CoStar Group, Inc. (CSGP) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 2026 CoStar Group earnings conference call.

大家好，感謝您稍候。歡迎參加 CoStar Group 2026 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.(Operator Instructions)

(接線員指示) 請注意，今天的會議將被錄音。(接線員指示)

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

現在我想把會議交給今天的講者——投資人關係主管 Rich Simonelli。

Thank you, Josh. Hello and thank you, all, for joining us to discuss the second-quarter 2026 results of the CoStar Group.

謝謝你，Josh。各位好，感謝大家參與，一同討論 CoStar Group 2026 年第二季的業績結果。

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

在我把電話交給 CoStar 的執行長兼創辦人 Andy Florance，以及我們的財務長 Chris Lown 之前，我想先宣讀我們的安全港聲明。

Certain portions of the discussion today may contain forward-looking statements. The company's outlook and expectations are based on current beliefs and assumptions.

今天討論的某些內容可能包含前瞻性陳述。公司的展望與預期係基於目前的信念與假設。

Forward-looking statements involve many risks and uncertainties, assumptions, estimates, and other factors that can cause actual results to differ materially from such statements.

前瞻性陳述涉及許多風險與不確定性、假設、估計及其他因素，可能導致實際結果與該等陳述存在重大差異。

Important factors that can cause actual results to differ include, but are not limited to, those stated in CoStar Group's press release issued earlier today and our filings with the SEC.

可能導致實際結果不同的重要因素包括但不限於：CoStar Group 今日稍早發布的新聞稿，以及我們向美國證券交易委員會（SEC）提交的文件中所述事項。

All forward-looking statements are based on the information available to CoStar on the date of this call. CoStar assumes no obligation to update these statements, whether because of new information, future events, or otherwise.

所有前瞻性陳述均以本次電話會議當日 CoStar 可得之資訊為基礎。CoStar 不承擔更新這些陳述的義務，無論係因新資訊、未來事件或其他原因。

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

本次電話會議中討論之任何非 GAAP 財務衡量指標，其與最直接可比之 GAAP 指標的調節表，已於我們的新聞稿中詳細列示，並附有相關名詞定義。

Press release is available on our website, located at costargroup.com, under PRESS ROOM.

新聞稿可於我們的網站 costargroup.com 之 PRESS ROOM（新聞中心）取得。

You've joined us via webcast. Please refer to the press release today to see how to access the replay of this call.

您是透過網路直播加入我們。請參閱今日新聞稿，以了解如何收聽本次電話會議的重播。

Remember: I want to give everybody a chance to ask questions so please limit your question to one question, to start off. You can re-queue and, time permitting, ask a second question.

提醒大家：我希望讓每位與會者都有機會提問，因此請先將問題限制為一題。您可以重新排隊，若時間允許，再提第二題。

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

接下來，我想把電話交給我們的創辦人兼執行長 Andy Florance。Andy？

Again, thank you for joining us today.

再次感謝各位今天加入我們。

Our second-quarter 2026 financial results marked a profitability inflection point for CoStar Group, as adjusted EBITDA more than doubled year over year to $184 million. This is the second-highest quarterly level in company history.

我們 2026 年第二季的財務結果，標誌著 CoStar Group 獲利能力的拐點；調整後 EBITDA 年增逾一倍至 1.84 億美元。這是公司史上第二高的單季水準。

We generated $925 million of revenue in the second quarter, an 18% increase, year over year. That is our 61st consecutive quarter of double-digit revenue growth.

第二季我們創造 9.25 億美元營收，年增 18%。這是我們連續第 61 個季度維持雙位數營收成長。

Net income increased by 817%. EBITDA rose 441%. We held our increase in operating costs to just 2% year over year, all while continuing to invest in numerous long-term growth initiatives.

淨利增加 817%。EBITDA 上升 441%。在持續投資多項長期成長計畫的同時，我們將營運成本增幅控制在年增僅 2%。

We expect to deliver the highest full-year adjusted EBITDA in CoStar Group's history in '26. We're confirming our full-year guidance range of $780 million to $820 million.

我們預期在 2026 年交出 CoStar Group 史上最高的全年調整後 EBITDA。我們確認全年財測區間為 7.80 億至 8.20 億美元。

Along the way, we expect to deliver two consecutive quarters of our highest-ever adjusted EBITDA. Net new bookings for the quarter were $69 million, up 3% from the first quarter.

在此過程中，我們預期將連續兩個季度創下史上最高的調整後 EBITDA。本季淨新增預訂額（net new bookings）為 6,900 萬美元，較第一季成長 3%。

Our Commercial real-estate business generated $481 million of revenue in Q2, an increase of 8%, year over year. It generated adjusted EBITDA of $172 million, up 7%, year over year.

我們的商用不動產業務在第二季創造 4.81 億美元營收，年增 8%。該業務的調整後 EBITDA 為 1.72 億美元，年增 7%。

CoStar's revenue was $337 million, up 9%, year over year. Net new bookings accelerated up 24%. Renewal rates remained an impressive 93%. NPS held is historically strong at [68].

CoStar 的營收為 3.37 億美元，年增 9%。淨新增預訂額加速成長 24%。續約率仍維持在令人印象深刻的 93%。NPS 維持在歷史強勁水準[68]。

Net new bookings to brokers increased 48% year over year, including a multi-year renewal of our largest brokerage client.

面向經紀人的淨新增預訂額年增 48%，其中包括我們最大經紀客戶的一筆多年期續約。

Subscribers on the CoStar platform grew 19% year over year to 327,000. That subscriber base creates a powerful demand for Commercial property sale and lease listings. It makes the platform extremely valuable to the brokers and owners who list with us.

CoStar 平台訂戶數年增 19% 至 327,000。該訂戶基礎為商用物業買賣與租賃刊登帶來強勁需求。這使得平台對於在我們這裡刊登的經紀人與業主而言極具價值。

CoStar Debt Solutions delivers differentiated risk analytics to Commercial real-estate lenders by intelligently combining CoStar's information resources with each lender's own proprietary loan data. It delivered its best quarter ever, with over $4 million in net new monthly bookings, up 96%, year over year.

CoStar Debt Solutions 透過智慧整合 CoStar 的資訊資源與各貸方自有的專有貸款資料，為商用不動產放款機構提供差異化的風險分析。該業務創下史上最佳單季表現，淨新增每月預訂額超過 400 萬美元，年增 96%。

We are now applying the benchmarking expertise we developed with STR to Debt Solutions. 300 lender clients are contributing information on over 100,000 active loans, over $1.2 trillion in outstanding debt. This is on anonymized and aggregated basis.

我們目前正將透過 STR 所建立的基準比較（benchmarking）專業能力應用到 Debt Solutions。300 家放款客戶正在提供超過 100,000 筆在貸中的活躍貸款資訊，未償債務超過 1.2 兆美元。這些資料係以匿名化與彙總方式提供。

The product will give lenders unprecedented visibility to improve decisions across origination, portfolio risk, and compliance.

該產品將為放款機構提供前所未有的可視性，以改善在承作（origination）、投組風險與合規等面向的決策。

As an example of this value, a lender might discover his or her office loan book is at 80% loan-to-value ratio, while peers are at a more conservative 60%. That insight would provide and prompt the consideration of a significant risk premium or, perhaps, a shift to a more conservative lending policy, going forward.

舉例而言，某放款機構可能發現其辦公室貸款投組的貸款價值比（LTV）為 80%，而同業則較為保守，約為 60%。該洞見將促使其考量收取顯著的風險溢價，或在未來轉向更保守的放款政策。

Clearly, it's a game changer in the lending world.

顯然，這將改變放款市場的遊戲規則。

Overall, Commercial revenue accelerating growth was partly offset by Ten-X, where we have been restructuring the business for future growth and cost control; and enabled us to reduce costs by $7 million, year to date.

整體而言，商用業務營收加速成長，部分被 Ten-X 抵銷；我們正為未來成長與成本控管而重整該業務，並使我們得以在今年迄今降低 700 萬美元成本。

During this restructuring, revenue declined by $4 million. Going forward, Ten-X will be separated from LoopNet, with dedicated sales, marketing, and leadership to more effectively drive growth.

在此重整期間，營收下滑 400 萬美元。展望未來，Ten-X 將自 LoopNet 分拆，配置專屬的銷售、行銷與管理團隊，以更有效推動成長。

We launched four major product initiatives on the core CoStar platform in the second quarter:

第二季我們在核心 CoStar 平台上推出四項重大產品計畫：

First, in June, we released CoStar Rent Benchmark, a first-of-its-kind data set, built from 4 million AI-abstracted actual leases and lease documents. Rather than using less reliable asking-rents or broker-report information, this is real data.

第一，6 月我們發布 CoStar Rent Benchmark，這是一套業界首創的資料集，建立於 400 萬份由 AI 摘要整理的實際租約與租賃文件之上。不同於較不可靠的要價租金或經紀人回報資訊，這些都是真實資料。

Today, we present actual rent benchmark data. Over time, we plan to add model rents derived from that information. We have plans to build similar high-quality rent solutions in Australia and the United Kingdom.

目前我們提供的是實際租金的基準資料。隨著時間推進，我們計畫加入由該資訊推導出的模型租金。我們也計畫在澳洲與英國建立類似的高品質租金解決方案。

Secondly, we launched CoStar in France in Q2. Building on our BureauxLocaux and Business Immo acquisitions; and significant proprietary local research, the platform covers office logistics and hospitality across Paris, Lyon, Marseilles and more than 290,000 properties, 385,000 Commercial tenants, 90,000 availabilities, and 75,000 lease and sales comparables.

第二，我們於第二季在法國推出 CoStar。在 BureauxLocaux 與 Business Immo 併購案，以及大量自有在地研究的基礎上，該平台涵蓋巴黎、里昂、馬賽等地的辦公、物流與旅宿領域，覆蓋超過 290,000 筆物件、385,000 家商用租戶、90,000 筆可供租售資訊，以及 75,000 筆租賃與買賣可比案例。

It is one of the deepest [series] databases in the country. Over the next two years, we plan to migrate and upgrade roughly 1,100 Business Immo, subscribers to CoStar.

這是該國最深度的[系列]資料庫之一。未來兩年內，我們計畫將約 1,100 名 Business Immo 訂戶遷移並升級至 CoStar。

Early customer response has been very encouraging. Within days of launch, we signed our first major global brokerage customers -- French business.

早期客戶回饋非常令人鼓舞。在上線後短短數日內，我們就簽下首批大型全球經紀客戶——法國業務。

A major global investor told us this was their first time they had ever been able to get an absorption number for Paris. That's the KPI their Investment Board requires that, until now, was not readily available in France.

一位全球大型投資人告訴我們，這是他們第一次能夠取得巴黎的吸納量數據。這是他們投資委員會所要求的KPI，而在此之前在法國並不容易取得。

For our third CoStar product launch in Q2, we launched Public Record search in the UK, providing extensive transparency into 6.9 million freehold and leasehold ownership titles; and 6.8 million properties and parcel groups.

在第二季我們第三個CoStar產品發布中，我們在英國推出了公共紀錄搜尋，為690萬筆永久產權與租賃產權的所有權權狀提供高度透明度；以及680萬筆不動產與地塊群組。

Fourth, we extended our AI-powered lease-abstraction engine into CoStar Real Estate Manager. It converts complex lease documents into structured audible records; and significantly reduces the time clients spend onboarding and managing leases.

第四，我們將AI驅動的租約摘要引擎延伸至CoStar Real Estate Manager。它可將複雜的租約文件轉換為結構化的可稽核紀錄；並大幅縮短客戶在租約導入與管理上花費的時間。

We remain focused on launching CoStar in Australia in the second half of this year. We now have 124 researchers and photographers deployed on the ground in Australia, covering 30,000 listings; 23,000 property profiles; and more than 10,000 sale and lease transactions.

我們仍專注於在今年下半年於澳洲推出CoStar。目前我們已在澳洲當地部署124名研究員與攝影師，涵蓋30,000筆刊登資訊；23,000份物件檔案；以及超過10,000筆買賣與租賃交易。

Matterport performed well in the second quarter. Subscription revenue grew 16%, year over year. We achieved Matterport's all-time best month of enterprise-customer acquisition in June.

Matterport在第二季表現良好。訂閱收入年增16%。我們在6月創下Matterport史上企業客戶獲取的最佳單月表現。

Tomorrow, we will deploy a new pricing plan that reduces the price of the Matterport [3] camera and shifts more of the revenue into SaaS. We believe this will accelerate both adoption and subscription revenue growth.

明天，我們將推出新的定價方案，降低Matterport [3] 相機的價格，並將更多收入轉向SaaS。我們相信這將加速採用率與訂閱收入成長。

We continue to advance the product roadmap. We fully released [E57] import, strengthening Matterport's position as a unified platform for storing, managing, and using multiple sources of 3D spatial data in one spot.

