Zillow Group Inc (Z) 2022 Q3 法說會逐字稿

Good afternoon. My name is Hannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Zillow Group's Third Quarter 2022 Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好。我的名字是漢娜，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 的 2022 年第三季度電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Brad Berning, Vice President, Strategic Affairs and Investor Relations. Please go ahead.

我現在想將會議轉交給戰略事務和投資者關係副總裁 Brad Berning。請繼續。

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

謝謝你。下午好，歡迎來到 Zillow Group 2022 年第三季度電話會議。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；首席財務官艾倫·帕克；和首席運營官 Jeremy Wacksman。

During today's call, we will be making forward-looking statements about our future performance and operating plans and the housing market 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，就我們未來的業績和運營計劃以及房地產市場做出前瞻性陳述。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 of the call will be available later today.

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。

During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we refer to as 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 information about our GAAP and non-GAAP results, including reconciliations of historical non-GAAP financial measures.

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。我們鼓勵您閱讀我們的股東信函和我們的收益發布，它們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 業績的信息，包括歷史非 GAAP 財務指標的對賬。

In addition, please note that we will refer to our Internet, Media & Technology segment as our IMT segment. Beginning in Q3, the financial results of Zillow Offers have been presented as discontinued operations and are, therefore, excluded from the discussion of the results of our continuing operations.

此外，請注意，我們將互聯網、媒體和技術部門稱為 IMT 部門。從第三季度開始，Zillow Offer 的財務結果已作為已終止的業務呈現，因此被排除在我們持續經營的結果的討論之外。

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

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

Thank you, Brad. And good afternoon, everyone. Thank you for joining us today. A brief programming note before we get going. Allen and I will talk through results from the quarter like we normally do. And then, as Brad just mentioned, our COO, Jeremy Wacksman, will join us for Q&A. As Chief Operating Officer, Jeremy is an integral part of delivering on our strategy and, therefore, an important resource for you all, especially with respect to the progress we're making against our growth pillars. I'm excited for you to have the chance to hear from him directly once again.

謝謝你，布拉德。大家下午好。感謝您今天加入我們。在我們開始之前，一個簡短的編程說明。艾倫和我將像往常一樣討論本季度的結果。然後，正如 Brad 剛剛提到的，我們的首席運營官 Jeremy Wacksman 將加入我們的問答環節。作為首席運營官，Jeremy 是實現我們戰略不可或缺的一部分，因此，對你們所有人來說，這是一個重要的資源，尤其是在我們在實現增長支柱方面取得的進展方面。我很高興你有機會再次直接收到他的來信。

Now to our results. We exceeded our guidance ranges for total revenue and EBITDA in the third quarter through a combination of better-than-expected revenue growth coupled with active cost management. Of note, our IMT segment EBITDA for the quarter came in at $164 million, which was $43 million higher than the high end of our guidance range. IMT segment EBITDA margin was 36%, demonstrating the incremental margin leverage our core business exhibits when revenues grow beyond our expectations, with much of that revenue flowing directly to profit for us.

現在來看我們的結果。通過好於預期的收入增長加上積極的成本管理，我們在第三季度超出了總收入和 EBITDA 的指導範圍。值得注意的是，我們本季度的 IMT 部門 EBITDA 為 1.64 億美元，比我們指導範圍的高端高出 4300 萬美元。 IMT 部門的 EBITDA 利潤率為 36%，這表明當收入增長超出我們的預期時，我們的核心業務表現出的增量利潤率槓桿作用，其中大部分收入直接為我們帶來利潤。

Alongside strong financial results, this last quarter has been an important one for our product road map on our journey to our midterm targets that we introduced 9 months ago. As a reminder, we introduced a goal to grow our share of customer transactions from 3% to 6% by the end of 2025, oriented around increasing engagement, increasing transactions and increasing revenue per transaction. The path to achieving those targets involves product initiatives within 5 growth pillars: touring, financing, seller solutions, enhancing our partner network and integrating our services.

除了強勁的財務業績外，最後一個季度對於我們實現 9 個月前推出的中期目標的產品路線圖來說也是一個重要的季度。提醒一下，我們提出了一個目標，即到 2025 年底，我們的客戶交易份額從 3% 增加到 6%，其目標是增加參與度、增加交易量和增加每筆交易的收入。實現這些目標的途徑涉及 5 個增長支柱內的產品計劃：巡迴演出、融資、賣方解決方案、增強我們的合作夥伴網絡和整合我們的服務。

As you've heard us talk about, Zillow's vision of a housing super app is to create a single digital experience to help customers across all of their real estate needs, including buying, selling, financing and renting, serving as one ecosystem of connected solutions for all the tasks and services related to moving. Customers want this super app. It's a very large business opportunity. And given Zillow's brand strength, audience and technology capabilities, we are in an advantaged position to deliver.

正如您所聽到的，Zillow 對住房超級應用程序的願景是創建一個單一的數字體驗，以幫助客戶滿足他們所有的房地產需求，包括購買、銷售、融資和租賃，作為一個互聯解決方案的生態系統用於與移動相關的所有任務和服務。客戶想要這個超級應用程序。這是一個非常大的商業機會。鑑於 Zillow 的品牌實力、受眾和技術能力，我們處於提供服務的有利位置。

We've heard loud and clear from you all that it is critical to understand what metrics and milestones we are most focused on internally as you evaluate the company amid a housing market that is as choppy as it has been in decades. I'll spend some time going through what we are seeing in our early data, what I'm expecting our team to deliver through the rest of this year and into next year and why I am confident that our strategy is the right one to grow share as we keep a careful eye on the housing macro.

我們已經從你們所有人那裡清楚地聽到，當你們在幾十年來波濤洶湧的房地產市場中評估公司時，了解我們在內部最關注哪些指標和里程碑至關重要。我將花一些時間了解我們在早期數據中看到的內容，我期望我們的團隊在今年餘下時間和明年交付的內容，以及為什麼我相信我們的戰略是正確的增長戰略分享，因為我們密切關注房地產宏觀。

The first growth pillar on our product road map is touring. Touring is important because we, along with our customers and Premier Agent partners, know that the tour is the point-of-sale moment for the customer in the buying journey. We acquired ShowingTime, the leader in centralized software and phone-based real estate tour reservation services, just over a year ago to make the touring process more seamless compared to what it is today.

我們產品路線圖上的第一個增長支柱是巡迴演出。旅遊很重要，因為我們以及我們的客戶和 Premier Agent 合作夥伴都知道，旅遊是客戶在購買過程中的銷售點。一年多前，我們收購了集中式軟件和基於電話的房地產旅遊預訂服務的領導者 ShowingTime，以使旅遊流程與現在相比更加無縫。

As many agents will tell you, arranging tours can evolve into a painful game of phone tag, coordinating multiple different schedules, juggling availability for the seller, the listing agent, the buyer and the buyer's agent just to step foot in the house. Our integration road map started with going out to all ShowingTime users across agents, brokers and MLSs and enabling them to enter availability into ShowingTime so that we have real-time availability of sellers and/or listing agents running through our software.

正如許多代理商會告訴您的那樣，安排旅行可能會演變成一場痛苦的電話標籤遊戲，協調多個不同的日程安排，為賣家、掛牌代理、買家和買家的代理人處理可用性，只是為了踏入房子。我們的集成路線圖開始於跨代理、經紀人和 MLS 的所有 ShowingTime 用戶，使他們能夠將可用性輸入 ShowingTime，以便我們通過我們的軟件運行賣家和/或上市代理的實時可用性。

Our bet was that this was a no-brainer feature that would reduce a good chunk of the administrative scheduling phone tag. And so far, we've been correct with this application of software. Already across more than 300 markets, nearly 90% of ShowingTime industry users have enabled this feature for themselves and their sellers.

我們敢打賭，這是一個不費吹灰之力的功能，可以減少很大一部分管理調度電話標籤。到目前為止，我們對這個軟件應用程序是正確的。已經跨越 300 多個市場，近 90% 的 ShowingTime 行業用戶已經為自己和他們的賣家啟用了此功能。

From there, we told you our next step was to expose this availability on Zillow to reduce the friction that currently exists for our mover customers in touring homes through Zillow so that booking a home tour for a home shopper is as seamless as booking a restaurant reservation online.

從那裡，我們告訴您我們的下一步是在 Zillow 上公開此可用性，以減少我們的搬家客戶目前在通過 Zillow 參觀房屋時存在的摩擦，以便為家庭購物者預訂家庭旅行就像預訂餐廳預訂一樣無縫在線的。

I'm pleased to announce that in September, we launched what we call real-time touring capability in Atlanta. It is early days, but the feedback from both customers and Premier Agent partners alike is encouragingly positive with early data showing increased intent to transact and increased conversion rates. We feel confident in the results we are seeing in Atlanta, and we are planning to expand to additional markets throughout 2023.

我很高興地宣布，在 9 月，我們在亞特蘭大推出了我們所謂的實時巡演功能。現在還為時過早，但來自客戶和 Premier Agent 合作夥伴的反饋都令人鼓舞，早期數據顯示交易意願增加和轉化率增加。我們對在亞特蘭大看到的結果充滿信心，我們計劃在 2023 年全年擴展到更多市場。

I'll share with you one example of the excitement we are hearing from our Premier Agent partners in the program. Ross Hester and [Barbara Meek] of The Hester Group in Atlanta said, "This was the most seamless pilot Zillow was launched from a tech user interface perspective that we have ever been involved with, and we have been waiting for a long time for leads of this quality to come in."

我將與您分享一個例子，說明我們在該計劃中從我們的 Premier Agent 合作夥伴那裡聽到的興奮之情。亞特蘭大 The Hester Group 的 Ross Hester 和 [Barbara Meek] 說：“從我們參與的技術用戶界面的角度來看，這是最無縫的試點 Zillow，我們已經等待了很長時間的線索這種品質的進來。”

Rollout of real-time touring will be a market-by-market operation. Educating our partners on using the system and ensuring that our shared mover customers have a great experience is important, so it will take some time. But given the signal we have seen out of Atlanta, we will press forward with intensity.

