Zillow Group Inc (Z) 2023 Q1 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 First Quarter 2023 Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好。我叫漢娜，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 2023 年第一季度電話會議。 （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 First Quarter 2023 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 2023 年第一季度電話會議。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；首席運營官 Jeremy Wacksman。

During today's call, we will 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. 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.

在今天的電話會議上，我們將根據當前的預期和假設，對我們未來的業績和運營計劃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。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 release, which can be found on our Investor Relations website, as they contain important information about our GAAP and non-GAAP results, including reconciliations of historical non-GAAP financial measures.

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 結果的重要信息，包括歷史非 GAAP 財務措施的調節。

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

我們現在將通過評論打開電話會議，然後進行現場問答。有了這個，我會把電話轉給 Rich。

Thank you, Brad. And thank you, Hannah. Good afternoon, everyone. Thanks for dialing in today. We are excited to share our first quarter results and the progress we've made on our growth strategy since we last spoke in February.

謝謝你，布拉德。謝謝你，漢娜。大家下午好。感謝您今天撥入。我們很高興分享我們第一季度的業績以及自我們上次在 2 月份發表講話以來我們在增長戰略方面取得的進展。

As I noted during our last earnings call, 2023 is critical for Zillow, and I'm pleased with how we've started the year. Total revenue of $469 million and EBITDA of $104 million surpassed the top end of our outlook. This outperformance is due to a combination of progress that we've made since reorienting the company in early 2022, along with favorable relative tailwinds in a tough housing environment.

正如我在上次財報電話會議上指出的那樣，2023 年對 Zillow 來說至關重要，我對我們今年的開局方式感到滿意。 4.69 億美元的總收入和 1.04 億美元的 EBITDA 超過了我們預期的上限。這種出色的表現是由於我們自 2022 年初調整公司方向以來取得的進展，以及在艱難的住房環境中有利的相對順風。

Since the beginning of 2022, we have made significant investments in improving our customer funnel, capturing more customer demand and connecting more of that demand to our strengthening partner network, resulting in increased conversion rates in Premier Agent. We have focused on many improvements in our customer funnel experience by offering clear call to action that quickly and efficiently help solve customer needs. These numerous incremental changes collectively have been adding up to make a real impact on our business.

自 2022 年初以來，我們在改善客戶渠道、捕捉更多客戶需求並將更多需求與我們不斷加強的合作夥伴網絡聯繫起來方面進行了大量投資，從而提高了 Premier Agent 的轉化率。我們通過提供明確的號召性用語來快速有效地幫助解決客戶需求，從而專注於客戶渠道體驗的許多改進。這些無數的增量變化加起來對我們的業務產生了真正的影響。

The most tangible example we made over the last year is providing easier ways for buyers to request home tours on Zillow apps and sites. This has resulted in less drop-off in our funnel, which is a key driver behind improved expected lead volumes of higher-intent customers, which does not yet even account for the benefits I'll discuss shortly from real-time touring. Overall, it has been nice to see our focus and investments begin to pay off, with our year-over-year residential revenue outpacing the broader real estate market by 1,300 basis points and an expectation that we will see continued relative gains in Q2.

我們在去年所做的最具體的例子是為買家提供更簡單的方式來請求 Zillow 應用程序和網站上的家庭旅遊。這導致我們漏斗中的流失減少，這是提高更高意向客戶的預期潛在客戶數量的關鍵驅動因素，這甚至還沒有說明我將在短期內從實時旅遊中討論的好處。總的來說，很高興看到我們的關注和投資開始得到回報，我們的住宅收入同比超過更廣泛的房地產市場 1,300 個基點，並且預計我們將在第二季度看到持續的相對增長。

Beyond our revenue gains relative to the industry, we are also pleased with the profit leverage in our business model. Our EBITDA outperformance for the quarter is a nod to how nicely revenue outperformance can flow through to the bottom line when we prudently manage costs. We couple these results with a strong balance sheet, ending the quarter with $3.4 billion in cash and investments even after buying back $86 million of stock in Q1.

除了我們相對於行業的收入增長外，我們還對我們商業模式中的利潤槓桿感到滿意。我們本季度的 EBITDA 出色表現表明，當我們審慎管理成本時，收入出色表現可以很好地轉化為利潤。我們將這些結果與強勁的資產負債表相結合，即使在第一季度回購了 8600 萬美元的股票之後，本季度末仍擁有 34 億美元的現金和投資。

Interestingly and unexpectedly during the quarter, we have felt the first tremor of what we believe to be a coming earthquake in the broader technology landscape with the introduction of OpenAI's ChatGPT. We believe the arrival of conversational, generative AI may well be a platform shift on par with the introduction of the graphical user interface or the touch interface on the first smartphones.

有趣且出乎意料的是，在本季度，隨著 OpenAI 的 ChatGPT 的推出，我們感受到了我們認為在更廣泛的技術領域即將到來的地震的第一次震動。我們認為，對話式、生成式人工智能的到來很可能是一種平台轉變，與第一代智能手機上圖形用戶界面或觸摸界面的引入不相上下。

Artificial intelligence, machine learning, computer vision and the use of data have been core to Zillow since our founding. Our AI journey began in 2006 with the invention of the Zestimate, which required massive amounts of data and the machine learning algorithm, albeit one that looks quite primitive versus what we have deployed today.

自我們成立以來，人工智能、機器學習、計算機視覺和數據的使用一直是 Zillow 的核心。我們的 AI 之旅始於 2006 年 Zestimate 的發明，它需要大量數據和機器學習算法，儘管與我們今天部署的算法相比，它看起來相當原始。

What started with AI and Zestimate expanded to more parts of the product in the years that followed : advancements with our new Neural Zestimate, computer vision-powered rich media experiences, AI-generated immersive floor plans and natural language search queries are 4 more recent examples of how these capabilities show up in our products and services today.

在接下來的幾年裡，從 AI 和 Zestimate 開始擴展到產品的更多部分：我們新的 Neural Zestimate 的進步、計算機視覺驅動的富媒體體驗、AI 生成的沉浸式平面圖和自然語言搜索查詢是最近的 4 個例子這些功能如何在我們今天的產品和服務中體現。

The launch of ChatGPT and now new Bing and Bard have brought AI out of the basement and into the light for all of us to interact with. We recognize that it is in its infancy, that it is evolving incredibly fast and that it is fraught on many levels. However, we are excited and confident in our ability to harness its power to drive growth. We believe this technology will improve our customer and partner experiences, meaningfully increase the productivity of our employees and the velocity of our output and ultimately drive growth for both Zillow and our partners' businesses. We are well positioned for this opportunity, not only because we have understood and been early adopters of important new platforms as they emerged, like we did with iOS and Android, but also because we have the brand, the audience, and the access to large, proprietary, relevant data sets as well.

ChatGPT 的推出以及現在新的 Bing 和 Bard 將 AI 帶出了地下室，讓我們所有人都能與之互動。我們認識到它處於起步階段，它正在以驚人的速度發展，並且在許多層面上都充滿了挑戰。然而，我們對利用其力量推動增長的能力感到興奮和自信。我們相信這項技術將改善我們的客戶和合作夥伴體驗，顯著提高我們員工的生產力和產出速度，並最終推動 Zillow 和我們合作夥伴業務的增長。我們為這個機會做好了充分準備，不僅因為我們了解重要的新平台並在它們出現時成為早期採用者，就像我們對 iOS 和 Android 所做的那樣，還因為我們擁有品牌、受眾和大量訪問權限，專有的相關數據集。

There is another valid worry out there about how ChatGPT might disrupt the physics of the way people search, find and navigate the web itself. At Zillow, we are experimenting aggressively to understand this new paradigm. OpenAI's ChatGPT has a limited-release alpha plug-in program that enables select app developers to have API-level platform access. We launched an alpha-version Zillow plug-in yesterday, which operates in a small sandbox but with which we will learn and iterate rapidly. Again, I am confident that Zillow is well positioned for whatever disruption may come not only because we are leaning in hard, but because we own our own customer demand.

關於 ChatGPT 可能會如何破壞人們搜索、查找和瀏覽網絡本身的物理方式，還有另一個有效的擔憂。在 Zillow，我們正在積極嘗試以理解這種新範式。 OpenAI 的 ChatGPT 有一個限量發行的 alpha 插件程序，使選定的應用程序開發人員能夠訪問 API 級平台。我們昨天發布了一個 alpha 版本的 Zillow 插件，它在一個小沙箱中運行，但我們將通過它快速學習和迭代。再一次，我相信 Zillow 能夠很好地應對可能發生的任何破壞，這不僅是因為我們努力向前，而且因為我們擁有自己的客戶需求。

The #1 core value at Zillow is that the customer is our North Star. Starting with the Zestimate, we have released a drumbeat of magical product innovations, which empower, entertain and engage our customers throughout their home shopping journey. That has freed us to predominantly market Zillow via good old word of mouth, boosted by great PR and brand marketing. We have always believed that the product itself is the most important part of the marketing mix. This has worked well for us. Our brand has grown to become the best-known and trusted name in real estate. Zillow is the leading real estate app and site in the U.S. according to comScore.

Zillow 的第一核心價值是客戶是我們的北極星。從 Zestimate 開始，我們發布了一系列神奇的產品創新，在客戶的整個家庭購物之旅中賦予他們權力、娛樂和吸引他們。在出色的公關和品牌營銷的推動下，這使我們能夠通過良好的口口相傳來主要營銷 Zillow。我們一直認為，產品本身是營銷組合中最重要的部分。這對我們很有效。我們的品牌已發展成為房地產領域最知名和最值得信賴的品牌。根據 comScore 的數據，Zillow 是美國領先的房地產應用程序和網站。

While we recognize and respect that SEO and SEM have a real and important place in the marketing mix, we have always been keenly aware that any vertical site's overdependence on SEO and SEM makes it strategically fragile. Today, over 80% of our traffic comes to us directly. This is rare and very good. The direct-branded relationship we have with our customers will help us well into the future.