我們持續推進產品藍圖。我們已全面釋出 [E57] 匯入功能，強化Matterport作為統一平台的定位，可在同一處儲存、管理並使用多種來源的3D空間資料。

The team also released a more powerful digital-twin experience. It presents a home's exterior through a Gaussian splat; lets viewers rotate and fly around the house; and then, move seamlessly inside to experience the home in high-resolution panoramas; or they can virtually remove the floor and various floors for a true dollhouse view of the home from the sky.

團隊也發布了更強大的數位分身體驗。它透過Gaussian splat呈現住宅外觀；讓觀看者可旋轉並環繞房屋飛行；接著可無縫移入室內，以高解析度全景體驗住宅；或可在虛擬環境中移除地板與各樓層，從空中以真正的娃娃屋視角俯瞰整棟住宅。

This capability was on our acquisition rationale roadmap. It's really exciting to see it successfully deliver.

這項能力原本就在我們併購理由的產品路線圖上。看到它成功交付，真的令人振奮。

The Matterport 3 camera has proven a highly efficient, reliable capture device. Post-acquisition, we have restarted hardware development. We have now produced the first prototypes; the next-generation, Matterport 4, which offers higher-measurement location accuracy and higher-resolution panoramas, which is particularly valuable to architecture and construction uses.

Matterport 3相機已證明是一款高效率、可靠的採集設備。併購後，我們已重新啟動硬體開發。目前我們已製作出下一代Matterport 4的首批原型機，提供更高的測量定位精度與更高解析度的全景影像，對建築與施工用途尤其有價值。

We anticipate delivering the Matterport 4 in late '27.

我們預期將於2027年末交付Matterport 4。

LoopNet generated $87 million of revenue in Q2, up 14%, year over year. Paid listings increased 9% year over year in the US to 220,000; and grew 24% in Canada and 52% in the UK, year over year.

LoopNet第二季營收為8,700萬美元，年增14%。美國付費刊登數年增9%至220,000筆；加拿大年增24%，英國年增52%。

We expanded the LoopNet salesforce to 225 reps, up from 191 a year ago.

我們將LoopNet銷售團隊擴編至225名業務代表，高於一年前的191名。

Asset-based pricing is driving adoption among lower-value listings, while capturing more value from higher-value listings. This is contributing to sequential acceleration of net new bookings from Q1 to Q2.

以資產為基礎的定價正推動較低價值刊登的採用，同時從較高價值刊登中擷取更多價值。這促成了淨新增訂單（net new bookings）從第一季到第二季的連續加速。

LoopNet's European revenue grew 10% year over year, with average monthly unique visitors up 88%. Our investment of Wikicasa in Italy creates the opportunity to add Italian coverage to LoopNet.

LoopNet的歐洲營收年增10%，平均每月不重複訪客數年增88%。我們在義大利投資Wikicasa，創造了將義大利覆蓋範圍加入LoopNet的機會。

We are now partnered with dozens of Italy's largest brokerage firms. Wikicasa lists over 100,000 Commercial real-estate listings from more than 12,000 broker branches.

我們目前已與義大利數十家最大型的房仲經紀公司建立合作。Wikicasa刊登超過100,000筆商用不動產物件，來源涵蓋超過12,000個經紀分支據點。

Our Australian CRE marketing platform, Commercialrealestate.com.au, continues to grow, with Q2 visits up 76%, year over year. We have decided to shift the release of LoopNet in Australia to late 2027, prioritizing, instead, releasing Residential integration first to achieve significant potential margin enhancements sooner.

我們在澳洲的商用不動產（CRE）行銷平台Commercialrealestate.com.au持續成長，第二季造訪量年增76%。我們已決定將LoopNet在澳洲的發布延後至2027年末，改為優先推出住宅端整合，以更快實現顯著的潛在毛利率提升。

STR delivered a strong Q2, with nearly 70% of its net new revenue coming from brand-new logo sales, a clear signal that growth is being driven by market expansion, not just pricing.

STR第二季表現強勁，其淨新增營收近70%來自全新客戶（新Logo）銷售，清楚顯示成長動能來自市場擴張，而不僅是調價。

We landed 261 new logos, globally, with US headliners Nobu Hospitality and Baywood Hotels, alongside standout Japan cohort in [Kajima] and [UDS].

我們在全球新增261個新Logo，美國代表客戶包括Nobu Hospitality與Baywood Hotels，同時日本客群也表現突出，包括[Kajima]與[UDS]。

Even with the Iran conflict weighing on the Middle East, we continued expanding with [Al Istama] in Saudi Arabia and secured a significant Indian win with SAMHI Hotel Investments.

即使伊朗衝突對中東造成壓力，我們仍持續擴張，與沙烏地阿拉伯的[Al Istama]合作，並在印度拿下SAMHI Hotel Investments這筆重要勝利。

BizBuySell revenue grew a moderate 5%, year over year. We're expanding the business with benchmarking tools that help buyers and sellers understand business value and evaluate opportunities, while partnering with [SBA] lenders to embed financing into the marketplace.

BizBuySell營收年增溫和的5%。我們透過基準比較工具擴展業務，協助買賣雙方理解企業價值並評估機會，同時與[SBA]放款機構合作，將融資嵌入市集平台。

Nearly 1 in 3 buyers now complete a robust buyer profile in BizBuySell and an NDA to speed the deal process. There's over 32,000 profiles, in total; including 8,700 added in Q2, alone.

目前幾乎每3位買家就有1位會在BizBuySell完成完整的買家檔案與簽署NDA，以加速交易流程。累計已有超過32,000份檔案；其中僅第二季就新增8,700份。

Residential revenue was $440 million in Q2, up 33%, year over year. Second-quarter adjusted EBITDA grew $41 million over the first quarter, bringing our Residential segment to a positive adjusted EBITDA in Q2.

住宅業務第二季營收為4.40億美元，年增33%。第二季調整後EBITDA較第一季增加4,100萬美元，使我們住宅部門在第二季達成調整後EBITDA轉正。

Apartments.com delivered $318 million of revenue in the second quarter, up 9%, year over year. June's gross sales were the third-highest sales month in Apartments.com history.

Apartments.com第二季營收為3.18億美元，年增9%。6月的總銷售額為Apartments.com史上第三高的單月銷售。

Apartments ended the quarter with nearly 93,000 paid properties, up 12% year over year, sustaining 18 months of adding approximately 1,000 paid properties each month, with monthly renewal rates holding strong at 99%.

Apartments在季末擁有近93,000個付費物件，年增12%，並維持連續18個月每月新增約1,000個付費物件；月度續約率仍強勁維持在99%。

Average revenue per property was largely flat, just down about 3.6%, year over year. The decline was primarily due to a mixed change in sales to smaller communities, which carry a lower average pricing.

每物件平均收入大致持平，年減約3.6%。下滑主要是因銷售組合轉向較小型社區，而其平均定價較低所致。

We're holding firm on price integrity, while competitor discounts aggressively to buy share because their quality gap is measurable.

我們堅守價格完整性；相較之下，競爭對手因其品質差距可被量化，正以激進折扣來買市占。

[PERQ], a leading digital marketing analytics firm, analyzed lead-to-lease conversion across more than 1,000 properties and found that Apartments.com leads converted 2.5 times the rate of the next closest competitor.

[PERQ]作為領先的數位行銷分析公司，分析了超過1,000個物件的「線索到簽約」（lead-to-lease）轉換，發現Apartments.com的線索轉換率是最接近競爭對手的2.5倍。

Entrada data shows apartments lead-to-lease conversion rose 14% year over year through May. A leading National Property Manager reports an 18% improvement. We believe that the ROFR product will win out over the medium term.

Entrada數據顯示，截至5月，公寓的「線索到簽約」轉換率年增14%。一家領先的全國性物業管理公司回報提升18%。我們相信ROFR產品在中期將勝出。

Our sales organization, the largest and most active in the industry, conducted 196,000 quality meetings in Q2 and maintained an industry-leading net promoter score of [88].

我們的銷售組織是業界最大且最活躍者，第二季進行了196,000場高品質會議，並維持業界領先的淨推薦值（NPS）[88]。

Apartments.com delivered more than 228 million highly engaged renter visits in the quarter, with traffic up 7% year over year in June, according to Google Analytics. By contrast, Comscore reports that June visits to Zillow's network declined 35%, year over year.

Apartments.com本季帶來超過2.28億次高度投入的租客造訪；根據Google Analytics，6月流量年增7%。相較之下，Comscore指出Zillow網路在6月的造訪量年減35%。

Apartments.com remains the most recognizable brand in apartment search, with 66% unaided consumer awareness among apartment seekers. That's 25 points ahead of our nearest competitor, according to Dynata.

Apartments.com仍是公寓搜尋中最具辨識度的品牌，在找房族群中有66%的無提示品牌認知度。根據Dynata，這比我們最接近的競爭對手高出25個百分點。

We have continued to grow, despite competitive distortions in the multi-family rental marketplace.

儘管多戶型租賃市場存在競爭扭曲，我們仍持續成長。

The FTC and multiple State Attorney Generals have sued Zillow for allegedly entering an unlawful agreement that reduced competition in multi-family rental advertising.

聯邦貿易委員會（FTC）及多位州檢察長已起訴 Zillow，指其涉嫌達成降低多戶型租賃廣告競爭的非法協議。

CoStar Group has separately sued Zillow for the unauthorized use of tens of thousands of CoStar-owned, copyrighted apartment photographs that it used to build its rental marketplace.

CoStar Group 亦另行起訴 Zillow，指其未經授權使用數以萬計由 CoStar 擁有且受著作權保護的公寓照片，並用以建立其租賃市場。

While these cases are pending, together, they raise a broader question: Whether Zillow's rental expansion was built through lawful competition or through shortcuts that regulators and rights holders are now challenging in court? Conduct that may result in significant setbacks for them.

在這些案件仍在審理之際，它們共同提出了一個更廣泛的問題：Zillow 的租賃擴張究竟是透過合法競爭建立，還是透過監管機關與權利人如今在法院中提出挑戰的捷徑？此類行為可能使其遭遇重大挫折。

At June's NAA - Apartmentalize, the multi-family industry's largest event, we confirmed our leadership position and innovation roadmap.

在 6 月的 NAA - Apartmentalize（多戶型產業最大盛會）上，我們確認了自身的領導地位與創新路線圖。

Our team conducted 728 sales appointments and welcomed more than 3,000 visitors to our booth, with 1,500 attendees visiting the Apartments.com Innovation Lab for demonstration of Apartments.com AI, Matterport, and our ChatGPT app.

我們的團隊進行了 728 場銷售會談，並在攤位迎接超過 3,000 名訪客；其中 1,500 名與會者前往 Apartments.com Innovation Lab，觀摩 Apartments.com AI、Matterport，以及我們的 ChatGPT 應用程式示範。

To date, the sales leads generated from the conference resulted more than $7 million in new annualized sales, up $1 million from last year.

截至目前，會議所產生的銷售線索已帶來超過 700 萬美元的新年度化銷售額，較去年增加 100 萬美元。

Leveraging our successful Homes AI technology, we introduced Apartments.com AI at the event, an immersive conversational search experience that help renters find, understand, compare, and contact properties through natural dialogue or text.

運用我們成功的 Homes AI 技術，我們在活動中推出 Apartments.com AI——一種沉浸式對話搜尋體驗，透過自然對話或文字協助租客尋找、理解、比較並聯絡物件。

It supports the full apartment-search journey and combines AI with Apartments.com's unmatched property data and media so renters arrive better informed and more prepared, when they reach out to leasing teams.

它支援完整的找房流程，並將 AI 與 Apartments.com 無可匹敵的物件資料與媒體內容結合，使租客在聯絡租賃團隊時能掌握更多資訊、準備更充分。

Early engagement has been extremely encouraging. In just a few weeks, users completed approximately 500,000 AI sessions.

早期互動表現極為令人鼓舞。短短幾週內，使用者完成了約 50 萬次 AI 會話。

Apartments.com's AI users spend 3 times longer on the site than non-AI renters, averaging 20 minutes per session. They viewed twice as many listings and spend 40% more time on each listing.

Apartments.com 的 AI 使用者在網站停留時間是非 AI 租客的 3 倍，每次會話平均 20 分鐘。他們瀏覽的物件數量是兩倍，且在每個物件頁面停留時間多 40%。

3D tour usage is up 225%. Traffic-to-lead conversion is up 256%. Based on these earlier results, we expect AI to meaningfully improve lead-to-lease conversion, over time.

3D 導覽使用量提升 225%。從流量到線索的轉換率提升 256%。基於這些早期結果，我們預期 AI 將隨時間推進，顯著提升從線索到簽約（lead-to-lease）的轉換。

Homes.com's rentals were showcased at the all-new Homes.com rental experience at Apartmentalize. Homes.com is the natural place to find a single-family home, townhouse, or condominium to rent and has become an important extension of the Apartments.com network.

