Zillow Group Inc (Z) 2024 Q3 法說會逐字稿

Hello, and welcome to Zillow's third-quarter 2024 financial results call.

您好，歡迎收聽 Zillow 2024 年第三季財務業績電話會議。

(Operator Instructions)

（操作員說明）

Also as a reminder, this conference is being recorded today.

另外提醒一下，今天正在錄製這次會議。

If you have any objections, please disconnect at this time.

如果您有任何異議，請此時斷開連接。

Brad, you may begin.

布拉德，你可以開始了。

Thank you.

謝謝。

Good afternoon, and welcome to Zillow Group's third-quarter 2024 call.

下午好，歡迎收聽 Zillow Group 2024 年第三季的電話會議。

Joining me today to discuss our results are Zillow Group's CEO, Jeremy Wacksman; and CFO, Jeremy Hoffman.

今天與我一起討論我們業績的是 Zillow Group 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 expectations and assumptions.

在今天的電話會議中，我們將根據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。

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.

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.

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.

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。

A recording of the call will be available later today.

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.

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。

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.

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.

我們現在將首先發表講話，然後進行現場問答。

And with that, I will turn the call over to Jeremy Wacksman.

接下來，我會將電話轉給傑里米·瓦克斯曼 (Jeremy Wacksman)。

Thank you, Brad, and good afternoon, everyone.

謝謝布拉德，大家下午好。

Thank you for joining us during a busy time of year.

感謝您在一年中的繁忙時間加入我們。

We're excited to share our third-quarter 2024 results with you.

我們很高興與您分享我們 2024 年第三季的業績。

With Zillow's leading brand, deep technology expertise and strong financial foundation we are successfully seizing our incredible opportunity to transform and digitize residential real estate on behalf of consumers, agents and the broader industry.

憑藉 Zillow 的領先品牌、深厚的技術專業知識和強大的財務基礎，我們成功抓住了絕佳的機會，代表消費者、代理商和更廣泛的行業對住宅房地產進行轉型和數位化。

As you will hear again today, we are in a strong position, executing our strategy well and delivering solid results.

正如您今天將再次聽到的那樣，我們處於有利地位，很好地執行了我們的策略並取得了堅實的成果。

In Q3, we grew revenue by 17% and outperformed the residential real estate industry, all while demonstrating cost discipline as we steer towards sustainable, profitable growth.

第三季度，我們的營收成長了 17%，表現優於住宅房地產產業，同時在我們轉向可持續、獲利成長的過程中展現了成本紀律。

As with everything we do at Zillow, our approach begins with the customers we serve, movers, agents, and real estate industry professionals.

就像我們在 Zillow 所做的一切一樣，我們的方法始於我們服務的客戶、搬家公司、代理商和房地產行業專業人士。

We invest in providing products and services that offer a superior end-to-end transaction experience.

我們投資提供可提供卓越的端到端交易體驗的產品和服務。

This creates a top-of-funnel advantage that helps us identify and connect high-intent movers with high-performing partners.

這創造了漏斗頂部的優勢，幫助我們識別高意圖推動者與高績效合作夥伴並將其聯繫起來。

And alongside our software tools, this drives increased connection rates and conversion rates resulting in greater revenue.

與我們的軟體工具一起，這可以提高連接率和轉換率，從而帶來更大的收入。

And as we continue to leverage our cost structure, our consistent route performance shows up as expanded EBITDA margins.

隨著我們繼續利用我們的成本結構，我們一致的航線業績表現為 EBITDA 利潤率的擴大。

Those outcomes bolster our continued confidence in our strategy.

這些成果增強了我們對策略的持續信心。

Before I dive further into our results, I'll remind you why we believe Zillow is best positioned to succeed in our ever-evolving industry.

在進一步探討我們的結果之前，我將提醒您為什麼我們相信 Zillow 最適合在我們不斷發展的行業中取得成功。

As we have said consistently throughout the past year, our perspective is grounded in Zillow's consumer advocacy principles.

正如我們在過去一年中一直所說的那樣，我們的觀點植根於 Zillow 的消費者倡議原則。

We believe in easy and free access to all available real estate information and listings.

我們相信可以輕鬆、免費地存取所有可用的房地產資訊和清單。

Independent representation for buyers and sellers and transparency regarding agent compensation and consumers' right to negotiate it.

買家和賣家的獨立代表以及代理報酬和消費者談判權的透明度。

We launched Zillow with a promise to turn on the lights in real estate, because we believe everyone benefits from transparency, an open free marketplace is good for sellers, good for buyers, good for agents, and makes for the robust industry we have here in the US.

我們推出 Zillow 的承諾是點亮房地產行業，因為我們相信每個人都能從透明度中受益，開放的自由市場對賣家、買家、代理商都有好處，並有利於我們這裡的強勁行業。

And as the industry has undergone its recent very healthy evolution toward more transparency, we are confident that Zillow and agents who work with us will benefit.

隨著該行業最近朝著更加透明的方向經歷了非常健康的發展，我們相信 Zillow 和與我們合作的代理商將從中受益。

This is clear to us for three reasons.

我們很清楚這一點，原因有三。

First, Zillow has the most and highest intent movers.

首先，Zillow 擁有最多且最高的意圖推動者。

More than two-thirds of US homebuyers use Zillow today.

如今，超過三分之二的美國購屋者使用 Zillow。

About 80% of our users come to us organically, and we have 3 times more app users than anyone else in the category.

大約 80% 的用戶是自然而然地找到我們的，我們的應用程式用戶數量是該類別中其他公司的 3 倍。

We've built and maintained a strong brand position by staying focused on what the customer wants and needs, delivering impressive and delightful tech innovations that improve their moving experience.

我們透過專注於客戶的需求和需求，提供令人印象深刻且令人愉悅的技術創新來改善他們的搬家體驗，從而建立並維持了強大的品牌地位。

This quarter, for example, we've launched helpful new features like comprehensive climate risk data, tools to help agents, loan officers and movers streamline their communications and upgrades to our AI-powered natural language search.

例如，本季度，我們推出了有用的新功能，例如全面的氣候風險數據、幫助代理商、信貸員和搬運工簡化溝通的工具以及對人工智慧驅動的自然語言搜尋的升級。

The second reason is that we partner with top agents and teams across the country.

第二個原因是我們與全國各地的頂級代理商和團隊合作。

Those that offer superior customer service and real value for movers, a deep understanding of the industry and their local market and a proven ability to scale.

那些為搬家公司提供卓越客戶服務和真正價值、對行業和當地市場有深入了解以及經過驗證的擴展能力的公司。

These are the agents who are the most successful at growing their business alongside us and are poised to take customer share.

這些代理商是與我們一起發展業務最成功的代理商，並準備好分享客戶份額。

Third, we expect to benefit as the industry evolves because we provide exceptional tech solutions to make moving more efficient, not just for movers, but for agents, brokers, loan officers, and other real estate professionals as well.

第三，我們期望隨著行業的發展而受益，因為我們提供卓越的技術解決方案，使搬家變得更加高效，不僅對搬家者來說，而且對經紀人、經紀人、信貸員和其他房地產專業人士來說也是如此。

We believe a rising digital tide lifts all boats.

我們相信，不斷上漲的數位化浪潮將讓所有人都受益匪淺。

Zillow's independent software solutions like showing time, dotloop, Bridge Interactive and Follow Up Boss are already used by hundreds of thousands of professionals across the residential real estate industry.

Zillow 的獨立軟體解決方案（如 Showing Time、dotloop、Bridge Interactive 和 Follow Up Boss）已被住宅房地產行業數十萬專業人士使用。

Our opportunity is to expand the breadth of those offerings and stitch them together, powering the industry to be more transparent, faster and more integrated.

我們的機會是擴大這些產品的廣度並將它們整合在一起，推動產業變得更加透明、更快和更加一體化。

Considering all the professionals we are already serving today with our digital workflow tools and foundational technologies, we believe this represents a significant opportunity for Zillow to better serve customers and drive transactions within Zillow's ecosystem.

考慮到我們今天已經使用數位工作流程工具和基礎技術為所有專業人士提供服務，我們相信這為 Zillow 提供了一個重要的機會，可以更好地服務客戶並推動 Zillow 生態系統內的交易。

It's solutions like these, combined with our many products and services for movers that together make Zillow a housing super app, giving buyers, sellers, agents and the industry, the seamless, integrated and tech-enabled experience they demand and deserve.

此類解決方案與我們為搬家者提供的眾多產品和服務相結合，使Zillow 成為一款住房超級應用程序，為買家、賣家、代理商和行業提供他們所需要和應得的無縫、集成和技術支援的體驗。

Now on to our third-quarter 2024 results.

現在來看看我們的 2024 年第三季業績。

I'm excited to share that we reported total revenue of $581 million in Q3, up 17% year over year, exceeding our revenue outlook and outperforming the residential real estate industry.

我很高興地告訴大家，我們第三季的總收入為 5.81 億美元，年增 17%，超出了我們的收入預期，也跑贏了住宅房地產行業。

Q3 residential revenue grew 12% year over year to $405 million.

第三季住宅營收年增 12% 至 4.05 億美元。

Rentals momentum continued with $123 million in revenue in Q3, up 24% year over year.

租賃動能持續強勁，第三季營收達 1.23 億美元，年增 24%。

Multifamily rentals revenue is up 38% year over year, driven by growth in our multifamily property count.

在多戶住宅數量成長的推動下，多戶住宅租賃收入年增 38%。

We're also making strong progress in mortgages.

我們在抵押貸款方面也取得了巨大進展。

Q3 revenue was $39 million, accelerating to 63% year over year growth compared to 42% growth in Q2 with our purchased loan origination volume up 80% year over year.

第三季營收為 3,900 萬美元，年增 63%，而第二季成長 42%，我們購買的貸款發放量較去年同期成長 80%。

We are delivering strong revenue performance while growing our engaged audience of users.

我們正在提供強勁的營收業績，同時擴大我們的活躍用戶群。

For Q3, we reported 233 million average monthly unique users across Zillow's ecosystem of apps and sites, according to our internal metrics.

根據我們的內部指標，第三季度，Zillow 的應用程式和網站生態系統中平均每月有 2.33 億個獨立用戶。

And 116 million average monthly unique visitors in Q3 according to Comscore.

根據 Comscore 的數據，第三季平均每月獨立訪客數為 1.16 億。

As you'll recall, Comscore 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.

您可能還記得，Comscore 被網路品牌廣泛視為可靠、透明的第三方來源，因為它的目標是在刪除重複 cookie 的同時捕獲唯一訪客的數量。

Our success is the result of solid execution on our growth strategy.

我們的成功是堅定執行成長策略的結果。

On the for-sale side of our business, we're anchored by efforts in integrating our services financing, touring, seller solutions, and enhancing our partner network.

在我們的業務銷售方面，我們致力於整合我們的服務融資、旅遊、賣家解決方案以及增強我們的合作夥伴網路。

These investments are propelling us toward our goal to increase customer transaction share to 6% by the end of 2025.

這些投資正在推動我們實現到 2025 年底將客戶交易份額提高到 6% 的目標。

We're also focused on expanding our rentals marketplace, which currently represents more than 20% of our revenue and is growing rapidly.

