和超出預期的收入。

Our CoStar products saw revenue grow 8% in the third quarter, ahead of our guidance. We are excited about this product's renewed growth, especially given continued volatility in the commercial real estate sector.

我們的 CoStar 產品第三季營收成長了 8%，超過了我們的預期。鑑於商業房地產行業持續波動，我們對該產品的重新成長感到興奮。

Net new bookings have steadily increased throughout 2025 and are now at the highest level seen since 2022. With this increasing momentum, we expect to see the CoStar product grow between 8% and 9% in the fourth quarter, with full-year growth firmly in the 7% range from our original guidance of 6% to 7%.

2025 年全年淨新增預訂量穩定成長，目前已達到 2022 年以來的最高水準。隨著這一成長勢頭的增強，我們預計 CoStar 產品在第四季度將成長 8% 至 9%，全年成長率將穩定達到 7%，高於我們最初 6% 至 7% 的預期。

Residential revenue was $55 million in the third quarter, with $23 million coming from the Domain acquisition. The $32 million in organic revenue was consistent with last quarter's guidance. With the addition of revenue from Domain, we now expect fourth-quarter revenue of $100 million to $105 million, with Domain contributing around $67 million. For full-year 2025, we expect Residential revenue to more than double to $210 million to $215 million from $101 million in 2024.

第三季住宅業務收入為 5,500 萬美元，其中 2,300 萬美元來自對 Domain 的收購。3200萬美元的有機收入與上一季的預期一致。加上 Domain 的收入，我們現在預計第四季營收為 1 億美元至 1.05 億美元，其中 Domain 將貢獻約 6,700 萬美元。我們預計 2025 年全年住宅收入將成長一倍以上，從 2024 年的 1.01 億美元增至 2.1 億美元至 2.15 億美元。

Apartments.com's third-quarter revenue growth came in at 11% year over year. Our Apartments.com sales reps are consistently the most productive of our large brands. We have increased the size of this team by 20% year to date. We now have more than 500 Apartments.com sales reps for the first time in its history. These reps will take time to ramp up their productivity. But this investment puts us in a great position for longer-term growth. For 4Q '25, we expect 11% to 12% revenue growth, resulting in full-year 2025 revenue growth of 11% to 12%.

Apartments.com 第三季營收年增 11%。在我們旗下所有大品牌中，Apartments.com 的銷售代表始終是業績最好的。今年以來，我們團隊的規模已經擴大了 20%。Apartments.com 的銷售代表人數首次超過 500 人。這些銷售代表需要時間來提高工作效率。但這項投資使我們處於有利於長期發展的有利地位。我們預計 2025 年第四季營收將成長 11% 至 12%，從而 2025 年全年營收成長 11% 至 12%。

LoopNet revenue grew 12% in the third quarter, with a 2 percentage points lift from the Domain acquisition. LoopNet's organic performance was in line with last quarter's guidance. Our sales team is consistently outperforming prior productivity levels. In conjunction with the Domain contribution, we now expect 4Q revenue growth of between 15% to 17% and full-year revenue growth of 10% to 11%. On an organic basis, 4Q revenue growth is expected to be 11%, its highest growth rate since 2023. This acceleration throughout 2025 sets us up nicely for 2026.

LoopNet 第三季營收成長 12%，其中 Domain 收購帶來了 2 個百分點的成長。LoopNet的有機成長業績與上一季的預期相符。我們的銷售團隊績效持續超越以往的生產力水準。加上 Domain 的貢獻，我們現在預計第四季營收將成長 15% 至 17%，全年營收成長 10% 至 11%。以有機成長計算，第四季營收預計將成長 11%，這將是自 2023 年以來的最高成長率。2025 年的這種加速發展將為 2026 年奠定良好的基礎。

Revenue from Information Services was $41 million in the third quarter. We expect fourth-quarter revenue to be consistent with the third quarter; and full-year revenue growth of between 18% to 20%. We are excited about launching our new rent analytics product in the first half of 2026 and our new lease platform in the fourth quarter of 2026.

