Zillow Group Inc (Z) 2024 Q2 法說會逐字稿

Hello, and welcome to Zillow's second-quarter 2024 earnings call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. (Operator Instructions) Brad, you may begin.

您好，歡迎參加 Zillow 的 2024 年第二季財報電話會議。 （操作員說明）另外，提醒一下，今天正在錄製本次會議。 （操作員指示）布拉德，你可以開始了。

Thank you. Good afternoon, and welcome to Zillow Group's second-quarter 2024 call. Joining me today to discuss our results are Zillow Group's Co-Founder and Co-Executive Chairman, Rich Barton; newly appointed CEO, Jeremy Wacksman; and CFO, Jeremy Hofmann.

謝謝。下午好，歡迎收聽 Zillow Group 2024 年第二季的電話會議。今天與我一起討論我們成果的是 Zillow Group 共同創辦人兼共同執行主席 Rich Barton；新任命的執行長 Jeremy Wacksman；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 our 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.

在今天的電話會議中，我們將根據當前的預期和假設對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。

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.

除法律要求外，我們不承擔因新資訊或未來事件而更新這些聲明的義務。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。

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 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 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 for the remarks followed by live Q&A. With that, I will turn the call over to Rich.

我們現在將開始徵集言論，然後進行現場問答。這樣，我就把電話轉給里奇。

Thanks, Brad. Good afternoon and good evening to everyone dialing in to hear our second-quarter 2024 results. We delivered another strong quarter in an ongoing challenging real estate macro environment, exceeding our outlook for revenue and EBITDA as we continue to successfully execute on our growth strategy.

謝謝，布拉德。各位撥通電話收聽我們 2024 年第二季業績的大家下午好，晚上好。在持續充滿挑戰的房地產宏觀環境中，我們又實現了強勁的季度業績，隨著我們繼續成功執行成長策略，營收和 EBITDA 超出了我們的預期。

Today, we also announced Jeremy Wacksman has been promoted to Chief Executive Officer of Zillow Group, and I will serve as Co-Exec Chair of the Board of Directors, alongside my co-founder, Lloyd Frink. I have been CEO and/or Chairman since the day Lloyd and I seed funded the company in 2004 and will remain engaged. My role, however, will shift to supporting and counseling Jeremy Wacksman and the leadership team rather than daily operational leadership. Before talking about Jeremy and the team, let me talk about the state of the company.

今天，我們也宣布 Jeremy Wacksman 已晉升為 Zillow Group 首席執行官，我將與聯合創始人 Lloyd Frink 一起擔任董事會聯合執行主席。自 2004 年勞埃德和我為該公司提供種子資金以來，我一直擔任執行長和/或董事長，並將繼續任職。然而，我的角色將轉向支援和諮詢 Jeremy Wacksman 和領導團隊，而不是日常營運領導。在談論 Jeremy 和團隊之前，讓我先談談公司的狀況。

The short version is that Zillow business is in great shape financially, strategically, operationally, and organizationally. We are executing well and are consistently outperforming the broader residential real estate industry as we methodically ship great software and services to digitize and integrate home buying, selling, financing, and renting, empowering consumers and partners alike.

簡而言之，Zillow 業務在財務、策略、營運和組織方面都處於良好狀態。我們執行良好，並且始終優於更廣泛的住宅房地產行業，因為我們有條不紊地提供出色的軟體和服務，以數位化和整合房屋購買、銷售、融資和租賃，從而為消費者和合作夥伴提供支援。

We have done this inside the Zillow-branded housing super app, the integrated consumer and partner experience we are rolling out in markets across the country. And we continue to increase the breadth of our market coverage and the depth of transaction penetration within those markets. I am pleased with where we are in this effort and the opportunity we see for many years of growth ahead.

我們已經在 Zillow 品牌的住房超級應用程式中做到了這一點，這是我們正在全國市場推出的全面消費者和合作夥伴體驗。我們繼續擴大市場覆蓋範圍和交易滲透深度。我對我們在這項努力中所取得的進展以及我們看到的未來​​多年成長的機會感到滿意。

We have also increasingly leveraged our brand trust and massive audience to diversify our revenue streams. We've leaned hard into the obvious and adjacent rentals and purchase mortgage opportunities, both of which are now exciting growth businesses for Zillow. Rentals now account for 1/5 of total company revenue, and Zillow Home Loans purchase mortgage origination volume grew more than 100% year over year again this quarter.

我們也越來越多地利用我們的品牌信任和大量受眾來實現收入來源多元化。我們努力抓住明顯且相鄰的租賃和購買抵押貸款機會，這兩項現在都是 Zillow 令人興奮的成長業務。租金目前占公司總收入的 1/5，Zillow Home Loans 購買抵押貸款發放量本季再次年增超過 100%。

Rentals has plenty of room to run, and the mortgages opportunity for us is wide open and large. Additionally, we have built and acquired and integrated a quietly exciting set of products and services that we offer to the broader industry -- brokers, NLSs and the whole of the professional agent community. We are investing in broad industry-wide adoption of our suite of increasingly integrated digital content and workflow tools, including incredible products like our ShowingTime home touring solution, Follow Up Boss agent CRM, dotloop forms and document management, and Showcase 3D interactive listings.

租金有很大的運行空間，而且抵押貸款的機會對我們來說是廣闊且巨大的。此外，我們還建立、收購並整合了一系列令人興奮的產品和服務，為更廣泛的行業（經紀人、NLS 和整個專業代理商社群）提供這些產品和服務。我們正在投資於全行​​業廣泛採用我們日益整合的數位內容和工作流程工具套件，包括令人難以置信的產品，例如我們的ShowingTime 家庭旅遊解決方案、Follow Up Boss 代理CRM、dotloop 表單和文件管理以及Showcase 3D 互動式清單。

Our conviction is that a rising digital tide lifts all boats. A more digital industry using our software is better for consumers, better for our partners and ultimately better for Zillow Group. We have unique ambition here and unique talent and resources to conjure it into reality.

我們堅信，不斷上漲的數位化浪潮將帶動所有人。使用我們軟體的更數位化的行業對消費者、我們的合作夥伴都更好，最終對 Zillow Group 也更好。我們擁有獨特的雄心和獨特的人才和資源，可以將其變為現實。

And through all of this innovation and expansion, the leadership team has maintained real cost discipline that is delivering improvements in EBITDA margins. Executing well against big, complex interconnected opportunities requires amazing talent who have a clear strategy, high accountability and high trust in one another, which leads me to Jeremy Wacksman, our new CEO and the person we organized most of the company around three years ago when we promoted him to COO. He has been supported by an exceptional team and has successfully positioned the company to go after these multiple large opportunities as I have laid out.

透過所有這些創新和擴張，領導團隊一直保持著真正的成本紀律，從而提高了 EBITDA 利潤率。要在大型、複雜且相互關聯的機會中出色地執行任務，需要出色的人才，他們具有明確的戰略、高度的責任感和相互之間的高度信任，這讓我想到了傑里米·瓦克斯曼（Jeremy Wacksman），他是我們的新任首席執行官，也是大約三年前我們組織公司大部分人員的人。他得到了一支優秀團隊的支持，並成功地將公司定位為抓住我所闡述的多個巨大機會。

Jeremy is a familiar voice to you all on this call, but allow me to share some of his history. He has an engineering degree, which is not required here at Zillow, but it's nice. He also got his MBA many years ago, which the engineers don't hold against him. We found Jeremy at Microsoft in 2009 when Zillow was very small and recruited him into a product and marketing role. Throughout his time at Zillow, Jeremy has worn many hats. His responsibilities have steadily gained scope, spanning product, marketing and operations.

傑里米（Jeremy）在這次電話會議上對你們來說是一個熟悉的聲音，但請允許我分享他的一些歷史。他擁有工程學位，雖然 Zillow 不需要這個學位，但這很好。他多年前還獲得了 MBA 學位，工程師們並不反對他。 2009 年，我們在 Microsoft 找到了 Jeremy，當時 Zillow 還很小，並聘請他擔任產品和行銷職位。在 Zillow 工作期間，Jeremy 身兼數職。他的職責範圍不斷擴大，涵蓋產品、行銷和營運。

He has been a key strategic partner throughout his tenure, advising Lloyd and me on major strategy and product decisions. Early on, he helped pioneer mobile real estate shopping with the launch of the Zillow app. Later, as CMO, he was critical to leading Zillow's consumer marketing strategy, establishing a high bar and a branding framework for what has become a rare loved and trusted household brand.

在整個任期內，他一直是重要的策略夥伴，為勞埃德和我提供重大策略和產品決策的建議。在早期，他透過推出 Zillow 應用程式幫助開拓了行動房地產購物。後來，作為首席行銷官，他在領導 Zillow 的消費者行銷策略方面發揮了至關重要的作用，為這個已成為罕見的深受喜愛和信賴的家庭品牌建立了高標準和品牌框架。

His tenure as COO of the past three years with all product engineering, design, marketing sales, IT and go-to-market business operations reporting to him has been a time of particularly impressive innovation for Zillow, which has put the company back on an accelerating growth path following pandemic dislocation from which the industry has yet to recover.

在過去的三年裡，他擔任首席營運官，所有產品工程、設計、行銷銷售、IT 和上市業務運營都向他匯報，這對Zillow 來說是一段令人印象深刻的創新時期，這使公司重新回到了發展的軌道。

Jeremy operationalized Zillow's housing super app strategy while maintaining strong cost discipline, diversifying our revenue base and growing the rentals and mortgages businesses. He successfully championed the Follow Up Boss and ShowingTime acquisitions, helping us deliver on our goal to provide agent partners and the broader industry with the best software solutions to power their businesses. He also organized, elevated and recruited talent that makes up Zillow's world-class R&D organizations and increasingly critical sales and marketing operations.

Jeremy 實施了 Zillow 的住房超級應用程式策略，同時保持嚴格的成本控制，使我們的收入基礎多元化並發展租賃和抵押貸款業務。他成功支持了對 Follow Up Boss 和 ShowingTime 的收購，幫助我們實現了為代理商合作夥伴和更廣泛的行業提供最佳軟體解決方案來推動其業務的目標。他還組織、提升和招募了人才，組成了 Zillow 的世界級研發組織以及日益重要的銷售和行銷業務。

Jeremy's product-forward, consumer-first leadership, operational experience and technology orientation make him right and ready to be CEO of Zillow now. I am confident in his judgment and his leadership, and I am excited to support him as he leads Zillow's next chapter.

Jeremy 的產品導向、消費者至上的領導力、營運經驗和技術導向使他現在成為 Zillow 執行長的最佳人選。我對他的判斷力和領導力充滿信心，並且很高興能夠支持他領導 Zillow 的下一個篇章。

And with that, I'll now hand the mic over to Zillow Group's new Chief Executive Officer, Jeremy Wacksman.

