Zillow Group Inc (Z) 2022 Q4 法說會逐字稿

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

下午好。我叫薩米亞，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Zillow Group 第四季度和 2022 年全年電話會議。 （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負責戰略事務和投資者關係的副總裁 Brad Berning。請繼續。

Thank you. Good afternoon, and welcome to Zillow Group's Fourth Quarter and Full Year 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。下午好，歡迎來到 Zillow Group 的第四季度和 2022 年全年電話會議。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；首席運營官 Jeremy Wacksman。

During today's call, we'll make 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.

在今天的電話會議上，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。這些聲明受風險和不確定性的影響，我們鼓勵您考慮我們向美國證券交易委員會提交的文件中描述的風險因素以獲取更多信息。除非法律要求，否則我們不承擔因新信息或未來事件而更新這些聲明的義務。

This call is being broadcast on the Internet and is accessible on our Investor Relations website. A recording of the call will be available later today.

此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。通話錄音將於今天晚些時候提供。

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 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.

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和我們的收益，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 結果的重要信息，包括歷史非 GAAP 財務措施的調節。

In addition, please note, we refer to our Internet, Media & Technology segment as our IMT segment. We'll now open the call with remarks followed by live Q&A.

此外，請注意，我們將我們的互聯網、媒體和技術部門稱為我們的 IMT 部門。我們現在將通過評論打開電話會議，然後進行現場問答。

With that, I turn the call over to Rich.

有了這個，我把電話轉給里奇。

Thank you, Brad. Good afternoon, everyone. We appreciate you dialing in to hear about our fourth quarter and full year results and our excitement about the progress we're making on our growth strategy.

謝謝你，布拉德。大家下午好。感謝您撥電了解我們的第四季度和全年業績，以及我們對我們在增長戰略方面取得的進展感到興奮。

So 2022 was an extraordinarily difficult and transformative year for Zillow, one that I believe the team navigated courageously. In late 2021, after living through unprecedented volatility in the housing market, we made the hard decision to make a rapid and orderly exit from our iBuying operation, judging it too risky for Zillow given the breadth and profitability of our hard-earned core business and our category leadership. We began 2022 with 10,000 homes on our balance sheet and ended the year with 0.

因此，2022 年對 Zillow 來說是異常艱難和變革的一年，我相信團隊勇敢地度過了這一年。 2021 年底，在經歷了房地產市場前所未有的動蕩之後，我們做出了快速有序地退出 iBuying 業務的艱難決定，鑑於我們來之不易的核心業務的廣度和盈利能力以及我們的品類領導者。 2022 年初，我們的資產負債表上有 10,000 套房屋，到年底為 0。

Unfortunately, this also necessitated a workforce reduction of approximately 2,000 valued employees. When we spoke to you this time last year, we unveiled a new growth strategy oriented around driving our customer transaction share from 3% to 6% by the end of 2025 with a focus on increasing engagement, increasing customer transactions and increasing revenue per transaction.

不幸的是，這還需要裁員約 2,000 名重要員工。去年這個時候我們與您交談時，我們公佈了一項新的增長戰略，目標是到 2025 年底將我們的客戶交易份額從 3% 提高到 6%，重點是增加參與度、增加客戶交易和增加每筆交易的收入。

As we quickly shed our iBuying inventory and embarked on our new journey more nimbly, the unprecedented housing macro volatility continued, this time to the downside. The scenario we had feared could happen. 30-year mortgage interest rates nearly doubled over the course of the first 6 months of 2022, meaningfully slowing turnover and home price appreciation in the housing market.

當我們迅速擺脫 iBuying 庫存並更加靈活地踏上新征程時，前所未有的房地產宏觀波動仍在繼續，這一次是下行。我們擔心的情況可能會發生。 30 年期抵押貸款利率在 2022 年前 6 個月幾乎翻了一番，顯著減緩了房地產市場的成交量和房價上漲。

Despite these significant changes for our company and the housing market at large, our team remains focused on innovation with our eyes forward. We are working on building solutions and delivering products for our customers, our agent partners and the industry that make it easier for people to transact in real estate and ultimately transact with Zillow.

儘管我們公司和整個房地產市場發生了這些重大變化，但我們的團隊仍然專注於創新，放眼未來。我們致力於為我們的客戶、我們的代理合作夥伴和行業構建解決方案並提供產品，使人們更容易進行房地產交易並最終與 Zillow 進行交易。

We're rapidly releasing products and improving both the customer and agent experience to ensure that when customers come to Zillow, they choose to stay and explore our other offerings. We released products at a rapid pace and service to our integrated transaction strategy, including the launch of natural language search, listing media services through ShowingTime+, our partnership with Opendoor and real-time touring among many other product releases.

我們正在快速發布產品並改善客戶和代理商的體驗，以確保當客戶來到 Zillow 時，他們會選擇留下來探索我們的其他產品。我們快速發布產品並為我們的集成交易策略提供服務，包括推出自然語言搜索、通過 ShowingTime+ 列出媒體服務、我們與 Opendoor 的合作夥伴關係以及實時旅遊等眾多產品發布。

The result of these efforts have put the company on solid ground heading into 2023. Our traffic and brand are extremely strong with average monthly unique users of 198 million during Q4 and roughly 65% of mobile app users for the real estate marketplaces category. Additionally, 2022 was a year where Zillow regained its spot as the #1 most visited rentals platform according to comScore, putting us in a great position for future growth.

這些努力的結果使公司在邁向 2023 年時奠定了堅實的基礎。我們的流量和品牌非常強大，第四季度平均每月獨立用戶為 1.98 億，大約 65% 的移動應用程序用戶用於房地產市場類別。此外，根據 comScore 的數據，2022 年 Zillow 重新成為訪問量最大的租賃平台第一名，這使我們在未來的發展中處於有利地位。

Despite a challenging operating environment in 2022, when we attempted to normalize for COVID volatility, we have a go-forward business that has grown consolidated revenue by 12% on an annualized basis since 2019 while our IMT segment grew EBITDA by 30% on an annualized basis over that same time frame.

儘管 2022 年的經營環境充滿挑戰，但當我們試圖使 COVID 波動正常化時，我們擁有一項前瞻性業務，自 2019 年以來，綜合收入年化增長了 12%，而我們的 IMT 部門的 EBITDA 年化增長了 30%在同一時間範圍內的基礎。

Equally important, we exited 2022 with a solid balance sheet of $3.4 billion in cash and investments, up more than $200 million versus a year ago, even after executing $947 million worth of share repurchases at a weighted average price of $42.63 throughout the year. Most importantly, we exit 2022 with our employee base in a far more stable place than where we started the year.

同樣重要的是，即使在全年以 42.63 美元的加權平均價格執行了價值 9.47 億美元的股票回購之後，我們在 2022 年結束時仍擁有 34 億美元現金和投資的穩健資產負債表，比一年前增加了 2 億多美元。最重要的是，到 2022 年，我們的員工基礎將比年初穩定得多。

Just under 3 years ago, we took advantage of our position as a primarily digital business with a heavy mix of engineering and product talent and committed to location flexibility permanently. That decision brought us more stability during the pandemic, and we continue to feel very good in our position as a cloud-headquartered company which we define as having the flexibility of choosing where to live with the understanding that many jobs require periodic on-site gatherings, inter and intra team.

不到 3 年前，我們利用我們作為主要數字業務的優勢，擁有大量工程和產品人才，並永久致力於位置靈活性。這一決定使我們在大流行期間更加穩定，作為一家總部位於雲計算的公司，我們仍然對自己的地位感到非常滿意，我們將其定義為可以靈活選擇居住地，因為許多工作需要定期進行現場聚會，內部和內部團隊。

We've been able to dramatically broaden our candidate pool and attract top talent from all over the country. Voluntary attrition declined steadily across the organization in 2022, down more than half in Q4 compared to Q1, and our workforce is more dispersed, more diverse and more engaged with 93% of our employees saying they clearly understand how their work is contributing to our mission.

我們已經能夠顯著擴大我們的候選人庫並吸引來自全國各地的頂尖人才。到 2022 年，整個組織的自願離職率穩步下降，與第一季度相比，第四季度下降了一半以上，而且我們的員工隊伍更加分散、更加多樣化和參與度更高，93% 的員工表示他們清楚地了解他們的工作如何為我們的使命做出貢獻.

Further, our data shows that we're attracting talent at a much greater rate than before the pandemic with 4x more applicants per job posting versus 2019. Last and most important, we are seeing increases in productivity in critical areas of our business. Our Premier Agent sales team is more productive today than it was before the pandemic. And our software development and product teams are creating services faster today as well.

此外，我們的數據顯示，與 2019 年相比，每個職位發布的申請人數增加了 4 倍，我們吸引人才的速度比大流行前快得多。最後也是最重要的是，我們看到我們業務關鍵領域的生產力有所提高。我們的 Premier Agent 銷售團隊今天比大流行之前更有效率。我們的軟件開發和產品團隊如今也在更快地創建服務。

So that was a little look back in reflection on 2022. What about 2023? We are focused on our vision of building a housing super app, a single digital experience to help customers across all their real estate needs. Our goal is to increase engagement, increase customer transactions and increase revenue per transaction by investing across 5 growth pillars: touring, financing, seller solutions, enhancing our partner network and integrating our services. The expected output of this strategy is to grow our share of consumer transactions from 3% to 6% by the end of 2025.

所以這是對 2022 年的一點回顧。2023 年呢？我們專注於構建住房超級應用程序的願景，這是一種單一的數字體驗，可以幫助客戶滿足他們所有的房地產需求。我們的目標是通過投資 5 個增長支柱來增加參與度、增加客戶交易並增加每筆交易的收入：旅遊、融資、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。該戰略的預期產出是到 2025 年底將我們在消費者交易中的份額從 3% 增加到 6%。

Critical to achieving our aspirations is building an integrated experience for customers and partners. We spent much of last year creating products and services across our 5 growth pillars and introducing them into our test markets as they became available. In 2023, we are ready to take the best of our learnings and roll them out market by market together across Raleigh, Denver, Atlanta and Phoenix in service of an integrated experience.