雖然我們認識到並尊重 SEO 和 SEM 在營銷組合中佔有重要地位，但我們一直敏銳地意識到，任何垂直網站對 SEO 和 SEM 的過度依賴都會使其在戰略上變得脆弱。今天，超過 80% 的流量直接來自我們。這是罕見的，非常好。我們與客戶建立的直接品牌關係將幫助我們走向未來。

As you all know, a few years ago, we embarked on a new frontier to digitize the real estate transaction itself, to convert and monetize small but increasing percentage of the 200 million average monthly unique users on our asset sites, turning them into transactors. Our growth investments are focused on improving the transaction experience so that we might not only help people search and find homes but also help them buy, sell, finance and rent and ultimately get into the next home with more ease, more transparency, more efficiency than ever before. We've been laying the groundwork for our transaction strategy for quite some time and believe this is how we both differentiate and continue to grow our business and our brand, by being the destination for buyers', sellers' and renters' end-to-end housing transaction needs.

眾所周知，幾年前，我們開闢了一個新領域，將房地產交易本身數字化，將我們資產網站上 2 億平均每月獨立用戶中的一小部分但比例不斷增加的人轉化和貨幣化，將他們轉變為交易者。我們的增長投資專注於改善交易體驗，這樣我們不僅可以幫助人們搜索和尋找房屋，還可以幫助他們購買、出售、融資和租賃，並最終以比以往更輕鬆、更透明、更高效的方式進入下一個家。以前。很長一段時間以來，我們一直在為我們的交易策略奠定基礎，並且相信這就是我們通過成為買家、賣家和租戶端到端的目的地來區分和繼續發展我們的業務和品牌的方式——終端房屋交易需求。

This strategy of shifting our focus and efforts down funnel to the transaction is manifest in what we call our housing super app vision, an integrated end-to-end experience to help our customers move. Our goal is to increase engagement, customer transactions and revenue per customer 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 customer transactions from 3% to 6% by the end of 2025.

這種將我們的注意力和努力轉移到交易渠道的策略體現在我們所謂的住房超級應用程序願景中，這是一種集成的端到端體驗，可幫助我們的客戶搬家。我們的目標是通過投資 5 個增長支柱來增加參與度、客戶交易和每筆客戶交易的收入：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 年底將我們在客戶交易中的份額從 3% 增加到 6%。

On our road map, 2023 is about execution, steadily rolling out products in constrained geographies across our 5 growth pillars and integrating them to create a seamless experience for our customers and partners. We are obviously excited about all the tech-enabled solutions we're building to improve the gnarly process of moving, but we are clear-eyed about the importance of connecting that technology to our critical partners in the physical world as well as the physical homes and apartments that are available for sale or rent.

在我們的路線圖中，2023 年是關於執行的，在我們 5 個增長支柱的受限地區穩步推出產品，並將它們整合起來，為我們的客戶和合作夥伴創造無縫體驗。我們顯然對我們正在構建的所有技術支持的解決方案感到興奮，這些解決方案旨在改善粗糙的移動過程，但我們清楚地認識到將該技術與我們在物理世界和物理家庭中的關鍵合作夥伴聯繫起來的重要性以及可供出售或出租的公寓。

Rich, smart integration within our ecosystem is crucial to our housing super app vision, be it connecting with the Premier Agent partner that tours homes with you after you book it with ShowingTime or working with the Zillow Home Loans officer who secures your mortgage. We are bringing this seamless, connected experience to various markets throughout the country with our first 4 in Raleigh, Denver, Atlanta and Phoenix.

我們生態系統中豐富、智能的集成對於我們的住房超級應用程序願景至關重要，無論是在您通過 ShowingTime 預訂後與您一起參觀房屋的 Premier Agent 合作夥伴建立聯繫，還是與確保您的抵押貸款的 Zillow Home Loans 官員合作。我們在羅利、丹佛、亞特蘭大和鳳凰城開設了前 4 家，將這種無縫連接的體驗帶到了全國各地的各個市場。

I'll kick off our product road map progress report with touring. Stepping into the home, whether virtually through a 3D -- a Zillow 3D home interactive floor plan, where our computer vision technology makes it feel like you're walking through the home; or in person when you are actually physically touring the home with your Premier Agent partner, brings the shopping experience to life. So when we talk about touring, we're talking about the point-of-sale moment when dreamers turn into customers. This means capturing the attention of the users who are currently dreaming and scrolling at the top of the funnel and providing them with a tangible step into the real-life home shopping experience of touring a home.

我將通過參觀開始我們的產品路線圖進度報告。走進家中，無論是虛擬地通過 3D 還是 Zillow 3D 家庭交互式平面圖，我們的計算機視覺技術讓您感覺就像在家中行走；或者當您與您的 Premier Agent 合作夥伴實際參觀房屋時親自前往，讓購物體驗栩栩如生。因此，當我們談論巡迴演出時，我們談論的是夢想家變成客戶的銷售點時刻。這意味著要吸引目前正在做夢並在漏斗頂部滾動的用戶的注意力，並為他們提供切實可行的一步，讓他們能夠體驗到現實生活中的家庭購物體驗。

This is one of our big bets and a critical piece of our product road map because our data shows that movers who request a tour convert to buyers at 3x the rate of other actions on Zillow. And making improvements to the home tour process is critical to achieving the seamless, connected experience we envision. Enabled by ShowingTime's integration with Zillow, real-time touring allows eligible buyers to get a tour confirmed in less than an hour with much less friction in the process.

這是我們的大賭注之一，也是我們產品路線圖的關鍵部分，因為我們的數據顯示，請求參觀的推動者轉化為買家的速度是 Zillow 上其他行為的 3 倍。改進家庭旅遊流程對於實現我們設想的無縫連接體驗至關重要。通過 ShowingTime 與 Zillow 的集成，實時巡演使符合條件的買家能夠在不到一個小時的時間內確認巡演，並且過程中的摩擦要少得多。

In February, we shared early results we were seeing with real-time touring in Atlanta. Connection rates were higher, and customers were more likely to work with our Premier Agent partners. That trend continued in Q1, leading to more tours being fulfilled and early indications of higher transaction rates.

2 月，我們分享了在亞特蘭大進行實時巡演時看到的早期結果。連接率更高，客戶更有可能與我們的 Premier Agent 合作夥伴合作。這一趨勢在第一季度繼續，導致更多旅行團完成，早期跡象表明交易率更高。

I'm pleased to share we have now rolled out real-time touring in our other 3 enhanced markets: Raleigh, Denver and Phoenix. Combined with the other initiatives we're driving in our enhanced markets, real-time touring is improving our funnel, driving meaningful improvements in our ability to connect higher-intent customers to our Premier Agent partners.

我很高興地與大家分享，我們現在已經在其他 3 個增強型市場推出了實時遊覽：羅利、丹佛和鳳凰城。結合我們在增強市場中推動的其他舉措，實時巡迴演出正在改進我們的渠道，推動我們將更高意向的客戶與我們的 Premier Agent 合作夥伴聯繫起來的能力進行有意義的改進。

Beyond our improvements in touring, we are continuing to enhance our partner network. As we've discussed, our Premier Agent partners are critical to delivering integrated service and, therefore, growth. What's good for our customers is good for our agent partners. Helping customers find and win their homes also helps agents grow their businesses. We are holding ourselves accountable to connect higher-intent customers to our partners and are holding our Premier Agent partners accountable to higher-performance standards as well.

除了我們在旅遊方面的改進外，我們還在繼續加強我們的合作夥伴網絡。正如我們所討論的，我們的 Premier Agent 合作夥伴對於提供集成服務以及因此增長至關重要。對我們的客戶有利的就是對我們的代理合作夥伴有利。幫助客戶找到並贏得他們的家也有助於代理商發展他們的業務。我們要求自己負責將更高意向的客戶與我們的合作夥伴聯繫起來，並要求我們的 Premier Agent 合作夥伴也對更高的績效標準負責。

Across all 4 enhanced markets, we meaningfully consolidated our partner network with a focus on Premier Agent partners, who convert leads into transactions best, who treat our customers best and who are motivated to grow their businesses alongside us. And we are seeing the operational benefits from working with a tighter set of partners.

在所有 4 個增強的市場中，我們有意義地鞏固了我們的合作夥伴網絡，重點關注 Premier Agent 合作夥伴，他們最好地將潛在客戶轉化為交易，最好地對待我們的客戶，並且有動力與我們一起發展他們的業務。我們看到了與更緊密的合作夥伴合作帶來的運營收益。

First, we're able to work more closely to deliver a brand-aligned experience to our shared customers. And second, it has allowed us to quickly test new products and services and evaluate in real time how things are going before we scale. Most importantly, we are seeing improvements in customer satisfaction and engagement as we connect customers with our strongest partners in each market.

首先，我們能夠更緊密地合作，為我們共同的客戶提供品牌一致的體驗。其次，它使我們能夠快速測試新產品和服務，並在我們擴展之前實時評估事情的進展情況。最重要的是，隨著我們將客戶與每個市場中最強大的合作夥伴聯繫起來，我們看到了客戶滿意度和參與度的提高。

For our next product road map update, I'll cover financing. This is an important investment for us because 87% of homes purchased are financed for the mortgage, 40% of all homebuyers start their journey shopping for a mortgage, and 80% of those don't yet have an agent. We told you before that we've turned our attention towards building the foundation for a substantial first-party, direct-to-consumer purchase mortgage origination business. Our top priorities include building overall awareness for Zillow Home Loans, building a better digital mortgage experience, bolstering our loan officers' tools and capabilities and working closely with our Premier Agent partner base to build integrated processes. And we're making progress on all fronts.

對於我們的下一個產品路線圖更新，我將介紹融資。這對我們來說是一項重要的投資，因為 87% 的購房者是為抵押貸款融資的，40% 的購房者開始購買抵押貸款的旅程，而其中 80% 的人還沒有代理人。我們之前告訴過您，我們已將注意力轉向為大量第一方、直接面向消費者的購買抵押貸款發起業務奠定基礎。我們的首要任務包括建立對 Zillow Home Loans 的整體意識，建立更好的數字抵押體驗，增強我們信貸員的工具和能力，以及與我們的 Premier Agent 合作夥伴群密切合作以構建集成流程。我們正在各方面取得進展。

You may recall last quarter, we spoke about the 2 broad ways in which customers connect with Zillow Home Loans, property first and financing first, so named based on whether our customer entered their transaction journey through a property inquiry or through a mortgage inquiry. I'll start with property first, which is when our Zillow Home Loans lead comes back to us from a Premier Agent partner who is working with a home shopping customer we had previously sent them.