Homes.com 的租賃房源在 Apartmentalize 全新推出的 Homes.com 租賃體驗中亮相。Homes.com 是尋找單戶住宅、聯排別墅或公寓（condominium）出租物件的自然首選，並已成為 Apartments.com 網路的重要延伸。

Through Q2, Homes.com's rentals drove more than 11% of Apartments.com's traffic, making Homes.com its largest single syndication partner. Leads from Homes.com to Apartments.com increased 162%, year over year.

截至第二季，Homes.com 的租賃房源為 Apartments.com 帶來超過 11% 的流量，使 Homes.com 成為其最大的單一聯播（syndication）合作夥伴。Homes.com 導流至 Apartments.com 的線索年增 162%。

By the end of '26, we expect every tool that independent owners use on Apartments.com to also be available on Homes.com.

我們預期到 2026 年底，獨立屋主在 Apartments.com 使用的每一項工具，也都能在 Homes.com 上使用。

We just released upgraded native Apartments.com apps for both iOS and Android. Apartments.com is the industry's highest-rated rental app. Both these apps are off to a strong start, with leads up 10% year over year in the first month.

我們剛發布 iOS 與 Android 的升級版原生 Apartments.com 應用程式。Apartments.com 是業界評分最高的租賃 App。這兩款 App 起步強勁，首月線索年增 10%。

Our Q2 marketing generated more than 2.2 billion media impressions. Co-branded Homes.com campaigns produced approximately 11 million views across YouTube and other outlets; and targeted digital campaigns, including, World Cup-related YouTube placements.

我們第二季的行銷帶來超過 22 億次媒體曝光。與 Homes.com 聯名的活動在 YouTube 與其他渠道合計約 1,100 萬次觀看；以及包含與世界盃相關的 YouTube 版位在內的精準數位投放。

In April, Apartments.com launched a ChatGPT partnership in 100 markets and have since expanded it to 500. According to Criteo, Apartments.com has greater visibility in ChatGPT than any other competitor.

4 月，Apartments.com 在 100 個市場推出 ChatGPT 合作，之後已擴展至 500 個市場。根據 Criteo，Apartments.com 在 ChatGPT 中的能見度高於任何其他競爭對手。

The US multi-family market is stressed and continues to work through elevated supply, making owners more price-sensitive.

美國多戶型市場承受壓力，並持續消化偏高的供給，使屋主對價格更為敏感。

Q2 absorption remains strong at approximately 139,000 units, down 3% year over year, while 2026 deliveries are projected to decline 23%. Concessions remain widespread, with roughly 40% of communities offering incentives.

第二季吸納量（absorption）仍維持強勁，約 139,000 戶，年減 3%；同時，預估 2026 年交付量將下降 23%。讓利（concessions）仍相當普遍，約 40% 的社區提供優惠誘因。

In this environment, property owners are increasingly focused on lead quality and leasing efficiency, exactly where Apartments.com differentiates.

在此環境下，物業所有人愈發聚焦於線索品質與租賃效率，而這正是 Apartments.com 的差異化所在。

Homes.com revenue grew 66% year over year to $28.5 million in Q2. The annualized run rate reached $116 million at the quarter end, up 78%, year over year.

Homes.com 第二季營收年增 66% 至 2,850 萬美元。季末年度化營收運行率（annualized run rate）達 1.16 億美元，年增 78%。

We now have over 36,000 agent-subscribers, up 107% from a year ago. 12-month trailing ARPU is approximately $265. The average subscriber price rose to $305 in June.

我們目前擁有超過 36,000 名代理人訂閱戶，較一年前增加 107%。過去 12 個月（TTM）的 ARPU 約為 265 美元。6 月平均訂閱價格上升至 305 美元。

We expect average pricing to continue to rise, as we use learnings from our growing subscriber base to optimize pricing.

我們預期平均定價將持續上升，因為我們會運用不斷成長的訂閱戶基礎所獲得的洞察來最佳化定價。

Subscribers paid to promote close to 305,000 active listings in Q2. That's 9.3% of the 3.2 million homes for sale in the US. Homes' member-agents listings increased 92%, year over year.

第二季訂閱戶付費推廣了接近 305,000 筆在售有效物件。這相當於美國 320 萬筆在售住宅的 9.3%。Homes 的會員代理人（member-agents）物件刊登量年增 92%。

We believe agent-subscribers are earning an 11x return on investment, based on the first-year commission data we shared last quarter. That positive result shows up in lower cancellations. Our monthly cancel rate dropped, again, to just 2.4% in June, our lowest yet, down from 6.5% in June of '25.

我們相信代理人訂閱戶可獲得 11 倍投資報酬率（ROI），此係基於我們在上季分享的首年佣金數據。這項正向成果反映在較低的取消率上。我們的月取消率在 6 月再次下降至僅 2.4%，創新低，低於 2025 年 6 月的 6.5%。

Homes.com's organic traffic is up 115%, year to date. Average session duration hit an all-time high in Q2, up 52% year over year in June. Bounce rates hit an all-time low of 34%.

Homes.com 的自然流量今年迄今成長 115%。第二季平均會話時長創歷史新高，6 月較去年同期增加 52%。跳出率降至歷史新低 34%。

In the third quarter, we plan to roll out our Platinum marketing tier, Homes.com's first-step advertising offering. Platinum listings will receive enhanced placement in search results; and, across key neighborhood and community pages, enhanced social marketing; and the full range of Homes.com's still-in-drone photography and Matterport tours.

在第三季，我們計畫推出白金（Platinum）行銷層級，作為 Homes.com 的第一階段廣告產品。白金刊登將在搜尋結果中獲得更強的曝光；並在關鍵鄰里與社區頁面獲得加強的社群行銷；以及提供 Homes.com 全套的靜態與空拍（drone）攝影與 Matterport 導覽。

We expect Platinum ads to be priced at multiples over standard listings.

我們預期白金廣告的定價將為標準刊登的數倍。

Most revenue on most real-estate portals around the world comes not from the base subscriptions we've sold, to date, but from enhanced depth advertising sales we're about to begin selling.

全球多數房地產入口網站的大部分營收，並非來自我們迄今所銷售的基礎訂閱，而是來自我們即將開始銷售的加值深度廣告（depth advertising）。

70% of Apartments.com's customers, by depth advertising. 91% of Domain's total revenue is generated by it.

Apartments.com 有 70% 的客戶採購深度廣告。Domain 的總營收有 91% 由此產生。

We believe that, in the future, the majority of Homes.com's revenue will be generated by depth advertising so it's an important milestone to begin selling it this upcoming quarter.

我們相信未來 Homes.com 的大部分營收將由深度廣告貢獻，因此在即將到來的本季開始銷售此產品，是一個重要里程碑。

Homes AI continues to drive exceptional engagement. Homes AI users spend more than 17 minutes, on-site. They conduct 3 times as many searches, favorite 5 times as many properties, share listing 6 times more often and are 48% more likely to return to Homes.com within the week.

Homes AI 持續帶來卓越的互動表現。Homes AI 使用者在站內停留超過 17 分鐘。他們進行的搜尋次數是 3 倍、收藏物件數是 5 倍、分享刊登的頻率高 6 倍，且在一週內回訪 Homes.com 的可能性高 48%。

Consistent with managing our Homes.com investment, we are optimizing our salesforce for efficiency and productivity, reducing inside sales reps from 660 at the end of Q4 '25 to about 400 today, while retaining the top producers who generate an outside share of the revenue.

為配合我們對 Homes.com 投資的管理，我們正最佳化銷售團隊以提升效率與生產力，將內勤銷售代表從 2025 年第四季末的 660 人縮減至目前約 400 人，同時保留能貢獻超比例營收的頂尖業務。

We always believe that a field organization would be the most productive, consistent with our experience at Apartments.com, LoopNet, and CoStar. But it takes years to build a good one.

我們始終相信，依據我們在 Apartments.com、LoopNet 與 CoStar 的經驗，外勤組織將是生產力最高的模式。但建立一支優秀的外勤團隊需要多年時間。

We initially built an inside team for speed-to-market. It worked, as we achieved over $100 million of organic revenue in the first two years.

我們最初建立了一支內部團隊，以加快上市速度。這項策略奏效了，因為我們在前兩年達成了超過 1 億美元的自然成長營收。

But, as expected, our small field team is delivering higher productivity so we're expanding that field team to 50 reps, focused on five major metros -- Washington, DC; Tampa; Atlanta; Dallas; Chicago -- and plan to expand further, as successful performance warrants.

不過，如預期所示，我們規模較小的外勤團隊帶來更高的生產力，因此我們正將外勤團隊擴編至 50 名業務代表，聚焦五大都會區——華盛頓特區；坦帕；亞特蘭大；達拉斯；芝加哥——並計畫在績效表現證明成功時進一步擴張。

Even as we reduced the salesforce, Homes.com's net new bookings were consistent with Q1. Production per rep increased 19%.

即使我們縮減了銷售團隊，Homes.com 的淨新增預訂仍與第一季一致。每位業務代表的產出提升了 19%。

Domain in Australia delivered a strong Q2, growing revenue 9% year over year on a pro forma basis -- strong agent engagement with Domain's growing audience, the roll-out of Matterport-enabled premium packages, and increased industry presence through a record upgrade activity.

澳洲的 Domain 在第二季表現強勁，按備考（pro forma）基礎計算，營收年增 9%——這得益於 Domain 受眾成長帶來的強勁仲介參與度、Matterport 支援的高階套裝方案推出，以及透過創紀錄的升級活動所提升的產業能見度。

Core Residential revenue -- excluding developers, agent solutions, and print -- increased 15% year over year on higher-listing volumes.

核心住宅營收——不含開發商、仲介解決方案與平面媒體——在更高的刊登量帶動下年增 15%。

We launched Matterport, integrated with Domain Australia, on July 1. We've had very positive response in the first several weeks, driving significant uptake of Platinum ads on Domain.

我們於 7 月 1 日推出與澳洲 Domain 整合的 Matterport。在最初幾週我們獲得非常正面的回應，帶動 Domain 上 Platinum 廣告的顯著採用。

We believe Domain is Australia's fastest-growing property variant, with average monthly visits reaching 41 million in Q2, up 35%, year over year.

我們相信 Domain 是澳洲成長最快的房地產平台之一，第二季平均每月造訪量達到 4,100 萬次，年增 35%。

We are narrowing the audience gap that historically defined this market by delivering a differentiated better-user experience.

我們透過提供差異化、更佳的使用者體驗，正在縮小過去界定此市場的受眾差距。

Our program to divest non-core software assets in Australia is progressing, as expected, which will enable management to concentrate on the most important Residential and Commercial objectives; and will improve overall profitability. We expect to finalize all divestitures by the end of 2026.

我們在澳洲剝離非核心軟體資產的計畫正如預期推進，這將使管理團隊能專注於最重要的住宅與商用目標；並將提升整體獲利能力。我們預期在 2026 年底前完成所有剝離。

Q2 was another strong quarter for OnTheMarket, our UK Residential portal. Total property inventory increased 12%, surpassing Zoopla; now, for the first time, making OnTheMarket the second-largest property portal in the UK by inventory.

第二季對我們英國住宅入口網站 OnTheMarket 而言又是一個強勁季度。總房源庫存增加 12%，超越 Zoopla；並且現在首次使 OnTheMarket 以庫存量成為英國第二大房地產入口網站。

We achieved our 26th consecutive month of positive net new bookings, with leads up 14% in the first half. Average engagement increased 43% year over year in Q2. Pages viewed per active user rose 64%. Total time on the site grew 16%.

我們連續第 26 個月達成正向淨新增預訂，上半年線索（leads）成長 14%。第二季平均互動度年增 43%。每位活躍使用者的瀏覽頁數上升 64%。網站總停留時間成長 16%。

Turning to Land.com, revenue grew 9%, year over year. First-half sales, net new bookings increased 22%. Signature ads grew 55%, year over year.

談到 Land.com，營收年增 9%。上半年銷售的淨新增預訂增加 22%。Signature 廣告年增 55%。

This month, we delivered our consolidated headquarters campus in Richmond, Virginia, on schedule and under budget. A decade ago, we chose Richmond for its ability to attract and retain in a low-cost market the highly skilled talent needed to build and scale CoStar's business.

本月，我們在維吉尼亞州里士滿如期且低於預算交付了整合後的總部園區。十年前，我們選擇里士滿，是因為它能在低成本市場中吸引並留住建立與擴張 CoStar 業務所需的高技能人才。

The new campus consolidates nearly a dozen scattered spaces and buildings into one facility; and allows us to scale from 2,500 employees today to 4,000, with limited capital costs and no additional construction.

新園區將近十處分散的空間與建築整合為單一設施；並使我們在資本成本有限且無需額外施工的情況下，能從目前 2,500 名員工擴張至 4,000 名。

The campus pairs a premier 21-story office tower with a mass-timber amenity building and our original nine-story office building.