實現我們的願望的關鍵是為客戶和合作夥伴構建集成體驗。去年，我們花了很多時間在我們的 5 個增長支柱上創建產品和服務，並在它們可用時將它們引入我們的測試市場。到 2023 年，我們準備充分利用我們的經驗教訓，並在羅利、丹佛、亞特蘭大和鳳凰城一起逐個市場推廣它們，以提供綜合體驗。

With that as a backdrop, our first product road map update is touring. You've heard from us many times now that touring is a critical piece of the moving experience. It's the point of sale where shoppers turn into transactors. And we know from all the data we see on a daily basis across our entire business that movers who request a tour convert to transactors at 3x the rate of other actions on Zillow. Further, we believe improving the touring process is integral to building the seamless connected experience we envision.

以此為背景，我們的第一個產品路線圖更新正在巡迴演出。您已經多次從我們這裡聽說旅遊是移動體驗的關鍵部分。這是購物者變成交易者的銷售點。從我們每天在整個業務中看到的所有數據中，我們知道，要求參觀的搬運工轉化為交易者的速度是 Zillow 上其他操作的 3 倍。此外，我們相信改進旅遊流程是構建我們設想的無縫連接體驗不可或缺的一部分。

In late 2022, we rolled out real-time touring in Atlanta. Real-time touring is designed to make booking a home tour as easy as making a restaurant reservation online, a convenience that modern on-demand consumers certainly expect. We're excited about the early signs coming out of Atlanta, which show real-time touring enables higher connection rates and higher customer propensity to work with our Premier Agent partners, which we expect to drive benefits up and down the funnel, delivering high-intent customers to our partners.

2022 年底，我們在亞特蘭大推出了實時遊覽。實時旅遊旨在讓家庭旅遊預訂變得像在線預訂餐廳一樣簡單，這是現代按需消費者當然期望的便利。我們對亞特蘭大出現的早期跡象感到興奮，這些跡象表明實時巡迴演出可以實現更高的連接率和更高的客戶與我們的 Premier Agent 合作夥伴合作的意願，我們希望這會在渠道上下推動收益，提供高 -意向客戶給我們的合作夥伴。

As a result of the early data we are seeing, we expanded this offering across Atlanta and are rolling out the product to our other 3 test markets. Of course, we have our eye on integration as well. Alongside the product improvements we are making every day to real-time touring, we've made it much easier for agents to transfer customers who are interested in financing to Zillow Home Loans loan officers as part of the touring experience.

由於我們看到的早期數據，我們將此產品擴展到整個亞特蘭大，並將該產品推廣到我們的其他 3 個測試市場。當然，我們也關注整合。除了我們每天對實時旅游進行的產品改進外，我們還讓代理商更容易將對融資感興趣的客戶轉移給 Zillow Home Loans 信貸員，作為旅遊體驗的一部分。

In harmony with state-of-the-art digital products and services, enhancing our partner network is critical to bringing our housing super app vision to life, which will be the focus of my second update. For years, we have driven increased lead volumes to our high-performing partner agents. We have done this in a variety of ways with an eye towards those who treat our customers best, who convert leads into transactions best and those that are excited about growing their businesses alongside us.

與最先進的數字產品和服務相協調，增強我們的合作夥伴網絡對於實現我們的住房超級應用程序願景至關重要，這將是我第二次更新的重點。多年來，我們為我們的高績效合作夥伴代理增加了潛在客戶數量。我們以多種方式做到了這一點，著眼於那些最善待我們的客戶、將潛在客戶轉化為交易最好的人以及那些對與我們一起發展業務感到興奮的人。

We have taken our most aggressive steps in enhancing the network by meaningfully consolidating our partner network across all 4 test markets. We increasingly believe that a tighter set of partners allows us to deliver a better customer experience and allows us to test new products and services rapidly along the way in service of integration.

我們採取了最積極的措施，通過有意義地整合我們在所有 4 個測試市場的合作夥伴網絡來增強網絡。我們越來越相信，更緊密的合作夥伴可以讓我們提供更好的客戶體驗，並讓我們能夠在集成服務的過程中快速測試新產品和服務。

One early success we've seen has come in Raleigh, North Carolina. Last quarter, we told you that in Raleigh, we were seeing approximately 15% customer adoption of Zillow Home Loans. We are happy to report that we are now seeing closer to 20% adoption just 3 months later. Based on our early successes in Raleigh, we have expanded our Zillow Home Loans adoption playbook to the rest of our test markets.

我們看到的早期成功案例之一是北卡羅來納州的羅利。上個季度，我們告訴您，在羅利，我們看到大約 15% 的客戶採用 Zillow Home Loans。我們很高興地報告，僅僅 3 個月後，我們現在就看到接近 20% 的採用率。基於我們在羅利的早期成功，我們已將 Zillow Home Loans 採用手冊擴展到我們的其他測試市場。

Speaking of Zillow Home Loans, our next product road map update is on financing. We said many times before that we believe financing is crucial to the buyer's experience and merging fencing at strategic points in the buyer's journey is critical to the end-to-end customer experience we envision. So in 2022, we turned our efforts towards building the foundation for a substantial direct-to-consumer purchase mortgage origination business.

說到 Zillow Home Loans，我們的下一個產品路線圖更新是關於融資的。我們之前多次說過，我們認為融資對於買家的體驗至關重要，而在買家旅程的戰略點合併圍欄對於我們設想的端到端客戶體驗至關重要。因此，在 2022 年，我們將努力轉向為大量直接面向消費者的抵押貸款發起業務奠定基礎。

Last quarter, we spoke about the critical work streams we've deployed to bolster our mortgage business. In 2023, we have 4 key areas of focus. First, we are simplifying the entry points into our funnel and are building overall awareness of Zillow Home Loans. Second, we are building a better digital mortgage experience on Zillow to meet customers where they are in their buying journey. As a reminder, even with relatively low awareness for Zillow Home Loans, millions of customers on Zillow raised their hands for financing help last year, a testament to our brand and audience scale.

上個季度，我們談到了我們為支持抵押貸款業務而部署的關鍵工作流程。 2023年，我們有4個重點關注領域。首先，我們正在簡化漏斗的入口點，並建立 Zillow Home Loans 的整體意識。其次，我們正在 Zillow 上打造更好的數字抵押貸款體驗，以滿足客戶在購買過程中所處的階段。提醒一下，即使 Zillow Home Loans 的知名度相對較低，去年 Zillow 上仍有數百萬客戶舉手尋求融資幫助，這證明了我們的品牌和受眾規模。

Our focus is on improving our processes to better identify high-intent customers and creating easy-to-use digital tools on our apps and sites to help our customers be ready-to-buy well before they tour homes. Third, we are bolstering our loan officer tools and capabilities so they can effectively handle our volume while providing a best-in-class customer experience. And finally, we're working closely with our Premier Agent partner base to build integrated processes with Zillow Home Loans, which I touched on a moment ago.

我們的重點是改進我們的流程，以更好地識別高意向客戶，並在我們的應用程序和網站上創建易於使用的數字工具，以幫助我們的客戶在回家之前做好購買準備。第三，我們正在加強我們的信貸員工具和能力，以便他們能夠有效地處理我們的業務量，同時提供一流的客戶體驗。最後，我們正在與我們的 Premier Agent 合作夥伴基地密切合作，以與我剛才提到的 Zillow Home Loans 建立集成流程。

As a reminder, we are building out 2 primary ways for customers to connect with Zillow Home Loans. The first way is financing first. It is when a customer starts their moving journey with financing to get prequalified before they are connected to an agent. We're investing here because we know approximately 40% of all homebuyers start their journey this way and roughly 80% of our prospective mortgage customers don't have a real estate agent. For many customers, financing is the most opaque and intimidating part of the home-buying journey, and we want to help make it easier and more transparent on Zillow.

提醒一下，我們正在為客戶構建 2 種主要的方式來連接 Zillow Home Loans。第一種方式是先融資。這是客戶通過融資開始他們的移動旅程以在他們連接到代理之前獲得資格預審的時候。我們在這裡投資是因為我們知道大約 40% 的購房者都是以這種方式開始他們的旅程，而我們大約 80% 的潛在抵押貸款客戶沒有房地產經紀人。對於許多客戶來說，融資是購房過程中最不透明和最令人生畏的部分，我們希望在 Zillow 上幫助它變得更容易、更透明。

We also know how valuable it is for our Premier Agent partners to be connected with a customer who already knows what they can afford. After many, many product changes last year, we are beginning to test connecting prequalified customers with Premier Agent partners in multiple markets, including all 4 test markets.

我們也知道，對於我們的 Premier Agent 合作夥伴來說，與已經知道他們能負擔得起的客戶建立聯繫是多麼有價值。在去年進行了許多產品更改之後，我們開始在多個市場（包括所有 4 個測試市場）中測試將預審合格的客戶與 Premier Agent 合作夥伴聯繫起來。

The second way is property first. This is when our Zillow Home Loans lead comes back to us from a Premier Agent partner who was working with a home shopping customer we had previously sent them. Beyond the integration point with real-time touring we discussed earlier, we have integrated Zillow Home Loans into all existing connection processes across our 4 test markets.

第二種方式是財產優先。這是我們的 Zillow Home Loans 線索從 Premier Agent 合作夥伴返回給我們的時候，該合作夥伴正在與我們之前發送給他們的家庭購物客戶合作。除了我們之前討論的與實時旅遊的集成點之外，我們已將 Zillow Home Loans 集成到我們 4 個測試市場的所有現有連接流程中。

Encouragingly, we are already seeing nearly 1 in 5 Premier Agent partners sending connections to Zillow Home Loans in these markets and some agents outside of those markets are also proactively choosing to connect customers with us. From our perspective, the inherent value in integrated services has made our partners supportive of these efforts, and we are pleased with the early results.

