Zillow Group Inc (Z) 2024 Q4 法說會逐字稿

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

您好，歡迎參加 Zillow Group 2024 年第四季財務業績電話會議。

We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session.

我們請求您保留所有問題，直到正式發言結束，屆時您將收到有關問答環節的說明。

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

另外，提醒一下，今天正在錄製這場會議。

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

如果您有任何異議，請立即斷開連接。

Brad, you may begin.

布拉德，你可以開始啦。

Thank you.

謝謝。

Good afternoon, and welcome to Zillow Group's fourth quarter and full-year 2024 call.

下午好，歡迎參加 Zillow Group 2024 年第四季和全年電話會議。

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

今天與我一起討論我們業績的有 Zillow Group 的執行長 Jeremy Wacksman；和財務長 Jeremy Hofmann。

During today's call, we will make forward-looking statements about our future performance and operating plans based on current expectations and assumptions.

在今天的電話會議中，我們將根據當前的預期和假設對我們的未來業績和營運計劃做出前瞻性陳述。

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.

這些聲明受風險和不確定性的影響，我們鼓勵您考慮我們向美國證券交易委員會提交的文件中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.

除非法律要求，我們不承擔因新資訊或未來事件而更新這些聲明的義務。

This call is being broadcast on the Internet and is accessible on our Investor Relations website.

本次電話會議正在網路上播出，您可以在我們的投資者關係網站上查閱。

A recording of the call will be available later today.

通話錄音將於今天稍晚提供。

During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we refer to as EBITDA.

在電話會議中，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 updated investor presentation, shareholder letter and earnings release all of which can be found on our Investor Relations website, as they contain important information about GAAP and non-GAAP results, including reconciliations of historical non-GAAP financial measures.

我們鼓勵您閱讀我們更新的投資者介紹、股東信函和收益報告，所有這些都可以在我們的投資者關係網站上找到，因為它們包含有關 GAAP 和非 GAAP 結果的重要信息，包括歷史非 GAAP 財務指標的對帳。

We will open the call with remarks followed by live Q&A.

我們將以評論開始此次電話會議，然後進行現場問答。

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

現在，我將把電話轉給傑里米·瓦克斯曼 (Jeremy Wacksman)。

Thank you, Brad, and good afternoon, everyone.

謝謝你，布拉德，大家下午好。

Thank you for joining us today.

感謝您今天加入我們。

We're excited to share our fourth quarter and full-year 2024 results with you.

我們很高興與您分享我們 2024 年第四季和全年的業績。

Zillow is delivering value to movers and real estate professionals with our products and services, and that's translating to strong performance across our business.

Zillow 透過我們的產品和服務為搬家者和房地產專業人士創造價值，轉化為我們整個業務的強勁表現。

We have the leading brand in residential real estate with the largest and most engaged audience, a significant total addressable market, and we are executing well on our differentiated housing super app strategy.

我們擁有住宅房地產領域的領先品牌，擁有最龐大、參與度最高的受眾群體和巨大的潛在市場總量，並且我們正在順利執行差異化的住房超級應用策略。

We believe all of this positions us to deliver sustainable, profitable growth for our shareholders.

我們相信，所有這些都使我們能夠為股東實現可持續的獲利成長。

As you'll hear more about in a moment, we met our stated goals for 2024 and expect to continue our momentum in 2025.

您稍後會了解到更多信息，我們實現了 2024 年的既定目標，並預計在 2025 年繼續保持這一勢頭。

This momentum includes being on track to meet our goal of 6% share of customer transactions by the end of this year.

這一勢頭包括，我們預計在今年年底實現 6% 的客戶交易份額的目標。

The results we're reporting today demonstrate how we are executing and seizing our opportunity to transform and digitize residential real estate.

我們今天報告的結果展示了我們如何執行並抓住機會來改造和數位化住宅房地產。

As with everything we do at Zillow, our approach begins with the movers we serve.

正如我們在 Zillow 所做的一切一樣，我們的方法始於我們服務的搬家工人。

Over the past 20 years, we've built our top of funnel advantage by releasing a steady drumbeat of product services and software tools designed to delight and empower customers throughout their moving journey.

在過去的 20 年裡，我們透過推出一系列旨在讓客戶在整個搬家過程中感到滿意和鼓舞的產品服務和軟體工具，建立了我們的漏斗頂端優勢。

From the Zestimate and our vast two-sided marketplace of Homes For Sale Or Rent to Zillow Showcase and improvements to both in-person and virtual touring, to natural language search and Zillow HomeLoans viability, helping people find the right home for them and their budget.

從 Zestimate 和我們龐大的待售或出租房屋雙邊市場到 Zillow Showcase 以及現場和虛擬參觀的改進，再到自然語言搜索和 Zillow HomeLoans 可行性，幫助人們找到適合他們和他們的預算的房子。

As a result, Zillow has the largest audience in both for sale and rentals, with 4x the app engagement of the next company in our category, a lead we've widened this past year.

因此，Zillow 在銷售和租賃領域都擁有最大的受眾群體，其應用參與度是我們類別中第二家公司的 4 倍，而這一領先優勢在過去一年中得到了進一步擴大。

About two-thirds of the real estate audience uses Zillow somewhere along their journey, more than twice any other company in category, and 80% of that traffic is coming to us directly and organically.

大約三分之二的房地產受眾在旅途中使用 Zillow，是同類別其他公司的兩倍多，其中 80% 的流量直接且自然地流向我們。

Increasingly, we are better able to identify high-intent movers within our large audience and connect them with high-performing real estate professionals, ultimately, leading to more people transacting with us and our partners, resulting in greater revenue.

我們越來越能夠在龐大的受眾群體中識別出有強烈購房意向的購房者，並將他們與高績效的房地產專業人士聯繫起來，最終吸引更多人與我們和我們的合作夥伴進行交易，從而帶來更大的收入。

And as we continue to leverage our cost structure, expanding EBITDA margins show up alongside our consistently strong revenue performance, and ultimately, we believe it will drive sustainable GAAP profitability.

隨著我們繼續利用我們的成本結構，不斷擴大的 EBITDA 利潤率與我們持續強勁的收入表現同時出現，最終，我們相信它將推動可持續的 GAAP 盈利能力。

Now on to our fourth quarter and full-year 2024 results.

現在來看看我們 2024 年第四季和全年的業績。

We reported total Q4 revenue of $554 million, up 17% year over year, above our outlook range, and I'm proud to share that we met our target of double-digit revenue growth for full year 2024, up 15% year over year to $2.2 billion despite a persistently challenged housing market that saw only 6% total transaction value growth for the year.

我們報告第四季度總收入為 5.54 億美元，同比增長 17%，高於我們的預期範圍，我很自豪地告訴大家，儘管房地產市場持續面臨挑戰，全年總交易價值僅增長 6%，但我們仍實現了 2024 年全年收入實現兩位數增長的目標，同比增長 15%，達到 22 億美元。

We also met our target for expanded EBITDA margin for 2024.

我們也實現了 2024 年擴大 EBITDA 利潤率的目標。

As we invested strategically over the course of the year, we maintain cost discipline, expanding our EBITDA margin by 200 basis points, all of which sets us up well for 2025.

由於我們在這一年中進行了策略性投資，我們保持了成本紀律，將 EBITDA 利潤率提高了 200 個基點，這一切都為我們在 2025 年做好了準備。

This quarter, we've also released a new investor presentation available on our Investor Relations website.

本季度，我們也在投資者關係網站上發布了新的投資者介紹資料。

In that presentation and in the bulk of my remarks today, we'll provide an update on how we've been executing our strategy and why we are confident in our ability to achieve our goals in the future and transform US residential real estate.

在那次演講以及我今天的大部分演講中，我們將介紹我們執行策略的最新情況，以及我們為何有信心在未來實現我們的目標並改變美國住宅房地產。

Importantly, we believe we have a clear path to $5 billion in revenue and 45% EBITDA margin in a normalized housing market, which Jeremy Hofmann will dive into further during his remarks.

重要的是，我們相信，在正常的房地產市場中，我們有明確的途徑實現 50 億美元的收入和 45% 的 EBITDA 利潤率，Jeremy Hofmann 將在他的演講中進一步深入探討這一點。

As you'll see in the investor presentation, we are now articulating our revenue in two major categories: For Sale and Rentals.

正如您在投資者介紹中看到的，我們現在將收入分為兩大類：銷售和租賃。

The For Sale category includes revenue from residential and mortgages, which we manage together to best serve the buyers and sellers who work with us.

待售類別包括住宅和抵押貸款收入，我們共同管理這些收入，以便為與我們合作的買家和賣家提供最好的服務。

The vast majority need both a great real estate agent to represent them and a great mortgage.

絕大多數人既需要一位優秀的房地產經紀人來代表他們，又需要一筆優厚的房貸。

And we are building our products and managing our teams more closely together as a result, and want to ensure that the way we're talking to you about our business reflects how we manage it.

因此，我們正在更加緊密地建立我們的產品並管理我們的團隊，並希望確保我們與您討論我們業務的方式能夠反映出我們的管理方式。

Our For Sale revenue in Q4 was up 15% with 11% growth in residential revenue and 86% growth in mortgages revenue.

我們第四季的銷售收入成長了 15%，其中住宅收入成長了 11%，抵押貸款收入成長了 86%。

For Rentals, 2024 was a seminal year, and we finished strong in Q4 with revenue up 25% year over year.

對於租賃而言，2024 年是開創性的一年，我們在第四季度表現強勁，營收年增 25%。

We increased the number of multifamily properties on Zillow to 50,000, up from 37,000 at the end of 2023.

我們將 Zillow 上的多戶型房產數量從 2023 年底的 37,000 套增加到 50,000 套。

Across the business, we are pleased with our execution in Q4 and throughout 2024, and are excited about the foundation we've laid for future growth.

在整個業務中，我們對第四季度和整個 2024 年的執行情況感到滿意，並對我們為未來成長奠定的基礎感到興奮。

Now I'd like to dive a bit deeper on the progress we're making, starting with For Sale.

現在我想更深入地談談我們所取得的進展，從銷售開始。

Our current opportunity and focus areas across For Sale is to capture more of the potential revenue represented by buyers and sellers already engaging in our funnel.

我們目前在銷售方面的機會和重點領域是獲取更多已參與我們管道的買家和賣家所代表的潛在收入。

The majority of eventual transactors dream and shop on our apps and sites at some point in their moving journey.

大多數最終交易者在搬家過程中的某個時刻都會夢想並在我們的應用程式和網站上購物。

And one in four of those raises their hand to connect with an agent through Zillow, and yet only a single-digit share of customer transactions are currently completed through Zillow and our Partners.

其中四分之一的人舉手透過 Zillow 與代理商聯繫，但目前只有個位數的客戶交易是透過 Zillow 和我們的合作夥伴完成的。

To capture this significant opportunity in our For Sale category, we are focused on a few key areas.

為了抓住我們在「待售」類別中的這一重大機遇，我們將重點放在幾個關鍵領域。

First and foremost, we are building the experience we know buyers, sellers and industry professionals want, one that is easier, streamlined, tech-enabled and integrated in Zillow's Housing Super App.

首先，我們正在建立我們知道買家、賣家和行業專業人士想要的體驗，這種體驗更簡單、更精簡、技術支援並且整合在 Zillow 的 Housing Super App 中。

On Zillow, movers can choose their agent, choose how they sell their current home and book a tour as easily as they book a restaurant reservation.

在 Zillow 上，搬家者可以選擇他們的代理人，選擇如何出售他們現有的房屋，並像預訂餐廳一樣輕鬆地預訂旅遊。

With Zillow HomeLoans, buyers can shop based on what they can afford with the BuyAbility feature and get digital preapproval.