您可能還記得上個季度，我們談到了客戶與 Zillow Home Loans 聯繫的兩種主要方式，即房產優先和融資優先，根據我們的客戶是通過房產查詢還是通過抵押貸款查詢進入他們的交易旅程來命名。我將從財產開始，這是當我們的 Zillow 房屋貸款線索從高級代理合作夥伴返回給我們時，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。

We are now seeing roughly 1 in 3 Premier Agent partners in our enhanced markets introduce customers to Zillow Home Loans, up from roughly 1 in 5 last quarter. Continue to drive conversion here, we focused on making it much easier for Premier Agent partners to connect customers with Zillow Home Loans, which makes for a more seamless connection process that generates a better customer experience.

我們現在看到，在我們的增強型市場中，大約有三分之一的 Premier Agent 合作夥伴將客戶介紹給 Zillow Home Loans，高於上一季度的大約五分之一。繼續推動此處的轉換，我們專注於讓 Premier Agent 合作夥伴更輕鬆地將客戶與 Zillow Home Loans 聯繫起來，從而實現更無縫的連接過程，從而產生更好的客戶體驗。

First, it provides our customers optionality. For customers who may have sought financing advice elsewhere, Premier Agent partners can give them the choice to speak with a Zillow Home Loans officer if they want to seek a second opinion. Second, our Premier Agent partners can connect a customer to a Zillow Home Loans officer with confidence because they can choose the loan officer who specializes in their market and who can provide a more knowledgeable, personalized financing experience.

首先，它為我們的客戶提供了選擇權。對於可能在其他地方尋求融資建議的客戶，Premier Agent 合作夥伴可以讓他們選擇與 Zillow Home Loans 官員交談，如果他們想尋求第二意見。其次，我們的 Premier Agent 合作夥伴可以自信地將客戶與 Zillow Home Loans 官員聯繫起來，因為他們可以選擇專門從事其市場並且可以提供知識更豐富、個性化的融資體驗的信貸員。

Let's now switch over to financing first, the other entry point, which is when a customer starts their moving journey by getting prequalified before they are connected to an agent. We've made some very good progress here. We've begun turning the dial on a number of different strategies to build overall awareness of Zillow Home Loans, including recently rolling out an update on the Zillow app to put financing at the forefront of the customer experience.

現在讓我們首先切換到融資，這是另一個切入點，即客戶在與代理商建立聯繫之前通過資格預審開始他們的搬家之旅。我們在這裡取得了一些非常好的進展。我們已經開始採取多種不同的策略來建立對 Zillow Home Loans 的整體認知，包括最近推出 Zillow 應用程序的更新，將融資置於客戶體驗的最前沿。

We've rolled out a central hub for financing on the navigation bar at the bottom of the app, which gives the customer multiple options, including a "calculate what you can afford" tool and a direct connection to Zillow Home Loans via a get prequalified button. We began rolling this out in early April and expect it to be available to customers nationally by the end of Q2. We've also shipped an affordability search filter that gives home shopper the ability to customize the home details page, only showing them homes that fit within their monthly mortgage payment budget. These are 2 examples of how we're putting financing at the forefront, working to improve awareness of Zillow Home Loans and shipping features of the housing super app as we strive to solve our customers' complicated problems.

我們在應用程序底部的導航欄上推出了一個中央融資中心，為客戶提供多種選擇，包括“計算您的負擔能力”工具和通過資格預審直接連接到 Zillow Home Loans按鈕。我們於 4 月初開始推出此功能，預計到第二季度末將在全國范圍內向客戶提供。我們還提供了一個負擔能力搜索過濾器，讓購房者能夠自定義房屋詳細信息頁面，只向他們顯示符合每月抵押貸款支付預算的房屋。這些是我們如何將融資放在首位的兩個例子，在我們努力解決客戶的複雜問題時，努力提高人們對 Zillow Home Loans 和住房超級應用程序的運輸功能的認識。

As we've said before, we think there is a big prize for us in purchase mortgage originations and extending Zillow's umbrella over mortgages is a critical part of our transformation. As a result of all of our efforts across our mortgage investments, purchase loan origination volumes in Q1 doubled year-over-year.

正如我們之前所說，我們認為購買抵押貸款的發起對我們來說是一個巨大的獎勵，而擴展 Zillow 對抵押貸款的保護傘是我們轉型的關鍵部分。由於我們在抵押貸款投資方面的所有努力，第一季度的購買貸款發放量同比翻了一番。

So I feel quite good about progress against that which we can control. But of course, we continue to live in a very challenging housing macro environment with no clear indications of a turn. Transactions continue to be low. High demand to move supports a stable pricing environment, but high rates has somewhat locked sellers into their existing low-rate mortgages. Though we see record combined new home and new apartment inventory on the way, it will take quite some time to balance demand with supply and to normalize the market. And while we may see rates come down at any time, we are certainly not counting on it. Meanwhile, we are well capitalized, generating positive operating cash flow and, heads down, making progress on our growth plan, converting traffic into transactions with the help of our rapid product innovation and our increasingly intertwined relationships with our terrific partners and loan officers.

因此，我對我們可以控制的進展感到非常滿意。但當然，我們繼續生活在一個非常具有挑戰性的住房宏觀環境中，沒有明顯的轉變跡象。成交量持續低迷。高搬遷需求支持穩定的定價環境，但高利率在某種程度上將賣家鎖定在現有的低利率抵押貸款中。儘管我們看到創紀錄的新房和新公寓存量正在增加，但要平衡供需並使市場正常化還需要相當長的時間。雖然我們可能會隨時看到利率下降，但我們當然不會指望它。與此同時，我們資本充足，產生正的經營現金流，並且在我們的增長計劃上取得進展，借助我們快速的產品創新以及我們與出色的合作夥伴和貸款人員日益緊密的關係，將流量轉化為交易。

To close, I am pleased with how we started the year, as evidenced by our solid Q1 results. That said, we have a lot of work to do to drive outsized gains in our share of customer transactions moving forward, and our team is focused on delivering on our product road map in service of our customers. We appreciate you all being on the journey with us and look forward to connecting with you in the days and weeks ahead.

最後，我對我們今年的開局感到滿意，我們第一季度的穩健業績證明了這一點。也就是說，我們還有很多工作要做，以推動我們在客戶交易中所佔份額的巨大收益向前發展，我們的團隊專注於交付我們的產品路線圖，為我們的客戶提供服務。我們感謝大家與我們一起踏上旅程，並期待在未來的幾天和幾週內與您聯繫。

With that, I'll pass it over to Allen. Allen?

有了這個，我會把它傳遞給艾倫。艾倫？

Thanks, Rich. In Q1, we delivered results above our outlook for both revenue and EBITDA. Residential revenue also outperformed the tough housing industry, and we expect that trend to continue into Q2. Residential revenue was $361 million, down 14% year-over-year, outperforming the high end of our outlook range and the industry total transaction dollar decline of 27%, according to data from the National Association of Realtors. The relative outperformance was driven by a combination of the strength of our brand, a better-than-expected number of customer connections provided to our Premier Agent partners from the investments we have made that Rich already discussed and favorable tailwinds relative to the industry that we've discussed before.

謝謝，里奇。在第一季度，我們實現了高於預期的收入和 EBITDA 業績。住宅收入也跑贏了艱難的房地產行業，我們預計這一趨勢將持續到第二季度。根據全國房地產經紀人協會的數據，住宅收入為 3.61 億美元，同比下降 14%，超出我們預期範圍的上限，行業總交易額下降 27%。相對出色的表現是由於我們的品牌實力、Rich 已經討論過的投資向我們的高級代理合作夥伴提供的客戶聯繫數量好於預期以及我們認為與行業相關的有利順風共同推動的。之前討論過。

New construction revenue was also strong during Q1, growing 16% year-over-year as customers turned to new construction given tight housing inventory. Rentals revenue increased 21% year-over-year as rentals traffic on Zillow grew 16% year-over-year to 29 million average monthly unique visitors in Q1 per comScore despite industry headwinds in multifamily demand. Our industry-leading rentals traffic helped us drive accelerated year-over-year growth in the number of multifamily partners on our apps and sites when compared to Q4 2022. We also continue to see industry tailwinds with occupancy rates declining from historically high levels. And lower rental customer demand, combined with new supply coming onto the market, drove an increased need for advertising for landlords.

第一季度的新建築收入也很強勁，同比增長 16%，因為客戶在住房庫存緊張的情況下轉向新建築。租金收入同比增長 21%，因為 Zillow 的租金流量同比增長 16%，根據 comScore 的數據，第一季度平均每月獨立訪客達到 2900 萬，儘管多戶家庭需求存在行業逆風。與 2022 年第四季度相比，我們行業領先的租賃流量幫助我們推動了應用程序和網站上多戶家庭合作夥伴數量的同比加速增長。我們還繼續看到行業順風，入住率從歷史高位下降。較低的租賃客戶需求，加上市場上的新供應，推動了對房東廣告的需求增加。

Mortgages revenue was $26 million, with purchase loan origination volumes growing 9% sequentially and more than 100% year-over-year. We continue to make progress building our Zillow Home Loans purchase mortgage business. We began to assign our centralized team of loan officers to specific geographic areas and enhance the ability for Premier Agent partners and their buyers to choose their loan officer. We also made changes to our apps and sites to show Zillow Home Loans to more customers. Given this progress and to meet customer demand, we plan to increase our number of loan officers in the coming months while we closely monitor operational efficiencies.

抵押貸款收入為 2600 萬美元，購房貸款發放量環比增長 9%，同比增長超過 100%。我們繼續在建設 Zillow Home Loans 購買抵押貸款業務方面取得進展。我們開始將我們集中的信貸員團隊分配到特定的地理區域，並增強 Premier Agent 合作夥伴及其買家選擇信貸員的能力。我們還對我們的應用程序和網站進行了更改，以向更多客戶展示 Zillow Home Loans。鑑於這一進展並滿足客戶需求，我們計劃在未來幾個月增加信貸員的數量，同時密切監控運營效率。

Our EBITDA expenses totaled $365 million in Q1, roughly flat from $362 million in Q4 and meeting the midpoint of the range implied in our outlook for Q1. We grew planned investments in our key growth initiatives with active cost management of other discretionary and nonpeople-related costs, such as direct advertising and marketing expenses, which were down both sequentially and year-over-year.