現在，我將把麥克風交給 Zillow Group 的新任執行長 Jeremy Wacksman。

Thanks, Rich. Having spent the past 15 years at Zillow, I can honestly say taking on this role is the honor of my career. I love this company and I love this team, and I believe deeply in the digital future of real estate we're building for the benefit of buyers, sellers, renters, agents, the broader industry, and our shareholders.

謝謝，里奇。在 Zillow 工作了 15 年，我可以誠實地說擔任這個角色是我職業生涯的榮幸。我愛這家公司，我愛這個團隊，我深信我們正在為買家、賣家、租戶、代理商、更廣泛的行業和我們的股東的利益而構建的房地產數位化未來。

Zillow has a huge audience, a partner network comprising some of the best agent teams in the business and tech and product prowess that is unmatched in residential real estate. With an increasingly diversified and growing business, we are primed to capitalize on the strength of the Zillow brand and capture a meaningful slice of the $30 billion accessible TAM in real estate, a slice that more closely reflects our reach in the category.

Zillow 擁有龐大的受眾群體和合作夥伴網絡，其中包括一些最優秀的業務代理團隊以及住宅房地產領域無與倫比的技術和產品實力。隨著業務日益多元化和不斷增長，我們準備充分利用 Zillow 品牌的優勢，並在價值 300 億美元的房地產 TAM 中獲得有意義的份額，這一份額更能反映我們在該類別中的影響力。

And our results show we're making great headway. I'm excited to share that Zillow had another strong quarter, reporting better-than-expected revenue growth across the business. Q2 revenue was $572 million, up 13% year over year, which marks the eighth consecutive quarter our total revenue results have outperformed the residential real estate industry. We delivered double-digit year-over-year revenue growth and demonstrated cost discipline while continuing to invest to deliver solid EBITDA margin expansion year over year. Q2 residential revenue grew 8% year over year to $409 million.

我們的結果表明我們正在取得巨大進展。我很高興地告訴大家，Zillow 又一個強勁的季度，整個業務的營收成長都比預期好。第二季營收為 5.72 億美元，年增 13%，這標誌著我們的總收入結果連續第八個季度跑贏住宅房地產行業。我們實現了兩位數的年收入成長，並展示了成本控制，同時繼續投資以實現穩健的 EBITDA 利潤率同比增長。第二季住宅營收年增 8% 至 4.09 億美元。

Rentals continued its strong growth with $117 million revenue in Q2, up 29% year over year. Multifamily revenue was up 44% year over year, driven by strong growth in our multifamily property count, with 44,000 properties at the end of Q2, up from 40,000 at the end of Q1.

租金持續強勁成長，第二季營收達 1.17 億美元，年增 29%。由於多戶型房產數量的強勁增長，多戶型收入年增 44%，第二季末擁有 44,000 套房產，高於第一季末的 40,000 套。

We also continued to make strong progress in mortgages, with Q2 revenue of $34 million, up 42% year over year and purchase mortgage origination volume growing 125% year over year. These successes come despite a persistently challenging mortgage rate environment as evidenced by our estimate of total industry purchase loan origination volume being down mid-single digits year over year in Q2.

我們在抵押貸款方面也持續取得強勁進展，第二季營收為 3,400 萬美元，年增 42%，購買抵押貸款發放量年增 125%。儘管抵押貸款利率環境持續充滿挑戰，但仍取得了這些成功，我們對第二季度行業購買貸款發放總量的估計同比下降了中個位數就證明了這一點。

We continue to believe our most important investments are in tech innovations that improve the customer experience, which has helped us earn and maintain our strong brand position and massive engaged audience of movers. In Q2, we reported 231 million average monthly unique users across the Zillow ecosystem of apps and sites. As you'll remember from previous calls and our February investor presentation, about 80% of our users come to us organically, and they're using our app three times more than anyone else in the category.

我們仍然相信，我們最重要的投資是改善客戶體驗的技術創新，這幫助我們贏得並維持了強大的品牌地位和大量積極參與的搬家公司受眾。第二季度，我們報告 Zillow 應用程式和網站生態系統的月平均獨立用戶數量為 2.31 億。正如您從之前的電話會議和我們 2 月份的投資者演示中所記得的那樣，大約 80% 的用戶自然來到我們這裡，他們使用我們應用程式的次數是該類別中其他任何人的三倍。

Another way to measure traffic and brand strength is through Comscore, which is widely viewed among Internet brands as a reliable, transparent third-party source because it aims to capture the number of unique visitors while deduping cookies. According to Comscore, Zillow Group's apps and sites had 116 million average monthly unique visitors in Q2.

另一種衡量流量和品牌實力的方法是透過 Comscore，該公司被網路品牌廣泛視為可靠、透明的第三方來源，因為它旨在捕獲唯一訪客的數量，同時刪除重複的 cookie。根據 Comscore 的數據，Zillow Group 的應用程式和網站第二季平均每月獨立訪客數量為 1.16 億。

We're pleased with the progress we're making to transform and digitize the moving experience on behalf of buyers, sellers, renters, agents, and the broader industry. Since 2022, we've been building the digitally integrated transaction experience and testing it in our enhanced markets across the country. Through this year, we've been increasing our breadth of coverage across more markets and our depth of penetration in those markets as we drive towards sustainable, profitable growth.

我們對代表買家、賣家、租戶、代理商和更廣泛的行業在搬家體驗轉型和數位化方面所取得的進展感到高興。自 2022 年以來，我們一直在建立數位整合交易體驗，並在全國各地的增強市場中對其進行測試。今年，我們不斷擴大對更多市場的覆蓋範圍和滲透深度，以推動永續的獲利成長。

As of the end of Q2, we're in 19 enhanced markets, expanding to 36 by the end of August, well on our way to achieving our goal of 40 by the end of 2024. As we've said, Zillow is the housing super app, and we are continually adding updates and improvements to it, guided by our five for-sale growth pillars: touring, financing, seller solutions, enhancing our partner network, and integrating our services. Our for-sale growth pillars mark the pathway to meeting our goals to increase customer transaction share to 6% by the end of 2025.

截至第二季末，我們已進入 19 個增強型市場，到 8 月底擴展到 36 個，正在順利實現到 2024 年底達到 40 個市場的目標。不斷對其進行更新和改進，以我們的五個銷售成長支柱為指導：巡迴、融資、賣家解決方案、增強我們的合作夥伴網路以及整合我們的服務。我們的待售成長支柱標誌著我們實現到 2025 年底將客戶交易份額提高到 6% 的目標的途徑。

We are also focused on building up rentals, which currently represents 20% of our revenue and is growing rapidly. First up is touring. Integrating our touring solutions into our buyer flow is meaningfully improving our ability to identify high-intent customers and connect them with our Premier Agent partners. We've seen that those touring connections convert at three times the rate of other actions on Zillow. Last month, we nearly doubled the number of markets with Real-Time Touring, and we're seeing positive early results from being better able to connect higher-intent customers with our Premier Agent partners. In fact, we have already achieved our end-of-year target of approximately 20% of our connections coming from Real-Time Touring as well as improved transaction conversion.

我們也專注於增加租金，目前占我們收入的 20%，並且正在快速成長。首先是巡演。將我們的旅遊解決方案整合到我們的買家流程中，有意義地提高了我們識別高意向客戶並將他們與我們的高級代理商合作夥伴聯繫起來的能力。我們發現，這些巡迴連線的轉換率是 Zillow 上其他操作的三倍。上個月，我們透過即時巡迴將市場數量增加了近一倍，並且我們看到了積極的早期成果，因為我們能夠更好地將意向更高的客戶與我們的高級代理商合作夥伴聯繫起來。事實上，我們已經實現了約 20% 的連接來自即時巡迴演出以及改進的交易轉換的年終目標。

As one of the many improvements we're making to this part of the customer journey as a leader in touring software, last quarter, we introduced a Touring Agreement that instills more transparency into the process. The early indicators of success we saw in our pilot gave us the confidence to integrate it into Zillow's touring experience. And just last week, the agreement became part of the request a tour flow on Zillow for nearly 80% of our tour connections.

作為巡迴軟體的領導者，我們對客戶旅程的這一部分所做的眾多改進之一是，上個季度，我們推出了巡演協議，使流程更加透明。我們在試點計畫中看到的早期成功跡象讓我們有信心將其整合到 Zillow 的旅遊體驗中。就在上週，該協議成為我們近 80% 的旅遊線路在 Zillow 上提供旅遊流量請求的一部分。

We plan to roll it out to remaining tour connections in the coming months. Facilitating consumer-friendly agreements earlier in the funnel is not only an opportunity for us to help educate consumers and agents navigate the industry rule changes, but it also helps us identify higher-intent customers, send more qualified connections to our Premier Agent partners and drive conversion rates.

我們計劃在未來幾個月內將其推廣到剩餘的旅遊路線。在通路的早期促進消費者友善協議不僅是我們幫助教育消費者和代理商應對行業規則變化的機會，而且還幫助我們識別更高意向的客戶，向我們的高級代理商合作夥伴發送更多合格的聯繫並推動轉換率。

I'll now move on to financing. We have been working to integrate Zillow Home Loans more seamlessly with our Premier Agent partner network and throughout the customer journey. Overall customer adoption rates in our nine most mature enhanced markets have reached the mid-teens, and nearly 60% of our Zillow Home Loan originations are represented by a Premier Agent partner.

我現在將轉向融資。我們一直致力於將 Zillow Home Loans 與我們的高級代理商合作夥伴網路以及整個客戶旅程更加無縫地整合。我們九個最成熟的增強型市場的整體客戶採用率已達到 15%左右，我們的 Zillow 房屋貸款發放中近 60% 是由高級代理商合作夥伴代理的。

To further capture buyers' attention, we've also launched innovative tools through Zillow Home Loans to help them more accurately understand what they can afford. In Q2, we introduced a feature called BuyAbility, which gives buyers a personalized, real-time estimate of the home price and monthly payment that fit within their budget, powered by mortgage rates through Zillow Home Loans and available to check regularly in the Zillow app.

為了進一步吸引買家的注意力，我們也透過 Zillow Home Loans 推出了創新工具，幫助他們更準確地了解自己的負擔能力。在第二季度，我們推出了一項名為BuyAbility 的功能，該功能為買家提供個人化的即時房價估算以及適合其預算的每月付款，透過Zillow Home Loans 提供抵押貸款利率，並可在Zillow應用程式中定期查看。

Our efforts have accelerated purchase mortgage growth, with $756 million in purchased loan origination volume in Q2, a 125% year-over-year increase. We expect continued purchase mortgage growth for Zillow Home Loans as we launch more enhanced markets and continue to improve our go-to-market integration with our Premier Agent partners.