透過 Zillow HomeLoans，買家可以根據自己的負擔使用 BuyAbility 功能進行購物，並獲得數位預先批准。

And for real estate professionals, Zillow helps agents understand their clients' needs, manage tours, see how they're performing, win listings with Zillow Showcase, help clients learn about their financing options and handle title and closing through dotloop and increasingly Spruce.

對於房地產專業人士，Zillow 可協助經紀人了解客戶的需求、管理旅遊、了解他們的表現、透過 Zillow Showcase 贏得房源、幫助客戶了解他們的融資選擇，並透過 dotloop 和日益增長的 Spruce 處理產權和結算。

And in select markets, both parties are now able to communicate and collaborate directly in the Zillow app enabled by Follow Up Boss, an industry-leading agent customer relationship management system we acquired at the end of 2020.

在特定市場，雙方現在能夠在 Zillow 應用程式中直接進行溝通和協作，該應用程式由我們在 2020 年底收購的行業領先的代理客戶關係管理系統 Follow Up Boss 提供支援。

Second, we are laser-focused on connecting high-intent buyers on Zillow with our excellent partners, increasing the conversion of shoppers into transactors and increasing our share of transactions as a result.

其次，我們專注於將 Zillow 上的有購買意願的買家與我們優秀的合作夥伴聯繫起來，從而增加購物者向交易者的轉化，並因此增加我們的交易份額。

Continuously reducing friction for these high-intent buyers has helped us meaningfully outperform the residential real estate market over the past three years, and we see future drivers of conversion across multiple areas of our business going forward.

持續減少這些有強烈購買意願的買家的摩擦，幫助我們在過去三年中顯著超越住宅房地產市場，並且我們看到未來在我們業務的多個領域中轉化的驅動力。

For example, today, our real-time touring product is nationwide and one-third of our connections come through real-time touring.

比如說，今天我們的即時巡迴產品已經覆蓋全國，三分之一的聯繫都是透過即時巡演實現的。

We're routing these connections to some of the top agents and teams across the country. 80% of the agents we work with are in the top 20% of producers in the US.

我們正在將這些聯繫路由到全國各地的一些頂級代理商和團隊。我們合作的代理商中80%都是美國排名前20%的生產商。

And we're enabling real estate professionals to do their jobs even more efficiently and effectively with tools like Follow Up Boss.

而且我們正在利用像 Follow Up Boss 這樣的工具來幫助房地產專業人士更有效率、更有效地完成工作。

We recently integrated Moore Zillow data into Follow Up Boss, making it an even more powerful tool for agents to identify the highest intent buyers and sellers and serve their clients better.

我們最近將 Moore Zillow 數據整合到 Follow Up Boss 中，使其成為代理商識別意向最高的買家和賣家並更好地為他們的客戶服務的更強大的工具。

In our Enhanced Markets, the geographic areas where the integrated Housing Super App experience is most fully realized, more than 80% of our connections are managed through Follow Up Boss.

在我們的增強型市場，即綜合住房超級應用體驗得到最充分實現的地理區域，我們 80% 以上的連接都是透過 Follow Up Boss 管理的。

Third, we are focused on integrating Premier Agent with our Zillow HomeLoans offering because, again, most buyers need both an agent and a mortgage and they want their experience with both to feel seamless.

第三，我們專注於將 Premier Agent 與我們的 Zillow HomeLoans 產品相結合，因為大多數買家都需要代理和抵押貸款，並且他們希望兩者的體驗都無縫銜接。

We are executing this integration well, with consistent customer adoption rates in the mid-teens across our most seasoned Enhanced Markets.

我們正在順利執行這項整合，在我們最成熟的增強型市場中，客戶採用率一直維持在十五六成左右。

And we're seeing Zillow HomeLoans drive conversion, as buyers transact through Zillow at an 80% higher rate after connecting with both Zillow Home Loans and our Premier Agent Partner versus with the Premier Agent Partner only, which further proves our integration thesis.

我們看到 Zillow HomeLoans 推動了轉化，因為買家在與 Zillow Home Loans 和我們的 Premier Agent Partner 建立聯繫後透過 Zillow 進行交易的比例比只與 Premier Agent Partner 建立聯繫高出 80%，這進一步證明了我們的整合論點。

Driving adoption of our Premier Agent and Zillow Home Loans offerings together has, in turn, increased our purchased loan origination volume by 2.6x over the past year, and as purchase mortgage origination volume has begun to scale, growth in our mortgages revenue has accelerated, up 86% year over year to $41 million in Q4, as purchase loan origination volume increased by 90%.

透過共同推動我們的 Premier Agent 和 Zillow Home Loans 產品的採用，反過來，我們的購買貸款發放量在過去一年中增加了 2.6 倍，並且隨著購買抵押貸款發放量開始擴大，我們的抵押貸款收入增長加速，與去年同期相比增長了 86%，第四季度達到 4100 萬美元，因為購買貸款發放量增加了 90%。

This success comes even amid ongoing challenges in the rate environment.

儘管利率環境面臨持續挑戰，我們仍取得這項成功。

Fourth, we are expanding our addressable market by developing and scaling Seller Services because two-thirds of buyers are also sellers.

第四，我們正在透過開發和擴大賣家服務來擴大我們的目標市場，因為三分之二的買家也是賣家。

We are excited by the success we're seeing with Zillow Showcase, which elevates agent's brand presence on Zillow and provides a better shopping experience through our homegrown, AI-powered, rich media and floor plan technologies.

我們對 Zillow Showcase 的成功感到非常興奮，它提升了代理商在 Zillow 上的品牌知名度，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了更好的購物體驗。

Showcase Listings sell faster and for more money than similar non showcase listings on Zillow meeting sellers' top two priorities.

與 Zillow 上的類似非展示房源相比，展示房源的銷售速度更快、價格更高，滿足了賣家的兩個首要要求。

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 sales price.

展示房源的售價通常比 Zillow 上的類似非展示房源高出 2%，以平均房屋銷售價格計算，可獲得超過 9,000 美元的溢價。

Showcase is also helping agents win 30% more listings, making it an attractive offering for real estate professionals.

Showcase 還幫助代理商贏得 30% 以上的房源，這對房地產專業人士來說是一項頗具吸引力的產品。

We made Zillow Showcase available nationwide in 2024.

我們將於 2024 年在全國推出 Zillow Showcase。

And by the end of the year, it was on 1.7% of new US listings.

截至年底，其在美國新上市股票中所佔比例為 1.7%。

We aim to reach 5% to 10% of all US listings in the intermediate term, which we believe represents a revenue opportunity of $150 million to $300 million.

我們的目標是在中期達到美國所有上市股票的 5% 到 10%，我們認為這意味著 1.5 億到 3 億美元的收入機會。

Fifth, we are consistently looking for ways to add new services to make Zillow experience more integrated and increase our revenue per transaction along the way.

第五，我們一直在尋找增加新服務的方法，以使 Zillow 體驗更加一體化，並在此過程中提高我們每筆交易的收入。

Each step of the move comes with corresponding Zillow Group products and services, meaning each step represents an additional driver of potential revenue per transaction for us through buyer and seller referral fees as well as revenue from Loan Originations, Showcase Listings and title and closing.

這項措施的每一步都伴隨著相應的 Zillow Group 產品和服務，這意味著每一步都代表著我們透過買家和賣家的推薦費以及來自貸款發放、展示清單和所有權和結算的收入來獲得每筆交易的額外潛在收入。

We're pleased with the progress we're making as all of these efforts come together in our Enhanced Markets, our go-to-market motion that we have been methodically scaling for the past few years.

我們對所取得的進展感到滿意，因為所有這些努力都匯聚在我們的增強型市場和我們在過去幾年中一直在有條不紊地擴展的市場進入動議中。

Enhanced Markets covered 21% of all connections in Q4 2024, and we expect to increase their share of connections to more than 35% by the end of 2025, as we continue our Land and Expand Strategy, going deeper in current markets and adding more markets.

增強型市場在 2024 年第四季度覆蓋了所有連接的 21%，隨著我們繼續實施「登陸與擴張」策略，深入現有市場並增加更多市場，我們預計到 2025 年底其連接份額將增加到 35% 以上。

As we keep working across the business to increase connection and conversion rates, we expect to continue to drive share growth relative to the total industry transaction value in our For Sale revenue.

隨著我們繼續致力於提高整個業務的連接率和轉換率，我們預計將繼續推動我們的銷售收入相對於整個行業交易價值的份額成長。

We've seen newer Enhanced Markets behave similarly to our earliest markets in terms of share gains, which gives us confidence our strategy is working and our success is repeatable.

我們已經看到較新的增強型市場在份額成長方面的表現與我們最早的市場相似，這使我們相信我們的策略是有效的，我們的成功是可重複的。

Looking beyond 2025, we expect 75% of all Zillow transactions to be in the Enhanced Market experience in the coming years.

展望 2025 年後，我們預計未來幾年 Zillow 所有交易的 75% 將發生在增強型市場體驗中。

Now on to Rentals, which had a remarkable year, gaining more property listings, more traffic and more revenue than ever.

現在談談租賃業務，今年該業務表現不俗，獲得了比以往更多的房產清單、更多的流量和更多的收入。

In Rentals, we are eyeing an estimated $25 billion total addressable market.

在租賃方面，我們瞄準的潛在市場總額約為 250 億美元。

To give you a sense of the scale of this opportunity, almost every mover starts out as a renter and about 3x as many movers are looking to rent versus looking to buy or sell, yet, unlike with For Sale homes, many more Rentals turn over every year, and there is no single marketplace where a mover can see all available homes for rent.

為了讓您了解這一機會的規模，幾乎每個搬家者都是從租房者做起的，尋求租房的搬家者數量是尋求買房或賣房的搬家者的 3 倍左右，然而，與待售房屋不同，每年都有更多的租賃房屋週轉，並且沒有一個市場可以讓搬家者查看所有可供出租的房屋。

We've spent the past several years building a highly differentiated two-sided marketplace with a comprehensive suite of 1.9 million active rental listings as of the end of 2024.

過去幾年來，我們致力於打造一個高度差異化的雙邊市場，截至 2024 年底，我們的綜合活躍租賃房源數量已達 190 萬個。

By assembling a sustainable long tail rental platform with small and single-family properties, then building on that by accelerating our multifamily property listings, Zillow is rapidly becoming the one-stop nationwide marketplace renters and landlords have sorely needed.

透過組建一個包含小型和單戶住宅​​的可持續長尾租賃平台，然後在此基礎上加速我們的多戶住宅房產列表，Zillow 正在迅速成為租房者和房東急需的一站式全國市場。

That has earned us the largest consumer rentals audience with an average of 29 million unique visitors every month, a widening lead over the next company in the category and the number 1 preference among renters, and we are applying the same product expertise and relentless consumer focus we've shown in the For Sale experience to fixing the fragmented rental experience.

這使我們贏得了最大的消費者租賃受眾，平均每月有 2900 萬獨立訪客，領先於同類別的第二家公司，並且成為租房者的首選，我們正在運用我們在待售體驗中展示的相同的產品專業知識和不懈的消費者關注來解決碎片化的租賃體驗。

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

Zillow 上的租戶可以在參與的房源上購物、參觀、申請、簽署租約並安全地支付租金。

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

物業經理可以在 Zillow 平台上列出預訂旅遊、篩選申請人、建立租約並以電子方式簽署並收取違約金。

These efforts to create a more seamless and convenient experience on both sides of the rental process are paying off as we attract more renters and more multifamily and single-family property listings, yielding increased revenue.

隨著我們吸引更多的租戶以及更多的多戶和單戶房產掛牌，這些在租賃過程的雙方創造更無縫和便捷的體驗的努力正在獲得回報，從而增加了收入。

Having built a unique Rental platform with the largest rental audience, we're now focused on scaling revenue across the Marketplace.

