Zillow Group Inc (Z) 2025 Q1 法說會逐字稿

Hello, and welcome to Zillow Group's first-quarter 2025 financial results call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

您好，歡迎您參加 Zillow Group 2025 年第一季財務業績電話會議。（操作員指示）另外，提醒一下，今天正在錄製本次會議。如果您有任何異議，請立即斷開連接。

Brad, you may begin.

布拉德，你可以開始了。

Thank you. Good afternoon, and welcome to Zillow Group's quarterly earnings call. Joining me today to discuss our results are Zillow Group's CEO, Jeremy Wacksman; and CFO, 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. 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.

謝謝。下午好，歡迎參加 Zillow Group 季度財報電話會議。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。在今天的電話會議中，我們將根據當前的預期和假設對我們的未來業績和營運計劃做出前瞻性陳述。這些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. This call is being broadcast on the Internet and is accessible on our Investor Relations website. A recording of the call will be available later today. During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA and which we refer to as EBITDA. We encourage you to read our shareholder letter and earnings release, both of 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.

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。這次電話會議正在網路上播出，您可以透過我們的投資者關係網站存取。通話錄音將於今天稍晚提供。在電話會議中，我們將討論 GAAP 和非 GAAP 指標，包括調整後的 EBITDA 以及我們所謂的 EBITDA。我們鼓勵您閱讀我們的股東信函和收益報告，這兩份文件都可以在我們的投資者關係網站上找到，因為它們包含有關我們的 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. And with that, I will now turn the call over to Jeremy Wacksman.

我們將以評論開始通話，然後進行現場問答。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. Thank you for joining us today. It's been another excellent quarter. I'm pleased to share that we exceeded our Q1 outlook, including delivering strong top line growth despite all the macro noise around us. We've kept our focus on executing our strategy, managing costs, and expanding EBITDA margins, which resulted in Zillow achieving GAAP profitability for the quarter.

謝謝你，布拉德，大家下午好。感謝您今天加入我們。這又是一個出色的季度。我很高興地告訴大家，我們超出了第一季的預期，儘管周圍存在各種宏觀噪音，但我們仍實現了強勁的營收成長。我們一直專注於執行我們的策略、管理成本和擴大 EBITDA 利潤率，這使得 Zillow 在本季度實現了 GAAP 盈利。

Our Q1 results position us well to achieve our full-year 2025 goals of low to mid-teens revenue growth continued EBITDA margin expansion and positive GAAP net income. We believe we are also well positioned to deliver sustainable, profitable growth. We have a strong and trusted brand and a disciplined cost structure, and we are executing well on our differentiated housing super app strategy. All of this sets us up to monetize more of the significant total addressable market opportunity in front of us.

我們第一季的業績使我們有條件實現 2025 年全年目標，即營收成長保持在低至十幾個百分點之間，EBITDA 利潤率持續擴大，GAAP 淨收入為正。我們相信，我們也已做好準備，實現可持續的獲利成長。我們擁有強大而值得信賴的品牌和嚴謹的成本結構，並且我們正在良好地執行我們的差異化住房超級應用策略。所有這些都使我們能夠將眼前巨大的潛在市場機會轉化為更多的利潤。

Zillow provides significant value to movers and the industry, which is why we continue to attract the largest audience in residential real estate. We have 4x the app engagement of the next company in our category. About two-thirds of the real estate audience uses Zillow somewhere along their journey, more than twice any other company in our category and 80% of that traffic is coming to us directly and organically.

Zillow 為搬家者和整個行業提供了巨大的價值，這就是我們繼續吸引住宅房地產領域最大受眾的原因。我們的應用參與度是同類公司中的第二家公司的 4 倍。大約三分之二的房地產受眾在旅途中使用 Zillow，是我們類別中任何其他公司的兩倍多，其中 80% 的流量直接且自然地來自我們。

In Q1, we had 227 million average monthly unique users, a lead, we continue to widen. Consumers trust and turn to Zillow because we consistently deliver products and services that make moving easier while also fostering a transparent marketplace. Zillow was founded on that very principle, giving people fair and equal access to information so they can make informed choices.

在第一季度，我們平均每月有 2.27 億獨立用戶，領先優勢仍在持續擴大中。消費者信任並轉向 Zillow，因為我們始終如一地提供使搬家變得更容易的產品和服務，同時也培養一個透明的市場。Zillow 正是基於這項原則而成立的，它為人們提供公平、平等的資訊取得管道，以便他們做出明智的選擇。

As such, we recently rolled out listing standards that encourage the entire industry to formally implement what most already believed and were practicing. A listing marketed publicly to some buyers should be marketed online to all buyers. We have a long history of aligning our business model with the best interest of consumers, which in turn benefits real estate professionals and the industry as a whole.

因此，我們最近推出了上市標準，鼓勵整個行業正式實施大多數人已經相信和正在實踐的標準。向部分買家公開行銷的房源應該在網路上向所有買家行銷。我們長期以來一直致力於將我們的商業模式與消費者的最大利益相結合，這反過來又使房地產專業人士和整個行業受益。

Now on to our Q1 results. As we expand our services and scale the housing super app across more markets, we are bringing more customers and industry service providers together, which helps us grow both our revenue and profitability. Q1 served as a strong example of that with results that surpassed our expectations.

現在來看看我們的第一季業績。隨著我們擴展服務範圍並將住房超級應用程式擴展到更多市場，我們將更多的客戶和行業服務提供者聚集在一起，這有助於我們增加收入和盈利能力。Q1 就是一個很好的例子，其結果超出了我們的預期。

We reported total Q1 revenue of $598 million, up 13% year-over-year, continuing the trend of double-digit revenue growth. In our for-sale category, we reported $458 million of revenue in Q1, up 8% year-over-year, with residential revenue up 6% and mortgages revenue up 32%. Rentals revenue was up 33% year-over-year, reaching an all-time high of $129 million in Q1. These strong results, combined with continued cost discipline, helped us deliver $153 million of adjusted EBITDA in Q1 and expand our EBITDA margin by 200 basis points year-over-year to 26%.

我們公佈第一季總營收為 5.98 億美元，年增 13%，延續了兩位數的營收成長趨勢。在我們的待售類別中，我們報告第一季的收入為 4.58 億美元，年增 8%，其中住宅收入增長 6%，抵押貸款收入增長 32%。租賃收入年增 33%，第一季達到 1.29 億美元的歷史新高。這些強勁的業績，加上持續的成本控制，幫助我們在第一季實現了 1.53 億美元的調整後 EBITDA，並將 EBITDA 利潤率同比提高 200 個基點，達到 26%。

Our for-sale strategy is to monetize more of the massive audience that is already engaged in our funnel. We are expanding and improving our services to meet the needs of buyers and sellers, helping them at every step of their move each of which represents an additional potential driver of revenue per transaction for us as they choose to stay within the Zillow ecosystem. In Zillow's housing super app, we have been building the experience we know movers and industry professionals want: one that is easier, streamlined, tech-enabled and integrated.

我們的銷售策略是將已經參與我們管道的大量受眾轉化為更多的貨幣。我們正在擴展和改進我們的服務，以滿足買家和賣家的需求，在他們行動的每一步為他們提供幫助，當他們選擇留在 Zillow 生態系統中時，這對我們來說意味著每筆交易的額外潛在收入驅動力。在 Zillow 的住房超級應用中，我們一直在建立搬家者和行業專業人士想要的體驗：更簡單、更精簡、技術支援和整合的體驗。

This experience is most fully realized in our enhanced markets, the go-to-market motion we have been successfully scaling for the past few years. We have been adding more enhanced markets and going deeper in existing ones as we work to increase connection and conversion rates. We launched more new markets in April and we expect to keep increasing the share of connections within enhanced markets to more than 35% by the end of this year. We are well on our way toward this goal with 24% of our overall connections in Q1, happening in enhanced markets, up from 21% in Q4.

這種經驗在我們增強的市場中得到了最充分的體現，我們在過去幾年中已經成功地擴展了市場進入行動。我們一直在增加更多增強型市場並深入現有市場，以努力提高連接率和轉換率。我們在四月推出了更多新市場，並預計到今年年底增強型市場中的連接份額將繼續增加到 35％ 以上。我們正在順利實現這一目標，第一季我們整體連結數的 24% 發生在增強型市場，高於第四季的 21%。

More than 90% of connections in enhanced markets are being managed through Follow Up Boss, which is helping agents identify high intent buyers and sellers so they can earn more business. And with AI-powered call summaries, follow-up messages and action items, agents using Follow Up Boss and loan officers with Zillow Home Loans are able to save hours of time, gain valuable insights and serve clients better. Developing products along the entire customer journey helps us connect more and more high-intent movers with great agents through Zillow.

增強型市場中超過 90% 的聯繫都是透過 Follow Up Boss 進行管理的，這有助於代理商識別有強烈意圖的買家和賣家，從而獲得更多業務。透過人工智慧支援的通話摘要、後續訊息和行動項目，使用 Follow Up Boss 的代理商和 Zillow Home Loans 的貸款人員能夠節省大量時間、獲得寶貴的見解並更好地為客戶服務。在整個客戶旅程中開發產品有助於我們透過 Zillow 將越來越多有意願的搬家者與優秀的代理商聯繫起來。

For example, we know most buyers need both an agent and a mortgage and they want their experience with both to feel seamless. So we are increasingly confident in our work to integrate Premier Agent with our Zillow Home Loans offering as we continue to see double-digit adoption of Zillow Home Loans across all enhanced markets. And now 70% of movers choosing financing through Zillow Home Loans are also working with a Premier Agent partner, up from 60% a year ago.

例如，我們知道大多數買家既需要代理商又需要抵押貸款，並且他們希望兩者的體驗都無縫銜接。因此，隨著我們繼續看到 Zillow Home Loans 在所有增強市場中以兩位數的速度採用，我們對將 Premier Agent 與我們的 Zillow Home Loans 產品相結合的工作越來越有信心。現在，70% 選擇透過 Zillow Home Loans 融資的搬家者也與 Premier Agent 合作夥伴合作，而一年前這一比例為 60%。

We continue to add functionality to Zillow Home Loans' viability feature which helps buyers shop based on what they can afford, see an instant indication of whether a home their eyeing is within their viability and quickly adapt to changes in the market, interest rates and their personal financial situation. More than 1.5 million customers have enrolled in viability since it launched a year ago, including more than 360,000 in March alone.

我們繼續為 Zillow Home Loans 的可行性功能添加功能，幫助買家根據自己的經濟能力進行購物，立即了解他們看中的房子是否在他們的可行性範圍內，并快速適應市場、利率和個人財務狀況的變化。自一年前推出以來，已有超過 150 萬名客戶註冊了 Viability 計劃，僅 3 月就註冊了超過 36 萬名客戶。

We continue to build out our touring services to remove the friction from booking a home tour online, which creates a better experience for consumers and helps us identify high-intent buyers. After becoming available nationwide late last year, Real-Time Touring now accounts for 36% of all connections compared with just 12% a year ago. We are further expanding our addressable market by developing and scaling seller services since we know two-thirds of buyers are selling a home as well.