第三季資訊服務收入為 4,100 萬美元。我們預計第四季營收將與第三季持平；全年營收成長18%至20%。我們很高興能在 2026 年上半年推出新的租金分析產品，並在 2026 年第四季推出新的租賃平台。

Other revenue was $78 million in the third quarter, with Matterport contributing $44 million. For the fourth quarter, we expect Other revenue to range between $70 million and $72 million. The fourth quarter is expected to be slightly impacted by revenue recognition timing for Ten-X and lower camera sales at Matterport as we sunset the Pro2 camera.

第三季其他收入為 7,800 萬美元，其中 Matterport 貢獻了 4,400 萬美元。我們預計第四季其他收入將在 7,000 萬美元至 7,200 萬美元之間。預計第四季度業績將受到 Ten-X 收入確認時間的影響，以及由於我們停產 Pro2 相機，Matterport 相機銷量下降的影響。

As previously stated, adjusted EBITDA for the third quarter was $115 million, meaningfully above the high end of our $75 million to $85 million guidance. The favorable performance came from higher-than-projected revenue, lower-than-anticipated professional service costs, and greater-than-expected headcount savings, as we remain laser-focused on expenses.

如前所述，第三季調整後的 EBITDA 為 1.15 億美元，遠高於我們先前 7,500 萬美元至 8,500 萬美元的預期上限。業績表現良好，得益於高於預期的收入、低於預期的專業服務成本以及高於預期的人員節省，因為我們始終將重點放在控制支出上。

Our contract renewal rate was 89% for the third quarter, with a renewal rate for customers who have been subscribers for five years or longer holding steady at 94%. Subscription revenue on annual contracts was 75% for the third quarter. The acquisitions of Matterport and Domain are the driving factors for the change in our subscription revenue metric.

第三季我們的合約續約率為 89%，五年或五年以上訂閱用戶的續約率穩定在 94%。第三季年度合約訂閱收入佔比為 75%。收購 Matterport 和 Domain 是導致我們訂閱收入指標變化的主要驅動因素。

Our September 30 balance sheet included $2 billion in cash, which earned net interest income of $26 million in the third quarter, a 4% rate of return.

截至9月30日，我們的資產負債表顯示有20億美元現金，第三季淨利息收入為2,600萬美元，收益率為4%。

We repurchased 576,000 shares in the third quarter for $51 million, bringing our year-to-date total to 1.4 million shares repurchased for $115 million. We expect to purchase approximately $50 million of additional shares in the fourth quarter, bringing our 2025 total to approximately $165 million of the $500 million share repurchase authorization.

第三季度，我們以 5,100 萬美元的價格回購了 576,000 股股票，使我們今年迄今的回購總額達到 140 萬股，總金額為 1.15 億美元。我們預計在第四季額外購買約 5,000 萬美元的股票，使我們 2025 年的股票回購總額達到約 1.65 億美元，而我們已授權的股票回購總額為 5 億美元。

We closed on the Domain group acquisition on August 27. The total consideration was USD1.9 billion. Domain contributed $25 million of revenue for the stub period from August 28 to September 30. For context, around 90% of Domain's revenues is Residential, while the remaining 10% is split between Commercial Marketplaces and Information Services.

我們於8月27日完成了對Domain集團的收購。總交易額為19億美元。在 8 月 28 日至 9 月 30 日的過渡期內，Domain 貢獻了 2,500 萬美元的收入。作為參考，Domain 約 90% 的收入來自住宅業務，其餘 10% 則由商業市場和資訊服務兩部分組成。

With nine months of 2025 in the books and with the closing of Domain, we now expect full-year revenue of between $3.23 billion to $3.24 billion, broadly in line with our guidance, excluding Domain. Fourth-quarter revenue is now expected to be between $885 million and $895 million.

2025 年頭九個月已經過去，隨著 Domain 的關閉，我們現在預計全年收入將在 32.3 億美元至 32.4 億美元之間，與我們的預期基本一致，不包括 Domain。預計第四季營收將在 8.85 億美元至 8.95 億美元之間。

Full-year adjusted EBITDA is now expected to range between $415 million and $425 million, with Domain contributing approximately $15 million. This $25 million increase in our guidance, excluding the impact from Domain, is indicative of our strong third-quarter performance. Fourth-quarter adjusted EBITDA is expected to range between $150 million and $160 million.

