Zillow Group Inc (Z) 2024 Q1 法說會逐字稿

Good afternoon. My name is Elliot, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Zillow Group First Quarter 2024 Conference Call. (Operator Instructions) Please note this event is being recorded. And I would now like to turn the conference over to Brad Berning, Vice President, Strategic Affairs and Investor Relations. Please go ahead.

午安.我叫艾利歐特，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Zillow Group 2024 年第一季電話會議。 （操作員說明）請注意此事件正在被記錄。現在我想將會議交給策略事務和投資者關係副總裁 Brad Berning。請繼續。

Thank you. Good afternoon, and welcome to Zillow Group's First Quarter 2024 Conference Call. Joining me today to discuss our results are Zillow Group's Co-Founder and CEO, Rich Barton; COO, Jeremy Wacksman; and CFO, Jeremy Hofmann.

謝謝。下午好，歡迎參加 Zillow Group 2024 年第一季電話會議。今天與我一起討論我們成果的是 Zillow Group 共同創辦人兼執行長 Rich Barton；營運長傑里米·瓦克斯曼；和財務長傑里米霍夫曼。

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

在今天的電話會議中，我們將根據當前的預期和假設對我們的未來業績和營運計劃做出前瞻性陳述。這些陳述存在風險和不確定性，我們鼓勵您考慮我們向 SEC 提交的文件中所述的風險因素以獲取更多資訊。我們不承擔因新資訊或未來事件而更新這些聲明的義務，除非法律要求。

This call is being broadcast on the Internet and is accessible on our Investor Relations website. A recording of the call will be available later today. During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we will refer to as EBITDA. We encourage you to read our shareholder letter and 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.

這次電話會議正在網路上播出，並且可以在我們的投資者關係網站上存取。今天稍後將提供通話錄音。在電話會議期間，我們將討論 GAAP 和非 GAAP 指標，包括調整後的 EBITDA，我們稱之為 EBITDA。我們鼓勵您閱讀我們的股東信函和收益發布，這些內容可以在我們的投資者關係網站上找到，因為它們包含有關我們的 GAAP 和非 GAAP 業績的重要信息，包括歷史非 GAAP 財務指標的調節表。

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

我們現在將首先發表講話，然後進行現場問答。然後，我會將電話轉給 Rich。

Thanks, Brad. Good afternoon and good evening for those on the East Coast. Thanks for dialing in to hear our first quarter 2024 results. We saw strong revenue numbers that flowed through to the bottom line, helping us outperform our outlook on revenue and EBITDA as we successfully execute on our growth strategy.

謝謝，布拉德。對於東海岸的人來說，下午好，晚上好。感謝您撥通我們的 2024 年第一季業績。我們看到了強勁的收入數字，並最終影響了我們的獲利，幫助我們在成功執行成長策略的同時超越了我們對營收和 EBITDA 的預期。

We continue to upgrade and scale our housing super app, and we've seen further proof points in our Enhanced Markets that support a continued push on both breadth of market coverage and depth of penetration within those markets for our integrated digital moving solutions for consumers, their agents and their loan officers.

我們繼續升級和擴展我們的住房超級應用程序，並且我們在增強市場中看到了進一步的證據，這些證據支持我們為消費者提供整合數位行動解決方案，繼續推動這些市場的市場覆蓋廣度和滲透深度，他們的代理人和信貸員。

Today, I'll remind us about what makes Zillow different, and what makes me so confident in our growth plan. Jeremy Wacksman will then give a progress report on our growth pillars with a deep dive into our burgeoning Rentals business. Next, Jeremy Hofmann will discuss the numbers in more detail, and then we'll open things up for Q&A.

今天，我將提醒我們是什麼讓 Zillow 與眾不同，以及是什麼讓我對我們的成長計劃如此充滿信心。然後，傑里米·瓦克斯曼 (Jeremy Wacksman) 將就我們的成長支柱提供進度報告，深入探討我們蓬勃發展的租賃業務。接下來，傑里米·霍夫曼將更詳細地討論這些數字，然後我們將進行問答。

Beginning with our quarterly results, we reported better-than-expected revenue growth across the business. Q1 revenue of $529 million grew 13% year-over-year. Total revenue growth once again outperformed the residential real estate market. Rentals continued its strong growth, with $97 million in revenue in Q1, up 31% year-over-year.

從季度業績開始，我們報告了整個業務的收入成長優於預期。第一季營收為 5.29 億美元，年增 13%。總收入成長再次跑贏住宅房地產市場。租金持續強勁成長，第一季營收為 9,700 萬美元，年增 31%。

We continue to grow our multifamily property count, with 40,000 properties at the end of the quarter, up from 37,000 at the end of December. We are well positioned for future Rentals revenue growth as we detail in our new Investor Relations deck that is a deep dive on our Rentals business. We published this new deck along with earnings today, and we'll discuss it in more detail later in this call.

我們繼續增加多戶住宅的數量，截至本季末，我們的多戶住宅數量已從 12 月底的 37,000 套增加到 40,000 套。正如我們在新的投資者關係平台中詳細介紹的那樣，我們為未來的租賃收入成長做好了充分的準備，該平台深入探討了我們的租賃業務。我們今天發布了這個新的套牌以及收益，我們將在稍後的電話會議中更詳細地討論它。

In an ongoing tough rate environment, we also continued to make strong progress in Mortgages with Q1 revenue of $31 million, up 19% year-over-year, and purchase mortgage origination volume growing more than 130% year-over-year.

在持續嚴峻的利率環境下，我們在抵押貸款領域也持續取得強勁進展，第一季營收達 3,100 萬美元，年增 19%，購買抵押貸款發放量較去年同期成長超過 130%。

So in a hostile housing market and a noisy industry environment, why is Zillow outperforming? The simple answer is that Zillow is wholly focused on solving real consumer problems with software in a giant industry that has historically had very little R&D investment. Digitally replatforming and integrating a huge disparate local industry where transactions are relatively infrequent is an audacious undertaking. No other company is really even attempting it.

那麼，在充滿敵意的房地產市場和喧鬧的行業環境中，Zillow 為何表現出色？簡單的答案是，Zillow 完全專注於在一個歷史上研發投資很少的龐大產業中用軟體解決真正的消費者問題。對交易相對不頻繁的巨大分散的本地行業進行數位重組和整合是一項大膽的事業。沒有其他公司真正嘗試過這一點。

We are advantaged, primarily, because we are a product and technology company first and are able to attract and retain the especially talented people who know how to build, market and support great software products. This enables us to focus completely on delighting our consumers and their valued partners in pursuit of the dream of using technology to make moving simple and joyful.

我們的優勢主要在於我們首先是一家產品和科技公司，能夠吸引和留住那些知道如何建構、行銷和支援優秀軟體產品的人才。這使我們能夠完全專注於取悅我們的消費者及其重要的合作夥伴，追求利用科技讓行動變得簡單和快樂的夢想。

Our product prowess over the years has put Zillow in the enviable position of having a large engaged audience who come to us organically, an audience who love, trust and rely on our brand. This product-led organic marketing growth story is rare, but it is common for the great ones. Those are the products and brands we admire the most. Attracting a large organic audience has also given Zillow the space to experiment with business models.

多年來，我們的產品實力使 Zillow 處於令人羨慕的地位，擁有大量主動關注我們的受眾，他們熱愛、信任和依賴我們的品牌。這種以產品為主導的有機行銷成長故事很少見，但對於偉大的人來說卻很常見。這些是我們最欣賞的產品和品牌。吸引大量自然受眾也為 Zillow 提供了試驗商業模式的空間。

Those who followed us for a long time know how aggressive and innovative we have been, methodically converting our sticky audience into revenue. We have built a substantial growing, diverse and EBITDA-profitable business, yet we still monetize only a small share of our audience. Our massive unconverted audience will drive years of growth ahead for Zillow as we grow into our rightful transaction share, continue to adjust our business models and add and integrate new business lines. We have been pro-consumer, practical and nimble, and we will continue to be so.

那些長期關注我們的人都知道我們是多麼積極進取和創新，有條不紊地將我們的黏性受眾轉化為收入。我們已經建立了一個不斷成長、多元化且可獲利的 EBITDA 業務，但我們仍然只從一小部分受眾中獲利。隨著我們獲得應有的交易份額、繼續調整我們的業務模式以及添加和整合新的業務線，我們大量的未轉換受眾將推動 Zillow 未來數年的成長。我們一直都是有利於消費者、務實和靈活的，而且我們將繼續如此。

The first era of Zillow involved amassing a large organic engaged consumer audience for whom we were providing valuable information via great sites and apps. Several years ago, we realized that our dream of digitizing the move and accessing the really big TAM in the category would involve getting much more directly involved in the transaction itself, applying software to every step of the workflow, refreshing our partner network to those who were higher performing and interested in automation and scale and building out or acquiring key components of the move process ourselves all the way from listings, photography and creation through tour booking, agent workflow, pre-approval, mortgage origination, document routing and closing. End-to-end.

Zillow 的第一個時代涉及聚集大量有機參與的消費者受眾，我們透過優秀的網站和應用程式為他們提供有價值的資訊。幾年前，我們意識到，我們的夢想是將搬家數位化並訪問該類別中真正大的TAM，這將涉及更直接地參與交易本身，將軟體應用到工作流程的每一步，為那些需要更新我們的合作夥伴網絡的人提供幫助。抵押貸款發放、文件傳送和結帳。端到端。

To serve as an aspirational and consumer-focused north star, we created a product strategy that we call the Zillow housing super app, the experience that would integrate the whole of the complex, scary, expensive moving process. The Zillow super app is working well. Jeremy Wacksman will soon walk you through a detailed report of our growth pillars, but we see very good progress across the board on each pillar: touring, financing, seller solutions, enhancing our partner network, integration and rentals.

為了成為一個有抱負、以消費者為中心的北極星，我們制定了一項產品策略，稱為 Zillow 住房超級應用程序，該體驗將整合整個複雜、可怕、昂貴的搬家過程。 Zillow 超級應用程式運作良好。傑里米·瓦克斯曼很快將向您介紹我們成長支柱的詳細報告，但我們在每個支柱上都看到了非常好的進展：巡迴、融資、賣家解決方案、增強我們的合作夥伴網絡、整合和租賃。

Amidst all of the fear, speculation and noise, a steady focus on execution is what's working for us, delivering for our customers and partners. In terms of the noise, though, let me give some color commentary on what has transpired since our last quarterly call. The long-running class action suit against NAR and select brokerages thankfully arrived at a proposed settlement in mid-March. And the judge, just last week, granted preliminary approval of that settlement.

在所有的恐懼、猜測和噪音中，對執行的持續關注對我們來說是有效的，為我們的客戶和合作夥伴提供服務。不過，就噪音而言，讓我對自上次季度電話會議以來發生的情況進行一些彩色評論。值得慶幸的是，針對 NAR 和部分經紀公司的長期集體訴訟於 3 月中旬達成了擬議和解。就在上週，法官初步批准了和解協議。

The substance of the settlement is what we characterized as a very reasonable middle path forward for the industry, where commissions are negotiated and communicated between sellers and buyers and both parties are better educated. This is a positive evolutionary step for the industry. It is not a revolution, as some who believe they might profit from chaos and disruption are proclaiming.

和解的實質內容是我們所說的行業非常合理的中間道路，其中佣金是在賣方和買方之間協商和溝通的，雙方都得到了更好的教育。這對行業來說是積極的進化一步。這並不是一場革命，正如一些自認為可以從混亂和顛覆中獲利的人所宣稱的那樣。

Clear and negotiable compensation fits quite well with our published consumer advocacy marketplace principles of free access to listings, independent representation and negotiable compensation as outlined at advocacy.zillowgroup.com. There will continue to be sensational-seeming news surrounding this settlement, no doubt, given there remains several steps in having NAR and the industry put the settlement requirements into practice. And real estate is generally a hot topic for hot takes, given it is a $2 billion to $3 trillion industry, employing millions of people in all 50 states and is most Americans' most valuable and most cherished asset.