我們將繼續完善我們的旅遊服務，以消除在線預訂房屋旅遊的麻煩，從而為消費者創造更好的體驗，並幫助我們識別有強烈購買意圖的買家。即時旅遊服務於去年年底在全國推出，目前已佔所有連線的 36%，而一年前僅為 12%。由於我們知道三分之二的買家也在出售房屋，因此我們正在透過開發和擴展賣家服務來進一步擴大我們的潛在市場。

We are excited by the success we're seeing with Zillow Showcase which features our homegrown AI-powered rich media technology that generates a seamless 3D model of the home with an interactive floor plan. Showcase helps the seller's listing stand out, provides an immersive shopping experience for buyers and elevates agent's brand presence on Zillow.

我們對 Zillow Showcase 的成功感到非常興奮，它採用了我們自主研發的人工智慧富媒體技術，可以產生具有互動式平面圖的無縫 3D 房屋模型。Showcase 可協助賣家的房源脫穎而出，為買家提供身臨其境的購物體驗，並提升代理商在 Zillow 上的品牌知名度。

As of the end of March, Showcase was featured on about 2% of all new for-sale listings, up from 1.7% at the end of last year. We are boosting Showcase's reach through a combination of continued sales to individual agents and agreements with brokerages to provide Showcase to their agents, including recently with Home Services of America. We are on track to reach 5% to 10% of all U.S. listings in the intermediate term.

截至 3 月底，Showcase 出現在所有新待售房源的比例約為 2%，高於去年年底的 1.7%。我們正在透過持續向個人代理商銷售產品以及與經紀公司達成協議向其代理商提供 Showcase 來擴大 Showcase 的影響力，包括最近與 Home Services of America 達成的協議。我們預計在中期內達到美國所有上市企業的 5% 至 10% 的份額。

Showcase is an appealing offering for real estate professionals. Agents who use it are winning 30% more listings than similar agents who don't. And Showcase listings sell faster and for more money, typically netting a 2% higher sales price than similar non-Showcase listings on Zillow, a bonus of more than $9,000 on a home sold at the average home sales price. We continue to develop Showcase in ways that add value for agents.

Showcase 對於房地產專業人士來說是一項很有吸引力的產品。使用該服務的代理商比未使用該服務的類似代理商多獲得 30% 的房源。而且 Showcase 房源的銷售速度更快，價格更高，通常比 Zillow 上類似的非 Showcase 房源的售價高出 2%，以平均房屋售價出售的房屋可獲得超過 9,000 美元的額外收益。我們將繼續以能夠為代理商增加價值的方式開發 Showcase。

In April, we launched a dashboard that helps agents better track how their Showcase listings are performing, including a comparison to similar non-Showcase listings. We're also excited about our work to integrate virtual staging AI technology into our suite of agent software and advertising solutions, further elevating the listings and shopping experience on Zillow. We are consistently looking for ways to create a more seamless experience for sellers, buyers and their agents and increase our revenue along the way. The progress we're making across for-sale shows how well we're executing on this strategy.

今年 4 月，我們推出了一個儀表板，幫助代理商更好地追蹤他們的 Showcase 房源的表現，包括與類似的非 Showcase 房源進行比較。我們也很高興將虛擬分期 AI 技術整合到我們的代理軟體和廣告解決方案套件中，進一步提升 Zillow 上的清單和購物體驗。我們一直在尋找方法為賣家、買家及其代理商創造更無縫的體驗，並在此過程中增加我們的收入。我們在銷售方面取得的進展表明我們執行這項策略的進展如何。

Now diving into rentals. Building on our momentum from 2024, we are seeing impressive growth in property listings and renter traffic as we scale our two-sided marketplace. As a result, rentals revenue reached an all-time high in Q1.

現在深入研究租賃。憑藉 2024 年的發展勢頭，隨著我們雙邊市場的擴大，我們看到房產掛牌量和租客流量顯著增長。因此，第一季的租金收入達到了歷史最高水準。

The opportunity in rentals is significant with an estimated $25 billion total addressable market and more rental homes than for-sale homes turning over each year. In fact, about 3x as many movers are looking to rent versus looking to buy. And almost every mover starts out as a renter. But there has historically been no single marketplace where they can see all available homes for rent. Zillow Rentals is rapidly becoming that comprehensive one-stop marketplace with more than 2 million active rental listings as of the end of Q1, spanning single-family homes, large multifamily buildings, and everything in between.

租賃市場機會龐大，預計總目標市場規模達 250 億美元，每年出租房屋的數量超過待售房屋的數量。事實上，選擇租屋的搬家者數量是選擇買房的搬家者的 3 倍左右。幾乎每個搬家者都是從租屋者開始的。但從歷史上看，並沒有一個單一的市場可以讓他們看到所有可供出租的房屋。Zillow Rentals 正在迅速發展成為一個全面的一站式市場，截至第一季末，其活躍租賃房源超過 200 萬個，涵蓋獨棟住宅、大型多戶住宅建築以及介於兩者之間的所有類型。

We ended Q1 with 55,000 multifamily properties on Zillow Rentals, up 38% from 40,000 at the same time last year and have seen even further acceleration to 60,000 as of early May. We are attracting more multifamily properties because more property managers are recognizing the value and lead quality we provide by connecting them with the largest consumer rental audience, including an increasing share of apartment seekers. Zillow Rentals had 37 million unique visitors in March and is renters' number one preference. We've earned our success by applying the same product expertise and relentless consumer focus we've shown in the for-sale experience to building a more unified rental experience.

第一季結束時，Zillow Rentals 上共有 55,000 處多戶型房產，較去年同期的 40,000 處增長 38%，截至 5 月初，數量進一步加速至 60,000 處。我們吸引了更多的多戶型物業，因為更多的物業經理認識到我們所提供的價值和領先品質，因為我們將他們與最大的消費者租賃受眾（包括越來越多的公寓尋求者）聯繫起來。Zillow Rentals 三月擁有 3,700 萬獨立訪客，是租屋者的首選。我們透過在銷售體驗中展現的相同產品專業知識和不懈的消費者關注來建立更統一的租賃體驗，從而獲得了成功。

Renters on Zillow can shop, tour, apply, sign a lease and pay rent securely on participating listings. And property managers can list, book tours, screen applicants, create leases and sign them electronically and collect rent payments, all on the Zillow platform. I encourage you to watch the partner testimonial video we've linked in our shareholder letter this quarter. It offers a clear window into why property managers are choosing to work with Zillow Rentals.

Zillow 上的房客可以在參與的房源上安全地購物、參觀、申請、簽署租約並支付租金。物業經理可以在 Zillow 平台上列出房屋、預訂參觀、篩選申請人、創建租約並以電子方式簽署租約並收取租金。我鼓勵您觀看我們本季在股東信中連結的合作夥伴推薦影片。它清楚地說明了為什麼物業經理選擇與 Zillow Rentals 合作。

We are number one in partner satisfaction in our category for return on marketing investment as we deliver high-quality leads to the industry. And as we gain wallet share with property managers, multifamily rentals revenue growth of 47% in Q1 outpaced property count growth. That's because more property managers are upgrading their subscription packages with us to higher tiers of advertising to help attract renters, gain more views and impressions on their listings and quickly and easily fill their vacancies. Through this impressive growth, we remain focused on being attractively priced and delivering high ROI for our partners. We expect multifamily revenue to be the main driver of rentals revenue growth in the near term.

由於我們為業界提供了高品質的銷售線索，我們在行銷投資回報類別中合作夥伴滿意度排名第一。隨著我們與物業經理的錢包份額不斷增加，第一季多戶型租賃收入增長 47%，超過了物業數量的增長。這是因為越來越多的物業經理正在將我們的訂閱套餐升級到更高級別的廣告，以幫助吸引租戶，獲得更多的瀏覽量和印象，并快速輕鬆地填補空缺。透過這令人矚目的成長，我們仍然專注於提供具有吸引力的價格並為我們的合作夥伴提供高投資報酬率。我們預期多戶型住宅收入將成為短期內租賃收入成長的主要驅動力。

Our strategic partnerships are another important factor in Zillow Rentals' success. The multifamily listing partnership we announced with Redfin in February just went live last week, and alongside our successful partnership to distribute multifamily rental listings on realtor.com, we expect it to expand our reach with renters, enhance our value proposition with advertisers and drive substantial growth in leads, leases and revenue.

我們的策略夥伴關係是 Zillow Rentals 成功的另一個重要因素。我們在二月宣布與 Redfin 建立多戶型房源合作關係，該合作關係於上周正式啟動。加上我們在 realtor.com 上發布多戶型租賃房源的成功合作，我們預計該合作關係將擴大我們與租屋者的聯繫範圍，增強我們與廣告商的價值主張，並推動潛在客戶、租賃和收入的大幅成長。

And just a few weeks ago, we announced a new partnership with AppFolio, a leading rental property management company to connect our rental audience with their powerful tools, making it easier for property managers to manage listings and fill vacancies efficiently while simplifying the process for renters. Building on the excellent year Zillow Rentals had in 2024, we drove increased year-over-year revenue growth in Q1 and expect quarterly growth to accelerate throughout 2025, and with a clear path towards the $1 billion-plus revenue opportunity in front of us.

就在幾週前，我們宣布與領先的租賃物業管理公司 AppFolio 建立新的合作夥伴關係，將我們的租賃受眾與其強大的工具聯繫起來，使物業經理更容易管理房源並有效地填補空缺，同時簡化租屋者的流程。基於 Zillow Rentals 在 2024 年取得的出色業績，我們在第一季度實現了同比收入增長，並預計整個 2025 年季度增長將加速，並且我們面前有一條通往 10 億美元以上收入機會的明確道路。

As our strong results show, it's been another great quarter across the business. We are scaling as planned and executing well on our strategy in both for-sale and rentals. And importantly, this quarter, we achieved GAAP profitability. We are on track to meet our full-year 2025 goals for low to mid-teens revenue growth, continued EBITDA margin expansion and positive GAAP net income. We're proud of how we've begun the year and look forward to sharing our continued progress with you all.

正如我們強勁的業績所顯示，這又是整個業務表現出色的季度。我們正在按計劃擴大規模，並在銷售和租賃方面順利執行我們的策略。重要的是，本季度我們實現了 GAAP 盈利。我們預計將實現 2025 年全年目標，即營收成長率達到低至十幾個百分點，EBITDA 利潤率持續擴大，GAAP 淨收入為正。我們為新的一年的開始感到自豪，並期待與大家分享我們不斷取得的進步。

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. We delivered another strong quarter in Q1, and we are well positioned to continue doing so as we execute on our strategy in 2025 and beyond.