令人鼓舞的是，我們已經看到近五分之一的 Premier Agent 合作夥伴在這些市場中發送與 Zillow Home Loans 的聯繫，而這些市場之外的一些代理商也主動選擇將客戶與我們聯繫起來。從我們的角度來看，集成服務的內在價值使我們的合作夥伴支持這些努力，我們對早期的結果感到滿意。

In addition to the investments we're making in improving the buying experience, we're also delivering solutions for sellers and their listing agents, and we have some exciting product road map updates this quarter. Enabled by the small acquisition of VRX Media earlier this month, we launched Listing Media Services through ShowingTime+, a photography service and comprehensive media package that enables listing agents to seamlessly deliver beautiful, immersive media for the homes they are selling.

除了我們為改善購買體驗而進行的投資外，我們還為賣家及其上市代理提供解決方案，本季度我們有一些令人興奮的產品路線圖更新。在本月早些時候對 VRX Media 的小規模收購的推動下，我們通過 ShowingTime+ 推出了 Listing Media Services，這是一種攝影服務和綜合媒體包，使上市代理能夠為他們出售的房屋無縫地提供精美的沉浸式媒體。

This service is a critical precursor to our upcoming listing showcase product, which we previewed last quarter. As a reminder, this product will differentiate a listing agent on Zillow through branding and a higher quality listing that looks unlike anything else that exists on real estate sites today. Our aim with both of these products is to serve more sellers and allow listing agents to win more business. We will be rolling out listing showcase over the summer. We continue to be excited about the work that is happening here.

這項服務是我們即將推出的上市展示產品的重要先驅，我們在上個季度進行了預覽。提醒一下，該產品將通過品牌和更高質量的列表來區分 Zillow 上的列表代理，這些列表看起來不同於當今房地產網站上存在的任何其他內容。我們對這兩種產品的目標是服務更多的賣家，讓上市代理贏得更多的業務。我們將在夏季推出上市展示。我們繼續對這裡正在進行的工作感到興奮。

We're also pleased to announce that our partnership with Opendoor is live in Atlanta and Raleigh. Customers who start their selling journey with Zillow can now request a cash offer from Opendoor and simultaneously receive an estimate of their open market home sale price with a local Premier Agent partner.

我們也很高興地宣布，我們與 Opendoor 的合作夥伴關係在亞特蘭大和羅利上線。使用 Zillow 開始銷售之旅的客戶現在可以向 Opendoor 申請現金報價，同時從當地的 Premier Agent 合作夥伴那裡收到他們公開市場房屋銷售價格的估算值。

All customers will work with 1 of Zillow's licensed advisors to determine the best path based on their needs so they can confidently sell their home and get into their next one, whether that's potentially maximizing sale price on the open market with the real estate agent or being assured of a speedy sale with Opendoor.

所有客戶都將與 Zillow 的一名持牌顧問合作，根據他們的需求確定最佳途徑，這樣他們就可以自信地出售自己的房屋並進入下一個房屋，無論是通過房地產經紀人在公開市場上最大化銷售價格還是被通過 Opendoor 確保快速銷售。

Regardless of the path the customer chooses, they will be able to use the service as a stand-alone offering or package it with other Zillow services such as financing through Zillow Home Loans, working with a Premier Agent partner to buy their next home or, when it's available, closing with Zillow Closing Services. This new product experience will launch in additional markets nationwide over the course of 2023. Clearly, we have a lot of work ahead on our product road map. And of course, we are very conscious of the housing market environment while we invest for the future.

無論客戶選擇哪種方式，他們都可以將該服務作為獨立產品使用，也可以將其與其他 Zillow 服務打包在一起，例如通過 Zillow Home Loans 進行融資，與 Premier Agent 合作夥伴合作購買他們的下一個房屋，或者，當可用時，使用 Zillow Closing Services 關閉。這種新產品體驗將於 2023 年在全國其他市場推出。顯然，我們在產品路線圖上還有很多工作要做。當然，在為未來投資時，我們非常關注房地產市場環境。

Housing affordability challenges were the story of 2022 and remain front and center as we begin 2023. Affordability doesn't just impact demand, it also impacts supply. For homeowners, it's simply more expensive to move than to stay put right now, leaving more would be movers on the sidelines. It's going to take time for these market dynamics to normalize. But as we head into 2023, we are seeing some early signs of stabilization, albeit at a meaningfully subdued level.

住房負擔能力挑戰是 2022 年的故事，並且在我們開始 2023 年時仍然是重中之重。負擔能力不僅會影響需求，還會影響供應。對於房主來說，現在搬家比留在原地的成本更高，讓更多的搬家者處於觀望狀態。這些市場動態需要時間才能正常化。但隨著我們進入 2023 年，我們看到了一些穩定的早期跡象，儘管處於明顯低迷的水平。

Mortgage rates have come off their highs. Home prices have continued to decelerate from their peak last June, and there is a looming backlog of homes under construction, both for-sale homes and rentals, which is likely to give some help on affordability. However, we are not out of the woods yet given high uncertainty in the path of the macro economy and how it may affect the real estate industry.

抵押貸款利率已經脫離高位。房價從去年 6 月的峰值繼續減速，而且在建房屋（包括待售房屋和出租房屋）的積壓迫在眉睫，這可能會對負擔能力有所幫助。然而，鑑於宏觀經濟路徑及其對房地產行業的影響存在高度不確定性，我們尚未走出困境。

Things continue to be foggy and we can't control what the housing market does. What we can control is how we operate our business. Similar to many times in our history, including 2022, we are closely monitoring the situation and will be prudent in how we invest through this period.

事情仍然是迷霧重重，我們無法控制房地產市場的走勢。我們能控制的是我們如何經營我們的業務。與我們歷史上的許多次（包括 2022 年）類似，我們正在密切關注形勢，並將在這段時期內謹慎投資。

As we look back on the last 12 months, it is clear we were simultaneously navigating the past and organizing for the future. Now, however, we are fully eyes forward and focused. 2023 is a consequential year for us, and it is all about making progress on our initiatives through product launches and market rollouts so that we can further expand and scale into 2024. We see the same headlines you all see about tech companies cutting back their workforces to make up for staffing to unsustainable pandemic level growth that is now normalizing.

當我們回顧過去 12 個月時，很明顯我們在回顧過去的同時也在為未來做準備。然而，現在，我們全神貫注並專注於此。 2023 年對我們來說是重要的一年，這一切都是為了通過產品發布和市場推廣在我們的計劃上取得進展，以便我們可以在 2024 年進一步擴大規模。我們看到了你們都看到的關於科技公司裁員的相同頭條新聞以彌補目前正在正常化的不可持續的大流行水平增長的人員配置。

Our story is different. After a year of significant people-related and other expense reductions in 2022, we are now investing during a very difficult housing market while others retrench as we see real opportunity for growth. We expect that 60 million homes will trade hands over the next 10 years, which reflects a much more natural and healthy mover rate.

我們的故事不同。在 2022 年大幅削減與人事相關的開支和其他開支之後，我們現在正投資於一個非常困難的房地產市場，而其他人則在我們看到真正的增長機會時緊縮開支。我們預計未來 10 年將有 6000 萬套房屋易手，這反映出更加自然和健康的搬家率。

And given all the product and service innovation opportunities we have discussed, our aim is to be an increasing and meaningful share of those customer transactions. This will drive value for our customers, partners, employees and shareholders. We will continue to share our progress and learnings along the way, and we appreciate your partnership with us on this journey.

考慮到我們討論過的所有產品和服務創新機會，我們的目標是在這些客戶交易中增加和有意義的份額。這將為我們的客戶、合作夥伴、員工和股東創造價值。我們將繼續分享我們一路走來的進步和經驗教訓，感謝您在此旅程中與我們的合作。

I will now hand the line over to Allen. Allen?

我現在將線路交給艾倫。艾倫？

Thanks, Rich. In Q4, we delivered consolidated results above our outlook for both revenue and EBITDA. IMT segment revenue was $417 million, down 14% year-over-year, above the high end of our outlook range, driven primarily by better-than-expected performance in Premier Agent.

謝謝，里奇。在第四季度，我們的綜合業績高於我們對收入和 EBITDA 的預期。 IMT 部門收入為 4.17 億美元，同比下降 14%，高於我們預期範圍的高端，這主要是由於 Premier Agent 的業績好於預期。

Premier Agent revenue outperformed both our expectations and the industry decline of 31%, decreasing 20% year-over-year. A significant contributor to the Premier Agent outperformance was improvement in the mix of first-time homebuyers during the second half of the year, trending back towards historical norms. Given our Premier Agent customers are overweighted to first-time homebuyers versus the overall industry, we believe this was a tailwind in the second half of the year compared to the headwind we faced in the first half of 2022 when cash buyers were winning a higher mix of homes in the hypercompetitive market.

Premier Agent 收入超出我們的預期，行業下降 31%，同比下降 20%。 Premier Agent 表現出色的一個重要因素是今年下半年首次購房者組合的改善，趨向於回歸歷史常態。鑑於我們的 Premier Agent 客戶對首次購房者的權重高於整個行業，我們認為，與我們在 2022 年上半年面臨的逆風相比，這是今年下半年的順風，當時現金買家贏得了更高的組合競爭激烈的市場中的房屋。

We plan to provide full year 2022 customer transaction share data in a future quarter as lagged county property records become available. We believe our Q4 Premier Agent revenue results also demonstrate the benefit of our continued focus and years of investments in our brand, customer experience and partner network, all things that we can control. We continually iterate and optimize our apps and sites on behalf of our customers and partners, and that became even more of a focus as teams have been freed up from iBuying. While each of the new features may seem small individually, over time, they add up and differentiate us.