我們的努力加速了購買抵押貸款的成長，第二季購買貸款發放量達到 7.56 億美元，年增 125%。隨著我們推出更多增強市場並繼續改善與高級代理商合作夥伴的市場整合，我們預計 Zillow Home Loans 的購買抵押貸款將繼續成長。

For our seller solutions update, I'll focus on Zillow Showcase, a unique offering unlike anything else available today that not only make selling a home easier, but also creates real value for sellers and their agents. Zillow Showcase elevates agents' brand presence on Zillow and provides an enhanced shopping experience through our AI-powered, homegrown rich media and floor plan technology. Showcase listings drive higher engagement compared to similar non-Showcase listings on Zillow, more views, more saves, and more shares.

對於我們的賣家解決方案更新，我將重點關注Zillow Showcase，這是一種不同於當今其他任何產品的獨特產品，它不僅使出售房屋變得更容易，而且還為賣家及其代理商創造了真正的價值。 Zillow Showcase 提升了代理商在 Zillow 上的品牌影響力，並透過我們的人工智慧驅動的本土富媒體和平面圖技術提供增強的購物體驗。與 Zillow 上類似的非展示清單相比，展示清單可帶來更高的參與度、更多的瀏覽次數、更多的儲存次數和更多的分享量。

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 more than $9,000 on a home sold at the average home sale price. Homes listed with Showcase are also more likely to secure an accepted offer within 14 days. And what's more, we've observed that agents who use Zillow Showcase are winning 20% more listings than similar agents on Zillow. These results have made it an attractive offering for real estate professionals.

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%，以平均房屋銷售價格出售的房屋可以獲得超過 9,000 美元的獎金。 Showcase 列出的房屋也更有可能在 14 天內獲得接受的報價。更重要的是，我們發現使用 Zillow Showcase 的代理商比 Zillow 上的類似代理商贏得的房源多 20%。這些結果使其成為對房地產專業人士有吸引力的產品。

Zillow Showcase is available to agents in every market after launching nationwide earlier this year. Even though it's early days, we're pleased to share that more than 1% of all new listings nationwide are now using Showcase. We are on our way to our goal of 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.

Zillow Showcase 於今年稍早在全國推出後，可供每個市場的代理商使用。儘管現在還處於早期階段，但我們很高興地告訴大家，全國所有新上市的房屋中有超過 1% 現在正在使用 Showcase。我們正在實現 5% 至 10% 上市覆蓋率的目標，這代表著 1.5 億至 3 億美元的年收入機會，我們相信未來將有超越這一成長的潛力。

This takes me to our next update, enhancing our partner network. Our Premier Agent partners represent some of the best, most professional agents in real estate, who we believe are poised to take share in the evolution the industry is experiencing.

這將帶我進入下一次更新，增強我們的合作夥伴網路。我們的高級代理合作夥伴代表了房地產領域一些最優秀、最專業的代理，我們相信他們已經準備好分享該行業正在經歷的發展。

Recall that not every real estate agent is a Zillow Premier Agent partner. In fact, since 2015, we've shrunk our active partner base by roughly 60%, while our Premier Agent revenue has grown by more than 2.5 times over the same time frame. We've oriented Premier Agent around some of the best agent teams, those that we believe provide superior customer service, understand the industry and their local market, have a proven ability to scale, and make the most money to invest alongside us. The top 20% of agent teams handle 80% of transactions and nearly four in five Zillow Premier Agent partners are in that top tier.

請記住，並非每個房地產經紀人都是 Zillow Premier Agent 合作夥伴。事實上，自 2015 年以來，我們的活躍合作夥伴基礎縮減了約 60%，而我們的高階代理商收入同期成長了 2.5 倍以上。我們以一些最優秀的代理團隊為核心，我們相信這些團隊能夠提供卓越的客戶服務，了解行業及其當地市場，具有經過驗證的擴展能力，並且與我們一起投資可以賺到最多的錢。排名前 20% 的代理商團隊處理 80% 的交易，近五分之四的 Zillow Premier Agent 合作夥伴屬於頂級代理商團隊。

We are supporting our partners by providing them with some of the best digital tools and solutions. For example, we're really pleased with the early results eight months after our acquisition of Follow Up Boss, one of real estate's leading customer relationship management systems. More than 70% of our connections in enhanced markets are being managed through Follow Up Boss, and those substantial adoption rates set the stage for us to build and improve features and services that help those partners gain share.

我們透過為合作夥伴提供一些最好的數位工具和解決方案來支持他們。例如，我們對收購 Follow Up Boss（房地產領先的客戶關係管理系統之一）八個月後的早期結果感到非常滿意。我們在增強型市場中超過 70% 的聯繫是透過 Follow Up Boss 進行管理的，這些巨大的採用率為我們建立和改進功能和服務奠定了基礎，幫助這些合作夥伴獲得份額。

And finally, integrating our services, where the for-sale growth pillars come together in the Zillow housing super app experience. Providing high-intent customers with valuable solutions, working with some of the best agents, and providing those agents with some of the best tools has paid off for us. In our first four enhanced markets, we've seen revenue growth per total transaction value increase by more than 80% since the beginning of 2023, compared with the more than 50% growth we reported back on the February call.

最後，整合我們的服務，將待售成長支柱匯集到 Zillow 住房超級應用程式體驗中。為有志向的客戶提供有價值的解決方案，與一些最好的代理商合作，並為這些代理商提供一些最好的工具，這些都為我們帶來了回報。在我們的前四個增強型市場中，自 2023 年初以來，我們發現每筆總交易價值的收入成長超過 80%，而我們在 2 月的電話會議上報告的成長超過 50%。

And as we expand, we are consistently seeing signs of repeatable success. In the 13 enhanced markets we were in at the end of Q1, we are seeing gains in revenue per total transaction value. We see an opportunity to increase conversion and revenue per total transaction value even more from here as we launch the remaining enhanced markets this year.

隨著我們的擴張，我們不斷看到可重複成功的跡象。在第一季末我們所處的 13 個增強型市場中，我們看到單位總交易價值的收入有所成長。隨著我們今年推出剩餘的增強市場，我們看到了從這裡進一步提高轉換率和每筆總交易額收入的機會。

Now turning our focus to rentals. Last quarter, we released an investor presentation talk through the massive opportunity in front of us. Today, there is no nationwide marketplace containing all rental listings, resulting in a fragmented experience for renters. We are building a two-sided marketplace with a comprehensive suite of listings, both multifamily and long tail, that enables renters to more easily shop, tour, apply, sign a lease, and pay rent securely, all on one convenient platform, Zillow.

現在我們的重點轉向租賃。上個季度，我們發布了一份投資者演講，介紹了我們面前的巨大機會。如今，沒有一個全國性的市場包含所有租賃清單，導致租戶的體驗支離破碎。我們正在建立一個雙向市場，提供一整套清單（包括多戶型和長尾型），使租戶能夠更輕鬆地購物、遊覽、申請、簽署租約並安全地支付租金，所有這些都在一個便利的平台Zillow上進行。

Having more rental listings in multifamily properties and ramping up our marketing have both helped drive customer awareness of rentals on Zillow. In June, our total rental unique visitors were up more than 20% year over year according to Comscore, widening our margin as the leading online rentals brand, with the largest audience and number one preference among renters.

在多戶型房產中擁有更多的出租清單以及加大行銷力度都有助於提高客戶對 Zillow 上出租的認識。根據 Comscore 的數據，6 月份，我們的租賃獨立訪客總數同比增長超過 20%，擴大了我們作為領先在線租賃品牌的利潤，擁有最大的受眾群體和租房者的第一偏好。

We expect multifamily to be the primary driver of our rentals revenue growth, and we made great progress in Q2. Zillow now has 44,000 multifamily properties, 38% more than a year ago. And our exclusive partnership with Realtor.com is further boosting exposure for our multifamily listings, helping our partners reach even more renters. We have a lot of work ahead, but with multifamily revenue up 44% year over year, we are on our way, with a $1 billion-plus revenue opportunity in front of us.

我們預計多戶住宅將成為我們租賃收入成長的主要驅動力，我們在第二季度取得了巨大進展。 Zillow 目前擁有 44,000 套多戶住宅，比一年前增加了 38%。我們與 Realtor.com 的獨家合作夥伴關係進一步提高了我們多戶型房源的曝光度，幫助我們的合作夥伴吸引更多租戶。我們還有很多工作要做，但隨著多戶家庭收入年增 44%，我們正在前進，面前有超過 10 億美元的收入機會。

Before handing it over to Jeremy Hofmann, I want to congratulate the exceptional Zillow team on our eighth consecutive quarter of total revenue outperformance. It's their dedication and expertise that continue to drive our business forward as we work to deliver exceptional products and services for consumers, agents and the broader industry.

在將其交給 Jeremy Hofmann 之前，我要祝賀傑出的 Zillow 團隊連續第八個季度總收入表現出色。他們的奉獻精神和專業知識繼續推動我們的業務向前發展，我們致力於為消費者、代理商和更廣泛的行業提供卓越的產品和服務。

Our successes to date give me a great deal of confidence in our future. We're on track to meet our expectations for 2024 to deliver double-digit revenue growth and modestly expand our EBITDA margins, and we believe we are on our way to strong GAAP profitability over time that benefits all of us as shareholders.

我們迄今為止所取得的成功讓我對我們的未來充滿信心。我們預計將實現 2024 年實現兩位數收入成長並適度擴大 EBITDA 利潤率的預期，而且我們相信，隨著時間的推移，我們將實現強勁的 GAAP 盈利能力，讓我們作為股東的所有人受益。

Thank you for being on this journey with us. I will now pass the line over to Jeremy Hofmann.

感謝您與我們一起踏上這段旅程。現在我將把電話轉接給傑里米·霍夫曼。

Thanks, Jeremy, and congratulations. I'm really excited for you and for us as you lead us through the next chapter for the company. I will start with our Q2 2024 results, which exceeded expectations for revenue and EBITDA.

謝謝傑里米，恭喜你。當您帶領我們公司翻開新篇章時，我為您和我們感到非常興奮。我將從 2024 年第二季的業績開始，該業績超出了營收和 EBITDA 的預期。

Revenue in Q2 was up 13% year over year to $572 million, which was $39 million above the midpoint of our outlook range. Our strategy is working, and we are seeing our investments drive outperformance across each of our revenue categories, including residential, rentals, and mortgages.

第二季營收年增 13%，達到 5.72 億美元，比我們預期範圍的中位數高出 3,900 萬美元。我們的策略正在發揮作用，我們看到我們的投資推動了我們每個收入類別的優異表現，包括住宅、租賃和抵押貸款。

For the quarter, we outperformed the broader residential real estate industry growth of 3%, according to data from the NAR. Additionally, we estimate that the total purchase loan volume for mortgage buyers, which is more aligned with our customer base for Premier Agent, was down mid-single digits year over year in Q2 and underperformed the overall market.