我們也致力於擴大租賃市場，目前占我們收入的 20% 以上，並且正在快速成長。

The seamless transaction experience we've been building out on Zillow, the housing super app is most fully experienced by customers in our enhanced markets.

我們在 Zillow 住房超級應用程式上建立的無縫交易體驗為我們增強市場中的客戶提供了最充分的體驗。

We've rolled out 43 enhanced markets thus far surpassing our goal of reaching 40 by the end of this year.

到目前為止，我們已經推出了 43 個增強型市場，遠遠超出了我們在今年年底達到 40 個市場的目標。

Heading into 2025, we expect to deepen our penetration in the existing markets and expand into more markets.

進入2025年，我們預計將加深對現有市場的滲透並擴展到更多市場。

We've been pleased with the progress we're making across the enhanced markets with this land and expand strategy, and we continue to expect enhanced markets to cover 20% of our connections by the end of this year.

我們對透過該土地和擴張策略在增強型市場中取得的進展感到滿意，我們仍然預計到今年年底增強型市場將覆蓋我們 20% 的航線。

As of Q3, more than 80% of enhanced market connections are being managed through Follow Up Boss, an industry-leading customer relationship management system we acquired about a year ago.

截至第三季度，超過 80% 的增強市場聯繫是透過 Follow Up Boss 進行管理的，這是我們大約一年前收購的領先業界的客戶關係管理系統。

Follow Up Boss is used by many real estate agents and teams and manages 25 million leads each year.

Follow Up Boss 被許多房地產經紀人和團隊使用，每年管理 2500 萬個潛在客戶。

Our efforts to upgrade and integrate it are a key part of the housing Super App experience we're building.

我們對其升級和整合的努力是我們正在建立的住房超級應用程式體驗的關鍵部分。

For example, in Q3, we introduced new features, including piloting an app messaging to allow agents to communicate with buyers on Zillow, an in-app option to connect buyers directly to a loan officer with Zillow Home Loans and new and improved client insights, allowing agents to tailor their services to an individual clients' needs and interests.

例如，在第三季度，我們推出了新功能，包括試點應用程式訊息傳遞，以允許代理商與Zillow 上的買家進行溝通，應用程式內選項可透過Zillow Home Loans 直接將買家與信貸員聯繫起來，以及新的和改進的客戶洞察，允許代理商根據個人客戶的需求和興趣量身定制服務。

When the customer, agent, loan officer and other services are all connected through a common platform, movers have a more seamless experience and real estate professionals can work more efficiently and serve their clients better.

當客戶、代理商、信貸員和其他服務都透過一個通用平台連接時，搬家公司將擁有更無縫的體驗，房地產專業人士可以更有效率地工作並更好地為客戶服務。

Overall, we're excited that our efforts in enhanced markets are beginning to deliver results.

總的來說，我們很高興我們在增強型市場上的努力開始取得成果。

In February, we told you our first foreign enhanced markets had seen share gains of more than 50% since the beginning of 2023.

今年 2 月，我們告訴您，自 2023 年初以來，我們的第一個海外增強市場的份額增加了 50% 以上。

Then in August, we told you it had risen to more than 80%.

然後在 8 月份，我們告訴你它已經上升到 80% 以上。

Now, it has doubled since the beginning of 2023, and we are seeing similar trends in the enhanced markets we've launched since.

現在，自 2023 年初以來，這一數字已經翻了一番，而且我們在自此推出的增強型市場中也看到了類似的趨勢。

As we land and expand in more enhanced markets and keep working across the business to increase connection and conversion rates, we expect to see share growth relative to the industry total transaction value, or TTV, in our residential and mortgages revenue.

隨著我們登陸並擴大更強大的市場，並繼續在整個業務範圍內努力提高連接和轉換率，我們預計我們的住宅和抵押貸款收入相對於行業總交易價值（TTV）的份額將會成長。

As you can see in the chart in our shareholder letter, our revenue per TTV has increased meaningfully over the past two years, a great proof point that our investments are having an impact on our business.

正如您在我們的股東信中的圖表中看到的那樣，我們每台 TTV 的收入在過去兩年中顯著增加，這有力地證明了我們的投資正在對我們的業務產生影響。

Moving on to financing.

繼續融資。

We are building a substantial direct-to-consumer purchase mortgage origination business, integrated with our agent partner network to offer the many mortgage seekers on Zillow financing options at the right point in their moving journey.

我們正在建立大規模的直接面向消費者的購買抵押貸款發放業務，並與我們的代理合作夥伴網絡相結合，以便在眾多抵押貸款尋求者搬家過程中的正確時刻為他們提供 Zillow 融資選擇。

40% of all homebuyers start their home shopping journey looking for a mortgage, and more than 80% of those buyers don't yet have an agent.

40% 的購屋者在開始購屋之旅時尋求抵押貸款，而其中 80% 以上的購屋者還沒有經紀人。

So when a high-intent customer comes to Zillow, whether they're starting with financing or starting by touring a property and being connected with a great agent, we can help.

因此，當有意願的客戶來到 Zillow 時，無論他們是從融資開始，還是從參觀房產並與優秀經紀人聯繫開始，我們都可以提供協助。

Providing a more seamless experience for movers, agents and loan officers helps identify high-intent customers in our funnel and drives conversion and revenue growth.

為搬家公司、代理商和信貸員提供更無縫的體驗，有助於識別我們漏斗中的高意圖客戶，並推動轉換和收入成長。

Most notably, our efforts are accelerating mortgage growth.

最值得注意的是，我們的努力正在加速抵押貸款的成長。

Our origination revenue is beginning to scale with purchased loan origination volume up 80% year over year in Q3 and mortgages revenue up 63% year over year to $39 million.

我們的發放收入開始擴大，第三季購買貸款發放量年增 80%，房貸收入年增 63%，達到 3,900 萬美元。

In enhanced markets we've been in for more than six months, customer adoption rates for Zillow home loans are in the mid-teens, with newer markets trending similarly.

在我們已經進入六個月多的增強型市場中，Zillow 房屋貸款的客戶採用率在十幾歲左右，新興市場的趨勢也類似。

At the same time, we're seeing higher transaction conversion rates for agent partners working with customers who choose Zillow Home Loans, as we help agents and loan officers better serve customers together when they're ready to transact.

同時，我們發現與選擇 Zillow Home Loans 的客戶合作的代理商合作夥伴的交易轉換率更高，因為我們幫助代理商和信貸員在準備好交易時更好地共同為客戶提供服務。

We're also seeing an impact from our efforts to make booking a home tour as seamless as booking a restaurant reservation online.

我們也看到了我們努力使家庭旅遊預訂像在線預訂餐廳一樣無縫的努力所產生的影響。

As we work to help more Zillow visitors transact, touring remains a critical focus area for us, both so we can identify high-intent buyers; and so we can solve a process that's historically been full of friction, busy work and back and forth.

當我們努力幫助更多 Zillow 訪客進行交易時，旅遊仍然是我們的關鍵關注領域，這樣我們就可以識別有意向的買家；因此，我們可以解決一個歷來充滿摩擦、忙碌工作和來回的流程。

In 2021, we acquired ShowingTime, the industry leader in home touring technology, which facilitates 5 million showings a month across the country.

2021年，我們收購了家庭巡迴科技產業領導者ShowingTime，該公司每月在全國舉辦500萬次放映。

Bringing ShowingTime on to Zillow's tech-enabled platform has uniquely positioned us to remove the friction and touring helping high-intent buyers to our homes with ease and freeing up agents' time to focus on value-added services for movers.

將 ShowingTime 引入 Zillow 的技術支援平台使我們處於獨特的地位，能夠消除摩擦和巡演，幫助有意向的買家輕鬆上門，並讓代理商騰出時間專注於為搬家公司提供增值服務。

Our investments here are delivering improved connection rates.

我們在這裡的投資正在提高連接率。

And today, more than 25% of our connections are coming through the digitized, improved real-time touring experience, which is contributing to residential revenue outperformance.

如今，我們超過 25% 的聯繫是透過數位化、改進的即時旅遊體驗實現的，這有助於住宅收入表現出色。

Meanwhile, our consumer-friendly touring agreement is helping agents adopt the new requirements stemming from the National Association of Realtors settlement and is connecting them with higher intent buyers who are more likely to take a tour.

同時，我們的消費者友善參觀協議正在幫助代理商採納全國房地產經紀人協會和解協議產生的新要求，並將他們與更有可能參加參觀的更高意向買家聯繫起來。

While agents aren't required to use our Touring Agreement, it is available for more than 90% of our tour connections and is tailored by state.

雖然代理商不需要使用我們的旅遊協議，但該協議適用於我們 90% 以上的旅遊線路，並且是根據州量身定制的。

Our Touring Agreement process is automated, digital and easy to use, setting a gold standard for the industry.

我們的巡迴協議流程是自動化、數位化且易於使用的，為業界樹立了黃金標準。

This is an example of how we've adapted alongside the industry in a way that is positively evolving our business.

這是我們如何與行業一起適應並積極發展我們業務的一個例子。

We're also investing in seller solutions that not only make selling a home easier, but also create real value for sellers and their agents.

我們還投資於賣家解決方案，這些解決方案不僅使出售房屋變得更容易，而且還為賣家及其代理人創造真正的價值。

We're particularly excited about Zillow Showcase, which we made available nationwide beginning this year.

我們對 Zillow Showcase 感到特別興奮，它從今年開始在全國推出。

As you'll remember, Zillow Showcase elevates agents brand presence on Zillow and provides a better shopping experience through our homegrown, AI-powered, rich media and floor plan technologies.

您可能還記得，Zillow Showcase 提升了代理商在 Zillow 上的品牌影響力，並透過我們自主研發的人工智慧驅動的富媒體和平面圖技術提供更好的購物體驗。

There is truly nothing else like it on the market.

市場上確實沒有其他類似的產品。

Showcase listings are driving higher engagement compared to similar non-show case listings on Zillow, more views, more shares and more saves.

與 Zillow 上類似的非展示案例清單相比，展示案例清單帶來了更高的參與度、更多的瀏覽量、更多的分享和更多的保存。

Most important, however, is that Showcase listings are selling faster and for more money than similar non-Showcase listings on our site.

然而，最重要的是，與我們網站上類似的非展示清單相比，展示清單的銷售速度更快且價格更高。

Zillow Showcase is already on nearly 1.5% of new for-sale listings nationwide, putting us on our way to achieving our intermediate-term goal of 5% to 10% listing coverage on Zillow.

Zillow Showcase 已覆蓋全國近 1.5% 的新待售房源，這使我們預計將實現 Zillow 上 5% 至 10% 的房源覆蓋率的中期目標。

cAs we've said before, we believe a rising digital tide lifts all boats, which is why we continue to look for ways to improve and expand our offerings for the benefit of the broader residential real estate industry, whether through buying, building or partnering.

正如我們之前所說，我們相信不斷上漲的數位化浪潮將帶動所有人，這就是為什麼我們不斷尋找方法來改進和擴展我們的產品，以造福更廣泛的住宅房地產行業，無論是透過購買、建造還是合作。

For example, last month, we acquired Virtual Staging AI, a company whose technology helps sellers, agents and photographers create digitally staged listing images in seconds.