實時巡演的推出將是一個逐個市場的操作。教育我們的合作夥伴使用該系統並確保我們的共享搬運工客戶擁有良好的體驗非常重要，因此這需要一些時間。但鑑於我們在亞特蘭大看到的信號，我們將全力推進。

Adoption of this product enables a better experience, which we believe will drive more transactions. Given the size of our brand, audience and engagement throughout the industry, we are well positioned to deliver this feature at scale in a way that will benefit the entire industry because, ultimately, helping the whole industry be more efficient and removing friction for agents and customers is a win for all.

採用該產品可以帶來更好的體驗，我們相信這將推動更多交易。鑑於我們的品牌規模、受眾和整個行業的參與度，我們有能力大規模提供此功能，從而使整個行業受益，因為最終幫助整個行業提高效率並消除代理商和客戶是所有人的勝利。

The key to having real-time touring drive share gains here will be facilitating more successful tours. Our current nonreal-time tour enabled successful tour rate on Zillow is roughly 30%. This means that 30% of buyers on Zillow get to see the house at the time they requested and 70% do not. If we are able to increase that successful tour rate, we will see share gains emerge because our data shows that successful tours convert to transactions at approximately 3x the rate of other actions on Zillow today.

在這裡實時巡演推動份額增長的關鍵將是促進更成功的巡演。我們目前在 Zillow 上啟用非實時遊覽的成功率約為 30%。這意味著 Zillow 上 30% 的買家會在他們要求的時候看到房子，而 70% 的買家不會。如果我們能夠提高成功遊覽率，我們將看到份額收益出現，因為我們的數據顯示，成功的遊覽轉化為交易的速度大約是當今 Zillow 上其他行動的 3 倍。

The next growth pillar update for this quarter is on enhancing our partner network. For those of you that have followed us for a long time, you know that we have consistently innovated on our partner network and pricing models to create the best experience for our customers, for our Premier Agent partners and for Zillow.

本季度的下一個增長支柱更新是關於增強我們的合作夥伴網絡。對於那些長期關注我們的人來說，您知道我們一直在對我們的合作夥伴網絡和定價模式進行創新，以便為我們的客戶、我們的 Premier Agent 合作夥伴和 Zillow 創造最佳體驗。

The most recent evolution of our partner network is in flight in one of our key test markets, Raleigh, North Carolina. We did a few things here earlier this year. First, we significantly consolidated the number of partners we work with to enable scalable testing to send more customers to our top-performing partners and to offer our shared customers an improved mortgage product experience.

我們合作夥伴網絡的最新發展正在我們的主要測試市場之一北卡羅來納州羅利進行。今年早些時候我們在這裡做了一些事情。首先，我們顯著整合了合作夥伴的數量，以實現可擴展的測試，從而將更多客戶發送給我們表現最佳的合作夥伴，並為我們的共享客戶提供改進的抵押產品體驗。

Second, we have a partner that has created a team solely built to serve Zillow customers in order to provide a much more integrated customer experience. Now with roughly 15% customer adoption rate of Zillow Home Loans in Raleigh, our new approaches to serving Zillow customers in this market give us increased confidence in our strategy of integrating and improving our mortgage product experience.

其次，我們有一個合作夥伴創建了一個專門為 Zillow 客戶服務的團隊，以提供更加集成的客戶體驗。現在，羅利的 Zillow Home Loans 客戶採用率約為 15%，我們在該市場為 Zillow 客戶提供服務的新方法使我們對整合和改善抵押貸款產品體驗的戰略更有信心。

That 15% ZHL adoption rate metric in Raleigh leads us nicely to our next update on the growth pillar product road map, which is financing. We've said it many times before, but it's worth reiterating that we believe financing is core to a buyer's experience, all the way from first dreaming about a home and what one can afford through to the close of the contract. We see integration of financing as critical to the end-to-end customer experience we envision.

羅利 15% 的 ZHL 採用率指標很好地引導了我們對增長支柱產品路線圖的下一次更新，即融資。我們之前已經說過很多次了，但值得重申的是，我們相信融資是買家體驗的核心，從最初夢想擁有一個家、一個人能負擔得起一直到合同結束。我們認為融資整合對於我們設想的端到端客戶體驗至關重要。

Our previous swings at creating a mortgage business were focused on providing financing for our iBuying customers and using ZHL for refi, neither of which turned out to be durable sources of loan volume. This year, we've turned our focus towards building the foundation for a substantial direct-to-consumer purchase mortgage operation.

我們之前創建抵押貸款業務的重點是為我們的 iBuying 客戶提供融資和使用 ZHL 進行 refi，結果證明這兩者都不是貸款量的持久來源。今年，我們將重點轉向為大規模直接面向消費者的購買抵押貸款業務奠定基礎。

In addition to improvement of the customer experience when a mortgage is integrated, we see a real business opportunity in a large and fragmented market where we are well positioned to take share over time. We know that 87% of homebuyers get a purchase mortgage, that the top 25 lenders in the country have only about 1/3 market share of purchase originations combined, that industry customer acquisition costs are on average 25% of origination revenue, and that the total addressable market for purchase mortgages is about $50 billion in origination revenue annually.

除了在整合抵押貸款時改善客戶體驗外，我們在一個龐大而分散的市場中看到了真正的商機，我們有能力隨著時間的推移佔據份額。我們知道，87% 的購房者獲得了購房抵押貸款，該國前 25 大貸方僅佔購房總市場份額的 1/3，行業客戶獲取成本平均佔購房收入的 25%，並且購買抵押貸款的潛在市場總額每年約為 500 億美元的發起收入。

We believe the fragmentation in this space exists for a few reasons. First, because of the highly regulated nature of the product, manufacturing alone is a commodity. Additionally, there are a few nationally recognized brands, making customer acquisition expensive for most. And finally, distribution requires both meaningful brand power and a network of real estate agents in local communities throughout the country.

我們認為，這個領域的碎片化存在有幾個原因。首先，由於產品的高度監管性質，僅製造業就是一種商品。此外，還有一些國家認可的品牌，這使得大多數人的客戶獲取成本很高。最後，分銷需要有意義的品牌影響力和遍布全國當地社區的房地產經紀人網絡。

Against that backdrop, we see a significant opportunity for Zillow. We know that roughly 67% of actual home buyers use Zillow today. We also know that roughly 40% of all homebuyers begin their journey with financing. Despite fairly limited investment on our apps and sites and in our marketing efforts, millions of prospective Zillow Home Loans customers raised their hand for financing help and were sent to third-party lenders for lead generation in the last 12 months, which provides us ample customer acquisition on small dollar investments. And we have found that roughly 80% of those prospective mortgage customers do not have a real estate agent when they look to us for financing advice.

在這種背景下，我們看到了 Zillow 的重大機遇。我們知道，如今大約 67% 的實際購房者使用 Zillow。我們還知道，大約 40% 的購房者是從融資開始的。儘管對我們的應用程序和網站以及我們的營銷工作的投資相當有限，但數百萬潛在的 Zillow Home Loans 客戶舉手尋求融資幫助，並在過去 12 個月內被發送給第三方貸方進行潛在客戶開發，這為我們提供了充足的客戶收購小額美元投資。我們發現，大約 80% 的潛在抵押貸款客戶在向我們尋求融資建議時沒有房地產經紀人。

Beyond the built-in brand and distribution we have from being Zillow, we also have a fantastic national network of Premier Agent partners that provides us with a potential distribution channel for Zillow Home Loans as we deliver on behalf of our shared customers. Of course, we know this big opportunity is merely theoretical without solid execution. For us to capture share in this market, we are embarking on a few critical work streams. First, we need to overhaul and transition our current mortgage funnels away from third-party lead generation towards being powered by Zillow Home Loans.

除了我們作為 Zillow 所擁有的內置品牌和分銷外，我們還擁有一個出色的全國高級代理合作夥伴網絡，當我們代表我們共同的客戶提供服務時，這為我們提供了 Zillow Home Loans 的潛在分銷渠道。當然，我們知道這個巨大的機會只是理論上的，沒有紮實的執行。為了在這個市場上搶占份額，我們正在著手進行一些關鍵的工作流程。首先，我們需要徹底改革我們目前的抵押貸款渠道，從第三方潛在客戶生成轉向由 Zillow Home Loans 提供支持。

Today, we have multiple entry points for customers who need financing on our apps and sites, and those customers are then sent to a wide variety of lenders in our mortgage marketplace. Those lenders then work with their real estate agent relationships to serve our customers. Our product road map starts with simplifying the entry points in our funnel and being much more explicit that Zillow provides financing through Zillow Home Loans.

今天，我們為需要在我們的應用程序和網站上融資的客戶提供了多個入口點，然後這些客戶被發送到我們抵押貸款市場中的各種貸方。然後，這些貸方與他們的房地產代理關係合作，為我們的客戶提供服務。我們的產品路線圖首先簡化了我們漏斗中的入口點，並且更加明確地表明 Zillow 通過 Zillow Home Loans 提供融資。

From there, we have 4 key areas that we have to execute on from now through 2023 to start to capture share. First, we have to make sure more of our customers are aware we offer home loans through Zillow Home Loans. The term Zillow is more often Googled than the term real estate, so our overall brand awareness is quite high. But once again, the majority of people on our apps and sites don't know that they can get a mortgage through Zillow Home Loans. The combination of the funnel work I outlined before, alongside using our mobile and web platforms to better explain ZHL to customers, should help solve this challenge.