謝謝，傑里米，大家下午好。我們在第一季再次取得了強勁的業績，我們已做好準備，在執行 2025 年及以後的策略時繼續保持這一勢頭。

Our Q1 2025 results exceeded expectations for revenue and EBITDA with revenue up 13% year over year to $598 million, which was $15 million above the midpoint of our outlook range. Our better-than-expected revenue performance, combined with effective cost management also delivered better-than-expected EBITDA in the quarter. Q1 EBITDA was $153 million with an EBITDA margin of 26%, a 200 basis point year-over-year improvement. Our trailing 12-month EBITDA as of the end of Q1 grew 28%.

我們的 2025 年第一季業績超出了營收和 EBITDA 預期，營收年增 13% 至 5.98 億美元，比我們預期範圍的中點高出 1,500 萬美元。我們優於預期的營收表現，加上有效的成本管理，也讓本季的 ​​EBITDA 比預期好。第一季 EBITDA 為 1.53 億美元，EBITDA 利潤率為 26%，較去年同期成長 200 個基點。截至第一季末，我們過去 12 個月的 EBITDA 成長了 28%。

In Q1, we also achieved an important milestone for the company, delivering positive GAAP net income of $8 million, representing 1% of our revenue. Our Q1 results put us on a solid path to achieve positive GAAP net income for the full-year 2025. For-sale revenue grew 8% year over year in Q1 to $458 million, above industry growth of 3% as reported by NAR, and 6% according to Zillow. We are pleased with our relative performance across our for-sale revenue category, particularly when comparing against a purchase mortgage origination market that was roughly flat for the quarter.

在第一季度，我們也為該公司實現了一個重要的里程碑，實現了 800 萬美元的正 GAAP 淨收入，占我們收入的 1%。我們第一季的業績使我們走上了實現 2025 年全年正 GAAP 淨收入的堅實道路。第一季待售營收年增 8%，達到 4.58 億美元，高於 NAR 報告的產業成長率 3%，以及 Zillow 報告的 6%。我們對整個銷售收入類別的相對錶現感到滿意，特別是與本季基本持平的購買抵押貸款發放市場相比。

As a reminder, the vast majority of Zillow buyers get mortgages and we under-index to the high end of the market. In Q1, we saw that the high end of the market contributed over 500 basis points of growth in total industry transaction value this quarter, implying the rest of the market was largely flat year over year. Within the for-sale category, residential revenue grew 6% year over year to $417 million, outperforming our outlook. Residential revenue primarily benefited from continued growth in Premier Agent, expansion of Zillow Showcase as well as contributions from our new construction marketplace and Follow Up Boss.

提醒一下，絕大多數 Zillow 買家都獲得了抵押貸款，而我們的指數低於高端市場。在第一季度，我們看到高端市場為本季的整個產業交易價值貢獻了超過 500 個基點的成長，這意味著其餘市場與去年同期相比基本持平。在待售類別中，住宅收入年增 6% 至 4.17 億美元，超出我們的預期。住宅收入主要受益於 Premier Agent 的持續成長、Zillow Showcase 的擴張以及我們新的建築市場和 Follow Up Boss 的貢獻。

Also within the for-sale category, mortgages revenue in Q1 was up 32% Year-over-year to $41 million ahead of our outlook. 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. Purchased loan origination volume grew 32% year-over-year to $791 million. Rentals revenue growth accelerated in Q1, increasing 33% year-over-year to $129 million driven primarily by our multifamily revenue, which grew 47% in the quarter, up from 41% in Q4.

同樣在待售類別中，第一季的抵押貸款收入年增 32%，達到 4,100 萬美元，高於我們的預期。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。購買貸款發放量年增 32% 至 7.91 億美元。第一季租賃收入成長加速，年增 33% 至 1.29 億美元，主要得益於我們的多戶型收入，本季成長了 47%，高於第四季的 41%。

We increased the number of multifamily properties on our apps and sites by 38% year over year, reaching an all-time high of 55,000 multifamily properties as of the end of Q1, up from 50,000 properties at the end of Q4. As a reminder, we define our multifamily properties as 25-plus unit buildings and this count does not include our industry-leading long-tail properties, which is a significantly larger number.

我們的應用程式和網站上的多戶型房產數量同比增長了 38%，截至第一季末，達到了 55,000 處的歷史新高，高於第四季度末的 50,000 處。提醒一下，我們將多戶型物業定義為擁有 25 個以上單元的建築，而這個數字不包括我們行業領先的長尾物業，這個數字要大得多。

Our leading audience and lead quality is resonating in the market as more and more multifamily property managers seek to improve their ROI by partnering with Zillow, the most comprehensive rentals marketplace. Our offering is providing value to customers and multifamily operators of all sizes as evidenced by the growth of both our property count and our share of wallet.

隨著越來越多的多戶型物業經理尋求透過與最全面的租賃市場 Zillow 合作來提高投資回報率，我們領先的受眾和領先品質在市場上引起了共鳴。我們的服務為各種規模的客戶和多戶型營運商提供了價值，我們的房產數量和錢包份額的增長就是明證。

Q1 EBITDA expenses totaled $445 million, below our implied outlook of $450 million. We continue to leverage our fixed costs, which grew only 3% year over year compared to total revenue growth of 13% in Q1. Controlling our fixed head count growth also helps drive leverage on share-based compensation expense, which was down more than 10% year over year in Q1.

第一季 EBITDA 支出總計 4.45 億美元，低於我們預期的 4.5 億美元。我們持續利用固定成本，與第一季總營收 13% 的成長相比，固定成本年增 3%。控制固定員工數量的成長也有助於提高股權激勵費用的槓桿率，該費用在第一季同比下降了 10% 以上。

We ended Q1 with $1.6 billion of cash and investments, down from $1.9 billion at the end of Q4, primarily driven by share repurchases of $250 million in Q1 and a $100 million payment to Redfin in connection with the rentals partnership we entered into in February. These decreases were partially offset by net cash provided by operating activities of $104 million which was up from $80 million in Q1 2024. We ended the quarter with $419 million of convertible debt outstanding that we expect to settle before the end of Q2. In April, we repurchased over 600,000 shares for $36 million. When accounting for the share repurchases we made in April, we have $95 million remaining on our current authorization.

我們在第一季末持有 16 億美元的現金和投資，低於第四季末的 19 億美元，主要原因是第一季回購了 2.5 億美元的股票，並向 Redfin 支付了 1 億美元，與我們在 2 月達成的租賃合作協議有關。這些減少部分被經營活動提供的淨現金 1.04 億美元所抵消，該金額高於 2024 年第一季的 8,000 萬美元。本季末，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末之前結清。4月份，我們以3,600萬美元回購了60萬多股股票。考慮到我們 4 月進行的股票回購，我們目前的授權金額還剩餘 9,500 萬美元。

Given our strong financial position and the success of our share buyback program to date, our Board recently approved an additional $1 billion share repurchase authorization. To date, we have repurchased approximately $2.3 billion of shares at a weighted average price of $47. We expect to continue to be opportunistic with share repurchases while prudently investing to grow the business.

鑑於我們強勁的財務狀況和迄今為止股票回購計畫的成功，我們的董事會最近批准了額外 10 億美元的股票回購授權。迄今為止，我們已以 47 美元的加權平均價格回購了約 23 億美元的股票。我們希望繼續抓住機會回購股票，同時謹慎投資以發展業務。

Turning to our outlook for Q2. We expect total revenue to be between $635 million and $650 million, implying a year-over-year increase of 11% to 14%. We expect for-sale revenue growth in Q2 to be in the mid-single-digits range, driven by residential revenue growth in the mid-single-digit range and mortgage revenue growth of approximately 30%. Our guidance reflects our expectation that challenging housing market conditions and macro uncertainty will continue.

談談我們對第二季的展望。我們預計總收入將在 6.35 億美元至 6.5 億美元之間，這意味著年增 11% 至 14%。我們預計第二季銷售收入成長率將達到中等個位數，這得益於中等個位數的住宅收入成長和約 30% 的抵押貸款收入成長。我們的指導反映了我們的預期，即充滿挑戰的房地產市場狀況和宏觀不確定性將持續下去。

We expect our rentals revenue growth to accelerate in Q2, increasing more than 35% year over year. We are seeing stronger-than-expected benefits from our Redfin rentals partnership, which went live at the end of April. In Q2, we will begin paying Redfin for rentals leads and expect the partnership to be accretive to EBITDA in the second half of 2025.

我們預計第二季租賃收入成長將加速，年增 35% 以上。我們與 Redfin 租賃公司的合作於 4 月底開始，其收益超出了預期。在第二季度，我們將開始向 Redfin 支付租賃費用，並預計該合作夥伴關係將在 2025 年下半年增加 EBITDA。

Further showing the strength of our rentals business, we have added another 5,000 multifamily properties since the end of the quarter, taking our total properties on Zillow from 55,000 at the end of March to 60,000 as of early May. Given the momentum we are seeing, we are expecting rentals to accelerate throughout the year and expect rentals revenue growth to be approximately 40% for full-year 2025. For Q2, we expect EBITDA to be between $140 million and $155 million, equating to a 22% to 24% margin range. This implies EBITDA expenses will increase from $445 million in Q1 to an estimated $495 million in Q2.

為了進一步展現我們租賃業務的實力，自本季末以來，我們又增加了 5,000 處多戶型房產，使我們在 Zillow 上的房產總數從 3 月底的 55,000 處增加到 5 月初的 60,000 處。鑑於我們看到的勢頭，我們預計全年租金將會加速成長，預計 2025 年全年租金收入成長率將達到約 40%。對於第二季度，我們預計 EBITDA 將在 1.4 億美元至 1.55 億美元之間，相當於 22% 至 24% 的利潤率範圍。這意味著 EBITDA 支出將從第一季的 4.45 億美元增加到第二季的 4.95 億美元。

More than half of this increase will be driven by normal seasonal marketing. The remainder will be driven by incremental lead costs associated with our Redfin rentals partnership, which will be reflected in our cost of revenue. For the full-year 2025, we continue to expect to deliver low to mid-teens revenue growth, which includes approximately 40% rentals revenue growth while we continue to prudently manage our cost structure.

其中超過一半的成長將由正常的季節性行銷推動。其餘部分將由與 Redfin 租賃合作夥伴關係相關的增量成本驅動，這將反映在我們的收入成本中。對於 2025 年全年，我們仍然預計將低至中等幅度的收入成長，其中包括約 40% 的租賃收入成長，同時我們將繼續審慎管理我們的成本結構。

As we have been saying for some time, we believe we are at the right fixed investment level to achieve our mid-cycle financial targets. We expect fixed investment costs to grow modestly with inflation while investing in variable costs for future growth, primarily in rentals and Zillow Home Loans. We are on track to deliver expanded EBITDA margins and positive net income for the full-year 2025.