明確且可協商的薪酬非常符合我們在 advocacy.zillowgroup.com 上發布的消費者權益市場原則，即自由存取清單、獨立代表和可協商薪酬。毫無疑問，鑑於 NAR 和業界將和解要求付諸實踐還有幾個步驟，圍繞這一和解的聳人聽聞的消息將會繼續出現。房地產通常是熱門話題，因為它是一個價值 20 億至 3 兆美元的行業，在全美 50 個州僱用了數百萬人，並且是大多數美國人最有價值和最珍惜的資產。

However, Zillow is well positioned to assist with and benefit from this evolution. So why do we expect to benefit from this evolution? For three reasons. First, we have the most and highest intent customers in residential real estate. Zillow is the most trusted brand with the largest, most engaged audience. This is a hard-earned position that we built over the past 18 years.

然而，Zillow 完全有能力協助這一發展並從中受益。那麼為什麼我們期望從這種演變中受益呢？出於三個原因。首先，我們在住宅房地產領域擁有最多和最高的意向客戶。 Zillow 是最值得信賴的品牌，擁有最多、參與度最高的受眾。這是我們在過去 18 年來之不易的地位。

And our top of funnel advantage today has never been stronger. Zillow is searched more on Google than the category term real estate, and 3x more than the next brand in the category. 80% of our traffic is organic, and our app usage is more than 3x anyone else in the category. We have more than 217 million average monthly unique users across the Zillow ecosystem of apps and sites and 109 million total unique visitors according to comScore, a third-party data tracker that allows for comparison across sites.

今天我們的漏斗頂部優勢從未如此強大。 Zillow 在 Google 上的搜尋量比類別術語「房地產」的搜尋量高，比該類別中下一個品牌的搜尋量高出 3 倍。我們 80% 的流量是自然流量，我們的應用程式使用量是該類別中其他任何人的 3 倍以上。根據 comScore（允許跨網站比較的第三方數據追蹤器）的數據，我們在 Zillow 應用程式和網站生態系統中平均每月擁有超過 2.17 億獨立用戶，總獨立訪客總數為 1.09 億。

We've built and maintained such a strong brand position because of our relentless focus on delivering exceptional tech innovations and customer experiences, which we believe are our most important investments. Regardless of how the industry evolves, our brand and audience will thrive.

我們之所以建立並維持如此強大的品牌地位，是因為我們堅持不懈地致力於提供卓越的技術創新和客戶體驗，我們認為這是我們最重要的投資。無論行業如何發展，我們的品牌和受眾都會蓬勃發展。

The second reason we expect to benefit from the industry evolution? We work with the most productive agents in real estate. Of the approximately 1.5 million real estate license holders, many handle only 1 or 2 transactions a year. These are not our Premier Agent partners. 80% of all real estate transactions across the U.S. are done by the top 20% of agents or teams. And today, nearly 4 in 5 Zillow Premier Agent partners fall into that top tier.

我們期望從產業演變中受益的第二個原因是什麼？我們與房地產領域最有生產力的經紀人合作。在大約 150 萬房地產許可證持有者中，許多人每年只處理 1 到 2 筆交易。這些不是我們的高級代理商合作夥伴。美國 80% 的房地產交易是由前 20% 的經紀人或團隊完成的。如今，近五分之四的 Zillow Premier Agent 合作夥伴屬於頂級代理商。

Since 2015, we have shrunk our active partner base by roughly 60%, while at the same time, our Premier Agent revenue has grown by more than 2.5x. Orienting our business around the best agent teams, those who provide superior customer experiences, have proven ability to scale and make the most money to invest alongside us, positions us well for potential shifts within the profession. If and as more hobbyist agents drop out of the industry, the upsized beneficiaries of this shift to professionalism will be our Premier Agent partners.

自 2015 年以來，我們的活躍合作夥伴基礎減少了約 60%，而同時，我們的高階代理商收入成長了 2.5 倍以上。我們的業務以最好的代理商團隊為中心，這些團隊提供卓越的客戶體驗，具有成熟的擴展能力，並能與我們一起投資賺取最多的錢，這使我們能夠在行業內的潛在轉變中處於有利地位。如果隨著更多的業餘經紀人退出該行業，這種向專業化轉變的最大受益者將是我們的高級經紀人合作夥伴。

Third reason we benefit. Zillow provides exceptional technology to make agents more efficient at their jobs and do more transactions. Zillow is the leading product innovator, with features like Real Time Touring, Listing Showcase and a digital pre-approval pilot launching within the next couple of weeks that will further delight customers and create high intent, real buyer connections for our Premier Agent partners.

我們受益的第三個原因。 Zillow 提供卓越的技術，使代理商能夠更有效率地工作並完成更多交易。 Zillow 是領先的產品創新者，其功能包括即時巡視、房源展示和數位預審批試點，這些功能將在未來幾週內推出，這將進一步取悅客戶，並為我們的高級代理商合作夥伴建立高意向、真實的買家聯絡。

Additionally, we have invested heavily in broad adoption foundational industry software solutions like our Follow Up Boss CRM, ShowingTime touring software, our Showcase 3D Home technology, Aryeo real estate photographer SaaS and dotloop document signing and writing. Over the past 10 years, between our own tech and dev budget and the acquisition capital we've deployed for industry software, we've spent $4.3 billion cumulatively investing in technology for the real estate industry.

此外，我們也大力投資廣泛採用的基礎產業軟體解決方案，例如 Follow Up Boss CRM、ShowingTime 巡迴軟體、Showcase 3D Home 技術、Aryeo 房地產攝影師 SaaS 以及 dotloop 文件簽名和編寫。在過去的 10 年裡，我們自己的技術和開發預算以及為行業軟體部署的收購資本，我們累計花費了 43 億美元投資於房地產行業的技術。

Agents who work with our high intent customers and use our industry software tools are the best positioned to accelerate their share in every version of an industry evolution from here. So the short answer for why Zillow benefits from the evolutionary changes we see coming from the NAR settlement? We have the most and highest intent customers in real estate. We work with the most productive agents and we provide them exceptional technology to make their lives more efficient.

與我們的高意向客戶合作並使用我們的行業軟體工具的代理商最有能力加速他們在行業演變的每個版本中的份額。那麼，為什麼 Zillow 會受益於我們從 NAR 解決方案中看到的演化變化呢？我們在房地產領域擁有最多和最高意圖的客戶。我們與最高效的代理商合作，為他們提供卓越的技術，使他們的生活更有效率。

Before handing it to Jeremy Wacksman, let me repeat for the whole of the great Zillow team in front of our investors, I'm impressed with the results you are achieving in your focused and relentless innovation for customers and partners in pursuit of a seamless digital and joyful moving experience for all. We are all in a really tough housing market and a distracting industry environment, yet our hands are steady on the wheel as we drive Zillow's business and the industry forward. Okay. Jeremy?

在將其交給Jeremy Wacksman 之前，讓我在我們的投資者面前向整個偉大的Zillow 團隊重複一遍，你們在為客戶和合作夥伴追求無縫數字化的過程中專注和不懈的創新所取得的成果給我留下了深刻的印象為所有人帶來歡樂的感動體驗。我們都處於一個非常艱難的房地產市場和令人分心的行業環境中，但我們的雙手堅定地推動著 Zillow 的業務和行業向前發展。好的。傑里米？

Thank you, Rich, and good afternoon, everyone. It's been an exciting few years at Zillow, and we're pleased with the progress we're making on our strategy to transform the way people buy, sell, rent and finance homes. Since 2022, we've been building the integrated transaction experience and testing it in our Enhanced Markets.

謝謝里奇，大家下午好。在 Zillow 度過了令人興奮的幾年，我們對我們在改變人們購買、銷售、租賃和融資房屋方式的策略方面所取得的進展感到高興。自 2022 年以來，我們一直在建立整合交易體驗並在我們的增強市場中進行測試。

Now, we are pressing on the accelerator to increase our breadth of coverage across more markets and our depth of penetration in those markets as we drive towards sustainable profitable growth. Zillow's housing super app is the container into which we're continually adding updates and improvements, guided by 5 for-sale growth pillars: touring, financing, seller solutions, enhancing our partner network and integrating our services.

現在，我們正加緊加速器，擴大我們對更多市場的覆蓋廣度和滲透深度，以推動可持續的獲利成長。 Zillow 的住房超級應用程式是我們不斷添加更新和改進的容器，以 5 個待售成長支柱為指導：旅遊、融資、賣家解決方案、增強我們的合作夥伴網路和整合我們的服務。

Our for-sale growth pillars marked the pathway to meeting our goals to grow customer transaction share from 3% to 6% by the end of 2025 and grow our revenue alongside that transaction share growth. I'll kick off our growth pillar update with touring and how we are integrating the anticipated rule changes coming from the NAR settlement into our customer experience.

我們的待售成長支柱標誌著實現我們目標的途徑，即到 2025 年底將客戶交易份額從 3% 增加到 6%，並隨著交易份額的增長而增加我們的收入。我將透過巡迴演出開始我們的成長支柱更新，以及我們如何將 NAR 和解帶來的預期規則變化整合到我們的客戶體驗中。

Touring is a critical focus area for us for two reasons. First, historically, the process of booking a home tour has been burdensome. Second, when a customer raises their hand to tour a home they've been looking at on Zillow, it's a strong signal of a serious intent to transact. Our touring products, powered by ShowingTime, are meaningfully improving our ability to connect high-intent customers to our Premier Agent partners. As you may recall, touring connections convert at 3x the rate of other actions on Zillow.

巡迴是我們的一個重點關注領域，原因有兩個。首先，從歷史上看，預訂家庭旅遊的過程一直很繁瑣。其次，當客戶舉手參觀他們在 Zillow 上看中的房屋時，這是一個強烈的信號，表明有認真的交易意圖。我們的巡迴產品由 ShowingTime 提供支持，顯著提高了我們將高意向客戶與我們的高級代理商合作夥伴聯繫起來的能力。您可能還記得，巡迴連線的轉換率是 Zillow 上其他操作的 3 倍。

We're pleased to share that Real Time Touring is rolling out to an additional 34 markets by the end of May, which will bring us to a total of 124 markets. As we outlined in February, as we expand Real Time Touring, we expect it will account for approximately 20% of connections by the end of the year, and we are on track to deliver.

我們很高興地宣布，到 5 月底，Real Time Touring 將在另外 34 個市場推出，這將使我們的市場總數達到 124 個。正如我們在 2 月概述的那樣，隨著我們擴展實時巡演，我們預計到今年年底它將佔連接量的約 20%，並且我們正在按計劃實現這一目標。

One key provision of the proposed NAR settlement calls for more prominence of buyer-agent agreements introduced at the time of the physical tour. Such agreements can help educate buyers about what services they're paying for, which is a good thing, and they have the added benefit of helping identify high-intent buyers. In fact, we've been advocating for these agreements in our home state of Washington and across the country. By facilitating the use of consumer-friendly agreements earlier in the funnel, we see an opportunity to improve conversion rates.

擬議的 NAR 和解協議中的一項重要條款要求在實體巡迴演出時引入買方代理協議。這類協議可以幫助買家了解他們正在支付哪些服務，這是一件好事，而且它們還有一個額外的好處，那就是幫助識別高意圖的買家。事實上，我們一直在我們的家鄉華盛頓州和全國範圍內倡導這些協議。透過在通路的早期促進對消費者友善的協議的使用，我們看到了提高轉換率的機會。

As an example, in Connecticut, where buyer-agency agreements are required before taking a buyer on a tour, we've observed 20% higher conversion rates compared to our national average. We are testing buyer-agreement product flows now within Zillow. And just this week, we launched a pilot of a consumer-friendly buyer agreement in our touring experience with a few hundred Premier Agent partners.