在建立了擁有最多租賃受眾的獨特租賃平台後，我們現在專注於擴大整個市場的收入。

We expect multi-family properties to be the main driver of growth here.

我們預計多戶型房產將成為這裡成長的主要動力。

Today, 50,000 multi-family properties are on our platform, up from 37,000 at the end of 2023, and there is room to expand with an estimated 140,000 total multifamily properties across the country.

如今，我們平台上有 50,000 處多戶型房產，高於 2023 年底的 37,000 處，並且還有擴展空間，全國範圍內的多戶型房產總數預計將達到 140,000 處。

To that end, today, we announced a partnership with Redfin to provide all of the multifamily listings on their sites, further expanding the reach of multifamily properties that advertise with us and giving renters on Zillow access to more apartment listings over time.

為此，今天，我們宣布與 Redfin 合作，在其網站上提供所有多戶住宅房源，進一步擴大在我們這裡做廣告的多戶住宅房產的覆蓋範圍，並讓 Zillow 上的租戶隨著時間的推移能夠訪問更多的公寓房源。

Zillow Rentals growth has been buoyed this year by our successful partnership to distribute multifamily listings on realtor.com as well as by our multifamily advertising campaign, both exciting developments that we kicked off in 2024.

今年，Zillow Rentals 的成長得益於我們成功的合作夥伴關係，在 realtor.com 上發布多戶型房屋信息，以及我們的多戶型房屋廣告活動，這兩項令人興奮的進展均於 2024 年啟動。

While our marketing spend has been relatively modest, we strengthened our traffic advantage in the Rentals category in 2024 according to Comscore data.

雖然我們的行銷支出相對溫和，但根據 Comscore 的數據，我們在 2024 年加強了在租賃類別的流量優勢。

As I said, 2024 was a seminal year for Zillow Rentals, the growth we saw last year and expect this year supports our belief that Zillow Rentals is well on its way towards the $1 billion-plus revenue opportunity we see in front of us.

正如我所說，2024 年對 Zillow Rentals 來說是開創性的一年，我們去年看到的成長以及今年的預期支持了我們的信念，即 Zillow Rentals 正在順利實現我們面前的 10 億美元以上的收入機會。

To close, we are pleased with the progress we made in 2024, which has set us up well for strong execution in 2025 and beyond.

最後，我們對 2024 年的進展感到滿意，這為我們在 2025 年及以後的強勁執行奠定了基礎。

We stand in a fortunate position because we have the leading brand in real estate, we have significant growth opportunities in both For Sales and Rentals.

我們很幸運，因為我們擁有房地產領域的領導品牌，我們在銷售和租賃方面都有巨大的成長機會。

We are executing on a strategy that is working well, and we are doing all of this while maintaining cost discipline, which we expect to drive strong GAAP profitability over time.

我們正在執行一項行之有效的策略，並且在執行所有這些的同時保持成本紀律，我們預計這將隨著時間的推移帶來強勁的 GAAP 獲利能力。

It's a unique and exciting time to be at Zillow, and I am proud of the team's efforts to get us here.

這是 Zillow 的一個獨特而激動人心的時刻，我為團隊為實現這一目標所付出的努力感到自豪。

With that, I'll turn the call over to our CFO, Jeremy Hofmann.

說完這些，我將把電話轉給我們的財務長傑里米霍夫曼 (Jeremy Hofmann)。

Thanks, Jeremy, and good afternoon, everyone.

謝謝，傑里米，大家下午好。

As you just heard, we delivered another quarter of strong results in Q4, and we are well positioned to continue doing so as we execute on our strategy in 2025 and beyond.

正如您剛才聽到的，我們在第四季度再次取得了強勁的業績，而且我們已做好準備，在執行 2025 年及以後的戰略時繼續保持這種勢頭。

Our Q4 2024 results exceeded expectations for revenue and EBITDA with revenue up 17% year over year to $554 million, which was $21 million above the midpoint of our guidance range.

我們的 2024 年第四季業績超出營收和 EBITDA 預期，營收年增 17% 至 5.54 億美元，比我們的指導範圍中點高出 2,100 萬美元。

The broader residential real estate industry grew 13% year over year in Q4, as reported by NAR, and grew 15% in Q4, according to industry data tracked by Zillow that is publicly available on our site.

根據 NAR 報告，第四季度整體住宅房地產行業同比增長 13%，而根據 Zillow 追蹤的、在我們網站上公開的行業數據，第四季度增長了 15%。

We are now presenting our revenue in two major categories: For Sale and Rentals.

我們現在將收入分為兩大類：銷售和租賃。

The For Sale category includes residential and mortgages revenue to better reflect how we manage the business.

待售類別包括住宅和抵押貸款收入，以更好地反映我們如何管理業務。

For Sale revenue grew 15% year over year in Q4 to $428 million and Rentals revenue grew 25% year over year in Q4 to $116 million.

第四季銷售收入年增 15% 至 4.28 億美元，租賃收入年增 25% 至 1.16 億美元。

On a GAAP basis, Q4 net loss was $52 million, representing 9% of our revenue.

依照 GAAP 標準，第四季淨虧損為 5,200 萬美元，占我們營收的 9%。

EBITDA of $112 million for the quarter resulted in a 20% EBITDA margin.

本季的 EBITDA 為 1.12 億美元，EBITDA 利潤率為 20%。

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

我們出色的營收表現和有效的成本管理相結合，使本季的 EBITDA 業績優於預期。

Going further into our results, For Sale revenue grew 15% in Q4 year over year.

進一步查看我們的業績結果，第四季銷售收入年增 15%。

Within the For Sale category, residential revenue grew 11% year over year to $387 million, outperforming our outlook range.

在待售類別中，住宅收入年增 11% 至 3.87 億美元，超過了我們的預期範圍。

Residential revenue benefited from continued conversion improvements as more buyers and sellers transacted with Zillow Premier Agent Partners, continued expansion of Zillow Showcase which now represents 1.7% of all new for-sale listings in the country as well as contributions from Follow Up Boss, ShowingTime+ and our new construction Marketplace.

住宅收入受益於持續的轉換率改善，因為更多的買家和賣家與 Zillow Premier Agent Partners 進行交易，Zillow Showcase 的持續擴張（目前佔全國所有新待售房源的 1.7%），以及來自 Follow Up Boss、ShowingTime+ 和我們新的建築市場的貢獻。

Within the For Sale category, mortgages revenue growth accelerated in Q4, up 86% year over year to $41 million with purchased loan origination volume growing 90% year over year to $923 million.

在待售類別中，抵押貸款收入成長在第四季度加速，年增 86% 至 4,100 萬美元，購買貸款發放量年增 90% 至 9.23 億美元。

Our mortgage strategy is leading more buyers to choose financing through Zillow Home Loans, which is the main growth driver of our overall mortgages revenue.

我們的抵押貸款策略正在引導更多買家選擇透過 Zillow Home Loans 融資，這是我們整體抵押貸款收入的主要成長動力。

In Rentals, our revenue grew 25% year over year in Q4 to $116 million, driven primarily by our multifamily revenue, which grew 41% year over year.

在租賃方面，我們的第四季營收年增 25%，達到 1.16 億美元，這主要得益於我們的多戶型營收年增 41%。

We increased the number of multifamily properties on our apps and sites by 35% year over year, reaching an all-time high of 50,000 multifamily properties as of the end of Q4, up from 47,000 properties at the end of Q3.

我們的應用程式和網站上的多戶型房產數量同比增長了 35%，截至第四季度末，達到了 50,000 處的歷史新高，而第三季末為 47,000 處。

Our multifamily revenue is now nearly $300 million on an annual basis and comprises the majority of our Rentals revenue.

現在，我們的多戶型住宅收入每年接近 3 億美元，占我們租賃收入的大部分。

As a reminder, 80% of our multifamily revenue is generated in a paid inclusion subscription model.

提醒一下，我們 80% 的多戶型收入是透過付費訂閱模式產生的。

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

12 月份，整個租賃市場的總房源數量年增 15%，達到業界領先的 190 萬個活躍房源。

We continue to execute our Zillow Rental strategy and see a clear path for growth to the $1 billion-plus revenue target ahead of us.

我們將繼續執行我們的 Zillow 租賃策略，並看到了實現 10 億美元以上收入目標的明確成長路徑。

Our disciplined cost management resulted in Q4 EBITDA expenses of $442 million.

我們嚴格的成本管理導致第四季的 EBITDA 支出為 4.42 億美元。

Excluding $7 million of expenses related to severance payments that were not contemplated in our Q4 outlook, our EBITDA expenses would have been $435 million, in line with our outlook.

除去第四季度展望中未考慮的 700 萬美元遣散費相關費用，我們的 EBITDA 費用將為 4.35 億美元，與我們的預期一致。

The severance costs were primarily related to actions we took to reposition skill sets within our residential sales force for a more integrated sales approach to agents going forward.

遣散費主要與我們為重新定位住宅銷售隊伍中的技能而採取的行動有關，以便將來為代理商提供更加一體化的銷售方式。

We ended Q4 with $1.9 billion of cash and investments, down from $2.2 billion at the end of Q3, primarily driven by the settlement of our 2026 convertible debt in December, which included aggregate cash payments of $499 million.

我們第四季末的現金和投資為 19 億美元，低於第三季末的 22 億美元，主要原因是 12 月我們解決了 2026 年可轉換債務，其中包括總計 4.99 億美元的現金支付。

This was partially offset by net cash provided by operating activities of $122 million, which was up from $86 million in Q4 2023.

這部分被經營活動提供的淨現金 1.22 億美元所抵消，該金額高於 2023 年第四季的 8,600 萬美元。

We ended the quarter with $419 million of convertible debt outstanding that we expect to settle before the end of Q2.

本季結束時，我們未償還的可轉換債務為 4.19 億美元，我們預計將在第二季結束前結清。

Once this occurs, we will be convertible debt free.

一旦發生這種情況，我們將不再有可轉換債務。

We have a strong net cash position of $1.5 billion at the end of Q4.

截至第四季末，我們的淨現金狀況強勁，達到 15 億美元。

Turning to full year 2024.

展望 2024 年全年。

Our steady execution throughout the year translated into double-digit revenue growth of 15%.

我們全年的穩健執行帶來了15%的兩位數收入成長。

Of note, the existing housing market grew 5% in 2024, according to NAR and 6% according to Zillow, which means our revenue outperformed by 1,000 basis points and 90 basis points, respectively.

值得注意的是，根據 NAR 的數據，現有房屋市場在 2024 年將成長 5%，而根據 Zillow 的數據，現有房屋市場將成長 6%，這意味著我們的收入分別成長了 1,000 個基點和 90 個基點。

When we evaluate our performance, we focus on our ability to outperform the market and take share on annual and multiyear periods, and we were pleased with how we performed in 2024.

當我們評估我們的業績時，我們關注的是我們在年度和多年期內超越市場和占有份額的能力，我們對 2024 年的表現感到滿意。

Our For Sale revenue grew 12% in 2024 with the residential revenue growing 10% and mortgages revenue growing 51%.

2024 年，我們的待售收入成長 12%，其中住宅收入成長 10%，抵押貸款收入成長 51%。

Rentals revenue grew 27% in 2024 as we grew our multifamily properties by 13,000 over the course of the year, which drove 42% multifamily revenue growth for the full year.

2024 年，租賃收入成長了 27%，因為我們全年增加了 13,000 處多戶型房產，推動全年多戶型收入成長 42%。

Our strong revenue growth was combined with disciplined cost management.

我們強勁的收入成長與嚴格的成本管理相結合。

We held our fixed costs to approximately $1 billion, which meant that our fixed costs as a percentage of revenue declined from 48% to 44%.

我們將固定成本控制在 10 億美元左右，這意味著固定成本佔收入的百分比從 48% 下降到 44%。

We were able to control our costs while continuing to invest for future growth.

