Zillow Group Inc (Z) 2025 Q2 法說會逐字稿

Hello, and welcome to Zillow Group's second-quarter 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. Brad, you may begin.

您好，歡迎參加 Zillow Group 第二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。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 Hofman.

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 Hofman。

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.

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.

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。

During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we refer to as EBITDA. We encourage you to read our shareholder letter and earnings release, 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. We will open the call with remarks followed by live Q&A.

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）。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。我們將以評論開始通話，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. Thank you for joining us. I'm pleased to share our strong Q2 results today, including continued double-digit revenue growth and positive net income. We're gaining share in 4 share and rentals and we're doing it while maintaining cost discipline to deliver on our 2025 targets for continued EBITDA margin expansion and GAAP net income.

謝謝你，布拉德，大家下午好。感謝您加入我們。我很高興今天分享我們強勁的第二季業績，包括持續的兩位數收入成長和正的淨收入。我們在 4 股和租賃領域的份額正在增加，同時我們正在保持成本控制，以實現我們 2025 年的目標，即繼續擴大 EBITDA 利潤率和 GAAP 淨收入。

As we work to streamline residential real estate transactions with our housing super app, everything we build is designed to offer a benefit for both consumers and the industry. People want and deserve a better experience than an antiquated and analog one they've become used to in real estate.

當我們致力於透過我們的住房超級應用程式簡化住宅房地產交易時，我們所建立的一切旨在為消費者和行業帶來利益。人們希望並且應該獲得比他們在房地產領域習慣的過時和模擬的體驗更好的體驗。

Consumers and professionals experience a digital streamlined, automated and delightful process in almost every other part of their lives, from rides and restaurant reservations to flights and lodging. And it's reasonable, we'd expect the same in real estate -- comes in.

從乘車和餐廳預訂到航班和住宿，消費者和專業人士在生活的幾乎每個方面都體驗到數位簡化、自動化和令人愉悅的過程。這是合理的，我們預期房地產也會出現同樣的情況。

We are building that truly integrated, digitized end-to-end transaction experience. That relentless focus on creating great products and experiences we're growing share in both for sale and rentals and why Zillow's beloved brand. People instinctively turn to Zillow when they think about home whether mover is looking to buy, sell or rent, they're likely visiting us along the way.

我們正在建立真正整合的、數位化的端到端交易體驗。我們堅持不懈地致力於創造優質的產品和體驗，這使得我們在銷售和租賃方面的份額不斷擴大，這也是 Zillow 成為備受喜愛的品牌的原因。當人們考慮房子時，他們本能地會轉向 Zillow，無論搬家者是想買房、賣房還是租房，他們都可能會順便拜訪我們。

Zillow maintains the number one position in both for-sale and rental traffic. In Q2, we had 243 million average monthly unique users across our apps and sites and about 4x the app engagement of the next company in our category. This deep connection with our audience has been part of our foundation from the start.

Zillow 在銷售和租賃流量方面均保持第一的位置。在第二季度，我們的應用程式和網站每月平均擁有 2.43 億獨立用戶，應用程式參與度約為同類別第二家公司的 4 倍。從一開始，與觀眾的深厚連結就是我們的基礎的一部分。

Just in the past month, season 2 of Zillow Gone Wild premiered on HGTV, and Zillow debuted a Marvel size collaboration with an immersive custom listing of the Baxter building in New York from the new Fantastic Four movie in addition to a steady drumbeat of organic mentions across the cultural zeitgeist.

就在上個月，《Zillow Gone Wild》第二季在 HGTV 首播，Zillow 首次與漫威合作，推出了一部來自新《神奇四俠》電影的紐約巴克斯特大廈的沉浸式定制列表，此外還持續不斷地提及文化時代精神。

We've built that brand equity because Zillow is part of how people imagine their future and how they're able to turn those dreams into reality. Consumer affinity for Zillow continues to fuel our success. We're demonstrating consistently strong growth and are positioned for more.