園區結合了一棟頂級 21 層辦公大樓、一棟大規模木構（mass-timber）設施大樓，以及我們原有的 9 層辦公大樓。

Its LED-embedded glazing displays a generative AI art by Refik Anadol, built from our own real-estate data and imagery, appropriately keeping us focused on our AI future.

其嵌入 LED 的玻璃帷幕展示了 Refik Anadol 的生成式 AI 藝術作品，作品以我們自有的不動產數據與影像建構，恰如其分地讓我們聚焦於 AI 的未來。

The campus is tracking toward LEED Platinum and WELL Platinum certifications; and is slated to achieve net zero through 100% renewable energy.

園區正朝向取得 LEED 白金級與 WELL 白金級認證；並預計透過 100% 再生能源達成淨零。

Financially, this is a highly strategic deployment of capital. Centralizing operations eliminates fragmented lease costs and directly enhances employee efficiency, accelerating product-cycle sales and client retention.

在財務面，這是一項高度策略性的資本部署。營運集中化消除了分散的租賃成本，並直接提升員工效率，加速產品週期銷售與客戶留存。

Because we own this premier trophy asset entirely on our balance sheet, we have created substantial equity value and positioned ourselves for a future sales lease-back that could unlock hundreds and hundreds of millions in liquid capital for acquisitions or share buybacks, while retaining uninterrupted operation control.

由於我們在資產負債表上完全持有這項頂級地標資產，我們已創造可觀的股權價值，並為未來可能的售後回租做好布局；此舉可在維持不間斷的營運控制下，釋放數億又數億美元的流動資本，用於併購或庫藏股回購。

We hope to replicate the playbook from our former DC headquarters, where we achieved 145% value gain, then, in one year.

我們希望複製先前華盛頓特區總部的操作模式，當時我們在一年內就實現了 145% 的價值增長。

In May, we announced our agreement to acquire Zonda, a leading provider of new-home construction data, analytics software, and online marketplaces.

5 月，我們宣布已達成協議收購 Zonda，該公司是新建住宅施工數據、分析軟體與線上市集的領先供應商。

Zonda's comprehensive data set covers land development, construction activity, home sales, community performance, and builder operations, serving more than 3,000 builders, developers, lenders, manufacturers, and suppliers across North America.

Zonda 的完整資料集涵蓋土地開發、施工活動、住宅銷售、社區表現與建商營運，服務北美超過 3,000 家建商、開發商、放款機構、製造商與供應商。

We expect the transaction to close in the second half of this year.

我們預期該交易將於今年下半年完成交割。

At this point, I'll turn the call over to our CFO, Mr. [Christopher] Lown.

接下來，我將把電話會議交給我們的財務長 [Christopher] Lown 先生。

Thank you, Andy.

謝謝你，Andy。

For the second quarter of 2026, we generated revenue of $925 million, an 18% increase year over year and in line with our guidance range.

2026 年第二季，我們創造營收 9.25 億美元，年增 18%，並符合我們的指引區間。

Adjusted EBITDA was $184 million for the quarter, above the high end of our guidance range and represented a 20% adjusted EBITDA margin. This is an impressive 900 basis points increase, year over year.

本季調整後 EBITDA 為 1.84 億美元，高於我們指引區間上緣，調整後 EBITDA 利潤率為 20%。這較去年同期提升了令人印象深刻的 900 個基點。

Commercial revenue was $481 million, up 8% year over year and in line with our guidance.

商用營收為 4.81 億美元，年增 8%，並符合我們的指引。

Residential revenue was $444 million, up 33% year over year and also within our guidance range.

住宅營收為 4.44 億美元，年增 33%，同樣落在我們的指引區間內。

Adjusted EBITDA for the Commercial segment was $172 million, up 7% year over year and above the high end of guidance, with a 36% adjusted EBITDA margin.

商用事業部的調整後 EBITDA 為 1.72 億美元，年增 7%，高於指引上緣，調整後 EBITDA 利潤率為 36%。

Our Residential segment generated a record adjusted EBITDA of $12 million, marking its first quarter of profit since we launched Homes in Q1 2024.

我們的住宅事業部創下調整後 EBITDA 1,200 萬美元的紀錄，這是自我們於 2024 年第一季推出 Homes 以來首次實現獲利的季度。

We expect this to continue to grow, as we focus on monetizing our investments; and driving profitable growth and margin expansion.

隨著我們專注於將投資變現，並推動獲利性成長與利潤率擴張，我們預期這將持續成長。

The outperformance in adjusted EBITDA, overall, was driven by actions to reduce personnel costs and continued operating efficiencies.

整體調整後 EBITDA 的優於預期，主要來自降低人事成本的措施以及持續的營運效率提升。

We are particularly pleased that we delivered a 20% adjusted EBITDA margin a full quarter ahead of our expectations.

我們尤其高興的是，我們比預期提前整整一個季度達成 20% 的調整後 EBITDA 利潤率。

Net new bookings in the second quarter of 2026 were $69 million.

2026 年第二季的淨新增預訂為 6,900 萬美元。

Within our Commercial segment, CoStar revenue grew 9% year over year in the second quarter to $337 million. Subscriber counts increased an impressive 19% versus the second quarter of 2025.

在我們的商用事業部中，CoStar 第二季營收年增 9% 至 3.37 億美元。訂戶數相較 2025 年第二季大幅增加 19%。

CoStar Debt Solutions delivered its second consecutive record sales quarter.

CoStar Debt Solutions 連續第二個季度創下銷售紀錄。

LoopNet revenue increased 14% to $87 million, supported by continued momentum in paid listings, as we continue to build the only global Commercial real-estate marketplace.

LoopNet 營收成長 14% 至 8,700 萬美元，受惠於付費刊登的持續動能，因為我們持續打造唯一的全球商用不動產市集。

Other Commercial revenue was $57 million, down 5%, year over year. This was primarily driven by lower transaction volumes at Ten-X.

其他商用營收為 5,700 萬美元，年減 5%。這主要是由於 Ten-X 的交易量較低所致。

Matterport continued to outperform, with subscription revenue growth rates in the high-teens versus high-single-digit growth, prior to the acquisition.

Matterport 持續優於預期，訂閱營收成長率維持在十幾個百分點的高檔，相較於收購前的高個位數成長。

Residential revenue was $444 million, up 33%, year over year; and up $19 million, sequentially. The sequential growth primarily resulted from continued strong revenue from Domain, as well as increases in Apartments and Homes that exceeded their sequential increases in Q1 2026.

住宅營收為 4.44 億美元，年增 33%；較前一季增加 1,900 萬美元。此一季增主要來自 Domain 持續強勁的營收表現，以及 Apartments 與 Homes 的成長，且其季增幅度超過 2026 年第一季的季增。

Adjusted EBITDA increased to 39% sequentially from $132 million in 1Q 2026 to $184 million this quarter.

調整後 EBITDA 較前一季成長至 39%，由 2026 年第一季的 1.32 億美元提升至本季的 1.84 億美元。

Our focus on disciplined expense management, particularly in personnel and operating expenses, as well as continued efficiency gains across the business, including early benefits from AI and other expense initiatives, contributed to the increased profitability in Q2 2026.

我們專注於嚴謹的費用管理，特別是在人員與營運費用方面，以及全公司持續提升效率（包括 AI 及其他費用措施帶來的早期效益），共同推動 2026 年第二季獲利能力提升。

Importantly, proactive expense management from the first half of the year has established a new baseline for expenses that will continue to benefit us, moving forward.

重要的是，上半年主動的費用管理已建立新的費用基準，未來仍將持續帶來效益。

Year to date, revenue was $1.82 billion, up 20% year over year, with approximately half of the revenue growth coming organically.

年初至今，營收為 18.2 億美元，年增 20%，其中約一半的營收成長來自有機成長。

Commercial revenue was $953 million, up 11%, year over year. Residential revenue was $869 million, up 32%, year over year.

商用營收為 9.53 億美元，年增 11%。住宅營收為 8.69 億美元，年增 32%。

Turning to operational metrics, sales headcount at June 30 was 1,975, up 8% year over year and roughly flat on an organic basis.

接著看營運指標，截至 6 月 30 日的銷售人力為 1,975 人，年增 8%，以有機口徑來看大致持平。

Increases in LoopNet and Apartments sales staff were offset by the strategic reduction of Homes sales reps, as we focus on productivity and efficiency at Homes.com.

LoopNet 與 Apartments 的銷售人員增加，被我們策略性縮減 Homes 銷售代表所抵銷，因為我們在 Homes.com 著重於生產力與效率。

Our contract renewal rate remains strong at 89%, with customers of five years or more renewing at 94%.

我們的合約續約率仍維持強勁，為 89%；合作五年以上的客戶續約率為 94%。

Subscription revenue on annual contracts was 72% for the second quarter, consistent with post-Domain acquisition subscription rates.

第二季年度合約的訂閱營收占比為 72%，與收購 Domain 後的訂閱率一致。

We repurchased 2.4 million shares for $82.1 million in the second quarter, which brings our total share repurchases in 2026 to 13.75 million shares for a total cost of $587 million.

第二季我們以 8,210 萬美元回購 240 萬股，使得 2026 年累計回購達 1,375 萬股，總成本為 5.87 億美元。

Since the beginning of 2025, we have repurchased nearly 21 million shares for approximately $1.1 billion.

自 2025 年初以來，我們已回購近 2,100 萬股，金額約 11 億美元。

We expect to continue our open-market repurchases throughout the remainder of 2026 and expect a total of $700 million in share repurchases for 2026.

我們預期在 2026 年剩餘期間將持續於公開市場回購，並預期 2026 年全年回購總額為 7 億美元。

For Zonda, we are still in the regulatory-approval process. We are excited to welcome the talented Zonda team to CoStar Group and expect to close in the second half of 2026. We will provide an update on the accreted financial impact of this transaction in the earnings release, after the deal closes.

關於 Zonda，我們仍在監管核准流程中。我們很期待歡迎才華洋溢的 Zonda 團隊加入 CoStar Group，並預期於 2026 年下半年完成交割。交易完成後，我們將在財報新聞稿中提供本交易增厚（accretive）的財務影響更新。

Turning to guidance -- to be clear, we have not included any financial impact from the expected closing of the Zonda acquisition in our 2026 guidance:

接著談展望——為了清楚起見，我們的 2026 年指引未納入預期完成 Zonda 收購交割的任何財務影響：

For the third quarter of 2026, we are guiding revenue to range between $935 million and $945 million, representing a 13% year-over-year increase at the midpoint.

對於 2026 年第三季，我們預估營收介於 9.35 億至 9.45 億美元，中位數代表年增 13%。

Commercial revenue is expected to range from $489 million to $494 million, 7% growth at the midpoint, with Residential revenue expected to range from $446 million to $451 million, a 20% increase at the midpoint.

商用營收預期介於 4.89 億至 4.94 億美元，中位數成長 7%；住宅營收預期介於 4.46 億至 4.51 億美元，中位數成長 20%。

Adjusted EBITDA is expected to range from $190 million to $210 million, an adjusted EBITDA margin of 21% at the midpoint. This is over 700 basis points higher than Q3 2025's adjusted EBITDA margin.

調整後 EBITDA 預期介於 1.90 億至 2.10 億美元，中位數的調整後 EBITDA 利潤率為 21%。這比 2025 年第三季的調整後 EBITDA 利潤率高出逾 700 個基點。

We are guiding Commercial adjusted EBITDA to range between $162 million and $172 million, with Residential adjusted EBITDA of $28 million to $38 million.

我們預估商用調整後 EBITDA 介於 1.62 億至 1.72 億美元，住宅調整後 EBITDA 介於 2,800 萬至 3,800 萬美元。

We are providing adjusted EPS guidance of $0.31 to $0.34 for the third quarter, which assumes 403 million weighted average shares outstanding.

我們提供第三季調整後 EPS 指引為 0.31 至 0.34 美元，假設加權平均流通股數為 4.03 億股。

For the full year of 2026, we are revising our previous revenue guidance range to $3.715 billion to $3.755 billion, representing a 15% year-over-year increase at the midpoint.

對於 2026 年全年，我們將先前的營收指引區間修正為 37.15 億至 37.55 億美元，中位數代表年增 15%。

Commercial revenue is expected to range from $1.94 billion to $1.96 billion, a 9% increase at the midpoint, while Residential revenue is expected to range from $1.775 billion to $1.795 billion, a 22% year-over-year increase at the midpoint.

商用營收預期介於 19.4 億至 19.6 億美元，中位數年增 9%；住宅營收預期介於 17.75 億至 17.95 億美元，中位數年增 22%。

Our revised revenue outlook reflects a series of recent operating decisions, designed to drive profitable growth over the long term.