根據 NAR 的數據，本季我們的表現優於整個住宅房地產行業 3% 的成長。此外，我們估計，抵押貸款買家的購買貸款總額（與我們的 Premier Agent 客戶群更為一致）在第二季度同比下降了中個位數，並且表現遜於整體市場。

On a GAAP basis, Q2 net loss was $17 million, representing 3% of our revenue. EBITDA was $134 million for the quarter, resulting in a 23% EBITDA margin, a year-over-year margin expansion of more than 100 basis points. The combination of our revenue outperformance and effective cost management delivered the improved year-over-year EBITDA results.

以 GAAP 計算，第二季淨虧損為 1,700 萬美元，占我們營收的 3%。該季度 EBITDA 為 1.34 億美元，EBITDA 利潤率為 23%，年比利潤率成長超過 100 個基點。我們出色的收入表現和有效的成本管理相結合，實現了逐年改善的 EBITDA 表現。

Q2 residential revenue grew 8% year over year to $409 million, outperforming our outlook range. Our Premier Agent revenue benefited from the ongoing investments in our top and mid-funnel experiences that drove improvements in our overall connection rates, and we also saw better-than-expected conversion rates.

第二季住宅營收年增 8% 至 4.09 億美元，超出我們的預期範圍。我們的高級代理收入受益於對頂部和中部漏斗體驗的持續投資，這推動了我們整體連接率的提高，而且我們也看到了好於預期的轉換率。

Looking at our relative performance, the investments we have made since the beginning of 2022 throughout our funnel have paid off. Over the last two years, we have increased our ability to connect customers with partner agents by over 2,000 basis points. This has led to residential revenue in Q2 growing 4% when compared to the same period in 2022 or more than 2,000 basis points better than the industry, which is down approximately 20% over the same time period.

從我們的相對錶現來看，自 2022 年初以來我們在整個通路中所做的投資已經獲得回報。在過去兩年中，我們將客戶與合作夥伴代理商聯繫起來的能力提高了 2,000 多個基點。這導致第二季住宅收入較 2022 年同期成長 4%，比同期下降約 20% 的產業高出 2,000 個基點。

Rentals revenue grew 29% year over year in Q2 to $117 million, primarily driven by our multifamily revenue, which grew 44% year over year. We are executing well on our rentals strategy to develop a two-sided marketplace with the most comprehensive set of rentals listings. We saw the number of multifamily properties on our apps and sites grow 38% year over year, reaching an all-time high of 44,000 multifamily properties as of the end of Q2.

第二季租賃收入年增 29% 至 1.17 億美元，這主要是由我們的多戶型收入年增 44% 推動的。我們正在很好地執行我們的租賃策略，以開發擁有最全面的租賃清單的雙邊市場。我們看到我們的應用程式和網站上的多戶型房產數量年增 38%，截至第二季末達到 44,000 套多戶型房產的歷史最高水準。

Total active listings across our entire rentals marketplace were up more than 16% year over year to an industry-leading 1.9 million listings in June. Mortgages revenue growth accelerated in Q2, up 42% year over year to $34 million as revenue growth begins to more closely align with Zillow Home Loans growth.

6 月份，我們整個租賃市場的活躍房源總數年增 16% 以上，達到業界領先的 190 萬套。第二季抵押貸款收入成長加速，年增 42%，達到 3,400 萬美元，因為收入成長開始與 Zillow Home Loans 的成長更加緊密地結合。

ZHL purchase loan origination volume grew 125% year over year to $756 million in Q2. Our mortgage strategy to provide consumers greater financing choice with greater ease from a brand they trust is leading to more customers choosing financing through Zillow Home Loans.

第二季 ZHL 購買貸款發放量年增 125% 至 7.56 億美元。我們的抵押貸款策略旨在為消費者提供更多、更輕鬆地透過他們信任的品牌進行融資的選擇，這導致更多的客戶選擇透過 Zillow Home Loans 進行融資。

EBITDA expenses in Q2 totaled $438 million, in line with our outlook as a result of our ongoing focus on cost management. We ended Q2 with $2.6 billion of cash and investments, down from $2.9 billion at the end of Q1. Positive net operating cash flow was more than offset by $88 million of repurchases of convertible senior notes due in 2025, and the repurchase of $292 million of our shares at a weighted average price of roughly $42.

第二季 EBITDA 支出總計 4.38 億美元，與我們持續關注成本管理的預期一致。第二季末，我們的現金和投資為 26 億美元，低於第一季末的 29 億美元。正的淨營運現金流被 2025 年到期的 8,800 萬美元可轉換優先票據回購以及以約 42 美元的加權平均價格回購 2.92 億美元的股票所抵銷。

As of the end of Q2, we had $1.5 billion of outstanding convertible debt, which includes $608 million that is due in September of this year and $419 million that is due in May of 2025. We expect to settle the principal balances in cash and any conversion premiums in shares of Class C capital stock. After backing out our convertible debt, we had a net cash and investments balance of $1.1 billion at the end of the quarter, which gives us continued financial flexibility going forward.

截至第二季末，我們有15 億美元的未償可轉換債務，其中包括今年9 月到期的6.08 億美元和2025 年5 月到期的4.19 億美元。本金餘額。退出可轉換債務後，本季末我們的淨現金和投資餘額為 11 億美元，這使我們在未來能夠保持持續的財務靈活性。

Turning to our outlook for Q3, we expect residential revenue to be between $375 million and $385 million. Our residential revenue outlook for Q3 is driven by the normal seasonality of Premier Agent as well as continued strong contributions from our ShowingTime+, New Construction and Follow Up Boss product offerings.

談到我們對第三季的展望，我們預計住宅收入將在 3.75 億美元至 3.85 億美元之間。我們第三季的住宅收入前景是由 Premier Agent 的正常季節性以及我們的 ShowingTime+、New Construction 和 Follow Up Boss 產品的持續強勁貢獻所推動的。

We expect rentals revenue to grow in the mid-20% range year over year in Q3. We expect multifamily revenue to grow faster than rentals revenue overall as we benefit from our sales execution, our national brand awareness campaign, and our partnership with Realtor.com.

我們預計第三季租金收入將年增 20% 左右。我們預計多戶住宅收入的成長速度將快於整體租賃收入的成長，因為我們受益於我們的銷售執行、全國品牌知名度活動以及與 Realtor.com 的合作夥伴關係。

For mortgages, we expect a similar year-over-year revenue growth rate to what we reported in Q2 2024. We remain on track to further integrate Premier Agent and Zillow Home Loans with our planned enhanced markets expansion in Q3.

對於抵押貸款，我們預計收入成長率將與 2024 年第二季的報告類似。

We expect total revenue to be between $545 million and $560 million in Q3, implying a year-over-year increase of 11% at the midpoint of our outlook range. This compares to our estimates for the residential real estate industry total transaction value to be in the mid-single-digit year-over-year growth range for Q3.

我們預計第三季的總營收將在 5.45 億美元至 5.6 億美元之間，這意味著我們的預期範圍中位數年增 11%。相較之下，我們預計第三季住宅房地產行業總交易額將處於中個位數年增率。

We expect EBITDA to be between $95 million and $110 million in Q3, equating to a 19% margin at the midpoint of our outlook range. This implies EBITDA expenses will increase from $438 million in Q2 to an estimated $450 million in Q3. The sequential increase in EBITDA expenses is driven by an uptick in our brand marketing spend related to our rentals brand campaign. We expect EBITDA costs to decline sequentially from Q3 to Q4 as marketing spend decreases in line with typical seasonal media spend.

我們預計第三季 EBITDA 將在 9,500 萬美元至 1.1 億美元之間，相當於我們展望範圍中位數的 19% 利潤率。這意味著 EBITDA 支出將從第二季的 4.38 億美元增加到第三季的估計 4.5 億美元。 EBITDA 費用的持續成長是由於我們與租賃品牌活動相關的品牌行銷支出增加所致。我們預計 EBITDA 成本將從第三季到第四季連續下降，因為行銷支出與典型的季節性媒體支出一致。

Moving to the full year. I want to reiterate that we expect to drive double-digit revenue growth for 2024 with modest EBITDA margin expansion, primarily driven by our growth pillars. Our annual fixed cost run rate is approximately $1 billion, consistent with where we stood at the end of 2023. We continue to believe our fixed investments are at the right level, which should result in our fixed costs growing modestly with inflation.

轉至全年。我想重申，我們預計 2024 年將實現兩位數的收入成長，同時 EBITDA 利潤率適度擴張，這主要是由我們的成長支柱推動的。我們的年度固定成本運行率約為 10 億美元，與 2023 年底的情況一致。

Consistent with previous quarters, our variable costs are expected to grow ahead of revenue initially as we ramp new hires to be fully productive. Advertising spend is a lever we view 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. We are demonstrating the benefit of pulling this advertising lever in our rentals marketplace given the growth we are seeing in traffic and revenue, and we are pleased with the early results.

與前幾季一致，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預計將超過收入的成長。廣告支出是一種槓桿，我們認為它與其他成本基礎是獨立且不同的，我們將根據我們看到的成長機會來拉動它。鑑於我們所看到的流量和收入的成長，我們正在展示在我們的租賃市場中拉動這種廣告槓桿的好處，並且我們對早期結果感到滿意。

To close, it is clear we are executing on our strategy. We are growing across every part of our business. We are seeing great results from our growth pillars in our enhanced markets that will continue to roll out this year, and we are on track to grow revenue by double digits and expand margins in 2024.

最後，很明顯我們正在執行我們的策略。我們業務的各個方面都在不斷發展。我們看到我們的成長支柱在今年將繼續推出的增強型市場中取得了巨大成果，我們預計在 2024 年實現兩位數的收入成長並擴大利潤率。

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

接線員，接下來我們將開通提問專線。

(Operator Instructions) Ronald Josey, Citi.

（操作員指令）Ronald Josey，花旗銀行。

So congrats on the new roles, Jeremy specifically, and Rich, back to Chairman. You mentioned in your conversation upfront just how Zillow is in great shape financially, strategically, operationally, organizationally, and why now is the right time. At the same time, the industry is going through a change. So just a little more insights on why now would be helpful.

因此，祝賀新角色，特別是傑里米（Jeremy），還有里奇（Rich），回到主席。您在談話中提到，Zillow 在財務、策略、營運和組織方面都處於良好狀態，以及為什麼現在是正確的時機。與此同時，這個行業正在經歷一場變革。因此，現在稍微了解一下原因會有所幫助。

And then more importantly, I guess, when we have enhanced markets now in 36 markets by the end of August, 40 by the end of the year, I think accounting for around, call it, 40% of total connections, we get a lot of questions around the benefits of enhanced markets.

更重要的是，我想，當我們到 8 月底在 36 個市場、到今年年底在 40 個市場增強市場時，我認為佔總連接數的 40% 左右，我們得到了很多關於增強市場的好處的問題。

So can you take a step back and just remind us on the benefits of enhanced markets as we get to that, call it, 6% of transactions? I'd love to hear more about what you're seeing in some of the markets. And then given the structural change in the industry, how does enhanced markets sort of impact that or benefit from it? Thanks, guys, and congrats again.

