CoStar Group Inc (CSGP) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 and year-end 2025 CoStar Group earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 CoStar 集團 2025 年第四季及全年業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

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

現在，我謹將今天的主講嘉賓交給投資者關係主管里奇·西蒙內利，讓他來結束本次會議。

Hello, and thank you for joining us to discuss the full-year and fourth quarter 2025 results of CoStar Group. Before I turn the call over to Andy Florence, CoStar's CEO and Founder; and Chris Lown, our CFO; I'd like to review our Safe Harbor statement.

大家好，感謝各位參加本次會議，共同探討CoStar集團2025年全年及第四季業績。在將電話交給 CoStar 的執行長兼創始人 Andy Florence 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 first quarter, full year of 2026, and beyond. These statements are based on current beliefs and assumptions, and forward-looking statements involve many risks and uncertainties of assumptions, estimates, and other factors that can cause actual results to differ 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 these filings as well as other filings with the SEC available on the SEC's website.

今天的討論中某些部分可能包含前瞻性陳述，包括公司對 2026 年第一季、全年及以後的展望和預期。這些聲明是基於當前的信念和假設，而前瞻性聲明涉及許多風險和不確定性，包括假設、估計和其他因素，這些因素可能導致實際結果與此類聲明有重大差異。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，這些報告包含在這些文件的「風險因素」標題下）以及美國證券交易委員會網站上提供的其他文件中所述的因素。

All forward-looking statements are based on the information available to CoStar on the date of this call. CoStar assumess no obligation to update these statements, whether as a result of new information, future events or otherwise except as required by applicable law. Reconciliation to the most directly comparable GAAP measure or of any non-GAAP financial measure discussed on this call is shown in detail in our press release issued today along with the definitions of those terms.

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。本次電話會議討論的任何非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，已在今天發布的新聞稿中詳細列出。

Press release is available on our website located at costargroup.com under pressroom. Please refer to the press release on how to access the replay of this call. So remember, it's one question during the Q&A session, so make it a good one and be good.

新聞稿可在我們網站 costargroup.com 的新聞中心查看。請參閱新聞稿，了解如何收聽本次電話會議的錄音回放。所以記住，問答環節只有一次提問機會，所以要問好問題，表現好。

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

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。

I think today we're going to do two questions. Nice.

我認為今天我們要問兩個問題。好的。

Good afternoon, everybody. Revenue for the fourth quarter rose 27% year over year to $900 million. That's an increase of $191 million from $709 million of revenue in the fourth quarter of '24. Revenue for '25 was $3.2 billion, up 19% from $2.7 billion in 2024. This is our 59th consecutive quarter of double-digit revenue growth.

大家下午好。第四季營收年增 27%，達到 9 億美元。這比 2024 年第四季的 7.09 億美元收入增加了 1.91 億美元。2025 年營收為 32 億美元，比 2024 年的 27 億美元成長 19%。這是我們連續第59個季度實現兩位數營收成長。

Adjusted EBITDA of 2025 was $442 million, up 83% from $241 million in 2024. This result positions as well to achieve our guidance range of $749 million to $800 million full-year adjusted EBITDA in 2026. With a heavy lifting of Homes.com national brand launch behind us, we are entering a phase of significant EBITDA expansion.

2025 年調整後 EBITDA 為 4.42 億美元，比 2024 年的 2.41 億美元成長 83%。這項結果也有助於實現我們 2026 年全年調整後 EBITDA 7.49 億美元至 8 億美元的預期目標。隨著 Homes.com 全國品牌推廣的艱鉅任務完成，我們正進入 EBITDA 大幅擴張的階段。

We delivered our strongest year ever for annualizing net new sales bookings in 2025, reaching $308 million, up 23% from 2024. Fourth quarter net new bookings were up 42% year over year. We consider CoStar LoopNet, Real Estate Manager, Ten-X, BizBuySell, an element of Matterport, as commercial estate-related businesses, and they're operations are connected and related. These commercial businesses as a group grew 20% year over year and generated $471 million of revenue in the fourth quarter of '25.

2025 年淨新增銷售訂單金額達 3.08 億美元，創歷史新高，比 2024 年成長 23%。第四季淨新增訂單量年增 42%。我們認為 CoStar LoopNet、Real Estate Manager、Ten-X、BizBuySell（Matterport 的一部分）都是與商業房地產相關的企業，它們的運作是相互連結的。這些商業企業作為一個整體，年增 20%，在 2025 年第四季創造了 4.71 億美元的收入。

For the full year, the commercial business grew 18% to reach $1.79 billion for the full year of 2025. The US commercial real estate market is showing good recovery from the extraordinary headwinds it experienced in the COVID years. After years of massive negative absorption of office space, it has now turned positive in the past two quarters -- and it's been positive for the past two quarters and vacancies are clearly dropping. After the ultra-low COVID vacancy rates, industrial vacancy rates are normalizing.

2025 年全年，商業業務成長 18%，達到 17.9 億美元。美國商業地產市場正從新冠疫情期間遭受的巨大衝擊中良好復甦。經過多年辦公空間的大量負吸收後，過去兩個季度已經轉正——而且過去兩個季度一直保持正值，空置率也明顯下降。在經歷了新冠疫情期間的超低空置率之後，工業空置率正在恢復正常。

With the leasing fundamental stabilizing, commercial sales volumes have climbed 30% year over year, and in fact, now we're above long-term averages. The CRE economy is shifting from headwind to tailwind.

隨著租賃基本面趨於穩定，商業銷售額比去年同期成長了 30%，事實上，現在我們已經超過了長期平均值。商業地產經濟正從逆風轉向順風。

For our disclosures moving forward, we have combined CoStar with what we've previously referred to as information services. Any reference to CoStar now includes our information services products. As the CRE economy improves and we continue to expand the product offering, CoStar Group has -- CoStar has generated seven consecutive quarters of accelerating growth. Net new bookings in Q4 '25 were up 54% year over year. CoStar revenues grew 10% year over year, generating $325 million in the fourth quarter of '25.

為了方便未來的資訊揭露，我們將 CoStar 與我們先前所稱的資訊服務合併在一起。現在凡提及CoStar均包含我們的資訊服務產品。隨著商業房地產經濟的改善和我們不斷擴大產品供應，CoStar 集團—CoStar 已連續七個季度實現加速成長。2025 年第四季淨新增預訂量年增 54%。CoStar 的營收年增 10%，在 2025 年第四季創造了 3.25 億美元的營收。

We have grown the CoStar sales team 20% year over year to 492 reps and believe that will support further revenue acceleration. We ended 2025 with our NPS at an all-time high of 70, and our quarterly renewal rate rose to 94%. CoStar now has more than 300,000 subscribers, up 26% year over year in Q4. Total searches in CoStar climbed to 14% year over year to 422 million.

CoStar 銷售團隊較去年同期成長 20%，達到 492 名銷售代表，我們相信這將有助於進一步加速營收成長。2025 年末，我們的 NPS 達到歷史最高水準 70，季度續約率上升至 94%。CoStar 目前擁有超過 30 萬用戶，第四季較去年同期成長 26%。CoStar 的搜尋總量較去年同期成長 14%，達到 4.22 億次。

CoStar Canada is solidly profitable, and revenues grew 21% year over year. Canadian CoStar is French-English bilingual. CoStar UK is solidly profitable, enjoying a 92% renewal rate and has gained significant competitive share in 2025.

CoStar Canada獲利狀況良好，營收年增21%。加拿大CoStar是一家法英雙語公司。CoStar UK 獲利狀況良好，續約率高達 92%，並在 2025 年獲得了顯著的市場份額。

A primary UK competitor, EG Radius, shut down their operations in December 2025. We have onboarded 166 of their reported 150 clients, so I think we got most of them, 75% of them on three-year deals. EG Radius has passed between various ownership groups through time, but it descends from Estates Gazette, which was the clear major market leader in the UK when we entered that market 21 years ago.

英國的主要競爭對手 EG Radius 於 2025 年 12 月停止營運。我們已經成功簽約了他們報告的 150 位客戶中的 166 位，所以我認為我們已經拿下了大部分客戶，其中 75% 的客戶簽訂了三年合約。EG Radius 隨著時間的推移幾經易手，但它源自於 Estates Gazette，這是我們 21 年前進入英國市場時英國市場的主要領導者。

We have built out the software and data sets for CoStar France and expect to release in the second quarter and expect to have similar successes there. We are now well underway in staffing our CoStar research and photography capabilities in Australia, with over 50 people already in place. These teams are instrumental in generating a depth of proprietary data and visual assets that's not currently available in Australia. In just over six weeks, we've added thousands of listings, and we expect to release CoStar for Australia in late '26.

我們已經為 CoStar 法國建立了軟體和資料集，預計將在第二季發布，並期望在那裡取得類似的成功。目前，我們在澳洲組成 CoStar 研究和攝影團隊的工作進展順利，已有 50 多人到位。這些團隊在產生目前澳洲尚不存在的大量專有數據和視覺資產方面發揮了重要作用。短短六週多時間，我們就增加了數千個房源，預計 2026 年底在澳洲推出 CoStar。

In a typical year, there are about 1 million new single-family homes and condos built in the US with a combined value of just under $0.5 trillion. The developers and lenders behind these projects need reliable information on supply, absorption, prices, land comps, and model mixes. Because 300-plus developers are feeding us data to market their new homes for sale on Homes.com, we can release a new homes information module in CoStar in the third quarter of '26. With the wealth of residential land valuation analytic information already in CoStar, we can build a very competitive offering. We expect demand for new homes information is a $200 million to $300 million dollar revenue opportunity for CoStar.

通常情況下，美國每年大約新建 100 萬套獨棟住宅和公寓，總價值略低於 0.5 兆美元。這些項目的開發商和貸款方需要有關供應、吸收、價格、土地比較和模式組合的可靠資訊。由於有 300 多家開發商向我們提供數據，以便在 Homes.com 上推廣他們的新房，我們可以在 2026 年第三季在 CoStar 中發布新的房屋資訊模組。CoStar 擁有豐富的住宅用地估值分析訊息，憑藉這些訊息，我們可以打造極具競爭力的產品。我們預計，新房屋資訊的需求將為 CoStar 帶來 2 億至 3 億美元的收入機會。

In December, we launched our coverage of nearly 4,000 data centers worldwide. For each property, we have data on capacity, redundancy, and resilience attributes, and how well it fits in the broader buildout of the power grid infrastructure. The product also provides visibility into sub-station locations, transmission lines, their peak capacity, and retail utility providers. Our data set includes over 1,600 individual center with sales value exceeding $43 billion and over 29 gigawatts of power capacity. In increasingly AI-centric global economy, our rapidly growing data set will prove an invaluable day-to-day tool for center developers, operators, and owners.

去年12月，我們開始對全球近4000個資料中心進行覆蓋。對於每個物業，我們都有容量、冗餘和彈性屬性的數據，以及它在更廣泛的電網基礎設施建設中的契合度。該產品還提供變電站位置、輸電線路、其峰值容量和零售公用事業供應商的可見性。我們的資料集包含超過 1,600 個獨立中心，銷售額超過 430 億美元，發電容量超過 29 吉瓦。在日益以人工智慧為中心的全球經濟中，我們快速成長的資料集將成為中心開發商、營運商和所有者日常工作中不可或缺的工具。

As discussed on previous earning calls, we're developing a rent benchmark product which we expect to deliver in Q2. Built upon the industry's largest collection of lease deals, CoStar rent benchmark uses AI to extract starting rents, TI allowances, rent concessions, escalations, and more from the actual legal leasing document. After extraction, leases are anonymized and aggregated to deliver the industry's only net effective rent product, allowing the user to understand the true cost of occupancy.

如同先前財報電話會議所討論的，我們正在開發一款租金基準產品，預計將在第二季推出。CoStar 租金基準建立在業界最大的租賃交易集合之上，利用人工智慧從實際的法律租賃文件中提取起始租金、裝修補貼、租金優惠、租金遞增等資訊。提取後，租賃資訊將被匿名化和匯總，從而提供業內唯一的淨有效租金產品，使用戶能夠了解真實的佔用成本。

Corporate occupiers, owners, and brokers alike will reap tremendous value from being able to tap into the largest source of verified lease information to inform their leasing decisions and more effectively manage their real estate portfolios.

企業租戶、業主和經紀人都能從利用最大的經過驗證的租賃資訊來源中獲得巨大的價值，從而為他們的租賃決策提供信息，並更有效地管理他們的房地產投資組合。

In January 2026, we added more than 110 million residential parcels into our CoStar information product, providing our users with public record information across every parcel in America. For STR, Q4 capped off a record-breaking 2025 delivering the highest net new revenue in the company's history there. 25% of that net new revenue came from owner and management companies. Q4 also marked the completion of a major client migration, ultimately bringing 98,000 new users into the CoStar platform with the STR benchmark feature serving as their entry point.

2026 年 1 月，我們在 CoStar 資訊產品中新增了 1.1 億多個住宅地塊，為使用者提供美國境內每個地塊的公共記錄資訊。對於STR而言，第四季為創紀錄的2025年畫上了圓滿的句號，實現了該公司歷史上最高的淨新增收入。其中25%的淨新增收入來自業主和管理公司。第四季也標誌著一項重大客戶遷移的完成，最終為 CoStar 平台帶來了 98,000 名新用戶，STR 基準功能是他們的入口點。

Q4 was equally pivotal from a product development perspective, culminating in a major release this week. Yesterday, STR announced the launch of a profitability benchmarking, giviing hotel owners and operators a fully integrated view of top-line and bottom-line performance. With this release, CoStar with STR benchmark, becomes the only hotel benchmarking solution to integrate revenue, expenses, profits, and full property lifecycle insights into one place.

從產品開發的角度來看，第四季同樣至關重要，並在本週發布了一款重要產品。昨天，STR宣布推出獲利能力基準測試，為飯店業主和營運商提供全面整合的收入和利潤表現視圖。透過此次發布，CoStar 與 STR 基準測試相結合，成為唯一一款將收入、支出、利潤和完整的物業生命週期洞察整合到一起的飯店基準測試解決方案。

We have rebanded our lender product to CoStar debt solutions to better reflect the breadth of customers we serve, including banks, credit unions, private lenders, insurers, agency lenders, and debt funds, CMBS investors and regulators. CoStar debt solutions has surpassed $100 million in annual run rate revenue, and we see a clear path to $1-plus billion opportunity as we expand our debt product with benchmarking, loan origination, and residential solutions.

我們已將貸款產品重新命名為 CoStar 債務解決方案，以更好地反映我們服務的客戶範圍，包括銀行、信用社、私人貸款機構、保險公司、機構貸款機構、債務基金、CMBS 投資者和監管機構。CoStar 債務解決方案的年運行收入已超過 1 億美元，隨著我們透過基準測試、貸款發放和住宅解決方案擴展債務產品，我們看到了實現 10 億美元以上收入的明確途徑。

We expect to launch a debt benchmarking in the second half of this year, with loan origination in the first quarter of 2027. Having had a chance to look at some of the features of the debt benchmarking, it's really remarkable, and I think it'll be an incredibly strong product.