例如，上個月，我們收購了 Virtual Staging AI，該公司的技術可協助賣家、代理商和攝影師在幾秒鐘內創建數位化的清單影像。

And in October, we announced an agreement to share Zillow 3D home tours and interactive floor plans to Realtor.com, helping agents easily provide our leading immersive virtual content to more home shoppers.

10 月，我們宣布達成協議，向 Realtor.com 分享 Zillow 3D 家居參觀和互動式平面圖，幫助代理商輕鬆向更多家居購物者提供我們領先的沉浸式虛擬內容。

Finally, I'll update you on our continued progress in rentals.

最後，我將向您通報我們在租賃方面的持續進展。

As you know from our investor presentation six months ago, we've spent the past several years building a highly differentiated two-sided marketplace with a comprehensive suite of listings, combining multifamily properties with unique long-tail properties, which we define as fewer than 25 units but primarily comprises single-family homes.

正如您從六個月前的投資者介紹中了解到的那樣，我們在過去的幾年裡一直致力於打造一個高度差異化的雙向市場，擁有一整套清單，將多戶型房產與獨特的長尾房產結合起來，我們將長尾房產定義為少於25 個單位，但主要包括單戶住宅。

As a result, Zillow is rapidly becoming the nationwide marketplace renters and landlords have sorely needed.

因此，Zillow 正迅速成為全國各地租屋者和房東迫切需要的市場。

And as we've said, we're in the best position to fix the fragmented rental experience because our many years of success building great products for our massive audience of movers on the for-sale side.

正如我們所說，我們最有能力解決分散的租賃體驗，因為我們多年來成功地為銷售方面的大量搬家工人打造了優質的產品。

Renters on Zillow can shop, tour, apply, sign a lease and pay rent securely.

Zillow 上的租戶可以安全地購物、遊覽、申請、簽署租約和支付租金。

And property managers can list, book tours, screen applicants, create leases, and sign them electronically and collect rent payments all on one convenient platform, Zillow.

物業經理可以在一個便捷的平台 Zillow 上列出清單、預訂旅遊、篩選申請人、創建租約、以電子方式簽署並收取租金。

These efforts to create a more seamless and convenient experience on both sides of the rental process are paying off, yielding growth in traffic, multifamily property count, and revenue.

這些為租賃過程雙方創造更無縫和便捷體驗的努力正在取得成效，帶來了流量、多戶住宅數量和收入的成長。

Our multifamily advertising campaign and our ongoing partnership to share rental listings with Realtor.com are also helping boost our success by contributing to increased customer awareness of Zillow Rentals.

我們的多戶型廣告活動以及與 Realtor.com 共享租賃清單的持續合作夥伴關係也透過提高客戶對 Zillow Rentals 的認識來幫助我們取得成功。

In Q3, our total average monthly rentals unique visitors were up 20% according to Comscore.

根據 Comscore 的數據，第三季度，我們的獨立訪客平均每月租金總額增加了 20%。

We continue to expect multifamily to be the main engine of rentals revenue growth.

我們仍然預期多戶住宅將成為租金收入成長的主要引擎。

We now have 47,000 multifamily properties on Zillow, having added close to 10,000 year to date and multifamily revenue was up 38% year over year.

目前，我們在 Zillow 上擁有 47,000 套多戶型房產，今年以來已增加近 10,000 套，多戶型收入同比增長 38%。

As it stands today, with the combination of both long tail and multifamily properties, we have the most rental listings in the country and consequently, the most users.

就目前情況而言，透過長尾和多戶型房產的結合，我們擁有全國最多的出租清單，因此也擁有最多的用戶。

With steady growth under our belts, we believe Zillow Rentals is well on its way towards the $1 billion-plus revenue opportunity we see in front of us.

隨著我們的穩定成長，我們相信 Zillow Rentals 正在順利實現我們面前的 10 億美元以上的收入機會。

Across the entire business, I'm proud of the progress we're making to improve the experience of getting home.

在整個業務中，我為我們在改善回家體驗方面所取得的進展感到自豪。

We have a much loved and trusted brand with the largest, most engaged audience of movers, a partner network made up of some of the best, and most productive agents and teams in the country, a solid financial foundation and deep tech expertise that allows us to invest in software solutions to benefit movers in the entire industry.

我們擁有深受喜愛和信賴的品牌，擁有數量最多、參與度最高的搬家公司受眾、由國內一些最優秀、最高效的代理商和團隊組成的合作夥伴網絡、堅實的財務基礎和深厚的技術專業知識，使我們能夠投資軟體解決方案以使整個行業的推動者受益。

Our business is increasingly diversified, and we've continued to outperform the industry while maintaining strong cost discipline.

我們的業務日益多元化，我們在保持嚴格的成本控制的同時繼續跑贏行業。

Looking ahead, we're focused on capturing a more meaningful share of the $30 billion accessible TAM in residential real estate while continuing to deliver on behalf of our customers and shareholders.

展望未來，我們的重點是在住宅房地產領域 300 億美元的可獲取 TAM 中獲得更有意義的份額，同時繼續代表我們的客戶和股東交付成果。

Thank you, as always, for being on this journey with us.

一如既往，感謝您與我們一起踏上這段旅程。

And on that note, I'll hand the mic over to CFO, Jeremy Hofmann.

就此而言，我將把麥克風交給財務長 Jeremy Hofmann。

Thanks, Jeremy, and good afternoon, everyone.

謝謝傑里米，大家下午好。

As you just heard, we delivered excellent results in Q3, and we are well positioned to continue doing so as we execute on our strategy.

正如您剛剛聽到的，我們在第三季度取得了出色的業績，並且我們有能力在執行策略時繼續這樣做。

Our Q3 2024 results exceeded expectations for revenue and EBITDA with revenue up 17% year over year to $581 million, which was $28 million above the midpoint of our outlook range.

我們的 2024 年第三季業績超出了營收和 EBITDA 的預期，營收年增 17% 至 5.81 億美元，比我們的預期範圍中點高出 2,800 萬美元。

Executing on our strategy drove double-digit year over year growth across each of our revenue categories, including residential, rentals and mortgages.

執行我們的策略推動了我們每個收入類別（包括住宅、租賃和抵押貸款）的同比兩位數成長。

We outperformed the broader residential real estate industry by approximately 1,500 basis points as the housing market grew 2% this quarter according to NAR.

根據 NAR 的數據，本季房地產市場成長了 2%，我們的表現優於整個住宅房地產產業約 1,500 個基點。

Additionally, we estimate that the total purchase loan volume for mortgage buyers, which is more aligned with our customer base for Premier Agent declined low single digits in Q3, underperforming the overall housing market.

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 客戶群更一致）在第三季度下降了低個位數，表現遜於整體房地產市場。

On a GAAP basis, Q3 net loss was $20 million, representing 3% of our revenue.

以 GAAP 計算，第三季淨虧損為 2,000 萬美元，占我們營收的 3%。

EBITDA was $127 million for the quarter, resulting in a 22% EBITDA margin.

本季 EBITDA 為 1.27 億美元，EBITDA 利潤率為 22%。

The combination of our revenue outperformance and effective cost management delivered better-than-expected EBITDA results in the third quarter.

我們的營收表現出色且有效的成本管理相結合，第三季的 EBITDA 業績優於預期。

Residential revenue grew 12% year over year to $405 million, outperforming our outlook range.

住宅收入年增 12%，達到 4.05 億美元，超出我們的預期範圍。

Our Premier Agent revenue benefited from continued conversion improvements as more buyers and sellers transacted with the Zillow agent partners.

隨著越來越多的買家和賣家與 Zillow 代理商合作夥伴進行交易，我們的高級代理商收入受益於轉換率的持續提高。

We also had a strong quarter of growth in Zillow Showcase, which now represents nearly 1.5% of all new for-sale listings in the country.

Zillow Showcase 的季度成長也很強勁，目前佔全國所有新待售房源的近 1.5%。

Additionally, our new construction marketplace and the software solutions from ShowingTime+ and Follow Up Boss performed well.

此外，我們的新建築市場以及 ShowingTime+ 和 Follow Up Boss 的軟體解決方案表現良好。

The combination of these factors led to better-than-expected results.

這些因素的結合帶來了好於預期的結果。

Rentals revenue grew 24% year over year in Q3 to $123 million, driven primarily by our multifamily revenue which grew 38% year over year.

第三季的租賃收入年增 24%，達到 1.23 億美元，這主要是由我們的多戶型收入年增 38% 推動的。

We increased the number of multifamily properties on our apps and sites by 34% year over year, reaching an all-time high of 47,000 multifamily properties as of the end of Q3, up from 44,000 properties at the end of Q2.

我們的應用程式和網站上的多戶型房產數量年增了 34%，截至第三季末，多戶型房產數量達到歷史新高，達到 47,000 戶，高於第二季末的 44,000 戶。

Total listings across our entire rentals marketplace were up 15% year over year to an industry-leading 1.9 million listings in September.

9 月份，我們整個租賃市場的掛牌總數年增 15%，達到業界領先的 190 萬套。

With steady growth under our belts, we believe Zillow Rentals is well on its way towards the $1 billion-plus revenue opportunity we see in front of us.

隨著我們的穩定成長，我們相信 Zillow Rentals 正在順利實現我們面前的 10 億美元以上的收入機會。

Mortgages revenue growth accelerated in Q3, up 63% year over year to $39 million, with purchased loan origination volume growing 80% year over year to $812 million.

第三季抵押貸款收入成長加速，年增 63% 至 3,900 萬美元，購買貸款發放量年增 80% 至 8.12 億美元。

Our mortgage strategy is leading to more buyers choosing financing through Zillow Home Loans.

我們的抵押貸款策略正在導致更多買家選擇透過 Zillow Home Loans 進行融資。

As expected, we are also seeing our purchased loan origination volume growth more closely aligned with mortgages revenue growth.

正如預期的那樣，我們也看到我們購買的貸款發放量的成長與抵押貸款收入的成長更加緊密地一致。

This means our purchase mortgage revenue is now the main growth driver of our overall mortgages revenue category.

這意味著我們的購買抵押貸款收入現在是我們整體抵押貸款收入類別的主要成長動力。

Our disciplined cost management resulted in Q3 EBITDA expenses of $454 million, roughly in line with our outlook and allowed our Q3 revenue upside to flow to the bottom line.

我們嚴格的成本管理導致第三季 EBITDA 支出為 4.54 億美元，大致符合我們的預期，並使我們第三季的營收成長得以轉化為利潤。

Additionally, our Q3 share-based compensation expense of $108 million was down year over year, and we are on track for these full year 2024 expenses to decline from 2023 levels.

此外，我們第三季的股權激勵費用為 1.08 億美元，年減，我們預計將這些 2024 年全年費用從 2023 年的水準下降。

As we execute on our growth strategy, we are successfully driving operating leverage.

當我們執行成長策略時，我們正在成功提高營運槓桿。

Looking ahead, as we continue to grow revenue, we expect this leverage to play out in both expanding EBITDA margins and sustainable profitable growth over time.