預計全年調整後 EBITDA 將在 4.15 億美元至 4.25 億美元之間，其中 Domain 貢獻約 1,500 萬美元。此次業績預期上調 2,500 萬美元（不包括 Domain 的影響），顯示我們第三季業績強勁。預計第四季度調整後 EBITDA 將在 1.5 億美元至 1.6 億美元之間。

With that, I will now turn the call back to our call operator to open the lines for questions.

接下來，我將把電話轉回給我們的接線生，以便接聽提問。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Pete Christiansen, Citi.

Pete Christiansen，花旗集團。

Good evening. Thanks for the question here. Nice results, guys. Good trends here.

晚安.感謝您提出的這個問題。成績不錯，夥伴們。這些都是好趨勢。

Andy, it's interesting. I was looking across the last eight years and sequential change in bookings, excluding COVID -- so 2020 -- was roughly 15%. This quarter, sequential change in bookings was 10%, down. So clearly, the new sales force capacity is contributing and other things are also contributing to some of that growth being above seasonality.

安迪，這很有趣。我回顧了過去八年的數據，發現預訂量的連續變化（不包括 COVID-19，即 2020 年）約為 15%。本季預訂量較上季變動10%，下降。顯然，新的銷售團隊能力有所貢獻，其他因素也促成了部分成長超出季節性波動。

But I'm just curious if you could point out any seasonal behaviors that you noticed. Maybe, special attention on the Residential side, are agents canceling now, plan to come back later? Are you seeing the same type of seasonality that you normally see in the Apartments business?

但我很好奇，您能否指出您注意到的任何季節性行為。或許應該特別關注住宅方面，經紀人現在是否取消了預約，並計劃稍後再恢復？您是否也觀察到了與公寓行業通常遇到的類似的季節性波動？

Just any deeper thoughts there would be helpful.

如果能分享一些更深入的想法就太好了。

Sure. I guess you got the first question because we sourced Citi during our script.

當然。我猜你答對了第一個問題，因為我們在劇本中引用了花旗銀行的案例。

But the Apartments.com does have seasonality. As you know, the prior quarter, you have unusually large sales because of the NAA event where people, major property managers, do their annual purchasing for the year to come.

但 Apartments.com 的房源確實有季節性問題。如您所知，上一季度由於 NAA 展會，銷售額異常高，因為大型物業管理公司會在展會上進行來年的年度採購。

We would expect some limited seasonality from Residential agents, as they get to year-end holidays and the like. Their peak season is the spring-selling season.

我們預期住宅代理商的業績會受到一定的季節性影響，因為他們會面臨年末假期等情況。他們的銷售旺季是春季。

But what we're seeing, right now, if I look at a line of our sales production at Homes.com, it is a very linear line. The only seasonality in that sales line is Saturday and Sunday. So it's a very smooth progression up, right now. We're not yet seeing seasonality.

但我們現在看到的，如果我看一下Homes.com的銷售業績曲線，我會發現它是一條非常線性的曲線。該銷售線唯一的季節性因素是週六和週日。所以目前來看，這是一個非常平穩的上升過程。我們目前還沒有看到季節性變化。

Maybe in Christmas holidays, that you might get something. But not yet.

或許在聖誕假期裡，你會收到一些禮物。但還沒有。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey. Thanks. Just wanted to follow up on that question.

嘿。謝謝。我想就這個問題做個後續說明。

Can you just give more detail on the sequential booking trends in the third quarter, as we look at the core businesses -- so looking at Suite, Apartments.com, and LoopNet?

能否詳細介紹一下第三季核心業務（即 Suite、Apartments.com 和 LoopNet）的預訂趨勢？

And then, just, how are things shaping up in the seasonally important fourth-quarter-round bookings, especially with a bigger sales force and the ramping productivity?

那麼，在季節性非常重要的第四季度，尤其是在銷售團隊擴大、生產力提高的情況下，預訂情況如何？

Yeah. Just, what are you -- how are you thinking about the bookings trajectory into 4Q?

是的。那麼，您如何看待第四季的預訂量走勢？

Chris?