我們預計今年下半年推出債務基準測試，並於 2027 年第一季開始發放貸款。在有機會了解了一些債務基準測試的功能後，我發現它非常出色，我認為它將是一款非常強大的產品。

CoStar real estate manager had an exceptionally strong fourth quarter, with net new bookings in the quarter up 48% year over year and up 211% quarter over quarter. Revenues now exceed $120 million. We've extended our reach into the Fortune 50 in 2025 with a new client win that's our largest initial contract ever for real estate manager. We also won business from one of the top three real estate service providers in our industry who will sunset their legacy in-house lease management technology in favor of outsourcing to real estate manager.

CoStar房地產管理公司第四季業績異常強勁，該季度淨新增預訂量較去年同期成長48%，較上季成長211%。目前營收已超過1.2億美元。2025 年，我們透過贏得一家新客戶，將業務拓展到了財富 50 強企業，這是我們迄今為止與房地產管理公司簽訂的最大初始合約。我們也贏得了業內排名前三的房地產服務提供者之一的業務，他們將逐步淘汰原有的內部租賃管理技術，轉而外包給房地產管理公司。

I'm pleased with the progress we're making on our product roadmap to consolidate real estate manager, visual lease, CoStar, and our transaction manager into one best-in-class corporate real estate solution. In combination with AI-powered lease abstraction benchmarking, I believe we can take very significant share in this category over the next several years.

我對我們在產品路線圖上的進展感到滿意，該路線圖旨在將房地產管理工具、視覺化租賃工具、CoStar 和我們的交易管理工具整合到一個一流的企業房地產解決方案中。結合人工智慧驅動的租賃摘要基準測試，我相信在未來幾年內，我們可以在這個領域佔據非常重要的份額。

LoopNet had an outstanding 2025 generating $312 million in revenue. Q4 '25 was the fastest growth at LoopNet since 2021, ending at 17% year over year. All of this was driven by record and net new sales, which tripled for the full year of '25 compared to '24. We intend to build on these extremely valuable gains by rapidly expanding the LoopNet sales team. We ended '25 with 177 sales reps, and we plan to hire 80 more reps in '26, a 43% increase.

LoopNet 在 2025 年表現出色，創造了 3.12 億美元的收入。2025 年第四季是 LoopNet 自 2021 年以來成長最快的季度，年增 17%。這一切都歸功於創紀錄的新增銷售額，2025 年全年新增銷售額比 2024 年增加了三倍。我們計劃透過迅速擴充 LoopNet 銷售團隊，來鞏固這些極為寶貴的成果。2025 年底，我們有 177 位銷售代表，我們計劃在 2026 年再招募 80 位銷售代表，成長 43%。

Over '22 to '24, LoopNet had overindexed on depth advertising at the expense of coverage, and to some extent, to the expense of a predictable advertiser ROI. I'm pleased that our focus has changed and that 93% of this record net new bookings in 2025 came from Silver listings, which tend to have a consistent higher renewal rates.

在 2022 年至 2024 年期間，LoopNet 過度重視深度廣告，犧牲了覆蓋面，並在一定程度上犧牲了可預測的廣告商投資回報率。我很高興我們的重點發生了變化，2025 年創紀錄的新增淨預訂量中有 93% 來自銀級房源，而銀級房源的續訂率往往更高。

Consequently, paid listings increased by 9% in the US, 42% in Canada, and 156% in the UK. In fact, LoopNet offers more listings and therefore more searcher choice now in 90% of the user US markets versus last year, including every top 10 market in the US. In addition, our asset price -- our asset-based pricing tests now have thousands of transactions across multiple US markets, and the results are in. The strategy of linking price to the value of space being advertised is working. We intend to launch this new pricing model broadly across the US market and expect it'll continue to deliver material incremental growth in 2026.

因此，美國的付費廣告數量增加了 9%，加拿大增加了 42%，英國增加了 156%。事實上，與去年相比，LoopNet 現在在美國 90% 的用戶市場（包括美國前 10 名的所有市場）提供更多房源，因此搜尋者有更多選擇。此外，我們的資產定價——我們基於資產的定價測試現在已經涵蓋了美國多個市場的數千筆交易，結果已經出來了。將價格與廣告位價值掛鉤的策略正在發揮作用。我們計劃在美國市場廣泛推出這項新的定價模式，並預計該模式將在 2026 年繼續帶來實質的成長。

We're building out the first and only global commercial estate marketplace with LoopNet. At the beginning of '25, LoopNet was only present in Canada, the US, and UK. During the year, we launched in Spain and France, increasing the number of listings in Europe 4 times to over 130,000. In 2026, we will continue expanding LoopNet coverage by launching in Australia and in Germany.

我們正在與 LoopNet 合作，打造首個也是唯一一個全球商業房地產交易平台。2025年初，LoopNet僅在加拿大、美國和英國開展業務。年內，我們在西班牙和法國推出了服務，使歐洲的房源數量增加了 4 倍，超過 13 萬個。2026年，我們將繼續擴大LoopNet的覆蓋範圍，在澳洲和德國推出服務。

As we grow, the network effects of LoopNet are increasing. In 2026, we delivered over 400,000 leads and inquiries and 633 million total listing impressions. We're investing in Matterport's salesforce in '26, growing the team from 30 to 90 over the course of the year. This will enable us to expand our customer base, accelerate revenue growth in a wide range of segments, including residential, commercial, architecture, construction, insurance, and manufacturing.

隨著我們的發展，LoopNet 的網路效應也不斷增強。2026年，我們提供了超過40萬個銷售線索和諮詢，以及6.33億次房源展示。我們將在 2026 年投資 Matterport 的銷售團隊，在一年內將團隊規模從 30 人擴大到 90 人。這將使我們能夠擴大客戶群，加速住宅、商業、建築、施工、保險和製造等各個領域的收入成長。

We eliminated approximately $120 million in cash and equity cost from the business in '25, mostly from duplicative public company costs. The market leading Pro3 camera has been the workhorse for our customers for the past few years. It's a wonderful camera. We will make it more accessible going forward for a wide range of customers by introducing a subscription-based pricing model in the future, which is a little bit more of a razor blade model.

2025 年，我們從業務中剔除了約 1.2 億美元的現金和股權成本，主要來自重複的上市公司成本。過去幾年，市場領先的 Pro3 相機一直是我們的客戶的主力設備。這是一台很棒的相機。未來我們將推出訂閱式定價模式，讓更多不同類型的客戶更方便使用我們的服務，這種模式有點像是刮鬍刀片的定價模式。

We're currently hard at work on developing the next-generation camera, the Pro4, which we expect will launch next year. The very popular defurnished feature launched last year, which allows customers to remove objects such as furniture and clutter from spaces, we are developing the furnished feature, which uses gender of AI to virtually stage or imagine different uses for rooms. One result of this development is that we're gaining better semantic understanding of the space. We glean property data from this process that we can include in our centralized source of truth that could be leveraged across all CoStar products.

我們目前正在努力開發下一代相機 Pro4，預計明年將推出。去年推出的「移除家具」功能非常受歡迎，該功能允許客戶從空間中移除家具和雜物等物品。現在，我們正在開發「佈置家具」功能，該功能利用人工智慧來虛擬佈置或想像房間的不同用途。這項發展帶來的一個結果是，我們對這個空間有了更好的語意理解。我們從此過程中收集房產數據，並將其納入我們的集中式資料來源，以便在所有 CoStar 產品中使用。

As part of Matterport exteriors, we're developing X-ray functionality that will allow users to remove elements of the building, such as the roof or an entire floor, to better understand the space in the context of the surroundings. We are integrating these capabilities into a seamless fly-through experience. This high-fidelity transition from exterior to interior creates a sophisticated narrative for the property, significantly elevating its market appeal and utility.

作為 Matterport 外觀功能的一部分，我們正在開發 X 光功能，使用戶能夠移除建築物的某些元素，例如屋頂或整個樓層，以便更好地了解周圍環境中的空間。我們將這些功能整合到一個無縫的飛行體驗中。從外部到內部的高度逼真過渡，為房產創造了一種精緻的敘事風格，顯著提升了其市場吸引力和實用性。

BizBuySell generate $36 million revenue in 2025 and growing EBITDA 19% over '24, while delivering a 37% EBITDA margin. More than $143 billion in businesses for sale assets were marketed on the platform during the year, including $34 billion in commercial real estate.

BizBuySell 預計 2025 年營收將達到 3,600 萬美元，EBITDA 比 2024 年成長 19%，EBITDA 利潤率將達到 37%。該平台當年售出的企業資產總額超過 1,430 億美元，其中包括 340 億美元的商業房地產。

We are also steadily expanding the value of the platform through business comp data and workflow automation. Subscription revenue grew 35% in 2025 as customers increasingly rely on our benchmarks to price with greater confidence. At the same time, we are introducing features to streamline deal execution through deal accelerator. Adoption of deal accelerator continues to build, with 14% of broker members now using the product by year-end, capturing 10,000 qualified buyer profiles.

我們也透過商業競爭數據和工作流程自動化，穩步提昇平台的價值。2025 年訂閱收入成長了 35%，因為客戶越來越依賴我們的基準來更有信心地定價。同時，我們正在推出相關功能，透過交易加速器來簡化交易執行流程。交易加速器的使用率持續成長，到年底已有 14% 的經紀會員使用該產品，獲得了 10,000 個合格買家資料。

CoStar Group's residential businesses aggregate consumer demand from homes for rent or sale, or apartments from rent or sale, and we sell and market -- sell marketing and leads to the agents, owners, landlords, property management companies that need to market these properties to those consumers we aggregate. CoStar's residential business includes Apartments.com, Homes.com, Domain Residential, OnTheMarket, and Land.com.

CoStar Group 的住宅業務匯總了待租或待售房屋或公寓的消費者需求，我們向需要向我們匯總的消費者推銷這些房產的代理商、業主、房東和物業管理公司銷售行銷和銷售線索。CoStar 的住宅業務包括 Apartments.com、Homes.com、Domain Residential、OnTheMarket 和 Land.com。

CoStar Group's residential revenue was $429 million in the fourth quarter of 2025, up 35% year over year. The full year 2025, revenue was $1.46 billion, up 20% year over year. Our residential business is projected to be profitable in 2026, and we believe that it will eventually reach 50% margins.

CoStar集團2025年第四季的住宅收入為4.29億美元，較去年同期成長35%。2025 年全年營收為 14.6 億美元，年增 20%。我們預計住宅業務將在 2026 年實現盈利，並且我們相信最終利潤率將達到 50%。

Apartments.com generated $308 million of revenue in the fourth quarter, for an 11% increase year over year. Full-year 2025 revenue was $1.25 billion. Apartments.com delivered for 841 million renter visits during the year, and those renters took 152 million Matterport 3D tours. They viewed over 16 billion photos, drove 16 million clicks directly to our customer community websites, and they submitted over 1 million applications directly from Apartments.com. 1 million applications. That's good.

Apartments.com 第四季營收達 3.08 億美元，年增 11%。2025年全年營收為12.5億美元。 Apartments.com一年內，該平台接待了 8.41 億次租客訪問，這些租客進行了 1.52 億次 Matterport 3D 虛擬參觀。他們瀏覽了超過 160 億張照片，直接為我們的客戶社群網站帶來了 1600 萬次點擊，並且他們直接透過 Apartments.com 提交了超過 100 萬份申請。 100 萬份申請。那挺好的。

Apartment owners and managers realize that Apartments.com is the number one site recognized by apartment seekers, with our 67% brand awareness in December, up 4 points from Q3 '25. While in contrast, the second rental competitor fell 5 points to 36%. We were thus able to accelerate our paying property count significantly in 2025 by adding almost 14,000 properties to our network to end the year at 89,275 properties. That's the largest number of properties we've ever added in a year.

公寓業主和管理人員意識到 Apartments.com 是公寓求職者最認可的網站，12 月我們的品牌知名度為 67%，比 2025 年第三季提高了 4 個百分點。相比之下，第二大租賃競爭對手的市佔率下降了 5 個百分點，至 36%。因此，我們在 2025 年大幅加快了付費房產數量的成長，在我們的網路中增加了近 14,000 處房產，使年底的房產總數達到 89,275 處。這是我們一年內新增房產數量最多的一次。

We won many of these new properties from Rent.com after Redfin, quote-unquote, sold those clients to Zillow. We estimate that Redfin had about 4,500 apartment properties marketing on their platform that were not already on Apartments.com. We signed approximately 1,200 of them to Apartments.com at just over about $1,000 a month, and we didn't have to acquire anything or end up an illegal thing.

在 Redfin 將客戶「賣」給 Zillow 之後，我們從 Rent.com 贏得了許多新房源。我們估計，Redfin平台上大約有4500套公寓房源尚未在Apartments.com上架。我們以每月略高於1000美元的價格，將其中約1200套房來源轉至Apartments.com，而且我們無需進行任何收購，也無需觸犯任何法律。

This increase in properties, coupled with our 99% monthly renewal rate and 92 NPS, confirms that property owners and managers understand the value of the Apartments.com site, built specifically for the apartment industry. This is further reinforced by our number one ranking, 82% of the time for the core, 10,000 multifamily SEO keywords, and the most comprehensive SEM program in the industry. In 2025, our marketing campaign delivered over 12 billion media impressions, reaching 90% of US households.

房源數量的增加，加上我們 99% 的月續租率和 92 的 NPS，證實了業主和管理人員了解 Apartments.com 網站的價值，該網站是專門為公寓行業打造的。此外，我們在核心的 10,000 個多戶住宅 SEO 關鍵字中排名第一（82% 的時間），並且擁有業內最全面的 SEM 計劃，這進一步鞏固了我們的優勢。2025 年，我們的行銷活動獲得了超過 120 億次的媒體曝光，涵蓋了 90% 的美國家庭。

As you saw in our Super Bowl ad, we've begun to co-brand Apartments with Homes.com, the place to find a place. The campaign, featuring Jeff Goldblum and Heidi Gardner, who have excellent chemistry together, kicked off with the Super Bowl, which had a total audience of 125 million and the highest peak viewership in US media history.

正如您在我們的超級盃廣告中看到的那樣，我們已經開始與 Homes.com（尋找住所的網站）合作，共同推廣公寓品牌。這場宣傳活動由傑夫高布倫和海蒂加德納主演，兩人配合默契，活動以超級盃為開端，超級盃的總觀眾人數達到 1.25 億，創下美國媒體史上最高的收視高峰。

According to Comscore, visits to Apartments.com network were up 14% year over year in January. Our growth is in contrast with Comscore's data that showed that Zillow's rental traffic was down 48% year over year, and Zillow's partner, Redfin Rentals, was down 46% year over year. Zillow's expanded rental network, Zillow Realtor Redfin, was down 29% year over year in January. Zillow's rental revenue fell sequentially in the fourth quarter compared to the third quarter as the rental traffic was falling.

根據 Comscore 數據顯示，1 月 Apartments.com 網路的訪問量較去年同期成長了 14%。與 Comscore 的數據形成鮮明對比的是，我們的成長表明 Zillow 的租賃流量比去年同期下降了 48%，Zillow 的合作夥伴 Redfin Rentals 的租賃流量比去年同期下降了 46%。Zillow 旗下擴展的租賃網路 Zillow Realtor Redfin 在 1 月同比下降了 29%。由於租賃流量下降，Zillow 第四季的租賃收入環比下降，與第三季相比有所減少。

With traffic falling, our closest competitor is now doing something called shotgunning leads. That's encouraging potential renters to contact not just the person you intend to contact, but all the competitors' properties. And while this increases and distorts the number of pure leads, it significantly lowers the quality of the leads and therefore hurts ROI and lead to lease conversion rate. Poor leads create more work for the apartment community as they sort through these leads to ultimately produce less leases.