我們能夠控製成本，同時繼續為未來成長進行投資。

In particular, we grew our Rentals and Zillow Showcase sales forces and added loan officers in Zillow Home Loans throughout the year given the attractive growth profiles of those opportunities.

特別是，考慮到這些機會具有誘人的成長前景，我們全年擴大了租賃和 Zillow Showcase 銷售隊伍，並增加了 Zillow Home Loans 的貸款人員。

We also accelerated our advertising efforts in Rentals.

我們也加大了租賃領域的廣告宣傳力道。

The combination of strong revenue growth, strategic investments and disciplined cost management resulted in EBITDA margin expansion of 200 basis points to 22% in 2024.

強勁的收入成長、策略投資和嚴格的成本管理相結合，使得 2024 年 EBITDA 利潤率擴大 200 個基點，達到 22%。

Turning to our outlook for Q1.

談談我們對第一季的展望。

We expect total revenue to be between $575 million and $590 million, implying a year over year increase of 10% at the midpoint of our outlook range.

我們預計總收入在 5.75 億美元至 5.9 億美元之間，這意味著在我們的預期範圍中位數上年增 10%。

We expect For Sale revenue growth to be in the mid-single digit year over year, driven by residential growth of low to mid-single digits and mortgages revenue growth of approximately 30%.

我們預計，銷售收入成長率將達到中等個位數，這主要得益於住宅收入的低到中等個位數成長和抵押貸款收入約 30% 的成長。

Of note, we pulled forward a number of closed loans in late December that impacted January, resulting in outperformance in Q4 versus our expectations.

值得注意的是，我們在 12 月底提前完成了一些已結清的貸款，這影響了 1 月份的表現，導致第四季度的表現超出了我們的預期。

Mortgages revenue is expected to grow 50% plus in aggregate, when looking at both Q4 2024 and Q1 2025 together.

從 2024 年第四季和 2025 年第一季來看，抵押貸款收入預計將總計成長 50% 以上。

Our guidance reflects our expectation of a more challenged housing market in Q1, which we expect to be relatively flat.

我們的指引反映了我們對第一季房地產市場面臨更大挑戰的預期，我們預計第一季房地產市場將相對穩定。

Pending existing home sales trends in December and January were muted, which we expect will result in lower year-over-year growth of closed transactions for the industry in Q1 compared to Q4 2024.

12 月和 1 月待售現房趨勢低迷，我們預計這將導致 2024 年第一季該行業成交量的同比增長率低於第四季度。

We expect our Rentals revenue to grow approximately 30% year over year in Q1 as we benefit from our execution on building our two-sided marketplace.

我們受惠於建構雙邊市場的實施，預計第一季的租賃收入將年增約 30%。

Our multifamily rentals revenue is expected to grow faster than our overall Rentals revenue as we see the benefits of continued property growth.

由於我們看到房地產持續成長的好處，我們的多戶型租賃收入預計將比整體租賃收入成長更快。

For Q1, we expect EBITDA to be between $125 million and $140 million, equating to a 23% margin at the midpoint of our outlet range.

對於第一季度，我們預計 EBITDA 在 1.25 億美元至 1.4 億美元之間，相當於我們門市範圍中間點的 23% 的利潤率。

This implies EBITDA expenses will increase sequentially from $442 million in Q4 to an estimated $450 million in Q1, with the increase entirely related to seasonal payroll taxes.

這意味著 EBITDA 支出將從第四季的 4.42 億美元環比增加至第一季的預期 4.5 億美元，增幅完全與季節性工資稅有關。

Turning now to full year 2025.

現在展望 2025 年全年。

We expect to expand our enhanced market experience from 21% of connections today to 35% plus of connections by year-end.

我們期望到年底將增強的市場體驗從目前的 21% 擴展到 35% 以上的連結。

We also expect to make progress towards our Zillow Showcase intermediate-term goal of 5% to 10% share of listings and to increase the number of multifamily rental properties on Zillow.

我們也希望朝著 Zillow Showcase 的中期目標邁進，即房源份額達到 5% 至 10%，並增加 Zillow 上的多戶型出租房產數量。

We expect this will translate to low to mid-teens revenue growth for the company for the full year 2025.

我們預計這將意味著公司 2025 年全年收入將達到低至中等幅度的成長。

We expect the housing market to continue to be subdued in 2025 and expect the industry to grow in the low to mid-single digits.

我們預計 2025 年房地產市場將持續低迷，並預期產業成長率將達到低至個位數。

This outlook includes our expectations related to our Rentals partnership agreement with Redfin that we announced today to be the exclusive provider of multifamily rental listings on Redfin's sites.

這項展望包括我們對與 Redfin 簽訂的租賃合作協議的預期，我們今天宣布成為 Redfin 網站上多戶型租賃房源的獨家提供者。

As part of the agreement, we will make a $100 million upfront payment to Redfin.

作為協議的一部分，我們將向 Redfin 支付 1 億美元的預付款。

We expect the partnership will roll out throughout the course of 2025 and have a larger financial impact in 2026 and beyond.

我們預計該合作關係將在 2025 年期間逐步展開，並在 2026 年及以後產生更大的財務影響。

As we execute on our strategy, we will maintain our cost structure framework, including continuing to control our fixed cost base to drive leverage.

在執行策略時，我們將維持成本結構框架，包括繼續控制固定成本基礎以提高槓桿率。

In 2024, we held our fixed cost base flat, leading to 400 basis points of operational leverage and resulting in EBITDA margin expansion of 200 basis points year over year.

2024 年，我們維持固定成本基數平穩，導致營運槓桿達到 400 個基點，EBITDA 利潤率較去年同期擴大 200 個基點。

We expect our fixed cost base of approximately $1 billion to grow inflation, and we believe it is the right investment level as we execute on our growth strategy.

我們預計約 10 億美元的固定成本基礎將導致通貨膨脹，我們相信這是執行成長策略的正確投資水準。

For variable costs, we will continue to invest for growth, primarily in rentals as well as additional loan officers and Zillow Home Loans, as we expand our enhanced markets footprint.

對於可變成本，隨著我們擴大增強的市場覆蓋範圍，我們將繼續投資於成長，主要用於租賃以及額外的貸款人員和 Zillow 房屋貸款。

We expect our variable cost base to grow ahead of revenue in 2025 with these initiatives, but grow more in line with revenue over time as various initiatives scale and mature.

我們預計，透過這些舉措，到 2025 年，我們的變動成本基礎將超過收入成長，但隨著各項舉措的擴大和成熟，我們的變動成本基礎將隨著時間的推移與收入成長更加一致。

We will continue to be opportunistic with our advertising spend, dialing it up or down depending on where we see opportunities across the business.

我們將繼續在廣告支出上保持隨機性，根據業務中看到的機會增加或減少廣告支出。

When we combine our expected revenue growth and cost discipline, we expect EBITDA margins to expand again for the full year 2025.

當我們結合預期的營收成長和成本控制時，我們預計 2025 年全年 EBITDA 利潤率將再次擴大。

Controlling our fixed costs also drives leverage on share-based compensation expense, given 90% of this expense relates to fixed headcount employees.

控制我們的固定成本也會提高股權激勵費用的槓桿作用，因為這類費用的 90% 與固定員工人數有關。

In 2025, we expect that we will reduce share-based compensation expense by at least 10% year over year down from $448 million in 2024.

到 2025 年，我們預計股權激勵費用將年減至少 10%，低於 2024 年的 4.48 億美元。

As a result of strong revenue growth and continued cost discipline, we expect to have positive GAAP net income for the full year 2025, an important milestone for the company.

由於強勁的收入成長和持續的成本控制，我們預計 2025 年全年 GAAP 淨收入將為正，這對公司來說是一個重要的里程碑。

Looking beyond 2025, we see a large multiyear growth opportunity ahead of us.

展望 2025 年後，我們看到未來多年存在巨大的成長機會。

As we think about our financial profile in a mid-cycle housing environment, in which existing homes sold returns to $6 million per year, we see a clear path to $5 billion in annual revenue.

當我們思考我們在中期住房環境中的財務狀況時，現有房屋的銷售回報率為每年 600 萬美元，我們看到了實現 50 億美元年收入的明確途徑。

To go from the $2.2 billion in revenue that we generated in 2024 to $5 billion in a mid-cycle housing environment, there are three key drivers.

要將我們在 2024 年創造的收入從 22 億美元提高到中期住房環境的 50 億美元，有三個關鍵驅動因素。

First, within For Sale, we believe there is a $1 billion incremental organic revenue opportunity as we expand our current offerings nationally, even if the housing market stays flat from here.

首先，在待售產品範圍內，我們相信，隨著我們在全國範圍內擴大目前的供應範圍，即使房地產市場今後保持平穩，也存在 10 億美元的增量有機收入機會。

We estimate the combination of our Enhanced Market experience growing to 75% of all Zillow transactions, coupled with reaching the midpoint of our intermediate term Showcase revenue target of $150 million to $300 million would translate into 16 basis points of total transaction value share in our For Sale revenue or roughly 50% growth from today's levels.

我們估計，如果增強型市場經驗能夠佔據 Zillow 所有交易的 75%，再加上達到中期展示收入目標 1.5 億至 3 億美元的中點，將意味著總交易價值份額在我們的待售收入中上升 16 個基點，或者說比現在的水平增長約 50%。

Second, in Rentals, our execution on Multifamily revenue has put us on a clear path to a $1 billion-plus annual Rentals business, more than an incremental $500 million from the current run rate revenue base.

其次，在租賃方面，我們在多戶型收入方面的執行使我們走上了一條明確的道路，即每年實現 10 億美元以上的租賃業務，這比目前的運行率收入基數增加了 5 億美元以上。

Last, we expect that when the housing market returns to mid-cycle levels with normalized housing turnover of 6 million annual existing home sales it could represent $1.3 billion of incremental revenue across our For Sale category.

最後，我們預計，當房地產市場恢復到週期中期水平，正常住房週轉率達到每年 600 萬套現有房屋銷售時，這可能意味著我們的待售類別的增量收入為 13 億美元。

Under our current cost structure, we expect that $5 billion in revenue would translate to a 45% EBITDA margin and strong GAAP profitability.

在我們目前的成本結構下，我們預計 50 億美元的營收將轉化為 45% 的 EBITDA 利潤率和強勁的 GAAP 獲利能力。

To complete the full financial picture beyond revenue and costs, we are pleased with our capital management strategy.

為了了解除了收入和成本之外的完整財務狀況，我們對我們的資本管理策略感到滿意。

Since we started our share buyback program in 2021, we have repurchased nearly $2 billion of shares at an average price of $45 per share.

自 2021 年啟動股票回購計畫以來，我們已以平均每股 45 美元的價格回購了近 20 億美元的股票。

In 2024, we also made significant progress reducing our convertible debt levels, settling both our 2024 and 2026 senior convertible notes, which reduced our debt by $1.2 billion.

2024 年，我們也正在降低可轉換債務水準方面取得了重大進展，結清了 2024 年和 2026 年的優先可轉換票據，從而減少了 12 億美元的債務。

We have also made acquisitions to accelerate our growth over the last several years.

過去幾年來，我們也進行了收購以加速我們的成長。

We acquired ShowingTime, which allowed us to launch real-time touring and is now 33% of all of our connections.

我們收購了ShowingTime，這使我們能夠推出即時巡演，現在它占我們所有連線的33%。

We also acquired Follow Up Boss, an industry-leading CRM for our partners in the industry, which now represents more than 80% of transactions in our Enhanced Markets.

我們還收購了 Follow Up Boss，這是一款為我們行業合作夥伴提供的行業領先 CRM，目前占我們增強型市場交易的 80% 以上。

Additionally, we acquired VRX, VS AI and Aryeo to scale Zillow Showcase with both first-party and third-party photographers and enhance our listings experience.