克里斯？

Yeah. I think, as you see (multiple speakers) --

是的。我認為，正如你所看到的（多位發言者）——

They didn't like my answer, you try.

他們不喜歡我的回答，你試試看。

I think what you see is you see our full-year guidance, you see our sequential trends, we're very pleased with the bookings. I think we're just getting started from the sales force expansion.

我認為大家可以看到，我們全年業績預期、業績環比成長趨勢，我們對預訂情況非常滿意。我認為我們才剛開始擴大銷售團隊。

A lot of sales force came in the end of the first quarter, second quarter, et cetera, so productivity takes time to ramp. But seasonality and what we're modeling is pretty much in line with what we're expecting. Therefore, you saw the increase in our full-year guidance and our expectations.

很多銷售人員是在第一季末、第二季末等時候加入的，所以生產力需要時間才能提升。但季節性因素以及我們建立的模型與我們的預期基本一致。因此，你們看到了我們全年業績預期和期望值的提高。

And so I think we're on track from what we're expecting.

所以我覺得我們目前的狀況符合預期。

Thank you.

謝謝。

Yeah. I do want to point out that from -- remind everyone that from the bookings at Homes.com, from Q2 to Q3, was up 53%. So as we're going into the third quarter, we're seeing a significant uptick in bookings at Homes.com.

是的。我想指出的是——提醒大家，Homes.com 的預訂量從第二季到第三季成長了 53%。隨著第三季的到來，我們看到Homes.com的預訂量大幅上升。

Again, because of the number of people, a very smooth upward growth trajectory.

同樣，由於人口眾多，成長軌跡非常平穩向上。

Yeah. Just to expand a little further: CoStar's trend is very positive. We're seeing reacceleration there, which we're very excited by.

是的。再補充一點：CoStar 的發展趨勢非常正面。我們看到那裡正在重新加速發展，這讓我們非常興奮。

We talked about LoopNet. Andy talked about LoopNet and what's going on there.

我們討論了LoopNet。Andy談到了LoopNet以及那裡正在發生的事情。

On Apartments, as I said, the trends are as expected and as modeled.

正如我所說，公寓市場的趨勢符合預期和模型預測。

So I think we feel really good on the underlying trends and are resulting in our change in guidance.

所以我認為我們對基本趨勢感到非常樂觀，這也促使我們改變了業績預期。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

Hi, everyone. Thanks for taking the questions.

大家好。謝謝您回答問題。

At Apartments.com, in terms of bookings, can you say how those perform sequentially versus, I think, $45 million in the second quarter?

就 Apartments.com 的預訂量而言，您能否說明一下與第二季相比，其表現如何？我記得第二季的預訂量為 4500 萬美元。

Looking at the guidance for the fourth quarter, Chris, I think you're calling for 11% to 12% on Multifamily, which would be pretty unchanged growth from the third quarter.

克里斯，從第四季度的業績指引來看，我認為你預計多戶住宅業務的成長率為 11% 至 12%，這與第三季的成長基本持平。

Just curious what's driving that despite the ramp in the sales force; and just, generally, how you're thinking about demand trends at Apartments.com, heading into the end of the year.

我很好奇是什麼原因導致銷售團隊規模擴大，但需求卻沒有下降；另外，總的來說，您如何看待 Apartments.com 在年底前的需求趨勢？

What's important is what you saw across the number of funds.

重要的是你從各個基金的數量上看到了什麼。

One, we continue to see rooftop expansion at Apartments.com. We're expanding the sales force. We've talked, historically, about the seasonality; or the contributions on a quarterly basis, as we look at back -- historically -- with the second quarter being the largest quarter, the third and fourth quarters being relatively similar, although there can be an uptick in the fourth quarter.

第一，我們看到 Apartments.com 的業務持續擴張。我們正在擴充銷售團隊。從歷史上看，我們討論過季節性因素；或按季度劃分的貢獻，回顧歷史，第二季度是最大的季度，第三季度和第四季度相對相似，儘管第四季度可能會有所增長。

So I think we feel generally good about the trends, which has resulted in our numbers and our forecast.