從那裡開始，我們必須從現在到 2023 年執行 4 個關鍵領域，以開始獲取份額。首先，我們必須確保更多的客戶知道我們通過 Zillow Home Loans 提供住房貸款。 Zillow 這個詞比房地產這個詞更經常被谷歌搜索，所以我們的整體品牌知名度很高。但再一次，我們應用程序和網站上的大多數人都不知道他們可以通過 Zillow Home Loans 獲得抵押貸款。結合我之前概述的漏斗工作，以及使用我們的移動和網絡平台更好地向客戶解釋 ZHL，應該有助於解決這一挑戰。

Next, we have to build a better digital mortgage experience on Zillow so we are meeting customers wherever they are in their journey. As I said before, millions of people per year contact us about financing help. In a lead generation model, volume is the name of the game. But for a transaction model, we have to get far better at filtering those customers so the customers that have the highest intent are speaking with our loan officers, while those that are years away from purchasing a home are offered nurture services so they stay in our ecosystem until they are ready to buy a home. Alongside better serving our customer base, we have to bolster our loan officer tools and capabilities so our loan officers can handle the volume and do their jobs more efficiently while we manufacture loans more effectively.

接下來，我們必須在 Zillow 上打造更好的數字抵押貸款體驗，以便我們能夠在客戶旅程中的任何地方與他們會面。正如我之前所說，每年有數百萬人聯繫我們尋求融資幫助。在潛在客戶生成模型中，數量是遊戲的名稱。但是對於交易模型，我們必須在過濾這些客戶方面做得更好，以便最有意向的客戶與我們的信貸員交談，而那些距離購買房屋還有幾年的客戶提供培育服務，以便他們留在我們的生態系統，直到他們準備買房。除了更好地為我們的客戶群服務外，我們還必須加強我們的信貸員工具和能力，以便我們的信貸員能夠處理數量並更有效地完成工作，同時我們更有效地製造貸款。

And last, but certainly not least, we need our Premier Agent partner base to understand the value Zillow Home Loans can provide their customers. This is a combination of technology, service model and providing to our best partners who are most invested in Zillow that Zillow Home Loans can provide the best financing experience for our mutual customers.

最後但同樣重要的是，我們需要我們的 Premier Agent 合作夥伴群來了解 Zillow Home Loans 可以為其客戶提供的價值。這是技術、服務模式的結合，並向我們在 Zillow 投資最多的最佳合作夥伴提供 Zillow Home Loans 可以為我們共同的客戶提供最佳的融資體驗。

Our future state is one where customers that start with Zillow Home Loans work with the Premier Agent partner we've connected them to and customers that start with a Premier Agent partner through a touring product are also choosing Zillow Home Loans as their mortgage provider. Ultimately, the metrics we are measuring ourselves against are number of purchased loans, loans per loan officer and Zillow Home Loans customer adoption rate.

我們未來的狀態是，從 Zillow Home Loans 開始的客戶與我們聯繫的 Premier Agent 合作夥伴合作，而通過巡迴產品從 Premier Agent 合作夥伴開始的客戶也選擇 Zillow Home Loans 作為他們的抵押貸款提供商。最終，我們衡量自己的指標是購買的貸款數量、每個信貸員的貸款和 Zillow Home Loans 客戶採用率。

Of course, beyond all the product improvements we are making to the buying experience, we are also innovating rapidly on behalf of sellers and listing agents. We announced our strategic partnership with Opendoor last quarter, and teams at both companies are working hard to launch the product in Q1 of 2023 with expansion plans outlined throughout next year.

當然，除了我們對購買體驗所做的所有產品改進之外，我們還代表賣家和上市代理快速創新。我們在上個季度宣布了與 Opendoor 的戰略合作夥伴關係，兩家公司的團隊都在努力在 2023 年第一季度推出該產品，並概述了明年全年的擴張計劃。

While it will take time to scale the partnership, we believe the combination of the customer signal we saw when operating our iBuying business, along with Opendoor's nationwide presence, should allow us to serve a significant number of sellers through a suite of seller services that includes the option of a cash offer or a traditional listing when at scale. Additionally, we are investing in solutions that better equip the more than 1 million real estate agents that use ShowingTime today.

雖然擴大合作關係需要時間，但我們相信，我們在運營 iBuying 業務時看到的客戶信號，以及 Opendoor 在全國范圍內的業務，應該使我們能夠通過一系列賣家服務為大量賣家提供服務，其中包括大規模現金收購或傳統上市的選擇。此外，我們正在投資解決方案，以更好地裝備今天使用 ShowingTime 的超過 100 萬房地產經紀人。

We've recently reorganized our real estate software offerings under one umbrella brand called ShowingTime+, which has ShowingTime, dotloop, Bridge Interactive and Rich Media Technology, which includes our homegrown, AI-powered, interactive floor plans and 3D home tours. The ShowingTime+ software suite is designed to help agents and brokers operate their businesses more efficiently, win more customers and elevate the listing experience for themselves and their clients.

我們最近在一個名為 ShowingTime+ 的繖形品牌下重組了我們的房地產軟件產品，該品牌擁有 ShowingTime、dotloop、Bridge Interactive 和 Rich Media Technology，其中包括我們自主研發的、人工智能驅動的交互式平面圖和 3D 家庭遊覽。 ShowingTime+ 軟件套件旨在幫助代理商和經紀人更有效地開展業務，贏得更多客戶並提升他們自己和客戶的上市體驗。

The long-term problem we are looking to solve is to make the listing process simpler for listing agents. Listing agents have many jobs to do on behalf of their customers. They need to win the new listing; then manage and market those listings; then coordinate showings; offer management and transaction management, all before selling the home. We start this journey with a number of beloved and broadly licensed assets in the real estate community with the ShowingTime+ portfolio I mentioned a moment ago.

我們希望解決的長期問題是簡化上市代理的上市流程。上市代理代表他們的客戶有很多工作要做。他們需要贏得新上市；然後管理和營銷這些列表；然後協調看房；報價管理和交易管理，一切都在出售房屋之前。我們從房地產社區中一些廣受喜愛且獲得廣泛許可的資產開始這一旅程，其中包括我剛才提到的 ShowingTime+ 投資組合。

And in 2023, we plan to launch Listing Media Services and Listing Showcase, 2 new listing agent marketing tools from ShowingTime+ to help agents win their next listing. First is Listing Media Services, which is a photography service and comprehensive media package that captures all aspects of a home for agents and gives potential buyers an immersive digital home shopping experience. Alongside Listing Media Services is Listing Showcase, which is a complete media and placement package that will showcase the seller's home with the most cutting-edge, interactive, immersive listing presentations on the Internet. And importantly, we'll put the listing agents' brand front and center.

2023年，我們計劃推出Listing Media Services和Listing Showcase，這兩款來自ShowingTime+的新房源代理商營銷工具，幫助代理商贏得下一個房源。首先是Listing Media Services，這是一項攝影服務和綜合媒體包，可為代理商捕捉房屋的各個方面，並為潛在買家提供身臨其境的數字家庭購物體驗。除上市媒體服務外，還有上市展示櫃，它是一個完整的媒體和展示位置包，將通過互聯網上最前沿、互動、身臨其境的上市展示展示賣家的家。重要的是，我們會將上市代理商的品牌放在首位和中心位置。

The combination of ShowingTime+'s software capabilities and Zillow's audience reach and proprietary technologies should allow us to access listing agent wallet share through both software and marketing spend, further broadening our reach within the addressable market that we are going after. We will begin launching the products in early 2023, with additional launches throughout the remainder of the year. Positive feedback from early demos to agents and investors alike has us excited about the opportunity in front of us, though, once again, it is early days.

ShowingTime+ 的軟件功能與 Zillow 的受眾範圍和專有技術相結合，應該使我們能夠通過軟件和營銷支出獲得上市代理錢包份額，進一步擴大我們在我們所追求的目標市場中的影響力。我們將在 2023 年初開始推出這些產品，並在今年剩餘時間內推出更多產品。早期演示對代理商和投資者的積極反饋讓我們對擺在我們面前的機會感到興奮，不過，再一次，現在還處於早期階段。

Okay. I've spent a lot of time going through all of the reasons I'm excited about what we are building, the stuff that we have control over. Of course, the elephant in the virtual room is the state of the housing market and just how significant the gyrations are to those involved in helping customers move.

好的。我花了很多時間來研究我對我們正在建造的東西感到興奮的所有原因，我們可以控制的東西。當然，虛擬房間裡的大像是房地產市場的狀態，以及那些參與幫助客戶搬家的人來說，這種變化有多麼重要。

12 months later, we feel we made the right decision to wind down our iBuying operations, particularly given how this year has played out. And I am pleased that as of September 30, we have no more inventory on our balance sheet. That said, we are not immune to the challenges in the housing market right now. We've seen 30-year mortgage rates spike over the last few months to more than 7%, a level that hasn't been reached in 20 years. Big weekly swings in rates continue to occur as well. What this means is that buyers are recalculating what they can afford on the fly and are uncertain about their ability to purchase and afford a home. This volatility has impacted our funnel as our connections suffer while buyers decide whether they -- whether or not they want to be on or off the sidelines in this current market.

12 個月後，我們認為我們做出了結束 iBuying 業務的正確決定，特別是考慮到今年的表現。我很高興截至 9 月 30 日，我們的資產負債表上沒有更多庫存。也就是說，我們不能倖免於目前房地產市場的挑戰。在過去幾個月中，我們看到 30 年期抵押貸款利率飆升至 7% 以上，這是 20 年來未達到的水平。利率的每周大幅波動也繼續發生。這意味著買家正在重新計算他們能負擔得起的東西，並且不確定他們購買和負擔房屋的能力。這種波動影響了我們的渠道，因為我們的聯繫受到影響，而買家決定他們是否——他們是否想在當前市場中處於觀望狀態。

When coupled with persistently low inventory and continued lackluster flow of new listings, the setup to begin 2023 and housing looks challenged. With that in mind, we made the difficult-but-necessary decision to let go of a set of employees, after having let go of about 25% of the company earlier this year during the wind-down of our iBuying operations. This decision and the impact it has on people is not taken lightly by any of us. That said, we have to be clear-eyed about the market we find ourselves in. So we've taken cost actions to streamline our operations and to prioritize investments through a combination of this reduction in force, a decrease in committed marketing dollars and further tightening of discretionary spend.