那麼，您能否退一步提醒我們，當我們達到 6% 的交易時，增強市場的好處？我很想了解更多有關您在某些市場所看到的情況的資訊。然後考慮到產業的結構性變化，增強的市場如何影響或從中受益？謝謝大家，再次恭喜。

Thanks, Ron. So maybe I'll take the first bit. Jeremy Wacksman, you can come in on the second. Does that sound good? Yeah, okay. Yeah, I mean, it's incredibly impressive to me, Ron, how well we are executing as a company despite all of the kind of stormy weather that constitutes the real estate macro.

謝謝，羅恩。所以也許我會採取第一點。傑里米·瓦克斯曼（Jeremy Wacksman），你可以參加第二個。聽起來不錯嗎？是啊，好吧。是的，我的意思是，羅恩，儘管房地產宏觀面臨著各種暴風雨天氣，但我們作為一家公司的執行情況卻給我留下了令人難以置信的印象。

I mean, we're just posting terrific numbers. We have -- for three years now, since Jeremy Wacksman was promoted to COO running most of the company in all the lines of business, we have talked about our housing super app strategy and our rentals strategy and our mortgages strategy. And I would say you all as investors have been like, okay, show me that that is actually going to work as a way to digitize and integrate this transaction and create a really big long-term growth opportunity.

我的意思是，我們只是發布了很棒的數字。自從傑里米·瓦克斯曼(Jeremy Wacksman) 晉升為首席營運官，負責公司所有業務的大部分業務以來，三年來，我們一直在談論我們的住房超級應用程序戰略、租賃戰略和抵押貸款戰略。我想說，作為投資者，你們所有人都想，好吧，告訴我，這實際上將成為數位化和整合這筆交易並創造真正巨大的長期成長機會的一種方式。

And I would say now that strategically, we have kind of derisked the concept of what we're building here. We have a long way to go to execute and fulfill what I see as our ultimate right of market share and claiming that and growth. But strategically, we are in really good shape, and that is in no small part due to Jeremy Wacksman's leadership over the last few years getting this all together.

我現在想說的是，從戰略上講，我們已經消除了我們在這裡建立的概念的風險。我們還有很長的路要走，以執行和實現我所認為的我們的市場份額和成長的最終權利。但從戰略上講，我們的狀況非常好，這在很大程度上要歸功於傑里米·瓦克斯曼（Jeremy Wacksman）過去幾年的領導才能將這一切整合在一起。

And so -- that is why the time is right. Jeremy is ready. The company is ready. And Ron, personally, I am ready as well. I'm not going anywhere. I'm not doing anything else, but I'm really excited to be moving to a role of coach and adviser rather than the daily field general. Thank you. But maybe I'll have our new Chief Executive Officer, Jeremy Wacksman, answer the second part of your question.

所以——這就是為什麼現在是時候了。傑里米準備好了。公司已經準備好了。羅恩，就我個人而言，我也準備好了。我哪裡也不去。我沒有做任何其他事情，但我真的很高興能夠擔任教練和顧問而不是日常場上將軍。謝謝。但也許我會讓我們的新任執行長傑里米·瓦克斯曼回答你問題的第二部分。

Absolutely. Thanks, Ron. On enhanced markets, just a reminder, since you asked. The metrics there, it's market share, and we measure that in terms of revenue per total transaction value, and then it's also revenue per transaction, right? So [num] transactions and revenue per transaction gets you to that.

絕對地。謝謝，羅恩。既然你問了，在增強型市場上，只是提醒一下。那裡的指標是市場份額，我們以每筆總交易價值的收入來衡量，然後它也是每筆交易的收入，對嗎？因此，[num] 筆交易和每筆交易的收入可以幫助您實現這一點。

And 36 markets by the end of August on our way to 40 by the end of the year, that -- in each of those markets, we're not serving 100% of customers. So I think we gave a stat earlier this year, that's going to be about 20% of all customers will get that experience. And that experience allows them to get Real-Time Touring in a touring experience, Zillow Home Loans as a financing option if they choose it; and then most importantly, the enhanced partner network, the handpicked set of partners that Jeremy Hofmann talked about in his prepared remarks that really deliver a great job, provide great customer service, run professionalized businesses for the modern Internet consumer.

到 8 月底我們將涵蓋 36 個市場，到年底我們將達到 40 個市場，在每個市場中，我們都沒有為 100% 的客戶提供服務。所以我認為我們今年早些時候給出了一項統計數據，大約 20% 的客戶將獲得這種體驗。這種體驗使他們能夠在旅遊體驗中獲得即時旅遊，如果他們選擇的話，Zillow Home Loans 可以作為一種融資選擇；然後最重要的是，增強的合作夥伴網絡，傑里米·霍夫曼在準備好的演講中談到的精心挑選的合作夥伴，這些合作夥伴確實提供了出色的工作，提供了出色的客戶服務，為現代網路消費者經營專業化的業務。

So that's what the enhanced market experience is. As we bring that to more and more customers, we are seeing, in the markets we're in, revenue per total transaction value gains, and we expect those gains to contribute to more of our residential and total company revenue as we get to that 20% of customers, and then into next year, more of those customers.

這就是增強的市場體驗。隨著我們將其帶給越來越多的客戶，我們看到，在我們所在的市場中，每筆總交易價值的收入有所增長，我們預計這些收益將在我們的住宅和公司總收入中貢獻更多20% 的客戶，然後到明年，會有更多這樣的客戶。

So the land and expand strategy is working well. We're really excited to accelerate to 36 markets by the end of August and be at 40 markets by the end of the year.

因此，土地和擴張策略運作良好。我們非常高興能夠在 8 月底前加速到 36 個市場，並在年底前達到 40 個市場。

Brad Erickson, RBC. We'll come back. Nick Jones, Citizens JMP.

布拉德‧艾瑞克森，加拿大皇家銀行。我們會回來的。尼克瓊斯，公民 JMP。

Great. Thanks for taking the questions. Congratulations, Jeremy. I have two questions. First, can you maybe double-click on the rentals business? 44% growth in multifamily is impressive. Can you maybe speak to the key drivers behind the success? How are the conversations evolving with the multifamily operators giving you the confidence to kind of spend after that $1 billion revenue opportunity you've hung out?

偉大的。感謝您提出問題。恭喜你，傑瑞米。我有兩個問題。首先，您可以雙擊租賃業務嗎？多戶住宅 44% 的成長令人印象深刻。您能談談成功背後的關鍵驅動因素嗎？與多戶住宅營運商的對話進展如何，讓您在獲得 10 億美元收入機會後​​有信心進行支出？

And then the second question may be on traffic volumes. You called out three times more app users. I think as the competitive environment heats up around residential, folks are increasingly focused on some of these engagement metrics. Can you maybe speak to the -- or remind us of the benefits of the app as opposed to web traffic or mobile web? Thank you.

第二個問題可能是關於交通量。您呼叫的應用程式用戶數量增加了三倍。我認為，隨著住宅領域競爭環境的升溫，人們越來越關注其中的一些參與度指標。您能否談談或提醒我們該應用程式相對於網路流量或行動網路的優勢？謝謝。

Yeah. Thanks, Nick. Thanks for the questions. On rentals, yeah, as I said a little bit in my prepared remarks, and we shared for those that were on in February a more detailed investor presentation on our rentals strategy, we're so excited about our rentals strategy because it's really unique, and it really solves the consumer problem, right? What renters want is to find all the inventory.

是的。謝謝，尼克。感謝您的提問。關於租金，是的，正如我在準備好的發言中所說的那樣，我們為二月份的投資者分享了有關我們租賃策略的更詳細的投資者演示，我們對我們的租賃策略感到非常興奮，因為它確實很獨特，它確實解決了消費者的問題，對嗎？租客想要的是找到所有庫存。

There is no one place for like inventory. There is no MLS for rentals. So they end up having to shop everywhere during a really compressed time frame. It's super stressful. And so we set out years ago to try and assemble as much of the inventory as possible, both multifamily, the big buildings we all know, and long tail, the millions of homes and small unit properties that are out there for rent that turn over infrequently by a long tail of owners.

沒有一個地方可以存放類似的庫存。租賃沒有 MLS。因此，他們最終不得不在非常壓縮的時間範圍內到處購物。壓力超級大啊因此，我們幾年前就開始嘗試收集盡可能多的庫存，包括多戶住宅（我們都知道的大型建築）和長尾住宅（數以百萬計的出租房屋和小型單元房產）很少有業主的長尾巴。

And we've done that. We now have the most listings. We still don't have them all. Every year, we're trying to go after more, and we're growing our listing count. But we have the most inventory of anyone out there, and that has yielded us the most audience, the biggest audience of renters, right?

我們已經做到了。我們現在擁有最多的清單。我們還沒有全部擁有。每年，我們都在努力追求更多，我們的清單數量也在增加。但我們擁有最多的庫存，這為我們帶來了最多的觀眾，最大的租戶觀眾，對嗎？

So Zillow's rental network is the largest audience. It just grew 20% year over year this last month, and it continues to grow because renters want that product. And so that two-sided marketplace now gives way to the monetization growth you're seeing coming from multifamily. And so that's the stats I gave in my prepared remarks. 44,000 buildings on Zillow now up from 40,000 last quarter. That's driving the 29% revenue growth you're seeing, which 44% revenue growth in multifamily, that's coming from that property count and that engagement with the advertisers.

所以Zillow的租賃網絡是最大的受眾。上個月它同比增長了 20%，而且它還在繼續增長，因為租屋者想要該產品。因此，雙向市場現在讓位給多戶住宅帶來的貨幣化成長。這就是我在準備好的發言中給出的統計數據。 Zillow 上的建築物數量從上季度的 40,000 座增加到 44,000 座。這推動了您所看到的 29% 的收入成長，其中多戶型收入增加了 44%，這來自於房產數量和與廣告商的互動。

So that's what gets us so excited. It's this really great win-win marketplace where the consumer is getting a better and better experience as the supply comes online, and that then in turn drives the demand and makes the product better for the renters and vice versa. So that's why you've heard Jeremy Hofmann talk about using advertising as a lever to help stimulate demand to help continue to make that marketplace spin. And that's what gives us the excitement not just in Q2's growth and in the guide for rentals, but in the $1 billion-plus business opportunity we see in front of us.

這就是讓我們如此興奮的原因。這是一個真正偉大的雙贏市場，隨著供應上線，消費者獲得越來越好的體驗，進而推動需求，使產品對租戶來說更好，反之亦然。這就是為什麼您會聽到傑里米·霍夫曼（Jeremy Hofmann）談論使用廣告作為槓桿來幫助刺激需求，以幫助繼續推動市場發展。這不僅讓我們對第二季的成長和租金指南感到興奮，而且讓我們對眼前價值超過 10 億美元的商業機會感到興奮。

And then on traffic, yeah, I mean, we have talked long about how the most important part of audience is the engagement with that audience. And I talked in my prepared remarks, you can measure cookies and devices and people many ways, but what matters is do people know who you are? Do they use you to shop? Do they find delight in your services? And Zillow has long believed that the best way to drive audience is great products, great innovative products, amplified by marketing, and you see that in the mix of our traffic, right?