此外，我們還收購了 VRX、VS AI 和 Aryeo，以便透過第一方和第三方攝影師擴大 Zillow Showcase 的規模並增強我們的清單體驗。

Finally, we acquired Spruce a tech-enabled title and closing business that will be the next service we introduced into our Ehanched Markets over time.

最後，我們收購了 Spruce，一家技術支援的頭銜和收尾業務，這將是我們隨著時間的推移在 Ehanched Markets 中推出的下一項服務。

Each of these acquisitions has supported our strategy and we will continue to pursue opportunities when we find ways to accelerate organic growth.

每次收購都支持了我們的策略，當我們找到加速有機成長的方法時，我們將繼續尋求機會。

To close, we are successfully executing on our strategy and are excited about the opportunity ahead of us. we are growing across our business with investments in place to drive future growth.

最後，我們正在成功執行我們的策略，並對我們面臨的機會感到興奮。我們的業務正在不斷發展，並已進行投資以推動未來成長。

Our revenue is accelerating while we are disciplined on costs, and we expect to expand margins again in 2025, while generating positive GAAP net income.

我們的收入正在加速成長，同時我們嚴格控製成本，我們預計在 2025 年利潤率將再次擴大，同時產生正的 GAAP 淨收入。

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

接線員，現在我們將開始回答您的提問。

(Operator Instructions) Ron Josey, Citi.

（操作員指示）花旗銀行的 Ron Josey。

I guess a question for both, Jeremy.

我想，這個問題是針對雙方的，傑瑞米。

So the first one is just on Enhanced Markets.

第一個只是關於增強市場。

And I think, Jeremy, you talked about 35% of connections by the end of the year with Enhanced Markets on the way to 75%.

傑里米，我認為您談到的到今年年底連接率將達到 35%，而增強型市場將達到 75%。

Talk to us how you get there, the path to getting that 75%?

跟我們講講你是如何實現這一目標的，獲得 75% 的途徑是什麼？

And any early benefits and not so early, but what are the benefits that you're seeing thus far with the transition to Enhance Markets?

有什麼早期的好處嗎？

And then with the Redfin deal, very clear on the opportunity with Rental that you laid out on the call.

然後透過 Redfin 交易，您在電話中闡述的與 Rental 合作的機會非常明確。

But I wanted to hear a little bit more just on the strategic rationale with the partnership, the benefits to it.

但我想多聽一些關於這項合作的策略基礎以及它帶來的好處。

And then Jeremy, if you can talk about the payments and the distribution, what it means for the balance sheet, I guess.

然後傑里米，如果你可以談談付款和分配，我想這對資產負債表意味著什麼。

Yes.

是的。

Thanks, Ron.

謝謝，羅恩。

Jeremy, why don't I start and you can chime in with some of the deal specifics.

傑里米，我先開始吧，你可以介紹一下交易的一些具體細節。

On Enhanced Markets, you're right, we talked about ending last year at 21%.

關於增強型市場，您說得對，我們談到去年年底的成長率為 21%。

And then our goal is to get to 35% of customers by the end of this year.

我們的目標是在今年年底前覆蓋 35％ 的客戶。

The big drivers of that for us is methodically scaling to additional partners, right, agent partners and teams and capacity of those partners as well as scaling our loan officer capability and integration with those partners.

對我們來說，最大的驅動力是系統地擴大更多的合作夥伴、代理合作夥伴和團隊以及這些合作夥伴的能力，以及擴大我們的貸款官員的能力和與這些合作夥伴的整合。

And you can see how we've done it over the last couple of years and the results we gave out a bit in the refreshed investor deck.

您可以在更新的投資者報告中看到我們過去幾年的做法以及我們公佈的成果。

We're seeing mid-teens Zillow Home Loans adoption rates in those enhanced markets that are older than six months.

我們發現，在那些成立超過六個月的增強型市場中，Zillow 房屋貸款的採用率達到了十幾歲的水平。

That's continuing as we've gotten more of those markets to bigger maturity.

隨著我們讓更多市場變得更加成熟，這種情況還會持續下去。

And then you're also seeing inflections in revenue per TTV after that 12 months of rolling out.

然後，您還會看到推出 12 個月後每 TTV 收入的變化。

It takes time to land and expand.

落地和擴張需要時間。

And most importantly, it's really important.

最重要的是，它確實很重要。

We've talked about this for a while that each agent partner and team as they train their agent group.

我們已經討論了這個問題一段時間了，每個代理合作夥伴和團隊在培訓他們的代理組時都會討論這個問題。

They get introduced to the new way of working to real-time touring to Zillow loan officers and Zillow Home Loans, so we can collectively serve the customer.

他們了解了即時拜訪 Zillow 貸款人員和 Zillow 房屋貸款的新工作方式，這樣我們就可以共同為客戶提供服務。

So we've learned a lot, and we've gone and found a lighter weight-ways to scale and still see great performance, and that's why we're so excited to go from 21% in connections to 35% by the end of '25.

因此，我們學到了很多東西，並且找到了一種更輕的方式來擴展並且仍然看到出色的性能，這就是為什麼我們如此興奮地將連接率從 21％ 提高到 25 年底的 35％。

That's also why we gave you all a bit of a mile marker on where are we trying to get to?

這就是為什麼我們要提供你們一個里程碑，告訴你們我們要去哪裡？

And we said we'd like to get to 75% of customer connections.

我們說過，我們希望達到 75% 的客戶連線率。

We don't know what the upper limit is yet, but we felt like that was a really good gut host just to help signal to you all.

我們還不知道上限是多少，但我們覺得這是一個非常好的直覺主機，可以幫助向大家發出訊號。

Our goal is to get the majority of our customers into this experience, the better experience for buyers and sellers.

我們的目標是讓大多數客戶都能享受這種體驗，為買家和賣家帶來更好的體驗。

It's better for our agents.

這對我們的代理商來說更好。

It's higher-quality customers.

這是更高品質的客戶。

They look to grow their business with those higher-quality customers as well.

他們也希望透過這些更高品質的客戶來發展自己的業務。

So that's on Enhanced Markets.

這就是增強型市場。

And then, Jeremy, do you want to take the deal?

那麼，傑里米，你想接受這筆交易嗎？

Yes, I can start on the deal terms and then he asked around strategic rationale as well, so maybe I'll hand it back to you on that one.

是的，我可以從交易條款開始，然後他也詢問了戰略理由，所以也許我會把這一點交還給你。

Yes.

是的。

So Ron, the deal terms, we're making $100 million payment upfront.

所以羅恩，按照交易條款，我們要預付 1 億美元。

It's a five-year term with two, two-year extensions as well.

任期為五年，其中還有兩次延長兩年的期限。

So that's what we've announced publicly.

這就是我們公開宣布的內容。

Mechanics for it, we will pay Redfin for leads generated from their network.

具體來說，我們將向 Redfin 支付其網路產生的潛在客戶的費用。

They'll be supportive on the sales front through the transition of new properties on to Zillow.

他們將透過將新房產轉移到 Zillow 來在銷售方面提供支援。

And then I think Jeremy will hit more of this, but we're really excited about the opportunity to work more closely with them to deliver value to consumers and deliver great ROI to Multifamily Partners.

然後我認為傑里米會更多地談論這個，但我們真的很高興有機會與他們更緊密地合作，為消費者提供價值，並為多戶合作夥伴帶來巨大的投資回報。

So that's where we are at the moment.

這就是我們目前的狀況。

With respect to financial impact, we expect the partnership to ramp over the course of 2025, and we'll see the full financial benefits in '26 and beyond.

就財務影響而言，我們預計合作關係將在 2025 年逐步加強，並將在 2026 年及以後看到全部財務效益。

And then if I step back before I hand it to Jeremy, we think we have an opportunity for a great partnership here and any great partnership has to be a win for both companies, and we think we're well set up here for that dynamic.

在將權力移交給傑里米之前，我認為我們有機會在這裡建立良好的合作關係，任何良好的合作關係都必須對兩家公司都有利，我們認為我們已經為這種動態做好了充分的準備。

I mean, I would echo a lot of with what Jeremy said.

我的意思是，我非常贊同傑瑞米所說的話。

We're very excited about the partnership with Redfin.

我們對與 Redfin 的合作感到非常興奮。

We're very similar mission companies.

我們是非常相似的使命公司。

We're trying to digitize the industry and turn on the lights.

我們正在努力使這個行業數位化，並點亮燈光。

This agreement is really a great win-win.

這項協議確實是一個雙贏的局面。

It strengthens the value of partnering with Zillow for property managers on the network, right?

這增強了與 Zillow 合作對於網路上的房地產經理的價值，對嗎？

It expands the reach of the network, and we expect the marketplace overall to benefit as those advertisers can now get access to Zillow to Redfin's network and, of course, to realtor.com, our existing partner.

它擴大了網路的覆蓋範圍，我們預計整個市場都會受益，因為這些廣告商現在可以存取 Zillow、Redfin 的網絡，當然還有我們現有的合作夥伴 realtor.com。

And it's just a great next step in our strategy, right.

這只是我們策略中重要的下一步，對吧。

We've talked for a long time and Jeremy talked about it, in his remarks and so did I, this unique Rental strategy we have to organize as much of the supply as we can because there's no national database of all rentals, and that is the biggest problem renters face. right?

我們已經討論了很長時間，傑里米在他的演講中也談到了這個問題，我也談到了這個問題，這個獨特的租賃策略是，我們必須盡可能多地組織供應，因為沒有所有租賃的全國數據庫，這是租房者面臨的最大問題。正確的？

Every renter has a compressed time frame, a high stress time to find a rental, and they are endlessly scouring the planet for available inventory.

每個租屋者的時間都很緊迫，他們在非常緊張的時候才找到出租房屋，並且他們不斷地在全世界範圍內尋找可用的房屋。

And so we know that strategy works.

因此我們知道這個策略是有效的。

It's why you see the audience lead we have today and the widening audience leading brand preference.

這就是為什麼我們今天看到的是觀眾領先，而且不斷擴大的觀眾群引領著品牌偏好。

It's why you've seen such rapid organic scale in property growth into our network.

這就是為什麼您會看到我們的網路中房地產規模如此迅速地有機成長。

And that has, in turn, reinforced the marketplace and driven revenue growth.

這反過來又鞏固了市場並推動了收入成長。

So now, when you add in Redfin later this spring, we just see that as the next step of growth, and we're really excited about it.

所以現在，當您在今年春季晚些時候添加 Redfin 時，我們將其視為下一步的增長，我們對此感到非常興奮。

Ryan McKeveny, Zelman.

瑞安·麥克凱文尼，澤爾曼。

I wanted to start on the 2025 outlook for positive GAAP net income for the full year and revisit some of that breakdown between fixed variable advertising and SBC.

我想從 2025 年全年 GAAP 淨收入為正的前景開始，並重新審視固定可變廣告和 SBC 之間的一些細目。

So the fixed cost sounds very straightforward.

固定成本聽起來非常簡單。

I guess on the variable side of things, in the investor deck, you've got the slide showing that was 25% of revenue in '24, up from 24% in '23.

我想，從變數的角度來看，在投資者簡報中，投影片顯示24 年的收入佔比為 25%，高於23 年的 24%。

I guess is that 100 bps growth that we saw a decent guide post for -- 2025 on the variable cost?

我想，我們看到的 100 個基點的成長率是否是 2025 年可變成本的一個不錯的指導標準？

I guess that's part one.

我想這是第一部分。

And then on the advertising piece, I know you described it as kind of opportunistic the step-up this year, I think, was largely attributed to the efforts on the Rental side.

然後關於廣告部分，我知道你把它描述成一種機會主義，我認為今年的升級很大程度上歸功於租賃方面的努力。

I guess I'm just curious where you sit today, how you're thinking about the advertising piece into '25 relative to that expense category in 2024?