再加上持續的低庫存和持續低迷的新房源，2023 年開始的設置和住房看起來面臨挑戰。考慮到這一點，我們做出了一個艱難但必要的決定，即在今年早些時候在 iBuying 業務結束期間解雇了大約 25% 的公司後，解雇了一批員工。我們任何人都不會輕視這一決定及其對人們的影響。也就是說，我們必須對我們所處的市場保持清醒的認識。因此，我們採取了成本行動來簡化我們的運營，並通過結合減少力量、減少承諾的營銷資金以及進一步的措施來確定投資的優先級。可支配支出收緊。

While we are actively managing our cost structure, we are still investing against our product road map and growth pillars. We have made the decision not to cut into our product and technology investments, including continued hiring in these areas because of the confidence we have in our go-forward product road map.

雖然我們正在積極管理我們的成本結構，但我們仍在針對我們的產品路線圖和增長支柱進行投資。我們已決定不削減我們的產品和技術投資，包括繼續在這些領域招聘，因為我們對我們的產品路線圖充滿信心。

While the housing market is challenged right now, if long-term average turnover rates persist, we would expect that 60 million homes will trade hands over the next 10 years, and that's the basis of the long-term opportunity in front of us. Additionally, we expect to continue to be active in our repurchase program given our go-forward opportunity. We have the benefit of a well-capitalized business that produces operating cash flow, and we are going to use those benefits to our and your advantage.

雖然目前房地產市場面臨挑戰，但如果長期平均周轉率持續下去，我們預計未來 10 年將有 6000 萬套房屋交易，這是擺在我們面前的長期機會的基礎。此外，鑑於我們的前進機會，我們預計將繼續積極參與我們的回購計劃。我們受益於資本充足的業務，可以產生經營現金流，我們將利用這些優勢為我們和您帶來優勢。

Having led Expedia through 9/11, Zillow through the financial crisis in 2008 and early COVID in 2020, we have experience staying relatively steady on the gas when others are slamming on the brakes. We are well aware of the dangers on the road, but our vehicle is charged up and handling well, and we see opportunity on the road ahead. We appreciate your partnership through these volatile times and look forward to connecting with many of you in the days and weeks ahead.

在帶領 Expedia 度過 9/11、Zillow 度過 2008 年的金融危機和 2020 年早期的 COVID 之後，我們有經驗在其他人急剎車時保持相對穩定的油門。我們很清楚道路上的危險，但我們的車輛已充電且操控良好，我們看到了前方道路上的機會。我們感謝您在這些動盪時期的合作夥伴關係，並期待在未來幾天和幾週內與你們中的許多人保持聯繫。

And with that, I'll turn it over to Allen. Allen? Allen, you're on mute.

有了這個，我會把它交給艾倫。艾倫？艾倫，你靜音了。

Yes, I'm sorry. Got it. Thank you, Rich. And hello, everyone.

是的，我很抱歉。知道了。謝謝你，里奇。大家好。

As we continue to focus on executing against our growth strategy, we are increasingly becoming more confident in our opportunity to create an end-to-end real estate transactional experience for our customers. We believe the strategic investments we are making in our 5 growth pillars will allow us to better serve more customers and, in turn, drive more transactions and more revenue per transaction. We have our eyes wide open and are confident in our ability to navigate through the current environment by balancing investments to drive future growth with active cost management.

隨著我們繼續專注於執行我們的增長戰略，我們對為客戶創造端到端房地產交易體驗的機會越來越有信心。我們相信，我們在 5 個增長支柱上進行的戰略投資將使我們能夠更好地服務於更多客戶，進而推動更多交易和每筆交易的更多收入。我們睜大眼睛，對我們通過平衡投資以推動未來增長和積極成本管理來駕馭當前環境的能力充滿信心。

Turning to our results. We delivered consolidated results above our outlook for both revenue and EBITDA. IMT segment revenue was $457 million, down 5% year-over-year and above the high end of our outlook range, driven by better-than-expected performance in Premier Agent and growth in rentals. Premier Agent revenue decreased 13% year-over-year and outperformed both our expectations and our estimated industry decline of 15%. Better-than-expected conversion rates, customer connections and retention rates during the quarter were the primary driver behind our slight revenue outperformance relative to the industry.

轉向我們的結果。我們的綜合業績高於我們對收入和 EBITDA 的展望。 IMT 部門收入為 4.57 億美元，同比下降 5%，高於我們展望範圍的高端，這主要得益於 Premier Agent 的業績好於預期和租金增長。 Premier Agent 收入同比下降 13%，表現優於我們的預期和我們估計的行業下降 15%。本季度好於預期的轉化率、客戶聯繫和保留率是我們相對於行業的輕微收入表現的主要驅動力。

Lead volumes continued to be volatile throughout the quarter with August being a positive outlier as we experienced a brief rebound in demand that coincided with interest rates declining from their previous high in June. Rentals revenue was up 10% year-over-year, returning to positive year-over-year growth and outperformed our expectations. Rentals traffic on Zillow grew 30% year-over-year to 27 million average monthly unique users in Q3 per comScore data. Occupancy rates have continued to drift lower from the historically high levels of the past couple of years, which increased overall rental -- which will increase overall rental industry demand for advertising.

整個季度的鉛量繼續波動，8 月份是一個積極的異常值，因為我們經歷了需求的短暫反彈，同時利率從 6 月份的先前高點下降。租金收入同比增長 10%，恢復同比正增長，超出我們的預期。根據 comScore 的數據，第三季度 Zillow 的租賃流量同比增長 30%，達到 2700 萬月均獨立用戶。入住率從過去幾年的歷史高位繼續下降，這增加了整體租金——這將增加整體租賃行業對廣告的需求。

With our industry-leading rentals traffic, combined with investments in our sales force, our team grew the number of multifamily properties on our platform in Q3. IMT segment EBITDA was $164 million for Q3 or 36% of revenue, exceeding the high end of our outlook range for IMT segment EBITDA of $121 million and 28% of revenue. The outperformance was driven by a combination of better-than-expected revenue, which has an outsized impact on our high incremental margin business, the timing related to hiring that pushed some positions into Q4 and active cost management to drive operating efficiencies, including lower-than-anticipated advertising and marketing costs.

憑藉我們行業領先的租賃流量，加上對銷售團隊的投資，我們的團隊在第三季度增加了我們平台上的多戶住宅數量。第三季度 IMT 部門 EBITDA 為 1.64 億美元，佔收入的 36%，超過了我們對 IMT 部門 EBITDA 1.21 億美元和收入的 28% 的展望範圍的高端。業績優於預期的原因是收入好於預期，這對我們的高增量利潤率業務產生了巨大影響，與招聘相關的時機將一些職位推到了第四季度，以及積極的成本管理以提高運營效率，包括降低-超出預期的廣告和營銷成本。

Mortgages segment revenue of $26 million was near the high end of our outlook range. While deteriorating affordability negatively impacted customer demand for financing in the quarter, we continue to make progress building our Zillow Home Loans purchase mortgage business. Purchase loan origination volume was up 24% sequentially in Q3. Mortgages segment EBITDA was a loss of $27 million as we operate at subscale while continuing to invest in building a better customer-facing origination experience, efficient and scalable internal loan officer tools and back in systems and integration with our Premier Agent business.

抵押貸款部門收入為 2600 萬美元，接近我們展望範圍的高端。雖然負擔能力惡化對本季度客戶的融資需求產生了負面影響，但我們繼續在建立 Zillow 房屋貸款購買抵押貸款業務方面取得進展。第三季度購買貸款發放量環比增長 24%。抵押貸款部門的 EBITDA 虧損 2700 萬美元，因為我們在小規模運營，同時繼續投資於建立更好的面向客戶的發起體驗、高效和可擴展的內部信貸員工具，以及系統和與我們的 Premier Agent 業務的集成。

We believe these investments lay the foundation for Zillow Home Loans to serve a much broader set of customers, many of whom we currently send to third-party lenders today. We expect financing will be a key driver behind the step function changes we are targeting to grow our share of customer transactions and revenue per transaction. We ended the quarter with $3.5 billion of cash and investments on the balance sheet, flat from Q2, which includes the benefit from operating cash flow from continuing operations, the full wind-down of iBuyer inventory as well as the impact of $176 million in share repurchases during Q3.

我們相信這些投資為 Zillow Home Loans 為更廣泛的客戶提供服務奠定了基礎，我們目前將其中許多客戶發送給第三方貸方。我們預計融資將成為我們旨在增加客戶交易份額和每筆交易收入的階梯函數變化背後的關鍵驅動力。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，與第二季度持平，其中包括來自持續運營的經營現金流的收益、iBuyer 庫存的全面縮減以及 1.76 億美元股票的影響第三季度回購。

While our results this quarter were better than expected, trends deteriorated at the end of September and into October as we've seen another rapid increase in interest rates. This has pushed the median U.S. household as a new buyer into the realm often considered housing burdened, which occurs once a household spend more than 1/3 of their income on housing. As a result, the industry is continuing to decelerate, bringing towards a decline of 25% to 35% year-over-year in Q4.

雖然我們本季度的業績好於預期，但隨著利率再次快速上升，趨勢在 9 月底和 10 月惡化。這將美國家庭作為新買家推向了通常被認為是住房負擔重的領域，一旦一個家庭將其收入的 1/3 以上用於住房，就會發生這種情況。因此，該行業繼續減速，第四季度同比下降 25% 至 35%。

As we pointed out last quarter, we suggest that investors pay close attention to the directional trends in the MBA mortgage purchase application index and the average purchase loan amount, which would multiply to become a leading indicator for total transaction dollar volume growth. In recent weeks, this has trended to down more than 40% year-over-year. These macro factors continue to weigh on our Premier Agent business, which has seen a similar change in trend for lead volume as we start Q4.