正如我們一段時間以來所說的那樣，我們相信我們處於正確的固定投資水平，可以實現我們的中期財務目標。我們預計固定投資成本將隨著通貨膨脹而小幅增長，同時投資於未來成長的可變成本，主要是租賃和 Zillow 房屋貸款。我們預計在 2025 年全年實現更高的 EBITDA 利潤率和正淨收入。

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 sustainable, profitable growth well into the future. And with that, we'll open the line for questions.

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。我們正在透過投資實現業務成長，以推動未來可持續的獲利成長。現在，我們將開始回答問題。

(Operator Instructions)

（操作員指示）

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great. Thanks for taking the question. And I've got a ton, but I wanted to focus, Jeremy, on the rentals business specifically. And the commentary about accelerating revenue growth to 40% for the full year. And I wanted to understand a little bit more about what's driving that. I mean clearly, multifamily units reaching 60,000 as of early May, talks about an acceleration at least growing units there at a faster cadence than we've seen normally.

偉大的。感謝您回答這個問題。我有很多事情要做，但是傑里米，我想特別關注租賃業務。以及關於全年營收成長加速至40%的評論。我想進一步了解推動這現象的原因。我的意思是，截至 5 月初，多戶型住宅數量已達到 60,000 套，這顯然表明那裡的住宅增長速度至少比我們通常看到的要快。

And so when you think about the accelerating growth or accelerating growth in rentals, multifamily units growing as fast as they are, just talk to us a little bit more about where these gains are coming from. Is it more of these multifamily units are willing to work with Zillow and therefore, you're winning greater market share or wallet share for that matter? And then once Redfin starts kicking in, how should we think about that? Thanks again for your help.

因此，當您考慮租賃的加速成長或加速成長時，多戶型住宅的成長速度如此之快，請與我們進一步談談這些收益來自哪裡。是不是有更多的多戶型單位願意與 Zillow 合作，因此您贏得了更大的市場份額或錢包份額？那麼，一旦 Redfin 開始發揮作用，我們該如何看待它？再次感謝您的幫忙。

Yes. Ron, maybe I'll start, and Jeremy Hofmann can give you some details on the forecast and the guide. I mean I'll start with strategy on rentals, because what you're really seeing is the execution and the outputs of the business come from the strategy really working, right? The strategy build this comprehensive marketplace. This national database have as much of the inventory as possible, right?

是的。羅恩，也許我先開始，傑里米·霍夫曼可以給你一些關於預測和指南的細節。我的意思是，我將從租賃策略開始，因為您真正看到的是執行情況，而業務的產出來自於真正有效的策略，對嗎？該戰略建構了這個綜合性的市場。這個國家資料庫有盡可能多的庫存，對嗎？

There is no national database of all rentals. We now have more than 2 million listings, that mix of single-family as well as multifamily. We think that's the most listings that are out there in one place, and that really starts to satisfy the renters needs, right? The renter is on a very tight time frame, wants to find as much inventory as possible. And so if we can deliver them as much inventory, we're going to become their preferred brand of choice, you're seeing that play out, right?

目前還沒有包含所有租賃資訊的國家資料庫。我們現在有超過 200 萬個房源，包括獨戶住宅和多戶住宅。我們認為這是在一個地方列出的最多的房源，並且真正開始滿足租屋者的需求，對嗎？租客的時間非常緊迫，希望找到盡可能多的庫存。因此，如果我們可以向他們提供盡可能多的庫存，我們將成為他們的首選品牌，您看到了這種情況，對嗎？

So now that we have the supply, you're seeing our audience lead widen, right? 37 million uniques in Comscore in March. That lead continues to grow. And the brand preference we have among renters is #1 as well. We have because we're satisfying their need.

所以現在我們有了供應，你會看到我們的受眾範圍擴大了，對嗎？3 月份 Comscore 的獨立訪客數量為 3,700 萬人。領先優勢還在不斷擴大。我們在租屋者中的品牌偏好度也是第一位的。我們這樣做是因為我們滿足了他們的需求。

And so I start with that strategy because that strategy is now yielding the revenue growth and the revenue acceleration that Jeremy talked about. That property growth is a larger and larger share of advertisers wanting to advertise to that audience. And if you check out the video, we put in our shareholder letter, you'll see really good testimonials from some of our partners about not just the audience size, but the quality that they're receiving and the ROI they're getting from the Zillow Rental network.

因此，我從該策略開始，因為該策略現在正在產生傑里米談到的收入成長和收入加速。這種資產成長意味著想要向該受眾投放廣告的廣告主的比例會越來越大。如果您觀看我們在股東信中發布的視頻，您會看到一些合作夥伴給出的非常好的評價，這些評價不僅涉及受眾規模，還涉及他們從 Zillow 租賃網絡獲得的質量和投資回報率。

So that's really what's been driving the growth story to date. And that's what's driving the growth rate, the record revenue we had in Q1 and the acceleration we're expecting to see for the rest of the year.

這正是迄今為止推動成長的真正因素。這就是推動成長率的因素，我們在第一季取得了創紀錄的收入，我們預計今年剩餘時間的收入將加速成長。

Yes. And then, Ron, I'll just pile on. From a numbers perspective, we grew revenue in rentals 27% last year. We grew Q1 33%. We're expecting 35% growth in Q2 and then 40% for the full year. And I think that's just the dynamics that Jeremy highlighted playing out the revenue growth, and we're quite pleased with what we're doing and really see a long opportunity well beyond 2025. That billion-dollar-plus revenue target feels quite achievable, and we're pleased with what we're doing in 2025.

是的。然後，羅恩，我就繼續說下去。從數位角度來看，去年我們的租賃收入成長了 27%。我們第一季成長了 33%。我們預計第二季將成長 35%，全年成長 40%。我認為這正是傑里米強調的收入成長動力，我們對我們正在做的事情非常滿意，並且確實看到了 2025 年以後的長期機會。十億美元以上的收入目標似乎很容易實現，我們對 2025 年的成果感到滿意。

Thank you, guys.

謝謝你們。

Brad Erickson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧艾瑞克森 (Brad Erickson)。

Yeah, thanks. So a couple of questions. One, just on market share. NAR, I guess, showed 3% growth. You guys showed 6% growth, residential grew 6%. And I appreciate, Jeremy, the comments earlier on kind of the high-end, low-end nuance going on there.

是的，謝謝。有幾個問題。第一，僅就市場佔有率而言。我估計 NAR 的成長率是 3%。你們實現了 6% 的成長，住宅成長了 6%。傑里米，我很感謝你之前關於高端和低端細微差別的評論。

But just in general, with these two reported metrics being a little bit of far apart. How should we be looking at this and aiming to kind of assess your growth relative to the market? And then I've got a follow-up.

但總的來說，這兩份報告的指標相差有點遠。我們應該如何看待這個問題並評估您相對於市場的成長？然後我有一個後續行動。

Yes. So Brad, let me take that first. I think you're right. There's a lot of noise in the macro environment right now. And we've been bouncing along the bottom for a good bit of time in housing. I think we're pleased with the outperformance, both on the residential side and the for-sale side, particularly when we look at the mortgage market.

是的。那麼布拉德，讓我先回答這個問題。我認為你是對的。目前宏觀環境中存在著許多噪音。房屋市場已經在底部徘徊了相當長一段時間。我認為我們對住宅和銷售方面的優異表現感到滿意，特別是當我們看抵押貸款市場時。

So like I called out in the prepared remarks, the high end of the market was really the driver of any growth in housing, and we tend to look more like the mortgage buyer. That's the person that shows up most frequently for Zillow. And as a result of that, being flat this quarter, the 6% growth in residential and 8% growth in for-sale feels quite good. I think you've heard this from us for a long time now.

因此，正如我在準備好的發言中所說的那樣，高端市場才是房屋成長的真正驅動力，而我們看起來更像是抵押貸款買家。這是 Zillow 上出現頻率最高的人。因此，本季住宅銷量持平，住宅銷量成長 6%，待售銷量成長 8%，感覺相當不錯。我想您已經從我們這裡聽到這個消息很久了。

We don't overly focus on the quarterly fluctuations just because macro has a lot going on. So we try to look at annual and multiyear views. And we think we're consistently outperforming and we're really pleased with the enhanced markets rollout as a big driver of that.

我們不會過度關注季度波動，因為宏觀經濟有很多變化。因此，我們嘗試從年度和多年角度來看待問題。我們認為我們的表現一直非常出色，我們對增強的市場推廣感到非常高興，這是推動我們表現出色的一大因素。

Got it. And then you've obviously got a growing portion of connections here coming from the enhanced markets, I guess, 24% this quarter, 35% expected by the end of the year. It would seem like that could really start to take growth rates kind of further above the market to your last point, so I guess, is that kind of the right way to think about it? Or maybe any other nuances you might want us to be aware of as we kind of contextualize that in the full-year guidance?

知道了。然後，你顯然會發現來自增強型市場的連接比例不斷增長，我猜，本季為 24%，預計到年底將達到 35%。看起來這確實可能會使成長率進一步高於市場水平，就像您最後提到的那樣，所以我想，這是正確的思考方式嗎？或者，當我們在全年指導中將其具體化時，您可能希望我們注意其他細微差別？

Yes, I'll take that, Brad. And Jeremy, pile in if I miss anything. But I think the enhanced markets are going well. You're right, we're -- that 24% of all connections in Q1, we're expecting that to be 35%-plus by year-end. The bulk of the launches last year were Q2 through Q4, and it takes about 12 months to see accretion.

是的，我接受，布拉德。傑里米，如果我遺漏了什麼，請告訴我。但我認為增強型市場運作良好。您說得對，我們——第一季所有連接的比例為 24%，我們預計到年底這一比例將達到 35% 以上。去年的大部分發射都發生在第二季度到第四季度，大約需要 12 個月才能看到成長。

So I do think that's something to just keep in mind as we go. But I think the progress is quite good. We're seeing double-digit adoption rates across all of the Enhanced Markets, not just those that are more mature with Zillow Home Loans and continuing to see really good customer experience and really good partner feedback as well. So I think it's just a good methodical build like we've been talking about for a while now and continue to be quite pleased with it.

所以我確實認為這是我們前進過程中需要牢記的事情。但我認為進展相當不錯。我們看到所有增強型市場的採用率都達到了兩位數，而不僅僅是像 Zillow Home Loans 這樣較為成熟的市場，並且繼續看到非常好的客戶體驗和非常好的合作夥伴回饋。所以我認為這只是一個很好的有條理的構建，就像我們一直在談論的那樣，並且我們對此感到非常滿意。

Yes. The only thing I'd add there is just I know it makes it harder for you all to model, but not everything is the same, right? You think about Real-Time Touring and that comes to the Enhanced Markets as we roll them out, but it also comes more broadly. And I talked about 36% of connections nationwide now being in Real-Time Touring. So when we have things we can deliver in all the enhanced markets and beyond we do.

