Zillow Group Inc (Z) 2022 Q2 法說會逐字稿

Good afternoon. My name is Sam, and I will be your conference operator today. At this time, I would like to welcome everyone to the Zillow Group Second Quarter 2022 Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Brad Berning, Vice President, Investor Relations and Strategy. Please go ahead.

下午好。我叫山姆，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Zillow Group 2022 年第二季度電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係和戰略副總裁 Brad Berning。請繼續。

Thank you, Sam. Good afternoon, and welcome to Zillow Group's Second Quarter 2022 Conference Call. Joining me today to discuss our results are Zillow Group's Co-Founder and CEO, Rich Barton; and CFO, Allen Parker.

謝謝你，山姆。下午好，歡迎來到 Zillow Group 2022 年第二季度電話會議。今天和我一起討論我們的結果的是 Zillow Group 的聯合創始人兼首席執行官 Rich Barton；和首席財務官艾倫·帕克。

During today's call, we'll make forward-looking statements about our future performance and operating plans based on current expectations and assumptions. These statements are subject to risks and uncertainties, and we encourage you to consider the risk factors described in our SEC filings for additional information. We undertake no obligation to update these statements as a result of new information or future events, except as required by law.

在今天的電話會議中，我們將根據當前的預期和假設對我們未來的業績和運營計劃做出前瞻性陳述。這些陳述存在風險和不確定性，我們鼓勵您考慮我們提交給 SEC 的文件中描述的風險因素以獲取更多信息。我們不承擔因新信息或未來事件而更新這些聲明的義務，除非法律要求。

This call is being broadcast on the Internet and is accessible on our Investor Relations website. Recording the call will be available later today. During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we will refer to as EBITDA.

本次電話會議正在互聯網上播出，可在我們的投資者關係網站上訪問。今天晚些時候將提供通話錄音。在電話會議期間，我們將討論 GAAP 和非 GAAP 措施，包括調整後的 EBITDA，我們將其稱為 EBITDA。

We encourage you to read our shareholder letter and our earnings release, which can be found on our Investor Relations website, as they contain important information about our GAAP and non-GAAP results, including reconciliations of historical non-GAAP financial measures. In addition, please note, we will refer to our Internet, Media & Technology segment as our IMT segment.

我們鼓勵您閱讀我們的股東信函和我們的收益發布，可以在我們的投資者關係網站上找到，因為它們包含有關我們的 GAAP 和非 GAAP 結果的重要信息，包括歷史非 GAAP 財務指標的對賬。此外，請注意，我們將互聯網、媒體和技術部門稱為我們的 IMT 部門。

We will now open the call with remarks followed by live Q&A. And with that, I turn the call over to you, Rich.

我們現在將以評論打開電話，然後是現場問答。有了這個，我把電話轉給你，Rich。

Thank you, Brad. Good afternoon, everyone. I hope you and your families are enjoying some summer, along with your work. The Blue Angels are tearing holes in the sky here around Seattle today in preparation for the Indy 500 of Jet hydrofoil races on Lake Washington. I know you all know it sea fair. That's this weekend, so they're practicing. If it gets loud in the background, it's not because I'm watching Top Gun.

謝謝你，布拉德。大家下午好。我希望你和你的家人在工作的同時享受一些夏天。今天，藍天使正在西雅圖附近的天空中撕開洞，為華盛頓湖上的印地 500 噴氣式水翼艇比賽做準備。我知道你們都知道海上博覽會。那是這個週末，所以他們正在練習。如果背景聲音很大，那不是因為我在看壯志凌雲。

Anyway, thanks for joining us on this busy, busy earnings day. I'm happy to have the opportunity to share Zillow's progress with you. But first, I'd like to zoom out and examine the state of the housing market. As we previewed last quarter, the housing market is rebalancing after a pandemic-fueled couple of years that were characterized by low interest rates, strong customer demand and historically low inventory levels.

無論如何，感謝您在這個忙碌的財報日加入我們。我很高興有機會與您分享 Zillow 的進展。但首先，我想縮小並檢查房地產市場的狀況。正如我們上個季度所預測的那樣，在經歷了以低利率、強勁客戶需求和歷史低庫存水平為特徵的幾年大流行之後，房地產市場正在重新平衡。

We are in a very different market today. Affordability has become very challenging for buyers. The compounding of unprecedented home price appreciation over the past few years and a rapid increase in mortgage rates has resulted in new mortgage payments relative to income spiking back to near 2006 peak levels.

我們今天處於一個非常不同的市場。對買家來說，負擔能力變得非常具有挑戰性。過去幾年前所未有的房價升值和抵押貸款利率的快速增長導致新的抵押貸款支付相對於收入飆升至接近 2006 年的峰值水平。

This rapidly changing affordability picture has impacted home shoppers' ability to find an affordable and an acceptable option, driving buyer sentiment to a 20-year low. Reduced buyer demand has cooled the previously red hot seller's market.

這種快速變化的負擔能力狀況影響了購房者找到負擔得起且可接受的選擇的能力，將買家情緒推低至 20 年來的最低點。買家需求的減少使之前炙手可熱的賣家市場降溫。

Across the industry, we are seeing price growth meaningfully soften on pending sales and new mortgage applications with for-sale inventory levels rising as homes spend more time on the market. Ultimately, when combining all of these factors, the housing industry total transaction dollar volume was flat year-over-year in Q2, while various leading indicators deteriorated.

在整個行業中，我們看到待售房屋和新抵押貸款申請的價格增長顯著放緩，待售庫存水平隨著房屋在市場上花費更多時間而上升。最終，綜合所有這些因素，第二季度房地產行業總交易額與去年同期持平，而各項領先指標均出現惡化。

Despite demand indicators stabilizing in July compared to June, we expect second half 2022 total industry transaction volume to meaningfully contract year-over-year. Despite a challenging housing environment that we cannot control, we are as confident as ever in what we can control, executing on a strategy and a product road map that we believe will drive outsized transaction share gains, outsized revenue per transaction and profitable growth over time.

儘管與 6 月相比，7 月的需求指標趨於穩定，但我們預計 2022 年下半年的行業總交易量將同比大幅收縮。儘管我們無法控制具有挑戰性的住房環境，但我們對我們可以控制的事情一如既往地充滿信心，執行我們認為將推動超額交易份額收益、超額每筆交易收入和盈利增長的戰略和產品路線圖隨著時間的推移.

Earlier this year, we introduced a product road map in a set of 2025 financial targets that are oriented around increasing engagement, increasing transactions and increasing revenue per transaction. The path to achieving those targets and beginning to build out our vision involves product initiatives within 5 growth pillars: financing, touring, seller solutions, integrating our services and enhancing our partner network.

今年早些時候，我們在一系列 2025 年財務目標中引入了產品路線圖，這些目標圍繞增加參與度、增加交易量和增加每筆交易的收入。實現這些目標並開始構建我們的願景的途徑涉及 5 個增長支柱內的產品計劃：融資、旅遊、賣方解決方案、整合我們的服務和增強我們的合作夥伴網絡。

Today, we are reporting in line consolidated results that demonstrate Zillow is on firm ground and well positioned for long-term growth. Our core IMT segment met the low end of our revenue expectations while exceeding the midpoint of our EBITDA guidance as we effectively invested in our growth pillars while actively managing costs. Our solid footing is underpinned by a cash balance of $3.5 billion as of the end of Q2, an increase from $3.1 billion at the end of 2021, even after nearly $600 million in stock repurchases over the first half of this year.

今天，我們報告的綜合結果表明 Zillow 站穩腳跟，並為長期增長做好了準備。我們的核心 IMT 部門達到了我們收入預期的低端，同時超過了我們 EBITDA 指導的中點，因為我們在積極管理成本的同時有效地投資了我們的增長支柱。截至第二季度末的現金餘額為 35 億美元，比 2021 年底的 31 億美元有所增加，即使在今年上半年進行了近 6 億美元的股票回購之後，我們的堅實基礎也得到了鞏固。

Our balance sheet is healthy, and we produce operating cash. We are well equipped for the challenges an uncertain macro environment can throw at us and have the ability to invest in our long-term vision and strategy. On top of that, we are a leader in a huge industry. We have a big, strong, trusted brand, and we have a large, passionate and engaged audience.

我們的資產負債表是健康的，我們生產經營現金。我們已準備好應對不確定的宏觀環境可能給我們帶來的挑戰，並有能力投資於我們的長期願景和戰略。最重要的是，我們是一個巨大行業的領導者。我們擁有一個龐大、強大、值得信賴的品牌，我們擁有大量、熱情和參與的觀眾。

Apartment and house hunting is aspirational and entertaining as well as practical. Just last week, Google Play named Zillow one of the "Ten apps that defined a generation" alongside such iconic app brands as Uber, Venmo, Instagram and Zoom. This recognition complements what we observe in the traffic numbers, that our brand is a part of people's everyday lives.

尋找公寓和房屋是有抱負的、有趣的和實用的。就在上週，Google Play 將 Zillow 評為“定義一代人的十大應用”之一，與 Uber、Venmo、Instagram 和 Zoom 等標誌性應用品牌並駕齊驅。這種認可補充了我們在流量數據中觀察到的情況，即我們的品牌是人們日常生活的一部分。

Dreaming and shopping on Zillow, Trulia and StreetEasy doesn't stop because of a poor housing macro-outlook. Our business model is ultimately driven by transactions, yes. But it is our relationship with our customers between transactions that is and always has been our advantage.

在 Zillow、Trulia 和 StreetEasy 的夢想和購物並沒有因為糟糕的住房宏觀前景而停止。我們的商業模式最終是由交易驅動的，是的。但是，我們與客戶之間的交易關係一直是我們的優勢。

Given the macro outlook, I am relieved we are no longer carrying the capital and asset risk of iBuying on our balance sheet. The wind down of this business exceeded our expectations in terms of both the speed of home sales on our small remaining inventory and the profit outcomes for these sales.