例如，在康乃狄克州，在帶買家參觀之前需要簽署買家代理協議，我們觀察到轉換率比全國平均高 20%。我們現在正在 Zillow 內部測試買方協議產品流。就在本週，我們在與數百家高級代理商合作夥伴的巡迴體驗中推出了消費者友好型買家協議試點。

Offering solutions digitally on Zillow is a natural and logical addition to the end-to-end experience we're providing customers and agents. Meanwhile, we are also enabling nearly limitless virtual touring that will continually get closer and closer to reality with our proprietary technology powering 3D home tours and Showcase Listings. Leveling up physical touring alongside our investment in virtual touring is a great combination for the industry, benefiting all participants.

在 Zillow 上提供數位化解決方案是我們為客戶和代理商提供的端到端體驗的自然而合理的補充。同時，我們也支援近乎無限的虛擬巡演，透過我們為 3D 家庭巡演和展示清單提供支援的專有技術，虛擬巡演將持續接近現實。提升實體巡迴的水平以及我們對虛擬巡迴的投資對於整個行業來說是一個很好的組合，使所有參與者受益。

I'll now move on to financing, another critical focus area for us, because serving more high-intent customers with financing drives conversion and increases our addressable market. By integrating Zillow Home Loans with our Premier Agent partner network, we are providing a more seamless experience for customers, agents and loan officers.

我現在將轉向融資，這是我們的另一個關鍵重點領域，因為透過融資為更多有意願的客戶提供服務可以推動轉換並增加我們的潛在市場。透過將 Zillow Home Loans 與我們的高級代理商合作夥伴網路集成，我們為客戶、代理商和信貸員提供了更無縫的體驗。

Our efforts to integrate financing throughout the customer journey have accelerated purchase mortgage growth, with $601 million in purchased loan origination volume in Q1, a more than 130% year-over-year increase despite a persistently challenging mortgage rate environment. We expect continued purchase mortgage growth as we expand integration with Premier Agent partners and roll out more Enhanced Markets.

我們在整個客戶旅程中整合融資的努力加速了購買抵押貸款的成長，儘管抵押貸款利率環境持續充滿挑戰，但第一季的購買貸款發放量達到 6.01 億美元，比去年同期成長超過 130%。隨著我們擴大與高級代理商合作夥伴的整合並推出更多增強市場，我們預計購買抵押貸款將持續成長。

Across the combined 13 Enhanced Markets we had at the end of Q1, Zillow Home Loans continues to see double-digit adoption rates, which contributes to growing revenue per transaction year-over-year. These signals reinforce our confidence that our strategy is working, and I'm pleased to share that this month, we are expanding to a total of 19 Enhanced Markets, and we are on track to reach our target of 40 by the end of the year.

在第一季末我們擁有的 13 個增強型市場中，Zillow Home Loans 的採用率繼續保持兩位數，這有助於每筆交易的收入同比增長。這些訊號增強了我們的信心，相信我們的策略正在發揮作用，我很高興在本月與大家分享，我們將擴展至總共 19 個增強型市場，並且有望在年底前實現 40 個增強型市場的目標。

On the sell side of the transaction, we continue to ramp up solutions that not only make selling a home easier, but also create real value for sellers and their agents. I'll spend a minute on Listing Showcase specifically. Listing Showcase is our AI-powered product that elevates agents' brand presence on Zillow and provides a better shopper experience through our homegrown rich media and floor plan technology. It's unlike anything else available today.

在交易的賣方方面，我們不斷推出解決方案，不僅使房屋銷售變得更容易，而且還為賣方及其代理人創造真正的價值。我將專門花一分鐘時間討論「清單展示」。 Listing Showcase 是我們的人工智慧產品，可提升代理商在 Zillow 上的品牌影響力，並透過我們自主研發的富媒體和平面圖技術提供更好的購物體驗。它與當今可用的任何其他產品不同。

We continue to be excited about Listing Showcase and the progress we are making across the country. Showcase listings drive higher engagement on Zillow compared to similar non-Showcase listings. More views, more shares and more saves. But even more importantly, homes that list with Showcase are selling faster and for more money. Showcase listings typically sell for 2% more than similar non-Showcase listings on Zillow, a bonus of $9,000 on the average home.

我們仍然對上市展示以及我們在全國範圍內取得的進展感到興奮。與類似的非展示清單相比，展示清單可以提高 Zillow 上的參與度。更多瀏覽、更多分享和更多保存。但更重要的是，透過 Showcase 列出的房屋銷售速度更快，價格也更高。展示房列表的售價通常比 Zillow 上類似的非展示房列表的售價高出 2%，即平均房屋售價高出 9,000 美元。

Homes listed with Showcase are also 20% more likely to secure an accepted offer within 14 days. What's more, we've observed that agents who use Listing Showcase are winning 20% more listings, making it an attractive offering for real estate professionals. Listing Showcase is currently available to agents in every market, and we are actively working to reach 5% to 10% listing coverage, which represents a $150 million to $300 million annual revenue opportunity, and we believe there is potential for future growth beyond that.

Showcase 列出的房屋在 14 天內獲得接受報價的可能性也高出 20%。此外，我們發現使用 Listing Showcase 的代理商贏得的房源數量增加了 20%，這使其成為對房地產專業人士有吸引力的產品。 Listing Showcase 目前可供每個市場的代理商使用，我們正在積極努力達到5% 至10% 的房源覆蓋率，這代表著1.5 億至3 億美元的年收入機會，我們相信未來還有超越這一增長的潛力。

We are working to increase engagement with the best agents on both sides of the transaction, which leads me to our next growth pillar update, enhancing our partner network. As Rich highlighted earlier, Premier Agent partners represent the best of the industry, and we help them provide even better service to our shared customers to grow both their business and ours. We're excited that we continue to see transaction share gains across our 13 Enhanced Markets on a revenue per total transaction dollar basis. And now, a couple of quarters after we closed our acquisition of Follow Up Boss, we're even more excited about the opportunity for further conversion gains from here.

我們正在努力增加與交易雙方最好的代理商的接觸，這引導我進行下一個成長支柱更新，增強我們的合作夥伴網路。正如 Rich 之前所強調的那樣，高級代理商合作夥伴代表了業界的佼佼者，我們幫助他們為我們的共同客戶提供更好的服務，以發展他們和我們的業務。我們很高興看到我們 13 個增強型市場的交易份額（以總交易美元收入計算）不斷增長。現在，在我們完成對 Follow Up Boss 的收購幾個季度後，我們對從這裡獲得進一步轉換收益的機會感到更加興奮。

In addition to our five for-sale growth pillars, I want to turn the spotlight on to Rentals. Rentals is a fast-growing business that represents nearly 1/5 of our total revenue, with a lot of opportunity in front of it. To bring our great progress in Rentals out of the shadow of our for-sale efforts, we've released a stand-alone investor presentation that provides a better understanding of what we've built, where we are headed and why we are so well positioned to build a comprehensive two-sided marketplace that is unlike anything else in the industry today.

除了我們五個待售的成長支柱之外，我還想把焦點轉向租賃。租賃是一項快速成長的業務，占我們總收入的近 1/5，面臨著許多機會。為了讓我們在租賃業務上取得巨大進展，擺脫出售工作的陰影，我們發布了一份獨立的投資者演示文稿，讓投資者更好地了解我們所建造的項目、我們的發展方向以及我們為何如此出色定位於建立一個與當今行業中任何其他市場不同的全面的雙邊市場。

Like we do with all parts of Zillow, we start our Rentals journey from the perspective of the consumer, in this case, the 17 million annual renters in the U.S., which is 3x more movers than on the for-sale side. When renters search for a rental, they want the process to be enjoyable, trustworthy and easy. But instead, it's fragmented and frustrating. That's because no single platform provides a comprehensive marketplace with anywhere near complete coverage of available rental inventory.

就像我們對 Zillow 的所有部分所做的那樣，我們從消費者的角度開始我們的租賃之旅，在本例中，美國每年有 1700 萬租房者，這是搬家者的 3 倍。當租屋者尋找租房時，他們希望整個過程是愉快的、值得信賴的和輕鬆的。但相反，它是支離破碎且令人沮喪的。這是因為沒有一個平台可以提供一個全面的市場，可以幾乎完全覆蓋可用的租賃庫存。

There is no MLS for Rentals. This forces renters to shop across different platforms, each with varying levels of accuracy, transparency and selection, and encounter dead ends when searching for inventory. That fragmentation is the big problem and the big opportunity. Renters and property managers want and need one centralized place where they can see all the rental listings available. This is an incredibly simple and obvious concept, but an incredibly hard challenge. It's a challenge Zillow is best positioned to solve because of our success over many years of building great products for our massive audience of movers on the for-sale side.

租賃沒有 MLS。這迫使租屋者在不同的平台上購物，每個平台的準確性、透明度和選擇水準都有所不同，並且在尋找庫存時會遇到死胡同。這種碎片化既是大問題，也是大機會。租戶和物業經理想要並且需要一個集中的地方，在那裡他們可以看到所有可用的出租清單。這是一個極其簡單和明顯的概念，但卻是一個極其艱鉅的挑戰。這是 Zillow 最有能力解決的挑戰，因為我們多年來成功地為銷售方面的廣大搬家工人打造了出色的產品。

The early years of Zillow Rentals made clear that our customers wanted to come to us to shop for rentals, so in 2018, we turned our focus and ramped up our investment to build it out and create the richest, most complete Rentals marketplace. We started with long-tail rentals, which we define as less than 25 units, but primarily comprises single-family homes because data and interest in single-family was a core strength of Zillow.

Zillow Rentals 成立之初就明確表明，我們的客戶希望來找我們租賃，因此在 2018 年，我們轉變了重點，加大了投資力度，以打造最豐富、最完整的租賃市場。我們從長尾租賃開始，我們將其定義為少於 25 個單元，但主要包括單戶住宅，因為對單戶住宅的數據和興趣是 Zillow 的核心優勢。

Because these properties were hard to find, this offered an opportunity for us to build a unique inventory asset. It may also come as a surprise to you, but long-tail rentals are actually the majority of inventory in the rentals market. Long-tail rentals are a classic go-to-market problem: small, fragmented and local. You simply cannot efficiently deploy a sales force to go out and find all the supply.

由於這些房產很難找到，這為我們提供了建立獨特庫存資產的機會。您可能也會感到驚訝，但長尾租賃實際上是租賃市場上的大部分庫存。長尾租賃是一個典型的市場進入問題：規模小、分散且本地化。您根本無法有效地部署銷售人員出去尋找所有供應​​。

Because Zillow was already the most trusted name in residential real estate, many of these long-tail property managers were already familiar with us and asking for these solutions. Many of them may only own 1 or 2 homes, so they're looking for a product that gets their listings in front of the most potential tenants and makes renting out their properties easier.

由於 Zillow 已經是住宅房地產領域最值得信賴的品牌，許多長尾物業經理已經熟悉我們並尋求這些解決方案。他們中的許多人可能只擁有一兩套房屋，因此他們正在尋找一種產品，讓他們的房源出現在最有潛力的租戶面前，並使他們的房產更容易出租。

Today, our long-tail product experience is unmatched. On Zillow, renters can search, book tours, apply for properties, sign a lease and pay their rent securely and apply for renters' insurance. Similarly, long-tail property managers on Zillow can list, book tours, screen applicants, create leases, sign them electronically and collect red payments. It's a true end-to-end solution that's highly useful to both renters and property managers alike.