我們建立了品牌資產，因為 Zillow 是人們想像未來以及如何將夢想變成現實的一部分。消費者對 Zillow 的熱愛繼續推動我們的成功。我們正展現出持續強勁的成長勢頭，並有望取得更大的進步。

In Q2, total revenue was up 15% year over year, exceeding our expectations. For-sale revenue increased 9% year over year against a broader housing and mortgage market that remained essentially flat.

第二季度，總營收年增15％，超出我們的預期。與整體住房和抵押貸款市場基本持平相比，銷售收入年增 9%。

Residential revenue was up 6%, mortgage revenue was up 41%. The Rentals revenue growth accelerated in Q2 to 36% year over year. Looking ahead to the rest of 2025, we are on track toward the full year goals we outlined earlier this year.

住宅收入成長6%，抵押貸款收入成長41%。第二季租賃收入年增 36%。展望 2025 年剩餘時間，我們正朝著今年稍早概述的全年目標邁進。

This includes now expecting mid-teens revenue growth for the full year at the higher end of our previous 2025 outlook for low to mid-teens revenue growth. Jeremy Hofmann will take you through more detail later in the call.

這包括現在預計全年收入成長率將達到十幾歲左右，高於我們先前對 2025 年收入成長率低至十幾歲左右的預測。傑里米霍夫曼 (Jeremy Hofmann) 將在稍後的通話中向您詳細介紹。

We are successfully executing on our for sale strategy to deliver an easier, streamlined, tech-enabled and integrated transaction experience across Zillow with innovative products and services that solve problems for everyone involved in the move.

我們正在成功執行我們的銷售策略，透過創新的產品和服務為參與搬遷的每個人解決問題，從而在 Zillow 上提供更輕鬆、更精簡、技術支援和整合的交易體驗。

We know our strategy because consumers and real estate professionals like what we have to offer and because our for sale revenue growth continues to outpace industry growth. This effective strategy comes to life in our enhanced markets, where we're connecting high-intent movers with high-performing professionals and delivering a more integrated transaction.

我們了解我們的策略，因為消費者和房地產專業人士喜歡我們提供的產品，並且我們的銷售收入成長持續超過行業成長。這項有效的策略在我們增強的市場中得以實現，我們將有強烈意願的推動者與高績效的專業人士聯繫起來，並提供更整合的交易。

In Q2, 27% of connections came through the enhanced market experience on our way to a long-term goal of at least 75% of connections. And now 96% of Enhanced Market connections are handled through Follow Up Boss, our customer relationship management platform purpose-built for agents and teams. We're seeing strong traction in existing enhanced markets as buyers are engaging and agents who work with us are gaining share.

在第二季度，27% 的連結是透過增強的市場體驗實現的，我們正朝著至少 75% 的連結這一長期目標邁進。現在，96% 的增強型市場聯繫都是透過 Follow Up Boss 處理的，這是我們專為代理商和團隊打造的客戶關係管理平台。隨著買家的參與以及與我們合作的代理商的份額不斷增加，我們看到現有增強型市場呈現出強勁的吸引力。

And in Q2, Zillow Home Loans continued to have double-digit adoption across our enhanced markets, a clear sign of progress for our integrated approach. As part of our enhanced market playbook, we continue methodically expanding the experience to more customers and partners and to more places.

在第二季度，Zillow Home Loans 在我們增強的市場中繼續實現兩位數的採用率，這是我們綜合方法取得進展的明顯標誌。作為我們增強的市場策略的一部分，我們將繼續有條不紊地將體驗擴展到更多的客戶和合作夥伴以及更多的地方。

We're excited about the potential to unlock $1 billion incremental revenue opportunity just with that rollout, even in a flat macro housing environment. Just as important, we're focused on innovating to make the transaction smoother and more delightful. That continued innovation is what fuels our long-term growth.

我們很高興看到，即使在宏觀住房環境平淡的情況下，光是推出這項計畫就有可能帶來 10 億美元的增量收入機會。同樣重要的是，我們專注於創新，讓交易更加順暢、更愉快。持續的創新是我們長期成長的動力。

So today, I'll walk you through some of the latest examples of what the team has been working on.