展望未來，隨著我們收入的持續增長，我們預計這種槓桿作用將在擴大 EBITDA 利潤率和隨著時間的推移實現可持續的盈利增長方面發揮作用。

We ended Q3 with $2.2 billion of cash and investments, down from $2.6 billion at the end of Q2, primarily due to the maturity and settlement of our 2024 convertible debt in September, which included aggregate cash payments of $610 million.

第三季末，我們的現金和投資為22 億美元，低於第二季末的26 億美元，主要是由於2024 年可轉換債務於9 月到期和結算，其中包括總計6.1 億美元的現金支付。

This was partially offset by Q3 net cash provided by operating activities of $171 million.

這被第三季經營活動提供的淨現金 1.71 億美元部分抵銷。

As of the end of Q3, we had $918 million of outstanding convertible senior notes.

截至第三季末，我們有 9.18 億美元的未償還可轉換優先票據。

In December of this year, we will settle the $499 million of our outstanding convertible senior notes due in 2026.

今年 12 月，我們將結清 2026 年到期的 4.99 億美元未償還可轉換優先票據。

We issued a notice of redemption for these notes on October 8, and we plan to repay the principal in cash and issue shares to satisfy any conversion premium.

我們於10月8日發布了這些票據的贖回通知，我們計劃以現金償還本金並發行股票以滿足任何轉換溢價。

We have outstanding cap call hedges related to these notes and we expect any dilution from settling the 2026 notes ultimately to be offset by settlement of the cap calls upon unwind or at maturity.

我們擁有與這些票據相關的未償上限贖回對沖，我們預計結算 2026 年票據所帶來的任何稀釋最終將被解除或到期時上限贖回的結算所抵消。

Because the cap calls have additional value, as our Class C share price appreciates up to approximately $81 per share, we don't expect to settle the cap calls at this time and we will continue to monitor and evaluate the economics of unwinding prior to maturity.

由於上限要求具有額外價值，隨著我們的 C 類股票價格上漲至每股約 81 美元，我們預計此時不會解決上限要求，我們將繼續監控和評估到期前平倉的經濟性。

After our Q4 debt settlement, we will have only the [$419] million of senior convertible notes due in May 2025 outstanding.

在第四季債務結算後，我們將只有 2025 年 5 月到期的[4.19 億美元]高級可轉換票據尚未償還。

Our current expectation is that we will also settle the principal balance of these notes in cash, and any conversion premiums and shares of Class C capital stock.

我們目前的預期是，我們也將以現金、任何轉換溢價和 C 類股本的形式結算這些票據的本金餘額。

Once these notes are retired, we expect to be convertible debt free in Q2 2025.

一旦這些票據退役，我們預計將在 2025 年第二季實現無可轉換債務。

As we look in aggregate, 2024 has been an important year for our capital allocation strategy. $1.2 billion of cash has or will soon be returned to shareholders via the settlement of our convertible senior notes.

整體來看，2024 年是我們資本配置策略的重要一年。 12 億美元的現金已經或即將透過我們的可轉換優先票據的結算返還給股東。

We have also had $301 million of share repurchases at a weighted average price of roughly $42.

我們也以約 42 美元的加權平均價格回購了 3.01 億美元的股票。

We are pleased with our execution this year.

我們對今年的執行情況感到滿意。

From the end of 2021 to today, we have repurchased approximately $2 billion of stock at a weighted average price of roughly $45.

從 2021 年底到今天，我們以約 45 美元的加權平均價格回購了約 20 億美元的股票。

Our balance sheet is rock solid, and we believe the share repurchases we've made since the end of 2021 have been a great use of capital as we execute on our growth strategy and drive share price appreciation over time.

我們的資產負債表堅如磐石，我們相信自 2021 年底以來進行的股票回購在我們執行成長策略並隨著時間的推移推動股價升值的過程中充分利用了資本。

Turning to our outlook for Q4.

轉向我們對第四季的展望。

We expect total company revenue to be between $525 million and $540 million, implying a year over year increase of 12% at the midpoint of our outlook range.

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 12%。

We expect residential revenue to be between $364 million and $374 million.

我們預計住宅收入將在 3.64 億美元至 3.74 億美元之間。

Our residential revenue outlook for Q4 is driven by the normal seasonality of our Premier Agent revenue as well as the continued strength of revenue contributions from Zillow Showcase, ShowingTime+, new construction and follow-up loss.

我們第四季度的住宅收入前景是由我們的高級代理收入的正常季節性以及 Zillow Showcase、ShowingTime+、新建和後續損失的收入貢獻的持續強勁推動的。

We expect that the housing market will continue to bounce around at current levels, implying modest year-over-year growth in the fourth quarter.

我們預計房地產市場將繼續在當前水平反彈，這意味著第四季同比溫和增長。

While there continues to be pent-up desire to move, affordability remains a challenge.

儘管人們仍然有被壓抑的搬家慾望，但負擔能力仍然是一個挑戰。

Our Q4 outlook takes this into consideration.

我們對第四季的展望考慮到了這一點。

We expect our rentals revenue to grow in the mid-20% range year over year in Q4 as we benefit from our execution on building our two-sided marketplace.

我們預計第四季度的租金收入將年增 20% 左右，因為我們受益於建立雙邊市場的執行力。

Our multifamily rentals revenue is expected to grow faster than our overall rental revenue as we see the benefits of continued property expansion, our national Rentals brand awareness campaign and our partnership with Realtor.com.

我們的多戶住宅租賃收入預計將比我們的整體租賃收入成長更快，因為我​​們看到了持續的房地產擴張、我們的全國租賃品牌知名度活動以及我們與 Realtor.com 的合作帶來的好處。

For mortgages, we expect revenue growth to be in the mid-60% range year over year.

對於抵押貸款，我們預計收入同比增長將在 60% 左右。

For Q4, we expect EBITDA to be between $90 million and $105 million, equating to an 18% margin at the midpoint of our outlook range, up approximately 300 basis points year over year.

對於第四季度，我們預計 EBITDA 將在 9,000 萬美元至 1.05 億美元之間，相當於我們展望範圍中位數的 18% 利潤率，同比增長約 300 個基點。

This implies EBITDA expenses will decrease from $454 million in Q3 to an estimated $435 million in Q4.

這意味著 EBITDA 支出將從第三季的 4.54 億美元減少到第四季的估計 4.35 億美元。

The majority of the sequential decrease in EBITDA expenses from Q3 to Q4 is expected to be driven by seasonally lower advertising spend.

第三季至第四季 EBITDA 費用較上季下降的大部分預計是由廣告支出季節性下降所致。

Additionally, we expect our annual fixed cost run rate will continue to be approximately $1 billion, consistent with where we stood at the end of 2023.

此外，我們預計我們的年度固定成本運行率將繼續約為 10 億美元，與 2023 年底的情況一致。

We are on track to deliver our original 2024 full year target of double-digit revenue growth with EBITDA margin expansion.

我們預計將實現最初的 2024 年全年營收成長兩位數的目標，同時 EBITDA 利潤率擴大。

At the midpoint of our Q4 outlook ranges, our total company revenue in 2024 would be up 14%, and our total company EBITDA margin in 2024 would be 22%, which implies approximately 200 basis points of margin expansion versus 2023.

在我們第四季展望範圍的中點，我們 2024 年的公司總營收將成長 14%，2024 年我們的公司 EBITDA 利潤率為 22%，這意味著利潤率比 2023 年擴大約 200 個基點。

Before we close, I would like to take a moment to highlight the results we're seeing from the investments we've made over the past two years in our for-sales strategy.

在結束之前，我想花點時間強調我們在過去兩年的銷售策略投資中所看到的結果。

As you'll recall, we look at revenue per total transaction value, or TTV, on a trailing 12-month basis as a comprehensive indicator of relative growth against the residential real estate industry.

您可能還記得，我們​​將過去 12 個月的單位總交易價值收入 (TTV) 視為住宅房地產行業相對增長的綜合指標。

When we combine our residential and mortgages revenue categories, which in aggregate represent our for-sale revenue, our revenue per TTV in Q3 was up 800 basis points year over year, and more than 2,000 basis points since the beginning of 2023.

當我們將住宅和抵押貸款收入類別（總計代表我們的待售收入）結合起來時，我們第三季度每 TTV 的收入同比增長 800 個基點，自 2023 年初以來增長超過 2,000 個基點。

This is the culmination of investments we have been making over the past couple of years to improve our customer experiences so that we can identify high intent movers and connect them with high-performing agents.

這是我們過去幾年為改善客戶體驗而進行的投資的結晶，以便我們能夠識別高意圖推動者並將他們與高績效代理商聯繫起來。

This has helped us drive more connections and convert more buyers and sellers to transact with us and our partners.

這幫助我們建立了更多的聯繫，並促使更多的買家和賣家與我們和我們的合作夥伴進行交易。

We are also beginning to benefit from the early stages of scaling our newer products to more markets, most notably with Zillow Home Loans, which has grown purchase loan origination volume by over 3x from the beginning of 2023 to now.

我們也開始受益於將新產品擴展到更多市場的早期階段，尤其是 Zillow Home Loans，從 2023 年初到現在，購買貸款發放量增加了 3 倍以上。

We expect continued success in 2025 as we expand into more enhanced markets and provide more services within those markets, including offering more of our unique software solutions such as Zillow Showcase and Follow Up Boss.

隨著我們擴展到更多增強型市場並在這些市場中提供更多服務，包括提供更多我們獨特的軟體解決方案，例如 Zillow Showcase 和 Follow Up Boss，我們預計在 2025 年將繼續取得成功。

On the cost side, we understand it is important for us to demonstrate to our investors that the investments we've been making to increase top line growth will result in expanding margins.

在成本方面，我們知道向投資者證明我們為提高營收成長而進行的投資將帶來利潤率的擴大，這對我們來說非常重要。

As we have been saying for some time, we believe we are at the right fixed investment level to achieve our 2025 transaction share target and expect fixed investment costs to grow modestly with inflation.

正如我們一段時間以來所說的那樣，我們相信我們正處於實現 2025 年交易份額目標的正確固定投資水平，並預計固定投資成本將隨著通貨膨脹而溫和增長。

Our fixed costs remain just under $1 billion annualized run rate in Q3, growing only 4% year over year, and decreasing as a percentage of revenue by 500 basis points year over year despite three acquisitions: Aryeo, Follow Up Boss, and Spruce.

儘管進行了三項收購：Aryeo、Follow Up Boss 和Spruce，但第三季度我們的固定成本年化運行率仍略低於10 億美元，同比僅增長4%，佔收入的百分比同比下降500 個基點。

Looking at variable costs, we have intentionally increased these costs as a percentage of revenue during 2024 as we invest in our rentals and Zillow Showcase sales teams as well as additional DHL loan officers to support future expected growth.

考慮到變動成本，我們在 2024 年有意增加這些成本佔收入的百分比，因為我們投資於租賃和 Zillow Showcase 銷售團隊以及額外的 DHL 信貸員，以支持未來的預期成長。

For marketing and advertising, we have been clear that we make discrete decisions to dial our efforts up or down based on the opportunities we see.