由於流量下降，我們最接近的競爭對手現在正在採取一種稱為「散播線索」的做法。這會鼓勵潛在房客不僅聯絡你打算聯繫的人，還會聯絡所有競爭對手的房源。雖然這增加了純粹的銷售線索數量，但也顯著降低了銷售線索的質量，因此損害了投資回報率和銷售線索到租賃的轉換率。品質不佳的潛在客戶會為公寓社區帶來更多的工作，因為他們需要篩選這些潛在客戶，最終導致租賃合約數量減少。

This behavior by our closest competitor, their drop-in brand awareness, coupled with their traffic having declines and in-site visits year over year every single month in '25, according to Comscore, makes us feel that our position within the multifamily industry is very solid.

根據 Comscore 的數據，我們最接近的競爭對手的這種行為，其品牌知名度的下降，以及其客流量和現場訪問量在 2025 年每個月逐年下降，讓我們覺得我們在多戶住宅行業的地位非常穩固。

We currently have the largest and most active sales force in the industry. We had over 100 field and mid-market sales reps in 2025, and ended the year with 522 total sales reps. These reps conducted 750,000 quality meetings in '25, with over 350,000 of them in person. Our newer sales reps will continue to contribute more, as our experience has been that the reps that have been with us for a year, add more net new revenue for us each year of experience they gain, until those reps with five years of experience are contributing two to three times what they did in year one. We will continue to grow this sales team in '26 as the opportunity in front of us is indeed massive.

我們目前擁有業界規模最大、最活躍的銷售團隊。2025 年，我們有 100 多名現場和中端市場銷售代表，到年底時，銷售代表總數達到 522 人。這些代表在 2025 年進行了 75 萬次高品質會議，其中超過 35 萬次是面對面會議。根據我們的經驗，在我們公司工作滿一年的銷售代表，每年都會為我們帶來更多的新淨收入，直到那些擁有五年經驗的銷售代表的貢獻是他們第一年的兩到三倍。因此，我們新入職的銷售代表將繼續做出更大的貢獻。2026年，我們將繼續擴大銷售團隊，因為我們面前的機會確實非常巨大。

We still have approximately 460,000 prospects five units or larger and 22 million prospects under five units to sell to, with a total TAM of $10 billion. Apartment owners and managers need us now more than ever. They're operating in a macroenvironment, with overall vacancy rates still rising in the fourth quarter to 8.5%, while vacancy in 4- or 5-star buildings were close to 12%. Our new supply, while lower in 2024 -- than in 2024, continued to exceed demand.

我們仍有約 46 萬個擁有五套或以上單位的潛在客戶和 2,200 萬個擁有五套以下單位的潛在客戶需要銷售，總潛在市場規模達 100 億美元。公寓業主和管理人員現在比以往任何時候都更需要我們。他們正處於宏觀環境中，第四季整體空置率仍在上升至 8.5%，而 4 星級或 5 星級建築的空置率接近 12%。雖然 2024 年的新供應量低於 2025 年，但仍持續超過需求。

The use of concessions continues to climb. In January, we saw almost half of all apartment buildings offering some type of concession, and that's up from 13% a year earlier. In just two years, Homes.com has become the fastest-growing residential portal in the US. In '25, the Homes.com network had over 2.1 billion views and 100 million average monthly unique visitors to the network. Our January 2026 organic traffic increased 134% year over year, and 21% month over month, hitting an all-time high.

特許經營的使用率持續攀升。1 月份，我們看到近一半的公寓大樓提供了某種形式的優惠，而一年前這一比例為 13%。短短兩年時間，Homes.com 就成為了美國成長速度最快的住宅入口網站。2025 年，Homes.com 網路瀏覽量超過 21 億次，平均每月獨立訪客量達 1 億人次。2026 年 1 月，我們的自然流量年增 134%，較上季成長 21%，創歷史新高。

We feel we have achieved a good balance between SEM, SEO, and direct traffic. This allows us to optimize SEM for quality traffic and leads, not just pure quantity. Average session duration rose from 3 minutes and 36 seconds in January '25 to 4 minutes, 33 seconds in January '26. Our page sessions rose from 3.4 to 6.9 in the same year-over-year time period.

我們認為我們在搜尋引擎行銷 (SEM)、搜尋引擎優化 (SEO) 和直接流量之間取得了良好的平衡。這使我們能夠優化搜尋引擎行銷，以獲得高品質的流量和潛在客戶，而不僅僅是單純的數量。平均會話持續時間從 2025 年 1 月的 3 分 36 秒增加到 2026 年 1 月的 4 分 33 秒。與去年同期相比，我們的頁面瀏覽量從 3.4 上升到 6.9。

Our bounce rate fell from 63% in January '25 to 41% in January '26. Lead volume rose 48% from January '25 to January '26. Member lead volume rose 187% from January '25 to January '26. Rental lead volume rose 54% from January '25 to January '26. Homes.com subscribers paid to promote 216,000 active listings, representing 9.4% of the 2.3 million homes for sale in the US in Q4 '25.

我們的跳出率從 2025 年 1 月的 63% 下降到 2026 年 1 月的 41%。2025年1月至2026年1月，潛在客戶數量增加了48%。2025 年 1 月至 2026 年 1 月，會員線索數量增加了 187%。2025 年 1 月至 2026 年 1 月，租賃線索數量增加了 54%。Homes.com 的訂閱用戶付費推廣了 216,000 個活躍房源，佔 2025 年第四季度美國待售房屋總數 230 萬套的 9.4%。

We now have over 31,000 agent subscribers, generating $100 million in annualized revenue run rate, with 76% of them on annual contracts. For CoStar, this is the fastest organic revenue build we've ever had for a new product, and we've achieved this revenue level faster than our US competitors, years faster. We have built a dedicated sales force of 600 sales reps to reach the top 750,000 agents in the business. We've achieved and climbed to an excellent NPS score of 42 in less than two years, and it's still improving. Our Your Listing, Your Lead principle in our market, the home and win more listings model, is now clearly resonating with agents.

我們現在擁有超過 31,000 名代理商用戶，年化收入達 1 億美元，其中 76% 的用戶簽訂了年度合約。對於 CoStar 而言，這是我們新產品有史以來最快的自然收入成長速度，而且我們達到這一收入水平的速度比我們的美國競爭對手快了好幾年。我們組建了一支由 600 名銷售代表組成的專業銷售團隊，目標是涵蓋業內頂尖的 75 萬名代理商。在不到兩年的時間裡，我們的 NPS 得分已經達到了優秀的 42 分，而且還在不斷提高。我們的「您的房源，您的客戶」原則，即「擁有房源，贏得更多客戶」的模式，現在顯然引起了經紀人的共鳴。

Homes.com is the only real estate portal in the United States whose core business model is to use the power of the Internet to help real estate agents market their listings to potential home buyers. The Homes.com business model is the global best practice for real estate portals, and it's utilized by REA Group, Idealista of Rightmove, Scout24, Hemnet, Domain, and many, many others.

Homes.com 是美國唯一一家以網路的力量幫助房地產經紀人向潛在購屋者推銷房源為核心商業模式的房地產入口網站。Homes.com 的商業模式是全球房地產入口網站的最佳實踐，REA Group、Rightmove 的 Idealista、Scout24、Hemnet、Domain 等眾多公司都在採用這種模式。

If you normalize these portals financials from their home countries to the US on a GDP basis, they would be generating USD4 billion to USD21 billion in revenue and USD1.5 billion to USD11 billion of EBITDA, which is orders of magnitude more than anyone has ever generated in the United States. We believe we can generate $4.75 billion of revenue and $2.85 billion of EBITDA with Homes.com inside the next 13 years.

如果將這些入口網站的財務數據按其所在國家的GDP水平標準化為美國的GDP水平，它們將產生40億至210億美元的收入和15億至110億美元的EBITDA，這比美國歷史上任何人的成就都要高出幾個數量級。我們相信，在未來 13 年內，Homes.com 可以創造 47.5 億美元的收入和 28.5 億美元的 EBITDA。

Apartments.com has a very similar business model to Homes.com and grew revenue initially at a measured pace, but now over 13 years, has reached $1.2 billion of revenue run rate with very high margins. The growth of apartments and homes looks very similar at this point. Apartment real estate in the US is worth $6 trillion, while single-family homes and condos are worth almost 10 times as much at $56 trillion. So $6 trillion for apartments, $56 trillion for homes.

Apartments.com 的商業模式與 Homes.com 非常相似，最初收入增長緩慢，但經過 13 年的發展，其年化收入已達到 12 億美元，利潤率非常高。目前來看，公寓和住宅的成長非常相似。美國公寓房地產價值 6 兆美元，而獨棟住宅和公寓的價值幾乎是 10 倍，達到 56 兆美元。所以，公寓建設投資額為 6 兆美元，住宅建設投資額為 56 兆美元。

In that context, it's very credible to believe that Homes.com can generate $5 billion in revenue over the next decade or so. Homes has a clear empirical potential for a very high IRR, similar to high IRRs, ranging from 17% to 53% we've generated on our other major investments like CoStar Apartments, LoopNet, Real Estate Manager, Land, BizBuySell, and STR.

在這種情況下，相信 Homes.com 在未來十年左右能夠創造 50 億美元的收入是非常可信的。Homes 具有很高的內部收益率 (IRR) 的明顯經驗潛力，類似於我們在其他主要投資項目（如 CoStar Apartments、LoopNet、Real Estate Manager、Land、BizBuySell 和 STR）中產生的 17% 到 53% 的高 IRR。

We have a clear path to accelerate top-line growth and drive profitability. Thus, we've reduced our net investment in Homes.com by $300 million in '26 over '25, and continued -- to continue reducing the investment each year with discipline until we reach run rate profitability in '29 and full-year profitability in 2030.

我們有明確的路徑來加速營收成長並提高獲利能力。因此，我們在 2026 年比 2025 年減少了對 Homes.com 的 3 億美元淨投資，並將繼續每年有紀律地減少投資，直到我們在 2029 年實現運行率盈利，並在 2030 年實現全年盈利。

Competing US real estate portals suffer from a lack of profitability and low growth, not because there's MLS in the US, but because they have chosen an inferior business model. In contrast to Homes.com, our US competitors' primary business model is to sell lower value buyer agency leads to a much smaller audience, rather than marketing the valuable homes. Selling buyer agency leads became their primary business model when their iBuying business models failed spectacularly.

美國房地產門戶網站獲利能力不足、成長緩慢，這並非因為美國有 MLS（多重上市服務系統），而是因為它們選擇了較差的商業模式。與 Homes.com 不同，我們的美國競爭對手的主要商業模式是向小得多的受眾群體出售價值較低的買方代理線索，而不是推廣有價值的房屋。當他們的 iBuying 商業模式徹底失敗後，銷售買方代理線索就成了他們的主要商業模式。

Last week, we launched the game-changing Homes AI, which we believe is the best-in-class and first fully integrated proprietary vertical real estate application built upon the best strengths of the leading LLMs. One of the unique aspects of this product is that the UX is completely aware of the AI, and the AI is completely aware of the UI, and they work together seamlessly and beautifully. We strongly believe Homes AI will drive higher engagement, support significant growth in organic traffic, and contribute to a meaningful increase in agent subscriptions.

上週，我們推出了具有變革意義的 Homes AI，我們相信它是同類最佳、首個完全整合的專有垂直房地產應用程序，它建立在領先的 LLM 的最佳優勢之上。該產品的一個獨特之處在於，使用者體驗完全了解人工智慧，而人工智慧也完全了解使用者介面，它們可以無縫且完美地協同工作。我們堅信 Homes AI 將推動更高的用戶參與度，支持自然流量的顯著成長，並有助於經紀人訂閱量的顯著成長。

Homes AI is either conversational or text interface with a highly intelligent artificial intelligence real estate expert that guides the home buyer through the search, exploration, comparison of homes, communities, and valuations. Homes AI is like having a conversation with a knowledgeable real estate advisor who knows everything about all the properties, rather than spending your time doom scrolling through a static website searching with filters. It's the perfect example of extraordinary discontinuous innovation.

Homes AI 是一款對話式或文字介面，它擁有高度智慧的人工智慧房地產專家，可指導購屋者進行房屋、社區和估值的搜尋、探索和比較。Homes AI 就像與一位知識淵博的房地產顧問進行對話，他了解所有房產的一切信息，而不是把時間浪費在漫無目的地瀏覽靜態網站並使用篩選器進行搜索上。這是非連續性創新的絕佳例證。

The most common reaction we get from people who see it for the first time is, wow. A Homes.com member named Kim Owen said, that's amazing, quote, I'm just flabbergasted. I think this is probably the one of the best investments we've ever made. Steffi Kolenoff, another Homes.com member, said, quote, freaking amazing. Seriously, thank you. I love it. I could totally see my clients jonesing on this, and I think it's great for us as well. Like, it's really easier than searching MLS. Seriously, it's really terrific, end quote. Yet another Homes.com member, Susan Reres, gushed, quote, you have just absolutely floored me. I cannot believe this. I mean, truly, this is a -- what did you call it? Homes. -- Homes AI? End quote.

人們第一次看到它時最常見的反應是：哇。Homes.com 的一位名叫 Kim Owen 的會員說：“這太不可思議了，我簡直驚呆了。”我認為這可能是我們做過的最明智的投資之一。另一位 Homes.com 會員 Steffi Kolenoff 說：“簡直太棒了。”真的非常感謝。我喜歡它。我完全可以想像我的客戶會對此趨之若鶓，而且我認為這對我們來說也是件好事。這比在MLS上搜尋要容易得多。說真的，它真的很棒，引用結束。另一位 Homes.com 會員 Susan Reres 激動地說：“你真是讓我大吃一驚。”我簡直不敢相信。我的意思是，真的，這是一個——你叫它什麼來著？房屋。 ——房屋人工智慧？引用結束。

In the first week post-release, Homes AI is having a huge impact on user engagement. Site visitors that hit the AI mode are on the site for 16 minutes, 50 seconds, as opposed to 4 minutes, 24 seconds for non-users. AI users do nearly 4 times as many searches, favorite 7 times as many properties, look at 4 times as many properties, and submit 7 times as many email leads. This transformative home search experience is powered by Microsoft Azure OpenAI advanced AI models, integrated with several other large and small models, including some models from AWS, as well as our own proprietary AI model.

在發布後的第一周，Homes AI 對用戶參與度產生了巨大影響。進入 AI 模式的網站訪客在網站上的停留時間為 16 分 50 秒，而非使用者則為 4 分 24 秒。AI 用戶進行的搜尋次數幾乎是一般用戶的 4 倍，收藏的房產數量是一般用戶的 7 倍，查看的房產數量是一般用戶的 4 倍，提交的電子郵件線索數量是一般用戶的 7 倍。這種變革性的房屋搜尋體驗由 Microsoft Azure OpenAI 高級 AI 模型提供支持，並與其他幾個大型和小型模型集成，包括來自 AWS 的一些模型以及我們自己的專有 AI 模型。

Using multiple models gives us tremendous flexibility and keeps token costs down. Using dynamic example injection, queries that originally consumed 2,000 tokens have been optimized to just 20 tokens. Unlike other AI implementations, Homes AI data remains entirely within the Homes.com proprietary ecosystem and is never used to train or refine external AI models, giving us a real advantage as we build out the best-in-class real estate AI.