我只是好奇您現在的情況，您如何看待 2025 年的廣告費用相對於 2024 年的支出類別？

Yes.

是的。

Ryan, it's Jeremy Hoffman.

瑞安，我是傑瑞米霍夫曼。

I'll take that.

我接受。

You're right on we're targeting GAAP profitability for the year.

您說得對，我們今年的目標是實現 GAAP 獲利。

The way in which we do that is pretty straightforward, which is we need to continue to meaningfully outperform the housing market and grow revenue.

我們這樣做的方法非常簡單，那就是我們需要繼續大幅超越房地產市場並增加收入。

We need to hold our fixed cost base flat.

我們需要保持固定成本基數平穩。

It can grow with inflation, but really even fight against that.

它可以隨著通貨膨脹而增長，但實際上甚至可以對抗通貨膨脹。

And then stock-based comp is a big lever as well. 90% of our stock-based comp charge sits with fixed headcount employees, so we can get leverage as we hold those fixed costs in line.

然後基於股票的補償也是一個很大的槓桿。我們的股票薪酬費用的 90% 來自固定員工人數，因此我們可以在控制這些固定成本的同時獲得槓桿作用。

And obviously, it becomes less and less a percent of revenue as we're growing revenue.

顯然，隨著我們收入的增加，它佔收入的百分比越來越少。

With respect to variable and marketing, no further guidance at the moment.

關於變數和行銷，目前沒有進一步的指導。

But we feel like we have a real opportunity to expand margins while we continue to invest for growth in rentals and Zillow Home Loans.

但我們覺得，我們在繼續投資租賃和 Zillow 房屋貸款成長的同時，確實有機會擴大利潤率。

And as we expand margins, we think GAAP profitability is achievable in '25.

隨著利潤率的擴大，我們認為 GAAP 獲利能力在 25 年是可以實現的。

Got it.

知道了。

That's helpful.

這很有幫助。

And I guess a follow-up, maybe somewhat related to cost structure over time. but maybe just the ways AI can benefit the business, whether it's the search experience or elsewhere.

我想後續可能會與一段時間內的成本結構有所關聯。但也許只是人工智慧能為企業帶來益處的方式，無論是搜尋體驗還是其他方面。

I guess maybe just curious if you could share some thoughts on how you're generally thinking about the influence of AI on the business over time?

我想您可能只是好奇，您是否可以分享一些關於您如何看待人工智慧對業務的長期影響的想法？

Yes, happy to.

是的，很高興。

We're really bullish on the potential of AI for our customers, for our partners, our agents and for our employees.

我們非常看好人工智慧為我們的客戶、合作夥伴、代理商和員工帶來的潛力。

We have long been in innovators around AI, really since our founding, many folks forget that the very first product Zillow launched back in 2006, the Zestimate of 2006 AI, machine learning, automated valuation model.

自成立以來，我們一直是人工智慧領域的創新者，許多人都忘記了 Zillow 在 2006 年推出的第一款產品，即 2006 年人工智慧、機器學習和自動估值模型的 Zestimate。

And we've been investing in AI experiences all the way up through our search experience and our rich media, our computer vision work on Zillow Showcase, these Super Listings and this homegrown tech we've built.

我們一直在投資人工智慧體驗，包括我們的搜尋體驗和富媒體、Zillow Showcase 上的電腦視覺工作、這些超級清單以及我們自己開發的技術。

So when generative AI really came to the forefront.

因此，生成式人工智慧才真正走向前台。

We've been running at it, trying to figure out how it's going to change how we all work and all consumer real estate.

我們一直在努力，試圖弄清楚它將如何改變我們所有人的工作方式和所有消費者房地產。

And one of the things we've learned in our early days is the opportunity to make the workforce more efficient is a big one over time.

我們在早期就學到的一件事就是，隨著時間的推移，提高勞動效率的機會將會很大。

And that applies, of course, to all of us as employees in terms of learning how we do our work and doing our work better and getting to more customers more efficiently internally, but it really applies to the professional service providers in our industry, right?

當然，這適用於我們所有員工，我們需要學習如何開展工作、更好地開展工作以及在內部更有效地吸引更多客戶，但它實際上也適用於我們行業中的專業服務提供者，對嗎？

The number 1 thing a buyer and a seller need is great advice, great guidance, great support.

買家和賣家最需要的就是好的建議、好的指導、好的支持。

And the number 1 thing our professionals do is spend time in the back office doing busy work and not providing that service because that's how they have to try and win their next client.

我們的專業人員所做的第一件事就是花時間在後台做繁忙的工作而不是提供服務，因為這是他們試圖贏得下一個客戶的方式。

And so if we can take away and automate and provide guidance and support and proactive tools to help them become super agents and super loan officers, that's going to help them do their best job, showcase what they do well, win more business for themselves, for sure, but just make the marketplace more efficient.

因此，如果我們能夠自動化並提供指導、支援和主動工具來幫助他們成為超級代理商和超級貸款人員，這將幫助他們做到最好，展示他們擅長的事情，為自己贏得更多業務，當然，這也會使市場更有效率。

So those are the things we're investing in in the short term.

這些都是我們短期投資的東西。

You've seen us bring to market some innovations in Follow Up Boss trying to help agents automate their conversations and their follow-ups with their customers.

您已經看到我們在 Follow Up Boss 中向市場推出了一些創新，試圖幫助代理商自動化與客戶的對話和跟進。

We're doing that for loan officers as well.

我們也為貸款人員實施同樣的措施。

And we're innovating and experimenting on how do we do that with customers.

我們正在進行創新和試驗，研究如何與客戶一起做到這一點。

So I mean, it's still very, very early days.

所以我的意思是，現在還處於非常非常早期的階段。

We'll be talking about this for years to come, but we get really excited to think about how AI can really be this huge phase shift for the software and the technology in the category.

我們將在未來幾年內討論這個問題，但我們真的很興奮地思考人工智慧如何真正成為該類別的軟體和技術的巨大轉變。

Brad Erickson, RBC.

布拉德·埃里克森，RBC。

Can you guys hear me?

你們聽得到我的聲音嗎？

Yes.

是的。

We got you, Brad.

我們抓到你了，布拉德。

Yes.

是的。

So a couple of questions.

有幾個問題。

First, can you just hit for Q4, the revenue growth was a little bit below the market that you reported just kind of why that was?

首先，您能否舉例說明一下第四季的營收成長情況，為什麼會這樣？

And then in the guide for Q1, why does that apparently revert to share gains?

那麼在第一季的指南中，為什麼這顯然會恢復到份額收益？

That's question number one.

這是第一個問題。

Question number two, you're starting out this year with a lot more enhanced market, call it, horsepower than you did have last year at this time.

第二個問題，今年年初，你們的市場實力比去年同期增強了許多。

And I guess, market share gain-wise, it seems like you're kind of roughly baking in maybe a similar amount year over year.

我想，從市佔率的成長來看，似乎你每年獲得的市佔率大致是差不多的。

So I guess there's kind of decent logic there as to why the market share delta should expand.

所以我認為市佔率增量應該擴大是有一定道理的。

Is that the right expectation?

這是正確的期望嗎？

Or maybe if you could guide us a little bit more on that, that would be great.

或者如果您能就此為我們提供更多指導，那就太好了。

Yes, Brad.

是的，布拉德。

It's Jeremy Hofmann, I can take those.

我是傑里米·霍夫曼，我可以接受這些。

So just on the first question, you've heard this from us many times, regardless of a quarter, but we just don't overfocus on the quarterly fluctuations.

因此，就第一個問題而言，您已經多次聽到我們這麼說，無論哪個季度，但我們不會過度關注季度波動。

The housing market definitely got softer at the end of last year into starting this year.

從去年年底到今年年初，房地產市場肯定有所疲軟。

And I think that's reflected in the guide, particularly given the weak -- the weaker pending sales activity in December and January.

我認為這在指南中有所體現，特別是考慮到 12 月和 1 月待售活動較弱。

So I think with that said, we're expecting revenue to grow at 10% at the midpoint across the company versus flattish for the housing market, which implies roughly 1,000 basis points of outperformance.

因此，我認為，我們預計公司整體收入將以 10% 的中位數速度成長，而房地產市場則將持平，這意味著公司業績將超出預期約 1,000 個基點。

And we expect to grow as a company low to mid-teens in 25% against the housing market that we think grows low to mid-single digits for '25.

我們預計，在 25 年房地產市場成長率將達到低至個位數的中段，而公司銷售額成長率將達到 25%。

So I think overarchingly, feel like it's another year of we're set up for another year of good outperformance.

因此我認為，整體而言，我們感覺又一年將迎來優異的表現。

We did it in 2024.

我們在 2024 年做到了。

We expect to do it again in '25, and we'll do it while expanding margins and generating positive GAAP net income.

我們期望在25年再次實現這一目標，並且我們將在擴大利潤率和產生正的GAAP淨收入的同時實現這一目標。

So we're definitely excited about where we are and how the year is setting up.

因此，我們對於目前的狀況以及今年的安排感到非常興奮。

I think on the Enhanced Market side, I'd say we continue to see strong growth in the oldest Enhance Markets, right?

我認為在增強型市場方面，我們會繼續看到最古老的增強型市場的強勁成長，對嗎？

The first four Enhanced Markets are up greater than 100% relative to the housing market since the beginning of '23.

自 23 年初以來，前四個增強型市場相對於房地產市場的漲幅均超過 100%。

And we're seeing repeatable success across all subsequent Enhanced Markets.

我們在所有後續增強型市場中都看到了可重複的成功。

So the early to mid funnel metrics look good versus older markets.

因此，與舊市場相比，早期到中期的漏斗指標看起來良好。

We're seeing consistent mid-teens adoption in Zillow Home Loans as we've scaled.

隨著我們規模的擴大，我們看到 Zillow Home Loans 的採用率持續保持在十幾歲的水平。

And the growth inflection typically occurs more than 12 months after a market launch.

成長轉折點通常發生在產品上市 12 個月後。

So last year's expansion really helps contribute to this year's growth and so on.

因此，去年的擴張確實有助於今年的成長等等。

It takes time for us to land and expand.

我們的落地和擴張需要時間。

It takes time for us to ensure the ZHL integration is going well.

我們需要時間來確保 ZHL 整合進展順利。

I think all of that sets us up for sustainable growth not just in 2025, but well beyond.

我認為，所有這些為我們不僅在 2025 年，而且在更長遠的未來實現永續成長奠定了基礎。

We think this really is the consumer experience of the future.

我們認為這確實是未來的消費者體驗。

And Jeremy put out -- we think that 75% of the customer experience over time is a good mile marker for you all to think about what mature looks like, and that gives us what we think is a $1 billion of incremental revenue even against the flat housing market.

傑里米表示——我們認為，隨著時間的推移，75% 的客戶體驗是一個很好的里程碑，可以讓大家思考什麼是成熟的，即使在房地產市場不景氣的情況下，這也將為我們帶來 10 億美元的增量收入。

So all in, I think on the Enhanced Market side, it's going well.

總的來說，我認為增強型市場方面進展順利。

It's going to continue to roll out, and we're going to be methodical, but we think we take share a long way.

我們將繼續推出這項服務，並且會循序漸進，但我們認為我們會取得長足的進步。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay.

好的。

I just want to ask about the cost structure going forward.

我只是想問未來的成本結構。

I know you made a couple of comments just maybe long term in the next two or three years when you think about your headcount levels and your overall, I guess, fixed expenses like your confidence in being able to keep headcount growth relatively modest and your confidence in a two- to three-year outlook and being able to keep these costs relatively close to the current fixed cost base?

我知道您對未來兩三年的長期發展發表了一些評論，當您考慮您的員工人數水平和整體固定支出時，您是否有信心保持員工人數增長相對適度，您對兩到三年前景有信心，並且能夠將這些成本保持在相對接近當前固定成本基數的水平？

Just talk about that, please.