對於行銷和廣告，我們很清楚，我們會根據我們看到的機會做出離散的決定，增加或減少我們的努力。

The most obvious opportunity we've had on the marketing front has been for our Rentals marketplace, and we have invested in a national campaign this year.

我們在行銷方面最明顯的機會是我們的租賃市場，今年我們投資了全國性的活動。

This investment in Q2 and Q3 has noticeably expanded Zillow brand awareness for apartment seekers and we are pleased with the early results.

第二季和第三季的投資顯著提高了 Zillow 品牌在公寓尋求者中的知名度，我們對早期結果感到滿意。

To close, it is clear we are executing on our strategy, and we are very excited about the opportunity ahead of us.

最後，很明顯我們正在執行我們的策略，我們對眼前的機會感到非常興奮。

We have a beloved brand with the largest, most engaged audience of movers, a partner network made up of some of the best and most productive agents and teams in the country, a solid financial foundation and unmatched tech expertise to tackle the hard problems necessary to digitize this analog industry.

我們擁有深受喜愛的品牌，擁有數量最多、參與度最高的搬家公司受眾、由國內一些最優秀、最高效的代理商和團隊組成的合作夥伴網絡、堅實的財務基礎和無與倫比的技術專業知識，可以解決搬家公司所需的難題。

As I look forward, we are growing across every part of our business with investments in place to drive future growth.

在我的展望中，我們業務的各個部分都在不斷發展，投資到位，以推動未來的成長。

We are disciplined on our costs, and we expect to drive sustainable profitable growth on our way to strong GAAP profits over time.

我們嚴格控製成本，並期望隨著時間的推移，推動可持續的獲利成長，實現強勁的 GAAP 利潤。

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) John Colantuoni, Jefferies.

（操作員說明）John Colantuoni，Jefferies。

Great.

偉大的。

Thaks for taking my questions.

感謝您回答我的問題。

A multi-parter on real-time touring.

實時巡演的多人參與。

Can you give us some perspective on how lead conversion for Real-Time Touring is comparing to other types of connections.

您能否向我們介紹即時巡迴演出的潛在客戶轉換與其他類型的連線相比如何。

And I believe Real-Time Touring generally lends itself to agents transitioning to the Flex model.

我相信即時巡視通常適合代理商過渡到 Flex 模型。

So I'm curious if you could detail how agents -- how many agents are transitioning to Flex in markets you rolled out Real Time Touring.

因此，我很好奇您能否詳細說明在您推出 Real Time Touring 的市場中代理商是如何過渡到 Flex 的。

And if that transition is providing additional tailwinds to revenue given you're now more directly monetizing the commission through a product that has a higher lead conversion.

如果這種轉變為收入提供了額外的推動力，因為您現在可以透過具有更高潛在客戶轉換率的產品更直接地將佣金貨幣化。

John, this is Jeremy Wacksman.

約翰，這是傑瑞米·瓦克斯曼。

On Real-Time Touring, we haven't broken out Real-Time Touring versus other touring types, but we have, for a while, talked about how the touring customer in general converts to transaction at about 3 times the rate.

在即時旅遊方面，我們還沒有將即時旅遊與其他旅遊類型進行比較，但我們有一段時間討論了旅遊客戶一般如何以大約 3 倍的速度轉化為交易。

And the other color I can give is Real-Time Touring is going to be north of 25% of our connections at the end of the year, that's been our goal, and we're going to be ahead of that.

我可以給出的另一個顏色是，到今年年底，即時巡迴將超過我們連接的 25%，這是我們的目標，我們將領先於這一目標。

We did talk a bit in the prepared remarks about seeing conversion improvements generally.

我們在準備好的評論中確實談到了總體上看到轉換率的提高。

Touring is obviously a piece of that.

巡迴演出顯然是其中的一部分。

And so that's driving obviously the increased conversion generally as a component.

因此，作為一個組件，這顯然會推動轉換率的提高。

In terms of payment model and kind of business model mix, Real-Time Touring actually is available across both.

就支付模式和商業模式組合而言，即時旅遊實際上兩者都可用。

And again, it just goes back to our strategy of trying to help identify higher-intent customers, Real-Time Touring does a pretty big job of that and then trying to help land them with our best agent partners.

再說一次，這又回到了我們的策略，即嘗試幫助識別更高意向的客戶，實時旅遊在這方面做了相當大的工作，然後嘗試幫助他們找到我們最好的代理合作夥伴。

As a reminder, we don't work with -- I mean we work with lots of agents, but they represent the top end of the industry.

提醒一下，我們不與——我的意思是我們與很多代理商合作，但他們代表了行業的高端。

The top 20% of the industry is the majority of our Premier Agent base.

行業前 20% 的人是我們高階代理商群體的大多數。

So we're really pleased as we're able to identify and hand them higher intent customers.

因此，我們真的很高興，因為我們能夠識別並向他們提供更高意圖的客戶。

You're seeing the benefits of that play out in conversion.

您會看到這種方式在轉換方面帶來的好處。

Brad Erickson, RBC Capital Markets.

Brad Erickson，加拿大皇家銀行資本市場部。

I guess two.

我猜是兩個。

First, on the regulatory changes and just curious, you guys have obviously rolled out a light version of the mandated buyers agreements for agents.

首先，關於監管變化，只是好奇，你們顯然已經推出了針對代理商的強制買家協議的簡易版本。

Just curious if you're seeing any structural changes to conversion where particularly those markets where that's kind of a brand-new practice.

只是好奇您是否看到轉換有任何結構性變化，尤其是那些採用全新做法的市場。

I'm just curious if that's maybe at all affecting your market share on everything?

我只是好奇這是否會影響您在所有方面的市場佔有率？

And then second just on the Zillow Showcase, can you just remind us, you gave the overall share of new listings.

其次，在 Zillow Showcase 上，您能否提醒我們，您提供了新上市的整體份額。

I know in the prepared remarks and everything.

我在準備好的發言中知道一切。

But just remind us where you've kind of seen your market share of total listings or new listings go in some of the more mature markets like the individual markets, if you could?

但請提醒我們，您在某些較成熟的市場（例如個別市場）中在總上市或新上市的市場份額中看到了什麼，如果可以的話？

Thanks.

謝謝。

Sure.

當然。

So let me take Zillow Showcase first and then maybe we'll go in reverse order.

因此，讓我先介紹一下 Zillow Showcase，然後也許我們會以相反的順序來介紹。

So on Zillow Showcase, yes, we said in the prepared remarks, it's now nearly 1.5% share of new listings.

所以在 Zillow Showcase 上，是的，我們在準備好的發言中說過，現在它佔新上市的份額接近 1.5%。

We just rolled it out nationwide earlier this year.

我們今年早些時候剛剛在全國範圍內推出了它。

And so the growth while has some dispersing in markets, we haven't given out any kind of market mix details.

因此，雖然成長在市場上有所分散，但我們沒有給出任何類型的市場組合細節。

I will say across the board, we continue to be really impressed that the product market fit holds as we grow that scale.

我要說的是，隨著我們規模的擴大，我們仍然對產品市場的契合度印象深刻。

So that higher engagement that we talked about, 80% more page views, 75% more save, 75% more shares, those stats hold across markets as we grow availability.

因此，我們談到的更高的參與度、頁面瀏覽量增加了80%、保存量增加了75%、分享量增加了75%，隨著我們可用性的提高，這些統計數據在各個市場中都保持不變。

And we're continuing to see homes sell faster and for more money.

我們繼續看到房屋銷售速度更快、價格更高。

So 2% more, which is about $9,000 on average per home, and we continue to see agents who use it, as we talked about in the remarks, win more listings.

因此，增加了 2%，即平均每套房屋約 9,000 美元，正如我們在評論中談到的那樣，我們繼續看到使用它的代理商贏得了更多的房源。

They're winning about 20% more listings than similar agents who are not using Zillow Showcase.

與不使用 Zillow Showcase 的類似代理商相比，他們贏得的房源多了約 20%。

So we're still really early.

所以我們還很早。

We just went nationwide earlier this year, and we see a long runway ahead of us.

我們今年早些時候剛剛走向全國，我們看到前面還有很長的路要走。

We talked about a 5% to 10% total active listing goal over time.

我們談到隨著時間的推移，總活躍上市目標將達到 5% 到 10%。

And I think as we get to that level, Brad, I think we'll have more maturity in markets to talk about the machinations across price points or geographies.

我認為，當我們達到這個水平時，布拉德，我認為我們的市場將會更加成熟，可以談論跨價格點或地域的陰謀。

But right now, it's still really early.

但現在看來，還為時過早。

And then on the buyer's agreement, we don't have any concrete data to share other than to say, we look at it as really helpful friction for the buyer.

然後，關於買方協議，我們沒有任何具體數據可以分享，只能說，我們認為這對買方來說確實是有幫助的摩擦。

It's an education process.

這是一個教育過程。

It's getting them through a really necessary education step and it better prepares them to meet the agent.

這讓他們經歷了一個真正必要的教育步驟，並讓他們更好地準備與代理人會面。

As we talked about in the prepared remarks, it's available on more than 90% of touring connections nationwide, and we've worked really hard to customize it where necessary by state.

正如我們在準備好的發言中談到的那樣，全國 90% 以上的巡迴演出線路都可以使用它，並且我們非常努力地根據各州的需要對其進行定制。

And we see this as a really healthy evolution in processing all these settlement changes to help start to educate the buyers on how this process works to make sure when they meet these great agents, they're even more educated on what you expect, both in the initial tour and then in what to expect in the relationship if they choose to move forward.

我們認為這是處理所有這些結算變更的一個真正健康的演變，以幫助開始教育買家這個過程是如何運作的，以確保當他們遇到這些優秀的經紀人時，他們甚至更多地了解你的期望，無論是在最初的旅行，以及如果他們選擇繼續前進，對這段關係的期望。

Got it.

知道了。

That's great.

那太棒了。

Thanks.

謝謝。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Jeremy, I wanted to ask a little bit more just about residential revenue.

傑里米，我想多問一些有關住宅收入的問題。

And 3Q was another quarter where revenue growth outperformed the broader industry.

第三季是營收成長跑贏整個產業的另一個季度。

And I wanted to understand just the drivers of this outperformance and obviously, enhanced markets now in 43 markets, Showcase listing you just talk about.

我想了解這種優異表現的驅動因素，顯然，現在 43 個市場的增強市場，您剛才談到的展示清單。

Any insights on what's driving just the better overall outperformance would be helpful, I think.

我認為，任何關於推動整體表現更好的因素的見解都會有所幫助。

And then another sort of maybe bigger picture question on the overall go-to-market strategy.

然後是關於整體上市策略的另一個可能更大的問題。

I think we saw a new head of agent sales has hired back in July.

我想我們在七月就聘用了一位新的代理銷售主管。

I wanted to understand just how Premier Agent sales might interact with Showcase listing sales and just the overall -- and also the software and services sales team and just understand the go-to-market strategy overall going forward.

我想了解高級代理商銷售如何與展示清單銷售以及整體以及軟體和服務銷售團隊互動，並了解未來的整體上市策略。

Thakn you.

謝謝你。

Yes.

是的。

Thanks, Ron.