隨著滯後的縣財產記錄可用，我們計劃在未來一個季度提供 2022 年全年的客戶交易份額數據。我們相信，我們第四季度的 Premier Agent 收入結果也證明了我們對品牌、客戶體驗和合作夥伴網絡的持續關注和多年投資的好處，所有這些都是我們可以控制的。我們代表我們的客戶和合作夥伴不斷迭代和優化我們的應用程序和網站，隨著團隊從 iBuying 中解放出來，這變得更加重要。雖然每個新功能單獨看來可能很小，但隨著時間的推移，它們會累積起來並使我們脫穎而出。

Our relative traffic growth has outperformed the next top 15 real estate sites combined as defined by comScore over the last several months. This has contributed to our overall relative outperformance in revenue when compared to the industry. Additionally, over the years, we have worked to refine our partner base by growing and rewarding high-performing agent partners.

在過去幾個月中，我們的相對流量增長超過了 comScore 定義的下一個排名前 15 位的房地產網站的總和。與行業相比，這有助於我們在收入方面的整體表現。此外，多年來，我們一直致力於通過發展和獎勵表現出色的代理合作夥伴來完善我們的合作夥伴基礎。

Rentals revenue was up 13% year-over-year as rentals traffic on Zillow grew 20% year-over-year to 26 million average monthly unique users in Q4 per comScore. Our industry-leading rentals traffic helped us grow the number of multifamily properties on our platform despite an industry-wide decline in multifamily apartment renter searches and move rates.

根據 comScore，Zillow 上的租賃流量同比增長 20% 至 2600 萬，平均每月獨立用戶數達到 2600 萬，租金收入同比增長 13%。我們行業領先的租賃流量幫助我們增加了平台上多戶住宅的數量，儘管整個行業的多戶公寓租戶搜索和搬家率都在下降。

We believe macroeconomic factors, including both rental affordability and for-sale affordability challenges, have pressured move rates and renter searches. This is partially offset by occupancy rates, which have continued to drift lower from historically high levels and continue to be a tailwind to the rental industry demand for advertising.

我們認為宏觀經濟因素，包括租金負擔能力和待售負擔能力挑戰，對搬家率和租房者搜索造成了壓力。這部分被入住率所抵消，入住率繼續從歷史高位下滑，並繼續成為租賃行業廣告需求的順風。

IMT segment EBITDA was $113 million for Q4, or 27% of revenue, exceeding the high end of our outlook range of $100 million and 25% of revenue. The outperformance was primarily driven by better-than-expected Premier Agent revenue.

IMT 部門第四季度的 EBITDA 為 1.13 億美元，佔收入的 27%，超過我們預期範圍的上限 1 億美元和收入的 25%。出色的表現主要是由於 Premier Agent 收入好於預期。

Mortgages segment revenue of $18 million was near the midpoint of our outlook range as we continue to make progress building our Zillow Home Loans purchased mortgage business. Mortgages segment EBITDA was a loss of $32 million, near the high end of our outlook as we continue to invest in building a better consumer-facing origination experience, efficient and scalable internal loan officer tools and back-end systems and integration with our Premier Agent business.

隨著我們繼續在建設 Zillow 房屋貸款購買抵押貸款業務方面取得進展，抵押貸款部門的收入為 1800 萬美元，接近我們預期範圍的中點。抵押貸款部門 EBITDA 虧損 3200 萬美元，接近我們預期的高端，因為我們繼續投資於建立更好的面向消費者的發起體驗、高效和可擴展的內部信貸員工具和後端系統以及與我們的 Premier Agent 的集成商業。

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 growing our share of customer transactions and revenue per customer transaction.

我們相信這些投資為 Zillow Home Loans 服務更廣泛的客戶群奠定了基礎，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增加客戶交易份額和每筆客戶交易收入的主要推動力。

Total select operating expenses and cost of revenue, excluding share-based compensation and depreciation and amortization, were $362 million in Q4, up from $353 million in Q3. Consistent with our expectations implied in our outlook for the quarter. As we discussed on our Q3 earnings call, we are maintaining our planned investments in our key growth initiatives, partly offset by reductions from letting go a set of employees in October as well as other discretionary and nonpeople-related cost actions.

第四季度的精選運營費用和收入成本總額（不包括基於股份的薪酬以及折舊和攤銷）為 3.62 億美元，高於第三季度的 3.53 億美元。與我們對本季度的展望所暗示的預期一致。正如我們在第三季度財報電話會議上討論的那樣，我們將維持對關鍵增長計劃的計劃投資，部分被 10 月份解僱一批員工以及其他可自由支配和非人員相關的成本行動所抵消。

We ended Q4 with $3.4 billion of cash and investments, down slightly from $3.5 billion in Q3, which includes the benefit from operating cash flow as well as the impact of $174 million in share repurchases during Q4 at an average price of $35 a share. We repurchased a total of 22 million shares for $947 million in 2022, which translates to an average share price of approximately $43 per share.

我們以 34 億美元的現金和投資結束了第四季度，略低於第三季度的 35 億美元，其中包括經營現金流的收益以及第四季度以每股 35 美元的平均價格回購 1.74 億美元的股票的影響。我們在 2022 年以 9.47 億美元的價格回購了總計 2200 萬股股票，這意味著平均股價約為每股 43 美元。

Although the macro backdrop has been choppy, we continue to focus on the inputs we can control, adding value to our customers and shipping great products while prudently managing costs. We feel good about the progress we are making across our growth pillars and believe investing against our targets while managing costs is the right thing to do across this business cycle to drive share growth.

儘管宏觀背景一直起伏不定，但我們繼續專注於我們可以控制的投入，為我們的客戶增加價值並交付優質產品，同時審慎地管理成本。我們對我們在增長支柱方面取得的進展感到滿意，並相信在管理成本的同時針對我們的目標進行投資是在整個商業周期中推動份額增長的正確做法。

Our relative brand strength at the top of the funnel, along with our balance sheet and focused growth strategy, enabled us -- enables us to continue to invest prudently. To align with our growth strategy and to better reflect the integrated platform of digitized solutions we are building, beginning with the first quarter of 2023, we plan to report our financial results as a single reportable segment. Within this framework, we plan to report revenue categories of residential, rentals, mortgages and other.

我們在漏斗頂端的相對品牌實力，以及我們的資產負債表和專注的增長戰略，使我們能夠繼續謹慎投資。為了與我們的增長戰略保持一致並更好地反映我們正在構建的數字化解決方案的集成平台，從 2023 年第一季度開始，我們計劃將我們的財務業績作為一個單一的可報告部門報告。在此框架內，我們計劃報告住宅、租金、抵押貸款和其他收入類別。

These revenue categories are consistent with how we measure success against their respective industry total addressable markets. The new residential revenue category will primarily include revenue for Premier Agent and new construction marketplaces as well as StreetEasy for-sale product offerings, Zillow Closing Services and ShowingTime+. Our rentals and mortgages revenue categories will remain consistent with historical presentation and other revenue will primarily include revenue generated from display advertising.

這些收入類別與我們衡量其各自行業總潛在市場成功的方式一致。新的住宅收入類別將主要包括 Premier Agent 和新建築市場以及 StreetEasy 待售產品、Zillow Closing Services 和 ShowingTime+ 的收入。我們的租金和抵押貸款收入類別將與歷史呈現保持一致，其他收入將主要包括展示廣告產生的收入。

Our cost will be reported in 1 consolidated segment, and we will report a single consolidated EBITDA, consistent with how we are operating the business. Silos have been broken down across lines of business teams to integrate towards providing customers and our partners end-to-end solutions.

我們的成本將在 1 個合併部分中報告，我們將報告一個合併的 EBITDA，這與我們的業務運營方式一致。業務團隊之間的孤島已被打破，以整合為客戶和我們的合作夥伴提供端到端的解決方案。

Operations and investments across the business are intended to optimize consolidated revenue and consolidated EBITDA. We have provided a downloadable Excel version of select historical revenue data under this new presentation on our website within the supplemental financial tables and our interactive analyst center to help with modeling. These changes have no impact on historical consolidated total revenue or consolidated EBITDA.

整個企業的運營和投資旨在優化綜合收入和綜合 EBITDA。我們在我們網站的補充財務表和交互式分析中心內的這個新演示文稿下提供了精選歷史收入數據的可下載 Excel 版本，以幫助建模。這些變化對歷史合併總收入或合併 EBITDA 沒有影響。

Turning to our outlook. Going forward, we are aligning our guidance with our new reporting structure and plan to provide outlook for residential revenue, total revenue and consolidated EBITDA. To help you transition to our new revenue categories, we also plan to provide Premier Agent revenue growth rates and revenue growth rate outlook as we report over the next 4 quarters.

轉向我們的前景。展望未來，我們將根據我們的新報告結構調整我們的指導方針，併計劃提供住宅收入、總收入和綜合 EBITDA 的展望。為了幫助您過渡到我們的新收入類別，我們還計劃在未來 4 個季度的報告中提供 Premier Agent 收入增長率和收入增長率展望。

For Q1, we expect total revenue to be $404 million to $437 million, implying a year-over-year decline of 22% at the midpoint of our outlook range. We expect residential revenue to be in the range of $313 million to $338 million. For Premier Agent, we estimate revenues will decline in the range of 23% to 28% year-over-year as compared to our estimate for an industry transaction dollar decline between 25% and 35% year-over-year in Q1. We expect consolidated EBITDA to be in the range of $48 million to $63 million, implying a 13% margin at the midpoint of our outlook rates.

對於第一季度，我們預計總收入為 4.04 億美元至 4.37 億美元，這意味著在我們展望範圍的中點，同比下降 22%。我們預計住宅收入將在 3.13 億美元至 3.38 億美元之間。對於 Premier Agent，我們估計收入將同比下降 23% 至 28%，而我們預計第一季度行業交易額同比下降 25% 至 35%。我們預計綜合 EBITDA 將在 4,800 萬美元至 6,300 萬美元之間，這意味著我們的展望利率中點的利潤率為 13%。

We continue to balance investments for future growth while managing discretionary costs during this challenging and uncertain macro environment. We have a high incremental margin business that should see leverage when the environment improves, which we demonstrated in both Q3 and Q4. Our Q1 EBITDA outlook assumes that from Q4 to Q1, we expect a modest increase in total operating expenses and cost of revenue.