請就此話題討論一下。

Yes, Mark, it's Jeremy Hofmann, thanks for the question.

是的，馬克，我是傑里米霍夫曼，謝謝你的提問。

We like the setup of the cost structure at the moment.

我們喜歡目前的成本結構設定。

We think we're well invested for our growth strategy if we continue to get leverage -- in the fixed cost base, you can obviously see it expand margins.

我們認為，如果我們繼續獲得槓桿作用，我們的成長策略就投資得當——在固定成本基礎上，你可以明顯看到利潤率的擴大。

So I think we feel good there.

所以我認為我們在那裡感覺很好。

Nothing too specific over the next two to three years, but I think the 2025 guide should help inform you in terms of how we're thinking about cost structure for '25.

未來兩到三年沒有什麼太具體的消息，但我認為 2025 年指南應該有助於您了解我們如何考慮 25 年的成本結構。

And then the mid-cycle targets imply a $5 billion revenue path and 45% EBITDA margins, and we feel quite comfortable with both of those and feel like we're on a really nice slope to go get there.

然後，中期目標意味著 50 億美元的收入路徑和 45% 的 EBITDA 利潤率，我們對這兩個目標都感到很滿意，並且感覺我們正處於實現目標的良好軌道上。

Nicholas Jones, JMP Securities.

尼古拉斯·瓊斯，JMP證券。

Two.

二。

One, on kind of 2025 outlook.

第一，關於 2025 年的展望。

Can you maybe speak to how are agents behaving today as you roll out all these new solutions?

當您推出所有這些新解決方案時，您能否談談代理商目前的表現如何？

You've kind of outlined this kind of suite of products in the deck are agents being more discerning and if transaction volume were to maybe pick up, they potentially get more opportunistic in taking on new solutions?

您已經在簡報中概述了這種產品套件，代理商是否會變得更具辨別力，如果交易量可能回升，他們是否會更有機會採用新的解決方案？

Or is it opposite, I guess, just what have you learned kind of talking to agents and their willingness to adopt all these new solutions as you roll them out nationally.

或者我想是相反的，您在與代理商交談中學到了什麼，以及在全國範圍內推廣這些新解決方案時他們願意採用這些新解決方案嗎？

And then kind of the follow-up is based on that dynamic, does that kind of make it easier to accelerate enhanced markets roll out over time?

然後後續行動基於這種動態，這是否會讓加速增強型市場隨著時間的推移而更容易推出？

Or is the Loan business and hiring folks kind of a gating factor and as we think about it longer term?

或者，貸款業務和招募人員是否是一種限制因素，我們需要從長遠角度來考慮這個問題？

Yes, great questions.

是的，很好的問題。

We are hearing, I would say, great support and partnership from our agent partners.

我想說，我們得到了代理合作夥伴的大力支持和合作。

As a reminder, in the Enhanced Market experience, we really focus in on the top producers and top professionals in the industry, 80% of the agents we work with are in the top 20% of all, right?

提醒一下，在增強型市場體驗中，我們真正關注的是行業中的頂尖製作人和頂尖專業人士，我們合作的 80% 的經紀人都位於前 20%，對嗎？

So these are folks that have built systems scale, staff, discipline around digital-enabled real estate experiences with us.

這些人與我們一起圍繞數位房地產體驗建立了系統規模、人員和紀律。

And so when we bring them new things, of course, it's a change in their workflow, but it's an opportunity for growth and a lot of them lean in.

因此，當我們為他們帶來新事物時，當然，這會改變他們的工作流程，但這是一個成長的機會，很多人都會傾向於接受。

And you've seen that with everything from real-time touring, where we brought them an entirely new lead type and they had to change how they engage with customers from Zillow to Zillow Home Loans, and they started to learn a new motion with us on how to talk to their customers about financing, differently than maybe they were doing before to Follow Up Boss.

你已經從即時巡迴的一切中看到了這一點，我們為他們帶來了一種全新的潛在客戶類型，他們必須改變與客戶互動的方式，從 Zillow 到 Zillow Home Loans，他們開始向我們學習一種新的動作，即如何與客戶談論融資，這可能與他們之前對 Follow Up Boss 的做法不同。

And now, as Jeremy said, 80% of our customers in these markets are talking to agents through Follow Up Boss and starting to build this great three-way experience between Zillow, the customer and the agent all powered by our software.

現在，正如 Jeremy 所說，這些市場中 80% 的客戶都在透過 Follow Up Boss 與代理商交談，並開始在我們的軟體的支援下在 Zillow、客戶和代理商之間建立這種良好的三方體驗。

So we find that agents typically lean in when it yields higher-intent customers, more customers, more efficiency.

因此，我們發現，當能夠帶來更有意圖的客戶、更多的客戶和更高的效率時，代理商通常會傾向於這麼做。

And I think to your question where you're trying to figure out where does it go, when we get back to mid-cycle, we hope and expect that these are the agents that are best positioned to gain share.

我認為，對於您試圖弄清楚它會走向何處的問題，當我們回到中期時，我們希望並期望這些代理商最有能力獲得份額。

And I think you can kind of look at the uncertainty around all the regulatory changes last year with the lawsuits and settlements as an example of that.

我認為，您可以透過訴訟和和解來看看去年所有監管變化所帶來的不確定性。

There was a lot of fear and uncertainty about how things were going to go.

人們對於事情將如何發展充滿恐懼和不確定性。

And we talked about how having the best agents, they're the ones that lean in.

我們討論如何擁有最好的經紀人，他們就是那些願意傾聽的人。

They're the ones that retrain their staff.

他們是對員工進行再培訓的人。

They're the ones that take advantage of these changes and better educate buyers on why they should sign a great buyer's agreement, why they're worth their money, and they use that to hold price or gain share, right?

他們利用這些變化，更好地教育買家，讓他們明白為什麼他們應該簽署一份好的買方協議，為什麼這些協議值得他們花錢，然後他們利用這一點來保持價格或獲得份額，對嗎？

So we love the strategy because we think it doesn't just benefit the customer, right?

所以我們喜歡這個策略，因為我們認為它不僅僅使客戶受益，對嗎？

These are better digital experiences for the buyer and seller.

這對買家和賣家來說都是更好的數位體驗。

That, in turn, benefits the agent, right?

這反過來又使經紀人受益，對嗎？

That helps land more of those customers with the best professionals and those are the folks that are -- that stand to gain the most share.

這有助於為這些客戶吸引更多優秀的專業人士，而這些人將獲得最大的份額。

Whether the market stays at lower levels or if and when the market gets back to higher levels.

市場是否會維持在較低水平，或何時會回到較高水平。

So I think that's how we feel about agent sentiment on rollout.

所以我認為這就是我們對代理商推出產品時的情緒的感受。

I know you all spent a lot of time trying to think about how to model this.

我知道你們花了很多時間來思考如何對此進行建模。

You've heard Jeremy say, you've heard me say, we're going to be very methodical here.

你們已經聽過傑瑞米說過，你們也聽過我說，我們在這裡會非常有條不紊地進行。

Things like the Zillow Home Loans integration, things like the software training and tools, it's really important to get these things right because if you put yourself in an individual agents shoes on one of our teams, they're doing maybe a handful of deals a year, and it has to go really well for them.

諸如 Zillow Home Loans 整合、軟體培訓和工具之類的事情，正確處理這些事情非常重要，因為如果您將自己置於我們某個團隊中的個人代理商的角度，他們每年可能只做少量交易，而且他們必須一切順利。

And when we're asking them to do something differently, they have to get comfortable with it, and learn to love it.

當我們要求他們做不同的事情時，他們必須適應它，並學會喜歡它。

We have to earn their business and their trust.

我們必須贏得他們的業務和信任。

And once we do, we've earned the right to then continue to compete for more business and be a great business partner for them.

一旦我們做到了這一點，我們就贏得了繼續競爭更多業務的權利，並成為他們優秀的商業夥伴。

But that's just very methodical, right?

但這非常有條理，對吧？

That's very agent by agent, team by team.

這都是由經紀人、球隊逐一進行的。

It's what's driven our enhanced market strategy, and it's why we're continuing to just methodically march from what was 21% of connections last year to we initially expect 35% of connections by the end of this year, on our way to 75% or more.

這就是我們加強市場策略的動力，也是為什麼我們能繼續有條不紊地從去年的 21% 增至我們最初預計的今年年底的 35%，並朝著 75% 或更高的目標邁進。

John Colantuoni, Jefferies.

傑富瑞的約翰‧科蘭托尼 (John Colantuoni)。

So just starting with the full year outlook, just wanted -- it looks like you're expecting faster growth relative to the first quarter.

因此，僅從全年展望開始，看起來您預計相對於第一季將會有更快的成長。

Just maybe walk through the drivers of that improving outperformance relative to your expectation for the housing market as the year progresses?

您能否結合您對今年房地產市場的預期，談談推動房地產市場表現優異的因素有哪些？

And second, in the Rental segment, it looks like your first quarter outlook implies an acceleration relative to the fourth quarter.

其次，在租賃領域，看起來第一季的展望意味著相對於第四季將會加速。

I imagine Redfin has something to do with it, but maybe walk through the key drivers of the acceleration in the Rental segment.

我認為 Redfin 與此有關，但也許可以談談租賃領域加速發展的關鍵驅動因素。

Yes, John, so I can take both of those.

是的，約翰，所以我可以同時接受這兩件事。

I think on the full year comment, you're right that it implies some acceleration.

我認為，關於全年評論，您說得對，這意味著一定程度的加速。

And that's just through a function of more enhanced markets being opened deeper expansion into existing enhanced markets, ramp in Zillow Showcase, ramp in Zillow Home Loans and the continued execution on Rental side.

這只是透過開放更多增強市場、深入擴展現有增強市場、在 Zillow Showcase 中提升、在 Zillow Home Loans 中提升以及在租賃方面的繼續執行來實現的。

So we just think that continues to build over the course of the year.

因此我們認為這一趨勢將在今年內持續增強。

And then on the Rentals one, it actually does not include the Redfin partnership.

然後在租賃方面，它實際上並不包括 Redfin 合作夥伴關係。

We expect that to really launch throughout the course of the spring and then steadily through the bulk of 2025.

我們預計它將在春季真正啟動，然後在 2025 年的大部分時間裡穩步推進。

I think the acceleration you're seeing in Rentals at this point is just some of the fruits of our labor that we put in place in '23 and '24.

我認為您目前在租賃領域看到的加速發展只是我們在’23年和’24年付出的勞動成果的一部分。

The combination of property growth.

物業增長的組合。

So we were 37,000 properties, at the end of '23.

所以到 23 年底，我們擁有 37,000 處房產。

We were at 50,000 properties at 12/31/24.

截至 2024 年 12 月 31 日，我們擁有 50,000 處房產。

So that's obviously been really helpful organically.

所以這顯然對有機生產非常有幫助。

The marketing campaign is working quite well. the partnership with realtor.com. We're pleased with if we just look across the business, we're executing quite well.

行銷活動進展順利。與realtor.com的合作。如果只看整個業務，我們會很高興，因為我們的執行情況相當良好。

And again, the key here is deliver more value to renters and really be a great ROI partner to the multifamily community as well.

再次強調，這裡的關鍵是為租戶提供更多價值，並真正成為多戶家庭社區中優秀的投資報酬率合作夥伴。

Tom Champion, Piper Sandler.

湯姆·查皮恩、派珀·桑德勒。

Hopefully can hear me I guess the mortgage revenue, 86% accelerating again, it really stands out.

希望可以聽到我猜測的抵押貸款收入，再次加速 86％，這確實很突出。

Can you talk about what you've learned here?

可以談談你在這裡學到了什麼嗎？

What are the innovations you figured out?