然後在流量方面，是的，我的意思是，我們已經討論了很長時間，觀眾最重要的部分是與觀眾的互動。我在準備好的發言中談到，你可以透過多種方式來衡量 cookie、設備和人員，但重要的是人們知道你是誰嗎？他們用你來購物嗎？他們對您的服務感到滿意嗎？ Zillow 長期以來一直認為，吸引受眾的最佳方式是出色的產品、出色的創新產品，並透過行銷加以放大，您可以在我們的流量組合中看到這一點，對吧？

80% of our audience comes to us brand direct. They come to us because they know who we are and they choose to use us, and app usage is a good measure of that, right? So that's why I talked about the app being used three times more than the others in the category. It's just a great measure of really healthy deep engagement. If you're buying a home, if you're actually trying to shop, you're going to use an app, and you're going to use a desktop website that ties to that app. And you're going to use us as a shopping experience, and you're going to use an agent that you find from us, and that's going to lead you down the funnel to these transactions.

80% 的受眾直接透過品牌來了解我們。他們之所以來找我們，是因為他們知道我們是誰，並且選擇使用我們，而應用程式的使用情況就是一個很好的衡量標準，對嗎？這就是為什麼我談到該應用程式的使用量是該類別中其他應用程式的三倍。這是真正健康的深度參與的一個很好的衡量標準。如果您要買房，如果您實際上想購物，您將使用應用程序，並且您將使用與該應用程式關聯的桌面網站。您將使用我們作為購物體驗，並且您將使用從我們這裡找到的代理，這將引導您沿著漏斗進行這些交易。

So that's why for us, brand engagement and health of traffic is so important. It is the start of this transaction strategy we're on. And as we talk a lot about, our goal is to take all that great app usage engagement with audience and turn that into more transactions, right? Our goal of 6% transaction share comes from taking this 60%, 70% audience share we have and getting more of them to use us and use our housing super app to actually buy, rent, finance or sell their home.

這就是為什麼對我們來說，品牌參與度和流量健康如此重要。這是我們正在進行的交易策略的開始。正如我們經常談論的那樣，我們的目標是讓所有出色的應用程式使用與受眾互動，並將其轉化為更多交易，對嗎？我們 6% 交易份額的目標來自於獲取我們擁有的 60%、70% 受眾份額，並讓更多人使用我們並使用我們的住房超級應用程式來實際購買、租賃、融資或出售他們的房屋。

Brad Erickson, RBC.

布拉德‧艾瑞克森，加拿大皇家銀行。

A couple of questions just on the -- I have to ask the obligatory commission question. Just first, just latest and greatest views on kind of the changes coming and any noticeable observations yet? And kind of what feedback are you getting from your PAs as we head into August 17?

有幾個問題——我必須問強制性佣金問題。首先，關於即將發生的變化的最新和最偉大的觀點以及任何值得注意的觀察結果？ 8 月 17 日即將到來，您從您的 PA 那裡得到了哪些回饋？

And then second, I guess if we assume that any effect of the regulatory changes may vary a lot up and down kind of the spectrum of the market, talk about how you view Zillow's exposure, particularly to the degree that there is any change with commissions. Thanks.

其次，我想如果我們假設監管變化的任何影響可能會在市場範圍內上下變化很大，請談談您如何看待 Zillow 的風險敞口，特別是佣金變化的程度。謝謝。

Yeah, Brad. It's Jeremy Hofmann. I'll take that one. I think we can't really speak to broad commission trends just because 80% of our Premier Agent base is in that top 20% of all producers. So we're working with the top agents versus a broad swath of professionals.

是的，布拉德。我是傑瑞米·霍夫曼。我會接受那個。我認為我們不能僅僅因為 80% 的高級代理商群體屬於所有生產商的前 20% 就真正談論廣泛的佣金趨勢。因此，我們正在與頂級代理商合作，而不是與廣泛的專業人士合作。

That said, across our business, we've seen commission rates stay in a pretty tight band over the past three years. 2024 is down a few basis points versus 2023, but in line with 2022 levels. And I think just stepping back, we've been pretty consistent here for a while. We believe we and our partners are the outsized beneficiaries of these changes coming in the industry.

也就是說，在我們的整個業務中，過去三年來我們的佣金率一直保持在相當窄的範圍內。 2024 年比 2023 年下降幾個基點，但與 2022 年水準一致。我想退一步來說，我們已經有一段時間保持一致了。我們相信，我們和我們的合作夥伴是產業即將發生的這些變化的巨大受益者。

We have the most customers. We work with the best partners. We provide the most technology. And we expect our PAs will deliver and get paid because they provide great service. And they and we -- we think will be share takers in any future evolution or dispersion of the industry.

我們的客戶最多。我們與最好的合作夥伴合作。我們提供最多的技術。我們希望我們的 PA 能夠交付並獲得報酬，因為他們提供了優質的服務。我們認為他們和我們將成為該行業未來發展或分散的份額接受者。

So that's how we're seeing it. That's been very consistent for a while now, and nothing has really changed our minds on that based on the latest things that we can see.

這就是我們所看到的。一段時間以來，這種情況一直非常一致，根據我們所看到的最新情況，沒有什麼真正改變我們的想法。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Two things. One, I just want to wish you, Rich, the best at whatever you're going to do operationally going forward. So just congrats on all the success with the company over the years, and best luck to Jeremy in the new CEO role.

有兩件事。第一，我只想祝福你，Rich，無論你接下來要做什麼，都能取得最好的成績。因此，祝賀公司多年來取得的所有成功，並祝傑里米 (Jeremy) 在新的執行長職位上好運。

I just want to ask one question about the customer transaction share. So I know the goal has long been to get to the 6%. And could you just quantify, are there lead markets where you think you're -- are there any lead markets now where you think you're within spitting distance of that, of the different enhanced markets that you're in? I know you provided some data around, but I just wanted to focus just on that number. Are there other markets where you think you're within 1 point or 1.5 points of that? Thanks a lot.

我只想問一個關於客戶交易份額的問題。所以我知道長期以來的目標就是達到 6%。您能否量化一下，您認為自己所處的領先市場是否存在——現在您認為自己所處的不同增強型市場中是否存在任何領先市場？我知道您提供了一些數據，但我只想關注這個數字。您認為還有其他市場的差距在 1 個百分點或 1.5 個百分點以內嗎？多謝。

Yeah. Thanks, Mark. I'll -- on the market share gains, I said in my prepared remarks, the way we're measuring that is revenue per total transaction value growth. And in the first -- in the oldest enhanced markets where we have the most data and we have good year over years, which we've given you an update on earlier this year, we said we were up 50% year over year. That growth has accelerated to 80% year over year in those first four.

是的。謝謝，馬克。關於市場佔有率的成長，我在準備好的發言中說過，我們衡量市場佔有率的方式是每筆總交易價值成長的收入。首先，在最古老的增強市場，我們擁有最多的數據，並且逐年增長，我們在今年早些時候向您提供了最新情況，我們說我們同比增長了 50%。在前四個季度，這一成長率年增至 80%。

And then in the 13 that we've been in since Q1, we don't have year over years yet, but the early trend line is gains in revenue per total transaction value across those 13. So that curve looks similar to us. As we get into next year, we'll have year over years on more markets. So that's what gives us confidence that as we take this recipe, this housing super app integrated experience to more partners in each market and to more markets, we'll see that same trend line of share in revenue per total transaction value grow the way we're seeing it in our four original markets.

然後，在第一季以來我們所處的13 個國家中，我們還沒有逐年比較，但早期趨勢線是這13 個國家中每筆總交易價值的收入增長。相似。當我們進入明年時，我們將在更多市場上年復一年地發展。因此，這給了我們信心，當我們採用這個配方時，這個房屋超級應用程式將經驗整合到每個市場和更多市場的更多合作夥伴中，我們將看到每總交易價值的收入份額的相同趨勢線隨著我們的成長而成長。

And yeah, Mark, I'll just pile on a bit. It's Jeremy Hofmann. Jeremy Wacksman said it, we were at 50% in the first four markets. We grew revenue, in 2023, 50% versus total transaction value, and we're now at 80% through 18 months of that. So you're seeing a consistent steady growth.

是的，馬克，我就多說一點。我是傑瑞米·霍夫曼。 Jeremy Wacksman 表示，我們在前四個市場的佔有率為 50%。到 2023 年，我們的收入相對於總交易價值成長了 50%，而現在在 18 個月內成長了 80%。所以你會看到持續穩定的成長。

And then on top of that, we saw really good results in our oldest markets, which we put in the investor deck we did in February, where in Phoenix and Atlanta over a, call it, two-year period, we saw 80% and 90% transaction growth during that period of time, which is effectively -- is close to double. So those are the types of proof points that make us feel quite good and why you see us accelerating the way that we have, going from 19 to 36 pretty quickly, is just because we keep seeing really solid results that we think sets us up quite well for continued future growth.

最重要的是，我們在最古老的市場中看到了非常好的結果，我們將其放入二月份所做的投資者甲板上，在菲尼克斯和亞特蘭大，在兩年的時間裡，我們看到了80 % 和在此期間，交易量增加了 90%，實際上接近兩倍。因此，這些類型的證據點讓我們感覺非常好，為什麼你看到我們加速我們現有的方式，從19 到36 很快，只是因為我們不斷看到真正可靠的結果，我們認為這些結果讓我們相當滿意有利於未來的持續成長。

Ryan McKeveny, Zelman.

瑞安麥凱文尼、澤爾曼。

Hey, guys. Congrats, Jeremy and Rich. Nice job on the quarter. Thanks for taking the questions. I wanted to ask from a macro perspective, around first-time buyers, so there's been periods in the past where that was called out as a tailwind. Last quarter, it was mentioned as a headwind within the guidance, and obviously, you strongly outperformed that.

嘿，夥計們。恭喜傑里米和里奇。本季工作做得很好。感謝您提出問題。我想從宏觀角度來問，圍繞著首次購房者，所以在過去的一段時期裡，這被稱為順風。上個季度，它被認為是指導中的逆風，顯然，你的表現遠遠超過了這一點。

So is your sense that this quarter's results came in where they were in spite of a drag that did exist from that first-time buyer dynamic? Or did something maybe change beneath the surface where that just didn't turn out to be the headwinds you might have expected? And kind of part two of that is just any views on this dynamic into the third quarter and kind of what's embedded within the guidance there?