在這個充滿挑戰和不確定的宏觀環境中，我們繼續為未來增長平衡投資，同時管理可自由支配的成本。我們有一個高增量利潤率業務，當環境改善時應該會看到槓桿作用，我們在第三季度和第四季度都展示了這一點。我們第一季度的 EBITDA 展望假設從第四季度到第一季度，我們預計總運營費用和收入成本將適度增加。

We expect this to be primarily driven by investments to support our recent acquisition of VRX Media and our new ShowingTime+ products. Our recent VRX Media acquisition has enabled us to accelerate our distribution plans for Listing Media Services. In closing, entering 2023, we remain in a strong position to invest against our strategy to better serve more customers, to drive customer transaction share and more revenue per customer transaction.

我們預計這主要是由支持我們最近收購 VRX Media 和我們新的 ShowingTime+ 產品的投資推動的。我們最近對 VRX Media 的收購使我們能夠加快上市媒體服務的分銷計劃。最後，進入 2023 年，我們仍然處於有利地位，可以根據我們的戰略進行投資，以更好地服務更多客戶，推動客戶交易份額和每筆客戶交易帶來更多收入。

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.

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，我們計劃通過引人入勝的夢想和購物體驗來提高客戶參與度，提供更加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、資本效率更高的新綜合服務，並管理我們的成本結構和提高生產力，包括繼續優先考慮我們的我們預期的投資將推動一家盈利、可擴展且現金流為正的公司。

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

有了這個，接線員，我們將打開問題熱線。

(Operator Instructions) The first question comes from Lloyd Walmsley with UBS.

（操作員說明）第一個問題來自瑞銀集團的 Lloyd Walmsley。

Two, if I can. First, just on the product side. Can you help us understand the listings showcase product? It seems like kind of the beginning of effectively monetizing placement on the site. How do you plan to go to market? Like are we right to think that of all the new products, that's one that could contribute -- kind of scale and contribute to revenue fairly quickly?

兩個，如果可以的話。首先，只是在產品方面。您能幫助我們了解列表展示產品嗎？這似乎是通過網站上的展示位置有效獲利的開始。你打算如何上市？就像我們正確地認為在所有新產品中，那是一種可以貢獻——某種規模並相當快地為收入做出貢獻的產品？

And then second, kind of higher level, can you just talk to how you see the potential entry of CoStar deeper into the residential side of the space impacting the ecosystem? And do you think this kind of fits in with the potential unbundling of buy and sell-side commissions and the notion of just a national MLS? Can you just give us your sense of that and how Zillow would be positioned if the industry moves in that direction?

其次，在更高層次上，你能談談你如何看待 CoStar 可能更深入地進入影響生態系統的空間的住宅方面嗎？你認為這種做法是否符合買方和賣方佣金的潛在拆分以及全國 MLS 的概念？您能否告訴我們您對此的看法，以及如果行業朝這個方向發展，Zillow 將如何定位？

Okay. Thanks for the question, Lloyd. This is Rich. I think let's send the first one over to Jeremy and then maybe come back to me for the second one.

好的。謝謝你的問題，勞埃德。這是里奇。我想讓我們將第一個發送給 Jeremy，然後可能再給我發送第二個。

Sure. Thanks, Lloyd. On Listing Media Services and Listing Showcase, as Rich said, we are excited that we just launched Listing Media Services after closing the acquisition of VRX Media, and that's solving a real problem for listing agents, which is helping them get high-quality media, photography, videos, our rich media experience, our interactive floor plans for their listings.

當然。謝謝，勞埃德。關於 Listing Media Services 和 Listing Showcase，正如 Rich 所說，我們很高興我們在完成對 VRX Media 的收購後剛剛推出 Listing Media Services，這解決了上市代理的實際問題，幫助他們獲得高質量的媒體，照片、視頻、我們豐富的媒體體驗、我們的互動平面圖。

And that really sets the groundwork for Listing Showcase, which is coming later this year. And Listing Showcase is really about helping a listing agent differentiate themselves and win more business, while also helping a seller really showcase their home because we know that super-immersive interactive listing is something buyers want and buyers crave and we'll spend more time with.

這確實為今年晚些時候即將推出的 Listing Showcase 奠定了基礎。 Listing Showcase 的真正目的是幫助掛牌代理脫穎而出並贏得更多業務，同時還幫助賣家真正展示他們的房屋，因為我們知道超級沉浸式互動掛牌是買家想要和渴望的東西，我們將花更多時間.

So it's a little too early for us to talk about how it might land in the P&L given we haven't even launched it yet, and we'll be talking to you all about that in future quarters.

因此，鑑於我們還沒有推出它，現在談論它如何進入損益表還為時過早，我們將在未來幾個季度與大家討論。

Okay. And I'll jump on the second one and basically say our formula has been our formula from the beginning, Lloyd, and that is focus on the mover consumer and what they want and engaging them and building audience around them and building really magic things for them. And that started all the way back when we launched Zestimate for Zillow.

好的。我會跳到第二個，基本上說我們的公式從一開始就是我們的公式，Lloyd，那就是關注移動消費者和他們想要的東西並吸引他們並圍繞他們建立受眾並為他們構建真正神奇的東西他們。當我們為 Zillow 推出 Zestimate 時，一切就開始了。

So we really truly believe that all goodness for us downstream in business model and partnerships, et cetera, flows from initially captivating and capturing the attention of the consumer. And that has worked really well for us as evidenced by a couple of hundred million unique users a month and 65% app share. I think Allen in his prepared remarks said that even though we're the leader, we outgrew the next 15 competitors according to comScore over the last several quarters.

因此，我們真的相信，對我們下游的商業模式和合作夥伴關係等方面的所有好處，都源於最初吸引和抓住消費者的注意力。這對我們來說非常有效，每月有幾億獨立用戶和 65% 的應用程序份額就是證明。我認為艾倫在他準備好的發言中說過，儘管我們是領先者，但根據 comScore 在過去幾個季度的數據，我們的發展超過了接下來的 15 個競爭對手。

This comes from our focus on that consumer. And it also has led us to taking a big bet on the transaction and the super app vision that we have of addressing these consumer pain points and integrating the process and making it more seamless and maybe more joyful and fewer tiers. And we like -- as you've heard, we really like where we are on that.

這來自我們對消費者的關注。這也讓我們在交易和我們擁有的超級應用願景上下了很大的賭注，我們解決了這些消費者的痛點，整合了流程，讓它更無縫，也許更快樂，層次更少。我們喜歡——正如你所聽到的，我們真的很喜歡我們在這方面的進展。

I guess I'll say another thing and that is building great consumer products and brands is really hard. It requires kind of ninja-level skills on multiple dimensions, not the least of which is software engineering skills. And software engineering is in our DNA in this company. We -- many of us date back to finding Expedia at Microsoft. We were all -- many of us were Microsoft people and many of us engineers at Microsoft. And so we couldn't -- we can't shake that kind of engineering DNA that we have.

我想我會說另一件事，那就是打造出色的消費產品和品牌真的很難。它需要多方面的忍者級技能，其中最重要的是軟件工程技能。軟件工程是我們公司的 DNA。我們——我們中的許多人都可以追溯到在微軟找到 Expedia。我們都是——我們中的許多人都是微軟人，我們中的許多人都是微軟的工程師。所以我們不能——我們不能動搖我們擁有的那種工程 DNA。

So anyway, we like our position. I know that's a roundabout way of me answering it, but it does basically give us great comfort that no matter what comes to pass from a competitive perspective or from a regulatory perspective or even from this kind of DOJ lawsuits perspective, it is -- our position in power and confidence is derived from the fact that we have this great relationship with this giant audience and through by our trusted brand.

所以無論如何，我們喜歡我們的立場。我知道這是我回答這個問題的迂迴方式，但它確實給了我們很大的安慰，無論從競爭的角度或監管的角度，甚至從這種 DOJ 訴訟的角度來看，它都是 - 我們的權力和信心的地位源於我們與這個龐大的觀眾以及我們值得信賴的品牌建立的良好關係。

The following question comes from Mark Mahaney with Evercore.

以下問題來自 Evercore 的 Mark Mahaney。

A couple of questions, please. You talked about seeing early signs of stabilization in '23. Any more color on what those are and does your crystal ball tell you that things are troughing in this March quarter?

請問幾個問題。你談到在 23 年看到穩定的早期跡象。關於這些是什麼的更多顏色，你的水晶球是否告訴你這個 3 月季度的情況正在低谷？

And then secondly, this disclosure, this commentary about how your PA customers are more overweighted to first-time homebuyers than the market as a whole. Is there any sort of quantification of that? And just talk through a little bit about what the implication of that is?

其次，這個披露，這個關於你的 PA 客戶如何比整個市場更偏向於首次購房者的評論。有任何量化嗎？只是稍微談談這意味著什麼？

So I think what that means is that you've got a pretty good brand setup with younger buyers, millennials and people are just entering the home buying stages of their lives. And just -- so that's -- but what's the so-what from that? So just spend a little bit more time on what the -- if you can quantify it and what you think the so-what of that is?

所以我認為這意味著你已經與年輕的買家、千禧一代和剛剛進入他們生活的購房階段的人們建立了一個很好的品牌設置。只是 - 所以那是 - 但那是什麼？因此，只要多花一點時間在什麼上——如果你能量化它，以及你認為那是什麼？

Okay. Maybe I'll attack the e-com question that your first part and then maybe pitch it over to Jeremy again for the second part, is that cool Jeremy? Okay, thumbs up on Zoom. And Brad, of course, jump in if I don't get kind of the macro stuff. I'm not the Chief Economist and they report to you now. So you're probably in a better position to comment. I think the crystal ball is hard as you all know better than most and the crystal balls, no matter what you're trying to predict right now, are particularly foggy and volatile still, given the stream of conflicting data that we're getting every day.