鑑於宏觀前景，我鬆了一口氣，我們的資產負債表上不再承擔 iBuying 的資本和資產風險。就我們少量剩餘庫存的房屋銷售速度和這些銷售的利潤結果而言，這項業務的結束超出了我們的預期。

We paid down all outstanding iBuying debt in Q2, substantially completed the associated workforce reduction and are now at the tail end of the wind down. Allen will provide more details later in the call, but I'd like to briefly speak about how we are shoring up our employee base, given what's happening in the macro and labor market for tech talent.

我們在第二季度償還了所有未償還的 iBuying 債務，基本完成了相關的裁員，現在正處於結束的尾聲。艾倫將在稍後的電話會議中提供更多細節，但鑑於宏觀和勞動力市場對技術人才的需求，我想簡要談談我們如何支撐我們的員工基礎。

The drop in stock price, which we've all felt has resulted in actual compensation being much lower than planned and on-hire compensation for the many Zillow employees who receive a meaningful portion of their compensation in equity. And despite what you may hear, it is a highly competitive job market for tech and product talent, which means it's unsettlingly easy for a skilled employee to get a significant compensation bump and an equity reset simply by switching jobs. Our people create the great products and services that have grown a huge successful brand and will fuel our future growth.

我們都認為股價下跌導致實際薪酬遠低於計劃和許多 Zillow 員工的僱傭薪酬，這些員工獲得了相當一部分的股權薪酬。儘管您可能聽說過，但對於技術和產品人才來說，這是一個競爭激烈的就業市場，這意味著熟練的員工很容易通過換工作獲得顯著的薪酬提升和股權重置。我們的員工創造了偉大的產品和服務，這些產品和服務已經發展成為一個巨大的成功品牌，並將推動我們未來的發展。

Practically speaking, it would be more expensive to recruit and replace valuable employees tomorrow than it will be to retain folks today. Attrition and churn is an insidious barrier to growth, and by minimizing avoidable barriers, we are in a better position to achieve our goals.

實際上，明天招聘和更換有價值的員工會比今天留住員工更昂貴。減員和流失是增長的潛在障礙，通過最大限度地減少可避免的障礙，我們可以更好地實現目標。

With that considered, we have made the decision to issue an off-cycle RSU grant to partially top up total compensation, particularly for those in the most competitive job categories. We will also reprice a small portion of the total outstanding stock options, those that are far out of the money.

考慮到這一點，我們決定發放非週期 RSU 贈款，以部分補足總薪酬，特別是對於那些競爭最激烈的工作類別的人。我們還將重新定價全部已發行股票期權的一小部分，即那些遠遠超出資金的股票期權。

Allen will get into how we expect this off-cycle comp action to impact our financials, but it will likely result in about 2% dilution spread over a couple of years. Most of us on this call have felt the pain of a rapid and large stock drop in our stock price.

艾倫將探討我們預計這種非週期壓縮行動將如何影響我們的財務狀況，但它可能會在幾年內導致約 2% 的稀釋度分佈。在這次電話會議上，我們中的大多數人都感受到了股價快速大幅下跌的痛苦。

Obviously, I am a large shareholder personally and have felt this firsthand. And we'll note that, neither I, nor our Executive Chairman and Co-Founder, Lloyd Frink, nor our Board of Directors is included in this special comp action. The Board and I have approved these equity initiatives because it is smart business and it recognizes the importance of retaining talent and aligning their compensation with the long-term interest of shareholders, and I hope you'll agree with and understand our decision.

顯然，我個人是大股東，親身感受到了這一點。我們會注意到，我、我們的執行主席兼聯合創始人勞埃德·弗林克（Lloyd Frink）和我們的董事會都沒有被包括在這次特別行動中。董事會和我批准了這些股權舉措，因為這是一項明智的業務，它認識到留住人才和使他們的薪酬與股東的長期利益保持一致的重要性，我希望你會同意並理解我們的決定。

Allen will talk more about capital management, but I'll note here that we will repurchase shares under our existing share buyback program in the near term to cover the potential future dilution from this comp action, all while continuing to be opportunistic about additional potential share repurchases.

艾倫將更多地談論資本管理，但我會在此指出，我們將在短期內根據現有的股票回購計劃回購股票，以彌補此次合併行動可能導致的未來稀釋，同時繼續對額外的潛在股票持機會主義態度回購。

Now on to future growth and what we're doing to fuel our go-forward business and our vision for the Housing Super App. We have turned the page strategically and operationally to focus our efforts on building a single platform of integrated digital solutions that will serve more customers in our funnel. And we are making investments in these future growth initiatives. Why? Because we see big opportunity.

現在談談未來的增長以及我們正在做些什麼來推動我們的前進業務和我們對 Housing Super App 的願景。我們已經在戰略和運營上翻開了新的一頁，將我們的精力集中在構建一個集成數字解決方案的單一平台上，該平台將為我們漏斗中的更多客戶提供服務。我們正在對這些未來的增長計劃進行投資。為什麼？因為我們看到了巨大的機會。

While almost everyone starts their real estate journey using Zillow products and services, we monetize only about 3% of real estate transactions. That gap represents huge potential energy, potential growth opportunity for us to expand share. And our strategy to get there is sound. Each pillar in our product road map, financing, touring, seller solutions, enhancing our partner network and integrating our services is important to building the ecosystem we envision and sets us up to reach our goals of increasing engagement, increasing transactions and increasing revenue per transaction.

雖然幾乎每個人都使用 Zillow 產品和服務開始他們的房地產之旅，但我們僅通過大約 3% 的房地產交易獲利。這一差距代表著巨大的潛在能量，潛在的增長機會為我們擴大份額。我們實現這一目標的策略是合理的。我們產品路線圖中的每個支柱、融資、旅遊、賣家解決方案、增強我們的合作夥伴網絡和整合我們的服務對於構建我們設想的生態系統非常重要，並使我們能夠實現增加參與度、增加交易和增加每筆交易收入的目標.

Implicit in execution of this strategy is a healthy top of funnel, which we are growing even in this unpredictable housing market. In Q2, Zillow Group apps and sites had 234 million average monthly unique users, up 2% year-over-year, with visits up; 5% year-over-year. The number of monthly active users on our Zillow mobile app remains 3x the size of our closest competitor.

執行該策略隱含的是一個健康的漏斗頂部，即使在這個不可預測的房地產市場中，我們也在不斷增長。第二季度，Zillow Group 應用和網站的月均獨立用戶數為 2.34 億，同比增長 2%，訪問量有所增加；同比增長 5%。我們 Zillow 移動應用的月活躍用戶數量仍然是最接近的競爭對手的 3 倍。

And this quarter, our rentals traffic has once again grown, up 31% year-over-year with 27 million average monthly unique users per com score. The health at the top of the funnel is a powerful differentiator that comes from years of building great products for our customers, and it gives us confidence in our long-term growth thesis, regardless of the short-term challenges that arise from the uncertain housing market.

本季度，我們的租賃流量再次增長，同比增長 31%，每個網站的平均每月獨立用戶數為 2700 萬。漏斗頂部的健康是一個強大的差異化因素，它來自多年為我們的客戶打造優質產品，它讓我們對我們的長期增長主題充滿信心，不管不確定的住房帶來的短期挑戰市場。

We're also making strides towards providing a suite of seller services in our ecosystem. Today, we are announcing we struck an exclusive multiyear partnership with Opendoor. This partnership gives Zillow customers the ability to get a cash offer on their home, connecting the Premier real estate brand and audience with the Premier iBuyer brand and operation.

我們也在朝著在我們的生態系統中提供一套賣家服務方面取得進展。今天，我們宣布與 Opendoor 達成獨家多年合作夥伴關係。這種合作夥伴關係使 Zillow 客戶能夠在他們的家中獲得現金優惠，將 Premier 房地產品牌和受眾與 Premier iBuyer 品牌和運營聯繫起來。

In addition to the direct economic opportunities associated with this partnership, there are numerous strategic benefits for us. First, when fully rolled out, we will be able to service sellers across more than 50 markets in the U.S. This expands our addressable market and allows us to create a suite of seller services over time to complement Opendoor's cash offer program.

除了與這種夥伴關係相關的直接經濟機會外，我們還有許多戰略利益。首先，當全面推出後，我們將能夠為美國 50 多個市場的賣家提供服務。這擴大了我們的目標市場，並使我們能夠隨著時間的推移創建一套賣家服務，以補充 Opendoor 的現金優惠計劃。

Second, as we build out complementary seller offerings, we will be able to connect Premier Agents with interested sellers that are looking to sell their home in the traditional way. Third, we will be able to offer a bundle for sellers who are also buyers, which opens up meaningful opportunities for us across agent transactions and adjacent services like mortgage and title and escrow.

其次，隨著我們建立互補的賣家產品，我們將能夠將 Premier Agents 與希望以傳統方式出售房屋的感興趣的賣家聯繫起來。第三，我們將能夠為同時也是買家的賣家提供捆綁服務，這為我們在代理交易和抵押、所有權和託管等相關服務方面提供了有意義的機會。

Now I'll get more specific on how we expect the customer experience to work as we roll out the partnership. We'll offer customers the ability to get a cash offer on their home details page on Zillow, which we know is a compelling call to action and provides us a high-intent seller signal. Once a customer shows interest in getting a cash offer, a licensed Zillow adviser will be available to talk each customer through a variety of selling options, including the cash offer from Opendoor.

現在，我將更具體地說明我們在推出合作夥伴關係時期望客戶體驗如何發揮作用。我們將讓客戶能夠在 Zillow 的主頁詳細信息頁面上獲得現金報價，我們知道這是一個引人注目的號召性用語，並為我們提供了一個高意向的賣家信號。一旦客戶表現出對獲得現金報價的興趣，獲得許可的 Zillow 顧問將可以通過各種銷售選項與每位客戶交談，包括 Opendoor 的現金報價。

For customers who choose to sell directly to Opendoor, Zillow will receive a referral fee. For customers who decide they want to sell, traditionally, we will connect to them with the Zillow Premier Agent partner. For customers looking to sell their existing home and buy a new home, we will offer a package where they can buy their next home with the Zillow Premier Agent, finance with Zillow Home Loans and close with Zillow Closing Services while selling their existing home to Opendoor.