謝謝，羅恩。

It's Jeremy Hoffman.

我是傑瑞米·霍夫曼。

I'll take the first one, and then I'll pass it to Jeremy Wacksman for the second one.

我將接受第一個，然後將其傳遞給傑里米·瓦克斯曼（Jeremy Wacksman）以完成第二個。

I think across the business, we performed quite well in Q3.

我認為在整個業務中，我們在第三季的表現相當不錯。

We grew double digits in residential rentals and mortgages.

我們的住宅租金和抵押貸款增加了兩位數。

And obviously, total growth of 17% year over year, we're quite pleased with.

顯然，總同比增長 17%，我們對此感到非常滿意。

Within residential, the drivers are a few fold.

在住宅區，司機是幾倍。

So one, PA just benefited from continued conversion improvements.

因此，PA 只是從持續的轉換改進中受益。

We've been investing pretty heavily in honing our funnel for a while at this point, and we're just seeing the benefits of those, particularly as we go into more enhanced markets, and we get more contributions from Real-Time Touring.

一段時間以來，我們一直在磨練我們的管道方面進行了大量投資，我們剛剛看到了這些好處，特別是當我們進入更強大的市場時，我們從實時巡演中獲得了更多貢獻。

And then beyond that, we had another strong quarter of growth from Zillow Showcase, which is now nearly 1.5% of all new listings in the country.

除此之外，Zillow Showcase 又實現了強勁的季度成長，目前佔全國所有新上市房屋的近 1.5%。

And that was all supplemented by the new construction marketplace continues to perform well.

而這一切都得到了新建築市場持續表現良好的補充。

And the software solutions we're providing from ShowingTime+ and Follow Up Boss are being well received, too.

我們從 ShowingTime+ 和 Follow Up Boss 提供的軟體解決方案也受到了好評。

So it really has been across the board and something we're quite pleased with.

所以這確實是全面的，我們對此非常滿意。

And then Jeremy, you want to hit the second one?

然後傑里米，你想打第二個嗎？

Yeah.

是的。

On the new sales leader, yes, that is the start of maybe more integration and scale for our sales organization to offer just a more seamless go-to-market to our agent community.

對於新的銷售領導者來說，是的，這可能是我們銷售組織更多整合和規模的開始，以便為我們的代理商社群提供更無縫的市場進入。

And so you should expect to see us scale some of our products across that larger sales force and start to bring them to market in a more integrated fashion.

因此，您應該期望看到我們將一些產品擴展到更大的銷售團隊中，並開始以更整合的方式將它們推向市場。

To date, we've been doing that in pockets and places, but our goal over time is to have one face to the industry to represent all of our products.

到目前為止，我們一直在各個地方這樣做，但隨著時間的推移，我們的目標是在行業中擁有一張面孔來代表我們所有的產品。

That will most notably show up in kind of our market-based pricing and Showcase offerings.

這將最明顯地體現在我們基於市場的定價和展示產品中。

But over time, you can imagine that will scale beyond that.

但隨著時間的推移，你可以想像它的規模將會超出這個範圍。

Great.

偉大的。

Thank you, guys.

謝謝你們，夥計們。

Mark Mahaney, Evercore ISI.

馬克·馬哈尼，Evercore ISI。

Okay.

好的。

Great, thanks.

太好了，謝謝。

I want to ask two things.

我想問兩件事。

I want to follow up on Brad's question about these NAR settlement changes and you just talk about what you've seen in the market so far, I guess, for three or four months into this, from your perspective, is greater friction occurred in the market?

我想跟進Brad 關於這些NAR 結算變化的問題，你只是談談到目前為止你在市場上看到的情況，我想，從你的角度來看，這三四個月以來，更大的摩擦發生在市場？

Or has it been largely immaterial so far.

或者到目前為止，這在很大程度上是無關緊要的。

And then your comments also on stock-based compensation being down year over year.

然後您對股票薪酬逐年下降的評論也如此。

What's your goal with stock-based compensation kind of going forward the next two years?

您未來兩年的股票薪酬目標是什麼？

I ask that from a perspective of trying to figure out when you get to kind of sustained GAAP profitability.

我是從試圖弄清楚何時才能達到持續的 GAAP 盈利能力的角度提出這個問題的。

And stock-based compensation will be one key lever for that.

基於股票的薪酬將是實現這一目標的關鍵槓桿。

So just talk about how do you plan to manage that going forward?

那麼，請談談您計劃如何管理未來的情況？

Great.

偉大的。

Thanks, Mark.

謝謝，馬克。

It's Jeremy Hoffman.

我是傑瑞米·霍夫曼。

I'll take both of those.

我會接受這兩個。

So I think on the NAR settlement impact, we can't speak to broad commission trends just because 80% of our Premier Agent base is in that top 20% of all producers.

因此，我認為就 NAR 和解影響而言，我們不能僅僅因為我們 80% 的高級代理商基礎位於所有生產商的前 20% 中，就談論廣泛的佣金趨勢。

So we're really working with top agents versus a broad swath of folks in PA.

因此，我們實際上是在與頂級代理商合作，而不是與賓州的廣大人員合作。

And for our agents across our PA business, we've seen commission rates stay in a tight band.

對於我們 PA 業務的代理商來說，我們發現佣金率保持在狹窄的範圍內。

Obviously, Q3 performance was quite strong, being able to grow the total company revenue 17%, 12% across residential and pretty substantially outperforming the category.

顯然，第三季的表現相當強勁，公司總收入成長了 17%，住宅領域成長了 12%，遠遠超過了這個類別。

We were really pleased.

我們真的很高興。

Beyond that, I'd say we've been pretty consistent here for a while.

除此之外，我想說我們一段時間以來一直非常穩定。

We believe we and our partners are the outsized beneficiaries of any changes in the real estate industry.

我們相信，我們和我們的合作夥伴是房地產行業任何變化的巨大受益者。

We have the most customers.

我們的客戶最多。

We work with the best partners and we provide the most technology.

我們與最好的合作夥伴合作，我們提供最多的技術。

So we expect our PAs will deliver value and get paid because they provide great service.

因此，我們希望我們的 PA 能夠創造價值並獲得報酬，因為他們提供了優質的服務。

And that we and they are share-takers in really any evolution or dispersion of the industry.

我們和他們實際上是行業任何演變或分散的份額持有者。

So that's how we're feeling on that front.

這就是我們在這方面的感受。

And then the second question around stock-based compensation.

然後是關於股票薪酬的第二個問題。

We plan to leverage it going forward.

我們計劃未來利用它。

So just as a reminder, our fixed cost base is in about the $1 billion range on an annualized basis.

提醒一下，我們的固定成本基礎以年計算約為 10 億美元。

And 90% of our stock-based comp sits within that bucket.

我們 90% 的以股票為基礎的公司都屬於這個範圍。

So as we are controlled on the fixed cost front and grow revenue, we will get more and more leverage on the SBC line, that will drive to greater GAAP profitability over time.

因此，當我們控制固定成本並增加收入時，我們將在 SBC 線上獲得越來越多的槓桿，這將隨著時間的推移推動更高的 GAAP 獲利能力。

Okay.

好的。

Thank you.

謝謝。

Nicholas Jones, JPM Securities.

尼古拉斯瓊斯，摩根大通證券。

Great.

偉大的。

Thanks for taking he question.

感謝您提出問題。

I guess a follow-up on the Showcase.

我想是 Showcase 的後續行動。

As you roll this out, can you kind of speak to the demand you're seeing in market for the product?

當你推出這個產品時，你能談談你在市場上看到的產品需求嗎？

And I guess, what are you learning about how you're pricing it today?

我想，您從今天的定價方式中了解到了什麼？

And potentially, where that can go against kind of the intermediate or longer-term targets you have for that business?

這可能會在哪些方面與您為該業務制定的中期或長期目標相悖？

Yeah.

是的。

Nick, happy to take that.

尼克，很高興接受。

So as we said a couple of times, it's early.

正如我們多次說過的，現在還早。

We're really pleased that this earlier.

我們對此感到非常高興。

We're at nearly 1.5% share of new listings.

我們的新上市份額接近 1.5%。

And the two things I would say we've learned so far is price, which is variable by home price and geography, lands well with agents and teams.

我想說的是，到目前為止我們學到的兩件事是價格，它會因房價和地理位置而變化，並且非常適合經紀人和團隊。

The big challenge is helping them work through their workflow and operations to scale listings across them, right?

最大的挑戰是幫助他們完成工作流程和運營，以擴大他們的列表，對吧？

So we have folks who have a listing at a time.

所以我們有人一次列出清單。

We have folks who are teams that have hundreds of listings on their team and across our agent force and just working with them to operationalize the change.

我們的團隊成員和我們的代理商隊伍中都有數百個列表，我們只是與他們合作來實施變革。

It's new media, it's new media capture.

這是新媒體，這是新媒體捕捉。

It's a new client sales experience with sellers.

這是與賣家的新客戶銷售體驗。

That's what we're working through.

這就是我們正在努力解決的問題。

And doing that with different size types of teams across the country is something we'll continue to learn and mature as we go.

我們將繼續與全國各地不同規模類型的團隊合作，不斷學習和成熟。

We continue to see great results from it.

我們繼續看到它的巨大成果。

I talked about the stats earlier.

我之前談過統計數據。

It continues to remain really engaging with buyers and with sellers, and we continue to see agents benefit it to win more business.

它繼續與買家和賣家保持真正的互動，我們繼續看到代理商受益於它贏得更多業務。

That's why we remain confident in that intermediate-term goal, right?

這就是為什麼我們對中期目標仍然充滿信心，對嗎？

Our mid- or medium-term target is 5% to 10% of total active listings, and that's a $150 million to $300 million annual business for us.

我們的中期目標是佔活躍掛牌總數的 5% 到 10%，這對我們來說是 1.5 億到 3 億美元的年業務。

And of course, we think there's potential beyond that.

當然，我們認為還有潛力。

We want to give you all kind of a mile marker in the road.

我們想為您提供道路上的各種里程標記。

What excites us about Zillow Showcase and the tech powering it is once a buyer and a seller experience it, they don't really want to go back to a traditional listing of just photos and text.

Zillow Showcase 及其支援技術讓我們感到興奮的是，一旦買家和賣家體驗過它，他們就不會真的想回到只有照片和文字的傳統清單。

They kind of have this expectation that, that's how listings should behave, they should be able to really immersively tour the home that way as a buyer, and a seller sold be able to show off their home that way.

他們有這樣的期望，那就是清單應該如何表現，他們應該能夠以買家的身份真正身臨其境地參觀房屋，而出售的賣家也能夠以這種方式展示他們的房屋。

So we get excited about the ability to drive adoption of the tech and the product far beyond the goal we've shared with you.

因此，我們對推動技術和產品的採用遠遠超出我們與您分享的目標的能力感到興奮。

That will, of course, take time to retrain the industry, but you can see the potential of it in the product.

當然，這需要時間來重新培訓該行業，但您可以在產品中看到它的潛力。

And as you guys do your channel checks with our agents who have experienced it, I think you'll see the same.

當你們與經歷過這種情況的代理商進行頻道檢查時，我想你們也會看到同樣的情況。

Great.