如今，我們的長尾產品體驗是無與倫比的。在 Zillow 上，房客可以搜尋、預訂旅遊、申請房產、簽訂租約、安全支付租金以及申請租客保險。同樣，Zillow 上的長尾物業經理可以列出清單、預訂旅遊、篩選申請人、創建租約、以電子方式簽署並收取紅色付款。這是一個真正的端到端解決方案，對租戶和物業經理都非常有用。

These investments in great products starting in 2018 powered Zillow to the top traffic ranking in rentals and made us the preferred brand for renters. Today, Zillow is the most searched Rentals marketplace, according to Google Trends, search nearly 1.5x more than the next company in the category, and we have the leading rentals traffic with very limited marketing spend.

從 2018 年開始，這些對優質產品的投資使 Zillow 躋身租賃流量排名榜首，並使我們成為租屋者的首選品牌。如今，Zillow 是搜尋次數最多的租賃市場，根據 Google 趨勢，搜尋量比該類別中的下一個公司高出近 1.5 倍，而且我們擁有領先的租賃流量，而行銷支出卻非常有限。

After our success in long-tail, in 2022, we turned our attention to the more commodity supply subsegment of rentals: multifamily, big apartment buildings with 25 or more units. This is the easier-to-reach segment investors have historically thought of as the Rentals category, with professional property managers who have marketing and software budgets to help them acquire renters and manage buildings.

在長尾取得成功之後，2022 年，我們將注意力轉向了租賃中更具商品供應的細分市場：擁有 25 個或更多單元的多戶型大型公寓大樓。這是投資者歷來認為的租賃類別中更容易接觸到的細分市場，專業的物業經理擁有行銷和軟體預算來幫助他們吸引租戶和管理建築物。

Since we turned our focus to the multifamily space, we have driven a 30% compounded annual growth rate in our multifamily properties from 27,000 to 40,000 at the end of Q1 and a more than 30% CAGR in our multifamily revenue on the back of just $15 million total marketing dollars spent on Zillow Rentals.

自從我們將重點轉向多戶型空間以來，我們的多戶型房產年複合增長率為30%，從第一季末的27,000 套增至40,000 套，多戶型收入的複合年增長率超過30%，而收入僅15 美元Zillow Rentals 的行銷總支出達 100 萬美元。

Combining unique long-tail listings with more commodity multifamily listings allows consumers a more seamless experience where they can see all types of available rental listings in one place and gives Zillow a highly differentiated Rentals marketplace experience, in which we are now ramping up our investments. In addition, many movers are dual track shopping: shopping for a home to buy while also considering their rental options. Zillow's integrated shopping experience and singular brand excel here.

將獨特的長尾房源與更多商品多戶型房源結合，為消費者帶來更無縫的體驗，他們可以在一個地方看到所有類型的可用租賃房源，並為Zillow 提供高度差異化的租賃市場體驗，我們現在正在加強投資。此外，許多搬家者都採用雙軌購物：購買房屋的同時也考慮租賃選擇。 Zillow 的全面購物體驗和獨特品牌在這方面表現出色。

As it stands today, we estimate that Zillow has more than 50% of all rental listings in the country, more than any other site, and many of them are unique to Zillow. But that still accounts for only 60% of all long-tail listings and 35% of multifamily listings across the country. So we are investing in our Rentals products, services and sales to drive further growth. For example, in March, we entered into a strategic partnership with Realtor.com to provide all the multifamily listings on their site, and we recently launched our first national marketing campaign after a successful pilot last year in a few markets, which tested well, to grow our audience.

就目前情況而言，我們估計 Zillow 擁有全國 50% 以上的租賃清單，比其他任何網站都多，其中許多是 Zillow 獨有的。但這仍只佔全國所有長尾房源的 60% 和多戶房源的 35%。因此，我們正在投資租賃產品、服務和銷售，以推動進一步成長。例如，三月份，我們與Realtor.com 建立了戰略合作夥伴關係，在他們的網站上提供所有多戶住宅列表，去年在幾個市場成功試點後，我們最近推出了第一個全國營銷活動，測試效果良好，來增加我們的觀眾。

As with other parts of our business, 2024 is a year to scale up our breadth and depth in Rentals to drive continued growth in listings, both long-tail and importantly, multifamily. With the largest audience of renters on the market, a 42% revenue CAGR since 2015 and a $1 billion-plus revenue opportunity in front of us, Zillow Rentals is digitally organizing a large, fragmented local marketplace highly valued by all participants.

與我們業務的其他部分一樣，2024 年是我們擴大租賃業務廣度和深度的一年，以推動房源持續成長，包括長尾房源和重要的多戶房源。 Zillow Rentals 擁有市場上最多的租戶受眾，自2015 年以來收入複合年增長率為42%，並且我們面前有超過10 億美元的收入機會，Zillow Rentals 正在以數位方式組織一個受到所有參與者高度重視的大型、分散的本地市場。

One quarter into the year, we are pleased with our execution and controlling what we can against a noisy external backdrop. And with that, I will now pass the microphone to Jeremy Hofmann, who will provide a closer look at our results.

今年一個季度，我們對我們的執行力以及在嘈雜的外部背景下我們所能控制的情況感到滿意。現在，我將把麥克風傳給傑里米·霍夫曼，他將仔細研究我們的結果。

Thanks, Jeremy, and hello, everyone. As you heard from Rick and Jeremy, we are pleased with how we are executing on our strategy, and our results once again demonstrate that our strategy is working well. I will start with our Q1 2024 results, which exceeded expectations across the business for revenue and EBITDA.

謝謝傑里米，大家好。正如您從 Rick 和 Jeremy 那裡聽到的，我們對策略的執行方式感到滿意，我們的結果再次證明我們的策略運作良好。我將從 2024 年第一季的業績開始，該業績超出了整個業務的收入和 EBITDA 預期。

Revenue growth accelerated in Q1, up 13% year-over-year to $529 million, which was $26 million above the midpoint of our outlook range. The broader residential real estate industry grew 4% in the quarter, according to data from NAR, meaning that we outperformed the category by 900 basis points. Each of our revenue categories across Residential, Mortgages and Rentals contributed to our outperformance.

第一季營收成長加速，年增 13%，達到 5.29 億美元，比我們預期範圍的中點高出 2,600 萬美元。根據 NAR 的數據，更廣泛的住宅房地產行業在本季度增長了 4%，這意味著我們的表現優於該類別 900 個基點。我們的住宅、抵押貸款和租賃等各個收入類別都為我們的優異表現做出了貢獻。

On a GAAP basis, Q1 net loss was $23 million, representing 4% of our revenue. EBITDA was $125 million for the quarter, resulting in a 24% EBITDA margin, a year-over-year margin expansion of 200 basis points. The combination of our revenue outperformance and effective cost management delivered the improved year-over-year EBITDA results despite a macro housing environment that remains constrained.

以 GAAP 計算，第一季淨虧損為 2,300 萬美元，占我們營收的 4%。本季 EBITDA 為 1.25 億美元，EBITDA 利潤率為 24%，年比利潤率成長 200 個基點。儘管宏觀住房環境仍然受到限制，但我們的收入表現出色和有效的成本管理相結合，實現了同比 EBITDA 業績的改善。

Our Q1 Residential revenue of $393 million outperformed our outlook range, and revenue growth accelerated to 9% year-over-year. Premier Agent benefited from the ongoing investments in our top and mid-funnel experiences that drove improvements in our overall connection rates. Additionally, our growth was driven by accelerating growth in our new construction business, growth in ShowingTime+ as we began our nationwide rollout of Listing Showcase, with additional contributions from Follow Up Boss.

我們第一季的住宅收入為 3.93 億美元，超出了我們的預期範圍，營收年增率加速至 9%。高級代理商受益於我們對頂部和中部漏斗體驗的持續投資，這些投資推動了我們整體連接率的提高。此外，我們的成長得益於新建築業務的加速成長、隨著我們開始在全國推出 Listing Showcase 而導致 ShowingTime+ 的成長，以及 Follow Up Boss 的額外貢獻。

Rentals revenue grew 31% year-over-year in Q1 to $97 million, primarily driven by our multifamily revenue, which grew 46% year-over-year. Our Rental strategy is working well, and our team is executing on growing the number of multifamily properties on our apps and sites, which reached an all-time high of 40,000 multifamily properties as of the end of Q1. Total listings across our entire Rentals marketplace were up 20% year-over-year to an industry-leading 1.8 million listings in March.

第一季的租賃收入年增 31%，達到 9,700 萬美元，這主要是由我們的多戶型收入年增 46% 推動的。我們的租賃策略運作良好，我們的團隊正在增加我們的應用程式和網站上的多戶住宅數量，截至第一季末，多戶住宅數量達到了 40,000 套的歷史最高水平。 3 月份，我們整個租賃市場的掛牌總數年增 20%，達到業界領先的 180 萬套。

Mortgages revenue of $31 million in Q1 was up 19% year-over-year, with purchase loan origination volume growing more than 130% year-over-year to $601 million. Our mortgage strategy is to help more of our customers get financing through Zillow Home Loans, which continues to drive our growing share of purchase originations, even in a difficult macroeconomic environment, evidenced by total industry purchase loan originations being down 10% year-over-year per our internal data.

第一季抵押貸款收入為 3,100 萬美元，年增 19%，購屋貸款發放量較去年同期成長超過 130%，達到 6.01 億美元。我們的抵押貸款策略是幫助更多的客戶透過Zillow Home Loans 獲得融資，即使在宏觀經濟環境困難的情況下，Zillow Home Loans 也將繼續推動我們的購房貸款份額不斷增長，行業購房貸款發放總額同比下降10% 就是證明。

EBITDA expenses in Q1 totaled $404 million, flat sequentially from Q4 and at the midpoint of our implied outlook range as a result of our ongoing focus on cost management. Cost of revenue, which is included in EBITDA expenses, increased $31 million or 34% year-over-year, primarily due to an increase in website development costs as we continue to test and release new products as well as increases in mortgage loan processing costs due to higher purchase loan origination volume.

第一季的 EBITDA 支出總計 4.04 億美元，與第四季度持平，由於我們持續專注於成本管理，因此處於我們隱含展望範圍的中點。包含在 EBITDA 費用中的收入成本同比增加 3100 萬美元，即 34%，主要是由於我們繼續測試和發布新產品導致網站開發成本增加，以及抵押貸款處理成本增加由於購買貸款發放量較高。

We ended Q1 with $2.9 billion of cash and investments, up from $2.8 billion at the end of Q4, primarily driven by net cash provided by operating activities. As of the end of Q1, we had $1.6 billion of outstanding convertible debt. We repurchased $9 million of shares during Q1, and we were opportunistic in the month of April, repurchasing an additional 2.1 million shares for $91 million. Collectively, we have repurchased a total of $100 million of shares year-to-date.

第一季結束時，我們的現金和投資為 29 億美元，高於第四季末的 28 億美元，這主要是由經營活動提供的淨現金推動的。截至第一季末，我們有 16 億美元的未償可轉換債務。我們在第一季回購了 900 萬美元的股票，並在 4 月抓住機會，以 9,100 萬美元的價格額外回購了 210 萬股股票。今年迄今為止，我們總共回購了價值 1 億美元的股票。

Turning to our outlook for Q2. We estimate the residential real estate industry total transaction value will be roughly flat year-over-year, which is down sequentially from the 4% year-over-year growth we saw in Q1. We expect total company revenue to be between $525 million and $540 million, implying a year-over-year increase of 5% at the midpoint of our outlook range.

轉向我們對第二季的展望。我們預計住宅房地產行業總交易額將同比大致持平，較第一季 4% 的年增幅有所下降。我們預計公司總收入將在 5.25 億美元至 5.4 億美元之間，這意味著我們的展望範圍中位數將年增 5%。

For Residential, we expect revenue to be between $372 million to $382 million. Our Residential revenue outlook for Q2 is down sequentially based on two headwinds. The first is that first-time homebuyer activity has underperformed the overall mortgage buyer market year-to-date. A good indicator of first-time homebuyer activity is the MBA's FHA Mortgage Purchase Application Index. Because our customer base leans toward first-time homebuyers, this is an index we watch closely. Over the past 6 weeks, we have seen the Index underperform the overall Mortgage Purchase Index by over 800 basis points.