使用多種模型可以為我們帶來極大的靈活性，並降低代幣成本。利用動態範例注入，原本消耗 2,000 個令牌的查詢被優化為僅消耗 20 個令牌。與其他人工智慧實現方式不同，Homes AI 資料完全保留在 Homes.com 的專有生態系統內，並且永遠不會用於訓練或改進外部人工智慧模型，這使我們在建立一流的房地產人工智慧時擁有真正的優勢。

While we're launching the capability of Homes.com, we plan to deploy it to Apartments.com, CoStar, LoopNet, Land, BizBuySell as soon as possible. I believe that our deployment of this advanced AI software will result in substantial competitive advantage for CoStar Group for years to come.

在 Homes.com 推出此功能的同時，我們計劃盡快將其部署到 Apartments.com、CoStar、LoopNet、Land 和 BizBuySell 等平台。我相信，我們部署這項先進的人工智慧軟體將在未來幾年為CoStar集團帶來巨大的競爭優勢。

Homes.com is already and will become an even more important strategic part of Apartments.com's strategic success. While the Apartments.com brand is optimized to institutional rentals, Homes.com is optimized to single-family home and rental condos. With tens of millions of single-family rentals in the US, we believe that it represents at least half of the rental market in the US, and it's a $5 billion TAM. Homes.com is our essential gateway to reach the single-family rental market.

Homes.com 現在是，將來也將成為 Apartments.com 策略成功中越來越重要的策略組成部分。Apartments.com 品牌專注於機構租賃，而 Homes.com 則專注於獨棟住宅和出租公寓。美國有數千萬套獨棟出租房間，我們認為這至少占美國租賃市場的一半，市場規模達 50 億美元。Homes.com 是我們進入獨棟住宅租賃市場的重要入口網站。

In addition, just over half of all renters begin their home shopping journey open to renting or buying. Apartments.com needs Homes.com in order to bring those considering buying into the top of the rental funnel on one of our platforms.

此外，超過一半的租屋者在開始購屋之旅時，對租房或買房都持開放態度。Apartments.com 需要 Homes.com 的幫助，才能將考慮購屋的人引入我們平台租賃流程的頂端。

Our Homes.com's rentals traffic, which grew 25% year over year, is robust and important. And Homes.com is second only to Apartments.com as the top rentals traffic contributor to our network of 10 rental brands. In Q4 '25, Homes.com rentals traffic already accounted for 10% of the Apartments network traffic, and we anticipate that it will grow very significantly.

我們的 Homes.com 租賃流量年增 25%，表現強勁且非常重要。在我們10個租賃品牌的網路中，Homes.com 的租賃流量貢獻僅次於 Apartments.com，位居第二。2025 年第四季度，Homes.com 的租賃流量已佔公寓網路流量的 10%，我們預計這一比例將大幅成長。

Our residential business achieved a record of 642,000 paid single-family rental listings in 2025, up 49% over the prior year. 400,000 new independent owners used our rental tools in '25. We made the processing of over $5.5 billion in rents faster, allowing independent owners to receive 60% of their rent payments faster through Express Pay. In '26, we will complete the process of offering all of the tools for the individual owner, trying to manage rentals that you find on Apartments.com. It'll be available on Homes.com, allowing those owners to rent their house, condo, townhouse on either platform.

我們的住宅業務在2025年創下了單戶住宅付費租賃房源數量64.2萬套的紀錄，比前一年增加了49%。 2025年，有40萬名新的獨立業主使用了我們的租賃工具。我們加快了超過 55 億美元租金的處理速度，使獨立業主能夠透過快速支付更快地收到 60% 的租金。2026年，我們將完成為個人業主提供所有工具的流程，以便他們管理在Apartments.com上發布的房源。這些工具也將在Homes.com上推出，使業主能夠在兩個平台上出租他們的房屋、公寓或聯排別墅。

We began selling enhanced exposure on Homes.com to new home builders in August of '25. In Q3, we delivered 524,000 annualized net new bookings for new construction. In Q4, we generated $1.2 million in annualized net new bookings, a 125% quarter-over-quarter increase. In just four months, this resulted in a total of $1.7 million in annualized net new bookings.

我們從 2025 年 8 月開始向新建房屋建築商出售在 Homes.com 上的增強曝光服務。第三季度，我們實現了 524,000 個年度淨新增新房預訂量。第四季度，我們實現了 120 萬美元的年度淨新增訂單額，季增 125%。短短四個月內，就帶來了 170 萬美元的年度淨新增預訂。

Our Domain residential platform in Australia, in Q4, our residential marketplace Domain had revenue of USD73 million, which was well ahead of our expectations. Domain residential marketplace is profitable, delivering approximately 28% margins in '25. Domain will become a part of Homes.com within a year to 18 months. In the fourth quarter, we had exceptional audience momentum, resulting in Domain's strongest audience quarter on record, with an average of 8 million monthly unique audience. In October, Domain delivered a record residential audience of 9 million, up from 6.6 million in July, the month prior to our acquisition.

在澳大利亞，我們的住宅平台 Domain 在第四季度實現了 7,300 萬美元的收入，遠遠超出了我們的預期。Domain住宅市場獲利狀況良好，2025年利潤率約28%。Domain 將在 1 到 18 個月內成為 Homes.com 的一部分。第四季度，我們的受眾成長勢頭強勁，Domain 創下了有史以來受眾成長最強勁的季度紀錄，平均每月獨立受眾達 800 萬。10 月份，Domain 的住宅用戶數量創下 900 萬的紀錄，高於 7 月的 660 萬（7 月份是我們收購前一個月）。

Domain added six times more audience volume than its nearest competitor in Q4 '25 compared to Q3 '25. We did this through strategic increases in marketing investment, improved media mix, and leveraging Homes.com technology capabilities to deliver improvements in product speed, latency, and user experience. These results highlight our ability to realize global synergies that deliver a competitive advantage.

與 2025 年第三季相比，Domain 在 2025 年第四季的受眾數量是其最接近的競爭對手的六倍。我們透過策略性地增加行銷投入、改進媒體組合以及利用 Homes.com 的技術能力來提高產品速度、降低延遲和改善用戶體驗，從而實現了這一目標。這些成果凸顯了我們實現全球綜效、進而獲得競爭優勢的能力。

As our audience grew, quality remains a key advantage. Inquiry volumes grew 21% year over year. Last week, we announced the planned divestment of a number of non-core, non-strategic products at Domain, so that we can sharpen our focus on the marketplace core businesses, which operate at excellent margin. This will temporarily eliminate some revenue but will have a positive impact on profitability and will allow the business to be more strongly focused on the key opportunities we see in commercial and residential in Australia.

隨著受眾群體的擴大，品質仍然是我們的關鍵優勢。查詢量年增 21%。上週，我們宣布計劃剝離 Domain 的一些非核心、非策略性產品，以便我們能夠更專注於利潤率極高的市場核心業務。這將暫時減少一些收入，但會對盈利能力產生積極影響，並使公司能夠更加專注於我們在澳洲商業和住宅領域看到的關鍵機會。

We are actively working at integrating the Domain residential platform into Homes.com and the Homes AI software platform. Doing so is essential to improving margins by eliminating duplicative development efforts and creating a cost-efficient competitive edge in Australia.

我們正在積極努力將 Domain 住宅平台整合到 Homes.com 和 Homes AI 軟體平台中。這樣做對於提高利潤率至關重要，因為它可以消除重複的研發工作，並在澳洲創造成本效益高的競爭優勢。

In the UK, we had an excellent year at OnTheMarket. We ended '25 with our 20th consecutive month of positive net new bookings. We now have about the same number of listings as the number two player in the United Kingdom, and we have new -- more new home listings than the number one player, continuing to gain share there. We have achieved huge growth since our acquisition two years ago, growing sales leads by 94%, properties on site by 47%, increasing our brand awareness by 54%, increasing time on site by 77%.

在英國，OnTheMarket 度過了非常出色的一年。2025 年，我們連續第 20 個月實現了淨新增預訂量為正。我們現在的房源數量與英國排名第二的房源數量大致相同，而且我們的新房源數量比排名第一的房源數量還要多，繼續擴大市場份額。自兩年前被收購以來，我們取得了巨大的成長，銷售線索增加了 94%，現場房產數量增加了 47%，品牌知名度提高了 54%，現場停留時間增加了 77%。

Importing best practices from Homes.com, OnTheMarket has dramatically improved the consumer experience with list and map view, along with rich map layers, property alerts that have become our largest source of leads. We plan to integrate OnTheMarket into Homes.com software platform environment in '27 after we've completed migrating Domain into Homes.com.

OnTheMarket 從 Homes.com 引進最佳實踐，透過清單和地圖視圖以及豐富的地圖圖層和房產提醒，大大改善了消費者體驗，而房產提醒已成為我們最大的潛在客戶來源。我們計劃在 2027 年將 OnTheMarket 整合到 Homes.com 軟體平台環境中，前提是我們已經完成了 Domain 向 Homes.com 的遷移。

Our land business maximizes listings and brand exposure for America's top farm and lifestyle ranch brokerages. This is a $4.4 trillion asset class, and they're essentially homes. In '25, we had almost 9,000 member agents promoting 144,000 listings. Our addition to the more agricultural focus, AcreValue, strengthened our offering with aggregated nationwide farmland data, such as soil surveys, flood hazards, crop productivity, and sales. This powers Farmer Mac's Farmland Price Index and has created powerful automated valuation tools for use by lenders.

我們的土地業務旨在最大限度地提高美國頂級農場和生活方式牧場經紀公司的房源展示量和品牌曝光。這是一個價值 4.4 兆美元的資產類別，它們本質上就是住宅。2025 年，我們有近 9,000 名會員經紀人推廣了 144,000 個房源。我們新增的 AcreValue 更專注於農業領域，透過匯總全國農地資料（例如土壤調查、洪水災害、作物生產力和銷售情況），增強了我們的產品和服務。這為 Farmer Mac 的農地價格指數提供了動力，並創建了強大的自動化估值工具供貸款機構使用。

CoStar Group is emerging as a clear winner in the artificial intelligence era. We're positioned to take transformative share with the advantage Homes AI gives us. We are using AI to cut significant costs and improve our product offerings and quality. We're launching new transformative products that would not have been feasible without our AI innovation.

CoStar集團正在成為人工智慧時代的明顯贏家。憑藉 Homes AI 賦予我們的優勢，我們已做好準備，以獲取變革性的市場份額。我們正在利用人工智慧來大幅降低成本，並改善我們的產品和服務品質。我們正在推出一些具有變革意義的新產品，如果沒有我們的人工智慧創新，這些產品是不可能實現的。

Finally, LLMs do not create information from thin air. Effective LLMs require massive amounts of accurate, accessible data, and no one has more proprietary real estate information than CoStar Group. CoStar information products are protected by strong authentication. We've accumulated over 2.4 trillion fields of data. Only about 25% of our data is available on CoStar Group marketing portals. That means that the CoStar Group information content is not available to LLM AI crawlers. LLMs do not have the rights and cannot display CSGP imagery, including Matterport photos and videos.

最後，LLM 並不會憑空創造資訊。有效的LLM需要大量準確、易於取得的數據，而CoStar集團擁有最多的專有房地產資訊。CoStar 資訊產品採用強項認證技術進行保護。我們已經累積了超過 2.4 兆個資料欄位。我們只有大約 25% 的數據可以在 CoStar 集團的行銷入口網站上找到。這意味著 LLM AI 爬蟲無法存取 CoStar Group 的資訊內容。LLM 沒有權限顯示 CSGP 映像，包括 Matterport 照片和影片。

Over 35 years, we've collected nearly 700,000 Matterports and billions of proprietary images. The agentic tagging of our photographs creates hundreds of billions of new searchable, displayable, and model-ready data fields. We have massive proprietary information, 150 million properties. We receive direct leads of information from our clients that don't appear on the open Internet.

35 年來，我們收集了近 70 萬個 Matterport 圖像和數十億張專有圖像。對我們照片進行主動標記，可以建立數千億個新的可搜尋、可顯示和可用於建模的資料欄位。我們擁有海量的專有訊息，涉及1.5億處房產。我們從客戶那裡直接獲得一些不會出現在公開網路上的資訊線索。

Over 94,000 hotels provide us confidential performance data. More than 500 financial institutions provide us with detailed confidential loan data. Over 2,000 corporations, including half the Fortune 500, provide us with millions of confidential lease documents. Hundreds of thousands of real estate brokers, brokerages, feed us millions of listings digitally, many of which do not appear on the open Internet.

超過 94,000 家飯店提供我們機密業績數據。超過500家金融機構向我們提供詳細的保密貸款資料。超過 2000 家公司，包括財富 500 強企業中的一半，向我們提供了數百萬份機密租賃文件。成千上萬的房地產經紀人、經紀公司透過數位方式向我們提供數百萬條房源信息，其中許多資訊並未出現在公開的互聯網上。

280 home builders -- it's actually 300 home builders, feed us details digitally on their communities, and nearly 85,000 apartment managers give us direct digital access to extensive details about their properties.

280 家房屋建築商（實際上是 300 家）透過數位化方式向我們提供有關其社區的詳細信息，近 85,000 家公寓管理人員則透過數位化方式向我們提供有關其房產的詳細信息。

While there's a lot of accessible real estate data open to LLM crawlers, only CoStar has the massive, very difficult to replicate volumes of high quality, system of record, proprietary real estate data. We believe that we will be competitively advantaged in building the most transformative AI-powered real estate solutions.

雖然 LLM 爬蟲可以存取大量房地產數據，但只有 CoStar 擁有大量、難以複製的高品質、系統記錄的專有房地產數據。我們相信，在建立最具變革性的人工智慧房地產解決方案方面，我們將擁有競爭優勢。

So let me close with this. The results and the plan you heard today reflect what CoStar has always done. Build durable platforms on proprietary data, run them with discipline, and compound long-term shareholder value. We've strengthened our governance and capital allocation oversight, we're matching strategy with clear financial priorities, profitable growth, expanding adjusted EBITDA, and returns of capital. We're scaling Homes.com because it strengthens our entire real estate ecosystem globally and the completeness of our data, we're doing it with a clear investment glide path.

最後，我想補充一點。今天你們聽到的結果和計劃，體現了CoStar一直以來所做的一切。基於專有數據建立持久平台，嚴格運營，並實現長期股東價值成長。我們加強了公司治理和資本配置監督，將策略與明確的財務優先事項、獲利成長、擴大調整後 EBITDA 和資本回報相匹配。我們正在擴大 Homes.com 的規模，因為它能增強我們全球房地產生態系統的完整性，並提高數據的準確性，而我們正以清晰的投資發展路徑來實現這一目標。

On AI, we're not conceding the future. We're productizing our proprietary information with experiences like you see in Homes AI, while driving efficiency across the company.

在人工智慧領域，我們絕不向未來認輸。我們正在將我們的專有資訊產品化，打造出像 Homes AI 這樣的體驗，同時提高整個公司的效率。

So thank you for your trust and partnership, and I'll turn the call over to Mr. Chris Lown, our CFO.

感謝各位的信任與合作，接下來我將把電話交給我們的財務長克里斯‧洛恩先生。

Thank you, Andy. For the full year of 2025, revenue was $3.2 billion, a 19% year-over-year increase over 2024. This was ahead of consensus and above the high end of our full-year revenue guidance range. Our revenue outperformance primarily came from higher-than-expected contributions from CoStar, Matterport, and Domain. Full-year adjusted EBITDA in 2025 also came in above expectations at $442 million, posting a 14% adjusted EBITDA margin. This also exceeded consensus in the high end of our guidance range. The combination of our revenue beat and lower-than-anticipated personnel costs drove the adjusted EBITDA beat for the year.