我們修正後的營收展望反映近期一系列營運決策，旨在長期推動獲利性成長。

The key drivers of the revision include Ten-X, where we restructure the business to improve profitability; Homes.com, where we optimize our sales organization for productivity, reducing average sales headcount by 21% sequentially, while still delivering similar total net new bookings compared to Q1; and Apartments.com, where we chose to retain price integrity, based on our confidence that we deliver the best ROI to our customers.

修正的關鍵驅動因素包括 Ten-X（我們重整業務以提升獲利能力）；Homes.com（我們為提升生產力而優化銷售組織，使平均銷售人力較前一季減少 21%，但相較第一季仍帶來相近的總淨新增訂單）；以及 Apartments.com（基於我們有信心為客戶提供最佳投資報酬率，我們選擇維持價格完整性）。

Taken together, these actions moderated near-term revenue growth. But we believe they position our businesses to generate increased revenue growth, over time, leading to better long-term profitability.

綜合而言，這些行動使短期營收成長趨於溫和。但我們相信，這些作為將使各項業務在時間推移下帶來更高的營收成長，進而提升長期獲利能力。

As a result of our stringent focus on expense management, we are affirming the adjusted EBITDA guidance that we provided last quarter, which calls for adjusted EBITDA to range from $780 million to $820 million. This is an increase at the midpoint of $30 million from our 2026 guidance provided on our February earnings call.

由於我們對費用管理的嚴格聚焦，我們重申上季提供的調整後 EBITDA 指引，預期調整後 EBITDA 介於 7.80 億至 8.20 億美元。相較我們在 2 月財報電話會議提供的 2026 年指引，其中位數提高了 3,000 萬美元。

We are also affirming our full-year adjusted EPS guidance range of $1.32 to $1.39. This range is $0.08 or 6% higher than our guidance provided in February of this year.

我們也重申全年調整後 EPS 指引區間為 1.32 至 1.39 美元。此區間較今年 2 月提供的指引高出 0.08 美元或 6%。

We remain committed to achieving our long-term range EBITDA targets laid out earlier this year.

我們仍致力於達成今年稍早提出的長期區間 EBITDA 目標。

With that, I'll turn the call back over to Andy Florance.

接下來，我把電話交回給 Andy Florance。

Thank you, Chris.

謝謝你，Chris。

As announced, this is Chris's last earnings call in our CFO seat. On behalf of the Board of Directors and our colleagues, I want to thank him, deeply, for his many contributions to the company over the past two years.

如先前所宣布，這是 Chris 以我們 CFO 身分參與的最後一場財報電話會議。我代表董事會與同仁，衷心感謝他在過去兩年對公司做出的諸多貢獻。

We wish him Godspeed, as he heads to Allstate to take the CFO seat there. Allstate will be in good hands.

在他前往 Allstate 擔任該公司 CFO 之際，我們祝他一路順風。Allstate 將由能幹的人掌舵。

As Chris departs, we congratulate Robin Rossmann on his promotion to CoStar Group's new Chief Financial Officer. Robin brings more than two decades of financial, operational, and strategic leadership, including over a decade at Deloitte and more than a decade successfully running CoStar Group's businesses around the world.

在 Chris 離任之際，我們也恭喜 Robin Rossmann 升任為 CoStar Group 新任財務長（Chief Financial Officer）。Robin 擁有逾二十年的財務、營運與策略領導經驗，其中包括在 Deloitte 超過十年，以及在過去十多年成功領導 CoStar Group 全球各地業務。

He has proven he can drive margin expansion and profitable growth. Over the past two years, he dramatically improved the margins of our European business, eliminating approximately $50 million in costs, roughly 25% of the European cost structure, while still delivering double-digit revenue growth.

他已證明自己能推動利潤率擴張與獲利性成長。過去兩年，他大幅改善我們歐洲業務的利潤率，削減約 5,000 萬美元成本，約占歐洲成本結構的 25%，同時仍實現兩位數的營收成長。

Anecdotally, last week, Robin and I enjoyed dinner with CoStar Group's three former CFOs: Carchedi, who served nine years, enjoying a 489% stock appreciation; Radecki, who served for eight years, with only a 270% stock increase; and Wheeler, who served eight years, with a solid 300% stock appreciation.

順帶一提，上週我與 Robin 和 CoStar Group 三位前任 CFO 共進晚餐：任職九年的 Carchedi，期間股價上漲 489%；任職八年的 Radecki，期間股價「僅」上漲 270%；以及任職八年的 Wheeler，期間股價穩健上漲 300%。

They each challenged Robin to beat their stellar performances. Given the fact that Robin's got talent, it should be no problem.

他們每位都鼓勵 Robin 要超越他們的亮眼表現。考量到 Robin 的才華，這應該不是問題。

Chris could have given these guys a run for their money, if Allstate hadn't recruited him. But Robin's up at bat. On behalf of our shareholders, our Board, and our 8,000 colleagues, welcome Robin.

如果不是 Allstate 延攬了 Chris，他本來也能和這些人一較高下。但現在輪到 Robin 上場了。我代表股東、董事會以及我們 8,000 位同仁，歡迎 Robin。

In conclusion, CoStar Group is off to a strong start in 2026, with solid revenue and EBITDA growth.

總結來說，CoStar Group 在 2026 年開局強勁，營收與 EBITDA 均實現穩健成長。

During the roadshow earlier this year, where I met with most of our investors and analysts, I emphasized that we're fully committed to the adjusted EBITDA targets we provided for '26 through '30.

在今年稍早的路演期間，我與我們大多數投資人與分析師會面時，我強調我們完全致力於我們針對 2026 年至 2030 年所提供的調整後 EBITDA 目標。

This year, we have reduced our projected '26 expense base by roughly $100 million. This active-cost management gives us a head-start on delivering our '26 through '30 adjusted EBITDA targets.

今年，我們已將 2026 年預估的費用基礎下調約 1 億美元。這種積極的成本管理，讓我們在達成 2026 年至 2030 年調整後 EBITDA 目標上取得先機。

With that, we'll turn the call over to questions.

接下來，我們把電話會議交給提問環節。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

George Tong, Goldman Sachs.

George Tong，高盛。

Hi. Thanks. Good afternoon.

嗨。謝謝。下午好。

Net new bookings were $69 million in the quarter. That was up 3%, sequentially; but down roughly 26%, year over year. Given the reduction in the revenue guide for the full year, can you help us understand the primary drivers of the year-over-year decline in bookings?

本季淨新增預訂額為 6,900 萬美元。較上一季成長 3%；但較去年同期下降約 26%。鑑於全年營收指引下修，能否協助我們理解預訂額年對年下滑的主要驅動因素？

Was the softness concentrated in any particular product line or end market? What gives you confidence that bookings growth can improve from here?

疲弱是否集中在特定產品線或終端市場？是什麼讓你們有信心預訂額成長能從這裡開始改善？

Thanks, George. I think a couple of things:

謝謝你，George。我想有幾點：

As was mentioned, we gave you a net new bookings for Homes.com. We continue to scale that business. We made a very strategic decision to drive efficiencies; and improve profitability and performance of that salesforce. That will continue to grow.

如同先前提到的，我們已向各位提供 Homes.com 的淨新增預訂額。我們持續擴大該業務規模。我們做出一項非常具策略性的決策，以提升效率，並改善該銷售團隊的獲利能力與績效。這將持續成長。

I think, as Andy mentioned, we're very excited about the metrics we're seeing; and the uptake; and the launch of depth advertising there.

我想，如同 Andy 提到的，我們對目前看到的各項指標、採用情況，以及深度廣告在那裡的推出感到非常振奮。

The Commercial side performed well. We feel good about those businesses.

商用端表現良好。我們對這些業務感到樂觀。

We talked about Ten-X. Ten-X is a transactional business. It's a business we continue to work on and focus on. We're making some changes. But that did represent roughly 25% of the revenue guidance change.

我們也談到 Ten-X。Ten-X 是一項交易型業務。這是我們持續投入並聚焦的業務。我們正在做一些調整。但它約占本次營收指引變動的 25%。

And then, on Apartments, I think what you saw there is strong continued performance, a great NAA event. But we continue to face competition.

至於 Apartments，我想你們看到的是持續強勁的表現，以及一場很成功的 NAA 活動。但我們仍面臨競爭。

I think what you see is, when our customers look at our ROI, we get through the one-year anniversary of the transaction they did, that gave them the benefits that they have seen.

我認為你們看到的是，當客戶檢視我們的投資報酬率（ROI）時，隨著他們完成交易滿一年的時間點到來，他們已獲得並看見相關效益。

We believe we will continue to win the day, purely based on our performance and the superior product that we have.

我們相信，僅憑我們的表現與更優越的產品，我們將持續勝出。

Andy, anything else you'd add?

Andy，你還有要補充的嗎？

I would concur with that.

我同意上述看法。

We continue to invest on optimized salesforce growth. Obviously, we have gone from a zero to a 660 and some -- 660 -- person sales team.

我們持續投資於最佳化的銷售團隊成長。顯然，我們已從零擴張到 660 人左右——660 人——的銷售團隊。

We are now focusing more on the productivity of each of these salespeople, including shifting to more field salespeople in both Homes and Apartments, which we think will have a benefit.

我們現在更聚焦於提升每位業務人員的生產力，包括在 Homes 與 Apartments 兩端都轉向配置更多外勤業務人員，我們認為這將帶來效益。

Again, to reiterate what Chris said: As we move into depth advertising -- it's a pretty important new offering in Homes.com, which we think will drive some good revenue pick-up there. We do remain confident we can accelerate revenue.

再次重申 Chris 所說：隨著我們推進深度廣告——這是 Homes.com 一項相當重要的新產品，我們認為將帶動那邊不錯的營收提升。我們仍有信心能加速營收成長。

George, I would add two other things, as I thought through the question:

George，我再補充兩點，剛才我在思考你的問題時想到的：

One, we are excited about additional product launches and the investments we have made on the Commercial side, primarily, that are coming in the next four to six quarters.

第一，我們對商用端接下來四到六個季度將推出的額外產品上市，以及我們所做的投資感到興奮，主要是在商用端。

We think those -- the take-up will be fantastic. We are excited by that.

我們認為那些——採用率會非常出色。我們對此感到期待。

And then, we continue to expand our salesforce. While some of our salesforces have reached our objectives, we are still a little behind in some of them.

第二，我們持續擴編銷售團隊。雖然部分銷售團隊已達到我們的目標，但在其中一些團隊上我們仍稍微落後。

We think that, as we catch up with those salesforces and drive productivity, we will be able to get that, as well.

我們認為，隨著我們在這些銷售團隊上追趕進度並提升生產力，我們也能把這部分補上。

I think both of those also give us a lot of comfort in being able to achieve our growth objectives.

我認為這兩點也讓我們對達成成長目標更有把握。

Got it. Thank you.

了解。謝謝。

Stephen Sheldon, William Blair.

Stephen Sheldon，William Blair。

Hey. Thanks.

嘿。謝謝。

Can you talk some about what the updated revenue guidance assumes, in terms of organic growth, in the back half of the year? I think the full-year guide was assuming close to 10% organic revenue growth before.

你能談談更新後的營收指引，對於下半年有機成長的假設嗎？我記得之前全年指引假設接近 10% 的有機營收成長。

Assuming, maybe, it's more, like, 8% organic for the full year now and it's below that in the back half, just given what you're seeing in the booking trajectory -- and I know it's early (inaudible) -- you're still a ways away from giving guidance for next year -- but, just with the trends that we're seeing here, what does this imply about the pace of revenue growth, heading into 2027?

我猜現在可能更像是全年約 8% 的有機成長，而下半年低於這個水準，因為你們看到的預訂額走勢——我知道現在還早（聽不清）——你們距離提供明年指引還有一段時間——但就我們看到的趨勢而言，這對 2027 年的營收成長節奏意味著什麼？

Yeah. On your second question, as you know, we don't give guidance for net bookings. We haven't given out a 2027 forecast. Nothing to add on that question.

是的。關於你的第二個問題，如你所知，我們不提供淨預訂額指引。我們也尚未提供 2027 年的預測。這個問題沒有更多補充。

Remind me what your first question was?

提醒我一下，你的第一個問題是什麼？

The pace of -- just, as you think about the back half of the year, what the organic revenue growth looks like that you're embedding in the updated guidance.

就是下半年——你們在更新後指引中所內含的下半年有機營收成長節奏大概是什麼樣子。

You have the roll-forwards. You know the net booking.

你們有滾動推算（roll-forwards）。你也知道淨預訂額。

As we mentioned, we said that it was 10% organic growth for the first half. Somewhere inside of that by a 1 point and 1.5 points is what we're looking at.

如同我們提到的，我們說上半年是 10% 的有機成長。我們目前看的數字大概在那個水準之內，低 1 個百分點到 1.5 個百分點左右。

Is that for the full year, just to be clear?

為了確認清楚，這是指全年嗎？

No, that's for the second half of the year -- second half of the year.

不是，那是指下半年——下半年。

Okay.

好的。

That was your question, right? The second half of the year.