您想到了哪些創新？

How connected is that outperformance to enhance markets?

這種優異表現與市場改善有多大關係？

Just any details on mortgage would be really helpful.

有關抵押貸款的任何詳細資訊都會非常有幫助。

And then I'd just be curious, your view of the market, we've been kind of at this 4 million home sale level for a long, long time.

然後我很好奇，您對市場的看法是，我們的房屋銷售量已經長期處於 400 萬套的水平。

That would seem to be well below the long-term base rate.

這似乎遠低於長期基準利率。

So do you think pent-up demand is building?

那麼您認為被壓抑的需求正在增強嗎？

Is the market at some point headed for a kind of step option change in a catch-up?

市場是否會在某個時刻走向一種追趕的階梯式選擇轉變？

No, Tom, I'll hit both.

不，湯姆，我兩個都要打。

On mortgage, yes, we continue to be pleased with the mortgage growth.

關於抵押貸款，是的，我們繼續對抵押貸款的成長感到滿意。

Jeremy talked about it in his prepared remarks, there's going to be ins and outs and fluctuations in seasonal quarter to quarter, but it's really strong growth against a really challenged market.

傑里米在他的準備好的發言中談到了這一點，每個季度都會有起伏和波動，但在一個真正充滿挑戰的市場中，這確實是一個強勁的增長。

And our enhancement strategy is really driving the bulk of that as we introduce customers to Zillow Home Loans if they want to start with financing or we work with agents and agent teams to introduce loan officers to them to partner with when they want to start by touring first.

我們的增強策略確實推動了其中的大部分，因為如果客戶想要從融資開始，我們會向他們介紹 Zillow Home Loans，或者當他們想要先參觀時，我們會與代理商和代理商團隊合作，向他們介紹貸款人員作為合作夥伴。

So those two paths are really what the buyer wants, right?

那麼這兩條路徑確實就是買家想要的，對嗎？

They either want to figure out what they can afford or they want to go to start looking at homes and they ultimately end up needing a great agent to help them and they need to get a loan.

他們要么想弄清楚自己能負擔得起什麼，要么想去開始看房子，最終他們需要一個優秀的經紀人來幫助他們，並​​且需要獲得貸款。

And so it's just about trying to find the right way to introduce them to those great services that they can choose.

因此，我們只是試圖找到正確的方法向他們介紹他​​們可以選擇的優質服務。

And you're seeing that motion really work well in our Enhanced Markets. we put out in the investor deck, we're seeing mid-teens adoption rates across all of our mature markets now.

而且您會發現該動議在我們的增強型市場中確實發揮了良好的作用。我們在投資者平台上發布的數據顯示，目前所有成熟市場的採用率都達到了十幾歲的水平。

And so that continues to give us confidence that this is a great experience for the buyer.

因此，我們繼續相信，這對買家來說將是一次很棒的體驗。

This is, of course, a get experience for Zillow and it's a great experience for our Agent Partner as well.

當然，這對 Zillow 來說是一次有益的經驗，對我們的代理商合作夥伴來說也是一次很棒的經驗。

So we continue to be very bullish on mortgage growing right alongside our Enahnced Market strategy.

因此，我們繼續對抵押貸款成長和我們的增強市場策略保持高度樂觀。

It's part of what Jeremy talked about when you take the 21% to 35% of connections and you get to 75% of connections in the transactions down the road, you see this incremental $1 billion of for sale revenue again, with still today's housing market, right?

這是傑里米所說的部分內容，當您將 21% 提高到 35% 的連接數，並在未來的交易中獲得 75% 的連接數時，您會再次看到這 10 億美元的增量銷售收入，而當前的房地產市場依然如此，對嗎？

And then so that leads to your second question.

這就引出了你的第二個問題。

I can't prognosticate when we get back to mid-cycle I would say the biggest challenge we have in the housing market, this affordability crisis is really an availability challenge.

我無法預測我們何時能回到中期週期，但我會說我們在房地產市場面臨的最大挑戰，這種負擔能力危機實際上是一個可用性挑戰。

We are not just having a bunch of sellers stuck on the sidelines locked into their mortgage and delaying listing, we also are chronically underbuilt.

我們不僅有一大批賣家被抵押貸款困住並推遲上市，而且我們還長期處於建設不足的狀態。

We're 4.5 million homes underbuilt and that's a big accumulated deficit dating back to the global financial crisis.

我們有450萬套房屋未建成，這是自全球金融危機以來累積的巨大缺口。

And so lack of supply, both existing homes and new homes with strong demand, yields this imbalance and yields this low transaction volume level.

現有住房和需求旺盛的新房都供應不足，造成了這種不平衡，並導致了交易量水平較低。

We are starting to see that ease a bit.

我們開始看到這種狀況有所緩解。

You see new listings up a bit from year to year.

你會看到，新上市的產品數量逐年增加。

We're still down from the pandemic, but folks will get more comfortable with high rates over time, moves have to happen.

我們仍處於疫情的低迷期，但隨著時間的推移，人們會越來越適應高利率，必須採取行動。

So at some point, the macro will turn around and be a tailwind for us.

因此，在某個時候，宏觀經濟將會轉變，並成為我們的順風。

What we're excited about at Zillow is we're able to grow our share and outperform the category regardless right?

在 Zillow，讓我們感到興奮的是，無論如何我們都能夠擴大我們的份額並超越其他類別，對嗎？

As Jeremy talked about, 2024 was a fantastic year for us.

正如傑里米所說，2024 年對我們來說是美好的一年。

We hit our target of double-digit revenue growth and adjusted EBITDA margin expansion despite this challenged housing market.

儘管房地產市場充滿挑戰，我們仍然實現了兩位數收入成長和調整後 EBITDA 利潤率擴大的目標。

And we expected again in 2025 with low to mid-teens revenue growth, more margin expansion and positive GAAP net income for the first time despite the fact that we're seeing flattish housing market in Q1 and very small housing market growth through the year, and we don't expect macro to save us.

我們再次預計，2025 年公司的收入成長率將達到低至中等水平，利潤率將進一步擴大，並且 GAAP 淨收入將首次為正，儘管我們看到第一季的房地產市場表現平淡，全年的房地產市場增長幅度非常小，但我們並不認為宏觀經濟能夠拯救我們。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

The first one I had is on -- you talked about the Rentals and you're up to 50,000 properties now.

我第一個問題是關於——您談到了租賃，現在您的房產數量已達到 50,000 處。

I guess what was the level that you need to have to where this becomes more durable than maybe some of the benefit you received from multifamily starts and construction probably being the highest level we've seen in 40 years.

我想，你需要達到一個什麼樣的水平，才能讓它變得比你從多戶型住宅開工和建設中獲得的一些好處更持久，這可能是我們 40 年來所見過的最高水平。

I guess, what's the number of properties or listings that you'd have to make this a durable longer-term model?

我想，您需要擁有多少房產或房源才能使其成為持久的長期模式？

Yes, Jay, I'll take that.

是的，傑伊，我接受。

I wouldn't necessarily equate the success we've had in Rentals around starts.

我不會將我們在租賃方面取得的成功與開工情況等同起來。

It's really been an organic growth story for us.

對我們來說這確實是一個有機成長的故事。

And that's been a function of a long-standing strategy and a lot of investment over the years to really build out the most comprehensive set of listings on the Internet.

這是多年來長期策略和大量投資的結果，旨在真正打造網路上最全面的清單。

So I would think about the growth and the opportunity from here.

所以我會考慮這裡的成長和機會。

The more listings we can get both single-family and multifamily the more we can attract renters, the more value we can provide to partners and it's just got this two-sided marketplace dynamic and one that we're really excited about.

我們獲得的單戶住宅和多戶住宅房源越多，我們就能吸引越多的租戶，我們能為合作夥伴提供的價值就越大，這就是這種雙邊市場動態，我們對此感到非常興奮。

I think we've performed quite well over the last few years. and we see a very clear path to $1 billion-plus revenue business in Rentals.

我認為過去幾年我們的表現相當不錯。我們看到，租賃業務實現 10 億美元以上收入的路徑非常清晰。

So I would think of it that way versus anything macro-specific.

因此我會以這種方式思考它而不是任何宏觀特定的事情。

Maybe I'd add there.

也許我會補充一點。

I mean, if you zoom out to the Rental strategy, as Jeremy was alluding to, it is organized as much of the supply in the Rentals marketplace as possible because that solves the primary problem all renters have -- and that, of course, builds this great business for us, but it also everyone started out as a renter and becomes a buyer and a seller someday.

我的意思是，如果你縮小到租賃策略，正如傑里米所暗示的那樣，它會盡可能多地組織租賃市場中的供應，因為這解決了所有租房者面臨的主要問題——當然，這為我們建立了這個偉大的業務，但每個人也都是從租房者開始的，有一天會成為買家和賣家。

So it also helps introduce them to the Zillow brand and get them excited about us for the long-term relationship we have with them.

因此，它也有助於向他們介紹 Zillow 品牌，並讓他們對我們與他們的長期合作關係感到興奮。

And so you see that in our audience.

您可以從我們的觀眾身上看到這一點。

You can look at the inputs to that multifamily specific revenue growth as the audience growth we have with the leading brand and audience and it's a lead that's widening in the brand preference and the fantastic ROI we drive, yes, for our multifamily partners, but also the engagement we drive with our long tail partners who more and more are just turning to the Zillow Rental network, to be their rental network, and they're providing listings to us, and we're getting them out in front of this growing audience of renters.

您可以將多戶型特定收入增長的投入視為我們與領先品牌和受眾的增長，這是品牌偏好度不斷擴大的領先優勢，也是我們為多戶型合作夥伴帶來的出色投資回報率，也是我們與長尾合作夥伴推動的互動，他們越來越多地轉向 Zillow 租賃網絡作為他們的租賃網絡，他們為我們提供列表，我們將它們展示在受眾增長的租房者面前。

So the flywheel that we've built, we really love as a strategy because it is really durable, and it is really unique.

因此，我們非常喜歡我們建造的飛輪策略，因為它非常耐用，而且非常獨特。

And now what you're seeing is just regardless of macro, a lot of advertisers wanting to get great ROI from our audience network.

現在您所看到的是，無論宏觀如何，許多廣告商都希望從我們的受眾網絡中獲得豐厚的投資報酬率。

And that's even before we add Redfin as a partner later this year on top of what Zillow Group does and what our partner realtor.com does.

這還是在今年稍後我們將 Redfin 作為合作夥伴之前，除此之外，我們還在 Zillow Group 和我們的合作夥伴 realtor.com 的業務範圍內。

So the future is really bright for our Rentals business.

因此我們的租賃業務的前景非常光明。

We talk about $1 billion target in the medium term or in the future with a $25 billion TAM out there to go attack.

我們談論的是中期或未來 10 億美元的目標，以及 250 億美元的 TAM。

So yes, we're very excited about Rentals.

是的，我們對租賃業務感到非常興奮。

This completes the allotted time for questions.

這樣，提問的分配時間就結束了。

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

現在我將把電話轉回給傑里米·瓦克斯曼 (Jeremy Wacksman)，請他做最後發言。

Great.

偉大的。

Thank you.

謝謝。

Thank you all for being on this journey with us.

感謝大家與我們一起踏上這段旅程。

We are proud of all we accomplished in 2024, and we look forward to speaking with you throughout 2025 as we continue to execute on our strategy.

我們為 2024 年所取得的所有成就感到自豪，並期待在 2025 年繼續與您交談，並繼續執行我們的策略。

Thanks again for joining us and following our progress over the years.

再次感謝您加入我們並關注我們多年來的進展。

We are excited for what's ahead.

我們對未來充滿期待。

Thank you for joining Zillow Group's fourth quarter and full-year 2024 financial results call.

感謝您參加 Zillow Group 2024 年第四季和全年財務業績電話會議。

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。