謝謝你，安迪。2025 年全年營收為 32 億美元，比 2024 年年增 19%。這結果高於市場預期，也高於我們全年營收預期範圍的上限。我們的收入超預期主要來自 CoStar、Matterport 和 Domain 的貢獻高於預期。2025 年全年調整後 EBITDA 也超出預期，達到 4.42 億美元，調整後 EBITDA 利潤率為 14%。這也超出了我們預期範圍上限的共識。營收超出預期，加上人員成本低於預期，共同推動了本年度調整後 EBITDA 超出預期。

As Andy mentioned in his remarks, we've revised our reporting segments into a commercial segment and a residential segment. The new presentation aligns with how we view and manage the business, and we believe it provides shareholders with the best understanding and representation of our financial performance. On this call, I will address our results under both our historical and new disclosure methodologies. Going forward, I will discuss business performance and expectations using our new segment and disaggregated revenue disclosures.

正如安迪在演講中提到的，我們已經將報告部分修改為商業部分和住宅部分。新的展示方式與我們看待和管理業務的方式一致，我們相信它能讓股東更好地理解和了解我們的財務表現。在本次電話會議上，我將介紹我們在歷史揭露方法和新揭露方法下所取得的成果。接下來，我將利用我們新的細分市場和細分收入揭露資訊來討論業務表現和預期。

Revenue from our commercial segment totaled $1.79 billion, an 18% year-over-year increase from $1.52 billion in 2024. Our commercial segment is comprised of what we previously disclosed as CoStar and LoopNet, which also includes Domain's Commercial Marketplace, Information Services, Ten-X, BizBuySell, and Matterport. Ten-X, BizBuySell, and Matterport were previously included in other revenue. The 2025 acquisitions of Matterport and Domain contributed around 10 percentage points of this 18% revenue growth.

我們的商業部門營收總計 17.9 億美元，比 2024 年的 15.2 億美元年增 18%。我們的商業部門由我們先前揭露的 CoStar 和 LoopNet 組成，其中還包括 Domain 的商業市場、資訊服務、Ten-X、BizBuySell 和 Matterport。Ten-X、BizBuySell 和 Matterport 之前都包含在其他收入中。2025 年對 Matterport 和 Domain 的收購為這 18% 的營收成長貢獻了約 10 個百分點。

Revenue from our residential segment totaled $1.46 billion, a 20% increase year over year, with an organic growth rate of 12%. The residential segment includes Apartments.com, Homes.com, OnTheMarket, Land.com, and the residential revenue from Domain. Here's a breakdown of our revenue by product that is consistent with our prior guidance.

我們的住宅業務收入總計 14.6 億美元，年增 20%，有機成長率為 12%。住宅業務部門包括 Apartments.com、Homes.com、OnTheMarket、Land.com 以及 Domain 的住宅收入。以下是按產品劃分的收入明細，與我們先前的預期一致。

Apartments.com revenue grew 11% for both the fourth quarter and full year of 2025, in line with our expectations. We continue to see significant opportunity across all the Apartments.com TAMs, and saw a year-over-year rooftop growth of 18% to 89,275 at year-end 2025. We continue to invest in Apartments.com and expect to add an additional 50 salespeople in 2026, after adding nearly 100 in 2025.

Apartments.com 2025 年第四季和全年營收均成長了 11%，符合我們的預期。我們繼續看到 Apartments.com 所有 TAM 區域都存在巨大的機會，並且到 2025 年底，屋頂公寓數量同比增長 18%，達到 89,275 套。我們將繼續投資 Apartments.com，預計在 2026 年再增加 50 名銷售人員，此前在 2025 年已增加了近 100 名銷售人員。

Residential revenue was $108 million in the fourth quarter and $218 million for the full year of 2025, above the high end of our guidance estimate. As a reminder, this revenue grouping included Homes, OnTheMarket, and Domain Residential. Revenue in 2025 included a $95 million contribution from Domain's residential revenue, with Homes.com delivering an impressive 63% year-over-year growth rate. CoStar revenue grew 9% for the fourth quarter and 7% for the full year of 2025. This was at the high end of our guidance and a fantastic result as we are emerging from the worst commercial real estate crisis in recent memory.

第四季住宅收入為 1.08 億美元，2025 年全年為 2.18 億美元，高於我們預期的上限。需要提醒的是，該收入分組包括 Homes、OnTheMarket 和 Domain Residential。2025 年的收入包括 Domain 住宅收入的 9,500 萬美元貢獻，其中 Homes.com 實現了令人矚目的 63% 的同比增長率。CoStar 第四季營收成長 9%，2025 年全年營收成長 7%。這達到了我們預期的高端水平，考慮到我們正從近年來最嚴重的商業房地產危機中走出，這是一個非常好的結果。

CoStar rep productivity increased every quarter in 2025 as this team delivered its highest sales year since 2022. At 94%, CoStar also saw its highest renewal rate since Q4 2022, with CoStar Debt Solutions and STR posting strong year-over-year growth. We are extremely excited about CoStar's pending product launches as we look to expand CoStar Debt Solutions capabilities into origination workflow solutions, expand STR's financial reporting modules, and launch the groundbreaking lease benchmarking product.

2025 年，CoStar 銷售代表的生產力每季都在提高，該團隊實現了自 2022 年以來最高的銷售業績。CoStar 的續約率也達到了 94%，創下自 2022 年第四季以來的最高紀錄，其中 CoStar Debt Solutions 和 STR 的同比增長率強勁。我們對 CoStar 即將推出的產品感到非常興奮，因為我們期待將 CoStar 債務解決方案的功能擴展到發起工作流程解決方案，擴展 STR 的財務報告模組，並推出突破性的租賃基準產品。

LoopNet revenue increased 17% in the fourth quarter and 11% for the full year of 2025, also at the high end of our guidance. Excluding the impact from the acquired Domain commercial marketplace revenue, LoopNet grew 11% for the quarter and 9% for the year. LoopNet delivered its highest ever sales year in 2025, and we expect to continue that momentum throughout 2026 as we create the only pan-European CRE market solution and launch LoopNet in Australia.

LoopNet 第四季營收成長 17%，2025 年全年營收成長 11%，也達到了我們預期的上限。剔除收購 Domain 商業市場營收的影響，LoopNet 本季成長 11%，全年成長 9%。LoopNet 在 2025 年實現了有史以來最高的銷售額，我們預計在 2026 年將繼續保持這一勢頭，因為我們將打造唯一的泛歐商業地產市場解決方案，並在澳洲推出 LoopNet。

Revenue from information services increased 15% for the fourth quarter and 19% for 2025, in line with our guidance. We are excited about the combination of Visual Lease and Real Estate Manager as we drive synergies across the combined platform, launch new products in 2026, and integrate these businesses into CoStar's unified tech platform, combining market data and analytics with applications for occupiers of real estate. Importantly, AI will feature prominently as we use it to extract rents, lease terms, and other data from leases to create benchmark solutions, and we will also provide this functionality to our customers for automated lease abstraction and audit purposes.

資訊服務營收第四季成長 15%，2025 年成長 19%，與我們的預期一致。我們對 Visual Lease 和 Real Estate Manager 的合併感到非常興奮，因為我們將推動合併平台的協同效應，在 2026 年推出新產品，並將這些業務整合到 CoStar 的統一技術平台中，將市場數據和分析與房地產租戶的應用程式相結合。重要的是，人工智慧將發揮重要作用，我們將利用人工智慧從租賃合約中提取租金、租賃條款和其他數據，以創建基準解決方案，我們還將向客戶提供此功能，用於自動租賃摘要和審計目的。

As you can see in the disaggregated revenue tables in the earnings release, the information services revenue has now been incorporated into CoStar revenue as we migrate these businesses into the CoStar platform, as we successfully did with STR. Other revenue was $75 million for the fourth quarter and $272 million for the full year of 2025, above the high end of our guidance. This positive result reflects better-than-expected performance from Matterport, camera sales, and capture services revenue.

正如您在收益報告中的細分收入表中看到的那樣，隨著我們將這些業務遷移到 CoStar 平台，資訊服務收入現在已併入 CoStar 收入，就像我們成功地將 STR 遷移到 CoStar 平台一樣。第四季其他營收為 7,500 萬美元，2025 年全年為 2.72 億美元，高於我們預期的上限。這一積極的結果反映了 Matterport、相機銷售和拍攝服務收入的表現優於預期。

Company-wide, we delivered $7 million of net income in 2025, which is $25 million above the high end of our guidance range. Our full-year adjusted EBITDA of $442 million also exceeded the high end of our guidance by $17 million.

公司整體而言，我們預計 2025 年淨收入將達到 700 萬美元，比我們先前預測範圍的上限高出 2,500 萬美元。我們全年調整後的 EBITDA 為 4.42 億美元，也比我們預期的上限高出 1,700 萬美元。

Our sales force at year-end was 2,175 people, which increased by nearly 800 in 2025, including the addition of 185 reps from our 2025 acquisitions. The majority of the increase was concentrated in our Homes.com residential business, which increased by more than 400 reps in the year. We expect to continue growing most of our sales forces in 2026, with a particular emphasis on growing the LoopNet and Matterport teams.

截至年底，我們的銷售團隊有 2175 人，到 2025 年增加了近 800 人，其中包括 2025 年收購的 185 名銷售代表。大部分成長集中在我們的 Homes.com 住宅業務，一年內增加了 400 多名銷售代表。我們預計在 2026 年將繼續擴大大部分銷售團隊，尤其專注於擴大 LoopNet 和 Matterport 團隊。

Our contract renewal rate was 89% in the fourth quarter of 2025, and customers who have been subscribers for five years or longer have a 95% renewal rate. Subscription revenue on annual contracts was 71% for the fourth quarter of 2025. Domain does not operate using annual subscriptions, which has reduced this metric by 7 percentage points.

2025 年第四季度，我們的合約續約率為 89%，而訂閱五年或更長時間的客戶續約率高達 95%。2025 年第四季年度合約訂閱收入佔 71%。Domain 不使用年度訂閱模式，這使得指標下降了 7 個百分點。

Our other brands have remained relatively consistent with their subscription metrics. For full-year 2025, we delivered $308 million of net new bookings, a record for CoStar and 23% higher than 2024. Net new bookings for the fourth quarter were $75 million, a 42% year-over-year increase. During 2025, we completed our $500 million share buyback program, announced in February 2025 and repurchased 7.1 million shares.

我們其他品牌的訂閱指標一直保持相對穩定。2025 年全年，我們實現了 3.08 億美元的淨新增預訂量，創下 CoStar 的紀錄，比 2024 年增長了 23%。第四季淨新增訂單金額為 7,500 萬美元，較去年同期成長 42%。2025 年，我們完成了 2025 年 2 月宣布的 5 億美元股票回購計劃，並回購了 710 萬股股票。

We also recently announced that our Board has authorized a new $1.5 billion share repurchase program. We expect to repurchase a total of $700 million worth of shares in 2026. We plan to execute an accelerated share repurchase this quarter to repurchase $500 million worth of shares, followed by $200 million of open-market repurchases throughout the rest of 2026.

我們最近也宣布，董事會已批准一項新的15億美元股票回購計畫。我們預計在 2026 年回購總計價值 7 億美元的股票。我們計劃在本季加速回購股票，回購價值 5 億美元的股票，然後在 2026 年剩餘時間內透過公開市場回購 2 億美元的股票。

For 2026, we are affirming the guidance we provided on January 7. Specifically, we expect revenue of $3.78 billion to $3.82 billion and implying an annual growth rate of 16% to 18%. First quarter of 2026 revenues is expected to range from $890 million to $900 million, representing an increase of 22% to 23% year over year at the midpoint.

對於 2026 年，我們重申 1 月 7 日發布的指導方針。具體而言，我們預計收入為 37.8 億美元至 38.2 億美元，這意味著年增長率為 16% 至 18%。預計 2026 年第一季營收將在 8.9 億美元至 9 億美元之間，中位數顯示年增 22% 至 23%。

We are also affirming our 2026 full-year adjusted EBITDA guidance range of $740 million to $800 million, reflecting an adjusted EBITDA margin of 20% to 21%. First-quarter 2026 adjusted EBITDA is expected to range from $95 million to $115 million. Our adjusted EBITDA margins are expected to increase by roughly 5 percentage points each quarter throughout 2026. I want to say that again. Our adjusted EBITDA margins are expected to increase by roughly 5 percentage points each quarter throughout 2026. This margin expansion during the year reflects the timing of our marketing campaigns, which are heavily weighted to the first half of the year, as well as the seasonality of revenue from Domain.

我們也確認 2026 年全年調整後 EBITDA 指引範圍為 7.4 億美元至 8 億美元，調整後 EBITDA 利潤率為 20% 至 21%。預計 2026 年第一季調整後 EBITDA 將在 9,500 萬美元至 1.15 億美元之間。預計到 2026 年，我們調整後的 EBITDA 利潤率每季將成長約 5 個百分點。我想再說一次。預計到 2026 年，我們調整後的 EBITDA 利潤率每季將成長約 5 個百分點。今年利潤率的擴張反映了我們行銷活動的時機，這些活動主要集中在上半年，以及來自 Domain 的收入的季節性。

As an aside, I would suggest you review 2024 and 2025 quarterly adjusted EBITDA numbers and margins, where you will see a similar seasonality pattern of rising margins throughout the year.

另外，我建議您查看 2024 年和 2025 年的季度調整後 EBITDA 數據和利潤率，您會發現類似的季節性模式，即全年利潤率上升。

For additional context on first-quarter guidance, our marketing expenses tend to be the highest in the first and second quarters of the year, and 2026 should follow that same pattern. Events such as the Super Bowl, Winter Olympics, and the successful launch of Homes AI, drive spend earlier in 2026.

關於第一季業績指引的更多背景信息，我們的行銷費用通常在每年的第一季和第二季最高，2026 年應該也會遵循同樣的模式。超級盃、冬季奧運會以及 Homes AI 的成功發布等事件，將推動 2026 年的支出提前成長。

Additionally, Domain revenue is seasonally lower in the first quarter as Domain comes off its high-selling season. As a point of reference, based on current exchange rates, revenue for Domain has dropped an average of $14 million sequentially from Q4 to Q1 over the past two years.

此外，由於 Domain 的銷售旺季已過，因此其第一季的收入通常會較低。作為參考，根據目前的匯率，Domain 的營收在過去兩年中，從第四季到第一季平均季減了 1,400 萬美元。

Broken down by segment, we expect commercial revenue in 2026 of $1.955 billion to $1.975 billion, a 10% increase at its midpoint from 2025's revenue of $1.79 billion. For the first quarter, we expect commercial revenue of $470 million to $475 million, an increase of 16% at the midpoint from Q1 2025.

按業務板塊劃分，我們預計 2026 年商業收入為 19.55 億美元至 19.75 億美元，比 2025 年的 17.9 億美元收入成長 10%（取中間值）。我們預計第一季商業收入為 4.7 億美元至 4.75 億美元，比 2025 年第一季的中位數成長 16%。

Residential revenue is expected to range from $1.825 billion to $1.845 billion in 2026, a 26% increase year over year at the midpoint of the range. First quarter residential revenue is expected to range from $420 million to $425 million, an increase of 31% year over year at the midpoint of the range.