那就是你的問題，對吧？下半年。

Yeah. Perfect. Thank you.

對。很清楚。謝謝。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

Thanks, everyone.

謝謝各位。

On multi-family, the growth deceleration there suggests pressure on pricing per community, which I -- know you've called out mix shift to smaller rooftops. But the extent of the decline also seems to suggest pressure on outright tier downgrades.

在多戶住宅（multi-family）方面，成長減速顯示每個社區的定價承壓；我知道你們提過組合轉向較小的屋頂數（rooftops）。但下滑幅度看起來也顯示，可能存在更直接的方案等級下調（tier downgrades）壓力。

Can you talk about to what extent that's been a factor and how you would weigh the tier downgrade pressure between macro-driven budget tightening versus competition?

你能談談這在多大程度上是影響因素嗎？以及你會如何權衡方案等級下調壓力是來自總體環境驅動的預算緊縮，還是來自競爭？

If there's any signs of that downgrade pressure abating, that would be helpful.

如果有任何跡象顯示這種下調壓力正在緩解，也請分享，會很有幫助。

Yeah. I think that it's a combination of both the macro environment.

是的。我認為這兩者都有：總體環境的影響。

You're in an elevated vacancy environment. That is stressful to the apartment owners and property managers, making them more price-sensitive.

你們正處於空置率偏高的環境。這對公寓業主與物業管理方造成壓力，使他們對價格更敏感。

And then, there is enhanced competition, with a competitor trying to buy share with really low pricing.

接著，競爭加劇，有競爭對手試圖用非常低的定價來買市占。

We're maintaining our pricing integrity successfully. You see us maintaining the average ARPU roughly at about the same level, including with a share mix.

我們成功維持了定價的完整性。你看到我們大致把平均 ARPU 維持在差不多的水準，包括在市占組合變動的情況下也是如此。

What we see is that, with a 2.5x lead-to-lease conversion rate, we recapture a lot of business that cycles away chasing a lower price point. They tend to come back through time.

我們看到的是，憑藉 2.5 倍的 lead-to-lease 轉換率，我們重新奪回了不少因追逐更低價位而流失的業務。他們往往會隨著時間回流。

But it just puts a lot more work on the salesforce to cycle through it.

但這只會讓銷售團隊需要投入更多工作去反覆循環處理。

There's nothing wrong with competition. We've had a lot of competition through time. We started out with 8, 10 competitors in this space. We're now down to two that the FTC thinks there should be more than two -- two or three, maybe.

競爭本身沒有問題。我們一路以來都面對很多競爭。我們一開始在這個領域有 8 到 10 個競爭對手。現在只剩兩家，而 FTC 認為應該不只兩家——可能兩到三家。

We feel very good about where we are and the advantages we offer in ROI. We continue to lead with the best lead-to-lease quality.

我們對自身所處的位置以及我們在投資報酬率（ROI）上提供的優勢感到非常有信心。我們持續以最佳的 lead-to-lease 品質領先。

Yeah. I'd add on top of that: Property growth is up 12%, year over year. We continue to grow rooftops at an attractive level. We held pricing basically flat at the package level.

是的。我再補充一點：物件數（Property）年增 12%。我們持續以具吸引力的速度增加 rooftops（覆蓋物件/據點）。我們在方案層級基本上把定價維持持平。

Bring on the competition but we continue to grow and expand our business, which we're excited about.

歡迎競爭加入，但我們仍持續成長並擴大業務，這讓我們很振奮。

Thank you.

謝謝。

Peter Christensen, Citi.

Citi 的 Peter Christensen。

Thank you. Good evening. Thanks for the question.

謝謝。晚安。謝謝提問。

Andy, with the productivity-efficiency change there on the Residential side, just curious if it's changed your time-to-scale expectations.

Andy，關於住宅端（Residential）那邊的生產力—效率調整，我想了解這是否改變了你對擴張速度（time-to-scale）的預期。

Is this initiative effectively lengthening that? Or do you still think you can reach your internal expectations, longer term, to scale this business with these new efficiency measures?

這項措施是否等於拉長了那個時間？還是你仍認為，長期來看，在這些新的效率措施下，你仍能達到內部對這項業務規模化的預期？

I think it remains very similar. As I said, you really would prefer to have people in the field meeting with your clients. We see higher -- about 2x the productivity with Apartments.com field staff to inside sales staff.

我認為大致上仍非常相近。如我所說，你其實更希望讓人員在外勤與客戶見面。我們看到 Apartments.com 的外勤人員相較於內勤銷售人員，生產力更高——大約是 2 倍。

With CoStar, we see a similar significant advantage from field staff to inside. The same thing is, true, typically with LoopNet.

在 CoStar，我們也看到外勤相對內勤有類似的顯著優勢。LoopNet 通常也是同樣情況。

But you don't have that choice, when you're starting out a major new salesforce because, in order to build a salesforce quickly, you really have to keep them concentrated in one location.

但當你在打造一支全新的大型銷售團隊初期，你其實沒有那個選擇，因為要快速建立銷售團隊，你必須把人集中在同一個地點。

Now, in fact, we're two years in or, really, a year into having a full-size scale salesforce. We have the optionality to now begin to put more people in the field. We'll be cycling through that over -- through time -- over the next couple of years; probably take several years to build out a full national field sales team.

而現在，事實上我們已經進入第二年——或者說，真正擁有完整規模銷售團隊大概一年左右。我們現在有彈性可以開始把更多人配置到外勤。接下來幾年我們會逐步推進、循序調整；要建立一支完整的全國外勤銷售團隊，可能需要好幾年。

And the, we're also -- the inside sales team continues to mature and get better.

同時，我們的內勤銷售團隊也持續成熟、表現越來越好。

Remember: This is a very rookie sales team, at this point. But you saw fewer people sell the same amount, with just about a 20% productivity increase, by focusing on the better sellers.

請記得：就目前而言，這是一支非常新手的銷售團隊。但你也看到，透過聚焦在更優秀的銷售人員，在人數更少的情況下賣出同樣的量，生產力提升了大約 20%。

What we'll do is continue to optimize the go-to-market. I feel very good about being able to go out there and bring out the depth advertising for the first time.

我們接下來會持續優化 go-to-market（市場進入/商業化）策略。我對於能夠首次把深度廣告（depth advertising）推向市場感到非常有信心。

I think we have a strong offering. Our clients are seeing a very strong ROI that is demonstrable; and that shows up in really good renewal rates and very low cancellation rates now.

我認為我們的產品很有競爭力。客戶看到非常強且可驗證的 ROI；這也反映在目前非常好的續約率，以及非常低的取消率。

We're achieving a lot of our goals. I feel very good about where we are and getting very good feedback from clients.

我們正在達成許多目標。我對我們目前的位置感到非常有信心，也從客戶那裡得到非常好的回饋。

Surinder Thind, Jeffries.

Jefferies 的 Surinder Thind。

Thank you.

謝謝。

Just following up on the Homes.com strategy at this point, is the idea -- like, where we were at the beginning of the year and how you thought you were going to move forward with the salesforce and everything -- that there's just a certain level of productivity or end-market demand that you can fulfill, right now, in the marketplace? And so that's why we have the size of the salesforce that we do?

我想追問一下目前 Homes.com 的策略：也就是——像年初時我們所處的位置，以及你當時認為要如何推進銷售團隊等——是否代表目前在市場上，你只能滿足某個程度的生產力或終端市場需求，對吧？所以我們才會有現在這樣規模的銷售團隊？

And then, ultimately, the realization that you need a field salesforce, does that raise the cost of customer acquisitions with more field salesforce? Like, where does that balance shake out? How did your assumptions change over the course of the last six months?

然後，最終你意識到需要外勤銷售團隊，這是否會因為增加外勤而提高客戶取得成本（CAC）？這之間的平衡最後會怎麼落點？過去六個月你的假設有哪些改變？

Well, yes. I'd say the fundamental strategy remains the same. The way you optimize, from quarter to quarter, you don't want to lock yourself into an assumption that you had at one-time period and, dogmatically, not change from it.

嗯，是的。我會說基本策略仍然相同。但你在每一季做優化時，不應該把某個時間點的假設鎖死，然後教條式地不做調整。

First of all, it's a huge opportunity. We're not competing with anybody for these clients. We're the only people providing this service that provides a high ROI. No one else is providing marketing listings the way we do. Our perceived competitors are basically lead brokers, which is very different.

首先，這是一個巨大的機會。我們並沒有在跟任何人搶這些客戶。我們是唯一提供這種能帶來高 ROI 服務的業者。沒有其他人以我們的方式提供行銷型房源刊登（marketing listings）。我們所認知的競爭者基本上是 lead brokers（線索仲介），那是非常不同的模式。

Going to market, it's a massive audience of real-estate agents across the United States. Initially, as you scale up the salesforce, you really have to go inside sales because it's not possible to train salespeople in 50 cities simultaneously, having done this a couple of times.

在市場推進上，這是一個遍及全美、規模龐大的房地產經紀人受眾。一開始當你要擴大銷售團隊規模時，你確實必須先做內勤銷售，因為以我做過幾次的經驗，不可能同時在 50 個城市訓練銷售人員。

You start out with inside team. Through time, you evaluate the productivity of the various folks on that team. Some are very productive and doing a great job. Others are not doing a great job. You don't want to dogmatically carry them along.

你會先從內勤團隊開始。隨著時間推進，你會評估團隊中不同人員的生產力。有些人非常高產、做得很好。其他人表現不佳。你不應該教條式地把他們一直帶著走。

What we're seeing is, we had a very small sales team in the field. Those folks are producing at a much higher level, which is not a surprise to us. We would expect people in the field to produce more.

我們看到的是，我們在外勤有一支非常小的銷售團隊。那些人的產出水準高得多，這對我們來說並不意外。我們本來就預期外勤人員會有更高的產出。

There is not a material cost differential between the folks in a centralized and in the field. We already have field offices, conference rooms in most of these major cities. We have a lot of infrastructure out there.

集中式（內勤）與外勤人員之間，成本差異並不顯著。我們在多數主要城市已經有外勤辦公室、會議室。我們在外部已經有很多基礎設施。

It's just a question of being methodical, cycling up five cities, 50 salespeople, letting that set, building additional management, going to the next wave of cities, letting that set, going to the next wave, and not getting ahead of getting over your skis.

這只是方法論的問題：有條不紊地先推進五個城市、50 位銷售人員，讓那一批穩定下來，建立更多管理層，再進入下一波城市，讓那一批穩定下來，再進入下一波——不要操之過急、超出能力範圍。

It's also a shift from prioritizing revenue growth as the first priority to committing to hitting our EBITDA goals. We're not going to sacrifice one for hitting the EBITDA goals through time.

這同時也是從「把營收成長放在第一優先」轉向「承諾達成我們的 EBITDA 目標」。我們不會為了達成 EBITDA 目標而犧牲另一項；長期來看我們會兼顧。

Thank you.

謝謝。

Curtis Nagle, Bank of America.

美國銀行的 Curtis Nagle。

Yeah. Great. Thanks very much.

是的。很好。非常感謝。

Maybe, just talk through the bridge to get to the Resi EBITDA guide for the year? I understand that things, like, cutting the salesforce -- but it does imply a fairly steep step-up between Q3 to Q4.

也許，你能不能先把通往今年 Resi EBITDA 指引的橋接說明一下？我理解像是裁減銷售團隊之類的事情——但這確實意味著從 Q3 到 Q4 之間會有相當陡峭的跳升。

Lower revenues, I think, on the quarter there. But just walk through the, if you could, piece, and, again, just what's driving that inflection between the two quarters?

我想該季度的營收也更低。但如果可以的話，請帶我們走一遍那個部分，另外，再說明一下究竟是什麼驅動了這兩個季度之間的拐點？

Yeah. Let us come back to you. I don't have that bridge in front of me so we'll come back to you.

是的。我們稍後再回覆你。我手邊沒有那個橋接表，所以我們會再回覆你。

Got you.

了解。

(inaudible - microphone inaccessible) -- apologies. Let us come back to you. I don't have that bridge in front of you. But we'll come back to you in the calls after.

(聽不清楚——麥克風無法收音)——抱歉。我們稍後再回覆你。我手邊沒有那個橋接表給你看。但我們會在後續的電話中再回覆你。

All right. I'll ask a follow-up, then.

好。那我再追問一個問題。

Just, for the other CRE segment, ex Ten-X, it looks like you strip that out -- implies, basically, flat growth. Just, what's going on there?

就其他 CRE 分部（不含 Ten-X）而言，看起來把它剔除之後——基本上意味著成長持平。那邊到底發生了什麼？

Well, actually, if you strip it out, it's the primary delta between the change in guidance. Like I said, we still feel really good about the growth in those businesses and where they're heading, especially with the launch of the new product.