是的。我唯一要補充的是，我知道這會讓你們所有人建模變得更加困難，但並非所有事情都是一樣的，對吧？您可以考慮即時旅遊，當我們推出它時，它會進入增強型市場，但它的範圍也更廣泛。我說過，目前全國 36% 的連線都是即時巡迴。因此，當我們擁有可以在所有增強型市場及其他領域交付的產品時，我們就會這麼做。

And then when we have things that we have to really be methodical about things like Follow Up Boss improvements for our Premier Agent partners to drive Enhanced Markets results, things like introduction and training with the Zillow Home Loans' loan officers, those things will be more methodical in the land and expand strategy. All of that, if you zoom out, puts us on a path to get to the majority of Zillow customers, right? We gave you a mile marker of 75% of Zillow transactions to flow through that experience in the future. We don't think that's the upper limit right? But we wanted to give everyone a guidepost to show.

然後，當我們有一些事情需要真正有條不紊地處理時，例如，為我們的 Premier Agent 合作夥伴跟進 Boss 改進以推動增強型市場結果，以及為 Zillow Home Loans 的貸款官員進行介紹和培訓，這些事情在土地和擴張戰略中將會更加有條理。如果你把所有這些放大來看，我們就會走上一條接觸大多數 Zillow 客戶的道路，對嗎？我們為您提供了 75% 的 Zillow 交易里程碑，以便您將來能夠體驗到這種交易。我們不認為這是上限，對嗎？但我們想為每個人提供一個路標。

Our goal is to get the majority of Zillow customers to be able to use this more integrated, more digital experience with a great professional that's on board to use our software and services and to deliver the integrated transaction. So that's where we're headed and the enhanced markets are just a really good way to model our progress against that.

我們的目標是讓大多數 Zillow 客戶能夠透過優秀的專業人士使用我們的軟體和服務來享受這種更整合、更數位化的體驗，並實現整合交易。這就是我們的目標，而增強型市場正是我們以此為榜樣取得進步的一種非常好的方式。

Helpful. Thanks.

很有幫助。謝謝。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

Great. Thanks for taking my questions. Looks like your full-year outlook calls for better growth in the rental segment, which kind of implies either the residential or the mortgage segment or maybe both are falling a bit short of prior expectations. Can you talk to the factors causing that shortfall relative to your expectations for either segment.

偉大的。感謝您回答我的問題。看起來你們對全年的展望是希望租賃領域能夠有更好的成長，這意味著住宅或抵押貸款領域，或者兩者都沒有達到先前的預期。您能否談談相對於您對這兩個部分的預期而言導致這種差距的因素？

And second question, based on sort of your hiring needs to service your current market footprint in your growth areas, how is that informing your pathway to get back to variable costs growing more consistent with revenue? Thanks.

第二個問題，根據您在成長領域服務當前市場足跡的招募需求，您如何讓變動成本的成長與收入更一致？謝謝。

Yes. Thanks, John. I'll start. It's Jeremy Hofmann. On the rental side, our full-year guide had already included that rentals acceleration in our February outlook. We had just given a total company number. And we're trying to give you all this quarter, just a bit more visibility into how that builds. So it's not necessarily a change versus what we guided in February. Just more color on rentals just given the acceleration we are seeing and expected to see. So I think that's question one.

是的。謝謝，約翰。我先開始。我是傑瑞米·霍夫曼。在租賃方面，我們的全年指南已在二月的展望中納入了租賃加速成長的因素。我們剛剛給了公司總數。本季度，我們試著讓大家更清楚地了解這一進程是如何進行的。因此，與我們 2 月的指導相比，這並不一定會改變。鑑於我們所看到的和預期看到的加速發展，租賃情況將更加明朗。所以我認為這是第一個問題。

And then on the variable side, we are going to continue to invest in variable for both Zillow Home Loans and rentals. We just see really good growth opportunities there, and we want to make sure that we're capturing those. That being said, we can clearly drive leverage in the business and grow profits faster than revenue, and that's going to be on the back of the fixed cost discipline.

在可變方面，我們將繼續對 Zillow 房屋貸款和租賃進行可變投資。我們只是在那裡看到了非常好的成長機會，我們希望確保能夠抓住這些機會。話雖如此，我們顯然可以推動業務槓桿，使利潤成長速度快於營收成長速度，而這將依賴固定成本紀律。

So Q1 is a good example of that, where we grew fixed costs 3%, revenue grew 13% for the company, and you see the margin expansion show through. We're expecting more of the same throughout the course of 2025, and that's why we feel so good about the 2025 guide overall of the low- to mid-teens revenue growth, continued margin expansion and positive GAAP net income.

因此，第一季就是一個很好的例子，我們的固定成本成長了 3%，公司的營收成長了 13%，你可以看到利潤率的擴大。我們預計 2025 年全年將出現更多類似的情況，因此我們對 2025 年指南總體感覺良好，即收入增長率達到中低水平、利潤率持續擴大以及 GAAP 淨收入為正。

Great. Thank you.

偉大的。謝謝。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. Thanks. Just back to the questions on rentals and the multifamily ramp there. How much of the uptick in May to the 60,000 was from contracts that lapsed at Redfin that you were able to pick up. I think you said the partnership just launched last week. So clearly very early days.

偉大的。謝謝。回到關於租賃和多戶住宅坡道的問題。5 月新增 6 萬名員工中，有多少是來自於您能夠接手的 Redfin 已失效的合約？我想您說過合作關係上週剛啟動。顯然還處於早期階段。

And also, can you just remind us kind of the mechanics of the partnership since it wasn't actually an acquisition. Redfin cancels their contracts, but can share a customer list with you and then your sales or can go try to sign up those properties? Is that more or less how it works?

另外，您能否提醒我們一下合作機制，因為這其實不是一次收購。Redfin 取消了他們的合同，但可以與您分享客戶名單，然後分享您的銷售額，或者可以嘗試簽署這些房產嗎？它的工作原理大致如此嗎？

Yes. Trevor, I'll take that. It's Jeremy Hofmann. The way that I would think about the partnership is there was no transfer of contracts. So we had to go out and win that business. And we obviously did that quite well. And that goes back to what Jeremy was talking about earlier. We have differentiated supply.

是的。特雷弗，我會接受的。我是傑瑞米·霍夫曼。我認為合作關係中不存在合約轉讓。所以我們必須出去贏得這筆生意。顯然我們做得很好。這又回到了傑里米之前談論的內容。我們有差異化的供應。

We have differentiated demand, and we're driving what we believe is differentiated ROI to our partners as well. And when you put all three of those things together, you can start to see the success that we've had. And adding 5,000 buildings in Q1, another 5,000 in April alone makes us feel quite good that the proposition that we're putting forth in the market is clearly resonating and revenues accelerating as -- throughout the course of the year as a result of all that.

我們有差異化的需求，我們也在為我們的合作夥伴提供我們認為差異化的投資報酬率。當你將這三件事放在一起時，你會開始看到我們所取得的成功。第一季新增了 5,000 棟建築，光是 4 月就新增了 5,000 棟，這讓我們感到非常高興，因為我們在市場上提出的建議顯然引起了共鳴，而且由於這一切，全年的收入都在加速成長。

And then on the partnership itself, the syndication went live in late April. So we started syndicating properties to Redfin then. And what that means is now the 60,000 buildings that are on Zillow are on Redfin and their sites as well as well as realtor.com. And that's obviously compelling for consumers, and it's compelling for our multifamily property customers as well.

然後就合作關係本身而言，聯合組織於四月底開始運作。因此我們開始將房產聯合到 Redfin。這意味著現在 Zillow 上的 60,000 棟建築物都在 Redfin 及其網站以及 realtor.com 上。這對消費者來說顯然很有吸引力，對我們的多戶型房產客戶來說也同樣很有吸引力。

Yes. And maybe the only thing I'd add is, as Jeremy said, we had to go sell and win that business. We're, of course, knocking about 1,000, right? I mean having to earn this business, there's going to be our best efforts. You're seeing the results of that in the numbers we talked about and why we gave the color even since Q1 because it's really a win-win, right?

是的。也許我唯一要補充的是，正如傑里米所說，我們必須去銷售並贏得那項業務。當然，我們的目標價位在 1,000 左右，對嗎？我的意思是，為了贏得這項業務，我們必須盡最大努力。您可以從我們討論的數字中看到結果，以及為什麼我們從第一季開始就賦予這種顏色，因為這確實是雙贏的，對嗎？

It's a win for the advertiser that was on their sites but was not on Zillow. They're not getting access to a bigger audience. And it is, of course, a win for our existing advertisers and partners that were on Zillow properties and maybe not yet on Redfin's properties. So that's part of why I think you're seeing such great acceleration of the property count. And as Jeremy talked about, you're also seeing them maybe select higher tiers of advertising because they want more exposure.

對於在其網站上但不在 Zillow 上的廣告商來說，這是一個勝利。他們無法接觸到更多的觀眾。當然，這對我們現有的廣告商和合作夥伴來說是一個勝利，他們已經在 Zillow 的資產上投放廣告，但可能還沒有在 Redfin 的資產上投放廣告。所以我認為這也是為什麼你會看到房產數量如此大幅增長的原因之一。正如傑里米所說的，你也會看到他們可能選擇更高等級的廣告，因為他們想要更多的曝光率。

So on the partner side, it's been really well received. And what excites me the most is that all turns around and ends up being more supply and more choice for the renter, right? So the renter on Zillow, the renter on Redfin's sites, the renter on realtor.com is now seeing more properties and able to shop.

因此，從合作夥伴的角度來看，它確實受到了熱烈歡迎。最讓我興奮的是，一切都發生了變化，最終為租屋者提供了更多的供應和更多的選擇，對嗎？因此，Zillow 上的房客、Redfin 網站上的房客以及 realtor.com 上的房客現在可以看到更多房產並能夠進行選擇。

So going back to that strategy we're trying to drive, organizing more of the supply, driving engagement with the renter providing this fantastic consumer experience. That's how this marketplace spins. And that's the benefit that we and Redfin are going to see from this partnership.

所以回到我們正在努力推動的策略，組織更多的供應，推動與租客的互動，提供這種美妙的消費者體驗。這就是這個市場運作的方式。這就是我們和 Redfin 從這次合作中看到的好處。

Really helpful. Thank you.

真的很有幫助。謝謝。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Hi, good afternoon. Jeremy Wacksman, maybe for you, please. Could you talk a little bit about the listing access standards. This seems like an important industry development. And I'm wondering if you could just offer some comments on it and why it's important.