我們在第一季度的 EBITDA 支出總計 3.65 億美元，與第四季度的 3.62 億美元大致持平，並且達到了我們對第一季度展望所暗示範圍的中點。我們增加了對關鍵增長計劃的計劃投資，並對其他可自由支配和非人員相關的成本進行積極的成本管理，例如直接廣告和營銷費用，這些費用環比和同比均有所下降。

On a GAAP basis, net loss was $22 million in Q1, and net loss margin was 5%. EBITDA was $104 million, above the midpoint of our outlook range by $48 million in Q1. EBITDA margin was 22%. This outperformance demonstrates the inherent profit leverage in our business model and how quickly revenue outperformance can flow through to the bottom line.

根據 GAAP，第一季度淨虧損為 2200 萬美元，淨虧損率為 5%。第一季度 EBITDA 為 1.04 億美元，比我們預期範圍的中點高出 4800 萬美元。 EBITDA 利潤率為 22%。這種出色表現證明了我們商業模式中固有的利潤槓桿，以及收入出色表現可以多快地流入底線。

We ended Q1 with $3.4 billion of cash and investments, flat from the end of 2022, which includes the benefit of net cash provided by operating activities as well as the impact of $86 million in share repurchases during Q1. Convertible debt was $1.7 billion at the end of Q1.

我們以 34 億美元現金和投資結束了第一季度，與 2022 年底持平，其中包括經營活動提供的淨現金收益以及第一季度 8600 萬美元股票回購的影響。第一季度末可轉換債券為 17 億美元。

Turning to our outlook for Q2. We expect total revenue to be $451 million to $479 million, implying a year-over-year decline of 8% at the midpoint of our outlook range. We expect residential revenue to be in the range of $341 million to $361 million, down 10% year-over-year at the midpoint of our outlook range as compared to our estimate for an industry transaction dollar decline between 18% and 28% year-over-year in Q2. This implies 4 consecutive quarters of outperformance relative to the industry.

轉向我們對第二季度的展望。我們預計總收入為 4.51 億美元至 4.79 億美元，這意味著在我們展望範圍的中點時同比下降 8%。我們預計住宅收入將在 3.41 億美元至 3.61 億美元之間，在我們展望範圍的中點同比下降 10%，而我們對行業交易美元同比下降 18% 至 28% 的估計第二季度超過一年。這意味著連續 4 個季度表現優於行業。

For Premier Agent, we estimate revenue will decrease 9% to 13% year-over-year. We expect the investments we have made in our funnel will continue to deliver benefits into Q2. As the macro backdrop remains choppy, we continue to focus on the inputs we can control, adding value to our customers and shipping great products while actively managing costs.

對於 Premier Agent，我們估計收入將同比下降 9% 至 13%。我們預計我們在漏斗中所做的投資將繼續為第二季度帶來收益。由於宏觀背景仍然動盪不安，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提供優質產品，同時積極管理成本。

For Q2, we expect EBITDA to be in the range of $61 million to $81 million, implying a 15% margin at the midpoint of our outlook range. Our outlook implies a planned increase in EBITDA expenses from $365 million in Q1 to a range of $390 million to $398 million for Q2, driven primarily by a sequential increase in marketing and advertising expenses, which is the largest driver. This is a combination of typical seasonal spending in Q2 and a pull forward of previously planned second half marketing as we are ready to test additional initiatives in our enhanced markets earlier than expected. We also have a small amount of advertising that we pushed from Q1 to Q2.

對於第二季度，我們預計 EBITDA 將在 6100 萬美元至 8100 萬美元之間，這意味著在我們展望範圍的中點有 15% 的利潤率。我們的展望表明 EBITDA 支出計劃從第一季度的 3.65 億美元增加到第二季度的 3.9 億美元至 3.98 億美元，這主要是由於營銷和廣告費用的連續增長，這是最大的驅動因素。這是第二季度典型的季節性支出和先前計劃的下半年營銷活動的結合，因為我們準備好比預期更早地在我們增強的市場中測試其他計劃。我們還有少量廣告從第一季度推到第二季度。

In addition, we expect a modest increase in planned hiring investments as we continue to support our growth strategy. Part of the increase includes some hiring timing that was moved from Q1 to Q2 and staffing up to support product and market launches during the remainder of the year. We also expect to add variable resources for increased activity levels, such as hiring of additional loan officers, evidence that our growth strategy is gaining traction. Taken as a whole, we believe Q2 EBITDA expenses will be close to the run rates we expect in the second half based on what we know today.

此外，隨著我們繼續支持我們的增長戰略，我們預計計劃的招聘投資將適度增加。部分增長包括將一些招聘時間從第一季度移至第二季度，以及在今年剩餘時間配備人員以支持產品和市場發布。我們還希望增加可變資源以提高活動水平，例如僱用更多信貸員，這表明我們的增長戰略正在獲得牽引力。總的來說，我們認為第二季度的 EBITDA 支出將接近我們根據今天所知的下半年預期的運行率。

We are currently willing to look through the macroeconomic environment as we balance prudent investments while constantly seeking operating efficiencies across the business. We are making progress on reducing friction in our funnel, and we feel good about the progress we are making towards our growth pillars. We believe investing against our growth targets while managing costs is the right thing to do to drive customer transaction share and grow revenue per transaction. We have a high incremental margin business, where we expect to see operating leverage as we grow revenue across the housing industry cycle.

我們目前願意審視宏觀經濟環境，平衡謹慎的投資，同時不斷尋求整個企業的運營效率。我們在減少漏斗中的摩擦方面取得了進展，我們對在實現增長支柱方面取得的進展感到滿意。我們認為，在管理成本的同時針對我們的增長目標進行投資是推動客戶交易份額和增加每筆交易收入的正確做法。我們擁有高增量利潤率業務，隨著我們在整個房地產行業周期中增加收入，我們預計會看到運營槓桿。

In closing, we remain in a strong position to invest against our strategy to better serve more customers, resulting in share growth and more revenue per transaction. As we look forward, our priorities remain focused on innovating and executing on behalf of our customers and partners. We plan to continue to grow our customer engagement through: a compelling dream and shop experience; deliver a more integrated customer transaction 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 operating cash flow company.

最後，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，從而實現份額增長和每筆交易收入增加。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。我們計劃通過以下方式繼續提高客戶參與度： 令人信服的夢想和購物體驗；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，包括繼續優先考慮我們的投資，我們預計這將推動一家盈利、可擴展和積極的運營現金流公司。

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) Our first question comes from the line of John Campbell with Stephens.

（操作員說明）我們的第一個問題來自 John Campbell 和 Stephens 的對話。

A question here on touring, and then I had a quick follow-up on mortgage. You guys have talked pretty consistently about the touring leads, converting it at 3x the rate. You guys have obviously moved more and more of that mix towards touring in recent quarters. But with a little bit more time under the belt, I'm curious how those touring lead conversions are looking in the test markets.

這裡有一個關於旅遊的問題，然後我對抵押貸款進行了快速跟進。你們一直在談論巡演線索，以 3 倍的速度轉換。你們顯然在最近幾個季度將越來越多的這種組合轉向了巡迴演出。但隨著時間的推移，我很好奇那些巡迴演出的潛在客戶在測試市場上的表現如何。

Rich, you talked to more leads and a higher rate of connections. But specifically for those under Flex, could you maybe talk to the degree of uplift in actual conversions you're seeing? And would you characterize it as maybe modest improvements or something closer to step function improvements?

Rich，您與更多潛在客戶進行了交談，並獲得了更高的連接率。但特別是對於 Flex 下的那些人，您能否談談您看到的實際轉化率的提升程度？你會把它描述為適度的改進還是更接近階躍函數的改進？

John, this is Jeremy Wacksman. I'll take that one. Yes, as Rich talked about, in general, the touring customer converts at a higher rate to transaction than a nontouring customer. And in our enhanced markets, where we're piloting this real-time touring, right, this ability to really kind of book your tour nearly instantly, we see less friction, which plugs the holes in the funnel and increases both the customers' ability to get the tour when they want. It also increases the ability for those customers to connect with our Premier Agent partners, and they report higher propensity to work with those Premier Agents. So all those things lead to a higher tour fulfillment rate.

約翰，這是傑里米·瓦克斯曼。我會拿那個。是的，正如 Rich 所說，一般來說，旅遊客戶比非旅遊客戶以更高的速度轉化為交易。在我們增強的市場中，我們正在試行這種實時旅遊，對，這種幾乎可以立即預訂您的旅遊的能力，我們看到更少的摩擦，它堵塞了漏斗中的漏洞，並提高了客戶的能力在他們想要的時候得到旅遊。它還增加了這些客戶與我們的 Premier Agent 合作夥伴聯繫的能力，並且他們報告說更傾向於與這些 Premier Agents 合作。所以所有這些都會導致更高的旅行完成率。

If you ask those customers, do they get to see the home when they want to see it, they're able to more often. And they end up liking working with the agents they're working with more often. So all of those mid-funnel metrics are really good indicators of higher transaction rates.

如果您詢問這些客戶，他們是否可以在他們想看的時候看房，他們會更頻繁地看房。他們最終更喜歡與他們合作的代理人一起工作。因此，所有這些中間漏斗指標都是更高交易率的真正好指標。

As you know, transaction cohorts take a long time to mature. That's why we're giving you all kind of early indicator data on what historically looks like higher transaction rates. And as we get that data in those markets, we'll share more.

如您所知，交易隊列需要很長時間才能成熟。這就是為什麼我們為您提供各種早期指標數據，以了解歷史上看起來更高的交易率。當我們在這些市場獲得這些數據時，我們將分享更多。

Okay. That's helpful. And then on mortgage, obviously, that's an important long-term growth driver for you guys. It's also an important cog for the super app. But granted, you're still very early stage, you're still in that build-out mode, so the strategy still might be in formation. But longer term, I'm curious how you're going to look to capitalize on the sizable CAC advantage.