所以今天，我將向大家介紹團隊最近進行的一些工作。

Firstly, we're improving how we identify high-intent buyers, whether they start by viewing a property, connecting with an agent or exploring their financing options, so we can match them with the right support at the right moment in their journey. That's where products like BuyAbility play a key role.

首先，我們正在改進識別高意向買家的方式，無論他們是先查看房產、聯繫代理商還是探索融資選擇，這樣我們就可以在他們的購房過程中的適當時刻為他們提供適當的支持。這就是 BuyAbility 等產品發揮關鍵作用的地方。

BuyAbility is a powerful tool from Zillow Home Loans that helps buyers shop based on what they can afford, instantly estimating the loan amount they may qualify for and suggesting a price cap based on their budget. It quickly adapts to market changes, interest rates and the buyer's own financial situation, helping them stay focused, confident and well informed as they shop on the Zillow app.

BuyAbility 是 Zillow Home Loans 推出的一款強大工具，可幫助買家根據自己的經濟能力進行購物，即時估算他們可能有資格獲得的貸款金額，並根據他們的預算建議價格上限。它可以快速適應市場變化、利率和買家自身的財務狀況，幫助他們在 Zillow 應用程式上購物時保持專注、自信和充分了解情況。

More than 2 million people have enrolled in viability since it launched, and recent enhancements now led by our shop by both their target monthly payment and their overall maximum buying power. These buyers are then even more knowledgeable and ready to act when they connect with an agent through Zillow. We're building these tools to empower decision-making throughout the journey for consumers and the professionals who serve them.

自推出以來，已有 200 多萬人註冊了可行性計劃，最近的改進現在由我們的商店根據他們的目標月付款額和整體最大購買力進行。當這些買家透過 Zillow 與代理商聯繫時，他們會更了解情況並準備採取行動。我們正在建立這些工具，以便為消費者和為他們服務的專業人士在整個旅程中提供決策支援。

As another example, for sale listings on Zillow now display offer insights, showing buyers and their agents how different offer prices are likely to perform based on real-time market data and setting the stage for a productive informed conversation about how to approach an offer.

再舉一個例子，Zillow 上的待售房源現在可以顯示報價洞察，向買家及其代理商展示基於即時市場數據的不同報價可能如何表現，並為就如何處理報價進行富有成效的知情對話奠定基礎。

This is a huge benefit for agents. The call to action on offer insights is to connect with an agent and the buyers it surfaces are likely higher intent and move ready as they are a viable path to making an offer with an agent.

這對代理商來說是一個巨大的優勢。報價洞察的行動呼籲是與代理商建立聯繫，並且它所顯示的買家可能具有更高的意圖並準備採取行動，因為它們是向代理商提出報價的可行途徑。

Helping movers understand what they can afford and what offer they can make is especially important in a housing market like this one. To that same end, we continue to expand the Zillow Home Loans product suite.

在這樣的房地產市場中，幫助搬家者了解他們能負擔得起什麼以及他們能提出什麼樣的報價尤其重要。為了實現相同目標，我們繼續擴展 Zillow Home Loans 產品套件。

As of last week, we've broadened our down payment assistance program and enhanced our FHA loan offerings in select geographies in an effort to responsibly serve more qualified buyers. These updates are part of our ongoing work to improve access to financing and scale our mortgage operations over time.

截至上週，我們已擴大首付援助計劃，並在部分地區增強了 FHA 貸款服務，以負責任地服務更多合格買家。這些更新是我們持續努力的一部分，旨在改善融資管道並逐步擴大我們的抵押貸款業務。

Complementing Zillow's consumer-oriented features is an increasingly powerful set of tools that boost agent productivity because we cannot deliver a truly integrated transaction without equipping the professionals who movers rely on with the software and support they need to make it possible. Follow Up Boss is a prime example of how we're innovating and delivering real value to agents.