對於選擇直接向 Opendoor 銷售的客戶，Zillow 將獲得推薦費。對於決定要出售的客戶，傳統上，我們將通過 Zillow Premier Agent 合作夥伴與他們聯繫。對於希望出售現有房屋併購買新房屋的客戶，我們將提供一個套餐，他們可以通過 Zillow Premier Agent 購買下一個房屋，通過 Zillow Home Loans 融資並通過 Zillow Closing Services 關閉，同時將現有房屋出售給 Opendoor .

Throughout this future customer experience, Zillow will be the primary -- be in the primary advisory role, helping our customers choose the best option for them while growing our business in the capital-light manner we described when we exited being an iBuyer primary. Offering more products and services to more of our customers is a core tenet of our long-term strategy, and this partnership is a significant step in that direction.

在未來的客戶體驗中，Zillow 將是主要的——擔任主要的顧問角色，幫助我們的客戶為他們選擇最佳選擇，同時以我們在退出 iBuyer 主要時所描述的輕資本方式發展我們的業務。為更多客戶提供更多產品和服務是我們長期戰略的核心宗旨，此次合作是朝著這個方向邁出的重要一步。

Finally, as we have said before, solutions within the Zillow ecosystem will be a combination of ones we build, partner on or buy, focusing on solutions that meet our high standards and serve our customers with products and services they need. This partnership with Opendoor is a great example of the many opportunities available to us in building out an ecosystem of end-to-end customer solutions and our commitment to making it easier for customers to transact in real estate. We see this partnership as a significant win for customers, for Zillow and for Opendoor. And we are excited to roll out the experience in the coming months.

最後，正如我們之前所說，Zillow 生態系統中的解決方案將是我們構建、合作或購買的解決方案的組合，專注於滿足我們高標準的解決方案，並為我們的客戶提供他們需要的產品和服務。與 Opendoor 的這種合作關係是我們在構建端到端客戶解決方案生態系統方面提供的許多機會的一個很好的例子，以及我們致力於讓客戶更輕鬆地進行房地產交易的承諾。我們認為這種合作夥伴關係對客戶、Zillow 和 Opendoor 來說都是一次重大勝利。我們很高興在未來幾個月推出體驗。

Next up on our road map is touring, which is a key moment in the real estate process that is historically logistically challenging for buyers, sellers and their agents. It also indicates high customer intent and is the point of sale for buyers' agents. We discussed last quarter that we are beginning to enable real-time availability of tours through ShowingTime for our agent-facing interfaces, and the early adoption signals were positive.

我們路線圖上的下一步是巡迴演出，這是房地產過程中的一個關鍵時刻，從歷史上看，這對買家、賣家及其代理人來說都是一個挑戰。它還表明客戶意向很高，是買方代理的銷售點。我們在上個季度討論過，我們開始通過 ShowingTime 為我們面向代理的界面啟用實時遊覽，早期採用信號是積極的。

Today, we are happy to say that we rolled out this capability across the country with more than 250 markets now enabled with real-time availability of tours on ShowingTime, including a new integration on StreetEasy that allows agents to access ShowingTime directly on New York City sales listings. Now, 4 months after introducing real-time availability, 74% of listings in markets where it's enabled are participating.

今天，我們很高興地說，我們在全國范圍內推出了這項功能，現已在 250 多個市場啟用了 ShowingTime 上的實時巡演，包括 StreetEasy 上的新集成，允許代理商直接在紐約市訪問 ShowingTime銷售清單。現在，在引入實時可用性 4 個月後，啟用它的市場中 74% 的列表正在參與。

This means that for all participating homes, the true calendar for buyer tours will soon be available on ShowingTime partner websites. The ease that real-time availability has brought to tour scheduling to date is a win for all involved, and it enables agents to quickly help high-intent customers find and win their next home.

這意味著對於所有參與的房屋，買家參觀的真實日曆將很快在 ShowingTime 合作夥伴網站上提供。迄今為止，實時可用性為旅遊安排帶來的便利是所有相關人員的勝利，它使代理商能夠快速幫助高意向客戶找到並贏得他們的下一個家。

Separately, many incremental improvements we've made to Zillow's apps and sites have contributed to driving growth in the share of connections that come from tour requests to nearly 50%, up from less than 33% this time last year.

另外，我們對 Zillow 的應用程序和網站進行的許多漸進式改進有助於推動來自旅遊請求的連接份額增長到近 50%，高於去年這個時候的不到 33%。

Our future goal is to create a frictionless touring experience for buyers and sellers themselves, not only for their agents by integrating the ShowingTime functionality on our customer-facing apps and sites, making it as easy for a shopper to book a home tour as it is to book a restaurant reservation online.

我們未來的目標是通過在我們面向客戶的應用程序和網站上集成 ShowingTime 功能，為買家和賣家自己創造無摩擦的旅遊體驗，而不僅僅是為他們的代理商，讓購物者可以輕鬆預訂家庭旅遊在線預訂餐廳。

Last on our product road map for this quarter is financing. We believe we have an opportunity to be a substantial purchase mortgage originator, given the many millions of customers who inquire about financing on Zillow on an annual basis. We have major work to do up and down the stack and out towards partners.

我們本季度產品路線圖的最後一個是融資。鑑於每年有數百萬客戶在 Zillow 上查詢融資事宜，我們相信我們有機會成為大量購買抵押貸款發起人。我們在堆棧上下以及面向合作夥伴方面都有大量工作要做。

But at the top of the funnel, we have begun to make the changes to our apps and sites, designed to capture and convert a portion of the huge mortgage shopping signal we have into Zillow Home Loans. As a result, pre-approvals for purchase mortgages doubled from January to June, and our purchase origination volume grew 58% sequentially in Q2. The absolute numbers are still small, but these are good signals for the opportunity in front of us as we build out our digital mortgage offering.

但在漏斗的頂端，我們已經開始對我們的應用程序和網站進行更改，旨在捕捉我們擁有的巨大抵押貸款購物信號的一部分並將其轉換為 Zillow 房屋貸款。因此，從 1 月到 6 月，購買抵押貸款的預先批准翻了一番，我們的購買發起量在第二季度環比增長了 58%。絕對數字仍然很小，但在我們構建數字抵押貸款產品時，這些都是我們面前機會的好信號。

Importantly, when we lead with mortgage as our initial customer offering, we have found that a vast majority of customers do not yet have an agent. This gives us confidence that we can offer our customers both a great mortgage experience on Zillow and introduce them to a trusted Premier Agent partner who is happy to meet a buyer who already has financing lined up and understands what she can afford.

重要的是，當我們以抵押貸款作為我們的初始客戶產品時，我們發現絕大多數客戶還沒有代理。這讓我們有信心，我們可以在 Zillow 上為客戶提供出色的抵押貸款體驗，並將他們介紹給值得信賴的 Premier Agent 合作夥伴，該合作夥伴很高興見到已經準備好融資並了解她能負擔得起的買家。

Of course, we are early in our journey from a small call center-focused mortgage business originally built to support the financing needs for iBuying customers, to a large digital purchase originator serving millions of customers.

當然，我們正處於從最初為支持 iBuying 客戶的融資需求而建立的以呼叫中心為中心的小型抵押貸款業務到為數百萬客戶提供服務的大型數字購買發起者的早期旅程。

As we transition, we need to build digital tools for customers that are native in our asset sites, technology to support customers across our platform as well as efficient tools for loan officers and agents to serve these customers with a high level of transparency and integration between all parties.

隨著我們的過渡，我們需要為資產站點中的本地客戶構建數字工具，為跨平台的客戶提供支持的技術，以及為信貸員和代理提供高效工具，以高度透明和集成的方式為這些客戶提供服務各方。

The early indicators are promising, but we won't scale without having the key foundational components in place to enable us to scale profitably on the margin. We are making a significant investment in our financing growth pillar by Zillow Home Loans.

早期的指標是有希望的，但如果沒有關鍵的基礎組件來使我們能夠在邊際上盈利地擴大規模，我們就無法擴大規模。我們正在通過 Zillow Home Loans 對我們的融資增長支柱進行重大投資。

As it is a critical enabler for the integrated transaction experience, we believe future movers will demand and get. Customers are already coming to Zillow for mortgage advice. They inherently trust our brand and are looking to understand what they can afford before they take a tour and meet their Premier Agent.

由於它是集成交易體驗的關鍵推動力，我們相信未來的推動者會要求並獲得。客戶已經來到 Zillow 尋求抵押貸款建議。他們天生信任我們的品牌，並希望在參觀和見到他們的首席經紀人之前了解他們能負擔得起的東西。

As you can tell, I am excited about our current initiatives, but I'm also excited about the new products, features and services yet to be announced during the remainder of 2022. We will continue to update you all as we progress.

如您所知，我對我們目前的舉措感到興奮，但我也對尚未在 2022 年剩餘時間內宣布的新產品、功能和服務感到興奮。隨著我們的進展，我們將繼續為大家提供最新信息。

Before I hand it over to Allen, I recognize the past few years in housing has been unpredictable, uncertain and unlike anything we've seen before. But we are making progress on our growth investments. And when I look at the strength of our brand, our audience, our proven profitable business model and cash flow, I am confident we can alter the way people transact in real estate across the U.S. for the better, which we expect will deliver outstanding long-term results for our company, our employees and our shareholders.

在我把它交給艾倫之前，我承認過去幾年的住房是不可預測的、不確定的，而且與我們以前見過的任何事情都不一樣。但我們在增長投資方面取得了進展。當我看到我們的品牌實力、我們的受眾、我們經過驗證的盈利商業模式和現金流時，我相信我們可以改變人們在美國進行房地產交易的方式變得更好，我們預計這將帶來出色的長期業績- 我們公司、員工和股東的長期業績。

With that, I'll turn it over to Allen.