好的。這很有幫助。然後是抵押貸款，顯然，這對你們來說是一個重要的長期增長動力。它也是超級應用程序的重要組成部分。但當然，你還處於非常早期的階段，你仍處於那種構建模式，所以該戰略可能仍在形成中。但從長遠來看，我很好奇您將如何利用可觀的 CAC 優勢。

At the highest level, are you looking to maybe use that to kind of run at industry average margin with in-line pricing -- or, excuse me, with lower pricing and just basically take share? Or is that something where you can maybe see a higher-than-average margin and mortgage with just better pricing?

在最高級別上，您是否希望使用它來通過在線定價以行業平均利潤率運行 - 或者，對不起，以較低的定價並基本上佔據份額？還是您可以通過更好的定價看到高於平均水平的保證金和抵押貸款？

Yes. It's a great question on mortgage in the long term. And as Rich also talked about, very early and very focused on getting the machine, the factory, the partners and the customer experience all right and all working well together.

是的。從長遠來看，這是一個很好的抵押貸款問題。正如 Rich 還談到的那樣，很早就非常專注於讓機器、工廠、合作夥伴和客戶體驗都很好，並且都很好地協同工作。

You're right to point out, we do believe we have a great CAC advantage in mortgage. The 2 hardest things, I think, for a stand-alone mortgage company to work through are how to acquire customers and how to find a great referral network of agent partners. And those are the 2 advantages that we have at Zillow with our fantastic brand and audience.

你指出的是對的，我們確實相信我們在抵押貸款方面有很大的 CAC 優勢。我認為，對於一家獨立的抵押貸款公司來說，最困難的兩件事是如何獲得客戶以及如何找到一個強大的代理合作夥伴推薦網絡。這就是我們在 Zillow 憑藉我們出色的品牌和觀眾所擁有的兩個優勢。

As Rich talked about, many customers on Zillow today are starting with that financing question, and so starting to explore ways to connect them with our own offering as well as have our agent partners refer those customers back to us who want to start with a property inquiry. So you're correct in that, that CAC advantage, which, in some cases, is 25% of industry cost, is one for us.

正如 Rich 所說，今天 Zillow 上的許多客戶都是從融資問題開始的，因此開始探索將他們與我們自己的產品聯繫起來的方法，並讓我們的代理合作夥伴將那些想要開始購買房產的客戶推薦給我們詢問。所以你是對的，CAC 優勢，在某些情況下，佔行業成本的 25%，對我們來說是一個優勢。

I think it's too early to say how we might look to structure the business long term. I guess the only comment I'll make is that as we've been growing this business carefully with our great loan officers, our great agent partners, the feedback we get is what folks care most about is closing on time and having a great and high level of service. So of course, they want great value. But as we're building the technology and the people operations to make this go, the real value to a customer and to their agent is, is the loan going to close on time, do I have transparency on when that's going to happen, and do I get a great level of service. And so that's really what we're focused on. And we think if we can deliver that, that's a great business with great margins.

我認為現在說我們如何看待長期的業務結構還為時過早。我想我唯一要說的是，由於我們一直在與我們優秀的信貸員、我們優秀的代理合作夥伴一起謹慎地發展這項業務，我們得到的反饋是人們最關心的是按時關閉並擁有一個偉大的和高水平的服務。所以當然，他們想要巨大的價值。但是，當我們正在構建技術和人員運營來實現這一目標時，對客戶及其代理人的真正價值是，貸款是否會按時結束，我是否對何時會發生透明，以及我能得到高水平的服務嗎？所以這才是我們真正關注的。我們認為，如果我們能夠做到這一點，那將是一項利潤豐厚的偉大業務。

The next question is from Ryan McKeveny with Zelman.

下一個問題來自 Ryan McKeveny 和 Zelman。

And congrats on the results. I also wanted to dig in a bit on real-time touring. So the commentary in Atlanta and the other test markets obviously sounds encouraging, and the bigger-picture idea of 3x conversions is obviously important.

並祝賀結果。我還想深入了解一下實時巡演。因此，亞特蘭大和其他測試市場的評論顯然聽起來令人鼓舞，而 3 倍轉化率的大局觀顯然很重要。

I guess what should we be thinking about in terms of how quickly or how widespread you plan to roll out real-time touring beyond just the test markets, assumingly eventually getting to a point across the country? Is this -- I guess just any time line or way you would frame how we should think about moving beyond just kind of the test phase for these enhanced markets to something more widespread?

我想我們應該考慮一下，您計劃以多快的速度或多廣泛的範圍推出實時巡演，而不僅僅是測試市場，假設最終會在全國范圍內推廣？這是——我想你會用任何時間線或方式來構建我們應該如何考慮超越這些增強市場的測試階段到更廣泛的東西？

Yes. This is Jeremy. I'll take that one, too. Nothing to share yet other than, as Rich talked about, we're really excited that we went from 1 market to 4 markets in the last quarter. And of course, as we continue to see these signals of better customer experience, better funnel performance and also better agent feedback, we're excited to figure out how can we bring that to more customers and more partners and more markets.

是的。這是傑里米。我也要那個正如 Rich 所說，除了上一季度我們從 1 個市場發展到 4 個市場，我們真的很興奮。當然，隨著我們繼續看到更好的客戶體驗、更好的漏斗性能以及更好的代理反饋的這些信號，我們很高興弄清楚我們如何才能將其帶給更多的客戶、更多的合作夥伴和更多的市場。

I will just caution, the complexity of that and the reason we're doing this market by market is because it is a new workflow. So to the customer, it maybe looks invisible, that you click this button on Zillow and something better happens and there's less friction, but it's an entirely different way for an agent team to connect with those customers than what they've done before. And so that's why we've been very methodical in working closely with these great, optimized partners we're working with to help them figure out how to retrain their agent teams to go meet these customers where they are.

我只是提醒一下，它的複雜性以及我們逐個市場進行這個市場的原因是因為它是一個新的工作流程。因此，對於客戶來說，它可能看起來是隱形的，您在 Zillow 上單擊此按鈕會發生更好的事情並且摩擦會減少，但對於代理團隊來說，這是一種與他們以前所做的完全不同的方式來與這些客戶建立聯繫。因此，這就是為什麼我們一直有條不紊地與我們合作的這些優秀、優化的合作夥伴密切合作，以幫助他們弄清楚如何重新培訓他們的代理團隊，以便在他們所在的地方與這些客戶會面。

So part of the benefit of it is the less friction on the digital side. Part of the other benefit is the less friction on the operational side. And making sure we get that right with each partner is something we're really focused on.

因此，它的部分好處是減少了數字方面的摩擦。另一個好處是減少了操作方面的摩擦。確保我們與每個合作夥伴都能做到這一點是我們真正關注的事情。

Got it. No, that's great. And second question maybe for Allen. I think you alluded to this in your commentary on the OpEx and mentioning the uplift with some hiring into 2Q. I guess, generally, as you do go from, let's say, test markets to the broader footprint, either with touring or just the other initiatives, generally speaking, should we expect OpEx to kind of be on an incremental trend up as more of these new initiatives are rolled out? Or do you reach a point where effectively the OpEx or the cost base you guys have just gets incrementally leveraged?

知道了。不，那太好了。第二個問題可能是給艾倫的。我認為你在對 OpEx 的評論中提到了這一點，並提到了第二季度的一些招聘。我想，總的來說，當你從，比方說，測試市場到更廣泛的足跡，無論是巡迴演出還是只是其他計劃，一般來說，我們是否應該期望 OpEx 會隨著更多這些活動而呈遞增趨勢推出新舉措？或者你是否達到了有效地提高 OpEx 或你們的成本基礎的地步？

Did I lose you?

我失去你了嗎？

No. We hear you, Allen.

不，我們聽到你了，艾倫。

Okay. Yes. Thanks, Ryan. So what I described is we gave some guidance kind of on our EBITDA OpEx to tick up in Q2. And we believe the guide we have for Q2 is pretty representative of what we expect in run rate as we close out the year. Obviously, as we see success and to the extent mortgage would be a great example, if volume were to tick up, there would be some variable resources that we'd hire to support that volume. But that would come also with the increase in revenue.

好的。是的。謝謝，瑞安。所以我所描述的是我們在第二季度對我們的 EBITDA OpEx 提供了一些指導。而且我們相信我們對第二季度的指南非常代表我們在今年結束時對運行率的預期。顯然，正如我們所看到的成功，並且在某種程度上抵押貸款將是一個很好的例子，如果交易量增加，我們將僱用一些可變資源來支持該交易量。但這也會隨著收入的增加而到來。

So I think in terms of modeling, what I would say is we're having to tick up from Q1 to Q2. We expect that run rate, based on what we know today, to be relatively consistent as we close out the year. And as we make progress on these -- as we make progress on our initiatives, again, we'll continue to look for ways to fund them. And I would expect some variable costs, but I would expect variable profits or revenue to come with that.

所以我認為就建模而言，我想說的是我們必須從第一季度到第二季度。根據我們今天所知道的情況，我們預計該運行率在我們結束這一年時會相對穩定。隨著我們在這些方面取得進展——當我們在我們的倡議上取得進展時，我們將再次尋找資助它們的方法。我希望有一些可變成本，但我希望隨之而來的是可變利潤或收入。

The next question is from the line of Jamesmichael Sherman-Lewis with Citi.

下一個問題來自花旗銀行的 Jamesmichael Sherman-Lewis。

This is Ron. I don't know if you can hear me okay.

這是羅恩。我不知道你是否能聽到我的聲音。

Yes, we got you, Ron.

是的，我們找到你了，羅恩。

Great. So Rich, I had a question. Good to talk to you all again. I just wanted to ask a little bit more about the higher conversion rates that were mentioned in the letter. And I know we talked about touring and mortgages and whatnot. But you also mentioned mid-funnel investments that have been driving those higher conversion rates since reorienting the company. Can you just help us unpack those a little bit more in terms of what's driving those higher conversion rates?