偉大的。

Chris Kuntarich, UBS.

克里斯·昆塔里奇，瑞銀集團。

Great.

偉大的。

Maybe just oneon the market share doubling within the four oldest Enhanced Markets.

也許只是四個最古老的增強型市場中的市場份額翻了一番。

I think if I'm looking at the right chart from an investor deck a while back, that was closer to 3.5% in January of 2023.

我想，如果我看一下不久前投資者的正確圖表，我會發現 2023 年 1 月的成長率接近 3.5%。

So that implies, I guess we're closer to 7% and above that average now.

這意味著，我想我們現在已經接近 7%，並且高於該平均水平。

Can you maybe talk to us a bit about this oldest cohort of enhanced markets and how kind of the puts and takes we should be thinking about as it relates to using that as a case study for some of these newer cohorts of enhanced markets ramping?

您能否和我們談談這個最古老的增強型市場群體，以及我們應該考慮什麼樣的看跌期權和賣出期權，因為這與將其作為一些新的增強型市場群體的案例研究有關？

Yes.

是的。

I can take that, it's Jeremy Hoffman.

我可以接受，這是傑里米·霍夫曼。

What we're referring to in the shareholder letter and then also in Jeremy, Waxman's prepared remarks, is that we've grown in our oldest four enhanced markets, we grew revenue per total transaction value.

我們在股東信中以及傑里米·韋克斯曼準備好的演講中提到的是，我們在最古老的四個增強型市場中取得了增長，每筆總交易價值的收入都在增長。

So it's a combination of residential and mortgages grew versus total transaction value in those markets by 50% through the course of 2023, by 80% in aggregate through the end of June and then doubled by the end of September of this year.

因此，到 2023 年，住宅和抵押貸款的總交易額將增加 50%，到 6 月底總計成長 80%，到今年 9 月底則翻倍。

So that's really good proof point for why we've continued to roll out these enhanced markets at the pace that we have.

因此，這確實很好地證明了為什麼我們繼續以現有的速度推出這些增強型市場。

We went from nine at the end of last year to 43 as of October.

我們從去年年底的 9 個增加到 10 月的 43 個。

And what we're seeing from a trend perspective in the earlier enhanced markets are quite consistent with the older ones, which gives us confidence to keep landing and expanding from here.

從趨勢的角度來看，我們在早期增強型市場中看到的情況與較舊的市場非常一致，這使我們有信心繼續在此基礎上登陸並擴展。

Got it.

知道了。

And maybe just one on the virtual staging AI, the acquisition that you made in early October.

也許只是關於虛擬舞台人工智慧的一個，你在 10 月初進行的收購。

Apologies if you touched on this earlier, but just could you maybe talk to us about how you're thinking about letting this value and integration into Zillow Showcase, like how you may let that value accrue to the seller agents versus potentially offering different tiers as Zillow showcase?

如果您之前提到過這一點，我們深表歉意，但您能否與我們談談您如何考慮讓這一價值並集成到Zillow Showcase 中，例如您如何讓該價值為賣家代理帶來，而不是可能提供不同的等級Zillow 展示？

Yes, this is Jeremy Wacksman.

是的，這是傑里米·瓦克斯曼。

I'll take that.

我會接受的。

We continue to look for ways to improve and expand our offerings for sellers and for buyers.

我們繼續尋找方法來改進和擴大我們為賣家和買家提供的產品。

And I just talked a bunch about Zillow Showcase as it exists today.

我剛剛談了很多關於 Zillow Showcase 的內容。

Virtual staging is a fantastic capability that we're excited to bring to both sellers and agents as well as their photographers, right?

虛擬舞台是一項出色的功能，我們很高興能夠為賣家和代理商以及他們的攝影師提供這種功能，對吧？

Because you can digitally stage listing images in seconds.

因為您可以在幾秒鐘內以數位方式展示清單影像。

So we're not sharing any changes to go to market other than I think you should expect us to bring that to market on listings in a broad way.

因此，我們不會分享任何上市方面的變化，但我認為您應該期望我們將其廣泛地上市。

I'll comment.

我來評論一下

We also announced an agreement to share our Zillow 3D home tours and interactive floor plans to Realtor.com this quarter as well.

我們還宣布了一項協議，將在本季度向 Realtor.com 分享我們的 Zillow 3D 家庭旅遊和互動式平面圖。

Again, just back to trying to get the technology out there and well understood by buyers and sellers as they enter the category and experience content and create this new norm and expectation for what a digital listing should look like.

再次，回到嘗試將技術推廣出去，讓買家和賣家在進入類別和體驗內容時充分理解該技術，並為數位清單的外觀創建新的規範和期望。

Got it.

知道了。

Thank you.

謝謝。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hey, good afternoon.

嘿，下午好。

I just have two.

我只有兩個。

I guess the first one is just on rentals.

我想第一個只是租金。

Really impressive rentals traffic growth, and it sounds like the marketing campaign that you're leaning into is working well.

租賃流量的成長確實令人印象深刻，而且聽起來您正在進行的行銷活動效果良好。

As we head into 2025, do you see opportunities to further expand that marketing campaign or other advertising levers that you could pull that you see as potential high returns.

當我們進入 2025 年時，您是否看到了進一步擴大行銷活動或其他廣告槓桿的機會，您可以利用這些槓桿來獲得潛在的高回報。

I'm just thinking about the OpEx outlook for next year?

我只是在考慮明年的營運支出前景？

Thanks.

謝謝。

Why don't I start on rentals, and then maybe, Jeremy, you can talk about maybe how to think about future.

我為什麼不從租賃開始，然後也許，傑里米，你可以談談如何思考未來。

Yes, as Jeremy Hofmann said, we're really pleased with the results of our demand efforts here.

是的，正如傑里米·霍夫曼所說，我們對我們在這裡的需求努力的結果感到非常滿意。

That is both our multifamily advertising campaign and our partnership with Realtor.com. It's really helping develop and mature our strategy, right, which is the sustainable supply of unique listings to drive the largest audience right?

這既是我們的多戶廣告活動，也是我們與 Realtor.com 的合作關係。這確實有助於制定和完善我們的策略，對吧，這是可持續供應獨特的清單來吸引最大的受眾，對嗎？

And that audience, like you mentioned, largest audience of renters in the country, up 20% year over year and well ahead of the competition.

正如您所提到的，這些受眾是全國最大的租屋受眾，年增 20%，遠遠領先競爭對手。

And that, in turn, as a strategy, bringing high-quality renter solving their major problem which is finding as much inventory as possible, it's what's leading advertisers to want to get in front of that audience.

反過來，作為一種策略，讓高品質的租戶解決他們的主要問題，即找到盡可能多的庫存，這也是廣告商想要在受眾面前展示的原因。

And that's what's driving not just the revenue growth in rentals, but the multifamily revenue growth up 38% year over year.

這不僅推動了租金收入的成長，也推動了多戶住宅收入年增 38%。

So we expect that growth to continue.

因此，我們預計這種成長將持續下去。

We saw a strong growth in Q3.

我們在第三季看到了強勁的成長。

We expect to in Q4.

我們預計在第四季。

And Jeremy, I don't know if you want to talk at all about how to think about 2025.

Jeremy，我不知道你是否想談如何思考 2025 年。

Yeah, Mike, all I would say there is we're pretty excited about the opportunity in rentals, not just towards the $1 billion-plus mile marker we gave you all, which we think will really be on the back of multifamily growth, but beyond that as well.

是的，麥克，我想說的是，我們對租賃機會感到非常興奮，不僅僅是我們為你們提供的 10 億美元以上的里程標記，我們認為這確實會受到多戶家庭增長的支持，但是除此之外。

We just think the strategy that we are going after really aggregating both single-family homes and multifamily properties and one experience is quite unique and quite differentiated.

我們只是認為，我們所追求的策略真正將單戶住宅和多戶住宅以及一種體驗結合起來，是非常獨特且與眾不同的。

So the long-term opportunity is one we think is well beyond the $1 billion revenue mile marker we put out there.

因此，我們認為長期機會遠遠超出我們提出的 10 億美元收入里程標記。

And I think marketing will be a mix -- will be part of that mix.

我認為行銷將是一個組合——將成為該組合的一部分。

I think we've always been the types of folks that start with product and then add marketing to accelerate growth, and I would assume the same type of strategy going forward.

我認為我們一直都是從產品開始，然後添加行銷來加速成長的人，我認為未來也會採取同樣類型的策略。

Great.

偉大的。

Thank you.

謝謝。

That's all very helpful color.

這些都是非常有用的顏色。

And my second question I was wondering if you could speak to any risks to changes in clear cooperation.

我的第二個問題是，我想知道您是否可以談談明確合作的變化所面臨的任何風險。

I think you made some comments in your prepared remarks, but would just love your view on where we stand today and how you're thinking about any potential changes in the future?

我認為您在準備好的發言中發表了一些評論，但我只想了解您對我們今天的立場以及您如何考慮未來任何潛在變化的看法？

Thank you.

謝謝。

Happy to.

很高興。

Yes.

是的。

I outlined in our prepared remarks, I mean, our advocacy principles have been consistent for some time.

我在我們準備好的發言中概述了，我的意思是，我們的倡議原則一段時間以來一直是一致的。

They start with access.

他們從訪問開始。

Zillow was founded to help turn on the lights and provide free access to buyer sellers in the real estate industry.

Zillow 的成立是為了幫助打開房地產行業的大門並為買家賣家提供免費訪問。

And changes to rules and cooperation that would pull listings off MLSs, so that Zillow and others couldn't share as many of them, that's just not good for buyers or sellers.

規則和合作的改變將把清單從 MLS 中剔除，這樣 Zillow 和其他公司就無法分享盡可能多的清單，這對買家或賣家都不利。

It's also not good for agents.

這對代理商來說也不是一件好事。

Putting listings in private networks mean buyers' agents can't show all the available inventory.

將清單放入私人網路意味著買家代理無法顯示所有可用庫存。

So it's not as much of a business issue for us right now, especially as the largest audience and the largest brand, we will always find ways to get our share of inventory to create that experience for buyer sellers and connect them with great agents.

因此，現在對我們來說這並不是一個商業問題，特別是作為最大的受眾和最大的品牌，我們總是會想方設法獲得我們的庫存份額，為買家賣家創造這種體驗，並將他們與優秀的代理商聯繫起來。

It's more about the consumer good for the industry.

這更多的是關於該行業的消費品。

The US real estate market is the most transparent market in the world because of policies like this, and we'd love to see those policies strengthen so we can build great businesses and consumer experiences on top of them versus weekend so that some can benefit from trying to pull what is a pretty small share of listings behind development rope for their own benefit.

由於這樣的政策，美國房地產市場是世界上最透明的市場，我們希望看到這些政策得到加強，這樣我們就可以在這些政策的基礎上建立比周末更好的企業和消費者體驗，以便一些人可以從中受益試圖為了自己的利益而拉動開發繩索中的一小部分上市。

Thank you, Jeremy.

謝謝你，傑瑞米。

John Campbell, Stephens.

約翰坎貝爾、史蒂芬斯.

Thanks, guys.