有了這個，我會把它交給艾倫。

Thank you, Rich, and hello, everyone. We are making progress against our 5 growth pillars and believe we are well positioned to continue building innovative products and integrated services to help our broader set of customers navigate finding and winning their next home.

謝謝你，Rich，大家好。我們正在針對我們的 5 個增長支柱取得進展，並相信我們有能力繼續打造創新產品和綜合服務，以幫助我們更廣泛的客戶找到並贏得他們的下一個家。

We believe our continued focus on executing on what we can control, delivering better customer experiences as well as driving improved partner efficiency and productivity will drive increased transaction share, increase revenue per transaction and shareholder value.

我們相信，我們將繼續專注於執行我們可以控制的事情、提供更好的客戶體驗以及提高合作夥伴的效率和生產力，這將推動增加交易份額、增加每筆交易的收入和股東價值。

Moving on to our financial results. The housing market performed at the lower end of the range we expected during Q2, with flat year-over-year estimated total industry transaction dollar volumes. Despite this macro pressure, we delivered IMT segment and consolidated results in line with our outlook for both revenue and EBITDA.

繼續我們的財務業績。房地產市場在第二季度的預期範圍的低端表現，與去年同期相比，估計的行業交易總額持平。儘管存在這種宏觀壓力，但我們交付的 IMT 部門和綜合業績符合我們對收入和 EBITDA 的展望。

IMT segment revenue was $475 million, flat year-over-year. Premier Agent revenue decreased 5% year-over-year, impacted by macro housing market factors, including interest rates and home price increases as well as tight inventory levels. Rental's revenue was down 3% year-over-year and up 16% sequentially from Q1, better than our expectations.

IMT 部門收入為 4.75 億美元，同比持平。受利率和房價上漲以及庫存水平緊張等宏觀房地產市場因素的影響，Premier Agent 收入同比下降 5%。租賃的收入同比下降 3%，環比增長 16%，好於我們的預期。

We continue to see pressure from high occupancy rates, which dampened overall demand for rentals advertising. However, we did see signs of improvement in the rentals market with occupancy rates easing and customer demand remaining healthy.

我們繼續看到高入住率的壓力，這抑制了對租賃廣告的整體需求。然而，我們確實看到租賃市場出現改善的跡象，入住率下降且客戶需求保持健康。

IMT segment EBITDA was $186 million for Q2 or 39% of revenue, exceeding the midpoint of our outlook range of $182 million and 38% of revenue. The outperformance was driven by a combination of active cost management to drive operating efficiencies as well as lower advertising and marketing costs.

IMT 部門第二季度的 EBITDA 為 1.86 億美元，佔收入的 39%，超過了我們預期範圍的中點 1.82 億美元和收入的 38%。出色的表現是由積極的成本管理組合推動的，以提高運營效率以及降低廣告和營銷成本。

Mortgages segment revenue of $29 million was slightly below the low end of our outlook range of $31 million as rapid increases in interest rates negatively impacted refinancing loan originations and demand in our mortgages marketplace more than expected.

抵押貸款部門的收入為 2900 萬美元，略低於我們預期範圍的低端 3100 萬美元，因為利率的快速上升對再融資貸款發放和抵押貸款市場需求的負面影響超出預期。

As Rich mentioned, purchase financing is a key pillar of our 5 growth initiatives. We are moving from a captive audience with the former iBuying funnel to building a consumer-facing experience across the Zillow platform, which requires additional tools and integration across our offerings.

正如 Rich 所說，購買融資是我們 5 項增長計劃的關鍵支柱。我們正在從以前的 iBuying 渠道的俘虜受眾轉變為在 Zillow 平台上構建面向消費者的體驗，這需要額外的工具和我們產品的集成。

Our purchased loan origination volume grew 58% sequentially in Q2 as we make this transition. Mortgages segment EBITDA was a loss of $21 million, below the low end of our outlook for a loss of $18 million as we continue to invest in building the consumer-facing origination experience, internal tools and integration in the face of a really tough mortgage macro environment.

隨著我們進行這一轉變，我們購買的貸款發放量在第二季度環比增長了 58%。抵押貸款部門的 EBITDA 虧損 2100 萬美元，低於我們預期的虧損 1800 萬美元的低端，因為面對非常艱難的抵押貸款宏觀，我們繼續投資於建立面向消費者的發起體驗、內部工具和整合環境。

We ended the quarter with $3.5 billion of cash and investments on the balance sheet, down slightly from $3.6 billion at the end of Q1, which includes the benefit from core operating cash flow and the continued wind down of iBuyer inventory and the impact of $249 million in share repurchases during Q2.

我們在本季度末的資產負債表上有 35 億美元的現金和投資，略低於第一季度末的 36 億美元，其中包括核心運營現金流的收益和 iBuyer 庫存的持續減少以及 2.49 億美元的影響第二季度的股票回購。

Debt decreased to $1.7 billion from $2.5 billion at the end of Q1 after paying down all remaining iBuying debt for the quarter. Our cash position, core operating cash flow and now less capital-intensive operations give us the flexibility to continue to invest against our growth strategy as we look to efficiently navigate through the current macro environment.

在償還了本季度所有剩餘的 iBuying 債務後，債務從第一季度末的 25 億美元降至 17 億美元。我們的現金狀況、核心經營現金流和現在較少的資本密集型業務使我們能夠靈活地繼續投資於我們的增長戰略，因為我們希望有效地駕馭當前的宏觀環境。

Before I turn to our outlook for Q3, I would like to note that the resale of inventory from our iBuying business is nearly complete. We ended Q2 with 71 homes remaining in inventory. And currently, only 25 are not yet under contract to sell.

在我轉向我們對第三季度的展望之前，我想指出，我們 iBuying 業務的庫存轉售已接近完成。我們在第二季度結束時仍有 71 套房屋庫存。目前，只有 25 個尚未簽訂銷售合同。

We expect to substantially complete the wind down during Q3 and to report Zillow Offers as a discontinued operation beginning in Q3. As a result, the residual Zillow Offers revenue and noncontinuing costs are not reflected in our guidance ranges.

我們預計將在第三季度基本完成清盤，並將 Zillow Offers 報告為從第三季度開始的終止運營。因此，剩餘的 Zillow Offer 收入和非持續成本並未反映在我們的指導範圍內。

Turning to our outlook. In our IMT segment, we expect a 12% year -- expect a 12% year-over-year revenue decline in Q3 at the midpoint of our outlook range. Within the IMT segment, we expect Premier Agent revenue to be between $275 million to $295 million, down 21% year-over-year at the midpoint of our outlook range.

轉向我們的前景。在我們的 IMT 部門，我們預計年增長率為 12%——預計第三季度收入同比下降 12%，處於我們展望範圍的中點。在 IMT 領域，我們預計 Premier Agent 收入將在 2.75 億美元至 2.95 億美元之間，在我們展望範圍的中點同比下降 21%。

While we continue to focus on connecting high-intent customers to all our partners, our Q3 Premier Agent revenue outlook is largely informed by the following macro housing trends that we believe are making it harder for customers to transact and also affect our partner network. Lower purchase demand driven by recent increases in interest rates, which has made home purchases less affordable and is impacting our overall Premier Agent connection lead volume as well as lower home price appreciation driven by softening demand and inventory levels that are growing, but still lower than before the pandemic.

雖然我們繼續專注於將高意向客戶與我們的所有合作夥伴聯繫起來，但我們的第三季度 Premier Agent 收入前景在很大程度上取決於以下宏觀住房趨勢，我們認為這些趨勢使客戶更難進行交易並影響我們的合作夥伴網絡。近期利率上升導致購房需求下降，這導致購房成本降低，並影響了我們的整體 Premier Agent 連接線索量，以及需求疲軟和庫存水平不斷增長但仍低於在大流行之前。

Given tougher Q3 comparisons and demand trends stabilizing in July compared to June, we now expect industry growth to be down mid- to high teens year-over-year in Q3. Besides our own internal leading indicators, there are a few publicly available data sources we can point to that also suggest this.

鑑於與 6 月份相比，7 月份的第三季度比較更加艱難，並且需求趨勢趨於穩定，我們現在預計第三季度行業增長將同比下降中高水平。除了我們自己的內部領先指標外，還有一些我們可以指出的公開數據源也表明了這一點。

The Mortgage Bankers Association's purchase mortgage application index is running down high teens year-over-year in the last several weeks, a deceleration from high single-digit percentage annual decline fell through most of Q1 and early Q2.

抵押貸款銀行家協會的購買抵押貸款申請指數在過去幾周同比下降了十幾歲，在第一季度和第二季度初的大部分時間裡，從高個位數百分比的年度跌幅開始有所放緩。

The year-over-year growth in the average loan size of purchase mortgage originations, as published by the Mortgage Bankers Association, has also decelerated meaningfully in recent weeks to low single digits from double digits earlier in the quarter. This has historically been a directionally good leading indicator for existing average home price sales growth, and the deceleration suggests we could see home price appreciation decelerate meaningfully in the second half of the year.

抵押貸款銀行家協會公佈的購買抵押貸款平均貸款規模的同比增長也在最近幾周顯著放緩，從本季度早些時候的兩位數降至個位數。從歷史上看，這一直是現有平均房價銷售增長的一個具有方向性的良好領先指標，而減速表明我們可以看到房價升值在今年下半年顯著減速。

Also, the National Association of Realtors measure of June pending home sales, a leading indicator for July and August, was down 20% year-over-year. In Q3, we expect Premier Agent to be in line to slightly worse than the industry as we saw in Q2. Our monetization of leads and agent behavior tend to pace ahead of industry trends for closed transactions during periods of disruption.