偉大的。如此豐富，我有一個問題。很高興再次和大家交談。我只是想多問一點有關信中提到的更高轉化率的問題。我知道我們談到了旅遊和抵押貸款等等。但你也提到了自公司重新定位以來一直在推動更高轉化率的漏斗中間投資。您能否幫助我們進一步了解是什麼推動了更高的轉化率？

And then maybe as a follow-on question to Rich or Allen, great to see that 1 in 3 PA partners introduced a customer to Zillow Home Loans. But maybe talk just about the plan to go after that 80% of shoppers that don't have an agent. And I get that maybe the app is a way to do that, but any other plans would be helpful.

然後可能作為 Rich 或 Allen 的後續問題，很高興看到三分之一的 PA 合作夥伴將客戶介紹給 Zillow Home Loans。但也許只談論針對 80% 沒有代理的購物者的計劃。我知道也許該應用程序是一種方法，但任何其他計劃都會有所幫助。

Ron, this is Rich. I think the -- probably, Jeremy, you're best positioned to address the higher conversion mid-funnel question, and then we'll talk about the second part. Yes.

羅恩，這是里奇。我認為 - 可能，傑里米，你最適合解決更高轉化率的漏斗中問題，然後我們將討論第二部分。是的。

Yes. Yes, I'm happy to take the first one. Yes. I mean Rich talked a little bit in his prepared remarks around just overall reducing funnel friction. Just as a way to tease out, I think, all of the consumer improvements and technology improvements we've made on our sites and apps independent of real-time touring -- we spend a lot of time talking about our growth pillars with you all. But there are many folks hard at work at Zillow just improving the customer experience for customers using our sites and apps outside of those markets and the partner experience and the software and the processes.

是的。是的，我很高興拿第一個。是的。我的意思是 Rich 在他準備好的發言中談到了一些關於整體減少漏斗摩擦的話題。我認為，作為一種梳理的方式，我們在我們的網站和應用程序上所做的所有消費者改進和技術改進都與實時旅遊無關——我們花了很多時間與大家討論我們的增長支柱.但是有很多人在 Zillow 努力工作，只是改善在這些市場之外使用我們的網站和應用程序的客戶的客戶體驗，以及合作夥伴的體驗、軟件和流程。

And so that's things like exposing more folks and being more clear on the call to action on our websites and apps with what is a touring request, what is a financing request and what is a question that they want to ask. That's things like the software to ensure that customers more quickly can get connected with a partner when they want to ask that question and getting the right data from them to make sure that handoff and that live transfer to the agent goes well.

因此，這就是讓更多人了解並在我們的網站和應用程序上更清楚地呼籲採取行動，什麼是旅遊請求，什麼是融資請求以及他們想問什麼問題。這就像軟件一樣，可以確保客戶在想問這個問題時可以更快地與合作夥伴建立聯繫，並從他們那裡獲得正確的數據，以確保交接和向代理的實時傳輸順利進行。

So all these little things are very small, but they add up to very meaningful improvements in the number of customers that ultimately get connected and get a question answered, get what they want and then, ultimately, the quality of those connections to our agent partners. So I think that's -- it's more just teasing out all those relative improvements to the national experience juxtaposed against these very specific growth levers that we also are obviously very excited about.

所以所有這些小事都很小，但它們加起來對最終建立聯繫並回答問題，得到他們想要的客戶數量非常有意義的改進，然後最終提高與我們代理合作夥伴的聯繫質量.所以我認為那是 - 它更像是梳理出所有那些與我們顯然也非常興奮的非常具體的增長槓桿並列的國家經驗的相對改進。

Yes. And on the mortgage question, Ron, I mean we see it as a huge progress to go from 1 out of 5 Premier Agents in our enhanced markets referring or sending a ZHL potential customer back to us after we sent them the customer originally. Growing to 1 out of 3 is a pretty big win.

是的。關於抵押貸款問題，羅恩，我的意思是我們認為這是一個巨大的進步，在我們最初將客戶發送給 ZHL 潛在客戶後，我們增強型市場中五分之一的高級代理將 ZHL 潛在客戶推薦或發送回我們。增長到三分之一是一個相當大的勝利。

Obviously, we have a lot of room to go. Ultimately, it will show up in the number of purchase mortgages we complete. But I think the answer to your question about how do we increase penetration, well, we're up 100% year-over-year. I hope we can continue at that pace. That's pretty good. But it's probably the answer -- maybe Jeremy could chime in. But it's more probably 100 more little things on funnel improvement, 100 more things, like Jeremy had just talked about, in terms of touring.

顯然，我們還有很大的發展空間。最終，它將顯示在我們完成的購買抵押貸款的數量中。但我認為你關於我們如何提高滲透率的問題的答案是，我們同比增長了 100%。我希望我們能繼續保持這樣的速度。那很好。但這可能是答案——也許 Jeremy 可以插話。但更可能是 100 多件關於漏斗改進的小事，100 多件事情，就像 Jeremy 剛才談到的，在巡迴演出方面。

I gave a couple of examples in my script of seemingly basic but really important stuff around insertion of Zillow Home Loans into the Zillow app itself in a really natural and prominent and logical way. That's just step 1. We see a long road of improvement ahead of us. And I, for one, will tell you my expectations are quite high.

我在我的腳本中給出了幾個看似基本但非常重要的例子，以一種非常自然、突出和合乎邏輯的方式將 Zillow Home Loans 插入 Zillow 應用程序本身。這只是第一步。我們看到前面還有很長的改進道路。而我，一方面，會告訴你我的期望很高。

Yes. And I mean maybe the only thing I'll add is just some comments Rich made earlier. I mean our priority for growing and scaling the overall mortgage business are building the overall awareness for Zillow Home Loans. The majority of our customers on our website, who ask a financing question, have no idea that we offer a mortgage.

是的。我的意思是，也許我要補充的只是 Rich 之前發表的一些評論。我的意思是，我們發展和擴大整體抵押貸款業務的首要任務是提高 Zillow Home Loans 的整體知名度。在我們網站上詢問融資問題的大多數客戶都不知道我們提供抵押貸款。

Building that better digital mortgage experience, Rich gave a couple of examples of that, we have this very fortunate position where folks who know they need and want a mortgage are spending all their time on Zillow shopping. And in helping them understand their affordability and their financing questions and getting those answered on their way towards taking a tour or getting prequalified is a unique opportunity for us. And then building a great platform for loan officers, helping them be efficient and provide and deliver great service for those customers.

建立更好的數字抵押貸款體驗，Rich 舉了幾個例子，我們有一個非常幸運的位置，知道他們需要並想要抵押貸款的人們將所有時間都花在 Zillow 購物上。幫助他們了解他們的負擔能力和融資問題，並在他們前往旅遊或獲得資格預審的過程中得到答案，這對我們來說是一個獨特的機會。然後為信貸員建立一個很好的平台，幫助他們提高效率，為這些客戶提供優質的服務。

And then lastly, connecting that customer with an agent partner and having that experience be integrated. Because when you are buying, you're working with your agent and you're working with your loan officer to make your decision and actually get your transaction done.

最後，將該客戶與代理合作夥伴聯繫起來，並將這種體驗整合起來。因為當您購買時，您是在與您的代理人合作，並與您的信貸員合作來做出決定並實際完成交易。

So it sounds simple to work across those 4 things, but it does require really great technology and process to be built across all 4 of those things to be able to take it from a smaller number of people to a far larger number of people. So we're just constantly working on all 4 of those, and we'll turn the dial as we make progress on them.

因此，處理這 4 件事聽起來很簡單，但它確實需要在所有 4 件事上建立真正偉大的技術和流程，以便能夠將它從更少的人帶到更多的人。因此，我們只是不斷地致力於所有這 4 個方面，並且我們會在取得進展時調整撥盤。

Our next question is from Brad Erickson with RBC.

我們的下一個問題來自 RBC 的 Brad Erickson。

So maybe 1 or 2 more on tours. Just based on all the positive indicators going on already mentioned, how would we see tours in this case start to translate to revenue in terms of, I guess, agents finding more value and conversion from those leads and then obviously wanting to pay more? Because I guess with the 3x conversion comment you've always given, that kind of implies that agents already pay more for those leads or would. Maybe that's right or not. But if you could just talk about the mechanics and the -- kind of the process of getting paid more on that higher conversion and sort of how you see that evolving, with real-time touring in particular.

所以可能還有 1 到 2 次旅行。僅僅基於已經提到的所有積極指標，我們如何看待這種情況下的旅行開始轉化為收入，我猜，代理商從這些線索中發現更多價值和轉化，然後顯然想要支付更多費用？因為我猜你總是給出 3 倍轉化評論，這意味著代理商已經或願意為這些潛在客戶支付更多費用。也許那是對還是錯。但是，如果你能談談機制和——那種在更高的轉化率上獲得更多報酬的過程，以及你如何看待這種演變，尤其是實時巡演。

Yes. This is Jeremy. I'll grab that. I mean you're right. On the one hand, as we are able to get more touring customers to agents, they are paying for those already more, especially in the Flex post-pay model. And then in theory, they're paying more for that in terms of increased ROI in their market-based pricing spend. And that's a little bit of the outperformance last quarter. And the guide for continued outperformance is about being able to help give more touring customers to our agent partners. And then real-time touring on top of that is more of an accelerant, right?

是的。這是傑里米。我會抓住那個。我的意思是你是對的。一方面，由於我們能夠將更多的旅遊客戶吸引到代理商那裡，他們已經為這些客戶支付了更多費用，尤其是在 Flex 後付費模式中。然後從理論上講，他們在基於市場的定價支出中增加投資回報率方面為此付出了更多。這只是上個季度表現的一點點。持續出色表現的指南是關於能夠幫助為我們的代理合作夥伴提供更多的旅遊客戶。然後實時巡演更像是一種催化劑，對吧？

So again, even with all that goodness in folks who want to take a tour as their starting point and the benefits that gives to Zillow and to our partners, the majority of those tours don't get fulfilled when the customer wants to take it, right? That's part of why we've made such a huge investment.