預計 2026 年住宅收入將在 18.25 億美元至 18.45 億美元之間，按區間中點計算，年增 26%。第一季住宅收入預計在 4.2 億美元至 4.25 億美元之間，以區間中位數計算，年增 31%。

We expect adjusted EBITDA margins for 2026 of 33% to 34% as we make a number of significant investments in the commercial segment to drive future growth. These investments include building CoStar Australia and expanding in Europe, CoStar Debt Solutions, origination workflow modules, the integration of Real Estate Manager and visualization to CoStar, a revolutionary lease benchmarking product, a new homes information product, STR profitability modules, AI across our businesses, new Matterport technology, and additional salespeople.

我們預計，隨著我們在商業領域進行多項重大投資以推動未來成長，2026 年調整後的 EBITDA 利潤率將達到 33% 至 34%。這些投資包括：在澳洲建立 CoStar 並在歐洲擴張、CoStar 債務解決方案、發起工作流程模組、將房地產管理器和視覺化功能整合到 CoStar、革命性的租賃基準產品、新的房屋資訊產品、短期租賃獲利能力模組、在我們所有業務中應用人工智慧、新的 Matterport 技術以及增加銷售人員。

For the residential segment, we expect adjusted EBITDA margins of 5% to 7%. Our level of CapEx is expected to range from $175 million to $225 million in 2026 as we complete the build-out of our Richmond campus, which should be finished in the second quarter.

對於住宅領域，我們預計調整後的 EBITDA 利潤率為 5% 至 7%。隨著里士滿園區的建設完成，預計到 2026 年，我們的資本支出水準將在 1.75 億美元至 2.25 億美元之間，園區的建設應該會在第二季完成。

In summary, I'm extremely proud of our 2025 results, delivered during a year complicated by high interest rates, inflation, and economic volatility. We remain focused on delivering on our strategic investments in the commercial and residential markets for our shareholders, while producing record profit levels in our established businesses as we drive revenue and margin expansion in the coming years.

總而言之，我對我們在2025年所取得的成績感到非常自豪，這一年充滿了高利率、通貨膨脹和經濟波動等諸多挑戰。我們將繼續專注於為股東實現我們在商業和住宅市場的策略性投資回報，同時在未來幾年推動收入和利潤率的成長，並在我們成熟的業務中創造創紀錄的利潤水平。

I'll now turn the call back over to the operator for questions.

現在我將把電話轉回給接線員，以便回答問題。

(Operator Instructions) Stephen Sheldon, William Blair.

（操作說明）史蒂芬·謝爾頓，威廉·布萊爾。

I think the 4Q bookings were a touch lighter than some had been expecting. Could you maybe talk some about the puts and takes in the quarter by business? Secondarily, it sounds like you're planning to continue growing sales headcount. Just wanted to ask what you're seeing in the productivity ramp for those added in 2025, and whether that ramp has looked any different than what you've seen historically for added sales headcount.

我認為第四季的預訂量比一些人預期的要少一些。您能否談談本季各業務的買賣情況？其次，聽起來你們似乎計劃繼續增加銷售人員數量。我想問一下，對於 2025 年新增的員工，你們觀察到的生產力提升情況如何？這種提升情況與以往新增銷售人員的情況有何不同？

I'll answer the second part of the question. I'll answer the second core part of the question first, and I'll let Chris answer the first part. In terms of sales ramp, we obviously are growing the sales force dramatically. When you first bring people on, as we've done, as we brought a lot of people on in 2025, they're not at maximum productivity. They're in line with what we've historically seen, but I think I commented during the call that they become two to three times more productive in the fifth year than they were in the first year.

我將回答問題的第二部分。我先回答問題的第二個核心部分，第一部分就讓克里斯來回答吧。就銷售成長而言，我們顯然正在大幅擴大銷售團隊。就像我們一樣，在 2025 年，我們招募了很多人來公司，但新員工的生產力並沒有達到最高水準。它們與我們歷史上看到的情況一致，但我認為我在電話會議中提到過，它們在第五年的生產力是第一年的兩到三倍。

We manage them closely on a nine-box and make sure they're on trajectory. We're seeing good initial results, but it is a large addition of salespeople.

我們用九宮格對他們進行密切管理，確保他們走在正確的軌道上。我們看到初步結果不錯，但這需要大量增加銷售人員。

Yeah, with regard to your first question, I'd point you into the investor deck, which we put on our website. Our Q4 net new was the second highest Q4 in our company's history. I repeat, it was the second highest Q4 in history, and I go back and look at it. We feel great about our outcome and for as far as puts and takes. You know, I think it's the number speaks for itself.

是的，關於你的第一個問題，我建議你看看我們網站上發布的投資者資料。我們第四季的淨新增業務量是公司史上第二高的第四季業績。我再說一遍，這是史上第二高的第四季業績，我回去查了一下。我們對結果感到非常滿意，無論從哪個方面來看都是如此。你知道，我覺得這個數字本身就說明了一切。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

Just following up on Apartments.com, if you can just help us understand how you're thinking about the growth of that business this year. Then with respect to the other half of residential with Homes.com, obviously, there's been a lot of upheaval lately in the industry regarding the role of the MLS and listing ownership. just curious, Andy, how you're thinking about managing the home strategy around that fluid evolution of the industry and what opportunities that might unlock. Thanks.

關於 Apartments.com，我想跟進一下，您能否幫我們了解一下您對今年該業務成長的看法？至於Homes.com的另一半住宅業務，顯然，最近業內圍繞MLS（多重上市服務）的角色和房源所有權發生了很大的變化。安迪，我很好奇，你如何看待在這種產業動態變化下管理住宅策略，以及這可能會帶來哪些機會？謝謝。

I guess there's two parts to that question. I'll handle the second part, as usual. Yeah, there is upheaval and there is some instabilities. I believe that the CEO of the largest brokerage firm made some statements to his staff in an all-hands call, talking about the fact that if his agents did not want to belong to the major association, they wouldn't have to within two years.

我想這個問題包含兩個部分。第二部分我會像往常一樣處理。是的，現在局勢動盪，也存在一些不穩定因素。我相信，最大的經紀公司的執行長在一次全體員工會議上發表了一些聲明，談到如果他的經紀人不想加入主要協會，他們可以在兩年內退出。

I think that reflects dissatisfaction with the industry, with having their listings go into a system that then syndicates them out to real estate portals that divert the leads from their own listings to their competitors, and that's not in the interest of the homeowner, it's not in the interest of the listing agent, it's not even in the interest of the buyer. I believe that that instability does create opportunities for a platform that is resonant with the brokerages, the agents, and the home seller. It's difficult to see exactly how that will break, but I believe that would break in our favor.

我認為這反映了人們對這個行業的不滿，他們的房源資訊被放入一個系統，然後該系統將房源資訊分發到房地產門戶網站，這些網站將潛在客戶從他們自己的房源轉移到競爭對手那裡，這不符合房主的利益，不符合房源經紀人的利益，甚至不符合買家的利益。我認為這種不穩定性確實為能夠引起經紀公司、經紀人和房屋賣家共鳴的平台創造了機會。很難確切地看出結果會如何，但我相信結果會對我們有利。

Yeah. On your first question, I would just point you to the guidance we gave on the residential side. You heard the stats that Andy talked about. We feel great about our position in Apartments.com, and just point to the guidance we gave on the residential segment.

是的。關於你的第一個問題，我只想提醒你參考我們在住宅方面提供的指導。你聽到了安迪提到的那些統計數據。我們對自己在 Apartments.com 的地位感到非常滿意，並指出我們在住宅領域提供的指導意見。

Brett Huff, Stephens.

Brett Huff，史蒂芬斯。

Two quick questions from me. Can you talk again about the commercial EBITDA guidance? Y'all kind of articulated some of the things you're investing in. There was a long list, but I wonder if you could sort of give us the top few, maybe that seem the biggest priority. The other question I had was, Andy, you mentioned some reductions in Matterport, and I didn't get the number, but it sounded like a large number. Can you just talk a little bit about that for us? Thank you.

我有兩個問題想問一下。您能再談談商業 EBITDA 預期嗎？你們大致闡述了你們正在投資的一些領域。清單很長，但我不知道您能否列出最重要的幾項，也許這些是最重要的。安迪，我的另一個問題是，你提到Matterport有一些降價，我沒問到具體數字，但聽起來降幅很大。能簡單談談這方面的情況嗎？謝謝。

Sure. Again, answering the second part of the question first, and then try the first question. Scott. I'm sorry, not Scott. We have a new CFO. He's only been here for two to three years. Chris. I'm sorry, Chris. Can you ever forgive me?

當然。再次強調，請先回答問題的第二部分，然後再嘗試回答第一個問題。斯科特。抱歉，不是斯科特。我們迎來了一位新的財務長。他在這裡才待了兩三年。克里斯。對不起，克里斯。你能原諒我嗎？

Yeah, after we merged with Matterport, we eliminated a number of duplicative public company costs, generally in the C-suite, and it was about $120 million of executive comp, both in cash and equity. You know, some HR, finance related duplicative areas. Made great progress towards improving the profitability of Matterport. We're focused on growing revenue at Matterport through adding salespeople and reaching more of our potential market. Yeah, it's about $120 million duplicative public company costs.

是的，在與 Matterport 合併後，我們削減了許多重複的上市公司成本，主要是高階主管層的成本，高階主管薪酬總額約為 1.2 億美元，包括現金和股權。你知道，人力資源和財務方面存在一些重複的領域。在提高Matterport的獲利能力方面取得了巨大進展。我們致力於透過增加銷售人員和拓展潛在市場來提高 Matterport 的收入。是的，這相當於1.2億美元的重複上市公司成本。

Yeah, on the commercial adjusted EBITDA margin, I want to make sure also people remember the commercial segment does not have Apartments.com, and that's obviously in the residential segment. If we look at the primary investments that we're making in 2026, we have a de novo build to CoStar Australia. Obviously, we have the software and the technology, so we just have to fill in the data and information, and that team is well on its way, and they're very excited. That's a great result. Again, there's 200-ish-plus people that we sent that we hired down there to help us drive that information.

是的，關於商業調整後的 EBITDA 利潤率，我也想提醒大家記住，商業板塊不包括 Apartments.com，而 Apartments.com 顯然屬於住宅板塊。如果我們看看我們在 2026 年的主要投資，我們會發現我們正在為 CoStar Australia 進行全新的建設。顯然，我們已經有了軟體和技術，所以我們只需要填寫數據和信息，而那個團隊正在全力以赴，他們對此感到非常興奮。這是一個非常好的結果。同樣，我們派出了 200 多名我們僱用的人員到那裡幫助我們傳遞這些訊息。

In addition, we're expanding further in Europe, so that there's an ongoing effort obviously, the business has been very successful, as Andy mentioned, in Canada and the UK. We look forward to getting to those same success levels in Spain and France and Germany, et cetera, and Australia. As I mentioned, we're building out a origination workflow module for CoStar Debt Solutions. This has actually been driven by our clients who said, if you could give us workflows for originations, we'd love to tie it all together. That creates a huge amount of proprietary data and information, which we're excited about, so we're moving aggressively on that. We also talked about integrating Real Estate Manager and Visual Lease into CoStar.

此外，我們正在進一步拓展歐洲市場，顯然，正如安迪所提到的那樣，我們在加拿大和英國的業務非常成功，因此我們一直在努力拓展歐洲市場。我們期待在西班牙、法國、德國等國家以及澳洲取得同樣的成功。正如我之前提到的，我們正在為 CoStar Debt Solutions 建立一個貸款發起工作流程模組。實際上，這是由我們的客戶推動的，他們說，如果你們能給我們貸款發起的流程，我們很樂意將所有內容整合起來。這將產生大量的專有數據和信息，我們對此感到非常興奮，因此我們正在積極推進這項工作。我們還討論了將房地產管理系統和視覺化租賃系統整合到 CoStar 中的問題。

Just so people fully understand, we are just like we did with SDR, we're actually taking Real Estate Manager and Visual Lease, rewriting all the code into CoStar, as we do with everything, creating a brand-new, better platform embedded within CoStar, which also will have all the data and information around it. That, that will be a fantastic and revolutionary capability. Alongside that will be the Lease Benchmarking Product. That will be a first-time product that has never existed before. We're investing on that. We have a new homes information product that we've launched and is already generating revenue, which is fantastic.

為了讓大家完全理解，我們就像對待 SDR 一樣，實際上是將 Real Estate Manager 和 Visual Lease 的所有程式碼重寫到 CoStar 中，就像我們對待所有事情一樣，創建一個全新的、更好的平台嵌入到 CoStar 中，該平台還將包含所有相關的資料和資訊。那將是一項了不起的、革命性的能力。同時，也將推出租賃基準分析產品。那將會是一款前所未有的首創產品。我們正在對此進行投資。我們推出了一款新的房屋資訊產品，目前已經開始產生收入，這真是太棒了。

We actually just launched, I believe, STR profitability module, so those just came out, and that gives our customers an ability to understand their profitability on a gross profit basis, not on a, not on a per unit basis, so they're excited about that. As you've seen, we launched Homes AI very successfully, and it's been a great couple weeks.

我們剛剛推出了 STR 盈利能力模組，我相信它剛剛面世，它讓我們的客戶能夠以毛利為基礎了解他們的盈利能力，而不是以單位利潤為基礎，所以他們對此感到很興奮。正如你所看到的，我們非常成功地推出了 Homes AI，過去的幾週也進展順利。

We are going to take that capability across all our businesses, first in Apartments.com, but then quickly across all other businesses. That is really exciting for us. Our Matterport team is a long one, and it's all getting done. Our Matterport team is really excited about building a new camera, so there's work going on around building the new camera, plus enhancing the technology they have.

我們將把這項能力應用到我們所有的業務中，首先是 Apartments.com，然後迅速推廣到所有其他業務。這對我們來說真是太令人興奮了。我們的 Matterport 團隊規模很大，但所有工作都在順利完成。我們的 Matterport 團隊對打造一款新相機感到非常興奮，因此目前正在進行新相機的研發工作，同時也正在改進現有技術。

Andy talked about the Furnish function, which is a real technology feed when they get it done, but also building a new camera, which is faster, better, et cetera.

Andy 談到了 Furnish 功能，這是一個真正的技術成果，當他們完成它時，他還談到了正在製造的新相機，它速度更快、更好等等。

Finally, additional salespeople. As you see, a meaningful amount of investment going into our commercial business, all great, all great opportunities to grow revenue, to grow TAM, to grow margins, but that inevitably will have a minor impact in 2026.

最後，還需要增加銷售人員。如您所見，我們向商業業務投入了大量資金，這些都是增加收入、擴大市場規模、提高利潤率的絕佳機會，但這在 2026 年不可避免地會產生較小的影響。

Clearly paying attention to and investing in the core.

顯然，他們非常重視核心業務並對其進行投資。

Pete Christensen, Citi.

Pete Christensen，花旗集團。

Andy, sorry, another AI disruption question. This time, a little bit more second order. The CRE broker space has kind of been under fire lately for concerns on disruption there. I guess if we were to think if the CRE broker space were to see a reduction, do you think CoStar would have the ability to change its pricing around? Do you see this as a potential disruption to the CoStar suite business? Thank you.