嗯，實際上，如果你把它剔除，那就是指引變動的主要差異來源。如我所說，我們仍然對那些業務的成長以及它們的發展方向感到非常樂觀，尤其是隨著新產品的推出。

We feel good about the businesses. The change in guidance, really, was primarily driven by Ten-X, which is, as you know, the transaction business.

我們對這些業務很有信心。指引的變動，主要確實是由 Ten-X 驅動的；如你所知，那是交易型業務。

The core business is accelerating.

核心業務正在加速。

It's growing, for sure. CoStar continues to grow. And so, like I said, we're excited about what we see ahead of us.

它確實在成長。CoStar 也持續成長。所以，如我所說，我們對未來所看到的前景感到興奮。

Okay. Thank you.

好的。謝謝。

Brett Huff, Stephens.

Brett Huff，Stephens。

Thank you. Good evening, Rich and Andy. Welcome, Robin. Nice to speak with, you all.

謝謝。晚上好，Rich 和 Andy。歡迎你，Robin。很高興和各位通話。

Question, follow-up, on the Residential business, less about the numbers and just more about how the sales pitch is going: Given the really strong -- I think you said -- 10x or 11x ROI, which is super compelling, what's our rate-limiting step in getting folks to believe or understand that?

問題是關於住宅業務的追問，與其說是數字，不如說是銷售話術的進展：鑑於非常強勁——我想你說的是——10 倍或 11 倍的 ROI，這非常有說服力，我們在讓客戶相信或理解這件事上，限制步驟是什麼？

Is it, like, pushing a rope? Or is it education? Or how do we -- just, given how you're rejiggering the sales force, can you just give us the ridge between those two things -- would be helpful.

是像推繩子一樣很難推動嗎？還是需要教育市場？或者我們該怎麼做——就你們如何重新調整銷售團隊而言，能否請你把這兩者之間的關聯脈絡說明一下——會很有幫助。

Thank you.

謝謝。

Yeah. In June, our demo-to-close rate, I believe, was 45% -- number I saw. That's an incredible close rate. And so the story is very compelling. People that listen to that story are subscribing.

是的。6 月我們的 demo-to-close 轉換率，我記得是 45%——我看到的數字。那是非常驚人的成交率。所以這個故事非常有說服力。願意聽這個故事的人都在訂閱。

Yeah.

是的。

Those that subscribe are renewing now. We're getting lower and lower cancellation rates, ergo, higher and higher renewal rates.

那些訂閱的人現在也在續約。我們的取消率越來越低，因此續約率越來越高。

That's the most important number to me. Those two numbers are very important.

那是對我來說最重要的數字。這兩個數字都非常重要。

But having hundreds and hundreds of folks in inside sales team centralized is challenging to get the demos, the presentations, the at-bats that you want.

但要讓數百、數百位集中在內勤銷售團隊的人拿到你想要的 demo、簡報與出手機會（at-bats），是有挑戰的。

You have an advantage, when you're in the field, because you go to industry events; you show up at open houses; you drop in on Residential offices to visit one customer; and you come across other customers.

當你在外勤時會有優勢，因為你會去參加產業活動；你會出現在 open house；你會到住宅仲介辦公室拜訪某個客戶；而且你會遇到其他客戶。

Through time, that's why you see 2x the productivity in a field salesforce that you tend to see or we have seen an inside sales force. It's really getting more at-bats. But we remain very confident.

久而久之，這就是為什麼你會看到外勤銷售團隊的生產力通常是內勤銷售團隊的 2 倍——至少是我們所看到的。本質上就是拿到更多出手機會。但我們仍然非常有信心。

The numbers, you really care about -- like, close rate and renewal rate -- are good. You want more at-bats.

你真正關心的數字——像是成交率與續約率——都很好。你想要的是更多出手機會。

Just, anecdotally, as I talk to clients that I encounter here and there, we're getting positive referrals now. That's a big help.

就軼事而言，當我在各處與我遇到的客戶交談時，我們現在也開始得到正面的轉介。這幫助很大。

And so the combination of performance management on the inside and moving to the field, I think, will keep us on the track we want to be on and will get us good results.

因此，內勤端的績效管理加上轉向外勤，我認為會讓我們維持在想要的軌道上，並帶來良好的成果。

Great. I appreciate the insight .Appreciate it.

很好。感謝你的見解。謝謝。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes. Hi. Thank you so much.

是的。嗨。非常感謝。

I wanted to follow up on the Apartments question and your desire to maintain pricing or your ability to maintain pricing. Are you seeing some of the macro pressures and the competitive pressures build, over time?

我想追問一下關於 Apartments 的問題，以及你們想要維持定價、或你們維持定價的能力。你們是否看到一些總體環境壓力與競爭壓力隨時間累積？

What phase are we in terms of both of those things? How confident are you that you can maintain your price integrity?

就這兩件事而言，我們目前處於什麼階段？你們對於能維持價格完整性（price integrity）有多大信心？

Yeah. We are maintaining our price integrity because third-party sources show us at about 2.5 times the lead-to-lease conversion.

是的。我們正在維持價格完整性，因為第三方來源顯示，我們的 lead-to-lease 轉換率大約是 2.5 倍。

That's because if you have a dedicated site that's identified as being a rental site with a lot of high-quality information and a good experience, you get a higher conversion rate, which makes it more valuable to your customers.

這是因為如果你有一個專門的網站，被明確定位為租賃網站，並提供大量高品質資訊與良好體驗，你就會得到更高的轉換率，這也讓它對客戶更有價值。

That is something you have to communicate, again, again, again. We're doing that.

這件事你必須一再、一再、一再地溝通。我們正在這麼做。

And so having been through 100 competitive situations over the last four decades, they do have patterns to them. This one is combined with adverse market conditions. It's not a helpful market environment.

而且，過去四十年我們經歷過 100 次競爭情境，它們確實有一些模式。這一次又疊加了不利的市場狀況。這不是一個有利的市場環境。

There is stress in the market for multi-family owners. Everyone's probably aware of that.

多戶型（multi-family）業主的市場正承受壓力。大家大概都知道。

But, typically, in a competitive game like this, you have a run. You've had a period, where they have acquired a company that the FTC said was an illegal merger. Whether or not they can keep that company or not, who knows? They create some headwinds on the comps through time.

但通常在這樣的競爭賽局中，對手會有一段衝刺期。他們曾有一段期間收購了一家公司，而 FTC 認定那是非法合併。他們是否能保住那家公司，誰知道呢？隨著時間推移，他們確實會在同業比較（comps）上製造一些逆風。

And then, as well, there is the need for them to have to be able to deliver the lead-to-lease conversion through time, which is likely challenging.

此外，他們也需要隨時間推移能夠交付 lead-to-lease 的轉換率，而這很可能具有挑戰。

Ultimately, the value we provide is worth the pricing we charge. We're able to maintain that.

最終，我們提供的價值值得我們所收取的價格。我們有能力維持這一點。

Again, I think the evidence is in the numbers. You're looking at roughly the same ARPU, despite fast growth of the lower end so we're doing quite well there. We're retaining the clear leadership position with all the major players.

再說一次，我認為證據就在數字裡。儘管較低端快速成長，你看到的 ARPU 大致仍相同，所以我們在那方面做得相當不錯。我們在所有主要玩家之中仍保有明確的領導地位。

Well, Andy, I think that's also highlighted by: June was the third-best month in Apartments.com's history on gross sales.

嗯，Andy，我想這也反映在：6 月是 Apartments.com 歷史上總銷售額第三好的月份。

Yeah.

是的。

What that demonstrates is, obviously, a strong continued interest and desire to be part of the Apartments.com network -- use the capability.

這所展現的，顯然是對加入 Apartments.com 網路並使用其能力的強烈且持續的興趣與意願。

And so we face a competitive environment. We've shrunk down to, basically, two primary competitors.

因此我們面臨競爭環境。我們已縮減到基本上兩個主要競爭對手。

But even in light of that, we saw one of the best sales months in the company's history. It gives us a lot of confidence in the road ahead.

但即便如此，我們仍看到公司歷史上最好的銷售月份之一。這讓我們對未來的道路充滿信心。

Great. Thank you.

很好。謝謝。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

Thanks so much for taking the questions.

非常感謝讓我提問。

I wanted to go back to Homes.com, again, and ask about advertising spend. Andy, understood the optimization of the salesforce. But can you help us understand how you guys are thinking about marketing; what happened in 2Q; and then, what's the expectation for the back half of the year?

我想再回到 Homes.com，問一下廣告投放支出。Andy，我理解你們對銷售團隊的優化。但你能否幫我們理解你們如何看待行銷；第二季發生了什麼；以及今年下半年有什麼預期？

Thank you.

謝謝。

Yeah. I'd say there's a -- you've seen a couple of shifts occurring in the marketing for Homes.com:

是的。我會說，你們已經看到 Homes.com 的行銷出現了幾個轉變：

One, you've probably noticed a shift away from very expensive celebrity production. We think we're getting a better result from some of the newer marketing advertising -- brand advertising -- we're doing.

第一，你們可能注意到我們從非常昂貴的名人製作轉移開來。我們認為，從我們正在做的一些較新的行銷廣告——品牌廣告——中，得到更好的成效。

We get more into what is the actual functionality of the product and the advantage it offers, particularly when we believe we have the clear-cut strongest AI solutions in search with great advantages there.

我們更深入呈現產品的實際功能與其提供的優勢，特別是在我們相信自己在搜尋領域擁有明確最強的 AI 解決方案、並具備很大優勢的情況下。

You're seeing some of those newer ads, which will, through time, be much less expensive to produce.

你們會看到其中一些較新的廣告，隨著時間推移，其製作成本會低得多。

But then, also, we are less than thrilled with results that we've seen through time on linear TV and some of the streaming. We're shifting a little bit more to SEM and digital. We're maintaining an aggressive SEM profile and will through the rest of the year.

另外，我們對長期以來在線性電視以及部分串流上的成效並不太滿意。我們正稍微更多轉向 SEM 與數位。我們會維持積極的 SEM 佈局，並在今年剩餘時間持續如此。

But we're going further down the funnel. We're not working the upper brand identity as much. We're more looking for marketing vehicles that are down the funnel that transition to leads more directly.

但我們會更往漏斗下游走。我們不再那麼著重於上層的品牌識別。我們更在尋找位於漏斗下游、能更直接轉化為線索的行銷載體。

One of the core reasons for that is that we have a pretty solid customer base, right now. We're running about 9% of all listings in the United States market on the platform or enhanced on the platform -- 36,000 customers in just two years.

其中一個核心原因是，我們目前有相當穩固的客戶基礎。我們的平台上（或在平台上做強化）目前承載了美國市場約 9% 的所有房源——短短兩年就有 36,000 位客戶。

By focusing on the ROI on those customers, you see the renewal rates going up and up and up. We believe it's working. And then, we'll be looking for more tactics and strategies around getting our salesforce at-bats for demos over the next year with B2B.

透過聚焦這些客戶的投資報酬率（ROI），你會看到續約率不斷上升、再上升、再上升。我們相信這是有效的。接著，未來一年我們也會尋找更多戰術與策略，讓我們的銷售團隊在 B2B 方面獲得更多進行產品示範（demo）的出手機會。

It's also important to remind everyone -- and I think this also bridges back to the question asked before -- is that there's seasonality. And so we have lower marketing spend in our Resi marketplaces in the second half of the year.

同時也很重要的是提醒大家——我想這也呼應前一個問題——存在季節性。因此我們在下半年會降低住宅（Resi）市集的行銷支出。

All this is within our plan. And so we just continue along our plan. But there is lower marketing spend in the Resi marketplaces from seasonality in the second half.

這些都在我們的計畫之內。所以我們就持續按計畫推進。但由於季節性因素，下半年住宅市集的行銷支出會較低。

Thank you.

謝謝。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Hey, guys. Thanks for taking my question.

嗨，各位。謝謝讓我提問。

On the change in the salesforce in Homes.com, I'm wondering if you can talk about, just, how long you would expect it to take for these new field sales reps to ramp in productivity; how that may compare to the ramp time on some of your stronger inside sales reps.

關於 Homes.com 銷售團隊的變動，我想請你談談：你預期這些新的外勤業務代表需要多久才能在生產力上爬坡；以及這與你們一些表現較強的內勤業務代表的爬坡時間相比會如何。

Any color there would be appreciated. Thanks.

若能提供一些補充說明會很感謝。謝謝。

I would hypothecate that the ramp time is similar, though the profile we're able to hire in the field, I believe, is better suited to the task.

我推測爬坡時間應該相近，不過我認為我們在外勤能招到的人才輪廓更適合這項任務。

When you're hiring hundreds and hundreds; when you're hiring 1,000 people in Richmond, you're not able to hire people with the experience profile you want to get.

當你要招數百、數百人；當你在里士滿要招 1,000 人時，你就無法招到你想要的那種經驗輪廓的人。

You're not going to get that real-estate experience that you would love to see or that B2B marketing sales or marketplace-sales experience.