好的。也許我會攻擊你第一部分的電子商務問題，然後可能會在第二部分再次將其提交給 Jeremy，Jeremy 很酷嗎？好的，贊成 Zoom。當然，如果我不了解宏觀方面的內容，Brad 就會加入進來。我不是首席經濟學家，他們現在向你匯報。所以你可能更適合發表評論。我認為水晶球很難，因為你們都比大多數人都清楚，而且水晶球，無論你現在試圖預測什麼，都特別模糊和不穩定，考慮到我們得到的每一個相互矛盾的數據流天。

And is the real estate market troughing? I certainly hope so, but we're certainly not counting on it. I said -- I did say mortgage rates have pulled back a bit, and you guys have seen that, but they are still pretty volatile. Other inputs into this equation look pretty good in terms of just buyer demand, and we do have some supply constraints, just look at our unique users and you can see people do want to move.

房地產市場是否觸底？我當然希望如此，但我們當然不會指望它。我說過——我確實說過抵押貸款利率有所回落，你們已經看到了，但它們仍然非常不穩定。就買家需求而言，這個等式的其他輸入看起來相當不錯，而且我們確實有一些供應限制，只要看看我們的獨特用戶，你就會發現人們確實想搬家。

So that is -- we see lots of decent buyer signal ready -- wanting and ready to buy. Maybe if you want, maybe offline, Brad can give you more data on the specifics of the macroeconomic buildup. But because the overall macro is just so cloudy, it's hard to make a call that this is the bottom and that things are just going to get better. It's just the overall macro is certainly going to affect the housing.

這就是——我們看到許多體面的買家發出準備好的信號——想要並準備購買。也許如果你願意，也許離線，布拉德可以為你提供更多關於宏觀經濟建設細節的數據。但由於整體宏觀如此陰雲密布，很難斷定這是底部，情況只會好轉。這只是整體宏觀肯定會影響住房。

As I said in the prepared remarks, we are confident that a much more natural and healthy mover rate is more like 6 million or more home transactions a year, which gave -- which led us to say 60 million transactions over the next 10 years is what we can count on. I guess I'd finally make the point that it is not what the macro does or doesn't do that drives the growth for this company. However, it really is the fact that we have almost -- we have most all of the audience coming and using us and yet, we still have this measly low transaction share. And so the big lever is going to be driving our transaction share from 3% to 6%, and that's what's really going to move the needle for us.

正如我在準備好的發言中所說，我們相信更自然和健康的搬家率更像是每年 600 萬或更多的房屋交易，這讓我們說未來 10 年的 6000 萬交易是我們可以指望什麼。我想我最終要指出的是，推動這家公司增長的不是宏觀做什麼或不做什麼。然而，事實確實如此——我們幾乎有所有的觀眾都來使用我們，但我們的交易份額仍然很低。因此，大槓桿將推動我們的交易份額從 3% 增加到 6%，這才是真正為我們帶來動力的東西。

We have some good early signs. I love the pace and the quality of the product and service innovations that we're launching right now. It gives us good confidence to prudently invest through this kind of foggy, choppy market. We've already been through it. You all have seen us go through this last year and the year before, but last year with a lot of prudent -- difficult and prudent decisions that we have made.

我們有一些良好的早期跡象。我喜歡我們現在推出的產品和服務創新的速度和質量。在這種雲霧繚繞、波濤洶湧的市場中，它給了我們謹慎投資的信心。我們已經經歷過了。你們都看到我們在去年和前年經歷了這一切，但去年我們做出了很多謹慎的——艱難而謹慎的決定。

So we kind of got an early jump on the stuff we're seeing across the tech economy right now. Anyway, long-winded way, we're not really calling a bottom because of the fogginess but we do feel really good about our position. Okay, Wacks -- Jeremy?

因此，我們對目前在整個科技經濟中看到的東西有點早。無論如何，冗長的方式，我們並沒有因為霧氣而真正稱之為底部，但我們確實對我們的位置感覺很好。好的，Wacks——Jeremy？

Yes. And I think you actually started on the second one, too, which is we think about the share opportunity coming from really all types of buyers. And that first-time homebuyer mix is, I think, intended to give a bit of color on the stabilization off of some more extremes that Allen painted in terms of where the market was with cash buyers.

是的。而且我認為你實際上也從第二個開始，這是我們考慮來自所有類型買家的分享機會。我認為，首次購房者的組合是為了讓艾倫根據現金買家的市場情況所描繪的一些更極端的情況穩定下來。

But our first home buyer mix is actually pretty consistent with the mortgage market overall. And as Rich said, our growth pillars and our growth strategies really are, they not just for first-time homebuyers, but for all buyers, right, but all types of buyers need touring and be able to get into the home. They need to line up financing.

但我們的首次購房者組合實際上與整個抵押貸款市場非常一致。正如里奇所說，我們的增長支柱和增長戰略確實是，它們不僅適用於首次購房者，而且適用於所有買家，對吧，但所有類型的買家都需要參觀並能夠入住。他們需要排隊融資。

Repeat buyers need to sell their home into the seller services we offer and all of them need to get in the hands of a great agent if they don't have one already. So the growth pillars that we are working on we really think are what drive our share growth across all segments, both first-time homebuyers and repeat home buyers.

回頭客需要將他們的房屋出售給我們提供的賣家服務，如果他們還沒有一個優秀的經紀人，他們都需要交到一位優秀的經紀人手中。因此，我們真正認為我們正在努力的增長支柱是推動我們所有細分市場份額增長的因素，包括首次購房者和重複購房者。

Rich and Jeremy, I'll just add on the so-what for Mark, in terms of our comments. We wanted to indicate that as first-time homebuyers normalized, we were seeing a little bit of a tailwind. But that tailwind is more temporal than permanent I think. And so we just wanted to call that out in transparency. And we believe that the things we're executing around the growth strategy, as Jeremy called out, are what's going to be driving our growth longer term.

Rich 和 Jeremy，根據我們的評論，我只想補充一下 Mark 的“那又怎樣”。我們想表明，隨著首次購房者正常化，我們看到了一點順風。但我認為這種順風是暫時的而不是永久的。所以我們只是想以透明的方式說出來。我們相信，正如傑里米所說，我們正在圍繞增長戰略執行的事情將推動我們的長期增長。

And in conclusion, before we go to the next question, most all of you on the call already know this, but Brad and Mary Ellen have a really terrific team that does deep dive on forecasting the housing market, and we publish it and offline connect with them and we can provide you with our economists' view of the housing market.

最後，在我們進入下一個問題之前，大多數在場的人都已經知道這一點，但 Brad 和 Mary Ellen 有一個非常棒的團隊，他們深入研究預測房地產市場，我們發布它並離線連接與他們一起，我們可以為您提供我們的經濟學家對房地產市場的看法。

Our next question comes from Logan Reich with RBC.

我們的下一個問題來自 RBC 的 Logan Reich。

This is Brad Erickson with RBC. Two questions, I guess, 1 for Jeremy, probably 1 for Allen. Just on the touring stuff you called out related to Atlanta and integration that you've rolled out there with the instant booking and all. It sounds like it's going at least as well as the old sort of legacy touring product. Maybe if you could just expand on sort of what the early successes are going on there? And what do you think is driving hopefully maybe a better experience in terms of conversion and what have you?

我是 RBC 的 Brad Erickson。我猜有兩個問題，1 個給 Jeremy，可能 1 個給 Allen。就你所說的與亞特蘭大相關的巡迴演出以及你在那裡推出的即時預訂和所有整合。聽起來它至少和老式的傳統旅遊產品一樣好。也許你可以擴展一下早期的成功在那裡發生了什麼？您認為在轉換方面有希望推動更好的體驗的是什麼？您有什麼？

And then second, for Allen, just a clarification. I think you said you're going to start reporting transactions at some point, not to like front run that disclosure, but maybe just how do you expect to sort of define that? Like is it all transactions you touch with PA conversions? Or is it just transaction-oriented revenue streams, maybe just a little clarity there? And what are you looking for before you start providing that?

其次，對艾倫來說，只是一個澄清。我想你說你會在某個時候開始報告交易，而不是喜歡提前披露，但也許你希望如何定義它？就像您涉及 PA 轉換的所有交易一樣嗎？或者它只是以交易為導向的收入流，也許只是有點清晰？在開始提供之前，您在尋找什麼？

Yes, Allen, why don't I start? So on touring, a reminder for all of us on the call, touring is so important to us because a touring customer converts at 3x the rate of customers that come in other ways on Zillow. And so it's a high-intent customer, someone who, as Rich said, it's the point of sale. But even with the general touring experience, as you alluded to, there's a lot of friction in that process, right?

是的，艾倫，為什麼我不開始呢？因此，關於巡迴演出，提醒我們所有人都在通話中，巡迴演出對我們來說非常重要，因為巡迴演出的客戶轉化率是 Zillow 上其他方式的客戶轉化率的 3 倍。因此，這是一個意向高的客戶，正如 Rich 所說，是銷售點。但即使是一般的巡演體驗，正如你提到的那樣，在這個過程中也有很多摩擦，對吧？

You have to -- you're really requesting a tour, you and your buyer's agent have to coordinate with the seller's agent (inaudible) seller on the calendar. And what ends up happening is a minority of the time, the buyer actually gets to go see the home when they wanted to when they initially make the request.

你必須——你真的要求參觀，你和你的買家代理人必須在日曆上與賣家的代理人（聽不清）協調。最終發生的是少數時間，買家實際上可以在他們最初提出要求時想去看看房子。

So we have launched something called real-time touring, which is really intended to remove that friction, right, to make, as Rich said, scheduling or going to see a home as easy as booking our restaurants online. And that is what's live in Atlanta, and we're now taking to the rest of our test markets. And the early signal that we're seeing there is really positive from partner feedback as well as customer feedback and in our data.

所以我們推出了一種叫做實時旅遊的東西，它的真正目的是消除這種摩擦，對，就像里奇說的那樣，讓安排或去看房就像在線預訂我們的餐館一樣容易。這就是亞特蘭大的現場直播，我們現在正將其帶到我們的其他測試市場。我們從合作夥伴反饋、客戶反饋和我們的數據中看到的早期信號確實是積極的。

We are seeing higher connection rates and higher likelihood of the customer working with that agent. And so those are great leading indicators for us of transaction conversion. It's obviously very early to see actual transaction data in 1 market on a lag basis. But those early indicators are what give us confidence and that plus the partner and customer feedback is why we expanded it across all of Atlanta and are now taking it to the rest of our test markets.