安迪，抱歉，我又問了一個關於人工智慧顛覆性變革的問題。這次，稍微多了一些二階效應。最近，由於擔心商業房地產經紀行業會受到衝擊，該行業一直備受爭議。我想，如果我們設想一下，如果商業房地產經紀行業出現下滑，你認為CoStar是否有能力調整其定價策略？您認為這會對CoStar套房業務造成潛在幹擾嗎？謝謝。

Sure. I have, gosh, spent 40 years working with commercial real estate brokers. I think that it is missing some of the personal relationship sales nature of a commercial real estate broker. These are really relationship people, so I'm somewhat puzzled at the level of the level of AI fear in that sector. For sure, there are high volumes of people in some of those commercial real estate service companies, which will who will be disintermediated by AI, they're not the revenue driver relationship people. I don't think they're going to go anywhere, those are the core audience for our CoStar product.

當然。天哪，我竟然花了40年時間與商業房地產經紀人共事。我認為它缺少商業房地產經紀人那種注重人際關係的銷售方式。這些人都是非常注重人際關係的人，所以我對該領域如此恐懼人工智慧的程度感到有些困惑。可以肯定的是，一些商業房地產服務公司裡有大量人員，他們將被人工智慧取代，因為他們不是創造收入、建立關係的人。我認為他們不會離開，他們是我們 CoStar 產品的核心受眾。

The 500 people building models in the background, they may disappear, but they're typically not our, the property managers doing accounting and all that stuff. They're typically not the people buying seats. If I think that there is the ability to retain comparable prices with seat reduction. We've done that in the past successfully during downturns.

幕後搭建模型的 500 人可能會消失，但他們通常不是我們的人，也不是做會計和其他相關工作的物業經理。他們通常不是買票的人。如果我認為可以透過減少座位數量來保持價格相近。我們過去在經濟低迷時期也成功地這樣做過。

Certainly over the last five years, you saw a significant reduction in the number of people doing commercial real estate, yet we continued to grow revenues. I do think that there's resilience there. Remember that brokers only represent, at this point, about 30%, 33% of our revenue. The majority of our revenue is banks and owners and institutions and CMBS and government agencies, many of whom are not on a seat license basis.

過去五年，從事商業房地產的人數確實大幅減少，但我們的收入卻持續成長。我確實認為那裡存在韌性。請記住，目前經紀人僅占我們收入的 30% 到 33%。我們的大部分收入來自銀行、業主、機構、商業抵押貸款擔保證券 (CMBS) 和政府機構，其中許多機構並非以席位許可方式持有股份。

Well, and also add to that, all the investment we're making is actually more geared toward those exact customers, and so we should expect to continue to see that percentage decrease, as those investments bear fruit.

此外，我們所有的投資實際上都更專注於這些特定客戶，因此我們應該會看到這一百分比繼續下降，因為這些投資會取得成效。

Who will tomorrow's AI fear be?

明天人工智慧最令人恐懼的對象會是誰？

Curtis Nagle, Bank of America.

柯蒂斯‧納格爾，美國銀行。

Chris Lown, maybe just one for you, one involved, just, I guess, trying to get the EBITDA guide for commercial. I think a slight decline on a dollar basis to midpoint. Talk about some of the investments. I think the other thing, though, we'd love to get some help with is, I guess, could you disaggregat -- so how much of that is due to the re-platforming of shared costs, right, from Homes.com over the past few years? I think some of that's going back to commercial. Any commentary there to kind of help bridge that would be helpful or anything else might have missed?

Chris Lown，也許只有你一個，一個相關的，我猜，只是想了解一下商業的 EBITDA 指南。我認為以美元計價會小幅下跌至中間價。談談一些投資項目。不過，我想我們也很想得到一些幫助，那就是，您能否細分一下——其中有多少是由於過去幾年 Homes.com 重新調整共享成本平台造成的？我認為其中一些要回歸商業領域了。有什麼評論可以幫助我們理解嗎？或者還有什麼我可能遺漏的嗎？

No, it's a great question. Obviously, again, first thing, and again, we're sort of apples, oranges, a little bit about the old commercial. There was taking out Apartments. Apartments was a very attractive margin business. That's A. B, we brought into this business inorganic companies in Matterport and Domain, and those have an impact on that margin, which we expect will grow back after we get through '26, but in their first full year, will have an impact. From an organic perspective, margin perspective, when we look at this, the margin's roughly similar as with '25.

不，這是一個很好的問題。顯然，首先，我們有點像蘋果和橘子，有點像以前的廣告。當時正在拆除公寓。公寓租賃是一個利潤非常可觀的行業。那是 A.B，我們把 Matterport 和 Domain 這兩家非有機成長的公司引入了這個行業，它們對利潤率產生了影響，我們預計在 2026 年之後利潤率會回升，但在它們的第一個完整年度，利潤率會受到影響。從有機角度、利潤角度來看，當我們觀察到這一點時，利潤與 25 年的情況大致相似。

Even with all this investment, it's roughly flat, and so what you really see is a little bit more of the inorganic side having the biggest impact on that margin in that period of time.

即使進行了所有這些投資，利潤率也大致持平，因此你真正看到的是，在此期間，非有機成長方面對利潤率的影響最大。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Andy, I'd love to hear about early results from Homes AI. Can you help connect this, though, in terms of the model? Like, what are you expecting in terms of retention or driving more traffic? How do you do that within the context of marketing spend in a newer product where you have to drive awareness? Thanks so much.

安迪，我很想了解 Homes AI 的初步成果。您能否從模型的角度幫助我們理解這一點？例如，您在用戶留存率或流量成長方面有何預期？在行銷支出有限的情況下，如何提高新產品的知名度？非常感謝。

In terms of marketing spend, we're shifting from top of funnel brand awareness to much more specific product feature marketing. Over the next one or two weeks, you'll see all that shifting to product functionality. The product functionality is so remarkable and so compelling that we want to basically simplify the marketing and highlight what it actually does, because when people see it and use it's compelling.

在行銷支出方面，我們正在從漏斗頂端的品牌認知行銷轉向更具體的產品功能行銷。接下來的一兩週內，你會看到所有這些都轉向產品功能。這款產品的功能非常出色，極具吸引力，因此我們希望簡化行銷，突出其實際功能，因為當人們看到並使用它時，就會被它深深吸引。

We are shifting some of our marketing budget closer to lower funnel, things like SEM, just because at this point, with the number of clients we've got, we want to deliver lead results, and you're seeing that with 187% year-over-year lead growth with Homes.com members.

我們正在將部分行銷預算轉移到銷售漏斗的下半部分，例如搜尋引擎行銷 (SEM)，因為目前，以我們擁有的客戶數量來看，我們希望帶來潛在客戶，而 Homes.com 會員的潛在客戶同比增長 187% 也印證了這一點。

The biggest impact here is engagement. As I mentioned, the engagement with the product goes up, four to seven times, when you're using the Homes AI interface. I believe that it's going to be something that, a year from now, people are not going to be able to imagine the old way of interfacing with a website. It shifts a lot more time and attention in the search process from offline to online, and it has dramatic appeal even when you're out physically in the market.

這裡最大的影響因素是參與度。正如我之前提到的，使用 Homes AI 介面時，使用者對產品的參與度會提高四到七倍。我相信，一年後，人們將無法想像過去與網站互動的方式。它將搜尋過程中更多的時間和注意力從線下轉移到線上，即使你身處實體市場，它也具有巨大的吸引力。

When you're driving around, and you can ask questions about the neighborhood and like, are there any houses that are sold right around here, and where are they? The phone actually guides you to it; you can drive over.

當你開車四處轉轉時，你可以詢問有關附近街區的問題，例如，這附近有沒有房子出售，它們在哪裡？手機會指引你找到它；你可以開車過去。

I was talking to a residential broker the other day, and he said, yeah, I was on my way to a listing presentation, which I had not prepared for. And as I was driving over the listing presentation, I got my whole briefing and my CMA and everything from Homes.com, talking as I was on my way. It's a tool that's going to be adopted or is being adopted by both the agents and by the consumers, and it's a much deeper experience than a filter and a result.

前幾天我和一位住宅經紀人聊天，他說，是啊，我正要去參加一個房源推廣會，但我沒有為此做任何準備。當我開車前往房源展示地點時，我從 Homes.com 那裡拿到了全部的簡報、市場比較分析報告以及所有資料，邊開車邊討論。它是一款將被代理商和消費者採用或正在被採用的工具，它提供的體驗遠比簡單的篩選和結果要深刻得多。

One of the things I thought was kind of interesting: I think we've had, we've reached out to 18,000 of our clients over the last week or so with Homes AI, and we use artificial intelligence to sort of map what the conversations are and what we're hearing. I think an odd element of this is that it is extracting agents from relying on the MLS as their primary information tool. We're, we're getting a lot of folks saying, gosh, this is a lot easier to use than the MLS. I hope that answers the question.

我覺得其中一件挺有意思的事：在過去一周左右的時間裡，我們已經透過 Homes AI 聯繫了 18,000 位客戶，我們利用人工智慧來了解對話內容和我們聽到的聲音。我認為這件事的一個奇怪之處在於，它讓經紀人不再依賴 MLS 作為他們的主要資訊工具。很多人都說，哇，這比 MLS 好用多了。希望這能解答你的疑問。

If I may add two additional points. Remember, that they, that AI agent will remember who you are, what school zone you want to be in, how many kids you have, if you like a house that's in the sunshine more than or has a view. The learning of it and the results that you will get as a user are just going to exponentially get better, and it'll know you as well as you know yourself or your spouse knows you. I think that's a really important point. It's not like you go every time, and it's a clean slate. It's building its knowledge and understanding to help you on your journey and provide you even better results, which, by the way, ends up being a much better lead for our subscribers, right?

如果允許我補充兩點。請記住，人工智慧代理商會記住你是誰，你想住在哪個學區，你有幾個孩子，你喜歡陽光充足的房子還是有風景的房子。隨著學習的深入，你作為使用者所獲得的成果將呈指數級增長，它會像你了解自己或你的配偶了解你一樣了解你。我認為這一點非常重要。這不像每次都要去，而且每次都是重新開始。它不斷累積知識和理解，以幫助您實現目標，並為您提供更好的結果。順便說一句，這最終會為我們的訂閱用戶帶來更好的潛在客戶，對嗎？

That handoff, they will have a lot more information. I think that's really important. Also take that into Apartments.com. Say, you own a building. You have people working in your building who are leasing agents or people who help. You are now going to have hundreds of AI leasing agents who are going to be following these customers, understanding they may spend more time on a two-bedroom versus a one-bedroom, so they're really more interested in a two-bedroom. They really want a view of the pool. They really want to be on the corner, on the outside, et cetera.

交接時，他們會掌握更多資訊。我認為這非常重要。也可以把這個情況應用在 Apartments.com 上。假設你擁有一棟大樓。你們樓裡有租賃代理或其他提供協助的人員。現在，您將擁有數百個 AI 租賃代理，它們將追蹤這些客戶，並了解客戶可能會在兩居室上花費更多時間而不是在一居室上花費更多時間，因此它們實際上對兩居室更感興趣。他們真的很想要能看到泳池的景色。他們真的很想待在角落裡，待在外面等等。

Again, this, the learning and the capability is going to be hugely beneficial and important to our customers, which is going to be almost irreplaceable. I think it's just this multitude of growth. Once people realize that, once our subscribers and our customers get that and understand that, it's just going to make such a better relationship with our customers and a better experience for them.

再次強調，這種學習和能力對我們的客戶來說將非常有益和重要，幾乎是不可替代的。我認為就是這種多方面的成長。一旦人們意識到這一點，一旦我們的訂閱用戶和客戶都了解這一點，就會與我們的客戶建立更好的關係，並為他們帶來更好的體驗。

The plan is to integrate all the platforms on this. When Chris Lown talks about the fact that we remember who the consumer is, what the shopper is, or what their interests are, and where they work, and where they play, and what their needs are for education, that is persistent across Apartments.com, across CoStar, and will even be persistent across Illumina, and eventually, Homes.com and BizBuySell.

計劃是將所有平台整合到這個平台上。克里斯·洛恩談到，我們會記住消費者是誰，購物者是什麼，他們的興趣是什麼，他們在哪里工作，在哪裡娛樂，以及他們對教育的需求是什麼，這一點在 Apartments.com、CoStar 等平台都得以延續，甚至在 Illumina 以及最終的 Homes.com 和 BizBuySell 等平台也將得以延續。

It's really quite powerful. Our goal and our plan is to have the interface back to the lister, whether they be a property manager, real estate owner, real estate agent, that's consistent. You'll have one sort of lead dashboard, listing management tool in AI that has much higher quality leads across all these platforms.

它功能非常強大。我們的目標和計劃是讓房源發布者（無論是物業經理、房地產所有者還是房地產經紀人）能夠獲得一致的介面。你將擁有一個基於人工智慧的潛在客戶儀錶板和清單管理工具，它可以在所有這些平台上提供更高品質的潛在客戶。

As someone who manages billions of these visits across many, many sites, many, many hundreds of thousands, millions of leads, agents really struggle with managing the leads they get off these sites. I mean, the best of them, respond to 50%, 60% of the leads in a timely fashion. The tools we're going to build here, are building here, will dramatically change that equation and make it much more efficient for them to be able to handle these. I think we're far, far away from your original question, so I'll shut up.

作為一名管理數十億次訪問量、涉及眾多網站、數十萬、數百萬潛在客戶的人員，經紀人在管理從這些網站獲得的潛在客戶方面確實面臨著巨大的挑戰。我的意思是，最好的公司也只能及時回覆 50% 到 60% 的潛在客戶。我們正在建構的工具，將會大大改變這種局面，使他們能夠更有效率地處理這些問題。我覺得我們離你最初的問題已經遠遠偏離了，所以我就不說了。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just wanted to follow up from the bookings question at the beginning and wondering if you can give any kind of commentary around ApartmentsandHomes.com bookings from the quarter. If it's not numbers, any sort of directional, qualitative commentary relative to last quarter would be great. Thanks.

我想就開頭提到的預訂問題做個後續說明，想知道您是否可以對 ApartmentsandHomes.com 本季的預訂情況發表一些評論。如果不是具體數字，任何與上一季相關的方向性、定性評論都將不勝感激。謝謝。

Yeah. We get a lot of requests for a lot of different information, et cetera, and I think what we feel is we provided new disclosure with new segments, and we've given you again the second highest net new bookings number in the company ever since 2015. The guidance is, like I said, I think Homes.com and Apartments.com, we still feel great about the businesses and the trajectory we're on. I'm going to leave it at that.

是的。我們收到了很多關於各種不同資訊的請求等等，我認為我們感覺我們提供了新的披露資訊和新的細分市場，並且我們再次為你們帶來了公司自 2015 年以來第二高的淨新增預訂量。正如我所說，我們的指導意見是，對於 Homes.com 和 Apartments.com，我們仍然對這兩家公司的業務和發展軌跡感到非常滿意。我就說到這裡吧。

Greg Huber, Huber Research Partners.

Greg Huber，Huber Research Partners。

I wanted to ask about Apartments.com. It sounds like you think, given the metrics you talked about, that Apartments.com revenue this new year will accelerate. Maybe talk a little bit more about that, if that's the case. What are you expecting for margins for Apartments.com for this year? Flat or down slightly, if maybe some extra marketing expenses? How should we think about how margins will play out there? Thank you.