正如我們上個季度所指出的，我們建議投資者密切關注MBA抵押貸款購買申請指數和平均購買貸款金額的方向性趨勢，這將成倍地成為總交易額增長的領先指標。最近幾週，這一數字呈同比下降 40% 以上的趨勢。這些宏觀因素繼續對我們的高級代理業務構成壓力，隨著我們從第四季度開始，潛在客戶數量的趨勢也發生了類似的變化。

While we expect the macro environment to remain under pressure for the foreseeable future, our cash position, cash generating business and now less capital-intensive operations give us the flexibility to continue to invest against our growth strategy as we look to navigate through the current macro environment. We continue to believe we are making the right investments to drive share growth across the business cycle.

儘管我們預計宏觀環境在可預見的未來仍將面臨壓力，但我們的現金狀況、現金產生業務以及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，因為我們希望在當前的宏觀環境中導航環境。我們仍然相信，我們正在做出正確的投資，以推動整個商業周期的份額增長。

We remain in control of our cost levers and the pace of our investments. Last week, we took cost actions to streamline our operations and prioritize investments. We have also identified other discretionary and nonpeople cost actions we expect to take over the next year to help offset planned investments. Looking ahead, we continue to be focused on cash flow generation rather than a defined margin rate for a specific quarter.

我們仍然控制我們的成本槓桿和我們的投資步伐。上週，我們採取了成本行動來簡化我們的運營並優先考慮投資。我們還確定了我們預計在明年採取的其他可自由支配和非人員成本行動，以幫助抵消計劃投資。展望未來，我們將繼續關注現金流的產生，而不是特定季度的既定利潤率。

Before I turn to our outlook for Q4, I would like to note that the wind-down of our iBuying business was complete as of September 30, 2022, and the financial results are now being reported as discontinued operations. In our IMT segment, we expect a 19% year-over-year revenue decline in Q4 at the midpoint of our outlook range. Within the IMT segment, we expect Premier Agent revenue to be between $250 million to $270 million, down 27% year-over-year at the midpoint of the outlook range, relatively in line with our expectations for industry performance in Q4.

在我轉向我們對第四季度的展望之前，我想指出，截至 2022 年 9 月 30 日，我們的 iBuying 業務已經結束，財務業績現在被報告為終止運營。在我們的 IMT 部門，我們預計第四季度收入將同比下降 19%，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 2.5 億美元至 2.7 億美元之間，在展望範圍的中點同比下降 27%，相對符合我們對第四季度行業表現的預期。

In rentals, we are seeing more multifamily properties on our platform, and we continue to see signs that low rental vacancies are subsiding, which we expect to drive increased demand for rentals advertising. We expect Q4 IMT segment EBITDA margin to be 24% at the midpoint of our outlook. Q3 IMT segment operating costs came in lower than previously expected. And given this, we now expect Q4 IMT segment operating costs to be flat to slightly up from Q3 and below our prior expectations we discussed on the Q2 call.

在租賃方面，我們在我們的平台上看到更多的多戶住宅，並且我們繼續看到低租金空置率正在下降的跡象，我們預計這將推動對租賃廣告的需求增加。我們預計第四季度 IMT 部門 EBITDA 利潤率將在我們展望的中點為 24%。第三季度 IMT 部門的運營成本低於此前的預期。鑑於此，我們現在預計第四季度 IMT 部門的運營成本將與第三季度持平或略有上升，低於我們在第二季度電話會議上討論的先前預期。

We expect Mortgages segment revenue to be between $15 million and $20 million in Q4, which is down sequentially from Q3. Our Q4 outlook reflects continued softening demand for our marketplace business. It also assumes sequential growth in purchase loan originations despite macro headwinds and seasonality as we continue to make progress on building our purchase mortgage platform. We expect Mortgages segment EBITDA to be between a loss of $36 million and a loss of $31 million, given we are holding our investment levels relatively flat from Q3 as we experienced macro and seasonal pressures in revenue.

我們預計第四季度抵押貸款部門的收入將在 1500 萬美元至 2000 萬美元之間，較第三季度有所下降。我們的第四季度展望反映了市場業務需求持續疲軟。儘管存在宏觀逆風和季節性因素，但隨著我們繼續在構建我們的購買抵押貸款平台方面取得進展，它還假設購買貸款發放連續增長。我們預計抵押貸款部門的 EBITDA 將在 3600 萬美元和 3100 萬美元之間虧損，因為我們在收入方面經歷了宏觀和季節性壓力，因此我們的投資水平與第三季度相比保持相對平穩。

As we sit here today, we believe the trends we are seeing in Q4 will continue as we start 2023. That being said, we are excited about the progress against our 5 growth pillars, positive signals from our test markets and planned product launches in 2023.

當我們今天坐在這裡時，我們相信我們在第四季度看到的趨勢將在 2023 年開始時繼續。話雖如此，我們對我們的 5 個增長支柱、來自測試市場的積極信號和計劃在 2023 年推出的產品感到興奮.

In closing, we believe we have the right strategy to better serve more customers resulting in share growth and more revenue per transaction, and employees are aligned to execute to drive shareholder value. 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 to 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, including continued prioritization of our investments that we expect will drive a profitable, scalable and positive cash flow company.

最後，我們相信我們有正確的戰略來更好地為更多的客戶服務，從而實現份額增長和每筆交易的更多收入，並且員工會齊心協力執行以推動股東價值。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，以推動客戶選擇與我們和我們的合作夥伴進行交易；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，包括繼續優先安排我們的投資，我們預計這將推動一家盈利、可擴展和正現金流的公司。

And with that, operator, we'll open the line for questions.

有了這個，接線員，我們將打開問題線。

(Operator Instructions) Our first question comes from John Colantuoni with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 John Colantuoni。

Maybe you could just start by giving us a sense for when you expect progress on your growth pillars to begin impacting the business. And then second, based on recent mortgage applications, it seems like the housing market hasn't quite found the floor yet. What are you hearing from brokers and agents regarding how they're thinking about the approach to digital advertising in a softening market?

也許您可以先讓我們了解您預計增長支柱的進展何時開始影響業務。其次，根據最近的抵押貸款申請，房地產市場似乎還沒有找到底線。您從經紀人和代理商那裡聽到了哪些關於他們如何考慮在疲軟的市場中進行數字廣告的方法？

Okay. John, this is Rich. Thanks for your question. I actually think we should hand the microphone over to Jeremy Wacksman, our COO, to dig a little deeper on the growth pillars.

好的。約翰，這是里奇。謝謝你的問題。實際上，我認為我們應該將麥克風交給我們的首席運營官 Jeremy Wacksman，以便更深入地挖掘增長支柱。

Yes, happy to. Thanks, John, for the question. I mean as you heard from Rich earlier, we're already seeing progress against our growth pillars, and that progress is increasing our confidence that we have the right strategy to help drive share in the long term.

是的，很高興。謝謝，約翰，這個問題。我的意思是，正如您之前從 Rich 那裡聽到的那樣，我們已經看到我們的增長支柱取得了進展，而且這種進展增強了我們的信心，相信我們有正確的戰略來幫助推動長期份額。

On touring, we talked about real-time availability through ShowingTime now being available in more than 300 markets by more than 90% of our ShowingTime users. And recently launching this real-time touring consumer experience, this OpenTable-like reservation system, one market, early data, but really positive partner and customer signals there.

在巡迴演出中，我們談到了 ShowingTime 的實時可用性，現在超過 90% 的 ShowingTime 用戶可以在 300 多個市場使用。最近推出了這種實時旅遊消費者體驗，這種類似 OpenTable 的預訂系統，一個市場，早期數據，但那裡確實是積極的合作夥伴和客戶信號。

On financing, you heard Allen talk about growing purchases sequentially. Yes, that's very small end. But as you point out, it's in a very challenged macro environment. And the 15% customer adoption rate we're seeing on home loans in our test markets, that's an early progress indicator that the strategy of having the right agent and the right mortgage to the right customer is the right strategy there.

在融資方面，你聽說艾倫談到了不斷增長的購買量。是的，這是非常小的結局。但正如你所指出的，它處於一個非常具有挑戰性的宏觀環境中。我們在測試市場中看到的住房貸款客戶採用率為 15%，這是一個早期進展指標，表明讓合適的代理和合適的抵押貸款給合適的客戶的策略是那裡的正確策略。

And then as Rich talked about seller services, launching the Opendoor partnership in Q1 and rolling it out through additional markets throughout 2023, and then launching those new ShowingTime+ products starting early next year. Those are great product road map proof points for you to think about the growth pillars.

然後 Rich 談到賣家服務，在第一季度推出 Opendoor 合作夥伴關係，並在 2023 年整個其他市場推出，然後從明年初開始推出這些新的 ShowingTime+ 產品。這些是您思考增長支柱的絕佳產品路線圖證明點。

We're going to continue rolling out those innovations and -- market by market as we begin to launch those service and new ways of working with our partners, and the early customer and partner reactions keep giving us confidence. So you'll see more come from us throughout 2023. And as those gain traction, that's then what you'll see drive the outputs and drive the revenue and the path towards that 6% share we talk about.

隨著我們開始推出這些服務和與合作夥伴合作的新方式，我們將繼續推出這些創新，並逐個市場推出，而早期的客戶和合作夥伴反應繼續給我們信心。因此，您將在整個 2023 年看到更多來自我們的產品。隨著這些產品獲得牽引力，您將看到推動產出、推動收入以及實現我們所說的 6% 份額的途徑。

And as to the second bit, John, maybe Allen. Just as a reminder, what he asked was how are we viewing agent and broker advertising given the forecasted decline that we're seeing, Can you address a little bit of...