嗨，下午好。傑瑞米‧瓦克斯曼 (Jeremy Wacksman)，或許可以為您效勞。能否簡單談一下上市准入標準？這似乎是一個重要的產業發展。我想知道您是否可以對此發表一些評論並解釋其重要性。

And maybe for Jeremy Hofmann. I'm wondering if you could offer just a little more detail around Enhanced Markets growth and the plans through the balance of the year. I want to say you ended '24 with roughly 50, maybe that expanded to 90-ish in April. What inning are we in with the expansion of the Enhanced Markets. What does this look like over the next maybe couple of quarters into next year? Any thoughts on that would be really helpful. Thank you.

也許對傑里米·霍夫曼來說也是如此。我想知道您是否可以提供一些有關增強型市場成長和今年剩餘計劃的更多細節。我想說，24 歲時你的成績大約是 50，到 4 月可能會擴大到 90 左右。隨著增強型市場的擴張，我們處於什麼階段？明年接下來的幾季的情況會是如何？對此的任何想法都會非常有幫助。謝謝。

Yes, Tom, I'll start. So our listing standards that we announced recently, it's really just about encouraging the industry to formally implement what most are already practicing, which is that if you're going to market a listing, right, if a seller is not going to choose privacy or they're not going to choose no Internet, which are all options available to them, and you're going to market it publicly to some buyers, you need to market it to all buyers.

是的，湯姆，我先開始了。因此，我們最近宣布的上市標準實際上只是為了鼓勵業界正式實施大多數人已經在實踐的做法，也就是說，如果你要推銷一個房源，對吧，如果賣家不選擇隱私，或者他們不選擇不上網，這些都是他們可用的選項，而你要向一些買家公開推銷它，你需要向所有買家推銷它。

And the reason we're doing that is because the transparency that the U.S. residential real estate market has the luxury of allows buyers to be informed and be educated when they select their professional sellers understand and get the benefits of that transparency and agents can do their job effectively. Agents can see all the inventory and cooperate with each other.

我們這樣做的原因在於，美國住宅房地產市場具有極高的透明度，使得買家在選擇專業賣家時能夠獲得資訊和知識，從而理解並獲得透明度帶來的好處，代理商也能夠有效地完成他們的工作。代理商可以看到所有的庫存，並且可以相互合作。

So we announced those standards because we see such a consumer good in buyer and seller empowerment and education and availability of content, and we want to make sure that remains in our market so that our consumers and the professionals who work with us, the professional work with our competitors, the professional who work everywhere around the industry can continue to do their jobs effectively.

因此，我們宣布了這些標準，因為我們認為賦予買家和賣家權力、提供教育和內容可用性對消費者非常有利，我們希望確保這些標準仍然在我們的市場中，以便我們的消費者和與我們合作的專業人士、與我們的競爭對手合作的專業人士以及在行業各處工作的專業人士可以繼續有效地完成他們的工作。

Yes. And then, Tom, on the Enhanced Markets, I think we're still early innings. And when I say that, we think this is the future consumer experience that drives the vast majority of how Zillow customers interact with us, and we have to get that right and why we're so methodical in how we roll these enhanced markets out is that integration between our Zillow Home Loans, loan officer, and Premier Agent partner is something we just have to get right from the start.

是的。然後，湯姆，關於增強型市場，我認為我們還處於早期階段。當我這麼說時，我們認為這是未來的消費者體驗，它推動著絕大多數 Zillow 客戶與我們互動的方式，我們必須做好這一點，而我們如此有條不紊地推出這些增強型市場的原因是，我們的 Zillow Home Loans、貸款專員和 Premier Agent 合作夥伴之間的整合是我們必須從一開始就做好的事情。

So we're being really thoughtful about how we roll out and scale accordingly because we think there's so much potential and the strategy and so much potential in the customer experience for a long period of time. So I think that's the answer on the early innings.

因此，我們正在認真考慮如何推出並相應地擴大規模，因為我們認為這項策略以及長期的客戶體驗具有很大的潛力。所以我認為這就是早期階段的答案。

Where we are in terms of mile markers, we were at 21% of all connections at the end of 2024. We are now at 24%. We expect to be at 35% and by the end of this year and then on our way to 75% plus over time. And if you ladder that back to the mid-cycle targets we put out in February, the 75% connections going into Enhanced Markets translates to what we think is a $1 billion organic revenue opportunity in front of us.

就里程碑而言，到 2024 年底，我們的連線量將佔所有連線的 21%。目前這一比例為 24%。我們預計今年年底這一比例將達到 35%，然後隨著時間的推移，將達到 75% 以上。如果你將其與我們在二月提出的中期目標進行比較，那麼進入增強型市場的 75% 的連接就意味著我們認為我們面前有 10 億美元的有機收入機會。

So we think that is really, really attractive regardless of what happens with the housing market. That's assuming the housing market stays flat, we think there's a lot of growth there to go get, and we're going to be methodical to make sure we build the experience right.

因此，無論房地產市場如何變化，我們都認為這確實非常有吸引力。這是假設房地產市場保持平穩，我們認為還有很大的成長空間，我們將有條不紊地確保我們建立正確的經驗。

Thanks, guys.

謝謝大家。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay. Two questions, please. First, your market transactions growth assumption behind your Q2 residential revenue outlook? Is it for flat, low-single digits? Is that what you're assuming in the market?

好的。請問兩個問題。首先，您對第二季住宅收入前景的市場交易成長假設是什麼？它是平的、低個位數嗎？這是您在市場上所假設的嗎？

And then I know it's a broad range or there's probably a couple of ranges, but can you talk about the monetization of per connection differential between the Enhanced Markets and the rest of the -- and the regular markets? Thanks.

然後我知道這是一個廣泛的範圍，或者可能有幾個範圍，但你能談談增強型市場和其他市場以及常規市場之間每個連接的貨幣化差異嗎？謝謝。

Yes. Thanks, Mark. I'll take the housing market. I think on the housing market front, it's been challenged for a while. We expect it to continue to bounce along the bottom. There's not a lot new on that front. This has been the environment we have been operating in since 2022. And we expect more of the same in 2025. I think what we can do and our job is to really control what we can control regardless of the macro environment. And I think we're doing that quite well.

是的。謝謝，馬克。我將選擇房地產市場。我認為房地產市場方面已經面臨挑戰一段時間了。我們預計它將繼續在底部反彈。這方面並沒有什麼新鮮事。這就是我們自 2022 年以來一直在其中運作的環境。我們預計 2025 年還會出現更多類似的情況。我認為我們能做的和我們的工作是真正控制我們能夠控制的事情，而不管宏觀環境如何。我認為我們做得非常好。

The consistent double-digit revenue growth in the face of a really challenging housing market is something I think we're quite pleased with, and we have continued confidence that we'll grow low- to mid-teens in 2025 against a challenged market. Q2 is much of the same. We don't have any more specificity around that, just given how fluid macro is, but it's bouncing along the bottom, and we expect that to continue to be the case for some time.

在房地產市場充滿挑戰的情況下，我們能夠保持兩位數的收入持續增長，我認為這讓我們非常滿意，並且我們仍然有信心，在 2025 年的市場挑戰中，我們的收入將實現低至十幾個百分點的增長。Q2 的情況大致相同。我們對此沒有更具體的了解，只是考慮到宏觀經濟的流動性，但它正在底部波動，我們預計這種情況將持續一段時間。

And then maybe on your second question, Mark, kind of monetization of Enhanced Market versus not. I mean we don't break it out that precisely. We have talked about how the Enhanced Markets are growing faster than the business on average, and that's the math that backs what Jeremy just talked through earlier around getting from the 20%-odd to 35% of connections to 75%-plus by the end, drives that $1 billion of organic growth because that's basically share outperformance against the flat housing market, right? So all of that math and the return we're seeing and the growth rates we're seeing, which we talked about a bit in the prepared remarks of enhanced market performance is good color for you, but we haven't given a precise breakout of it.

然後也許關於你的第二個問題，馬克，增強型市場是否實現貨幣化。我的意思是我們並沒有把它分解得那麼精確。我們已經討論過增強型市場如何以高於平均水平的速度增長，而這正是 Jeremy 剛才談到的數學原理，即從 20% 左右到 35% 的連接率到最終 75% 以上，推動 10 億美元的有機增長，因為這基本上是相對於平穩的房地產市場的股票表現優異，對嗎？因此，我們看到的所有這些數學計算、回報和成長率（我們在準備好的發言中談到了增強的市場表現）對您來說都是好消息，但我們還沒有給出精確的細分。

Okay. Thank you.

好的。謝謝。

Sergio Segura, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Sergio Segura。

Great. Thanks for taking the questions. I have two. Maybe going back to the listing standards. Just curious what the industry-wide reaction has been. For the brokerages that have been pushing these private listing networks, have you seen any signs of them maybe backing away from that strategy?

偉大的。感謝您回答這些問題。我有兩個。也許要回到上市標準。只是好奇整個產業的反應如何。對於一直推動這些私人上市網路的經紀公司來說，您是否看到他們可能放棄這項策略的跡象？

And then for the EBITDA expense on 1Q was modestly below what you had in your outlook. So anything to call out there on cost savings? Or was that more just investment spend shifting into the second quarter? Thank you.

那麼，第一季的 EBITDA 支出略低於您的預期。那麼在節省成本方面有什麼需要注意的嗎？或者這只是投資支出轉移到第二季度？謝謝。

Yes, Jeremy, I'll start maybe on listings, and you can take the second one. I mean it's really early, I guess, is my short answer, but we're pretty pleased to see so many in the industry, brokerages, MLSs, other organizations publicly committing to the same principle. But again, most of them already believed in and were practicing this, that if you're going to market a listing you should market it available to everyone to all buyers so that the marketplace has transparency.

是的，傑里米，我可能會從清單開始，你可以選擇第二個。我的意思是現在還為時過早，這是我的簡短回答，但我們很高興看到業內如此多的人、經紀公司、MLS 和其他組織公開承諾遵守同樣的原則。但同樣，他們中的大多數人已經相信並正在實踐這一點，如果你要推銷一個房源，你應該將其推銷給所有買家，以便市場具有透明度。

We're also seeing a lot of consumer advocacy organizations, including the consumer policy center support that transparency in real estate. So again, we really put that statement and policy out because it is really supporting most of what those in the industry already believed and we're practicing.

我們也看到許多消費者權益保護組織，包括消費者政策中心，都支持房地產的透明度。因此，我們再次提出這項聲明和政策，因為它確實支持了業內人士已經相信的和我們正在實踐的大部分內容。

Yes. And then on the expenses side, Sergio, Q1, the difference between the $450 million that we had in our implied outlook and the $445 million that we came in with was primarily a bit slower hiring than anticipated and a bit lower marketing than we had anticipated. So those were the two, nothing major to call out.

是的。然後，在費用方面，塞爾吉奧，第一季度，我們隱含的前景中的 4.5 億美元和實際的 4.45 億美元之間的差額主要是因為招聘速度比預期的要慢一些，營銷費用比我們預期的要低一些。就這兩條，沒什麼大不了的。

And then the one thing I would say on Q2, we have a $50 million sequential increase from Q1 to Q2 and our in our EBITDA expenses. More than half of that is driven by normal seasonal marketing step-up. And then the balance of it comes from the Redfin partnership and us starting to pay them for leads and the leads they generate to our rentals marketplace.