所以我覺得我們對目前的趨勢總體上感到樂觀，這也反映在我們的數據和預測中。

But obviously, solid growth, increased rooftop expansion. And then, that's actually across all segments, [1 to 49] obviously had a pretty significant increase year over year. And then, both [50 to 99] and [100-plus] also showing growth at or higher than what we've seen over the last four or five quarters.

但很明顯，實現了穩健成長，屋頂面積不斷擴大。而且，實際上所有細分市場都是如此，[1 至 49] 顯然同比增長幅度相當大。此外，[50 至 99] 和 [100 以上] 的成長也達到或超過了過去四、五個季度的水準。

Ryan, did I mention that the FTC was suing our competitor?

瑞恩，我有沒有說過聯邦貿易委員會正在起訴我們的競爭對手？

Yes. I think I caught that, Andy. Thank you.

是的。我想我聽到了，安迪。謝謝。

Okay. I just want to make sure.

好的。我只是想確認一下。

Curtis Nagle, Bank of America.

柯蒂斯‧納格爾，美國銀行。

Great. Thanks so much for taking the question.

偉大的。非常感謝您回答這個問題。

Andy, I just wanted to go back to the point. You're investing 50% of your software costs now into AI. Where are you redirecting those expenses from?

安迪，我只想回到正題。你現在將50%的軟體成本投入到人工智慧領域。你們打算把這些開支從哪裡轉移出去？

Any thoughts you could give on how to think about total expenses for '26 for Homes.com?

關於Homes.com 2026年的總支出，有什麼想法可以分享嗎？

I thought you'd never ask.

我以為你永遠不會問。

The 50% of our software development going into AI features in Homes.com is an allocation of the existing resources. It does not reflect an increase in total spend. So as we go into any particular quarter or season, we're always looking at what are the headline investment initiatives going to be. We are most excited about the potential of these AI features and functions, which are just remarkable and awesome.

我們將軟體開發工作量的 50% 用於 Homes.com 的人工智慧功能，這是對現有資源的合理分配。這並不反映總支出增加。因此，每當我們進入某個特定的季度或季節時，我們總是會關注哪些是主要的投資舉措。我們對這些人工智慧特性和功能的潛力感到無比興奮，它們真是太棒了。

And then, we look at 2026, we anticipate, I would say, same or lower spend on Homes.com investment in '26. Do you agree with that, Chris? (inaudible)

然後，展望 2026 年，我們預計，我認為，2026 年在 Homes.com 上的投資支出將與 2026 年持平或更低。克里斯，你同意嗎？（聽不清楚）

You're the CEO. I agree with whatever you say, Andy.

你是CEO。安迪，你說的我都同意。

Okay. Great. Yeah. But we don't see any, other than the increased sales force size that we've already baked in that rolled over in '25. The costs are not materially going up in any way, I see

好的。偉大的。是的。但除了我們已經計劃在 2025 年延續下來的銷售團隊規模擴大之外，我們沒有看到任何其他變化。我認為成本並沒有實質上漲。

Okay. Thank you, Andy.

好的。謝謝你，安迪。

Brett Huff, Stephens.

Brett Huff，史蒂芬斯。

Hey. Good afternoon. Thanks for the time.

嘿。午安.感謝您抽出時間。

Can you detail a little bit, unpack a little bit, the bookings number that you gave us for Homes.com, which we appreciate, just in terms of rep productivity? Are the newer folks getting more up to speed? Do we still have more of those folks to get up to speed? Pricing?

您能否詳細說明您提供給我們的 Homes.com 預訂量資料？我們非常感謝，因為這關係到銷售代表的工作效率。新進員工是否越來越能跟上進度？我們是否還需要更多人來跟上進度？價格？

Any of the numbers that go into that bookings number would be super helpful, as we try and tweak our model. Thanks.

任何與預訂量相關的具體數據都將對我們調整模型大有幫助。謝謝。

Sure. We are in a period of remarkable headcount growth in Homes.com. We've never seen anything like it, where you have classes of 100 and some coming in at any given point. That is difficult to manage. You would fully expect you'd see a drop-off in per-person productivity, as you bring that many people in. But we are seeing consistent growth in those bookings.