謝謝，夥計們。

Congrats on a great quarter.

恭喜您度過了一個出色的季度。

Just want to stick on the 4Q revenue guidance.

只是想堅持第四季的營收指引。

You guys have obviously provided some direction for pretty sharp growth continuation of growth out of rentals and mortgage.

你們顯然為租金和抵押貸款的持續大幅增長提供了一些方向。

So just isolating residential, it seems like you have a fairly large subscription mix there.

因此，僅隔離住宅區，看起來您那​​裡就有相當大的訂閱組合。

So I'm thinking the swing factor is probably going to be Flex.

所以我認為搖擺因子可能是 Flex。

But from just what you guys have given and if just kind of taking the back of the napkin here, I'm thinking going to have to assume that Premier Agent revenue is going to be down year over year.

但從你們所付出的努力來看，如果只是在這裡收回餐巾紙的話，我認為必須假設高級經紀人的收入將逐年下降。

I know you guys don't report on that anymore, but maybe just directionally, if you could help us, does the guide imply a premier agent decline year over year?

我知道你們不再對此進行報道，但也許只是方向性的，如果您能幫助我們，該指南是否意味著頂級經紀人逐年下降？

Yeah.

是的。

Thanks, John, it's Jeremy Hoffman.

謝謝，約翰，我是傑瑞米霍夫曼。

I would think of it as seasonality in the business from Q3 to Q4 and went overfocus on that.

我認為這是第三季到第四季業務的季節性，並且過度關注這一點。

I think overarchingly, we're pleased with our Q4 guide. 12% growth at the midpoint for the company and a continued challenged housing market, we think, is quite solid.

我認為總體而言，我們對第四季度的指南感到滿意。我們認為，該公司 12% 的中點成長率以及持續面臨挑戰的房地產市場是相當穩健的。

And the macro has been and we expect to continue to remain choppy just because affordability remains a challenge.

宏觀經濟一直而且我們預計將繼續保持波動，因為負擔能力仍然是一個挑戰。

And in the meantime, we're consistently outperforming the industry, just given how many product and partner improvements we're making.

同時，考慮到我們對產品和合作夥伴所做的改進，我們的表現始終優於業界。

And then stepping kind of further back, we're on track to deliver double-digit growth and margin expansion in both Q4 and full year '24.

然後退一步說，我們預計在第四季度和 24 年全年實現兩位數的成長和利潤率擴張。

So assuming the midpoint of the range, we'll grow revenue 14% year over year in 2024 for the company; and 22% EBITDA margins, which implies 200 basis points of margin expansion, so overarchingly feeling quite good.

因此，假設該範圍的中點，我們將在 2024 年為該公司帶來同比 14% 的收入成長； EBITDA 利潤率為 22%，這意味著利潤率擴大了 200 個基點，因此整體感覺相當不錯。

And then as you think about what we're doing on the residential side, which obviously, Premier Agent is a huge piece of that, we're really gaining our share versus total transaction value.

然後，當你想到我們在住宅方面所做的事情時，顯然，Premier Agent 是其中的一個重要組成部分，相對於總交易價值，我們確實獲得了我們的份額。

We were up 800 basis points year over year in Q3, and we've had 2,000 basis points of share gains since the beginning of '23.

第三季我們的股價年增了 800 個基點，自 23 年初以來我們的股價上漲了 2,000 個基點。

We expect continued growth just on the back of the enhanced market rollouts we're having and the success we're having there, along with things like listing showcase, rentals, Follow Up Boss and ShowingTime+.

我們預計，憑藉我們正在加強的市場推廣和我們在那裡取得的成功，以及清單展示、租賃、Follow Up Boss 和 ShowingTime+ 等服務，我們將繼續成長。

So I think overarchingly, I think we're well set up, not just in Q4 but beyond that.

因此，我認為總體而言，我認為我們已經做好了準備，不僅在第四季度，而且在此之後。

Okay.

好的。

Makes sense.

有道理。

And then a quick follow-up, just on Follow Up Boss.

然後是快速跟進，就在 Follow Up Boss 上。

It seems like the adoption uptick has been pretty sharp of late.

最近採用率的上升似乎相當迅速。

I don't know how much of that is due to the enhanced market expansion.

我不知道其中有多少是由於市場擴張的加強。

So maybe if you could touch on that.

也許你能談談這一點。

And then I saw that you raised the contingent consideration for Follow Up Boss.

然後我看到你提出了對Follow Up Boss的或有考慮。

It seems like you're doing really well there.

看來你在那裡做得很好。

So maybe if you can talk about how you've been able to change to what extent you'll be able to change the Follow Up Boss growth trajectory?

那麼，如果您能談談您如何能夠改變到什麼程度，您將能夠改變 Follow Up Boss 的成長軌跡嗎？

Maybe I'll hit adoption, and Hoffman, you can hit his second piece.

也許我會擊中領養，霍夫曼，你可以擊中他的第二塊。

The Yes, John, we are seeing really great success with Follow Up Boss.

是的，約翰，我們看到 Follow Up Boss 取得了巨大的成功。

And as you remember, it's really a two-part strategy.

正如您所記得的，這實際上是一個由兩部分組成的策略。

One is just continuing to help the Follow Up Boss team grow their efforts to attract more agent teams, having the power of Zillow behind them and helping them grow and onboard more partners broadly.

一是繼續幫助 Follow Up Boss 團隊加強吸引更多代理商團隊，讓 Zillow 為他們提供支持，幫助他們成長並廣泛招募更多合作夥伴。

That's a big part of the strategy.

這是該戰略的重要組成部分。

And then the other part of our strategy is to help get our enhanced market partners using Follow Up Boss as we start to build really good integrations between Zillow customers and as our Enhanced Market partners.

我們策略的另一部分是幫助我們使用 Follow Up Boss 來獲得增強型市場合作夥伴，因為我們開始在 Zillow 客戶和我們的增強型市場合作夥伴之間建立真正良好的整合。

And we shared 80% of connections in our enhanced markets now are flowing through Follow Up Boss.

我們現在在增強型市場中共享 80% 的聯繫都是透過 Follow Up Boss 進行的。

So that you're just seeing the adoption of Follow Up Boss by the lion's share of those partners right alongside just a healthy organic Follow Up Boss growth.

因此，您會看到大部分合作夥伴都採用了 Follow Up Boss，同時也看到了 Follow Up Boss 的健康有機成長。

So it's just now coming up on a year since acquisition, and we're just so pleased both with how the team is executing on that dual charter mandate and how the integration has gone.

因此，收購已經過去一年了，我們對團隊執行雙重章程任務的方式以及整合的進展感到非常滿意。

And we continue to hear just great feedback from our agent partners on how Follow Up Boss is helping them power their business.

我們不斷聽到代理商夥伴對 Follow Up Boss 如何幫助他們推動業務的良好回饋。

Yes.

是的。

And then, John, on your second question around the contingent consideration, there's no change to expected payout.

然後，約翰，關於或有考慮的第二個問題，預期支出沒有改變。

We just have a change in fair value based on the (inaudible) of money and getting closer to those payout dates.

我們只是根據資金（聽不清楚）以及越來越接近這些付款日期而改變了公允價值。

So I went over overlook at that, I think what Jeremy just highlighted is what we're most excited about.

所以我忽略了這一點，我認為傑里米剛才強調的是我們最興奮的事情。

And we think it's a really great piece of software that our agents are really enjoying.

我們認為這是一款非常棒的軟體，我們的代理商非常喜歡。

Ryan McKeveny, Zelman & Associates.

瑞安麥凱文尼，Zelman & Associates。

Hey, thanks, guys.

嘿，謝謝，夥計們。

Congrats on the results.

祝賀結果。

Just one for me related to how you're thinking about expense growth going forward.

對我來說，只有一個與您如何看待未來費用成長有關。

So Jeremy, you talked about the variable cost side and the investments outpacing revenue growth in '24.

Jeremy，您談到了變動成本方面以及 24 年投資成長超過收入成長的問題。

Obviously, still resulting in margin expansion with low fixed cost growth.

顯然，在固定成本成長較低的情況下，仍會導致利潤率擴張。

I know it's early to give any 2025 guidance in terms of revenue or margin.

我知道現在就收入或利潤率給出任何 2025 年指導還為時過早。

But if we do assume mortgage rates stay high and we're in this kind of stuck slow housing market, should we generally expect that trend to continue in terms of variable costs relative to revenue cost growth?

但如果我們確實假設抵押貸款利率保持在高位，而我們正處於這種陷入緩慢的房地產市場中，那麼我們是否應該普遍預期相對於收入成本增長的可變成本會繼續這種趨勢？

Or are you reaching a point where some of those initiatives have scaled to the point where maybe that will no longer be the case?

或者您已經達到了這樣的程度：其中一些舉措已經擴大到可能不再是這種情況的程度？

Thank you.

謝謝。

Yes.

是的。

Ryan, it's Jeremy Hoffman.

瑞安，我是傑瑞米霍夫曼。

I'll take it.

我要買它。

You said it right.

你說得對。

No guidance on 2025, we're quite pleased with execution this year.

沒有 2025 年的指導，我們對今年的執行感到非常滿意。

I think 2025, you should assume more of the same strategy and go to market, right?

我認為 2025 年，你應該採取更多相同的策略並進入市場，對吧？

We're going to continue to land in new enhanced markets, expand into existing ones, and that will drive residential revenue, drive mortgages revenue alongside showcase new construction and then we keep executing on rentals as well.

我們將繼續登陸新的增強市場，擴展到現有市場，這將推動住宅收入，推動抵押貸款收入，同時展示新建築，然後我們也繼續執行租金。

At the same time, we're going to continue to be disciplined on the cost side.

同時，我們將繼續在成本方面保持紀律。

We have been, I think, fairly consistent here that macro has been choppy, we expect it continues to be choppy, and we'll plan the cost structure accordingly.

我認為，我們一直認為宏觀經濟一直在波動，我們預期它會繼續波動，我們將相應地規劃成本結構。

So you shouldn't expect much different in terms of how we think about our cost structure.

因此，您不應期望我們對成本結構的看法有太大不同。

And obviously, we'll dial up and down opportunities on the variable and marketing side, depending on what we see fit, but that fixed cost level that we've been at, we feel comfortable with to go hit our 2025 share targets.

顯然，我們將根據我們認為合適的情況，在變數和行銷方面上下調整機會，但我們一直處於固定成本水平，我們對實現 2025 年份額目標感到滿意。

Sounds good.

聽起來不錯。

Thank you very much.

非常感謝。

This completes the allotted time for questions.

這樣就完成了分配的提問時間。

I will now turn the call back over to Jeremy Wacksman for any closing remarks.

現在，我將把電話轉回傑里米·瓦克斯曼 (Jeremy Wacksman)，讓其發表結束語。

I just want to close by saying thank you all.

最後我想對大家說聲謝謝。

We really appreciate your time this quarter.

我們非常感謝您本季的寶貴時間。

Thanks for all the questions, and we'll see you all next quarter.

感謝您提出所有問題，我們下季再見。

Thank you for joining the Zillow Group third-quarter 2024 call.

感謝您參加 Zillow Group 2024 年第三季電話會議。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。