然後我想說的是，關於第二季度，我們的 EBITDA 支出從第一季到第二季連續增加了 5,000 萬美元。其中超過一半是由正常的季節性行銷推動的。然後，平衡來自於與 Redfin 的合作，我們開始向他們支付銷售線索費用以及他們為我們的租賃市場帶來的銷售線索費用。

Got it. Thanks, both.

知道了。謝謝你們兩位。

Curtis Nagle, Bank of America Merrill Lynch.

柯蒂斯‧納格爾，美國銀行美林證券。

Great. Thanks for taking the question. I just want to go back to the point about the impact of high housing kind of driving a relative disparity in terms of your resi for-sale performance versus the market as a whole. I guess was that more outsized in 1Q relative to other quarters? I know high-end housing has been largely or I think for the most part, doing better than the market as a whole for let's say, the past several quarters. So yes, just curious on your thoughts on that. Thanks very much.

偉大的。感謝您回答這個問題。我只是想回到剛才提到的問題，即高房價對住宅銷售表現與整個市場之間相對差異的影響。我猜想第一季相對於其他季度而言是否更為巨大？我知道，在過去的幾個季度裡，高端住宅的表現基本上，或者我認為在大多數情況下，都比整個市場更好。是的，我只是好奇你對此的想法。非常感謝。

Yes, you're right, Curtis, the high-end just outperformed in the first quarter. Homes at the high-end where -- we had 6% total growth on our calculation, high-end contributed 500-plus basis points. So that means the middle and lower end was roughly flat. And that is the set of customers that we tend to more commonly work with. I think that's been a trend particularly the affordability challenge, I think, for homebuyers and first-time homebuyers in particular, has been a headwind for more than just Q1.

是的，你說得對，柯蒂斯，高端產品在第一季表現出色。高端住宅－根據我們的計算，總成長率為 6%，高端貢獻了 500 多個基點。這意味著中間和下端大致是平的。這也是我們通常與之合作的客戶群。我認為這是一個趨勢，特別是對於購屋者，尤其是首次購屋者來說，負擔能力的挑戰不僅僅是第一季的阻力。

We had that headwind through the course of 2024 as well. It was a bit of a tailwind back in 2023, but more of a headwind in '24, and I think continue to be the case into Q1. And I think that's, like I said on the relative performance question, that's why we try not to over function, right? The macro is just so fluid at the moment. It has been for a long period of time now that we try to look at how are we doing in residential for-sale and total company over longer periods of time where that stuff starts to smooth out, and I think quite pleased with the ability to take share in residential and for-sale and across the business.

我們在 2024 年也遇到了這樣的逆風。2023 年的情況有點順風，但 2024 年的情況則更加逆風，我認為這種情況會持續到第一季。我認為，就像我在相對績效問題上所說的那樣，這就是我們試圖不過度運作的原因，對嗎？目前宏觀形勢非常不穩定。很長一段時間以來，我們一直在嘗試觀察我們在住宅銷售和整個公司長期內的表現如何，當這些事情開始順利進行時，我認為我們對能夠在住宅和銷售以及整個業務中佔據份額感到非常高興。

Okay. And then maybe just a quick follow-up, Jeremy, on that point. Just I guess the philosophy behind not giving a market forecast this quarter, I think you have or at least, I don't know, past -- as far back as I can see, that's something you've done. So just why not do it for 2Q?

好的。然後也許只是對這一點做一個快速的跟進，傑里米。我猜想，本季不給出市場預測背後的理念是，我認為你們已經這樣做了，或者至少，我不知道，過去——據我所知，這是你們做過的事情。那為什麼不在第二季度這樣做呢？

It's just a little too hard to predict, Curtis. I think the housing market itself has been challenging to predict the last few years. And you throw in the more uncertainty going on in the rest of the macro, we felt like better served to just tell you all, our expectation is much of the same, and our expectation is to grow right through it. So that's what we plan to do in Q2.

這實在太難預測了，柯蒂斯。我認為過去幾年房地產市場本身就很難預測。並且考慮到宏觀經濟其他部分中存在的更多不確定性，我們覺得最好告訴大家，我們的期望大致相同，我們的期望是透過它實現成長。這就是我們計劃在第二季要做的事情。

Okay. Thank you.

好的。謝謝。

Benjamin Black, Deutsche Bank Research.

德意志銀行研究部的班傑明‧布萊克 (Benjamin Black)。

Great. Thanks for taking my question. One on the Listing Showcase. Just can you talk a little bit about the learnings there, your go-to-market strategy, what are some of the feedback that you're getting from your listing agents? And is there anything on the product side that you're working on that could potentially drive even greater adoption? And just longer term, when do you think we get to the place where not having listing Showcase is seen as sort of a real disadvantage and the sellers start to pressure agents to use it more? Thank you.

偉大的。感謝您回答我的問題。其中一個在清單展示中。您能否稍微談談您在那裡學到的東西、您的行銷策略，以及您從上市代理商那裡得到了哪些回饋？在產品方面，您正在進行的工作是否能夠推動更廣泛的採用？從長遠來看，您認為什麼時候我們才能達到這樣的境界：沒有房源展示會被視為一種真正的劣勢，而賣家會開始向代理商施壓，要求他們更多地使用它？謝謝。

I love that question. We ask ourselves that question, too. So on Showcase, 2% of all new listings, up from 1.7% last quarter. We are thrilled with that for a product that's really just nationwide a little more than a year. And your second question is what we all think about, right, when this becomes the standard, but the reality is we're sitting in a world where this is still new and most sales calls are introducing and educating an agent on what this is, right?

我喜歡這個問題。我們也問過自己這個問題。因此，Showcase 上所有新房源佔比為 2%，高於上一季的 1.7%。對於這款在全國銷售才一年多的產品，我們感到非常興奮。你的第二個問題是，當這成為標準時，我們都在想什麼，對吧，但現實是，我們處在一個這仍然是新事物的世界裡，大多數銷售電話都在向代理商介紹和教育這是什麼，對吧？

So we're really pleased with that progress. And you've seen us do a great job enrolling agents and teams, and we're starting to also work with brokers as well to work with their agents. We just announced a partnership this quarter, and we're going to continue to evolve our go-to-market to get the word out more with agents and brokers. And then when do we move from kind of the fear of missing out version of Showcase to the table stakes, that comes with scale and with time and with share of Showcase. And that is the future we see.

所以我們對這項進展感到非常高興。你已經看到我們在招募經紀人和團隊方面做得非常出色，我們也開始與經紀人合作，與他們的經紀人合作。我們本季剛剛宣佈建立合作夥伴關係，我們將繼續改進我們的行銷策略，以便向代理商和經紀人進一步宣傳。那麼，我們什麼時候才能從害怕錯過 Showcase 的版本轉向隨著規模、時間和 Showcase 份額而來的賭注。這就是我們所看到的未來​​。

I think it's when you see buyers engage more with the Showcase listing and they spend nearly double the time engaging with it, that's a higher-intent buyer, right? And so the agent trying to sell that home absolutely wants that because it helps them sell the home faster. You see that in the data, right? In every market, we see homes sell faster and sell for more money when they are showcased and that's what allows agents to win more listings when they use it. So right now, it's new, it's novel.

我認為，當您看到買家更多地參與展示列表，並且他們花費幾乎兩倍的時間參與其中時，這就是意向更高的買家，對嗎？因此，試圖出售房屋的經紀人絕對希望這樣做，因為這可以幫助他們更快地出售房屋。您在數據中看到了這一點，對嗎？在每個市場中，我們都看到房屋在展示時銷售速度更快、售價更高，這就是代理商使用它時贏得更多房源的原因。所以現在，它是新的，它是新穎的。

We've been talking to you all about it for many quarters now. But if you go sit inside a real estate agent's office, they're still learning about it for the first time in many places. So we will get there. Part of the guidance we tried to give you all was, we think, at 5% to 10% share that's the incremental $150 million to $300 million of the product. But when we get beyond that and when we start to get to real penetration of the content, it does turn into an expectation.

我們已經和你們討論這個問題好幾個季度了。但如果你走進房地產經紀人的辦公室，你會發現在很多地方，他們還是第一次了解這一點。所以我們會到達那裡。我們試圖向大家提供的部分指導是，我們認為，5% 到 10% 的份額意味著產品增量為 1.5 億到 3 億美元。但當我們超越這一點並開始真正滲透內容時，它確實變成了一種期望。

And we know that because every time you give the consumer access to more content, they move from new, innovative to expectation. You saw that with mobile, you're going to see that with things like Showcase and AI-powered technology in our category. So we're really excited about its potential. We didn't put a time frame on that 5% to 10%, and we haven't put a time frame on your second question, but that is ultimately the goal is to really move all buyer and seller expectations to a much more interactive, much more immersive way to virtually shop.

我們知道這一點，因為每當你讓消費者獲得更多內容時，他們就會從新穎、創新轉向期待。您在行動裝置上看到了這一點，您還會在我們的類別中看到諸如 Showcase 和人工智慧技術之類的東西。因此我們對它的潛力感到非常興奮。我們沒有為這 5% 到 10% 設定時間框架，也沒有為您的第二個問題設定時間框架，但最終目標是真正將所有買家和賣家的期望轉移到更具互動性、更具沉浸感的虛擬購物方式上。

That empowers the consumer, and that ultimately empowers the agent, too. It's a higher intent buyer and seller; it's a more educated customer.

這賦予了消費者權力，最終也賦予了代理商權力。這是意向更高的買家和賣家；這是一個更有知識的客戶。

Thank you for that.

謝謝你。

Dae Lee, JPMorgan.

摩根大通的 Dae Lee。

Great. can you hear me?

偉大的。你聽得到我嗎？

Yes.

是的。

Thanks for taking the questions. I have two. Just a follow-up on the macro comments you made earlier. So I understand that housing remains challenged. But with that said, how is that translating into agent participation on your platform? I'm wondering if you're seeing any changes in how they're participating this year or that it's last year?

感謝您回答這些問題。我有兩個。這只是對您之前所作的宏觀評論的後續。所以我理解住房問題依然面臨挑戰。但話雖如此，這如何轉化為您平台上的代理參與？我想知道您是否看到他們今年或去年的參與方式有什麼改變？

And then secondly, you've been seeing acceleration in organic-user growth. Sort of curious what's driving that acceleration? And if you're seeing any changes to consumer behavior on your platform that could help us guide how to think about how '25 housing market should look like. Thank you.