那麼，您是否認為，儘管首次購屋者的動態確實存在拖累，但本季的業績仍達到了預期水準？或者表面之下是否發生了一些變化，而結果並沒有成為您可能預期的逆風？第二部分是對第三季度這一動態的任何看法，以及指導中包含的內容？

Yeah, sure, Ryan. I'll take it. It's Jeremy Hofmann. I think the mortgages market was challenged in Q2. We called that out in the May call, and it persisted. So we think that it was down mid-single digits year over year versus 3% up for the housing market. So there was a headwind there. We just happened to perform quite well throughout it. And that's a great story for us. It's one that we feel quite good about, and that's a function, really, of us outperforming across the business. I think we've really performed well.

是的，當然，瑞安。我要買它。我是傑瑞米·霍夫曼。我認為抵押貸款市場在第二季度受到了挑戰。我們在五月的電話會議中指出了這一點，並且這種情況持續存在。因此，我們認為同比下降了個位數，而房地產市場則上漲了 3%。所以那裡有一個逆風。我們只是碰巧在整個過程中表現得很好。這對我們來說是一個很棒的故事。我們對此感覺非常好，這實際上是我們在整個業務中表現出色的一項功能。我認為我們確實表現得很好。

On the residential side, we had a soft pocket in late March and early April when rates spiked. But then they normalized, and as a result, our MBP marketplace got healthier throughout the quarter, both on new sales and lower churn. And then additionally, the conversion across Premier Agent, both MBP and Flex, was stronger than we anticipated, and that flowed through right to revenue.

在住宅方面，三月底和四月初利率飆升時，我們的口袋很軟。但隨後他們就正常化了，因此，我們的 MBP 市場在整個季度都變得更加健康，無論是在新銷售還是較低的客戶流失方面。此外，Premier Agent（MBP 和 Flex）的轉換率比我們預期的要強，並且透過收入權實現了轉換。

And then on the rest of the residential side, Showcase is growing nicely, the New Construction marketplace is growing nicely, and Follow Up Boss is outperforming what we expected in early days of the acquisition. And then you have mortgages and rentals, obviously. Jeremy has talked a bit about that already, but rentals was up 29%, multifamily was up 44%, and then ZHL grew 125%.

然後在住宅方面的其餘部分，Showcase 成長良好，新建築市場成長良好，Follow Up Boss 的表現超出了我們在收購初期的預期。顯然，還有抵押貸款和租金。 Jeremy 已經談過這一點，但租金上漲了 29%，多戶住宅上漲了 44%，然後 ZHL 增加了 125%。

So really, when we look across all of the business in Q2, it felt quite good regardless of what's going on in the first-time homebuyer market. And then I'd be suffice to say, like on the EBITDA front, we're pretty proud of the consistent ability to accurately forecast and hold ourselves accountable on costs. As we tell the team, when we're in a market like this, revenue is harder to forecast, which makes it even more important to be really good on the cost line. And for Q2, we expected $440 million of costs. We came in at $438 million. So when we outperform on the revenue front, it all flowed through to the EBITDA line.

因此，實際上，當我們縱觀第二季度的所有業務時，無論首次購房者市場發生什麼情況，感覺都相當不錯。然後我就足以說，就像在 EBITDA 方面一樣，我們對準確預測和對成本負責的一貫能力感到非常自豪。正如我們告訴團隊的那樣，當我們處於這樣的市場時，收入就更難預測，這使得在成本方面真正出色變得更加重要。對於第二季度，我們預計成本為 4.4 億美元。我們的收入為 4.38 億美元。因此，當我們在收入方面表現出色時，一切都會流向 EBITDA 線。

That's very helpful. Thank you, Jeremy. And also on the mortgage piece, so obviously some momentum under the surface there, sequentially and year over year growing nicely. I know there are some moving pieces with the very significant growth in purchase origination volume, but some of the offset on the marketplace side. Can you just remind us where the marketplace stands at this point, both strategically in terms of where that fits in, maybe in terms of loan products or differences against ZHL, and just kind of how you think of that mix between ZHL and marketplace moving forward?

這非常有幫助。謝謝你，傑瑞米。在抵押貸款方面，顯然表面下有一些勢頭，連續且逐年增長良好。我知道有一些活動的購買發起量出現了非常顯著的成長，但在市場方面卻有一些抵消。您能否提醒我們市場目前所處的位置，無論是在策略上適合的地方，也許是在貸款產品或與 ZHL 的差異方面，以及您如何看待 ZHL 和市場未來之間的結合？

Yeah. Ryan, I can take it. It's Jeremy Hofmann, and then Jeremy Wacksman may pile in as well. But I think that you're right that the bulk of the business going forward is going to be Zillow Home Loans. So you see the mortgage category start to more accurately map to the Zillow Home Loans growth.

是的。瑞安，我能接受。這是傑里米·霍夫曼 (Jeremy Hofmann)，然後傑里米·瓦克斯曼 (Jeremy Wacksman) 也可能會加入進來。但我認為你是對的，未來的大部分業務將是 Zillow 房屋貸款。因此，您會看到抵押貸款類別開始更準確地映射到 Zillow 房屋貸款的成長。

That's not to say the marketplace isn't important, too. It's just secondary. They're going to be -- inevitably, there are going to be times in which we can't service a customer through Zillow Home Loans, and we like having the marketplace as a way to serve customers regardless, right? We're always about customer choice and making sure that in financing, we're providing customer choice as well. So we feel quite good about both of those businesses, but the vast majority of the focus going forward is going to be in Zillow Home Loans.

這並不是說市場不重要。這只是次要的。不可避免的是，有時我們無法透過 Zillow Home Loans 為客戶提供服務，但無論如何，我們都希望將市場作為服務客戶的一種方式，對吧？我們始終關注客戶的選擇，並確保在融資方面，我們也為客戶提供選擇。因此，我們對這兩項業務都感覺很好，但未來的絕大多數重點將集中在 Zillow Home Loans 上。

John Campbell, Stephens.

約翰坎貝爾、史蒂芬斯.

Hey, guys. And Rich, congrats on helping position the business for a pretty promising set up here in the years ahead. Glad you'll be able to see it through on the Board seat. And then, of course, congrats to you, Jeremy; well deserved.

嘿，夥計們。里奇，恭喜你幫助公司定位，在未來幾年在這裡建立了一個非常有前途的公司。很高興您能夠在董事會席位上看到它。當然，恭喜你，傑瑞米；當之無愧。

But a two-part question here. First on the Touring Agreement. You guys called out early indicators of success in your pilot. I think you also, for the last couple of years, have said the touring connections have converted at three times the rate. I've got to believe that Touring Agreement probably boost that conversion rates. It's obviously signaling even more or greater intent. Maybe if you could talk -- go a little bit deeper into what you're seeing thus far. And then I've got one more quick one on Zillow Home Loans.

但這裡有一個由兩個部分組成的問題。首先是關於巡演協議。你們指出了試點計畫成功的早期跡象。我想你也說過，在過去的幾年裡，巡迴線的轉換率是原來的三倍。我必須相信巡迴演出協議可能會提高轉換率。這顯然表明了更多或更大的意圖。也許你可以談談——更深入地了解你目前所看到的情況。然後我還有一份關於 Zillow Home Loans 的快速資訊。

Yeah. Thanks, John. Thanks for the congrats. And on touring, you're right. We continue to see touring actions convert higher than any other action on Zillow. And our expectation is the Touring Agreement will be a net benefit to conversion because it's in the flow post-introduction, and so it's just education and it's helpful qualification.

是的。謝謝，約翰。謝謝你的祝賀。在巡迴演出中，你是對的。我們繼續看到巡迴活動的轉換率高於 Zillow 上的任何其他活動。我們的期望是，巡迴協議將為轉換帶來淨收益，因為它是在引入後的流程中，因此它只是教育，並且是有用的資格。

And the pilot was small. We saw basically no negative to like -- likely positive impact there as we started to engage consumers. And so that's what gave us the confidence to roll it out to take it to now almost 80% of connections, and we expect to get to all eventually. So I think you nailed the idea of education to the consumer, done in a consumer-friendly way, helps get that consumer more informed before they get to the tour and makes it more likely that they'll want to work with the agent.

而且飛行員很小。當我們開始吸引消費者時，我們基本上沒有看到負面的喜歡——可能有正面的影響。這讓我們有信心將其推廣到目前幾乎 80% 的連接，我們預計最終將涵蓋所有連接。因此，我認為您以一種對消費者友好的方式向消費者傳達了教育的理念，有助於讓消費者在參加旅行之前獲得更多信息，並使他們更有可能想要與代理商合作。

As you know, having worked with us and followed us for a long time, the lag on seeing that data and transactions is long, right? So a pilot market, a tour experience, measuring transaction rates with those agents is going to be a period of quarters and quarters and quarters, but the early indicator data gave us confidence that this is a good thing. And that's why we proceeded so rapidly to roll it out.

如您所知，與我們合作並關注我們很長時間，看到數據和交易的滯後很長，對吧？因此，試點市場、旅遊體驗、衡量與這些代理商的交易率將需要一個季度、一個季度、一個季度的時間，但早期的指標數據讓我們相信這是一件好事。這就是我們如此迅速地推出它的原因。

Okay. That's good to hear. And then on the Zillow Home Loans, I mean, obviously, refi was, I think, about half of the origination mix two years ago. That dropped to 1% last year. So I think it's probably a good problem you're having as far as like capacity issues. It seems like you got an exorbitant amount of demand on purchase, but I'm just curious about how you're thinking about the staffing, how you're thinking about, if there is a degree of a mini refi wave, if you feel like you can participate in that in the year or so ahead.

好的。很高興聽到這個消息。然後，在 Zillow 房屋貸款方面，我的意思是，顯然，我認為，兩年前，再融資約佔原始貸款組合的一半。去年這一數字下降至 1%。所以我認為，就容量問題而言，您遇到的問題可能是個好問題。看起來你的購買需求量很大，但我只是好奇你是如何考慮人員配置的，你是如何考慮的，是否存在一定程度的小型再融資浪潮，如果你覺得就像你可以在未來一年左右參與其中一樣。

Yeah. I mean our focus has been on purchase, not just because of where the refi market was, and I think it will remain on purchase. And that's just because of what we've talked about as our opportunity, right? You've heard us talk a lot about -- I mean, everything we've said about the integrated transaction and the benefits for the consumer, it is for the homebuyer. And our ability to go have more and more customers who either start by asking that purchase financing question or ask that go-shop question end up getting exposure to our great agents and our great financing options.

是的。我的意思是，我們的重點一直放在購買上，不僅是因為再融資市場的情況，而且我認為它將繼續放在購買上。這只是因為我們所說的我們的機會，對吧？你已經聽到我們談論了很多——我的意思是，我們所說的關於綜合交易和為消費者帶來的好處的一切都是為了購房者。我們有能力吸引越來越多的客戶，他們要么一開始就提出購買融資問題，要么提出去商店購買的問題，最終接觸到我們優秀的代理商和我們出色的融資選擇。

That's demand that we won't tap out of for a long time, and that's what we're methodically scaling, both in our enhanced markets strategy as [they all want] more enhanced markets, but also digitally to our consumers that come to the website and actually want to start with a, what can I afford? This is a tough market question. So we are, I think, in a privileged position to be able to go build durable growth in the mortgage business really focused on purchase, and we're excited about how we did in Q2, and we're excited about our plans for Q3.