此外，全國房地產經紀人協會衡量的 6 月待售房屋銷售量是 7 月和 8 月的領先指標，同比下降 20%。在第三季度，我們預計 Premier Agent 將比我們在第二季度看到的行業略差。在中斷期間，我們對潛在客戶和代理行為的貨幣化往往領先於封閉交易的行業趨勢。

When the macro moves this quickly, agents buying advertising through our market-based pricing program tend to slow down spend as they see demand wane, which shows up ahead of closed transactions and the resulting industry growth metrics. Flex revenue is recognized at the time of delivery of customer connections to Premier Agent Partners, which also leads the timing of closed transactions and industry growth metrics.

當宏觀變化如此之快時，通過我們基於市場的定價計劃購買廣告的代理商往往會在看到需求減弱時放慢支出，這在完成交易和由此產生的行業增長指標之前就出現了。 Flex 收入在將客戶連接交付給高級代理合作夥伴時確認，這也導致了完成交易的時間和行業增長指標。

In Rentals, we are expecting to return to positive year-over-year growth as we continue to see signs that low rental vacancies may be subsided. We expect Q3 IMT segment EBITDA margin to be 28% at the midpoint of our outlook. We believe our Q3 investment level is appropriate despite the headwinds in the market, given the significant growth opportunities ahead.

在租金方面，我們預計將恢復同比正增長，因為我們繼續看到低租金空置率可能消退的跡象。我們預計第三季度 IMT 部門 EBITDA 利潤率將在我們展望的中點為 28%。鑑於未來的巨大增長機會，儘管市場面臨逆風，我們認為我們的第三季度投資水平是合適的。

The positive signals we are seeing in testing and the now accelerated seller solutions opportunity with the announcement of our partnership with Opendoor. We expect our Mortgage segment revenue to be between $22 million and $27 million in Q3, which is down sequentially from Q2. Our Q3 outlook reflects the higher mortgage rate environment that impacts refinance mortgage volumes as well as demand in our marketplace business.

隨著我們宣布與 Opendoor 建立合作夥伴關係，我們在測試中看到的積極信號以及現在加速的賣方解決方案機會。我們預計第三季度我們的抵押貸款部門收入將在 2200 萬美元至 2700 萬美元之間，較第二季度有所下降。我們的第三季度展望反映了較高的抵押貸款利率環境，這會影響再融資抵押貸款數量以及我們市場業務的需求。

Our Q3 outlook also reflects sequential growth in purchase mortgages and flat to lower gain on sale spreads due to the competitive industry environment. We expect Mortgages segment EBITDA to be between a loss of $31 million and a loss of $26 million based on expected market conditions and additional investments to build tools and technology for both customers and agents as we integrate mortgages with our other products and services.

我們的第三季度展望還反映了購買抵押貸款的連續增長以及由於競爭激烈的行業環境而導致的銷售利差持平至降低。我們預計抵押貸款部門的 EBITDA 將在 3100 萬美元至 2600 萬美元之間虧損，這取決於我們將抵押貸款與我們的其他產品和服務整合時的預期市場狀況以及為客戶和代理商構建工具和技術的額外投資。

We are focused on being a growth company, driving outsized transaction share gains and increasing revenue per transaction. Our early learnings reinforce our confidence in our strategy. That said, we are fully aware of the macro-driven headwinds impacting our near-term revenue outlook and are carefully evaluating every dollar that we choose to invest.

我們專注於成為一家成長型公司，推動超額交易份額收益並增加每筆交易的收入。我們的早期學習增強了我們對戰略的信心。也就是說，我們完全意識到影響我們近期收入前景的宏觀不利因素，並且正在仔細評估我們選擇投資的每一美元。

As we've done under previous times of dislocation, such as the start of the pandemic and as we wound down our iBuying operations, we will be vigilant and decisive as we control the levers of our operating costs and pace of investments. Our strong growth margin profile and the nature of our business enables us to manage cost dynamically through periods like this, and we will continue to assess as we see fit with an eye towards profitable growth.

正如我們在之前的混亂時期所做的那樣，例如大流行的開始以及我們結束 iBuying 業務時，我們將保持警惕和果斷，因為我們控制著我們的運營成本和投資步伐。我們強勁的增長利潤率和業務性質使我們能夠在這樣的時期內動態管理成本，我們將繼續評估我們認為合適的盈利增長。

For Q3, the sequential increase in costs reflect an increase in spend across our key pillars, offset by cost savings of an estimated $15 million of operational costs from our prior Q3 plan. Again, I want to be really clear here. We are continuing to lean in on product development for our key growth pillars because we are seeing strong early signs of success on customers needing and desiring to work with Zillow and our partners on transactions.

對於第三季度，成本的連續增長反映了我們關鍵支柱的支出增加，但被我們之前的第三季度計劃節省的約 1500 萬美元運營成本所抵消。再次，我想在這裡非常清楚。我們將繼續依靠產品開發來實現我們的關鍵增長支柱，因為我們看到了需要並希望與 Zillow 和我們的合作夥伴進行交易的客戶取得成功的早期跡象。

Our confidence is reflected in our willingness to run hard at these opportunities. We want to note that we do not expect a further acceleration of our investment levels in Q4 as we expect the costs assumed in our Q3 consolidated outlook to be reflective of our investment levels throughout the second half of 2022. We continue to control the levers and we will react accordingly.

我們的信心體現在我們願意努力抓住這些機會。我們要指出的是，我們預計第四季度的投資水平不會進一步加快，因為我們預計第三季度綜合展望中假設的成本將反映我們整個 2022 年下半年的投資水平。我們將繼續控制槓桿和我們會做出相應的反應。

And of course, we are always looking for cost efficiencies while running the business. For example, while our vision for a flexible workforce still involves holding office space across the country, we believe there are continued opportunities to reduce our facility square footage as we gain experience on what a more normalized Cloud HQ environment requires. We have reduced our square footage by nearly 30% compared to pre-pandemic levels and have another nearly 30% that we are currently not using, with a portion of that already on the market for potential sublease.

當然，我們在經營業務時一直在尋求成本效益。例如，雖然我們對靈活勞動力的願景仍然涉及在全國范圍內持有辦公空間，但我們相信隨著我們對更規範的云總部環境所需的經驗積累，我們仍有機會減少我們的設施面積。與大流行前的水平相比，我們的面積減少了近 30%，另外還有近 30% 的面積我們目前沒有使用，其中一部分已經在市場上用於潛在的轉租。

Lastly, I want to take a moment to briefly discuss some additional details regarding the employee retention plan that was also announced today, and that will take effect on August 8. We expect this action will be dilutive on a net basis by about 2%, resulting in the issuance of an estimated 4.5 million to 6.5 million RSUs. We will also reprice approximately 7.5 million stock options.

最後，我想花一點時間簡要討論一些關於今天也宣布的員工保留計劃的額外細節，該計劃將於 8 月 8 日生效。我們預計這一行動將在淨基礎上稀釋約 2%，導致發行了大約 450 萬至 650 萬個 RSU。我們還將重新定價約 750 萬份股票期權。

We estimate that this retention action will result in the recognition of an incremental $180 million to $190 million in share-based compensation expense in total. We estimate that this will contribute an additional $45 million to $50 million of share-based compensation in Q3. The remaining expense for the retention action will normalize in Q4 and be recognized largely over the next 2-year period with a small portion in year 3.

我們估計，這一保留行動將導致總共確認 1.8 億至 1.9 億美元的股份補償費用。我們估計這將在第三季度額外貢獻 4500 萬至 5000 萬美元的股票薪酬。保留行動的剩餘費用將在第四季度正常化，並主要在接下來的 2 年期間確認，其中一小部分在第 3 年確認。

We believe a strong balance sheet and operating cash flow are what drive a sustainable growth business across cycles and give us the ability to invest and capture opportunities during periods of market weakness. Looking forward, we are more focused on cash flow generation.

我們認為，強勁的資產負債表和經營現金流是推動業務跨週期可持續增長的動力，並使我們有能力在市場疲軟時期進行投資和抓住機會。展望未來，我們將更加關注現金流的產生。

With respect to capital structure, we have $850 million in our share buyback authorization. As Rich discussed, we will be active in the near term to cover the dilution from the additional RSUs related to the employee retention plan that we expect will vest over the next couple of years. We will also continue to be opportunistic with capital investment opportunities, including share repurchases.

在資本結構方面，我們有 8.5 億美元的股票回購授權。正如 Rich 所討論的那樣，我們將在短期內積極彌補與員工保留計劃相關的額外 RSU 的稀釋，我們預計將在未來幾年內歸屬。我們還將繼續把握資本投資機會，包括股票回購。

As we look forward, our priorities remain focused on innovating and executing on behalf of our customers and partners, and we plan to grow our customer engagement through a compelling dream and shop experience; deliver a more integrated customer transactional experience to drive customers who choose to transact with us and our partners; invest in sustainable top line growth opportunities across the company, including new integrated services that are more scalable, less subject to earnings volatility and more capital efficient; and manage our cost structure and improve productivity to drive a profitable, scalable and positive operating cash flow company.

展望未來，我們的首要任務仍然是代表我們的客戶和合作夥伴進行創新和執行，我們計劃通過令人信服的夢想和購物體驗來提高客戶參與度；提供更綜合的客戶交易體驗，以推動選擇與我們和我們的合作夥伴進行交易的客戶；投資於整個公司的可持續收入增長機會，包括更具可擴展性、受收益波動影響較小且資本效率更高的新綜合服務；管理我們的成本結構並提高生產力，以推動一家盈利、可擴展和正運營現金流的公司。

And with that, operator, I'll turn it over to questions.

有了這個，接線員，我會把它交給問題。

(Operator Instructions) Our first question comes from the line of Ryan McKeveny with Zelman & Associates.

（操作員說明）我們的第一個問題來自 Zelman & Associates 的 Ryan McKeveny。

Ryan, we don't hear it. Unmute it.

瑞恩，我們沒聽到。取消靜音。

In the interest of time, we're going to move on. Our next question comes from the line of [Logan Rick] with RBC Capital Markets.