我們看到更高的連接率和更高的客戶與該代理合作的可能性。因此，這些是我們交易轉換的重要領先指標。在滯後的基礎上看到 1 個市場的實際交易數據顯然還為時過早。但這些早期指標給了我們信心，再加上合作夥伴和客戶的反饋，這就是我們將其擴展到整個亞特蘭大並現在將其帶到我們其他測試市場的原因。

Great. Thanks, Jeremy. And Brad, I'll try to clarify for your question. So I think in my prepared remarks, I talked about we're going to share our transaction share data. And so this is really just to provide where we are in terms of our share performance. So if you think back to the targets we provided, we went through the transactions or the sites, the total transactions, the number of sites and what percentage we participated in either on the buy side, the sell side or through mortgage.

偉大的。謝謝，傑里米。布拉德，我會盡力澄清你的問題。所以我想在我準備好的發言中，我談到我們將分享我們的交易份額數據。因此，這實際上只是為了提供我們在股票表現方面的位置。因此，如果您回想一下我們提供的目標，我們會查看交易或網站、總交易、網站數量以及我們在買方、賣方或抵押貸款中參與的百分比。

And so you can kind of think about this as share -- percentage share data is what we would plan to share. And we would think of share on sell side, buy side, participate in mortgage for a transaction. If we had a mortgage and a buy side transaction integrated, that would just be 1 transaction, not 2. And so we're -- due to the latency of records, we won't be prepared to share that until later in the future, but we believe at least on an annual basis, we want to share our progress on that 3% to 6%.

因此，您可以將其視為份額——百分比份額數據是我們計劃共享的。我們會想到賣方，買方的股份，參與交易的抵押。如果我們整合了抵押貸款和買方交易，那將只是 1 筆交易，而不是 2 筆交易。所以我們——由於記錄的延遲，我們要等到將來晚些時候才會準備好分享它，但我們相信至少每年，我們希望分享我們在 3% 到 6% 方面取得的進展。

Our next question comes from Ryan McKeveny with Zelman & Associates.

我們的下一個問題來自 Zelman & Associates 的 Ryan McKeveny。

I appreciate the detail on the 2 ways of connecting with Zillow Home Loans with the financing-first or property-first approaches. I guess I'm curious if there's anything you could share on how your current origination volume skews between those 2 approaches?

我很欣賞有關通過融資優先或財產優先方法連接 Zillow Home Loans 的兩種方式的詳細信息。我想我很好奇您是否可以分享關於您當前的發起量如何在這兩種方法之間傾斜的任何內容？

And then maybe specifically on the Raleigh example with mortgage adoption going from 15% to 20%. Is that improvement there because there's more traction with the PA partners sending customers back through that property-first approach? Or maybe just generally, you could elaborate on kind of the drivers of the mortgage adoption in Raleigh?

然後也許特別是在羅利的例子中，抵押貸款的採用率從 15% 上升到 20%。這種改進是否是因為 PA 合作夥伴通過這種以財產為先的方法將客戶送回的吸引力更大？或者，也許只是一般而言，您可以詳細說明羅利採用抵押貸款的驅動因素？

Thanks, Ryan. Jeremy, maybe you -- we have a few things that we're sharing here about this. Maybe you want to take a stab at them?

謝謝，瑞安。傑里米，也許是你——我們在這里分享了一些關於這個的事情。也許你想試一試他們？

Yes. Yes. I mean I don't think we're giving a mix out on the types of property first versus finance first. That's something that they're both small, and we're trying a bunch of programs and we expect them to change over time. So I think giving any sort of guidance or color on where we expect that to end up.

是的。是的。我的意思是，我不認為我們會首先混合財產類型和金融類型。那是它們都很小的東西，我們正在嘗試一堆程序，我們希望它們會隨著時間的推移而改變。因此，我認為就我們期望的最終結果提供任何形式的指導或顏色。

Although we did say in my prepared remarks, if you go to the very top of the funnel, Ryan, that about 40% of people enter the home shopping process via financing first. That's not to be confused with your question exactly, but that gives you some indication of the overall volume. It's a pretty big number. 60% come in the normal way, but there you go.

儘管我們在準備好的發言中確實說過，如果你走到漏斗的最頂端，Ryan，大約 40% 的人首先通過融資進入家庭購物過程。不要將這與您的問題完全混淆，但這可以為您提供一些總體數量的指示。這是一個相當大的數字。 60% 以正常方式出現，但你走了。

Yes, that's where I was headed. So I don't want you to confuse transaction volume with kind of customer interest, but that's a pretty good proxy for how we think about the customer and why we're investing in both is that, we know those are the 2 main questions a customer has either want to go see a home 40% to 60% of the time or they want to ask to [find in question] depending on the situation. And so that's why we're investing in both. So stay tuned on how those things ultimately scale over time at the bottom of the funnel.

是的，這就是我要去的地方。因此，我不希望您將交易量與客戶興趣混淆，但這很好地代表了我們如何看待客戶以及我們為什麼要對這兩者進行投資，我們知道這是兩個主要問題客戶要么有 40% 到 60% 的時間想去看房子，要么他們想根據情況要求[找到有問題的]。因此，這就是我們對兩者進行投資的原因。因此，請繼續關注這些事情最終如何在漏斗底部隨著時間的推移而擴展。

And then on the adoption gains in Raleigh, that is just -- it's a function of being in the market a little longer. There's a big piece that's agent and partner training and adoption. There's a big piece that's customer experience. As Rich said, we're continuing to build and innovate the product itself while we're rolling it out and trying it. That's why we're calling these test markets because these are V1 and the V2 experiences that we improve.

然後關於羅利的採用收益，這只是 - 它是在市場上停留更長時間的功能。代理人和合作夥伴的培訓和採用有很大一部分。有很大一部分是客戶體驗。正如 Rich 所說，我們在推出和試用產品的同時，也在繼續構建和創新產品本身。這就是我們將這些測試市場稱為測試市場的原因，因為這些是我們改進的 V1 和 V2 體驗。

So we're excited about the early signal and the tick up in that adoption, which is why we are bringing that program to more of our test markets. But it is still early, and we are still, in many ways, trying these things for the first time.

因此，我們對早期信號和採用率的上升感到興奮，這就是我們將該計劃引入更多測試市場的原因。但現在還早，我們在很多方面仍是第一次嘗試這些東西。

Another high-level one on the ShowingTime+. So as you bring that offering together, I assume there's some overlap with customers, of course, that are also Premier Agents. But I also assume the opportunity set of potential agent customers is much wider than only PAs.

ShowingTime+ 上的另一個高級別視頻。因此，當您將這些產品放在一起時，我假設與客戶有一些重疊，當然，這些客戶也是 Premier Agents。但我也假設潛在代理客戶的機會集比僅 PA 廣泛得多。

I know aspects like Listing Showcase are still yet to come, but I'm curious, just big picture, if you can talk about how you think of the addressable market opportunity for ShowingTime+? And ultimately, is that something that proves to be more transaction-based over time? Or could that be a channel that's more of a maybe subscription or recurring revenue type of business that flows into things?

我知道像 Listing Showcase 這樣的方面還沒有到來，但我很好奇，只是大局觀，你能否談談你如何看待 ShowingTime+ 的可尋址市場機會？最終，隨著時間的推移，這是否會被證明更加基於交易？或者這可能是一個更像是訂閱或經常性收入類型的業務流入事物的渠道？

Yes. Rich, why don't I start? And anything you want to add. I'm going to sound like a broken record on early, but it's early. We just launched Listing Media Services, and we haven't even launched Listing Showcase yet. So in terms of how we might price and package the product, I would say stay tuned on the specific mechanics.

是的。瑞奇，我為什麼不開始呢？以及您想添加的任何內容。我會在早期聽起來像一張破唱片，但現在還早。我們剛剛推出了 Listing Media Services，我們甚至還沒有推出 Listing Showcase。因此，就我們如何定價和包裝產品而言，我想說的是，請繼續關注具體機制。

But more broadly on your question, we absolutely think about ShowingTime+ as a much broader TAM of agents. And we've talked about that, I think, before where if we can help the industry acquire, operate and convert listings more effectively, any agent, whether that agent is choosing to work with our shared Zillow customer (inaudible) everyone who uses that in that set of industry software tools.

但更廣泛地說，關於您的問題，我們絕對將 ShowingTime+ 視為更廣泛的 TAM 代理商。我認為，我們已經討論過這個問題，如果我們可以幫助該行業更有效地獲取、運營和轉換列表，任何代理人，無論該代理人是否選擇與我們共享的 Zillow 客戶（聽不清）合作，每個使用它的人在那套行業軟件工具中。

So that's really the strategy behind ShowingTime+, and why so many -- so much of what we offer in showing ShowingTime+ today is really about all segments of agents, whether they have 1 listing, whether they have a team that has many listings or a few buyers or many. So that is the strategy has helped all agents be more effective and productive. And of course, that benefits the Zillow brand's customers and the Premier Agents that work with those Zillow brand customers.

所以這真的是 ShowingTime+ 背後的策略，以及為什麼這麼多——我們今天在展示 ShowingTime+ 時提供的這麼多內容實際上是關於代理的所有部分，無論他們有 1 個列表，無論他們有一個有很多列表的團隊還是幾個買家還是很多。因此，該策略已幫助所有代理商提高效率和生產力。當然，這有利於 Zillow 品牌的客戶和與這些 Zillow 品牌客戶合作的高級代理商。

Yes. I don't know how much I have to add, but just to be -- to give some examples there, Ryan, just so that everybody knows we have ShowingTime, which is scheduling tours. We have dotloop, which is trafficking documents for closing and signatures. We have RMX, rich media experiences, which is a lot of the backbone of the cool stuff that's going in to the listing showcase product.