對於住宅，我們預計收入將在 3.72 億美元至 3.82 億美元之間。由於兩個不利因素，我們對第二季住宅收入的預期連續下調。首先是首次購屋者活動今年迄今的表現遜於整體抵押貸款買家市場。 MBA 的 FHA 抵押貸款購買申請指數是衡量首次購屋者活動的一個良好指標。由於我們的客戶群傾向於首次購屋者，因此這是我們密切關注的指數。在過去 6 週中，我們發現該指數的表現落後於整體抵押貸款購買指數超過 800 個基點。

The second is recent moves in interest rates. We have seen some headwinds as Premier Agent partners take a wait-and-see approach as interest rates have spiked by more than 50 basis points over the last few weeks, and first-time homebuyers are a lower percentage of the overall home buying mix.

第二個是最近的利率變動。我們看到了一些不利因素，因為過去幾週利率飆升超過 50 個基點，且首次購房者在整體購房組合中所佔比例較低，因此高級代理合作夥伴採取了觀望態度。

Moving to Rentals. We expect our Rentals revenue to grow in the mid-20% range year-over-year as we continue to benefit from the strength of our execution, a favorable industry backdrop driving property manager demand for advertising and the launch of our first national rentals brand awareness campaign. Within Rentals, we expect multifamily revenue to grow faster than the overall business as we add more properties, sell more subscription packages and benefit from the investments we are making in our renter experience.

轉向出租。我們預計我們的租賃收入將年增 20% 左右，因為我們將繼續受益於我們的執行力、有利的行業背景推動物業經理對廣告的需求以及我們第一個全國租賃品牌的推出宣傳活動。在租賃業務方面，隨著我們增加更多房產、銷售更多訂閱套餐以及從我們對租賃體驗的投資中受益，我們預計多戶家庭收入的成長速度將快於整體業務。

For Mortgages, we expect accelerated year-over-year revenue growth in the high 20% range. We remain on track to further integrate Premier Agent and Zillow Home Loans with our planned Enhanced Markets expansion. As capacity is built within these Enhanced Markets, we expect to send more of our mortgage leads to Zillow Home Loans directly as well as drive engagement with more consumers on our apps and sites to grow our origination volumes. We expect origination revenue to become both a larger portion of Mortgages revenue and a larger driver of the category's revenue growth going forward as a result.

對於抵押貸款，我們預計收入將同比加速成長，增幅高達 20%。我們仍然致力於將 Premier Agent 和 Zillow Home Loans 與我們計劃的增強市場擴張進一步整合。隨著這些增強型市場的容量不斷增強，我們預計將更多的抵押貸款線索直接發送到 Zillow Home Loans，並推動我們的應用程式和網站上更多消費者的參與，以增加我們的發放量。我們預計，原始收入將成為抵押貸款收入的更大一部分，並因此成為該類別收入成長的更大推動力。

For Q2, we expect EBITDA to be between $85 million and $100 million, equating to a 17% margin at the midpoint of our outlook range. This implies EBITDA expenses will increase from $404 million in Q1 to an estimated $440 million in Q2, which is what we expected in our full year plan. Roughly 85% of the increase is being driven by a combination of a seasonal uptick in our brand marketing spend and increased marketing spend to accelerate our Rentals growth strategy. The balance of the increase is coming from staffing of variable head count for sales given the growth we expect in Rentals, Listing Showcase and Zillow Home Loans throughout 2024.

對於第二季度，我們預計 EBITDA 將在 8,500 萬美元至 1 億美元之間，相當於我們展望範圍中位數的 17% 利潤率。這意味著 EBITDA 支出將從第一季的 4.04 億美元增加到第二季的估計 4.4 億美元，這正是我們在全年計畫中的預期。大約 85% 的成長是由我們品牌行銷支出的季節性上升以及為加速我們的租賃成長策略而增加的行銷支出共同推動的。考慮到我們預計 2024 年租賃、房源展示和 Zillow 房屋貸款將出現成長，成長的其餘部分來自銷售人員的可變人數。

Moving on to the full year. I want to reiterate that we expect double-digit revenue growth for 2024, primarily driven by our growth pillars, with modest EBITDA margin expansion for the year. Our announced Rentals brand campaign is something we had factored in when we initially provided this framework in February. Based on our Q1 results and our expected Q2 performance, we expect to outpace our internal plan for both revenue and EBITDA in the first half of 2024.

進入全年。我想重申，我們預計 2024 年營收將實現兩位數成長，這主要是由我們的成長支柱推動的，並且今年 EBITDA 利潤率將小幅擴張。我們在二月份最初提供此框架時就已經考慮了我們宣布的 Rentals 品牌活動。根據我們第一季的業績和預期的第二季業績，我們預計 2024 年上半年的營收和 EBITDA 都將超過我們的內部計畫。

On the cost side, we continue to believe our fixed investments are at the right level, which should result in our fixed costs growing modestly with inflation and our variable costs growing ahead of revenue initially as we ramp up new hires to be fully productive. Advertising spend is a lever we treat as separate and distinct from the rest of the cost base and one we will pull, depending on the growth opportunities we see in front of us. Clearly, Rentals is an opportunity we think deserves amplified marketing dollars, and we are excited about what the campaign will bring for our future growth.

在成本方面，我們仍然相信我們的固定投資處於正確的水平，這應該會導致我們的固定成本隨著通貨膨脹而小幅增長，而隨著我們增加新員工以充分發揮生產力，我們的可變成本最初會先於收入成長。廣告支出是一種槓桿，我們將其視為獨立於其他成本基礎的槓桿，我們將根據我們看到的成長機會來拉動它。顯然，我們認為租賃是一個值得增加行銷的機會，我們對該活動將為我們未來的成長帶來的影響感到興奮。

To close, it is clear we are executing on our strategy. We are seeing growth across Residential, Rentals and Mortgages. We are also seeing great results from our growth pillars and our Enhanced Markets that will continue to roll out throughout this year. We are on track to grow revenue double digits and expand margins, all against a macro backdrop that is worse than many forecasted. And with that, operator, we'll open up the line for questions.

最後，很明顯我們正在執行我們的策略。我們看到住宅、租賃和抵押貸款領域的成長。我們也看到我們的成長支柱和增強型市場取得了巨大成果，這些成果將在今年繼續推出。我們有望實現收入兩位數成長並擴大利潤率，而所有這些都是在比許多人預測更糟糕的宏觀背景下實現的。接線員，我們將開通提問熱線。

(Operator Instructions) Our first question comes from Our first question comes from Brad Erickson with RBC.

（操作員說明） 我們的第一個問題來自 RBC 的 Brad Erickson。

I guess two for me. One, obviously, it sounds like the Residential business has slowed down here. You mentioned the full year guide, though, hasn't really changed. So I guess, steeper second half ramp implied. Clearly, you guys are investing in Rentals, and that was baked in. But I think relative to last quarter, maybe just talk about your confidence in that second half ramp. And besides Rentals, what else is kind of instructing that confidence on maintaining the guidance?

我猜對我來說有兩個。第一，顯然，這裡的住宅業務似乎已經放緩。不過，您提到的全年指南並沒有真正改變。所以我想，下半年的坡道會更陡。顯然，你們正在投資租賃，這是已經被接受的。除了租金之外，還有什麼可以指示人們對維持指導的信心？

Yes. Thanks, Brad. It's Jeremy Hofmann. I'll take that one. I think similar to what we've said in the past, we don't over focus on quarter-to-quarter fluctuations, just given how fluid macro has been and will continue to be. What gives us confidence is we're outperforming our internal plan. We expect to do so with what we guided for the second quarter and expect to do so for the first half of the year on both revenue and EBITDA.

是的。謝謝，布拉德。我是傑瑞米·霍夫曼。我會接受那個。我認為，與我們過去所說的類似，我們不會過度關注季度間的波動，只是考慮到宏觀經濟過去和未來的流動性。給我們信心的是我們正在超越我們的內在計劃。我們預計將按照第二季的指導方針來實現這一目標，並預計在今年上半年的收入和 EBITDA 上實現這一目標。

And when I look at our strategy and what we're executing across, we feel really confident that the second half is going to accelerate and will grow double digits against the flattish housing market. And that comes from a few factors. So I think first, more contributions from our Enhanced Markets will come in the second half as they come online, and that's all back half weighted.

當我審視我們的策略和正在執行的工作時，我們非常有信心下半年將加速發展，並在房地產市場表現平淡的情況下實現兩位數的成長。這是由幾個因素造成的。因此，我認為首先，下半年我們的增強型市場上線後將做出更多貢獻，而這都是後半加權的。

We're seeing continued share gains and positive signals in the 13 Enhanced Markets to date. Jeremy hit that earlier, but across revenue per total transaction value and customer adoption rate. So we feel good there. Mortgages, we expect to continue to accelerate. Showcase is rolling out nationwide and accelerating. And then obviously, Rentals is growing quite nicely, and we expect that to continue as well. So that's what gives us the confidence around the reacceleration that we expect to see in the second half.

迄今為止，我們在 13 個增強型市場中看到了持續的份額上漲和積極訊號。傑里米（Jeremy）早些時候就談到了這一點，但涉及每筆總交易價值的收入和客戶採用率。所以我們在那裡感覺很好。抵押貸款，我們預計將繼續加速。 Showcase正在全國推廣並加速。顯然，租賃業務成長得相當不錯，我們預計這種情況也將持續下去。因此，這讓我們對下半年的經濟重新加速充滿信心。

Got it. That's helpful. And then just secondarily on the regulatory front, specifically around the buyers' agreement. You mentioned that arrangement and the product you announced, I guess it was yesterday, leading to maybe higher conversion rates. I think there's some investor concern out there where there's still going to be some friction, maybe higher up in the funnel. Can you kind of talk about how you manage that part of it and maybe why it's not a headwind relative to kind of how the old way used to work?

知道了。這很有幫助。其次是監管方面，特別是圍繞買方協議。您提到了這種安排和您宣布的產品，我想是昨天的事情，可能會帶來更高的轉換率。我認為投資者擔心仍會存在一些摩擦，可能是在漏斗的更高層。你能談談你是如何管理這部分的嗎？

Yes. Brad, it's Jeremy Wacksman. Yes, as I said earlier, I mean, we see this as a great opportunity. What we're testing is post connection, right? So after a consumer has already requested, or in the Real Time Touring case, booked a tour, can we help educate them and provide them a really consumer-friendly digital education agreement?

是的。布拉德，我是傑瑞米·瓦克斯曼。是的，正如我之前所說，我的意思是，我們認為這是一個很好的機會。我們正在測試的是連接後，對吧？那麼，在消費者提出請求後，或者在即時旅遊案例中，預訂了一次旅行後，我們可以幫助教育他們並為他們提供真正對消費者友好的數位教育協議嗎？

And we see that as better educating the customer and also expectation setting the customer for when they meet the agent as what to expect from the agent, both in that initial relationship but in what they might expect in a buyer-agency agreement generally. And any time we can help educate a customer, that typically leads to a higher quality customer for our agents. We've seen that as we've built things like touring and Real Time Touring. And I gave the example earlier, in states that have been using agreements earlier in the funnel, you typically see higher conversion rates.