當然。Homes.com 目前正處於員工人數顯著成長的時期。我們從未見過這種情況，班級人數高達 100 人，而且任何時候都有新人加入。這很難管理。隨著員工人數的增加，人均生產力下降是完全可以預料的。但我們看到這些預訂量持續成長。

What was the second part of the question?

問題的第二部分是什麼？

Productivity.

生產率。

Yeah. The productivity is still -- we're seeing a very positive ROI on each incremental sales person added. But you are seeing the effects of so many people coming in. We are slowing the growth; or, I believe, have capped the growth of sales people to allow for training and onboarding to catch up.

是的。生產力依然很高——我們看到，每增加一名銷售人員，就能獲得非常正面的投資報酬率。但你現在看到的正是大量人口湧入帶來的影響。我們正在放緩成長速度；或者，我認為，我們已經限制了銷售人員的成長，以便進行培訓和入職，跟上進度。

Right.

正確的。

We haven't made adjustments to pricing to improve penetration.

我們沒有調整價格來提高市場滲透率。

Slight increase in pricing in this quarter over prior quarter. But we're focusing on penetration, as you can see.

本季價格較上季略有上漲。但正如你所看到的，我們關注的是市場滲透率。

(inaudible), Deutsche Bank.

（聽不清楚）德意志銀行。

Yes. Hi. Thank you.

是的。你好。謝謝。

Andy, you mentioned in your opening remarks that you think that you can get to 40% profitability or margins on the Residential business. I'm curious how you think about the timeframe on that and what needs to happen for you to get there.

安迪，你在開場白中提到，你認為住宅業務的利潤率可以達到 40%。我很想知道你對實現這個目標所需的時間有什麼想法，以及你需要做些什麼才能達到目標。

Yeah. For the Residential business, obviously, you have Domain in there; you have OnTheMarket; you have Homes in there; you have Apartments.com. Past this prologue, you see us adding components to it through time.

是的。就住宅業務而言，顯然包括 Domain、OnTheMarket、Homes 和 Apartments.com。在這段序言之後，您會看到我們隨著時間的推移不斷添加新的業務板塊。

But when you look at our business model that's uniform across all four of those platforms, it is around marketing the real estate. If I look around the world at all of the precedent models that use marketing real estate as their core business, be it Rightmove or idealista or CLJ or REA Group and the like, they all operate up at margins that are typically around 50% and, in some cases, high as 75%.

但當你審視我們在所有四個平台上都採用的統一商業模式時，你會發現它的核心是房地產行銷。如果我放眼全球，看看所有以房地產行銷為核心業務的先例模式，無論是 Rightmove、idealista、CLJ 還是 REA Group 等，它們的利潤率通常都在 50% 左右，有些情況下甚至高達 75%。

So it's really continued blocking-and-tackling over the next number of years. I don't have a specific date for that. But when I look at the margin numbers for the combined Residential businesses, I like the progression of EBITDA margin that I see in that group of companies.

所以接下來的幾年裡，基本上就是繼續進行阻擋和攔截之類的策略。我沒有具體的日期。但是，當我查看住宅業務合併後的利潤率數據時，我對該集團公司 EBITDA 利潤率的成長趨勢感到滿意。

You can combine all these things together this way or that way but when you look at them, I think they're making good progress towards our intermediate to long-term margin goals.

你可以把所有這些因素這樣或那樣結合起來，但當你審視它們時，我認為它們在實現我們的中長期利潤目標方面取得了良好的進展。

Thank you.

謝謝。

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

現在我想把電話轉回給安迪‧佛洛倫斯，請他作總結發言。

Well, I think our participants in the call today have probably modeled good behavior in keeping it brief. I'll try to be briefer in my next set of comments.

我認為今天參加電話會議的各位與會者在保持會議簡短方面可能已經樹立了良好的榜樣。下次評論時我會盡量言簡意賅。

But thank you, guys, for joining us. We're very excited about what's happening here at CoStar Group.

不過還是要感謝各位的參與。我們對CoStar集團目前的發展狀況感到非常興奮。

We look forward to updating you in 2026 for our next earnings call. Thank you.

我們期待在 2026 年的下一次財報電話會議上向您報告最新情況。謝謝。

Thank you. This concludes the conference.

謝謝。會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。