其次，您已經看到有機用戶成長加速。有點好奇是什麼推動了這種加速？如果您發現平台上的消費者行為有任何變化，這可以幫助我們思考 25 年房地產市場應該是什麼樣子。謝謝。

On agent sentiment, we aren't seeing a ton of change, but I will caveat that with whenever we get asked about agent sentiment in the industry nationwide. It's a reminder that our agents are not the average, right?

就代理商情緒而言，我們並沒有看到太多變化，但每當我們被問及全國行業代理商情緒時，我都會提出這一點。這提醒我們，我們的經紀人不是普通人，對吧？

80% of agents that work with Zillow are in the top 20% of producers of transactors in the industry. And so those are the folks that run staff at scale, have higher volumes, are more professional in their services. So they tend to both grow share in the boom times, but also maintain and preserve and grow share in the tough times, right? It's oftentimes in the depressed real estate market; the best agents are the ones that actually survive and then thrive. So we're seeing agents still like the ROI and see great ROI from places like Zillow.

與 Zillow 合作的經紀人中，80% 是行業內交易者數量排名前 20% 的。這些人管理員工規模較大，業務量較大，服務也較專業。因此，他們往往既能在繁榮時期擴大份額，又能在困難時期維持、維持和擴大份額，對嗎？這往往發生在房地產市場低迷的時候；最好的代理商是那些能夠生存下來並蓬勃發展的代理商。因此，我們看到代理商仍然喜歡 ROI，並從 Zillow 等網站看到了很高的投資報酬率。

But in a challenged market, you often turn to this flight to safety of the places you know are going to work to help build your business, make you more efficient and help you grow your business, and that is Zillow for many of them. So for us, we feel very fortunate. The strategy we have of partner with the top end is really durable in all weather, and I think you're seeing that. So I can't speak to this more broadly, but that's for sure what we're seeing.

但在充滿挑戰的市場中，您經常會轉向那些您知道能夠幫助您建立業務、提高效率並幫助您發展業務的安全場所，對其中許多人來說，Zillow 就是其中之一。因此，我們感到非常幸運。我們與高端合作夥伴的策略在各種天氣條件下都非常耐用，我想你已經看到了這一點。所以我無法更廣泛地談論這一點，但這確實是我們所看到的。

And then on the consumer side, you're seeing overall year-over-year traffic gains, and I think you see a bit in the category, the demand is there. I mean the demand has been in the real estate category for the last couple of years. Jeremy has talked at length about macro on this call, what's keeping transaction volumes down at this kind of have-to-move level, right? The $4 million-change existing home sales that trade, $4 million-change, down from $5.5 million to $6 million average, were really down at only the folks that have to pull the trigger.

然後在消費者方面，你會看到整體流量同比增長，我認為你會看到該類別的需求是存在的。我的意思是在過去幾年裡，房地產類別的需求一直存在。傑里米在這次電話會議上詳細討論了宏觀問題，是什麼原因導致交易量處於這種必須行動的水平，對嗎？現房交易額為 400 萬美元，比平均 550 萬美元至 600 萬美元下降了 400 萬美元，實際上只有那些必須採取行動的人的銷售額才下降了。

That doesn't mean the demand is out there. It just means that they're not actually following through and able to buy. And that's the affordability challenge, which is exacerbated by lack of inventory, right? So you'll see that in the buy-side signals. You'll see that in the demand signals and our traffic and other companies that report on buy-side demand. Even with the challenges in the outside for their wallet, right, the pent-up desire is still there.

這並不意味著存在需求。這只是意味著他們實際上並沒有遵循併購買。這就是負擔能力的挑戰，而庫存不足又加劇了這項挑戰，對嗎？因此您會在買方訊號中看到這一點。您會在需求訊號、我們的流量和其他報告買方需求的公司中看到這一點。即使外面的錢包面臨挑戰，但被壓抑的慾望仍然存在。

Yes. And then I think just to pile on that, if you think about how to get comfortable with why do we continue to grow in the low- to mid-teens for 2025. It's not so much on the back of user growth. It's going to be on the back of things like rentals, multifamily property growth, which you're seeing enhanced market expansion, continued expansion of Follow Up Boss and continued expansion of Showcase. Those are all really much more kind of self-help transactional services that we're delivering to help us drive growth rather than user-specific at the top of the funnel.

是的。然後，我認為，如果你想一想，為什麼到 2025 年我們的經濟成長率還會繼續維持在 15% 左右？這並不是很大程度上依賴用戶成長。它將受到租賃、多戶型房產成長等因素的影響，您將看到市場擴張的增強​​、Follow Up Boss 的持續擴張以及 Showcase 的持續擴張。這些都是我們實際提供的自助交易服務，旨在幫助我們推動成長，而不是針對漏斗頂端的特定用戶。

That's right. And that's because, as we said maybe in the beginning of the hour, our strategy is convert more of the highly engaged brand-direct audience we have, right? This isn't about lead gen and lead acquisition. This is about helping more buyers and sellers use an integrated shopping experience to not just shop but actually buy and sell with great partners. And everything Jeremy just laid out are the ways in which we're doing that, and we're doing that in our Enhanced Markets most fully.

這是正確的。這是因為，正如我們在一開始所說的那樣，我們的策略是轉化更多我們擁有的高度參與的品牌直接受眾，對嗎？這與潛在客戶生成和潛在客戶獲取無關。這是為了幫助更多的買家和賣家利用綜合購物體驗，不僅僅是購物，而且實際上是與優秀的合作夥伴進行買賣。傑里米剛才列出的是我們正在採取的措施，而且我們正在增強型市場中充分地實施這些措施。

Got it. Thank you.

知道了。謝謝。

Maria Ripps, Canaccord.

瑪麗亞·里普斯（Maria Ripps），Canaccord。

Maria, I think you're still on mute. If you're trying to talk.

瑪麗亞，我想你仍然保持沉默。如果你想說話。

(Operator Instructions)

（操作員指示）

Great. Thanks so much for taking my questions. Sorry about that. Just first, sort of a broad industry question. Would love to hear sort of your thoughts on what Rocket's announced acquisitions of Redfin and Mr. Cooper.

偉大的。非常感謝您回答我的問題。很抱歉。首先，這是一個廣泛的行業問題。很想聽聽您對 Rocket 宣布收購 Redfin 和 Mr. Cooper 的看法。

So [what] the strategy there could mean for Zillow and the industry more broadly? And maybe relatedly, does the acquisition change sort of anything as it relates to any sort of key aspects of the Redfin partnership? And then I have a quick follow-up.

那麼該策略對於 Zillow 以及整個產業來說又意味著什麼呢？也許與此相關的是，此次收購是否會改變與 Redfin 合作夥伴關係的任何關鍵方面？然後我有一個快速的跟進。

Why don't I start, and then Jeremy, obviously jump in on anything on the partnership specifically. I think for me, Rocket announcing their acquisition of Redfin is really about a recognition that the future of real estate is this integrated transaction, right? That is what buyers and sellers are demanding the idea that you need to put together a fantastic technology for the buyer and for the seller and for the real estate agent and for the loan officer and for all the transaction services along the way because a buyer and a seller wants to do that increasingly in the palm of their hand inside one app. That's how I think about that.

我先開始吧，然後傑瑞米顯然會具體談談合作關係方面的事情。我認為，對我來說，Rocket 宣布收購 Redfin 實際上是認識到房地產的未來就是這種綜合交易，對嗎？這就是買家和賣家所要求的，你需要為買家、賣家、房地產經紀人、貸款人員和整個過程中的所有交易服務整合一項出色的技術，因為買家和賣家希望在一個應用程式中透過掌上方式完成所有這些操作。我就是這麼想的。

The great news for us is that's been our strategy for a while, and you're seeing us grow our share of transactions executing against that strategy. And we like the assets we have to continue to grow and be a big share gainer in that future of real estate. And it's a huge and highly fragmented market, right? There's going to be multiple winners here.

對我們來說，好消息是，這已經成為我們的策略一段時間了，而且您會看到，我們按照該策略執行的交易份額正在成長。我們看好我們擁有的資產能夠繼續成長，並在未來房地產市場中佔據較大的份額。這是一個巨大且高度分散的市場，對嗎？這裡將會有多位獲勝者。

And so as more companies see that, that is actually a feature of real estate is building this integrated experience, there's going to be more than just us doing it. So we love the bet we are making that real estate is going to be further digitized and integrated, and we love our strategic positioning.

隨著越來越多的公司認識到這一點，這實際上是房地產的一個特點，即建立這種綜合體驗，而不僅僅是我們這樣做。因此，我們很高興押注房地產將進一步數位化和整合，我們也喜歡我們的策略定位。

And then to the Redfin question, we expect, and I think Rocket has said this as well. We expect them to be supportive there. We don't expect changes to the partnership as a result of the acquisition. And like Jeremy said, really big market, really interesting strategy. We think there are multiple winners.

然後是關於 Redfin 的問題，我們預計，而且我認為 Rocket 也說過這件事。我們希望他們能給予支持。我們預期此次收購不會為合作關係帶來任何改變。正如傑里米所說，市場真的很大，策略真的很有趣。我們認為會有多個贏家。

And of course, in these partnerships, we look for ways to create win-wins. That's how these partnerships work best, and we think the Redfin one is a win for us. We think it's a win for Rocket/Redfin as well.

當然，在這些合作中，我們尋求創造雙贏的方法。這就是這些合作關係發揮最佳作用的方式，我們認為與 Redfin 的合作對我們來說是一個勝利。我們認為這對 Rocket/Redfin 也是一場勝利。

Got it. That's very helpful. And then can you maybe help us kind of understand sort of the magnitude of gross margin impact from the Redfin partnership that's sort of that's embedded in your guidance?

知道了。這非常有幫助。然後，您能否幫助我們了解與 Redfin 的合作對毛利率的影響程度（這已包含在您的指導中）？

Yes. I would go back to just thinking about the sequential uptick between Q1 and Q2 is about $50 million. So $445 in Q1, $495 million in Q2. More than half of that is just seasonal marketing step-up, and then the balance of it will come from that Redfin partnership, and that will be showing up in cost of revenue.

是的。我會回過頭來想想，第一季和第二季之間的連續上漲幅度約為 5,000 萬美元。因此第一季為 4.45 億美元，第二季為 4.95 億美元。其中超過一半只是季節性行銷升級，其餘部分將來自與 Redfin 的合作，這將體現在收入成本中。

That's very helpful. Thank you very much.

這非常有幫助。非常感謝。

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

這樣，分配的提問時間就結束了。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。

Thank you, all, for joining us today. We really appreciate your continued support. We're excited for what's ahead, and we look forward to speaking with you in August.

謝謝大家今天加入我們。我們非常感謝您的持續支持。我們對未來充滿期待，並期待八月與您交談。

Thank you for joining Zillow Group's first-quarter financial results call. This concludes today's conference call. You may now disconnect.

感謝您參加 Zillow Group 第一季財務業績電話會議。今天的電話會議到此結束。您現在可以斷開連線。