考慮到時間，我們將繼續前進。我們的下一個問題來自 RBC Capital Markets 的 [Logan Rick]。

This is [Logan] on for Brad Erickson. Just a quick question, one, on market share gains from the 3% to 6% you guys have in your 2025 plan. Can you guys share any evidence to date of incremental gains there either on the Flex side or on the MVP side? And then second, just as it relates to Opendoor, any sort of learnings you can bring from iBuying to that new partnership? And any sort of commentary there on the partnership?

這是 Brad Erickson 的 [Logan]。一個簡單的問題，關於你們在 2025 年計劃中從 3% 到 6% 的市場份額增長。你們能否分享迄今為止在 Flex 方面或 MVP 方面的增量收益的任何證據？其次，正如它與 Opendoor 相關的那樣，您可以從 iBuying 為新的合作夥伴關係帶來任何類型的學習嗎？以及對合作夥伴關係的任何評論？

Do you want to start, Allen, with the market share stuff? And maybe I'll finish with the Open.

艾倫，你想從市場份額的東西開始嗎？也許我會以公開賽結束。

Yes. [Logan,] thanks for the question. Listen, I think it's impossible for us to make any predictions or estimates on market share gains given the dislocation and volatility in the market and the fact that these cohorts take a while to play out. What I would say is that when you think about the targets that we provided earlier in the year and our 2025 vision to move from 3% market segment share transactions to 6%, we feel really good based on the early signs across our 5 growth pillars that we have an opportunity to continue to drive purchase originations and financing and leveraging our agent partner network and the integration between those 2. And so we feel really good about market share, as we discussed at our targets. It's just impossible to predict market share in this near term.

是的。 [洛根，]謝謝你的問題。聽著，我認為鑑於市場的混亂和波動以及這些群體需要一段時間才能發揮作用，我們不可能對市場份額的增長做出任何預測或估計。我想說的是，當您考慮我們在今年早些時候提供的目標以及我們在 2025 年將市場份額交易從 3% 提高到 6% 的願景時，基於我們 5 個增長支柱的早期跡象，我們感覺非常好我們有機會繼續推動採購發起和融資，並利用我們的代理合作夥伴網絡以及這兩者之間的整合。因此，正如我們在目標中討論的那樣，我們對市場份額感到非常滿意。在短期內預測市場份額是不可能的。

And [Logan,] it is difficult even historically to get a handle our market share right now because the metrics are moving around a lot as well. But as I said, I'll pile on Allen a little bit. And as I said in my remarks, what we're looking at are the kind of inputs and early signs that we can get our growth initiatives working for us and driving up our transaction share.

而且 [Logan,] 即使從歷史上看，現在也很難掌握我們的市場份額，因為指標也在發生很大變化。但正如我所說，我會稍微強調一下艾倫。正如我在講話中所說，我們正在關注的是我們可以讓我們的增長計劃為我們工作並提高我們的交易份額的投入和早期跡象。

And the results we're seeing from our touring integration right now lighting up real-time tour availability is a precursor to transaction share gains. I was talking about how we've gone from basically 0 to 250 markets on real-time availability with ShowingTime here in the last 4 months. Connections are representing 50% of our -- sorry, tour requests representing 50%, 5-0 percent of our tour request now. That's another good one. On the financing side, pre-approvals double for purchase mortgages. Purchase originations are up 58% sequentially. The pre-approvals was doubling over the last 6 months. Small numbers, but these are really good early signals for us that give us confidence.

我們現在從我們的巡迴演出中看到的結果是實時巡迴演出的可用性是交易份額增加的先兆。我說的是在過去的 4 個月裡，我們如何通過 ShowingTime 將實時可用性從基本上 0 個市場發展到 250 個市場。連接代表了我們 50% 的 - 抱歉，旅遊請求占我們旅遊請求的 50%，現在是 5-0%。那是另一個很好的。在融資方面，購買抵押貸款的預先批准翻了一番。採購來源環比增長 58%。在過去 6 個月中，預先批准的數量翻了一番。數字很小，但這些對我們來說確實是很好的早期信號，讓我們充滿信心。

On the Opendoor and iBuying thing, yes, of course, we invested quite a bit of time and treasure and IQ in figuring out how to integrate the cash offer into our home details page and our user flow to attract sellers to interact with us.

在 Opendoor 和 iBuying 的事情上，是的，當然，我們投入了相當多的時間、財力和 IQ 來弄清楚如何將現金優惠整合到我們的主頁詳細信息頁面和我們的用戶流中，以吸引賣家與我們互動。

And all of those learnings can be brought to bear on this Opendoor partnership that we're really excited about, which is interesting because it involves deep integration of the Opendoor offering into our set of services that gives us the opportunity to kind of quarterback the process. And introduce our customers who request an Opendoor cash offer, introduce them to Premier Agents, mortgages, Zillow closing service is a myriad of other things that we have our hands on.

所有這些學習都可以應用於我們非常興奮的 Opendoor 合作夥伴關係，這很有趣，因為它涉及將 Opendoor 產品深度集成到我們的服務集中，這讓我們有機會在這個過程中擔任四分衛.並介紹我們要求 Opendoor 現金優惠的客戶，將他們介紹給 Premier Agents、抵押貸款、Zillow 關閉服務是我們擁有的無數其他事情。

So we're excited about controlling this, what we call multiple selling option interface, with the customer because this is what sellers sit down and they are faced with multiple different selling options. And our ability to control and influence and advise at that really important point in the move is key.

因此，我們很高興與客戶一起控制這個，我們稱之為多銷售選項界面，因為這是賣家坐下來的，他們面臨著多種不同的銷售選項。我們在行動中真正重要的時刻控制、影響和建議的能力是關鍵。

And maybe I'll just close, [Logan,] finally on the color. Your first question -- I said I'll close, Logan, on your first question, that our revenue guidance is really driven by the current macro volatility and variability, and we feel really good about our opportunities long term across our growth strategies.

也許我會結束，[Logan，] 最後談談顏色。你的第一個問題——我說我會結束，洛根，關於你的第一個問題，我們的收入指導實際上是由當前的宏觀波動和可變性驅動的，我們對我們在增長戰略中的長期機會感到非常滿意。

I'm going to go back to Ryan McKeveny of Zelman.

我要回到 Zelman 的 Ryan McKeveny。

Yes. Can you guys hear me now?

是的。你們現在能聽到我的聲音嗎？

Yes.

是的。

Can you guys hear me now?

你們現在能聽到我的聲音嗎？

Yes.

是的。

Can you guys hear me now?

你們現在能聽到我的聲音嗎？

Yes, yes, Ryan. Yes, yes.

是的，是的，瑞恩。是的是的。

I'm so sorry. So sorry. I did not have a Blue Angel going by. I'm just having phone issues, so I apologize about that. So I cut out and redialed, so I apologize if I missed this, but I heard the answer you gave about the confidence in the market share outlook going forward.

我很抱歉。非常抱歉。我沒有藍色天使經過。我只是有電話問題，所以我對此表示歉意。所以我切斷並重新撥號，所以如果我錯過了這個我很抱歉，但我聽到了你對未來市場份額前景的信心的回答。

If I think about the margin side of things and the levers that you control on the cost side and, ultimately, the margin profile. When we think about that longer-term vision and the opportunity for just company-wide margin improvement, obviously, the macro has changed. But if you could just give us a sense, big picture of how much is the margin profile dependent on the macro environment?

如果我考慮事物的利潤方面以及您在成本方面控制的槓桿，最終是利潤情況。當我們考慮到長期願景和提高公司利潤率的機會時，很明顯，宏觀已經發生了變化。但是，如果您可以讓我們大致了解一下利潤率狀況在多大程度上取決於宏觀環境？

Or are there enough just levers in the business. And ultimately, you invest today, you get the returns in the future that the longer-term outlook, even under a more challenging macro environment, it would still be one of ultimately getting to solid margin improvement going forward?

或者業務中是否有足夠的槓桿。最終，您今天投資，您在未來獲得長期前景的回報，即使在更具挑戰性的宏觀環境下，它仍然是最終實現穩健利潤率改善的方法之一？

Yes. Yes, I'll take that. Thanks, Ryan. Yes. I mean I think if you think about long term, our outlook of the margin profile, I mean, we're very excited about where we're positioned and having a business model that has high gross margin. And so the share gain and increasing revenue per share, we believe, is a very leveraged model over time as that happens.

是的。是的，我會接受的。謝謝，瑞恩。是的。我的意思是我認為，如果您考慮長期，我們對利潤率的展望，我的意思是，我們對我們所處的位置以及擁有高毛利率的商業模式感到非常興奮。因此，隨著時間的推移，我們認為，隨著時間的推移，份額增加和每股收入增加是一種非常槓桿化的模式。

So -- and we believe, given the traffic and the number of customers who start with our site and the low share we have now, that over time, even as macro contracts and expand, we participate and can grow into that as we build these processes and get financing these 5 pillars going. So we're very bullish on the return these investments can deliver as we grow share in revenue per transaction because our model is built to be a high-margin model.

所以——我們相信，考慮到從我們網站開始的流量和客戶數量以及我們現在擁有的低份額，隨著時間的推移，即使在宏觀合同和擴張的情況下，我們也會參與並在構建這些網站時成長為流程並為這 5 個支柱提供資金。因此，我們非常看好這些投資可以帶來的回報，因為我們增加了每筆交易的收入份額，因為我們的模型是為高利潤模型而構建的。

That's great. Sorry about the phone issues.

那太棒了。很抱歉電話問題。

Thank you, Ryan. The next question comes from John Colantuoni, with Jefferies. John, your line is open.

謝謝你，瑞安。下一個問題來自 Jefferies 的 John Colantuoni。約翰，你的電話是開放的。

Can you just start by giving us a bit more detail on how agents are reacting to the changing housing market so far in terms of making changes to their advertising strategy more broadly and specific to the Premier Agent program. On the one hand, they have less deals happening, so maybe that's making it harder for agents to find new clients.