至於第二位，約翰，也許是艾倫。提醒一下，他問的是我們如何看待代理和經紀人的廣告，因為我們看到的預測下降，你能解決一點……

Yes. John, thanks for the question. This is Allen. I'll take it. So I guess -- I think the question was what are we hearing and what we're hearing and seeing is -- I mean, obviously, there's a lot of uncertainty and volatility out there, but we're seeing our best-performing agents kind of move to a flight to quality. And so we continue to see our demand, customer demand, slightly stronger than industry. And we're seeing our lead transaction rates from that demand improve, and they're slightly higher than our expectations.

是的。約翰，謝謝你的問題。這是艾倫。我要買它。所以我想——我認為問題是我們聽到了什麼，我們聽到和看到的是——我的意思是，很明顯，存在很多不確定性和波動性，但我們正在看到我們表現最好的經紀人一種追求質量的轉變。所以我們繼續看到我們的需求，客戶需求，略強於行業。我們看到這種需求帶來的領先交易率有所提高，並且略高於我們的預期。

And so as Premier Agents look to obtain quality leads in a challenging market, what we're seeing is that our best-performing agents are relying on our platform. And we continue to take actions to ensure we're working to align with their needs as well as our customers, and so we're seeing retention that is pretty strong around our best partners.

因此，當 Premier Agents 希望在充滿挑戰的市場中獲得高質量的潛在客戶時，我們所看到的是，我們表現最好的代理商正在依賴我們的平台。我們將繼續採取行動，以確保我們正在努力滿足他們和我們客戶的需求，因此我們看到我們最好的合作夥伴的保留率非常高。

The next question is from Michael Ng with Goldman Sachs.

下一個問題來自高盛的 Michael Ng。

I have 2. The first is just on the macro environment. It was really helpful to hear your views, Rich, on the industry housing backdrop. I was just wondering if you could expand on those views a little bit more and tie them back to the impact to Zillow's businesses, and then I'll follow up with the second one.

我有2個。第一個只是關於宏觀環境。聽聽你對工業住房背景的看法，Rich，真的很有幫助。我只是想知道您是否可以進一步擴展這些觀點並將它們與對 Zillow 業務的影響聯繫起來，然後我將跟進第二個觀點。

Okay. Thanks, Michael. Thanks. Yes, I mean it is super challenging to predict right now. From a broader -- it's hard enough in the broader macro sense to predict what's going on as evidenced by just take a look at the market today. But in housing, it's even stormier and more difficult.

好的。謝謝，邁克爾。謝謝。是的，我的意思是現在預測是非常具有挑戰性的。從更廣泛的角度來看——從更廣泛的宏觀意義上來說，預測正在發生的事情已經足夠困難了，只要看看今天的市場就可以證明這一點。但在住房方面，它更加暴風雨和更加困難。

I won't tick through all the factors that I did before, but you know them well around affordability and volatility and such. But what we want to communicate to you guys is to make sure you understand that we -- as Allen likes to say, we have our hands on the wheel. I like to say we know where the accelerator and where the brake is. And we've -- you've seen us make tough decisions around cost control.

我不會列出我以前做過的所有因素，但你很清楚它們在可負擔性和波動性等方面。但我們想與你們交流的是確保你們理解我們——正如艾倫喜歡說的那樣，我們手握方向盤。我想說我們知道油門在哪裡，剎車在哪裡。我們已經 - 你已經看到我們圍繞成本控製做出艱難的決定。

Unfortunately, we, last week, did a meaningful reduction in force, and Allen talked about some other cost controls we implemented. You all saw us at the end of last year and early this year do a major reduction in force around the -- exiting the iBuying business that we obviously now feel really good about. It took us a while to land the plane, but we did it really gracefully. I'm glad that we're now at kind of 0 homes on the balance sheet.

不幸的是，我們上周大幅減少了兵力，艾倫談到了我們實施的其他一些成本控制措施。你們都看到我們在去年年底和今年年初在退出 iBuying 業務方面大幅減少了力度，我們顯然現在對此感覺非常好。我們花了一段時間才降落飛機，但我們做得非常優雅。我很高興我們現在資產負債表上的房屋數量為 0。

Again, the -- Allen just talked about the immediate macro, but zooming out for a sec, we are privileged because we have a good balance sheet with a lot of cash and we produce cash. So we can lean -- we can continue to lean forward, and we are doing that. Many companies in our industry are not in that position, so we are relatively advantaged.

再一次，艾倫剛剛談到了直接的宏觀，但縮小了幾秒鐘，我們很榮幸，因為我們有一個很好的資產負債表，有很多現金，而且我們生產現金。所以我們可以傾斜——我們可以繼續向前傾斜，我們正在這樣做。我們這個行業的很多公司都不在那個位置，所以我們相對有優勢。

You heard us talk a lot about -- Jeremy just talked about the seeds we have planted for our growth pillars and the progress we're seeing. We expect to see more progress on those growth pillars next year, and we're excited to report out to you all as we see that progress. Maybe -- I know you had another bit of the question, yes, why don't I wrap it there and hear what your next part is.

你聽到我們談論了很多——傑里米剛剛談到了我們為我們的增長支柱種下的種子以及我們所看到的進步。我們希望明年在這些增長支柱上看到更多進展，我們很高興向大家報告我們看到的進展。也許——我知道你還有一點問題，是的，我為什麼不把它包裝在那裡，聽聽你的下一部分是什麼。

Great. That was helpful. I wanted to ask a little bit more about Premier Agent. Obviously, revenue declines track the overall housing market. This quarter and your guidance for 4Q implies the same. Should we continue with that framework throughout 2023, Premier Agent revenue declines along with the broader market? Or at what point does Premier Agent revenue outperform, presumably driven by the road map traction and share gains?

偉大的。那很有幫助。我想問更多關於 Premier Agent 的問題。顯然，收入下降跟踪了整個房地產市場。本季度和您對第 4 季度的指導意味著相同。我們是否應該在整個 2023 年繼續使用該框架，Premier Agent 收入會隨著更廣泛的市場而下降？或者，大概受路線圖牽引力和份額收益的推動，Premier Agent 的收入在什麼時候表現出色？

Yes. Maybe I'll kick that kind of an expansion on your last one, Allen.

是的。也許我會在你的最後一個擴展上踢這種擴展，艾倫。

Yes, and I'll try not to be redundant. It talks a little bit about it. But listen, as we look at navigating the current macro environment, for Q3, we had previously guided for results to be in line to slightly worse than the industry leading indicators we saw, and we came out slightly better. As we look to our Q4 guide, we expect to perform a little bit better than the leading indicator data that we see going into Q4.

是的，我會盡量不冗餘。它談了一點。但是聽著，當我們審視當前的宏觀環境時，對於第三季度，我們之前指導的結果是比我們看到的行業領先指標略差，而且我們的表現略好一些。當我們查看第四季度指南時，我們預計其表現會比我們看到的進入第四季度的領先指標數據好一點。

We're confident we can outgrow the industry over the long term based on our product improvements and our expectation to increase transaction rates and revenue per transaction. But in the short term, there's just a lot of volatility and uncertainty surrounding affordability and housing availability, and so it's really hard to put 2 points into a trend for any individual quarter.

我們相信，基於我們的產品改進和我們對提高交易率和每筆交易收入的期望，我們可以長期超越行業。但在短期內，圍繞可負擔性和住房供應的波動性和不確定性很大，因此很難將任何一個季度的趨勢定為 2 分。

So with that said, as we come out of Q3 and we look to Q4, if you want to try to glean something, we have seen our customer demand perform slightly better than the industry, and we expect our continued investment in the customer journey and experience is going to maintain this performance. Our traffic is strong. Visits and unique users in Q3 both were up 4% year-over-year despite macro headwinds. We view that as a fantastic asset that we have, and we've built it up over time.

話雖如此，當我們從第三季度開始展望第四季度時，如果您想嘗試收集一些東西，我們已經看到我們的客戶需求表現略好於行業，我們預計我們將繼續投資於客戶旅程和經驗將保持這種性能。我們的流量很大。儘管存在宏觀逆風，但第三季度的訪問量和獨立用戶均同比增長 4%。我們認為這是我們擁有的一項了不起的資產，並且隨著時間的推移我們已經建立了它。

But people's interest in dreaming and moving persists, and we have that relationship with people while they dream. Our customer lead to transaction rate also has performed better than expected. Touring is one of the growth drivers that we believe is going to improve that in the long term. We also suspect that more serious buyers in this tough environment are clicking the box to connect.

但是人們對做夢和移動的興趣依然存在，當人們做夢時，我們就與他們建立了這種關係。我們的客戶促成交易率也表現好於預期。旅遊是我們認為從長遠來看將改善這一增長動力之一。我們還懷疑，在這個艱難的環境中，更認真的買家正在單擊框進行連接。

And then as I mentioned, and sorry, I don't want to be redundant, but our Premier Agents are valuing our platform. There's a flight to quality in advertising broadly across all industries, and we're seeing that, too, and we'll continue to work with our partners. And as I mentioned, what we're seeing is our best partners valuing our platform for the quality of leads that we're providing, even though the quantity of leads in this macro is declining and going down. Hopefully, that helps.

然後正如我所提到的，對不起，我不想成為多餘的，但我們的高級代理商正在重視我們的平台。所有行業的廣告都在追求質量，我們也看到了這一點，我們將繼續與我們的合作夥伴合作。正如我所提到的，我們看到的是我們最好的合作夥伴重視我們的平台，因為我們提供的潛在客戶的質量，即使這個宏觀的潛在客戶數量正在下降和下降。希望這會有所幫助。

The next question is from Brad Erickson with RBC.

下一個問題來自 RBC 的 Brad Erickson。

The enhancement on the partner network you talked about, you gave some deep -- try that again. I get to be that guy. I already was.