我們認為，這可以更好地教育客戶，也可以讓客戶在與代理人會面時對代理人抱有期望，無論是在最初的關係中，還是在買家代理協議中他們可能會得到的期望。每當我們可以幫助教育客戶時，通常都會為我們的代理商帶來更高品質的客戶。當我們建立巡迴演出和即時巡迴等產品時，我們已經看到了這一點。我之前舉了一個例子，在漏斗中較早使用協議的州，您通常會看到更高的轉換率。

The Connecticut example is a good one. It's 90% of buyers are using buyer-agents and the conversion rates are higher. So I think important to frame it in the context of this is down in the funnel once the customer has already raised their hand, really declared their intent. We've worked with them to make sure we're getting them to the right place. They've had this magical book a tour experience, and they're getting ready to go. And this is an additional education opportunity. It's not friction.

康乃狄克州的例子就是一個很好的例子。 90%的買家都在使用買家代理，轉換率更高。因此，我認為，一旦客戶已經舉手，真正表達了他們的意圖，就必須在漏斗中將其框架化。我們與他們合作，以確保我們將他們帶到正確的地方。他們已經體驗過這本神奇的書，現在正準備出發。這是一個額外的教育機會。這不是摩擦力。

We now turn to John Campbell with Stephens.

現在我們轉向約翰·坎貝爾和史蒂芬斯。

Just back to the new Zillow touring agreement, that's a pretty clever development. Congrats on getting that to market. I want to touch on two items related to that. So first, if there are agents that are unwilling to adopt that new touring agreement, will those agents simply lose the ability to get tour requests through ShowingTime?

回到新的 Zillow 巡迴協議，這是一個非常聰明的發展。恭喜您將其推向市場。我想談談與此相關的兩個項目。那麼首先，如果有代理商不願意採用新的巡迴協議，這些代理商是否會失去透過 ShowingTime 取得巡迴請求的能力？

And then secondly, just more broadly, how important do you feel the role of touring is for your journey of moving from 3% of transactions to 6%?

其次，更廣泛地說，您認為巡迴對於您從 3% 的交易量上升到 6% 的過程來說有多重要？

Yes, this is Jeremy. I'll hit both. It's optional, right? So it's not something that Zillow is required to do. That's why I said we see it as opportunity. It's an educational step. At some point in the experience, the agent is going to have a conversation with the customer about services and start an agreement in our relationship. We're trying to help facilitate that. So we don't expect any fall-off or friction because it is an optional experience. And that said, we're prototyping and testing. We'll learn a lot as we work with our first couple of hundred agent partners and customers, and we'll iterate from there.

是的，這是傑瑞米。我兩個都會打。這是可選的，對吧？所以這不是 Zillow 需要做的事情。這就是為什麼我說我們將其視為機會。這是一個教育步驟。在體驗的某個時刻，代理商將與客戶就服務進行對話，並就我們的關係達成協議。我們正在努力幫助促進這一點。因此，我們預計不會出現任何下降或摩擦，因為這是一種可選的體驗。也就是說，我們正在製作原型並進行測試。當我們與前幾百個代理商合作夥伴和客戶合作時，我們會學到很多東西，並且我們將從那裡迭代。

So -- and then to your second question, we see touring as, again, as we've talked about for a while, it's the #1 thing customers want to do. That's why we're so excited about it. That's why it's one of our growth pillars and one of the drivers of the performance gains we've seen in our Enhanced Markets to date and the overall share gains we expect to see as we roll out to more markets.

那麼，關於你的第二個問題，正如我們已經討論了一段時間的那樣，我們再次認為巡演是客戶想做的第一件事。這就是為什麼我們對此如此興奮。這就是為什麼它是我們的成長支柱之一，也是我們迄今為止在增強型市場中看到的業績成長的驅動因素之一，也是我們在向更多市場推出時預計會看到的整體份額成長的驅動因素之一。

That is both physical touring, which we've talked about here, and virtual touring, right? So getting customers a deeper sense of home, helping them figure out what they want to go see in person helps higher-quality customers be more educated, informed when they raise their hands, that helps our agents win more of those customers when they meet them and drive transaction share.

這既是我們在這裡討論的實體巡演，也是虛擬巡演，對嗎？因此，讓客戶有更深的家的感覺，幫助他們弄清楚他們想親自去看看什麼，可以幫助高品質的客戶接受更多的教育，在他們舉手時獲得更多的信息，這有助於我們的代理商在見到他們時贏得更多的客戶並推動交易份額。

So we're excited about the opportunity the changes the evolution Rich talked about provide. This is one of the first ways in which we're trying to leverage and help make those marriages between consumers and agents happen.

因此，我們對里奇談到的演變所提供的機會感到興奮。這是我們嘗試利用和幫助消費者與代理商之間建立聯繫的首要方式之一。

Okay. That's helpful. And then one more to tack on here on Matterport. I mean, obviously, it looks like it's heading to one of your competitors. I know you're not going to probably comment on pending transaction or maybe what that ripple effect, call it, for the market. But maybe if you could just talk to your own 3D tour capabilities and how you feel that stacks up?

好的。這很有幫助。然後再在 Matterport 上新增一個。我的意思是，顯然，它看起來像是要去你的競爭對手之一。我知道你可能不會評論待處理的交易，或者可能不會評論市場的連鎖反應。但也許您可以談談您自己的 3D 遊覽功能以及您的感覺如何？

Yes. We are really excited about our own homegrown 3D tech. We're excited about virtual touring generally. We support Matterport today. It's a small percentage of listings today, and our 3D technology is on a small percentage of listings today. And that virtual touring capability is going to continue to grow as consumers discover, love it and as we all improve our own technologies. So we're really happy with our homegrown effort. And as you know, that is what powers Listing Showcase and all of the really unique interactive floor plan, AI-generated listings I talked about earlier that drive a ton more buyer engagement and are helping listings go pending and sell faster and sell for more money.

是的。我們對自己研發的 3D 技術感到非常興奮。總的來說，我們對虛擬巡演感到很興奮。我們今天支持 Matterport。如今，它只佔清單的一小部分，而我們的 3D 技術也只佔今天清單的一小部分。隨著消費者的發現和愛以及我們所有人都改進自己的技術，虛擬旅遊功能將繼續增長。所以我們對我們本​​土的努力感到非常滿意。如您所知，這就是清單展示和所有真正獨特的互動式平面圖、人工智慧生成的清單的動力，我之前提到過這些清單可以提高買家的參與度，並幫助清單掛起，更快地出售，並以更高的價格出售。

So we love the investment that we're making here, and we really see this as where the consumer experience is going. But it's early, and all of us are small. And retraining the consumer to allow more touring in the virtual world, we think, complements the physical touring investments we're making. Again, back to the earlier conversation, helping consumers find what they want to buy, helping them dream and shop more online and their app and getting them into the hands of our great agent partners.

因此，我們喜歡在這裡進行的投資，我們確實認為這是消費者體驗的發展方向。但現在還早，而且我們都還小。我們認為，對消費者進行再培訓以允許在虛擬世界中進行更多遊覽，可以補充我們正在進行的實體旅遊投資。再次回到先前的對話，幫助消費者找到他們想買的東西，幫助他們夢想並在網路上和他們的應用程式上進行更多購物，並將它們交到我們優秀的代理商合作夥伴手中。

We now turn to Ron Josey with Citigroup.

現在我們請來花旗集團的羅恩‧喬西。

Rich, I wanted to ask on the Rentals business, only because clearly it's a big strategic priority and the deck was very helpful, and on a $400 million run rate currently, and I think the view is to get to that $1 billion, if I read the deck correctly, in revenue.

Rich，我想詢問租賃業務，只是因為顯然這是一個重要的戰略優先事項，而且這套平台非常有幫助，目前的運行率為4 億美元，我認為如果我能達到10 億美元，我的觀點是達到10 億美元。

So I wanted to maybe focus more on multifamily growth, and we talked about, I think, 35% penetration of the, call it, those that are available properties to 40,000 properties today. Just talk to us about the life cycle for getting these multifamily properties onto the platform, the importance to Rentals for first-time buyers?

因此，我想也許更多地關注多戶型住宅的增長，我認為，我們討論了 35% 的滲透率，可以這麼說，今天可供出售的房產達到 40,000 套。請與我們談談將這些多戶型房產納入平台的生命週期，以及對首次購屋者的租賃的重要性？

And then maybe as a quick follow-up to that, how Rentals -- it's been a big business for Zillow for a while, creates a deeper relationship with Zillow over, call it, the entire housing process of a person. And I have a quick follow-up.

然後，也許作為對此的快速跟進，租賃——一段時間以來一直是 Zillow 的一項大業務——如何與 Zillow 建立更深層次的關係，稱之為一個人的整個住房過程。我有一個快速的跟進。

Ron, guys, maybe I'll start out with a little bit of a strategy answer and then Jeremy Wacksman, maybe talk about -- or Jeremy Hofmann will talk about the multifamily question that Ron asked.

羅恩，夥計們，也許我會從一些策略答案開始，然後傑里米·瓦克斯曼（Jeremy Wacksman）也許會談論——或者傑里米·霍夫曼（Jeremy Hofmann）會談論羅恩問的多家庭問題。

Yes, we -- I really love the Rentals play as you know, Ron. It is a textbook example of a two-sided digital marketplace opportunity. It's the kind of opportunity that our Board Director, Bill Gurley, who many of you know, who's really a thought leader on digital marketplaces, would really love. It turns out that I've been roughly involved in -- intimately involved in building several kind of successful digital marketplaces since the dawn of the Internet as well, and it makes me excited. So let me just tick through why.

是的，我們——我真的很喜歡出租遊戲，你知道的，羅恩。這是雙向數位市場機會的教科書範例。我們的董事會董事 Bill Gurley（你們很多人都知道他是數位市場的思想領袖）非常喜歡這種機會。事實證明，自從網路誕生以來，我一直在密切參與建立幾個成功的數位市場，這讓我感到興奮。那麼讓我簡單說明一下原因。

One, it's hyper-fragmented and locally distributed inventory on the supply side of the marketplace. Likewise, it's really fragmented on the renter or the demand side of the marketplace, okay? Also, there is volatile pricing and volatile availability, which promotes market monitoring, so high engagement from both sides of the marketplace. Additionally, there is heavy shopper interest in content as both practical and for entertainment as part of the shopping process, which lends itself well to a digital marketplace. Very high gross margin, which we all, as investors love. And finally, marketplaces have a positive network effect, which is more supply begets more demand, which begets more supply.

第一，市場供應方的庫存高度分散且本地分佈。同樣，它在租戶或市場需求方面確實是分散的，好嗎？此外，價格和供應量也存在波動，這促進了市場監控，因此市場雙方的參與度很高。此外，購物者對作為購物過程一部分的實用性和娛樂性內容非常感興趣，這非常適合數位市場。毛利率非常高，這是我們投資者所喜歡的。最後，市場具有正面的網路效應，即更多的供應產生更多的需求，從而產生更多的供應。

So we're seeing all of those things in action here in our rental marketplace. We knew from the beginning that acquiring demand at a really reasonable price, basically near 0 marginal expense, is key to making these kinds of marketplaces work, and that keeping the supply side inventory acquisition costs very low is going to be key as well, and we feel very good on both of those.

因此，我們在租賃市場上看到了所有這些事情的實施。我們從一開始就知道，以真正合理的價格（基本上接近零邊際費用）獲取需求是使此類市場發揮作用的關鍵，並且保持供應方庫存獲取成本非常低也將是關鍵，並且我們對這兩方面都感覺非常好。

On the demand side, it's pretty simple. Zillow Rentals has kind of ridden the long and lovely coattails of the greater Zillow with our 200 million-plus monthly uniques, and lots of them also interested in buying a home as well as renting. So we've been able to leverage that. And on the supply side, it took us many years of kind of toiling in the dark in the long-tail where most of the rental inventory is in single-family homes in the long-tail, but now after toiling for many years, we estimate we have about 60% of those, and they're unique. These are almost all listings that will only be showing up inside of Zillow Rentals, which is fantastic.