我想問一下關於 Apartments.com 的問題。聽起來，根據你剛才提到的那些指標，你認為 Apartments.com 在新的一年裡的收入將會加速成長。如果真是那樣的話，或許可以再多談談這件事。您預計 Apartments.com 今年的利潤率是多少？持平或略有下降，或許是因為增加了一些額外的行銷費用？我們該如何看待利潤率在未來市場中的發展趨勢？謝謝。

We're not giving specific margins for any business, et cetera. I think what you can hold stock in is Andy's comments around how our business is performing, versus what we can see publicly, versus our number two competitor, which is significantly behind ours. We're excited about what we're seeing and the opportunity. We're excited about bringing AI. Like I said, it was and continues to be one of our most attractive businesses.

我們不會給出任何企業的具體利潤率等等。我認為值得關注的是安迪對我們公司實際業績的評論，這與我們從公眾那裡看到的情況，以及與我們排名第二的競爭對手（他們遠遠落後於我們）的情況相比，形成了鮮明的對比。我們對目前所看到的景象和機會感到興奮。我們很高興能引入人工智慧。正如我所說，它過去是、現在仍然是我們最具吸引力的業務之一。

Andy's talked historically, there's been a little more invested in marketing, but that's just because we had sweated that equity down over a period of time, and so there was a little bit more marketing. You know, this isn't a meaningful amount, so we feel as good today about Apartments.com as we have been in the recent past.

安迪曾說過，從歷史角度來看，我們在行銷方面投入了更多資金，但這只是因為我們花了很長時間才累積了這些資產，所以才有了更多的行銷投入。你知道，這並不是什麼大數目，所以我們今天對 Apartments.com 的感覺和最近一段時間一樣好。

I do not see any increase in marketing Apartments.com that I'm aware of. It's basically predictable as has been the past. What I was trying to communicate is, I do believe there's a little bit of smoke and mirrors occurring in the industry with the apartment space, and that we actually are in a much stronger position than the market realizes.

據我所知，我沒有看到 Apartments.com 的行銷力度有任何加大。基本上和過去一樣，一切都在意料之中。我想表達的是，我認為公寓行業存在一些障眼法，而我們實際上比市場意識到的要強大得多。

There's been some acquisition activity and competitors are going to create some tough comparables year over year. It's going to be tough to retain some of the acquired revenue, I believe. You can already see that in our ability to take significant share from some of the folks that have been picked up or synthetically acquired. In a way, to me, this is Groundhog Day.

最近出現了一些收購活動，競爭對手將導致同比數據出現較大波動。我認為，要留住部分已獲得的收入將會很困難。你已經可以從我們有能力從一些被收購或合成收購的公司手中奪取大量市場份額中看出這一點。從某種意義上說，對我來說，這就像《土撥鼠日》一樣。

We've competed against so many times against some of the same players who fail repeatedly and recapitalize, and then we compete again very successfully. I just wanted to communicate in my remarks that I believe that Apartments.com is an incredibly strong franchise with continued strength that will become clearer and clearer over the quarters to come.

我們曾多次與一些屢戰屢敗、屢敗屢戰的對手交鋒，而我們每次都能再次取得勝利。我只想在發言中表達，我認為 Apartments.com 是一個非常強大的特許經營品牌，其持續強勁的勢頭將在接下來的幾個季度中變得越來越明顯。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO資本市場。

You talk a lot about the investments that you're doing in the different businesses, and I think we get that. Beyond that, can you just remind us what your capital allocation priorities are? I'm specifically interested, if you're going to continue to do M&A, what you think you're missing in the portfolio, either from a product or geographic segment? Thanks.

你經常談到你在不同業務領域的投資，我想我們都明白這一點。除此之外，您能否提醒我們一下貴公司的資本配置優先事項是什麼？我特別想知道，如果你打算繼續進行併購，你認為你的產品組合在哪些方面有所欠缺，無論是產品領域還是地理領域？謝謝。

Listen, I think from a capital allocation, we obviously went through a capital allocation process. I think it was a great experience. Obviously, what came out of that was a buyback program. You know, we looked at buybacks as a percentage of free cash flow and how to think about that going forward. I'll let Andy opine on sort of what he may see as opportunities for us within an M&A perspective.

聽著，我認為從資本配置的角度來看，我們顯然經歷了一個資本配置過程。我覺得這是一次很棒的經驗。很顯然，最終的結果是推出了回購計畫。你知道，我們研究了回購佔自由現金流的百分比，以及未來應該如何看待這個問題。我會讓安迪從併購的角度，談談他認為我們有哪些機會。

I would say, our ability to acquire companies and generate not only significant synergies from expense savings, also accelerating growth, is really incredible in this company. I'll give it to Andy, if he sees what opportunities he thinks about.

我認為，我們公司在收購公司方面的能力非常出色，不僅能夠透過節省成本產生顯著的綜效，還能加速成長。如果安迪能意識到他所考慮的機會，我會把機會給他。

Yeah. From a capital allocation perspective, I love the concept that we're pursuing having fewer shares today than we did two years ago, and retiring shares and having good capital discipline there. I like the fact that we did the Matterport acquisition with a little bit of shared dilution, but we actually retire those shares at a more favorable cost point in hopefully going forward.

是的。從資本配置的角度來看，我非常同意我們現在持有的股票數量比兩年前更少，我們正在逐步註銷股票，保持良好的資本紀律。我很高興我們以一定程度的股權稀釋完成了對 Matterport 的收購，但希望未來我們能以更有利的成本點回購這些股份。

I hope you get the sense that we have a incredible amount of innovation going on here. We have a lot of intellectual firepower building really transformative products across the board, both in the commercial and the residential side. We have a lot on our plate right now, and we want to focus on the things we've got on our plate.

我希望你們能感受到，我們這裡正在進行大量的創新。我們擁有強大的智力實力，能夠全面打造具有變革意義的產品，無論是在商業領域或住宅領域。我們現在有很多事情要處理，我們想專注於我們正在處理的事情。

Having said that, there are a lot of interesting acquisition opportunities, we have so much going on organically right now that is a priority. The business generates a lot of cash, we believe will generate a lot of cash, and give us the ability to approach what we want to approach, the time we want to approach it. We're not going to comment on any specific things, there are dozens, if not 100, opportunities out there.

話雖如此，目前有很多有趣的收購機會，我們有很多內部成長項目正在進行，這才是優先事項。我們相信，這項業務能夠產生大量現金，並將繼續產生大量現金，使我們能夠按照我們想要的時間做我們想要做的事情。我們不會對任何具體事情發表評論，機會至少有幾十個，甚至上百個。

Yeah, just to add a finer point to that cash generation. With the completion of the Richmond campus and also our building in Arlington, you're actually going to see real acceleration of cash flow in 2027 and really into 2028. I'd also highlight one thing that we've talked about historically. Don't forget, we built the Richmond campus, and we acquired the Arlington building, and they're on our balance sheet.

是的，只是為了更精細地說明如何產生現金流。隨著里士滿校區和阿靈頓大樓的竣工，您將在 2027 年以及 2028 年看到現金流的真正加速成長。我還想強調一下我們過去討論過的一件事。別忘了，里士滿校區是我們建造的，阿靈頓大樓是我們收購的，它們都在我們的資產負債表上。

When, and we expect this to happen, when rates come down and cap rates come down, there is a release of capital that we would expect to see. An additional increase as a result of those sell leaseback processes for those two buildings. We're excited about the cash generation we're going to accelerate over the next three years.

我們預期這種情況會發生，當利率下降、資本上限下降時，就會釋放出我們預期會看到的資本。由於這兩棟大樓的售後回租流程，價格又增加了。我們對未來三年將加速實現現金流成長感到興奮。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Hi, this is Junyong for Jason Haas. Thanks for fitting me in.

大家好，我是代表Jason Haas的Junyong。謝謝你安排我過來。

You guys are guiding to negative $45 million of EBITDA in 1Q for the resi segment and positive $105 million for the full year at the midpoint. I just want to better understand the timing of the profitability improvement through the year for resi, as well as the key drivers behind it. Thank you.

你們預測住宅業務第一季 EBITDA 為負 4,500 萬美元，全年中期 EBITDA 為正 1.05 億美元。我只是想更了解住宅市場全年盈利能力改善的時間安排，以及背後的關鍵驅動因素。謝謝。

We talked about the marketing aspect which is really front-loaded in the first quarter and to a less extent, the second quarter. That is a meaningful part of that acceleration and the underlying growth and revenue across both businesses, apartments and homes, both on relatively fixed cost basis. That drives that acceleration over the 2026 period.

我們討論了行銷方面的問題，這些問題主要集中在第一季度，第二季度則相對較少。這是加速發展以及公寓和住宅業務潛在成長和收入的重要組成部分，而且兩者都是以相對固定的成本為基礎的。這將推動2026年期間的成長加速。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

You mentioned Domain revenue came well ahead of expectations in four Q, and Matterport's also contributing inorganically. Can you outline what M&A contributions you expect for 2026, and what organic growth rates for commercial and residential are being embedded in the full year guide?

您提到 Domain 第四季的營收遠超預期，Matterport 也透過非內生性成長做出了貢獻。您能否概述一下您預計 2026 年併購將帶來哪些貢獻，以及全年指導方針中體現的商業和住宅有機增長率是多少？

No, George, I don't have those numbers in front of me, but let me come back to you. I know what you're saying, let me come back to you. As far as additional M&A, we have all you've really affected is the full year impact of the acquisitions we made in '25 into '26, right? That impact. We obviously aren't in the midst of any M&A activity or closing anything that we're aware of.

不，喬治，我手邊沒有那些數字，但我稍後會再告訴你。我知道你的意思，讓我回頭再跟你說。至於額外的併購，你真正影響的只是我們在 2025 年進行的收購對 2026 年的全年影響，對嗎？這種影響。顯然，據我們所知，我們目前沒有任何併購活動或交易正在進行中。

Nick Jones, BNP Paribas.

尼克瓊斯，法國巴黎銀行。

I guess, maybe going back to CoStar Suite and the moats you have there, I guess, can you speak to maybe how you're using AI to maybe enhance the moats or build out stronger datasets? I guess, how confident are you that some of these, maybe AI-driven solutions that are maybe coming in from the legal side, can't maybe start to rapidly replicate a similar dataset? Any clarity, I guess, on the threat and maybe what you guys are doing to basically take new technology and enhance the moats further? Thanks.

我想，或許可以回到 CoStar Suite 以及你們所擁有的競爭優勢，您能否談談你們是如何利用人工智慧來增強這些競爭優勢或建立更強大的數據集的？我想問的是，您對其中一些可能來自法律領域的AI驅動解決方案，能否迅速複製類似的資料集有多大信心？我想請問一下，你們能否澄清一下所面臨的威脅，以及你們正在採取哪些措施來運用新技術，進一步加強防禦？謝謝。

Sure. We are definitely creating new datasets from proprietary content, at an accelerated pace facilitated by AI. If you take a look at the corporate leases, which are not available to the general public, they're proprietary, and they require careful treatment, protecting confidentiality on the behalf of clients. Abstracting those leases, pre our AI abstraction tools would have taken hundreds and hundreds of people, years and years and years to do. Now, we can do it in a matter of weeks at a cost of less than $200,000.

當然。我們正在利用專有內容，以人工智慧加速的方式，不斷創建新的資料集。如果你查看公司租賃合約（這些合約不對公眾開放），你會發現它們是專有的，需要小心處理，以保護客戶的機密性。在我們擁有人工智慧抽象工具之前，要完成這些租賃合約的抽象工作，需要數百人花費數年時間。現在，我們可以在幾週內以不到 20 萬美元的成本完成這項工作。

That is just one proof point of how we're actually growing our proprietary datasets, much more rapidly than we could have in a non-AI world. I'm going to stress again that AI cannot create data from nothing. If it doesn't know something, it can't create something it does not know. That's a fact, right? It's not mythical, magical; it's just a reality. So much of the data in our data moat is proprietary, like you're seeing with Homes AI, we are quite capable of building very powerful, innovative products that where we have more data to put into our models than another player.

這只是我們如何快速成長專有資料集的一個例證，其速度遠超我們在非人工智慧時代所能達到的速度。我再次強調，人工智慧無法憑空創造數據。如果它不知道某件事，它就無法創造它不知道的事物。這是事實，對吧？它不是神話，也不是魔法；它只是現實。我們資料護城河中的許多資料都是專有的，就像您在 Homes AI 中看到的那樣，我們完全有能力建立非常強大、創新的產品，因為我們擁有比其他競爭對手更多的資料可以輸入到我們的模型中。

Just a simple standalone AI can abstract some datasets off the internet, but we have more. We have significantly more, we'll leverage that more. We believe that the information begets information. That's been the nature of our business since the beginning of time.

一個簡單的獨立人工智慧就可以從網路上提取一些資料集，但我們擁有的遠不止這些。我們擁有的資源多得多，我們會更好地利用這些資源。我們相信資訊會產生更多資訊。自古以來，我們的業務性質就是如此。

Because we have data, we can draw clients who give us more data and more data and more data. It's a race, and it's a data begets data race. You can see that's what STR is, that's what Real Estate Manager is doing, that's what Debt Solutions is doing. That's three of them in just a matter of a couple of years, that are these proprietary data generators, that you can't, you can't get at the data unless you have the keys, and we have the keys.

因為我們擁有數據，所以我們可以吸引客戶，而這些客戶會提供我們更多的數據、更多的數據、更多的數據。這是一場競賽，一場數據驅動數據的競賽。你可以看到，這就是 STR 的運作方式，這就是房地產經理正在做的事情，這就是債務解決方案正在做的事情。短短幾年內，我們就開發了三個這樣的專有數據產生器，除非你有密鑰，否則你無法取得這些數據，而我們擁有密鑰。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

I was just wanted to follow up on the earlier question on commercial segment margins. I understand the investment in 2026, but how should we think about the commercial margins over your mid-term targets? Thanks.

我只是想就之前關於商業部門利潤率的問題做個後續說明。我理解2026年的投資計劃，但是我們該如何看待你們的中期目標的商業利潤率呢？謝謝。

Yeah. I mean, you should see the [mid cat sim] grow from 2026 to actually 2027 to 2030, right? You get through this investment phase in 2026, and then you should expect them to grow 2027 to 2030.

是的。我的意思是，你應該看看[中期貓咪模擬]從2026年到2027年再到2030年的發展情況，對吧？如果順利度過 2026 年的投資階段，那麼預計 2027 年至 2030 年期間，該公司將實現成長。

The full impact of the investments is happening as we speak, right? Amazingly, all those investments are basically happening at the same time. We should, a lot of them should be finalized in 2026.

這些投資的全部影響正在我們眼前顯現，對吧？令人驚訝的是，所有這些投資基本上都是同時進行的。我們應該，其中許多都應該在2026年完成。

I think with that, we're going to wrap up the call. Thank you everyone for joining us on the call. We appreciate your time and attention and the opportunity to be working for you guys. I guess you guys are going to catch the city. We actually have a great view of the capital here from where we're sitting or doing this call. I guess that's the next thing tonight.

我想，我們的通話就到此結束了。感謝各位參加本次電話會議。我們感謝您抽出寶貴時間關注我們，也感謝您給我們提供為您們工作的機會。我想你們應該會去這座城市看看。實際上，從我們現在坐的地方或說進行這次通話的地方，可以很好地欣賞首都的景色。我想這就是今晚接下來要做的事了。

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

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。