你談到的合作夥伴網絡的增強，你給了一些深度——再試一次。我要成為那個人。我已經是了。

Maybe we'll circle back to Brad and take the next one first.

也許我們會回到布拉德身邊，先拿下一個。

Can you still not hear me?

你還是聽不見我嗎？

Yes, you're coming in and out, Brad. Let's take another one, and then we'll come back to you. Hopefully, you can get your connection worked out.

是的，你進進出出，布拉德。讓我們再拿一個，然後我們會回來找你的。希望您可以解決連接問題。

The next question is from Ryan McKeveny with Zelman.

下一個問題來自 Zelman 的 Ryan McKeveny。

One on the mortgage business. So you mentioned financing is core to the buyers' experience, and I think you called it a must in terms of the integrated end-to-end experience. At the same time, there's obviously some level of skepticism across the mortgage industry, looking at the public mortgage companies or just generally on the ability to transition that to a meaningful profitability. So I guess when you include the 4Q guide, it looks like something like a $90 million adjusted EBITDA loss this year.

一個關於抵押貸款業務。所以你提到融資是買家體驗的核心，我認為你稱之為集成端到端體驗的必要條件。與此同時，整個抵押貸款行業顯然存在一定程度的懷疑，看看公共抵押貸款公司，或者只是一般來說是否有能力將其轉變為有意義的盈利能力。因此，我猜當您將第四季度指南包括在內時，今年調整後的 EBITDA 損失看起來像是 9000 萬美元。

So just hoping, Rich or Allen, maybe you can share some thoughts on how, I guess, your comfort level with the trajectory of the financials within that segment, or just more generally, your comfort level, continuing to invest within mortgage, kind of going after that bigger opportunity to ideally reach longer-term returns.

所以只是希望，里奇或艾倫，也許你可以分享一些想法，我猜，你對該細分市場的財務軌蹟的舒適程度，或者更一般地說，你的舒適程度，繼續投資抵押貸款，有點追求更大的機會，以理想地獲得長期回報。

Ryan, this is Rich. You have heard me make a pretty detailed case in the script for why I think this is such an important and large opportunity. But maybe I'll throw it over to Jeremy to talk a little bit more about that and just remind Jeremy that maybe the -- having one of the emphasis be on how we view ourselves as having a meaningful cost advantage in this business.

瑞恩，這是里奇。你聽說我在劇本中做了一個非常詳細的案例，為什麼我認為這是一個如此重要和巨大的機會。但也許我會把它交給傑里米多談一點，並提醒傑里米，也許 - 重點之一是我們如何看待自己在這項業務中擁有有意義的成本優勢。

Yes, happy to. Yes, I mean I'll echo a little bit about what you said in our prepared remarks. This is a business that can and should benefit from digitization and centralization, and it's one we want to build and own because it's such an interesting TAM. As Rich said earlier, it's what the customer wants. And we think for us, it can be a great business because of our CAC and distribution advantage. And so I'll just tick through each of those, right?

是的，很高興。是的，我的意思是，我會在我們準備好的講話中對您所說的內容做出一點回應。這是一項可以而且應該從數字化和集中化中受益的業務，它是我們想要建立和擁有的業務，因為它是一個非常有趣的 TAM。正如 Rich 之前所說，這是客戶想要的。我們認為，由於我們的 CAC 和分銷優勢，它可以成為一項偉大的業務。所以我會逐個勾選，對吧？

Rich talked about the sort of 60 million transactions over 10 years, that would mean $50 million purchase mortgages. And at $9,000 in revenue on mortgage, that's a $50 billion annual TAM opportunity that is currently sitting in a highly fragmented, local, geographically distributed business. That has a lot of characteristics to be centralized because, ultimately, it's manufacturing, as Rich said, a commodity. And therefore, a lot of the money spent to make that business go as stand-alone business is in CAC. And as Rich pointed out, there are millions of customers on Zillow asking for financing help and getting connected to a lender today.

Rich 談到了 10 年內的 6000 萬筆交易，這意味著 5000 萬美元的購買抵押貸款。抵押貸款收入為 9,000 美元，這是一個每年 500 億美元的 TAM 機會，目前處於高度分散、本地化、地理分佈的業務中。這有很多需要集中的特徵，因為最終，正如里奇所說，它是一種商品的製造。因此，使該業務成為獨立業務所花費的大量資金都在 CAC 中。正如 Rich 指出的那樣，如今 Zillow 上有數百萬客戶尋求融資幫助並與貸方建立聯繫。

So we like the business profile. And as we talk about a lot, it is what the customer wants. It's a business problem we want to solve because it also solves what our customer needs to buy the house. They need a great agent and they need a mortgage to buy the house, and having that integrated and digitized is what they're asking for and going to expect in real estate 2.0.

所以我們喜歡業務概況。正如我們經常談論的那樣，這是客戶想要的。這是我們想要解決的商業問題，因為它也解決了我們的客戶購買房屋的需求。他們需要一個優秀的經紀人，他們需要抵押貸款來購買房子，而將其整合和數字化是他們在房地產 2.0 中所要求和期望的。

And then the last part on why will this eventually be a great business? Well, that CAC advantage, for us to have the brand and have the audience and have the customers already raising their hands and to have that national partner network for distribution and integration of the mortgage, that creates a really great margin potential business for us when we're at scale.

最後一部分是關於為什麼這最終會成為一項偉大的業務？好吧，CAC 的優勢，讓我們擁有品牌和受眾，讓客戶已經舉手，並擁有全國合作夥伴網絡來分銷和整合抵押貸款，這為我們創造了一個真正巨大的利潤潛力業務，當我們有規模。

So you're right, we're currently investing to build that significant purchase mortgage business. And we're currently subscale, especially in a challenged macro environment. So while we talk about growing share sequentially, it's still relatively small.

所以你是對的，我們目前正在投資建立重要的購買抵押貸款業務。而且我們目前處於亞規模，尤其是在充滿挑戰的宏觀環境中。因此，雖然我們談論的是按順序增長的份額，但它仍然相對較小。

But we're really excited about the potential ROI of that investment as we hit scale. And as we talked about today, when you see our loans, our loans per loan officer and our adoption rate of our customers through our partners grow, that's when you'll see the ROI on those investments that we're really excited about.

但隨著我們達到規模，我們對這項投資的潛在投資回報率感到非常興奮。正如我們今天所談到的，當您看到我們的貸款、每個信貸員的貸款以及我們通過合作夥伴對客戶的採用率增加時，您就會看到我們真正興奮的這些投資的投資回報率。

Yes, that's great. Super helpful. And then just one other question. I guess Flex wasn't really much -- I don't think it was hit on. Just curious, any updates on the Flex program or some of the markets where that's been rolling out?

是的，那太好了。超級有幫助。然後只是另一個問題。我猜 Flex 並沒有太多——我不認為它被擊中了。只是好奇，有關 Flex 計劃或已推出該計劃的某些市場的任何更新？

Maybe, Allen, do you want to hit that one?

也許，艾倫，你想打那個嗎？

Yes, and nothing really significant to call out. We talked about we had moved some of our test markets to a Flex position primarily to ensure alignment with our partners as we work through some of these integration products and services. And we did that in Q2, but there's no significant thing to call out for Flex.

是的，沒有什麼真正重要的東西可以說出來。我們談到我們已將一些測試市場轉移到 Flex 位置，主要是為了確保在我們通過其中一些集成產品和服務工作時與我們的合作夥伴保持一致。我們在第二季度做到了這一點，但對於 Flex 來說沒有什麼重要的事情可以呼籲。

And again, just to remind everyone that we operate with 2 primary monetization models, the prepaid and postpaid, we find both to be very valuable to us. We do believe Flex could offer a stronger alignment with our partners, but we expect going forward that we will continue, in order to optimize for our customers, both of those monetization models. And that a lot of the things we create or develop, we will look for opportunities to distribute across both.

再次提醒大家，我們使用兩種主要的盈利模式，即預付費和後付費，我們發現這兩種模式對我們都非常有價值。我們確實相信 Flex 可以與我們的合作夥伴建立更緊密的聯繫，但我們預計未來我們將繼續為我們的客戶優化這兩種貨幣化模式。我們創造或開發的很多東西，我們都會尋找機會在兩者之間進行分配。

The next question is from Brad Erickson with RBC.

下一個問題來自 RBC 的 Brad Erickson。

Let's try this one more time. So just following up on the last one, I guess, maybe if you can speak to Raleigh as an example or elsewhere. Can you talk about how the Flex model might work alongside the traditional MVP model? Is that something that can even work? And just curious if you have any evidence out there of the net effect it can have maybe on your market share, say, in a particular market.

讓我們再試一次。因此，我想，如果您可以以 Raleigh 為例或在其他地方發言，請繼續跟進最後一個。您能談談 Flex 模型如何與傳統的 MVP 模型一起工作嗎？那甚至可以工作嗎？只是好奇你是否有任何證據表明它可能對你的市場份額產生淨影響，比如在特定市場。

And then second, I guess, for Allen, is there a level where you sort of draw a line in the sand around margins, where you try and hold firm relative to the, I guess, 24% you just guided to? Just curious if you manage the business to some specific level in the event that the macro worsened, I guess. And just maybe like any guardrails as to how to think about that in terms of either margin or cash generation or both.

然後第二個，我想，對於艾倫來說，是否有一個水平，你可以在邊緣周圍畫一條線，你試圖保持相對於你剛剛引導到的 24% 的堅定性？我想，如果宏觀形勢惡化，你是否將業務管理到某個特定水平，只是好奇。就像任何關於如何從保證金或現金產生或兩者兼而有之方面考慮的護欄一樣。

Thanks, Brad. Glad the mic is working. Maybe Jeremy, you take the first bit on that and then pass it over to Allen.