在需求方面，這非常簡單。 Zillow Rentals 憑藉我們每月 2 億多的獨立用戶，在某種程度上搭上了更大的 Zillow 的長而可愛的順風車，其中許多人也對買房和租房感興趣。所以我們已經能夠利用這一點。而在供應方面，我們在長尾的黑暗中摸索了很多年，大部分的租賃庫存都在長尾的單戶住宅，但現在經過多年的辛苦，我們據估計，我們擁有其中大約60%，而且它們都是獨一無二的。這些幾乎都是只會出現在 Zillow Rentals 內的列表，這太棒了。

So more recently, I'll hand it off to Jeremy here, we turned our guns to the kind of more obvious and more commodity apartments in tall buildings in cities market, the multifamily market. This is the market segment with real marketing budgets and professional managers. We have 40,000 buildings now. It's growing really rapidly. We love that. Why don't I -- so I'll conclude by saying, yes, we've got the supply -- the expense of the supply side nailed and the inventory now kind of lit up, and we've certainly got the demand side in a terrific spot, and we're -- I'm personally excited to begin to really lean into this. Jeremy, you want to chat a bit about multifamily?

所以最近，我將把它交給傑里米，我們把槍口轉向城市市場、多戶市場中高層建築中更明顯、更商品化的公寓。這是擁有真實行銷預算和職業經理人的細分市場。我們現在有 40,000 棟建築物。它的成長速度非常快。我們喜歡這樣。為什麼我不——所以我最後會說，是的，我們已經有了供應——供應方的費用已經確定，庫存現在有點增加，我們當然也有需求方在一個很棒的地方，我們——我個人很高興開始真正致力於這一點。傑里米，你想聊聊多戶家庭嗎？

Yes. I mean I think the answer is similar to the framework you gave around it being a two-sided marketplace. We have been building the overall organic traffic and listings for the renter experience, and that's driven the demand side broadly. Now we're focusing in on increasing demand, more specifically in multifamily, and you're seeing that both in our partnership with Realtor.com and in our advertising campaign following a really successful test last year. And that's on the demand side of Rich's two-sided marketplace.

是的。我的意思是，我認為答案類似於您圍繞雙邊市場給出的框架。我們一直在為租戶體驗打造整體有機流量和列表，這廣泛推動了需求方面。現在，我們專注於不斷增長的需求，更具體地說是多戶住宅，您可以在我們與 Realtor.com 的合作夥伴關係以及去年成功測試後的廣告活動中看到這一點。這是里奇雙邊市場的需求方。

And then the supply side is bringing those high-intent renters to the professionals Rich talked about and increasing our sales efforts to go help those folks connect with our renters and get what they need from their advertising dollars. So it is really about the flywheel Rich talked about, and it's just the focus in on multifamily on both the demand side and the supply side that we're now turning more focus and energy to.

然後供應方將這些高意願的租屋者帶到里奇談到的專業人士那裡，並加大我們的銷售力度，幫助這些人與我們的租屋者建立聯繫，並從廣告收入中獲得他們所需要的東西。所以這實際上是關於里奇談到的飛輪，這只是我們現在將更多的注意力和精力轉向需求側和供應側的多戶住宅。

We now turn to Mark Mahaney with Evercore ISI.

現在我們請 Evercore ISI 的 Mark Mahaney 發言。

Okay. Let me try a few, please. The Q2 guide, you don't have this kind of outpacing of real estate industry total transaction value that you've had pretty consistently for a while. Maybe you covered this before, but if not, could you please go through that? Why wouldn't you outpace?

好的。請讓我嘗試幾個。第二季指南顯示，房地產業的總交易價值並沒有超過一段時間以來一直維持的水平。也許您之前已經介紹過這一點，但如果沒有，可以詳細介紹一下嗎？為什麼不超越？

And then on the Showcase new listings, can you just talk about what kind of traction you're seeing with that? I know you covered a little bit in the shareholder letter, but reactions you've had to the pricing models that you rolled out at the beginning of the year?

然後在展示新清單中，您能談談您看到了什麼樣的吸引力嗎？我知道您在股東信中介紹了一些內容，但是您對年初推出的定價模型有何反應？

Yes. Thanks, Mark. It's Jeremy Hofmann. I'll take the first one on the guide. Yes, we called out a few factors that are headwinds right now. One is first-time homebuyers are just struggling in this market. And we lean that way, so we're feeling that a bit. And then additionally, just when rates spike like this as quickly as they did over the past few weeks, our Premier Agent partners just tend to be in a more of a wait-and-see environment. So we're feeling both of those at the moment.

是的。謝謝，馬克。我是傑瑞米·霍夫曼。我會選擇指南上的第一個。是的，我們指出了目前存在的一些不利因素。一是首次購屋者在這個市場上舉步維艱。我們傾向於這種方式，所以我們有一點感覺。此外，當利率像過去幾週那樣迅速飆升時，我們的高級代理商合作夥伴往往處於觀望的環境中。所以我們現在感受到了這兩點。

This is not dissimilar from what we felt this time 2 years ago, where PA partners took a bit of a wait-and-see approach when rates spiked and then ultimately, we worked through it. So like I said earlier, not necessarily too focused on the quarter-to-quarter fluctuations, and just reiterating that we think revenue reaccelerates in the back half of the year to get us to that double digits revenue growth against the flattish housing market. We continue to feel good there for a variety of reasons, just the way that we're executing across Residential, Mortgages, Showcase and Rentals as well. And then, Jeremy, maybe I'll pass to you.

這與我們兩年前的感受沒有什麼不同，當時 PA 合作夥伴在利率飆升時採取了觀望態度，但最終我們解決了這個問題。正如我之前所說，不一定過於關注季度波動，只是重申，我們認為今年下半年收入將重新加速，使我們在房地產市場表現平淡的情況下實現兩位數的收入增長。由於各種原因，我們在那裡繼續感覺良好，就像我們在住宅、抵押貸款、展示和租賃領域執行的方式一樣。然後，傑里米，也許我會把球傳給你。

Yes. I can hit Listing Showcase. Yes, I mean, as I said earlier, we're really excited that the increased engagement from the buyers continues, right? So more page views, saves and shares as we get showcased out there more and more. We're also now seeing seller benefit, which I talked about. So homes are selling faster, 20% more likely to accept an offer in 14 days, and they're selling for more money, 2% more money. And most importantly, agents who are using with Listing Showcases are winning more listings.

是的。我可以點選「清單展示」。是的，我的意思是，正如我之前所說，我們真的很高興買家的參與度持續增加，對嗎？隨著我們的展示越來越多，更多的頁面瀏覽量、保存量和分享量也隨之增加。我們現在也看到了我談到的賣方利益。因此，房屋銷售速度更快，14 天內接受報價的可能性提高了 20%，而且售價更高，提高了 2%。最重要的是，使用房源展示的代理商正在贏得更多房源。

So all that says to us that as we've been rolling this out and scaling this up and offering in more locations, we're seeing a really good product market fit, both with -- we knew with buyers, we're now seeing with sellers and with sellers' agents. And that's why we're so excited about the intermediate-term goal we've talked to you all about and getting ourselves to 5% to 10% total active listings because then we think there's potentially more to do once this gets to that state.

因此，所有這些都告訴我們，隨著我們一直在推出這一產品並擴大其規模並在更多地點提供產品，我們看到了非常好的產品市場契合度，我們知道買家，我們現在看到與賣家和賣家代理人。這就是為什麼我們對我們與大家討論過的中期目標感到非常興奮，目標是讓活躍清單總數達到 5% 到 10%，因為我們認為一旦達到這個狀態，我們可能還有更多工作要做。

Do you have markets where that coverage is materially higher, like a lead market where it's materially higher than 5% to 10%?

您是否有覆蓋率明顯更高的市場，例如覆蓋率明顯高於 5% 到 10% 的領先市場？

Not yet. I mean, we've talked to you all about it for a while now, but it's important to remember it's only been live for a couple of quarters, and it's only been live nationally since February. So team has grown, as Jeremy talked about. We have staffed up sales folks to start to hit more coverage and talk to agents in more places. But as much as we're excited about it, as much as we see a really exciting product here, it is still really early in our journey.

還沒有。我的意思是，我們已經和你們討論了一段時間了，但重要的是要記住它只上線了幾個季度，而且自二月份以來才在全國範圍內上線。正如傑里米所說，團隊已經成長。我們已經配備了銷售人員，以開始擴大覆蓋範圍並與更多地方的代理商進行交談。儘管我們對此感到非常興奮，儘管我們在這裡看到了一個非常令人興奮的產品，但它仍然處於我們旅程的早期階段。

We now turn to Ryan McKeveny with Zelman & Associates.

我們現在求助於 Zelman & Associates 的 Ryan McKeveny。

On Follow Up Boss, you mentioned in the letter being even more excited about the opportunity for conversion gains. I guess if you could provide kind of two sides of an update. One would just be initial receptiveness and maybe retention of legacy Follow Up Boss customers post the acquisition.

關於“跟進老闆”，您在信中提到對轉化收益的機會更加興奮。我想您是否可以提供更新的兩個方面。其中之一就是最初的接受度，或許還有收購後遺留的 Follow Up Boss 客戶的保留。

And then secondarily, I know it's only been a handful of months, but where does integration stand with the PA business? And anything to call out about any benefits to conversion rates thus far? Or is that more opportunity as we move forward?

其次，我知道這才過去幾個月，但 PA 業務的整合情況如何？到目前為止，對於轉換率有何好處，有什麼值得指出的嗎？或者說，隨著我們的前進，會有更多的機會嗎？

Yes. Thanks, Ryan. I think on initial reception, we've been really pleased with the retention of the core customers of Follow Up Boss as we've gotten through closing and integration and starting to work together now for a couple of quarters. And we're really pleased to just see the continued positive agent feedback on the Follow Up Boss product. I still get anecdotes all the time, talking to agents, about how much they love it and how much they're excited about our ability to help the Follow Up Boss team grow and invest more in this team-focused CRM that they've built their business on. So we continue to be pleased with the post-close post-acquisition performance of the Follow Up Boss agent base.

是的。謝謝，瑞安。我認為在最初的接待中，我們對保留 Follow Up Boss 的核心客戶感到非常滿意，因為我們已經完成了關閉和整合，並開始合作幾個季度。我們非常高興看到客服人員對 Follow Up Boss 產品持續提供正面回饋。我仍然經常聽到一些軼事，與代理商交談，了解他們有多喜歡它，以及他們對我們能夠幫助Follow Up Boss 團隊成長以及對他們構建的以團隊為中心的CRM 進行更多投資的能力感到多麼興奮他們的生意。因此，我們仍然對 Follow Up Boss 代理商基地收購後的表現感到滿意。

And then on your second question, I would say it's still a lot of opportunity. I mean I think you heard both me and Jeremy talk about in the prepared remarks, they're starting to ship things for all advertising partners. Or sorry, all agent partners, and we're also starting to think about ways to help Premier Agent partners use Follow Up Boss to better convert their business, both -- they're Zillow customers, but they're entire customers.

關於你的第二個問題，我想說這仍然是很多機會。我的意思是，我想你聽到我和傑里米在準備好的演講中談到，他們開始為所有廣告合作夥伴運送東西。或者抱歉，所有代理商合作夥伴，我們也開始考慮如何幫助高級代理商合作夥伴使用 Follow Up Boss 更好地轉換他們的業務，他們都是 Zillow 客戶，但他們是完整的客戶。

So not too much more to share in terms of road map, but a whole lot of excited folks internally in both the Follow Up Boss team and our Zillow consumer and Zillow agent teams ideating and working together on how can we help our agents use technology to convert more customers and deliver better service. And we see a long road ahead for that initiative.