再說一遍，即使那些想要以遊覽為出發點的人們的所有善良以及給 Zillow 和我們的合作夥伴帶來的好處，當客戶想要遊覽時，大多數遊覽都沒有實現，正確的？這就是我們進行如此巨大投資的部分原因。

I mean it's a great customer introduction, but it's still hindered with tons of friction and the agent having to jump through hoops to get the customer at the time they want to go see the home and make all that happen. And so if we can remove all that friction, it just sets the agent up to do what they do best, and that's why we talk so much about reducing the friction in the process leading to higher work-with rates, which are all of these early indicators of increasing transactions on top of that.

我的意思是這是一個很好的客戶介紹，但它仍然受到大量摩擦的阻礙，代理人不得不克服重重困難才能在客戶想去看房並讓這一切發生的時候獲得客戶。因此，如果我們能夠消除所有這些摩擦，它只會讓代理人去做他們最擅長的事情，這就是為什麼我們如此多地談論減少過程中的摩擦，從而導致更高的工作率，這就是所有這些除此之外，交易量增加的早期指標。

So on the one hand, you're right. More touring customers is better. And then more real-time touring within that is even better, and so it's really the benefits of both that will show up in the revenue over time.

所以一方面，你是對的。旅遊客戶越多越好。然後更多的實時巡演就更好了，所以隨著時間的推移，這兩者的好處都會體現在收入中。

Got it. Maybe just one follow-up related to that then. Are you saying then that you're also -- I recognize the real-time touring, rolling it out in 4 markets, et cetera, and going presumably nationwide over time. But are you also seeing a mix of touring leads within the broader business? Is that what you're saying? Or am I not understanding that right?

知道了。也許只有一項與此相關的後續行動。你是不是說你也在 - 我認識到實時巡迴演出，在 4 個市場等地推出它，並且隨著時間的推移可能會在全國范圍內推廣。但您是否也在更廣泛的業務中看到了旅遊線索的組合？你是這麼說的嗎？還是我沒理解對？

Yes, that's correct. And we've talked about that before. Increasing just the overall share of connections or leads to our agents that are tour types of connections is something we have been working on for the last number of quarters. And so you've seen those gains in our performance, and we will continue to work on that.

對，那是正確的。我們之前已經談過這個。在過去的幾個季度中，我們一直在努力增加連接的整體份額或導致我們的旅行類型連接的代理商。因此，您已經看到了我們在績效方面取得的進步，我們將繼續努力。

Again, it all goes back to that customer choice of: am I trying to ask a question; do I want to just go see the home; do I want to go see the home virtually, as Rich talked about; or do I need to answer a financing question first. And so as we get better at helping identify what the customer is trying to do and serve them up the right experience, that increases the number of folks that go through each door as well as increases the quality of the folks that go through each door.

同樣，這一切都可以追溯到客戶的選擇：我是想問一個問題嗎？我想直接去看房子嗎？我想像 Rich 所說的那樣虛擬地去看房子嗎？還是我需要先回答融資問題。因此，當我們更好地幫助確定客戶正在嘗試做什麼並為他們提供正確的體驗時，這會增加通過每扇門的人的數量，並提高通過每扇門的人的質量。

The next question is from the line of Vincent Kardos with Jefferies.

下一個問題來自 Vincent Kardos 與 Jefferies 的合作。

This is Vincent on for John Colantuoni at Jefferies. I have a follow-up on real-time touring as well. Is there any color you're able to provide on the impact specifically from real-time touring in your test markets that you're seeing on the cost per transaction, the rate at which Premier Agents introduce clients to Zillow Home Loan officers or the ultimate mortgage attachment rate to buyers?

這是 Jefferies 的 John Colantuoni 的 Vincent。我也有實時巡迴演出的後續行動。您是否可以提供任何顏色來說明您在測試市場中看到的實時巡迴對每筆交易成本的影響，Premier Agents 向 Zillow Home Loan 官員介紹客戶的速度或最終對購房者的按揭附加率？

This is Jeremy. I mean I don't think anything beyond what we've given. I mean cost-wise, it's not really different. I mean I guess you could argue at scale and with mature technology, it might be a little more efficient because there's less hoops and less steps to go make the tour happen.

這是傑里米。我的意思是，除了我們給出的之外，我什麼都不想。我的意思是在成本方面，這並沒有什麼不同。我的意思是，我想你可以在規模上和成熟的技術上進行爭論，它可能會更有效率一些，因為完成巡迴演出所需的步驟和步驟更少。

That's one of the big benefits of the ShowingTime platform, right? When listing agents are using ShowingTime to manage their listings, they're more efficient, and their communications with all the buy-side agents that they need to work with to get that home sold is more efficient. So you could imagine a world of more efficiency generally on the overall kind of cost of a tour or cost of a listing. We don't really think about that way on our customer experience.

這是 ShowingTime 平台的一大優勢，對吧？當掛牌代理使用 ShowingTime 來管理他們的掛牌時，他們會更有效率，並且他們與他們需要合作以出售房屋的所有買方代理的溝通也會更有效率。因此，您可以想像一個總體上在旅遊成本或上市成本方面效率更高的世界。我們並沒有真正考慮我們的客戶體驗。

And then in terms of adoption rates, I mean the only thing I'll say there is, in general, if we're able to make the connection between the buyer and the agent happen more often, when a buyer gets what they want, we see the buyers say they want to work with that agent and have a great experience with that agent more often. And that then you would expect would lead to higher success rate, working in transaction with that agent referring them to other services and having that integrated transaction.

然後就採用率而言，我的意思是我唯一要說的是，一般來說，如果我們能夠讓買家和代理人之間的聯繫更頻繁地發生，當買家得到他們想要的東西時，我們看到買家說他們想與該代理合作，並且更經常與該代理合作。然後你會期望會導致更高的成功率，與該代理進行交易，將他們推薦給其他服務並進行集成交易。

So nothing to share at this early stage. But that's why we're so focused on reducing that friction and increasing that success rate. Is because if we can make that happy connection happen and those folks end up working together, that's where the transaction goodness flows from.

所以在這個早期階段沒有什麼可分享的。但這就是為什麼我們如此專注於減少摩擦和提高成功率。是因為如果我們能夠讓這種愉快的聯繫發生並且這些人最終一起工作，那麼這就是交易優勢的來源。

Got it. Got it. And then one more quick one on the financing side of the business as well as these Premier Agents, is there anything you're able to tell us at this point about kind of what you've seen as mortgage rates have started to stabilize a little bit in kind of the 6.3% to 6.4% range over the past month or 2 here?

知道了。知道了。然後是業務融資方面的一個快速的人以及這些高級代理人，您現在可以告訴我們關於您所看到的抵押貸款利率開始穩定一點的事情嗎？有點類似於過去一個月或 2 個月的 6.3% 至 6.4% 範圍？

Are you seeing -- Brad, maybe? Are you seeing anything? I mean my commentary on the macro has it kind of more of the same. Brad, are you seeing anything -- how have our e-com forecasts for, say, transactions for the year changed recently? Not much, right?

你看到——也許是布拉德？你看到什麼了嗎？我的意思是我對宏觀的評論有點相同。布拉德，你有沒有看到什麼——我們對今年交易的電子商務預測最近發生了怎樣的變化？不多吧？

Yes, not much. I think you saw out of the March quarter, we were talking about around $4.4 million, $4.5 million. For the full year, I think we're looking at like $4.3 million now. So there's been some modest changes, but relatively modest as we bounce around at these levels.

是的，不多。我想你看到了三月份的季度，我們談論的是大約 440 萬美元，450 萬美元。對於全年，我認為我們現在的收入約為 430 萬美元。因此，出現了一些適度的變化，但隨著我們在這些水平上反彈，變化相對較小。

Which are low. I mean they're low levels. We've said for a couple of quarters now that we think over the next 10 years, there are going to be 60 million home transactions. And our eyes are focused on that. We're investing for that, and we want to have a meaningful and increasing percentage of those transactions happen in our sphere, so that we can monetize it and we can deliver value via the super app and many other means. So...

哪些是低的。我的意思是他們的水平很低。我們已經說過幾個季度了，我們認為在未來 10 年內，將有 6000 萬筆房屋交易。我們的目光聚焦於此。我們正在為此進行投資，我們希望在我們的領域內發生有意義且不斷增加的交易百分比，以便我們可以將其貨幣化，並且我們可以通過超級應用程序和許多其他方式提供價值。所以...

The next question is from Tom White with D.A. Davidson.

下一個問題來自 Tom White 和 D.A.戴維森。

Maybe just a couple on the enhanced partner network initiative. Can you -- what's the response been, I guess, with kind of other, for lack of a better word, nonenhanced agents in the markets where you've kind of rolled it out, including agents that maybe were Premier Agents but might not make the cut to be kind of enhanced? Just curious kind of how that dynamic is going, whether they're still getting leads.

也許只是增強型合作夥伴網絡計劃中的一對。你能不能——我想，對於其他人的反應是什麼，因為缺乏更好的詞，你已經推出它的市場中的非增強代理，包括可能是高級代理但可能不會製造的代理削減是一種增強？只是好奇這種動態是如何發展的，他們是否仍在獲得線索。

And then just a housekeeping question. The marketing spend that you called out that had originally been planned for the second half but pulled forward, can you maybe quantify that a bit for us?

然後只是一個家政問題。您所說的營銷支出原本計劃在下半年進行，但被提前了，您能否為我們量化一下？

Well, maybe, Jeremy, maybe you start and then Allen finish?

好吧，也許，傑里米，也許你先開始，然後艾倫結束？

Yes, be happy to. Yes. So on the enhanced markets, I mean, it's important to remember that our strategy for a while has been to try and enhance who we work with, right? The Best of Zillow program, all of our work on kind of higher-quality agent partners and agent teams and all of our training that we do with our agents nationally, we have been preaching quality and working with them on quality experiences and how to work with our customers generally. And so the enhanced markets, where we're being even more directed and even more prescriptive and really, where we've consolidated around a fewer set of partners so we can more cleanly test more of these integrated experiences, just feels like a heightened version of that.