這是我們在很長一段時間內都不會滿足的需求，這就是我們正在有條不紊地擴大的規模，無論是在我們的增強型市場策略中，因為[他們都想要]更多增強型市場，而且還以數位方式向我們的消費者提供服務。這是一個棘手的市場問題。因此，我認為，我們處於有利地位，能夠在真正專注於購買的抵押貸款業務中建立持久增長，我們對第二季度的表現感到興奮，我們對第三季度的計劃感到興奮。

John Colantuoni, Jefferies.

約翰·科蘭托尼，杰弗里斯。

So I wanted to just start with the housing market. I was hoping you could unpack the outlook for mid-single-digit growth in residential housing transactions during the third quarter. With pending sales down 8% in June, I'm just curious if your outlook incorporates an assumption that the market bounces back a bit in August and September based on potentially recent pickup in activity.

所以我想從房地產市場開始。我希望您能夠解析第三季住宅交易中個位數成長的前景。由於 6 月待售量下降 8%，我只是好奇您的展望是否包含這樣的假設：基於近期活動可能回升，市場在 8 月和 9 月略有反彈。

And second, it looks like your outlook for the residential revenue segment implies a bit of underperformance for the Premier Agent business relative to your mid-single-digit housing market outlook, if you exclude the M&A tailwind from Follow Up Boss. Can you just talk about the drivers of that underperformance and maybe if you've embedded some room for upside in that assumption? Thanks.

其次，如果您排除 Follow Up Boss 的併購順風因素，那麼您對住宅收入領域的展望似乎意味著，相對於您的中個位數房地產市場前景，高級代理業務的表現有些不佳。您能談談業績不佳的驅動因素嗎？謝謝。

Yeah. Thanks, John. It's Jeremy Hofmann, so I'll take it. Similar to what we've said in the past, we don't really overfocus on the quarter-to-quarter fluctuations, given how fluid macro has been and will continue to be. We're pleased that we've outperformed the industry by 2,000 basis points in residential over the last two years. And that's really a credit to the product experiences that we're driving, the conversion gains that we're driving, and the partner experiences that we're driving.

是的。謝謝，約翰。我是傑里米·霍夫曼（Jeremy Hofmann），所以我接受。與我們過去所說的類似，考慮到宏觀經濟過去和未來的流動性，我們並沒有真正過度關注季度波動。我們很高興過去兩年在住宅領域的表現優於業界 2,000 個基點。這確實歸功於我們推動的產品體驗、我們推動的轉換效益以及我們推動的合作夥伴體驗。

At the same time, we are seeing healthy growth versus that mortgage market. So that was called out earlier in the call. That's where we tend to index -- our customer base tends to index, and those folks are struggling comparatively. So they -- the first-time homebuyer, if you measure it by the mortgage market, is underperforming 800 to 1,000 basis points per -- in Q2, and we think those trends probably continue into Q3. So I think we feel all in quite good about where the business is, knowing that that's out there.

同時，我們看到抵押貸款市場的健康成長。所以在電話會議的早些時候就已經提到了這一點。這就是我們傾向於索引的地方——我們的客戶群傾向於索引，而這些人相對來說正在掙扎。因此，如果按照抵押貸款市場來衡量，首次購屋者在第二季度的表現落後 800 到 1,000 個基點，我們認為這些趨勢可能會持續到第三季。所以我認為我們對業務的現狀感到非常滿意，因為我們知道業務就在那裡。

And I think most important is just the consistent outperformance we've had across both residential and the total company. We expect to continue to do so as we roll out our enhanced markets and see success there, right? Jeremy has talked a lot about that, but that's a really important piece to the future story, and we're just getting started rolling markets out.

我認為最重要的是我們在住宅和整個公司方面的持續出色表現。當我們推出增強型市場並看到成功時，我們希望繼續這樣做，對嗎？傑里米對此談了很多，但這對未來的故事來說非常重要，而且我們才剛開始推出市場。

And I will kind of step back and remind you all, Q1, we were up 13% year over year. As a company, Q2, we were up 13% year over year. Our outlook calls for a revenue range of 10% to 13% for Q3. We're clearly well on our way to double-digit revenue growth in 2024 and margin expansion, and it's been a rough housing market. So we sit there and feel like the business is really well positioned despite all that.

我想退一步提醒大家，第一季，我們年增了 13%。作為一家公司，第二季我們的業績年增了 13%。我們預計第三季的營收將成長 10% 至 13%。顯然，我們正在順利實現 2024 年兩位數的收入成長和利潤率擴張，而且房地產市場一直很艱難。因此，儘管如此，我們坐在那裡，感覺業務確實處於有利位置。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Jeremy, as you take the baton as CEO, what's your top goal for the business over the medium term? What are you looking to achieve? And then maybe for Jeremy Hofmann, can you talk about the margin profile associated with enhanced markets? Does this get you closer to GAAP profitability? Thanks.

傑里米（Jeremy），當您接過執行長的接力棒時，您的中期業務最高目標是什麼？您希望實現什麼目標？然後，傑里米·霍夫曼（Jeremy Hofmann）能否談談與增強的市場相關的利潤狀況？這會讓您更接近 GAAP 獲利能力嗎？謝謝。

Yeah. I'll start, Tom, and maybe Jeremy, you can hit margin profile. I mean, Tom, it's going to sound a little boring, but my focus and strategy is more of what we've been doing. And I think accelerating and continuing to roll out our enhanced markets strategy, continuing to grow our rentals business into the opportunity we've laid out for you all, continuing to build mortgage into the big business we know it can be, and then powering all that with the amazing software and technology we are building to help rewire the real estate industry for agents, teams and brokers writ large, like that has been our strategy we've talked to you all about for the last however many calls.

是的。我先開始，湯姆，也許傑瑞米，你可以達到保證金概況。我的意思是，湯姆，這聽起來有點無聊，但我的重點和策略更多的是我們一直在做的事情。我認為加速並繼續推出我們增強的市場策略，繼續將我們的租賃業務發展成為我們為大家提供的機會，繼續將抵押貸款納入我們知道它可以成為的大業務，然後為所有人提供動力憑藉我們正在建構的令人驚嘆的軟體和技術，幫助代理商、團隊和經紀人重新建立房地產行業，這是我們在過去的多次電話中與大家討論過的策略。

You're seeing the early signs and results of that play out in the output numbers. And we're really excited to have more of this come to light. So you see more of it in the output numbers in the years to come as we grow into the share target we have for you all, and then grow our business beyond that.

您可以在輸出數字中看到早期跡象和結果。我們非常高興能有更多這樣的事情被曝光。因此，隨著我們逐漸實現為大家設定的份額目標，然後將我們的業務發展到超越這個目標，您將在未來幾年的產出數字中看到更多的內容。

So oftentimes, when there's a leadership change, there's like, what's going to change question. And the answer is not much is going to change. We're going to focus on continuing to execute, deliver, scale, and accelerate this into the future.

很多時候，當領導階層改變時，就會出現這樣的問題：什麼會改變。答案是不會有太大改變。未來我們將專注於繼續執行、交付、擴展和加速這一進程。

Yeah. And then I can take the margin question. I think it's less about enhanced markets. In our march to GAAP profitability, it's really around the cost structure we've laid out. So we have roughly $1 billion in fixed costs today. We feel like we're pretty well invested there to at least get to our 2025 share targets. And so we expect that to grow kind of modestly with inflation.

是的。然後我可以回答保證金問題。我認為這與增強市場無關。在我們邁向公認會計準則獲利能力的過程中，這實際上是圍繞著我們制定的成本結構而展開的。因此，我們今天的固定成本約為 10 億美元。我們覺得我們在這方面的投資相當不錯，至少可以實現 2025 年的份額目標。因此，我們預計這一數字將隨著通貨膨脹而適度增長。

Variable is 25% to 30% of revenue. That will scale a little faster than revenue when we ramp up, but ultimately, that's a good profile. And then the balance is in marketing and advertising. So we feel good that if we are controlled on the fixed side, we can grow revenue faster than cost on the EBITDA front, and you're seeing that in the margin expansion you've seen throughout this year so far.

變數為收入的 25% 至 30%。當我們擴大規模時，這將比收入成長得更快，但最終，這是一個很好的形象。然後平衡點在於行銷和廣告。因此，我們感覺很好，如果我們在固定方面進行控制，我們可以在 EBITDA 方面實現收入增長快於成本增長，並且您可以在今年迄今為止的利潤率擴張中看到這一點。

And then going forward on the GAAP side, the next thing that's really important to us is getting stock-based compensation in a good spot. So we've committed to shrinking SBC total dollars year over year in '24 versus '23, and then even more so as a percentage of revenue. And it's important to remember that 90% of our SBC cost sits in that fixed bucket. So as we keep our eyes really, really focused on that, we're going to get more and more leverage on SBC over time, and that puts us on a nice path to get to GAAP profitability.

然後在公認會計原則方面，對我們來說真正重要的下一件事情是在一個好的位置獲得基於股票的薪酬。因此，我們承諾在 24 年與 23 年相比，逐年縮減 SBC 總美元，並且在收入中所佔的百分比更是如此。重要的是要記住，我們 90% 的 SBC 成本都在這個固定的桶中。因此，當我們真正非常關注這一點時，隨著時間的推移，我們將獲得越來越多的 SBC 槓桿，這使我們走上了實現 GAAP 盈利能力的良好道路。

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

這樣就完成了分配的提問時間。現在，我將把電話轉回給里奇·巴頓，讓其發表結束語。

Thank you all. As you guys can see, the company is really doing well. The company is on firm footing. And as you can also see demonstrated in this call and on many calls before, Jeremy Wacksman is ready to lead and the broader leadership team is ready as well.

謝謝大家。正如你們所看到的，該公司確實做得很好。公司已站穩腳步。正如您在本次電話會議和之前的許多電話會議中所看到的那樣，傑里米·瓦克斯曼 (Jeremy Wacksman) 已做好領導準備，更廣泛的領導團隊也已做好準備。

And so I'm super excited. There is a ton clean water in front of the company, lots of opportunity. Maybe the wind will change direction and come behind us one of these days, but we certainly don't need it. But I'm sure it will happen at some point. I want to thank you all for being on the journey with us. We'll talk to you soon.

所以我非常興奮。公司前面有大量乾淨的水，有很多機會。也許有一天風會改變方向並從我們身後吹過來，但我們當然不需要它。但我確信這會在某個時候發生。我要感謝大家與我們一起踏上這段旅程。我們很快就會和你談談。