因此，就路線圖而言，無需分享太多內容，但 Follow Up Boss 團隊以及我們的 Zillow 消費者和 Zillow 代理團隊內部有很多興奮的人員正在思考並共同努力，研究如何幫助我們的代理使用技術來轉換更多客戶並提供更好的服務。我們看到這項措施還有很長的路要走。

Got it. That's very helpful. And then just a follow-up on the 2Q revenue guide in Residential and the comment about some partners taking a wait-and-see approach. I guess if I step back, there's the industry noise related to all the litigation and everything that's going on. There's noise on the competitive side of things, neither of which seemed to be kind of the called out headwinds.

知道了。這非常有幫助。然後是住宅第二季收入指南的後續行動以及一些合作夥伴採取觀望態度的評論。我想如果我退一步，就會發現與所有訴訟和正在發生的一切相關的行業噪音。競爭方面存在著噪音，但似乎都不是所謂的逆風。

So maybe just help us think through that disaggregation of the headwinds in a bit more detail. Like is there any change on the margin coming from competitive/industry types of dynamics? Or at this point in time, is the best estimation that it's largely kind of macro-related factors at this point in time?

因此，也許只是幫助我們更詳細地思考逆風的分解。例如，競爭/產業類型的動態是否會導致利潤發生任何變化？或者說目前來看，最好的估計是目前主要是宏觀相關因素？

Yes. Thanks, Ryan. It's Jeremy Hofmann. I think we monitor our sales funnel really, really closely, and we have software that sits over top of it, monitoring agent calls and agent sentiment and just telling us what they're hearing. And the situation right now is just -- it's a temporary rate shock. We've been through that before. It happened in the spring of 2022, and we know how to navigate through it. We want to be there for our partners during this time and not necessarily going to push too hard as a result of that.

是的。謝謝，瑞安。我是傑瑞米·霍夫曼。我認為我們非常非常密切地監控我們的銷售漏斗，並且我們有位於其之上的軟體，監控代理電話和代理情緒，並告訴我們他們所聽到的內容。現在的情況只是──這是暫時的利率衝擊。我們以前經歷過這種情況。它發生在 2022 年春天，我們知道如何度過它。我們希望在這段時間為我們的合作夥伴提供支持，但不一定會因此而逼得太緊。

And then with respect to NAR and competitive, we're just not seeing that in any data that we see. We just don't see impact from either of those. So it really has been much more macro related and macro in a way that we think is navigable. And again, coming back to the full year, we just continue to feel quite good about the ability to accelerate revenue over the course of the year and let us get through the quarter-to-quarter fluctuations just given how fluid macro is.

然後，就 NAR 和競爭力而言，我們在所看到的任何數據中都沒有看到這一點。我們只是沒有看到其中任何一個的影響。因此，它確實與宏觀相關，並以我們認為可以導航的方式進行宏觀研究。再說一次，回到全年，我們繼續對全年收入加速成長的能力感到非常滿意，並讓我們度過季度間的波動，因為宏觀經濟的流動性很大。

We now turn to Chris Kuntarich with UBS.

我們現在請瑞銀集團的克里斯·昆塔里奇 (Chris Kuntarich) 發言。

Two-parter on the Rental business. Just as we think about this $1 billion-plus opportunity for Rentals, last quarter, you'd frame Listing Showcases kind of a medium-term $150 million to $300 million opportunity. Should we be thinking about this also as a medium term? Or is this more of a kind of a longer-term opportunity?

租賃業務由兩人合作。正如我們在上個季度思考這個價值超過 10 億美元的租賃機會一樣，您會將清單展示視為一個價值 1.5 億至 3 億美元的中期機會。我們是否也應該將其視為中期？或者這更像是一種長期機會？

And the second part of the question would be just as we think about the pace of Rentals growth in '24, how should we be thinking about pricing as a lever you could potentially pull?

問題的第二部分是，正如我們思考 24 年租金成長的速度一樣，我們應該如何考慮定價作為可能拉動的槓桿？

Yes. I'll take it. It's is Jeremy Hofmann. I think on the $1 billion-plus opportunity, I think the keyword there is sustainable. We think it's a sustainable $1 billion plus opportunity. And we've built the business that way. Rich walked through a bunch of why we like the strategy so much. But we also like it as a multi-decade type opportunity. So with respect to timing, we're not going to commit to anything there. We just believe there's a lot more for us to do.

是的。我要買它。他是傑里米·霍夫曼。我認為對於價值超過 10 億美元的機會，我認為關鍵字是可持續的。我們認為這是一個價值 10 億美元以上的永續機會。我們就是這樣建立業務的。里奇詳細解釋了為什麼我們如此喜歡這個策略。但我們也喜歡它作為一個數十年的機會。因此，就時間安排而言，我們不會做出任何承諾。我們只是相信我們還有很多事情要做。

And we think what we're building is differentiated versus anybody else. And we have an opportunity to be the place where all renters come and all property managers come as well. Whether that's in the single-family or multifamily category, that's where we think the opportunity is. And done under one brand, Zillow, right? That's already known for housing. So that's what we're focused on. I just want to give you a sense for what we see over time.

我們認為我們正在建立的產品與其他任何人都不同。我們有機會成為所有租戶和所有物業經理都來的地方。無論是單戶住宅還是多戶住宅，我們都認為機會就在那裡。並且是在一個品牌 Zillow 下完成的，對嗎？這已經以住房而聞名。這就是我們關注的重點。我只是想讓你了解我們隨著時間的推移所看到的情況。

And then secondly, on 2024 for Rentals, the goal is really keep adding more and more properties and bringing more demand alongside. So we think of it as more of an effort that way than pushing on price. It's really -- we just see a pretty substantial opportunity in front of us, and we want to make sure we continue to add properties at the way that we have been and then also bringing the consumer demand to satisfy those properties.

其次，到 2024 年，租賃業務的目標實際上是不斷增加越來越多的房產並帶來更多的需求。因此，我們認為這更多的是一種努力，而不是推動價格。事實上，我們只是看到了擺在我們面前的一個相當大的機會，我們希望確保我們繼續以現有的方式增加房產，然後滿足消費者的需求。

So the organic efforts that we have, the Realtor.com partnership, which went live today, and then this national marketing campaign we're quite excited about as well, all in the vein of how do we make sure we build something really sustainable over time? And we think we're on that path.

因此，我們所做的有機努力，今天上線的 Realtor.com 合作夥伴關係，以及我們也非常興奮的全國行銷活動，所有這些都與我們如何確保我們建立真正可持續的東西有關時間？我們認為我們正走在這條路上。

Our final question today comes from Dae Lee with JPMorgan.

今天我們的最後一個問題來自摩根大通的 Dae Lee。

So back to the NAR settlement, I mean, is this something that you or your partners are anticipating having a meaningful disruption around the time of implementation? Or could this be more of a change that takes a while for you guys to see?

那麼回到 NAR 和解協議，我的意思是，您或您的合作夥伴是否預計在實施期間會出現有意義的中斷？或者這可能是一個需要一段時間才能讓你們看到的改變？

This is Jeremy. I can hit that. I mean, I think no. I think as Rich outlined earlier, we don't see a ton of revolutionary change here. We see more evolutionary change that results in more educated and more transparent consumers, which we see as leading to higher quality, higher intent leads and connections for our partners. And I think we're seeing -- that's already started to play out in the early innings after all the news is cleared of how partners are processing connections and how they're learning to work with those consumers.

這是傑里米。我可以打那個。我的意思是，我認為不。我認為正如里奇之前概述的那樣，我們在這裡沒有看到大量革命性的變化。我們看到更多的演化變化會帶來受過更多教育、更透明的消費者，我們認為這會為我們的伴侶帶來更高品質、更高意圖的潛在客戶和聯繫。我認為我們正在看到——在所有關於合作夥伴如何處理聯繫以及他們如何學習與這些消費者合作的新聞都被清除之後，這已經在早期的幾局中開始發揮作用。

And as I talked about, just take our touring pilot here as an example of leaning in on consumer education in a consumer-friendly way to help them understand what they're going to be dealing with. And in the states that have been doing that, seeing still fairly ubiquitous independent representation and higher conversion rates.

正如我所說，以我們的巡迴試點為例，以消費者友好的方式進行消費者教育，幫助他們了解他們將要處理的事情。在已經這樣做的州中，仍然看到相當普遍的獨立代表和更高的轉換率。

So as folks like us and others roll out more buy (inaudible) agreements, again, back to our principles, we think a more educated consumer who can understand what they're getting from their representation that they choose and understand that the compensation is fair and negotiable and can be negotiated, that leads to a better conversation with professionals.

因此，當像我們和其他人這樣的人推出更多購買（聽不清楚）協議時，再次回到我們的原則，我們認為受過更多教育的消費者可以理解他們從他們選擇的代表中得到什麼，並理解補償是公平的並且可以協商並且可以協商，這可以導致與專業人士更好的對話。

And we think that leads to our professionals, which as Rich talked about, are a small subset of the most productive agents winning more business. And so we see that anecdotally today, and we see that in some of the states that we're further ahead on this today, and we expect to see that, that continue as more folks roll out changes to deal with the evolution.

我們認為，這會導致我們的專業人員，正如里奇所說，是最有生產力的代理商的一小部分，贏得更多業務。因此，我們今天看到了這一點，我們看到在一些州，我們今天在這方面取得了進一步的進展，我們期望看到這種情況繼續下去，因為越來越多的人推出變革來應對這一演變。

Got it. And as a follow-up, I don't know if you'll address this, though, but like what's driving the first-time homebuyer activity underperformance? I mean is it just related to the mortgage rates hike? Or is there something else happening? And -- [2Q volumes] (inaudible) activities stays at these levels?

知道了。作為後續行動，我不知道你是否會解決這個問題，但例如是什麼導致首次購屋者活動表現不佳？我的意思是這只是與抵押貸款利率上漲有關嗎？還是還有其他事情發生？並且 - [第二季度卷]（聽不清楚）活動保持在這些水平嗎？

Yes, it's Jeremy Hofmann, just to make sure I heard it. Yes, I mean, really, it is the rate shock that we felt. It's less about the absolute interest rate level, it's more the shock. And when rates spiked by 50 basis points over a couple of week period, first-time homebuyers are the folks that feel that the most, and they're underperforming pretty significantly. We don't expect that to be forever, but it is a temporal thing. And as a result, it's a bit of a headwind for us, but one that we think we can navigate through pretty seamlessly.

是的，我是傑里米·霍夫曼，只是為了確保我聽到了。是的，我的意思是，我們確實感受到了利率衝擊。與其說是絕對利率水平，不如說是衝擊。當利率在幾週內飆升 50 個基點時，首次購屋者是最有這種感覺的人，而且他們的表現相當差。我們不希望這種情況永遠存在，但它是暫時的。因此，這對我們來說有點逆風，但我們認為我們可以非常順利地度過這一難關。

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

這樣就完成了分配的提問時間。現在我將把電話轉回給里奇·巴頓（Rich Barton），讓他發表結束語。

All right. Thanks, everybody. Look, it's noisy out there, and there is a lot of confusion and there's a lot of distraction. And I'll tell you, we're calm. We're driving forward. We're putting up numbers. The product is getting better and better, and we have a long road ahead of us because of all of this incredible kind of pent-up potential transaction energy that lives inside of our wonderful marketplace. So it's noisy, but we're feeling really good. Thanks for being on the road with us. We'll talk to you soon.

好的。謝謝大家。瞧，外面很吵鬧，很混亂，也很讓人分心。我會告訴你，我們很平靜。我們正在向前行駛。我們正在公佈數字。產品越來越好，我們還有很長的路要走，因為我們美妙的市場中存在著令人難以置信的被壓抑的潛在交易能量。所以雖然很吵，但我們感覺很好。感謝您與我們一路同行。我們很快就會和你談談。

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

今天的電話會議到此結束。您現在可以斷開連線。