是的，很高興。是的。因此，在增強型市場上，我的意思是，重要的是要記住，我們一段時間以來的戰略一直是嘗試增強與我們合作的人，對嗎？ Best of Zillow 計劃，我們在更高質量的代理合作夥伴和代理團隊方面所做的所有工作，以及我們在全國范圍內與我們的代理進行的所有培訓，我們一直在宣揚質量並與他們合作以獲得質量經驗以及如何工作與我們的客戶一般。因此，在增強型市場中，我們的指導性更強，規範性更強，實際上，我們圍繞更少的合作夥伴進行了整合，因此我們可以更乾淨地測試更多這些集成體驗，感覺就像是增強版那個。

So the overall feedback which -- of we want to work with the best, and we want to make sure you all can help us with our shared customer is not new, and so I think that helps with the conversation. Of course, as you align yourselves and make decisions, and we're always optimizing the partner network, you're going to have conversations that are great, and you're going to have conversations with folks where it's not working out as well. But that's really on the margin. And like I said, I think it's because this has kind of been our strategy for a while now, and you're just seeing a more accelerated version of it in these 4 markets.

因此，我們希望與最好的人合作，並且我們希望確保你們都能幫助我們處理我們的共同客戶的總體反饋並不新鮮，所以我認為這有助於對話。當然，當您調整自己並做出決定時，我們一直在優化合作夥伴網絡，您將進行很棒的對話，並且您將與那些效果不佳的人進行對話。但這確實在邊緣。就像我說的，我認為這是因為這已經成為我們的戰略有一段時間了，而你只是在這 4 個市場中看到了它的加速版本。

Do you want to hit the marketing, too? Or Allen, do you want to hit that?

你也想打營銷嗎？或者艾倫，你想打那個嗎？

I'm happy to. Or Jeremy will hook you up.

我很樂意。否則傑里米會聯繫你。

Yes, Allen.

是的，艾倫。

I would just say on the marketing, the majority of the tick up for marketing and advertising spend is based on seasonality. So the amounts that we're pulling from the second half, as we're ready to test around some of our initiatives in our enhanced markets, is a smaller portion of the tick up. And then there was an even smaller portion of what was pushed from Q1 to Q2.

我只想說在營銷方面，營銷和廣告支出的大部分增長是基於季節性的。因此，我們從下半年開始提取的金額，因為我們準備測試我們在增強型市場中的一些舉措，只是增加的一小部分。然後從 Q1 推到 Q2 的部分甚至更小。

So again, the big driver here is seasonality. But we are excited that we're able to test some things earlier than expected, and so we've made those switches throughout the year in prioritizing that spend and moving it around. I don't know, Jeremy, would you add anything?

同樣，這裡的主要驅動因素是季節性。但我們很高興能夠比預期更早地測試一些東西，因此我們在全年進行了這些轉換，以優先考慮支出並四處移動。我不知道，傑里米，你能補充點什麼嗎？

Yes. No, I think that's right.

是的。不，我認為這是對的。

Our next question is from Jay McCanless with Wedbush.

我們的下一個問題來自 Jay McCanless 和 Wedbush。

Sorry to press on this topic, but I don't -- still not understanding. When you talk about the better-than-expected number of connections, that -- those connections weren't from a specific app or a specific process that you have there but it's more you fix the pipeline of how those leads got to the agents. And I guess the kind of the second part of that question is, if that pipeline wasn't working before, do you feel like you may have lost some business that now you'll be gaining and helping you to grow ahead of the market?

很抱歉在這個話題上強調，但我還是不明白。當你談到連接數量好於預期時，那些連接不是來自特定的應用程序或你在那裡的特定流程，而是你修復了這些線索如何到達代理的管道。我想這個問題的第二部分是，如果該管道以前不起作用，您是否覺得您可能已經失去了一些現在您將獲得併幫助您領先於市場發展的業務？

Jeremy, it sounds like you have a reasonable -- I mean...

傑里米，聽起來你有一個合理的——我的意思是……

Yes. I mean I guess, I think, Rich, you talked about it earlier as fixing our leaky funnel, right? It's really just...

是的。我的意思是，我想，我想，Rich，你之前談到過修復我們漏水的漏斗，對吧？真的只是...

I don't like to talk about it as a leaky funnel anymore. That implies we're broke. We're like smoothing. We're getting better at converting the leads that are already in our funnel into transactions anyways.

我不想再把它說成漏斗了。這意味著我們破產了。我們就像平滑。無論如何，我們在將漏斗中已有的線索轉化為交易方面做得越來越好。

And I think that's probably the right way to think about it to your question, Jay. It's not that we are missing something before. It's that as we make it easier for people to find what they want, both digitally before they go submit, but then also post submit, as they connect with either a Premier Agent partner or someone in the Zillow ecosystem or as the software works to follow up with them. It's all those little things to help that customer ultimately turn into the right type of connection to our partners.

我認為這可能是思考你的問題的正確方式，Jay。這並不是說我們之前遺漏了什麼。這是因為我們讓人們更容易找到他們想要的東西，無論是在提交之前以數字方式，還是在提交之後，因為他們與 Premier Agent 合作夥伴或 Zillow 生態系統中的某個人聯繫，或者隨著軟件的運行跟上他們。正是這些小事幫助客戶最終與我們的合作夥伴建立了正確的聯繫。

And so we've talked for a while now about focusing on mid-funnel. That's really what that is. It's -- we have 200-plus million folks coming to our webs and apps -- website and apps every month, and yet we're only a fraction of those folks are transacting with our partners in some form or fashion. And so being able to find the places to help nurture those folks along and convert those folks into transactions and into relationships with our Premier Agent and our loan officers, that's really what the work is. And so it's not about if you pro forma that in history with something missing, it's more about smoothing, to use Richard's point, versus fixing what was a funnel that had a lot of drop-off steps in it.

因此，我們已經討論了一段時間關於專注於漏斗中部的問題。真的是這樣。它是——我們有超過 200 萬人訪問我們的網站和應用程序——每個月的網站和應用程序，但我們只是這些人中的一小部分以某種形式或方式與我們的合作夥伴進行交易。因此，能夠找到幫助培養這些人的地方，並將這些人轉化為交易，並與我們的首席代理人和信貸員建立關係，這才是真正的工作。因此，這與您是否在歷史上缺少某些東西無關，更多的是關於平滑，使用理查德的觀點，而不是修復其中有很多下降步驟的漏斗。

And it has all kinds of stuff we're doing way up funnel to personalize and prequalify people and get them ready to be handed off. Right through the handoff and the quality of the partner is really important as we've been -- as we've been talking about. And then after we introduce them to the partner, getting them all the way to the transaction and integrating financing and integrating touring.

它有各種各樣的東西，我們正在做向上漏斗來個性化和預審人們，讓他們準備好被移交。在交接過程中，合作夥伴的質量真的很重要，因為我們一直在談論 - 正如我們一直在談論的那樣。然後我們把他們介紹給合作夥伴之後，讓他們一直到交易，整合融資和整合旅遊。

And anyway, it's a continuum. There isn't like some discrete handoff point, and then we wash our hands and we're done with it. No, our whole business model has been reoriented around aligning our interests from a business model perspective with the customers' interest of actually getting into their house and getting a mortgage. And that aligns it with our partner's interest, too.

無論如何，這是一個連續體。沒有像一些離散的切換點，然後我們洗手就完成了。不，我們的整個商業模式已經重新定位，從商業模式的角度調整我們的利益與客戶實際進入他們的房子並獲得抵押貸款的利益。這也符合我們合作夥伴的利益。

And so you're going to hear, like it or not, a lot more of this in the quarters to come. And as Jeremy was saying, there's just a lot of wood to chop here. Like we have so much wood to chop because we basically get a look at every mover. Almost every mover comes and uses one of our sites or apps. And we're only monetizing an embarrassingly small portion of them right now.

因此，無論喜歡與否，您都會在接下來的幾個季度聽到更多這樣的消息。正如傑里米所說，這裡有很多木頭要砍。就像我們有太多的木頭要砍一樣，因為我們基本上了解了每一個推動者。幾乎每個搬家公司都會來並使用我們的網站或應用程序之一。而我們現在只是將其中的一小部分貨幣化。

Understood. All right. And then the second question I had -- and kudos on the growth in new construction. And I was wondering, you said when you were given the guidance about resi being down 10% in the midpoint, probably doing better than the overall market. Is that just Zillow's residential revenue versus existing homes? Or is there a forecast around new housing growth built in there? And if so, maybe could you talk about what you're thinking the growth rates for those 2 different types of housing would be.

明白了。好的。然後是我的第二個問題——以及對新建築增長的讚譽。我想知道，當你得到關於 resi 在中點下跌 10% 的指導時，你說過，這可能比整體市場表現更好。這只是 Zillow 的住宅收入與現有房屋的對比嗎？或者是否有關於那裡建造的新住房增長的預測？如果是這樣，也許你能談談你對這兩種不同類型住房的增長率的看法。

Want me to start on that, Rich?

要我開始嗎，里奇？

Yes, yes. Sure, Brad.

是的是的。當然，布拉德。

So the existing home sale forecast that we talked about is -- we're talking about down 18% to down 28% in total transaction dollar volumes for Q2, and so our residential outperformance we talked about is versus that existing home market. That does not include, obviously, the new home market. The new home market is a smaller part of our overall business. So the part that more closely correlates with our business is the existing home sales, so that's why you see us reference that and correlate. And as we called out, the things that are driving the benefits that we see in Q1, we expect to continue into Q2.

因此，我們談到的現有房屋銷售預測是——我們談論的是第二季度總交易額下降 18% 至 28%，因此我們談到的住宅表現優於現有房屋市場。顯然，這不包括新房市場。新房市場只占我們整體業務的一小部分。因此，與我們的業務更密切相關的部分是現有房屋銷售，這就是為什麼你看到我們參考並關聯的原因。正如我們所說，推動我們在第一季度看到的收益的因素，我們預計將持續到第二季度。

This completes 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 以聽取任何結束語。

Well, great chatting with everybody. Thanks for taking the time on this busy earnings day. You can see we feel really good about a bunch of incremental improvements adding up to good relative results, good results relative to the industry. We look forward to chatting with you soon. Thanks a lot.

嗯，和大家聊天真好。感謝您在這個繁忙的收益日抽出時間。你可以看到，我們對一系列漸進式改進加起來帶來良好的相對結果，相對於行業的良好結果感到非常滿意。我們期待盡快與您交談。多謝。

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。