您能否先向我們詳細介紹一下代理商如何應對迄今為止不斷變化的房地產市場，以更廣泛地和特定於 Premier Agent 計劃來改變他們的廣告策略。一方面，他們發生的交易較少，所以也許這讓代理商更難找到新客戶。

But agents are also closing less transactions, so they have less cash coming in to spend on advertising. So I'm just curious how to get your perspective on how those 2 countervailing factors are impacting the Premier Agent business? And I have a follow-up.

但代理商完成的交易也減少了，因此他們花在廣告上的現金也減少了。所以我只是想知道如何讓您對這兩個抵消因素如何影響 Premier Agent 業務的看法？我有一個後續行動。

Do you want me to take that, Rich?

你想讓我接受嗎，里奇？

I think so, Allen. Yes.

我想是的，艾倫。是的。

Okay. I mean I think how I would describe it as we look out into our agent population, our goal is to continue to connect high-intent customers with high-performing agents. And as we called out in our touring metric and the increase, we believe we're continuing to take actions and invest in doing so to get the agent and the customer connected at the right time.

好的。我的意思是，當我們審視我們的座席人數時，我想我會如何描述它，我們的目標是繼續將高意向客戶與高績效座席聯繫起來。正如我們在巡演指標和增長中所呼籲的那樣，我們相信我們將繼續採取行動並投資這樣做，以便在正確的時間讓代理和客戶建立聯繫。

And that's why we also are so bullish on financing because having a preapproved customer is actually also very positive for the agent connection. In today's macro, what we're seeing, I think, as we saw the macro deteriorate relatively rapidly is that transactions -- and as affordability issues increased, we saw customer demand go down. So as agents saw demand go down and longer cycles for their customers to close, we saw them start to react by cutting spend.

這就是為什麼我們也如此看好融資的原因，因為擁有預先批准的客戶實際上對代理聯繫也非常有利。在今天的宏觀環境中，我認為，當我們看到宏觀環境相對迅速惡化的是交易——隨著負擔能力問題的增加，我們看到客戶需求下降。因此，當代理商看到需求下降並且客戶關閉的周期更長時，我們看到他們開始通過削減支出做出反應。

And so we still have a very strong population of agents in our network, and we probably saw the tail reduce quicker than some of those agents that are performing really well for us and our customers. But their natural reaction at a time like this is to reduce their advertising spend somewhat as a protection. And then as we continue to show that we can provide high-intent customers that can convert, we expect that to increase again.

因此，我們的網絡中仍然有非常強大的代理群體，我們可能看到尾部減少的速度比一些對我們和我們的客戶表現得非常好的代理更快。但他們在這種時候的自然反應是減少他們的廣告支出作為一種保護。然後，隨著我們繼續展示我們可以提供可以轉化的高意向客戶，我們預計這種情況會再次增加。

Okay. Great. And I wanted to ask one on the Opendoor partnership. Is there any way you can give us a sense for how quickly you expect to ramp the partnership? And how we should think about the pathway to scaling the product over time, what sort of investments you need to make to get that partnership where you want it in the long run?

好的。偉大的。我想問一個關於 Opendoor 合作夥伴關係的問題。您有什麼方法可以讓我們了解您希望以多快的速度增加合作夥伴關係？以及我們應該如何考慮隨著時間的推移擴展產品的途徑，從長遠來看，您需要進行什麼樣的投資才能使這種夥伴關係達到您想要的位置？

And if possible, is there any chance you can give us a bit more detail on the economic sharing of the partnership how any referrals work or anything like that? Any details you can provide would be helpful.

如果可能的話，您是否有機會向我們提供更多關於合作夥伴關係的經濟分享的細節，任何推薦如何運作或類似的事情？您可以提供的任何詳細信息都會有所幫助。

You want me to start, Allen?

你想讓我開始嗎，艾倫？

Yes.

是的。

Yes, we're not -- okay. So John, we're not disclosing the economics of -- the specific economics of that. Obviously, it's based in a referral fee at its simplest, but this relationship and partnership goes way deeper than that. This isn't just a lead gen distribution deal.

是的，我們不是——好吧。所以約翰，我們沒有披露經濟——具體的經濟。顯然，它以最簡單的推薦費為基礎，但這種關係和夥伴關係遠不止於此。這不僅僅是潛在客戶分銷交易。

This is going to be a deep integration. And given the -- what we envision from an integration perspective, it will take a minute to get fully up and running. Brad, I don't know if we're saying anything about timing?

這將是一個深度融合。考慮到我們從集成角度設想的情況，完全啟動並運行需要一分鐘。布拉德，我不知道我們是不是在說時間？

No, not specific, because obviously, it's going to take us a little bit of time for the integration, as you said.

不，不具體，因為很明顯，正如你所說，集成需要我們一點時間。

Yes, it will take some time. But we're really focused on getting the customer experience right. And then, I guess, just stay tuned to this channel.

是的，這需要一些時間。但我們真正專注於讓客戶體驗正確。然後，我想，請繼續關注這個頻道。

The next question comes from the line of Deepak Mathivanan with Wolfe Research.

下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

This is Jack on for Deepak. Two quick ones, if I may. Given the traffic and visits to the site are growing even in 2Q, how should we think about the factors that are impacting our Premier Agent revenue growth? And then kind of second lien related on the Opendoor partnership, I think it's super interesting and makes a lot of sense. Are you guys worried at all about this partnership maybe cannibalizing the Premier Agent sell-side revenue as well? I think this kind of go hand in hand.

這是迪帕克的傑克。兩個快速的，如果可以的話。鑑於網站的訪問量和訪問量即使在第二季度也在增長，我們應該如何看待影響我們的 Premier Agent 收入增長的因素？然後是關於 Opendoor 合作關係的第二留置權，我認為這非常有趣並且很有意義。你們是否擔心這種合作關係可能會蠶食 Premier Agent 賣方的收入？我認為這種方式是齊頭並進的。

I didn't quite hear the first one, Allen, did you get it?

我沒完全聽到第一個，艾倫，你明白了嗎？

The first one was related to with traffic and visits growing, I think it was how do you square that with the Premier Agent revenue forecast of down 21% for the quarter.

第一個與流量和訪問量增長有關，我認為這是您如何將其與本季度 Premier Agent 收入預測下降 21% 相提並論。

You want to go that?

你想去那個？

I mean -- and again, a thanks for the question. I think, one, we clearly -- people still are very interested and we believe there is demand for people to move, but affordability and high interest rate has had a near-term impact on transactions, along with the fact that we had very steep home price appreciation for a period of time.

我的意思是——再次感謝您的提問。我認為，一，我們顯然 - 人們仍然非常感興趣，我們相信人們需要搬家，但負擔能力和高利率對交易產生了近期影響，以及我們非常陡峭的事實一段時間內房價升值。

And so affordability was a problem. And so we have a lot of people coming to shop and Dream and we called out that we also have growing rentals traffic even in light of the high occupancy rates which, again, just shows very strong demand. And in fact, a lot of renters are also looking to buy, so that's a helpful effect as well.

所以負擔能力是一個問題。所以我們有很多人來購物和夢想，我們呼籲即使考慮到高入住率，我們也有不斷增長的租金流量，這再次表明需求非常強勁。事實上，很多租房者也在尋求購買，所以這也是一個有用的效果。

So we believe that having that engagement and traffic and people coming to our sites on a regular basis is -- puts us in a great position as we think about ways to improve our transaction share and drive higher-intent customers to our agents.

因此，我們相信，擁有這種參與度、流量和定期訪問我們網站的人是——讓我們處於有利位置，因為我們考慮如何提高交易份額並為我們的代理商吸引更高意向的客戶。

But this is really just a dislocation driven by a lot of macro features that we've just seen a very volatile market environment over the last few years, and we've got to work through that. But I would say it's a positive on the traffic and engagement, but the macro is what's driving the revenue guide that we've provided for Q3.

但這實際上只是由許多宏觀特徵驅動的錯位，我們在過去幾年中剛剛看到一個非常動蕩的市場環境，我們必須解決這個問題。但我會說這對流量和參與度是積極的，但宏觀是推動我們為第三季度提供的收入指南的因素。

And Jack, on your question about worried about cannibalization, absolutely not. We're not worried about cannibalization at all, putting the Opendoor partnership in place and getting a whole lot more hands raised on the seller side from our home details pages to start the process quite the opposite.

傑克，關於你擔心自相殘殺的問題，絕對不是。我們根本不擔心自相殘殺，將 Opendoor 合作夥伴關係落實到位，並從我們的主頁詳細信息頁面獲得更多賣家方面的支持，以開始相反的過程。

It will increase. We anticipate it will increase Premier Agent business as well as Mortgage business and others. We have some experience with that already, as you may or may not remember, with our own iBuying operations. So that is our expectation.

它會增加。我們預計它將增加 Premier Agent 業務以及 Mortgage 業務和其他業務。正如您可能記得或可能不記得的那樣，我們已經通過我們自己的 iBuying 操作獲得了一些經驗。所以這是我們的期望。

The next question comes from the line of Jay McCanless with Wedbush.

下一個問題來自 Jay McCanless 與 Wedbush 的對話。

The first 1 I had, when mortgage rates were moving up earlier this year, was there a point when you passed, say, 4%, 4.5% where you really saw a drop-off in activity and interest level from customers. Just wondering if we're on the reverse of this now and rates are coming back down is there a rate or area of rates we should keep in mind where demand might pick up.

我有的第一個 1，當今年早些時候抵押貸款利率上升時，當你超過 4%、4.5% 時，你真的看到客戶的活動和興趣水平下降。只是想知道我們現在是否正處於相反的狀態並且利率正在回落，是否有一個利率或利率區域我們應該記住需求可能會回升的地方。

Yes, Allen, go ahead.