是的。我不知道我必須添加多少，但只是為了 - 在那裡舉一些例子，Ryan，只是為了讓每個人都知道我們有 ShowingTime，它正在安排旅遊。我們有 dotloop，這是為關閉和簽名而販賣文件。我們有 RMX，富媒體體驗，這是上市展示產品中很酷的東西的很多支柱。

We have all of these that we are slowly but surely assembling into a package of, you could think of it as a software platform that increasingly more and more -- with a more and more feature-rich set of features the industry is adopting and we hope will adopt. And we believe there is a really big, long-term business opportunity for us there.

我們擁有所有這些，我們正在緩慢但肯定地將其組裝成一個包，您可以將其視為一個越來越多的軟件平台 - 具有越來越多的行業正在採用的功能集，我們希望採納。我們相信那裡對我們來說是一個非常大的、長期的商業機會。

It's early -- very early days, but that is an interesting kind of way down the road next potential growth business for us in an industry that has not had a lot of -- the massive R&D investment in the residential real estate industry has not been huge for lots of reasons. And we see a real business opportunity there on a stand-alone basis as well.

現在還為時過早 - 非常早，但對於我們來說，在一個沒有很多的行業中的下一個潛在增長業務的道路上，這是一種有趣的方式 - 住宅房地產行業的大規模研發投資還沒有巨大的原因有很多。我們在獨立的基礎上也看到了真正的商機。

Our next question comes from John Colantuoni with Jefferies.

我們的下一個問題來自 Jefferies 的 John Colantuoni。

So Rich, the teams rolled out sort of a blend of new products across test markets. If you look out -- if you sort of step back and look out 5 years, can you just sort of talk about the role you envision Zillow playing across the housing market ecosystem? And related to that, do you see Zillow offering sort of the full suite of products across every market? Or do you envision taking sort of a more tailored approach that keeps the product offerings to what's most appropriate to each market?

如此富有，團隊在測試市場推出了某種新產品的混合體。如果你放眼未來——如果你退後一步，放眼 5 年，你能談談你對 Zillow 在房地產市場生態系統中扮演的角色的設想嗎？與此相關的是，您是否看到 Zillow 在每個市場都提供了全套產品？或者您是否設想採取一種更加量身定制的方法，使產品供應最適合每個市場？

And second on guidance. The first quarter guidance for Premier Agent implies sort of the third quarter in a row of outperformance compared to the underlying housing market. Can you just walk through some of the drivers of this outperformance and how you're thinking about levers to drive continued outperformance for the remainder of the year?

其次是指導。 Premier Agent 第一季度的指導意味著與基礎房地產市場相比連續第三個季度表現出色。您能否簡單介紹一下這種出色表現的一些驅動因素，以及您如何考慮在今年剩餘時間內推動持續出色表現的槓桿？

Thanks for the question, John. Maybe we'll start with the second part, Allen. And then we can -- if we have time, we'll do another, but maybe land the plane on the first question.

謝謝你的問題，約翰。也許我們將從第二部分開始，艾倫。然後我們可以——如果我們有時間，我們會再做一次，但也許會在第一個問題上著陸。

Sure. Thanks for the question, John. Our PA relative revenue performance in Q3, Q4 and, as you mentioned, implied in our Q1 outlook, I'd say it's reflective of 3 elements. Our focus on the customer search experience, we talked about the mix of first-time homebuyers normalizing and continued efforts to work with better partners. And in Q4, this showed up as PA revenue growth down 20% year-over-year as compared to industry down 31% according to the data from NAR.

當然。謝謝你的問題，約翰。我們在第三季度、第四季度的 PA 相對收入表現，正如你提到的，在我們的第一季度展望中暗示，我想說它反映了 3 個要素。我們專注於客戶搜索體驗，我們談到了首次購房者的組合正常化，並繼續努力與更好的合作夥伴合作。根據 NAR 的數據，在第四季度，這表現為 PA 收入同比下降 20%，而行業下降 31%。

So our focus on customer engagement is to drive higher intent customers to higher performing Premier Agent partners. And we've seen consumers tend to flock towards the industry-leading brands during some uncertain times. So at the top of the funnel, we've been really pleased with the engagement and traffic we continue to get, and we continue to invest in improving our customer search experience. And we're seeing that show up as brand preference, which we believe is very important.

因此，我們對客戶參與的關注是將意向更高的客戶吸引到績效更高的 Premier Agent 合作夥伴。我們已經看到，在一些不確定的時期，消費者往往會湧向行業領先的品牌。因此，在漏斗的頂端，我們對持續獲得的參與度和流量感到非常滿意，並且我們繼續投資以改善我們的客戶搜索體驗。我們看到這表現為品牌偏好，我們認為這非常重要。

As a result, as we called out, traffic growth for us outperformed the next top 15 real estate sites combined over the last several months per comScore. Deeper in the funnel, I won't spend too much time on it, was the normalization of mix first-time high homebuyers. We talked about that. And then lastly, was this focus also on improving customer engagement by working with better partners.

因此，正如我們所說，根據 comScore，我們的流量增長超過了過去幾個月排名前 15 位的房地產網站的總和。在漏斗的更深處，我不會在上面花太多時間，這是混合首次購房者的常態化。我們談過那個。最後，這種關注還在於通過與更好的合作夥伴合作來提高客戶參與度。

And we're continuing to test consolidating our partner base. We believe working with the best partners has been extremely supportive of conversions even in this tough macro environment. And this combination of high-intent customers from the top of the funnel to working with higher quality agents has resulted in higher work with rates for us over the last few quarters, which we're seeing as a positive.

我們正在繼續測試鞏固我們的合作夥伴基礎。我們相信，即使在這種艱難的宏觀環境中，與最佳合作夥伴的合作也極大地支持了轉化。在過去的幾個季度中，從漏斗頂部到與更高質量的代理商合作的高意向客戶的這種組合導致我們的工作率更高，我們認為這是積極的。

Kind of with respect to going forward, we'll continue to focus on these things. I did want to call out that our current performance is not yet reflective of the investments in our growth strategies. They're still in test, they're relatively small. So we're going to continue to focus on growing our share from 3% to 6% as we test, iterate launch and then scale these offerings and these strategies. And over time, we'd expect to see share gaining growth over this, but it won't be linear from here to there. So hopefully, that helps provide a little color.

關於前進，我們將繼續關注這些事情。我確實想指出，我們目前的業績還不能反映我們對增長戰略的投資。它們仍在測試中，它們相對較小。因此，我們將繼續專注於將我們的份額從 3% 增加到 6%，因為我們會測試、迭代發布然後擴展這些產品和這些策略。隨著時間的推移，我們預計會看到份額因此而增長，但從這裡到那裡不會是線性的。所以希望這有助於提供一點顏色。

And that's a good -- it's a good segue, Allen, thanks into the answer to John's first question, which is the 3% to 6% will provide a lot of -- a good growth profile for the company. But it would still only be 6% transaction share, which, to me, seems modest, especially given the length of the shadow that we cast here, the size of the audience that we have here.

這是一個很好的 - 這是一個很好的 segue，艾倫，感謝約翰第一個問題的答案，即 3% 到 6% 將為公司提供很多 - 良好的增長前景。但它仍然只有 6% 的交易份額，對我來說，這似乎很小，特別是考慮到我們在這裡投下的影子的長度，我們在這裡擁有的觀眾規模。

We do -- more specifically on the question, we do believe that mover customers really want this magic application that integrates all of these disparate pieces of the move, all of these difficult and coordinated things that people have to track and do in order to move. And it seems very logical to us that we ought to be able to bring that all into a single application experience where we plug partners and services into that app in order to make that move much easier and more efficient and more enjoyable.

我們確實——更具體地說，在這個問題上，我們確實相信搬家公司的客戶真的想要這個神奇的應用程序，它集成了所有這些不同的搬家部分，所有這些人們必須跟踪和做才能搬家的困難和協調的事情.對我們來說，我們應該能夠將所有這些都整合到一個應用程序體驗中，我們將合作夥伴和服務插入到該應用程序中，以使這一過程變得更加輕鬆、高效和愉快，這對我們來說似乎是非常合乎邏輯的。

Exactly what form that will take by each local market in terms of the configuration of the types of partners we choose, where we have partners versus where we do it ourselves, I think it's too early to tell, but we are really focused on building out what I would call a reference platform of sorts in these test markets to get it working so that we can prepare to really scale it out nationwide.

就我們選擇的合作夥伴類型的配置而言，每個本地市場將採取什麼形式，我們有合作夥伴還是我們自己做，我認為現在下結論還為時過早，但我們確實專注於構建我會在這些測試市場中稱之為某種參考平台，以使其發揮作用，以便我們可以準備真正將其擴展到全國。

So stay tuned. We like the pace and the quality of the products and the services that we're shipping. It feels like we're building momentum. The company is in a terrific balance sheet position for investment and has good medium-term and long-term growth prospects.

敬請期待。我們喜歡我們交付的產品和服務的速度和質量。感覺就像我們正在建立勢頭。該公司的投資資產負債表狀況良好，具有良好的中長期增長前景。

So we're feeling good about our position despite the fact -- but -- I guess I'll end with despite the fact that macro and housing market are pretty foggy and pretty choppy right now. So we do have or Allen at least has his hands on the cost levers and our hands on the wheel. So we'll be prudent.

因此，儘管事實上我們對自己的立場感覺良好 - 但是 - 我想我會結束，儘管宏觀和房地產市場現在非常迷霧和波濤洶湧。所以我們確實有，或者艾倫至少有他的手在成本槓桿上，而我們的手在方向盤上。所以我們要謹慎。

All right. Thank you all for tuning in today. We really thank you for coming along on this journey with us, and we look forward to reporting our progress to you next quarter. All right. Have a nice evening.

好的。謝謝大家今天收看。我們非常感謝您與我們一起踏上這段旅程，我們期待著在下個季度向您報告我們的進展。好的。祝你今晚愉快。

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

電話會議到此結束。感謝您的參與。您現在可以斷開線路。