你不太可能招到你希望看到的房地產經驗，或是 B2B 行銷銷售或市集銷售的經驗。

When you're trying to hire 10 folks in Dallas or 20 folks in Washington, DC, you could actually get the real-estate background; you can get portal experience; you can get advertising sales; you can get someone with five years of sales experience.

但當你在達拉斯要招 10 個人、或在華盛頓特區要招 20 個人時，你其實可以招到有房地產背景的人；可以招到有入口網站（portal）經驗的人；可以招到廣告銷售的人；也可以招到有五年銷售經驗的人。

I personally have been looking at every resume that's coming into that field sales team. It is a much higher profile of salesperson.

我個人一直在看每一份投到外勤銷售團隊的履歷。這是一個資歷更高的銷售人員輪廓。

In Richmond, when you're hiring that many people out of a market like that, really, last year and in the first quarter, you're often hiring people right out of college. Some of them can be very successful.

在里士滿，當你要從那樣的市場招那麼多人時，實際上在去年以及第一季，你往往是在招剛畢業的新人。其中一些人可以非常成功。

Our number 1 salesperson is in her first year out of college. But, many others, turns out it's just not their thing.

我們的第一名業務就是一位剛畢業第一年的員工。但也有許多人，結果發現這並不適合他們。

In the field, you can actually hire folks with a better profile and more experience.

在外勤，你確實可以招到輪廓更好、經驗更豐富的人。

Now, the other thing is, at a certain point, when we were scattered all over Richmond in multiple buildings in some odd shapes and sizes and odd places -- and it was hard to find anybody -- we purposely slowed down recruiting until we were in the new facility.

另外一點是，在某個階段，當我們分散在里士滿多棟建築、形狀大小各異、位置也很奇怪——而且很難找到任何人——我們刻意放慢招募速度，直到搬進新設施。

I think we have -- in the new facility, I think we can out-recruit just about any company. We'll begin a more measured pace of growth inside, while we're also doing field sales, which is our ultimate preference to build a robust field sales force.

我認為我們在新設施裡，幾乎可以在招募上勝過任何公司。我們會開始以更審慎的步調擴張內勤，同時也推進外勤銷售；而建立一支強健的外勤銷售隊伍是我們最終的偏好。

But, again, it takes time.

但同樣地，這需要時間。

Great. Thank you.

很好。謝謝。

[Nick] Jones, BNP Paribas.

[Nick] Jones，BNP Paribas。

Hi. Thanks for taking the questions.

嗨。謝謝讓我提問。

Maybe, on AI initiatives, can you talk about how you're balancing AI investments, as you target your midterm EBITDA -- '28, '30 EBITDA targets?

也許關於 AI 的推動計畫，你能談談在你們瞄準中期 EBITDA——例如 2028、2030 年 EBITDA 目標時，如何平衡 AI 投資嗎？

As you deploy this out to more users, is our token cost something we should be thinking about, as you try to drive more and more engagement and maintain this AI platform you've deployed? Thanks.

當你們把這部署給更多使用者時，token 成本是否是我們應該考量的因素，尤其在你們試圖推動越來越多互動、並維持你們已部署的 AI 平台之際？謝謝。

Yeah. I'll let Chris follow up and correct me.

是的。我先回答，之後讓 Chris 補充並糾正我。

So far, I believe we have more cost savings from AI than we have cost increases from tokens.

到目前為止，我相信我們從 AI 得到的成本節省，多於 token 帶來的成本增加。

When you're looking at something like releasing the rent benchmarking or the real-estate manager lease ingestion, you're saving a ton of money on labor. We expect to save even more money on labor.

當你看像是推出租金基準比較（rent benchmarking）或不動產管理者的租約匯入（lease ingestion）這類功能時，你在勞動力上省下了大量成本。我們預期在勞動力上還會省更多。

And then, we also seem, going forward, the opportunity to generate a lot of content by using our proprietary content -- using expert models -- but do it in a way in which we can resell the token we've used to generate that expert knowledge off of proprietary data to many, many, many people.

此外，往前看，我們似乎也有機會透過使用我們的專有內容——使用專家模型——來產生大量內容；而且能以一種方式，把我們用於生成基於專有資料之專家知識所消耗的 token，轉售給非常非常多的人。

The business model we've had through time, where we invest to collect a piece of information and then, sell it across a broad audience, thereby, having a very high gross margin of piece of information you're selling, the same thing exists in an proprietary-information token world, where you generate a piece of combined expertise with proprietary data and then, you sell it across a very broad audience and, thereby, have a very small per-unit cost or high-gross margin.

我們一路以來的商業模式是：我們投入資金去取得一段資訊，然後把它賣給廣大的受眾，因此你所販售的那段資訊具有非常高的毛利率。同樣的模式也存在於專有資訊代幣的世界：你把專有資料與綜合專業能力結合，產出一段資訊，接著把它賣給非常廣泛的受眾，因而使每單位成本非常低，或擁有很高的毛利率。

We're not seeing anything that is unpleasant on the token consumption on the platforms we've got, right now. For sure, we're getting significant coding efficiencies through the LLMs we're using for coding.

就我們目前的平台而言，我們沒有看到任何令人不愉快的代幣消耗情況。當然，我們透過用於程式撰寫的 LLM，確實獲得了顯著的編碼效率提升。

We are seeing the providers there trying to shift off of à la carte to token pricing. But I feel reasonably comfortable that that has to come with efficiency gains in labor or it doesn't make a lot of sense.

我們確實看到供應商正試圖從單點（à la carte）計價轉向代幣計價。但我相當確信，這必須伴隨勞動效率的提升，否則就不太合理。

But I did notice that it's a competitive market because I went down to the cafeteria today and a bunch of the tables were blocked out. I couldn't sit in them because one of the major LLM providers was serving meals to all of our developers, trying to win them over.

不過我確實注意到這是一個競爭激烈的市場，因為我今天去餐廳時，有好幾張桌子被封起來。我不能坐，因為某家主要的 LLM 供應商正在請我們所有開發人員吃飯，試圖把他們爭取過去。

There should be some token competition there.

那裡應該會有一些代幣方面的競爭。

I had a couple other things:

我還有另外幾點：

We're actually below budget on what we had forecast for token consumption cost in 2026, even in light of the initiatives we've undertaken. We're excited about that.

實際上，我們 2026 年對代幣消耗成本的預測，目前低於預算，即使考量到我們已推動的各項計畫也是如此。我們對此感到很振奮。

We've talked, previously, about creating optimization engines within our AI infrastructure to seek out the best pricing on tokens, as we go down that route. I'm sure you're all keeping abreast of token pricing in the advent of additional frontier models and the massive cost differentiation that exists.

我們先前談過，要在我們的 AI 基礎設施內建立最佳化引擎，隨著我們走這條路，去尋找代幣的最佳價格。我相信各位也都在關注：隨著更多前沿模型出現，代幣定價以及其中存在的巨大成本差異。

I actually think we're probably in a better position than we were.

我其實認為，我們現在的處境可能比以前更好。

I'd also highlight: We really haven't taken into account a lot of cost savings that we know are going to accrue to us across all of our businesses, as we drive more AI within the business. I would say, we're relatively agnostic on that.

我也想強調：隨著我們在業務中導入更多 AI，我們知道在所有業務線上都會累積不少成本節省，但我們其實還沒有把這些節省充分納入考量。我會說，我們對此相對保持中立。

As we continue to go day to day, I see a lot of opportunity across all of our businesses, research included, to drive down costs with AI.

隨著我們日復一日地推進，我看到在我們所有業務（包含研究）中，都有很多機會透過 AI 來降低成本。

I actually think it's a real positive story for us. We're on the cusp of it. Costs are under budget. I think that's likely to continue, given pricing trends; given how we've optimized the business; and given what we're planning on doing.

我其實認為這對我們來說是一個非常正面的故事。我們正處在臨界點。成本低於預算。考量到定價趨勢、我們如何最佳化業務，以及我們接下來的規劃，我認為這很可能會持續下去。

Andy took a very measured approach and focused approach in doing that. I think it's actually proving to be the right outcome.

Andy 採取了非常審慎且聚焦的方法來做這件事。我認為事實證明，這確實帶來了正確的結果。

Did we mention that Robin Rossmann was just an LLM model?

我們有提到 Robin Rossmann 其實只是一個 LLM 模型嗎？

Jason Haas, Wells Fargo.

Jason Haas，富國銀行。

Hey. Good afternoon. Thanks for taking my question.

嗨。下午好。謝謝讓我提問。

I'm curious if you could talk a little bit more about the Apartments.com-ChatGPT partnership and, just, how that's a mutually beneficial relationship.

我想請你們再多談一點 Apartments.com 與 ChatGPT 的合作，以及這如何是一段互利的關係。

I'm curious if you're considering launching something like that for Homes.com and, maybe, even for CoStar suite. Curious to hear your thoughts there. Thanks.

我也想知道你們是否考慮為 Homes.com 推出類似的合作，甚至可能擴展到 CoStar 產品套件。想聽聽你們的看法。謝謝。

Yeah.

好的。

Starting from the back forwards, I have been seeing some of the implications of CoStar AI. It's got a lot of potential because you have a lot more data there and a lot more modules.

從後往前說，我一直在看到 CoStar AI 的一些影響。它很有潛力，因為那裡有更多資料，也有更多模組。

The ability to query across multiple datasets and then, merge the content together and answer is pretty powerful.

能夠跨多個資料集進行查詢，然後把內容合併並給出答案，這相當強大。

I don't see that being something that makes sense to put out in a module in a ChatGPT because that's not who the customer is. They're really looking for something much more in-depth.

我不認為把它做成 ChatGPT 裡的一個模組是合理的，因為那不是它的客戶。他們真正想要的是更深入的東西。

With Homes.com, we are very prevalent on ChatGPT. I've heard that we are more prevalent than just about anybody else on there for actual -- for generative optimization.

至於 Homes.com，我們在 ChatGPT 上的能見度非常高。我聽說就實際的——就生成式最佳化而言——我們在那上面的能見度幾乎比任何人都高。

We think, actually, the experience of the full -- going into Homes.com and the full AI integration at the UX level is more powerful than a module in ChatGPT.

我們認為，完整體驗——進入 Homes.com，並在使用者體驗（UX）層級做完整的 AI 整合——比在 ChatGPT 裡做一個模組更強大。

With Apartments.com, we're hitting both the integrated UX, AI -- agentic AI -- along with a module on ChatGPT.

至於 Apartments.com，我們同時在做整合式的 UX、AI——代理式 AI（agentic AI）——以及在 ChatGPT 上的模組。

However, the story is, still, the traffic is not coming from that source. You're still single digit, right now. It's more of a window dressing than a reality. But we'll keep an eye on it.

不過，現況是流量並不是從那個來源來的。目前仍是個位數占比，對吧。它更像是門面裝飾，而非真正的現實。但我們會持續關注。

We think it'll be one of many options for where you create the front door and bring traffic in.

我們認為，這會是眾多選項之一：你可以在哪裡打造入口（front door）並導入流量。

Got it. Very helpful. Thank you.

了解。非常有幫助。謝謝。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC 資本市場。

Thanks. Thanks for taking my question.

謝謝。謝謝讓我提問。

I just had a quick clarifying question on the Residential guidance -- the updated guidance -- which is $50 million below the prior guidance.

我有個很快的釐清問題，關於住宅業務指引——更新後的指引——比先前指引低了 5,000 萬美元。

I just wanted to better understand how much of it was due to Homes.com versus multi-family. Any color there? Thank you.

我想更了解其中有多少是 Homes.com 造成的，多少是多戶住宅（multi-family）造成的。能否提供一些說明？謝謝。

As I mentioned, around a quarter of it came -- you're talking on the revenue side -- I think, came from Ten-X. And then, the remainder on the Residential side were the primary participants.

如我提到的，大約四分之一來自——你說的是營收端——我認為是來自 Ten-X。然後住宅端其餘的部分，主要是由主要參與者所造成。

Like I said, we don't give out net new guidance by each segment. But we did mention that Q2 net new bookings for Homes.com was similar to the first quarter.

如我所說，我們不會按各個分部提供淨新增指引。但我們確實提到，Homes.com 第二季的淨新增預訂（net new bookings）與第一季相近。

I think you can come to some conclusions, based on that math.

我想你可以根據那個數學關係得出一些結論。

Thank you. That's very helpful.

謝謝。這非常有幫助。

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

謝謝。現在我想把電話交回給 Andy Florance，請他做任何結語。

Well, I think we did a decent job of keeping the prepared remarks section reasonably brief and having extended Q&A question.

嗯，我想我們在把事先準備的發言部分控制得相當精簡、並把時間留給延伸的問答方面，做得還不錯。

Thank you, everyone, for joining us. We look forward to updating you in the next quarter.

謝謝各位今天加入我們。我們期待在下一季向各位更新。

Thank you. This concludes the conference.

謝謝。本次電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以掛線。