謝謝，布拉德。很高興麥克風工作正常。也許傑里米，你先把它傳給艾倫。

Yes, happy to. Thanks, Brad. I mean as Allen said earlier, I think we think about it as enhanced partners kind of regardless of monetization model. And there's a nuance there that in these test markets we have consolidated, and so we can work more closely in a scaled way with partners to test a bunch of these ingredients that we're building. And so those are all on the postpay model, right, where the economics are directly aligned as we test those things.

是的，很高興。謝謝，布拉德。我的意思是，正如艾倫之前所說，我認為我們將其視為增強型合作夥伴，而不考慮貨幣化模式。在這些測試市場中，我們已經整合了一個細微差別，因此我們可以與合作夥伴更緊密地合作，以測試我們正在構建的這些成分。所以這些都在後付費模式上，對，當我們測試這些東西時，經濟學直接一致。

But ultimately, our aim is to have these growth pillars be able to be scaled across our enhanced partner network that we'll end up with, and so that's why you always hear us talk about it. It's not really about monetization model, it's about trying to get to the right set of enhanced partners and ultimately, getting these growth pillars in touring and working with our new touring customers in new ways, financing and working with Zillow Home Loans as our loan operators and eventually sell their services through both our Opendoor partnership and our ShowingTime+ software, having that enhanced partner network, wanting to and helping and helping it drive their business as long as it drives ours. That's our goal, and monetization model is just kind of a tool in there.

但最終，我們的目標是讓這些增長支柱能夠在我們最終得到的增強的合作夥伴網絡中擴展，這就是為什麼你總是聽到我們談論它的原因。這並不是真正的貨幣化模式，而是試圖找到合適的增強型合作夥伴，並最終在巡迴演出中獲得這些增長支柱，並以新的方式與我們的新巡迴演出客戶合作，融資並與 Zillow Home Loans 作為我們的貸款運營商合作並最終通過我們的 Opendoor 合作夥伴關係和我們的 ShowingTime+ 軟件銷售他們的服務，擁有增強的合作夥伴網絡，希望並幫助並幫助它推動他們的業務，只要它驅動我們的業務。這是我們的目標，貨幣化模型只是其中的一種工具。

Great. And Brad, I'll try to touch on your second. So the degradation we see from 36% in Q3 for IMT margins to 24% at the midpoint that was -- is attributable to, as we talked about, the macro impacts on our revenue. We're keeping our cost structure relatively the same.

偉大的。布拉德，我會試著談談你的第二個。因此，我們看到的 IMT 利潤率從第三季度的 36% 下降到中點的 24%，正如我們所談到的，這歸因於對我們收入的宏觀影響。我們保持我們的成本結構相對相同。

So I guess when you think about what we're willing to absorb, we do kind of look at our investments and prioritizing our investments on a return, what we believe will be a future return basis, either in driving revenue transaction or additional share value over time. And that's kind of the starting point for what investment levels we feel are prudent to drive this opportunity given the TAM.

因此，我想當您考慮我們願意吸收的內容時，我們確實會考慮我們的投資並優先考慮我們的投資回報，我們認為這將是未來的回報基礎，無論是推動收入交易還是增加股票價值隨著時間的推移。鑑於 TAM，這是我們認為謹慎推動這一機會的投資水平的起點。

We're not managing to a near-term margin rate, especially not over a quarter or 2, but we are very cognizant of it. And as we called out before, we also are very cognizant of our business model producing cash flow. So we do continue to look at both the macro long-term and investment levels or ROIs is as we pull those levers, and we're actively managing costs and, in some cases, to prioritize or to reinvest in the investments that we feel like are going to drive our opportunity for share growth. In other cases, letting that fall through because it's the prudent thing to do in the environment.

我們沒有達到短期保證金率，尤其是不超過四分之一或 2，但我們非常清楚這一點。正如我們之前所說，我們也非常了解我們產生現金流的商業模式。因此，當我們拉動這些槓桿時，我們確實會繼續關注宏觀長期和投資水平或投資回報率，並且我們正在積極管理成本，在某些情況下，優先考慮或再投資我們認為的投資將推動我們的份額增長機會。在其他情況下，讓它失敗，因為這是在環境中做的謹慎的事情。

So my takeaway would be we're going to continue to actively manage costs. We're going to continue to monitor and hold accountable our investments for a strong return in that share growth, but we're not going to be managing that on a specific quarter basis. And we view cash flow to be also important. And that's really cash flow over a period of time, not one through the quarter as well, but I guess that's the takeaway.

所以我的結論是我們將繼續積極管理成本。我們將繼續監控並追究我們的投資，以實現該份額增長的強勁回報，但我們不會在特定季度進行管理。我們認為現金流也很重要。這確實是一段時間內的現金流量，而不是整個季度的現金流量，但我想這就是要點。

Our next question is from Justin Patterson with KeyCorp (sic) [KeyBanc].

我們的下一個問題來自 KeyCorp (sic) [KeyBanc] 的 Justin Patterson。

Great. Thinking about just kind of the moving parts here, there's a lot of encouraging micro level trends at the product level that you've been investing into. At the same time, affordability is quite the challenge to say the least. When you kind of step back and think of other periods where interest rates have spiked to some degree, how have agents really responded to that? Is this something that could be, call it, a blessing in disguise? As we come out of this, agents become more reliant on Zillow for future leads?

偉大的。考慮一下這裡的運動部件，在您一直投資的產品級別上有很多令人鼓舞的微觀趨勢。與此同時，至少可以說，負擔能力是一個相當大的挑戰。當你退後一步，想想利率在一定程度上飆升的其他時期，代理人對此有何反應？這可能是一種變相的祝福嗎？當我們擺脫這種情況時，代理商變得更加依賴 Zillow 來獲取未來的潛在客戶？

Brad, you -- correct me if I'm wrong. Thanks for the question, Justin. But we haven't seen this kind of market in a couple of decades, this kind of a spike. Am I -- you know more about the history of the rates in this business than I do.

布拉德，你——如果我錯了，請糾正我。謝謝你的問題，賈斯汀。但幾十年來我們還沒有看到這樣的市場，這樣的飆升。我是不是 - 你比我更了解這個行業的費率歷史。

Yes. I mean from a rates perspective, you're going to have to go back to [82, 84], right, to see this kind of incremental increase in rates.

是的。我的意思是從費率的角度來看，你將不得不回到 [82, 84]，對，才能看到這種費率的增量增長。

So hard for us to say from experience, yes.

我們很難從經驗中說，是的。

But there have been prior periods like 2018 or so, where granted, much smaller levels, but you could see some shocks coming to the business to a degree. But just juxtaposing against that, probably it took ages.

但在 2018 年左右之前的時期，在允許的情況下，水平要小得多，但你可能會在一定程度上看到一些衝擊對業務的影響。但只是與它並列，可能需要很長時間。

Sure. So the affordability has been -- has moved against the home buyer dramatically and suddenly. And in a jagged, volatile way, which does -- we, as humans, tend to freeze in that situation. And so we're seeing a lot of wait and see. And we think, therefore, this is going to take some time to rationalize and adjust and renormalize.

當然。因此，負擔能力已經 - 急劇而突然地對購房者不利。並且以一種參差不齊的、不穩定的方式——我們，作為人類，往往會在那種情況下凍結。所以我們看到了很多觀望。因此，我們認為，這將需要一些時間來合理化、調整和重新正常化。

There is a big demographic -- perhaps, it's kind of human and demographic pressure coming from the demand side to get it on stock at some point, however. And we think that is -- it is very reasonable to expect that in a -- in the medium term, we're going to see the market revert to a more normal volume of transactions.

有一個很大的人口 - 也許，這是一種來自需求方的人力和人口壓力，以便在某個時候獲得庫存。我們認為這是非常合理的預期，在中期內，我們將看到市場恢復到更正常的交易量。

In terms of the other part of your question, yes, I mean, I think that no -- I think it was Allen who said it in a previous answer. In times of turmoil, sometimes, marketing partners become more important to marketers, to the folks doing the marketing, and we're maybe seeing some of that effect right now as well as a concentration of effort against the bigger brands. And I think we're probably seeing some of that, too. So there is a bit of a silver lining there.

關於你問題的另一部分，是的，我的意思是，我認為不是——我認為是艾倫在之前的回答中說的。在動盪時期，有時，營銷合作夥伴對營銷人員和營銷人員來說變得更加重要，我們現在可能會看到其中的一些影響，以及對大品牌的集中努力。我認為我們可能也看到了其中的一些。所以那裡有一點一線希望。

But once again, while we see these things as near to midterm headwinds, we do -- stepping back and looking down the road a bit, we think we're setting up really nicely to be investing smartly through this storm and come out on the other side in a position to really take transaction share.

但是再一次，雖然我們認為這些事情接近中期逆風，但我們確實這樣做了——退後一步，展望未來，我們認為我們的設置非常好，可以在這場風暴中進行明智的投資並走出困境另一方能夠真正獲得交易份額。

So we're excited about that. I thank you for commending us on some of the more micro progress we're making that we're talking a lot about. We're feeling it happening. I wish we had even more results to show you guys. But hopefully, over the next several quarters, we will come back to you with more and more.

所以我們對此感到興奮。我感謝您對我們正在談論的一些更微小的進展給予我們讚揚。我們感覺到它正在發生。我希望我們有更多的結果向你們展示。但希望在接下來的幾個季度中，我們會越來越多地回复您。

Brad, we're kind of heading the end of the hour.

布拉德，我們快要結束了。

Yes. Go ahead, operator.

是的。來吧，接線員。

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

分配的提問時間到此結束。我現在將把電話轉回 Rich Barton 的任何結束語。

Well, just thank you guys for taking time and giving your attention to us this afternoon. I know it's kind of a crazy time for all of us. We will -- we look forward to chatting with you real soon. Take care.

好吧，謝謝你們今天下午抽出時間來關注我們。我知道這對我們所有人來說都是一個瘋狂的時刻。我們將 - 我們期待很快與您聊天。小心。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。