是的，艾倫，繼續。

I'll start with it. I mean I think with respect to our marketplace business and the refinancing that we were doing, there is obviously a parity level where rates are higher than as such level that refinancing no longer makes sense. And obviously, that demand saw a big tick down. With respect to purchase, I think right now that the customers are trying to understand what may happen.

我將從它開始。我的意思是，我認為就我們的市場業務和我們正在進行的再融資而言，顯然存在一個平價水平，即利率高於再融資不再有意義的水平。顯然，這種需求大幅下降。關於購買，我認為現在客戶正試圖了解可能發生的情況。

And I think we do have so either hesitation or kind of sidelines waiting to see what will be a sustaining rate. And I think once we get to a point where it's kind of a normalized or sustaining rate, we're going to see volume pick back up because it will become the new normal. And then depending on where it got to, we may see additional refi volume as it kicks back down. So I don't think there's a magic number.

而且我認為我們確實有猶豫或觀望等待看什麼將是維持率。而且我認為，一旦我們達到某種程度的正常化或維持率，我們將看到交易量回升，因為它將成為新常態。然後根據它到達的位置，我們可能會在它回落時看到額外的 refi 量。所以我不認為有一個神奇的數字。

Affordability, as Rich called out, the average mortgage monthly payment is -- has grown, but it was off of historically low rates. So I do think it will normalize. And when it stabilizes and we get a little more certainty as to what the interest rate environment looks like going forward, we'll start to see more people come in because they'll be more comfortable with the stabilized rates.

正如里奇所說，平均每月還款額有所增長，但已脫離歷史最低水平。所以我認為它會正常化。當它穩定下來並且我們對未來的利率環境有了更多的確定性時，我們會開始看到更多的人加入進來，因為他們會對穩定的利率感到更舒服。

Okay. That's great. The second question I had -- just you talked about how in some of these markets inventory is starting to grow again. And do you have any kind of color as to whether or not this inventory is at or below median price for a given market?

好的。那太棒了。我遇到的第二個問題——剛才你談到了其中一些市場的庫存如何再次開始增長。對於該庫存是否處於或低於給定市場的中位價格，您是否有任何看法？

Or is it much more expensive than the local median price. Just wondering if -- we know the rates aren't helping, but if the product coming back to market is more first time, first move reasonably priced product, that's something else that might be a tailwind that people aren't thinking about right now.

還是它比當地的中位數價格貴得多。只是想知道是否 - 我們知道費率沒有幫助，但如果產品重返市場更多是第一次，首先推出價格合理的產品，這可能是人們現在沒有考慮的順風.

Let me start on that one, Rich. Yes. I think -- this is Brad. We're seeing on the higher price points and higher price point markets that there's been more of a deceleration and more of a deterioration in home prices as inventory is moving up. So I think the lower end and medium kind of price points, we're still seeing fairly rapid relative to historical norms -- price as we with price and velocity.

讓我從那個開始，Rich。是的。我想——這是布拉德。我們在更高的價格點和更高的價格點市場上看到，隨著庫存的增加，房價出現了更多的減速和更多的惡化。所以我認為低端和中等價格點，相對於歷史規範，我們仍然看到相當快的價格 - 價格與價格和速度一樣。

In terms of the inventory coming back to market at those lower and medium ones or just the prices on those going on.

就那些中低檔的庫存或只是那些正在進行的價格重返市場而言。

Yes, the lower median price -- yes, exactly. On the lower median price points, you're seeing still pretty rapid from listing to pending sale.

是的，較低的中位數價格——是的，完全正確。在較低的中位數價格點上，您會看到從掛牌到待售的速度仍然相當快。

Our last question comes from the line of John Campbell with Stephens Inc.

我們的最後一個問題來自斯蒂芬斯公司的約翰坎貝爾。

This is A.J. stepping in for John Campbell. First set here, just a couple on ShowingTime. Just wanted to see kind of what the underlying ShowingTime revenues looking like since the acquisition. Are they still in a fast-growth mode there? And secondly, can you talk to how far along you are in the integration journey was ShowingTime and just how tightly that's integrated along Premier Agent at this point?

這是 A.J.加入約翰坎貝爾。首先在這裡設置，只是在 ShowingTime 上的一對。只是想看看自收購以來 ShowingTime 的潛在收入是什麼樣的。他們那裡還處於快速增長的模式嗎？其次，您能否談談您在 ShowingTime 的集成過程中走了多遠，以及此時與 Premier Agent 的集成有多緊密？

Do you want to start with revenue?

你想從收入開始嗎？

Yes. Yes. So what I would say is that ShowingTime is a critical part of our integration and development of touring for our customers. Rich can talk about the integration. With respect to revenues, what we're really looking at is coverage. And since we've acquired ShowingTime, we have been relatively consistent in the number of listings that we've been able to cover. It's vastly a little bit.

是的。是的。所以我想說的是，ShowingTime 是我們為客戶整合和開發巡迴演出的關鍵部分。豐富的可以談談整合。關於收入，我們真正關注的是覆蓋率。自從我們收購了 ShowingTime 以來，我們能夠覆蓋的房源數量一直相對穩定。這是非常少的。

There's some competitive elements out there, but we've been relatively successful at proving the value of ShowingTime. But ShowingTime, we don't disclose selling times revenue in total, but it's not -- the revenue itself is not over the driving factor of our strategic acquisition of ShowingTime. It's the ability to have coverage of all listings or as many listings as possible in any given market.

那裡有一些競爭元素，但我們在證明 ShowingTime 的價值方面相對成功。但是ShowingTime，我們沒有透露銷售時間的總收入，但事實並非如此——收入本身並沒有超過我們戰略收購ShowingTime的驅動因素。它能夠覆蓋任何給定市場中的所有列表或盡可能多的列表。

Yes. I'll pile on and say I'm really pleased with the way ShowingTime has held its coverage and the way it's rapidly shipped new product and feature sets. Specifically impressive is this real-time availability that I chatted about in the script, but it basically enables agents to use ShowingTime to see -- to schedule home tours digitally so they can actually see what touring times are available while avoiding a whole bunch of the kind of phone tag snarl that existed prior to real-time availability.

是的。我會繼續說，我對 ShowingTime 的報導方式以及它快速發布新產品和功能集的方式感到非常滿意。特別令人印象深刻的是我在腳本中談到的實時可用性，但它基本上使代理商能夠使用 ShowingTime 來查看 - 以數字方式安排家庭遊覽，這樣他們就可以實際看到可用的遊覽時間，同時避免一大堆一種在實時可用之前就存在的電話標籤咆哮。

It's only been rolled out a short period of time, just maybe 4 months. And we have 74% of the listings that are eligible for this have signed up to enable it, which is a really -- the snowball is rolling down the hill on this one, which I'm super excited about. That's the beginning. The big dream really is to now turn it into OpenTable for home tours, right?

它只是在很短的時間內推出，可能只有 4 個月。我們有 74% 的符合條件的列表已註冊啟用它，這真的是 - 雪球正在從山上滾下來，我對此感到非常興奮。那是開始。真正的大夢想是現在將其變成用於家庭旅遊的 OpenTable，對嗎？

So to crack open that home tour reservation interface directly to consumers, and stay tuned for that. We'll have more to come in the future, but it's an important product initiative. So I'm really pleased overall with the integration.

因此，直接向消費者開放家庭旅遊預訂界面，敬請期待。未來我們還會推出更多產品，但這是一項重要的產品舉措。所以我對集成感到非常滿意。

I'll also lob a little -- shine a little spotlight on a terrific rich media product we have at Zillow as well that's doing quite well, which enables 3D tours and robotically -- mostly robotically generated floor plans to create an amazing virtual touring experience, which we think will be table stakes in the relatively near future for listing. So we have a fantastic platform product that we offer the industry at large and a lot of ShowingTime partners as well. I hope that answers your question.

我還將稍微介紹一下——我們在 Zillow 擁有的一款非常棒的富媒體產品也做得很好，它可以實現 3D 遊覽和機器人——主要是機器人生成的平面圖，以創造令人驚嘆的虛擬遊覽體驗，我們認為這將是近期上市的籌碼。所以我們有一個很棒的平台產品，我們為整個行業和許多 ShowingTime 合作夥伴提供服務。我希望這能回答你的問題。

Yes, that's great. Secondly, here, on the rental business, you spoke to improving conditions there. So the clarity is much appreciated. But -- maybe touching on StreetEasy. How do you guys feel your position relative to CoStar's new City Snap offering?

是的，那太好了。其次，在這裡，關於租賃業務，您談到了改善那裡的條件。因此，非常感謝清晰度。但是——也許觸及 StreetEasy。相對於 CoStar 的新 City Snap 產品，你們覺得自己的位置如何？

We feel really good. StreetEasy is really the brand in New York City. It has incredibly high customer engagement. But maybe even more interestingly, it is the platform that most brokers in New York City use to manage their inventory. And so we're in an incredibly strong position there, have a really rich and mature feature set there. So feel terrific competitively in New York.

我們感覺真的很好。 StreetEasy 確實是紐約市的品牌。它具有令人難以置信的高客戶參與度。但也許更有趣的是，它是紐約市大多數經紀人用來管理庫存的平台。所以我們在那里處於一個非常強大的位置，在那裡有一個非常豐富和成熟的功能集。所以在紐約的競爭中感覺很棒。

This completes the allotted time for questions. I will now turn the call back over to Rich Barton for any closing remarks.

這樣就完成了分配的提問時間。我現在將把電話轉回 Rich Barton 的任何結束語。

All right. Thank you guys for joining us. Try to get back to your summers. I'm going to turn and watch the Blue Angels. We'll talk to you again soon.

好的。謝謝你們加入我們。試著回到你的夏天。我要轉身看藍天使。我們很快會再次與您交談。

That concludes the Zillow Group Second Quarter 2022 Earnings Call. Thank you all for your participation. You may now disconnect your lines.

Zillow Group 2022 年第二季度財報電話會議就此結束。謝謝大家的參與。您現在可以斷開線路。