與 Zillow 以消費者為導向的功能相輔相成的是一套日益強大的工具，它可以提高代理商的工作效率，因為如果不為搬家者所依賴的專業人員配備所需的軟體和支持，我們就無法提供真正整合的交易。Follow Up Boss 是我們如何創新並為代理商提供真正價值的典型例子。

We're making Follow Up Boss even more indispensable by layering on a growing set of AI features that help agents work smarter, respond faster and ultimately close more deals. For example, AI-powered smart messages provide ready to send text and e-mail suggestions, personalized to a client's recent activity and conversation history. And Smart Messages launched for Follow Up Boss customers in early June, agents using it have collectively exchanged about 2 million smart messages with our clients.

我們透過不斷增加的 AI 功能使 Follow Up Boss 變得更加不可或缺，這些功能可以幫助代理商更聰明地工作、更快地做出回應並最終達成更多交易。例如，人工智慧智慧訊息可以根據客戶最近的活動和對話歷史提供隨時發送的文字和電子郵件建議。並且，我們在 6 月初為 Follow Up Boss 客戶推出了智慧訊息功能，使用它的代理商總共與我們的客戶交換了約 200 萬個智慧訊息。

Team leads can now use Follow Up Boss reporting tools to help optimize workflows and coach the based on lead performance, follow-up speed and conversion rates. And agents using Follow Up Boss can access organized client insights on buyers they connect with through Zillow such as which homes they were most interested in.

團隊負責人現在可以使用「跟進老闆」報告工具來幫助優化工作流程，並根據領導績效、跟進速度和轉換率進行指導。使用 Follow Up Boss 的經紀人可以透過 Zillow 獲取他們聯繫的買家的有組織的客戶洞察，例如他們最感興趣的房子。

By easily seeing what matters most to their clients, agents can serve better and engage more effectively as they move deals forward. They can chat directly with movers and ZHL loan officers in Zillow system and even get AI-powered call summaries and action items after a conversation. It is all designed to help them focus their time and energy where it matters most.

透過輕鬆了解客戶最關心的問題，代理商可以在推進交易的過程中提供更好的服務並更有效地參與。他們可以在 Zillow 系統中直接與搬家公司和 ZHL 貸款人員聊天，甚至可以在對話後獲得人工智慧支援的通話摘要和行動項目。這一切都是為了幫助他們將時間和精力集中在最重要的事情上。

Zillow in-app messaging, our proprietary feature that's closely integrated with Follow Up Boss builds on that workflow. Buyers in select geographies can now use it to communicate directly and securely with agents, and ZHL loan officers to share listings, schedule tours and ask questions, all within the Zillow app. For agents and loan officers, we expect centralizing communication with this feature will help streamline customer engagement, improve response times, deliver better service and ultimately boost conversion rates.

Zillow 應用程式內訊息是我們專有的功能，它與 Follow Up Boss 緊密結合，建立在該工作流程之上。現在，特定地區的買家可以使用它來與代理商和 ZHL 貸款人員直接安全地溝通，以共享房源資訊、安排參觀和提出問題，所有這些都可以在 Zillow 應用程式內完成。對於代理商和貸款人員，我們希望透過此功能集中溝通將有助於簡化客戶參與度、縮短回應時間、提供更好的服務並最終提高轉換率。

Our most recent product launches continue the momentum for sale by enhancing the shopping experience itself. Zillow's new tour itineraries let buyers and their agents coordinate within the Zillow app to create custom shared tour plans with homes, dates and times. And virtual touring on Zillow also just got a big upgrade. A few weeks ago, we launched Sky Tour, a dynamic interactive video experience as the newest feature on Zillow showcased listings.

我們最近推出的產品透過增強購物體驗本身來保持銷售勢頭。Zillow 的新旅遊行程讓買家和他們的代理商可以在 Zillow 應用程式內進行協調，以創建包含房屋、日期和時間的客製化共享旅遊計劃。Zillow 上的虛擬旅遊也剛剛進行了重大升級。幾週前，我們推出了 Sky Tour，這是一個動態互動視訊體驗，是 Zillow 展示房源的最新功能。

Sky Tour elevates the home shopping experience by using drone footage, rendering technology and machine learning to create a smooth, realistic 3D model of a home's -- this enables buyers to zoom around and explore from different heights and angles, giving them a better sense of the place before they ever step foot on the property. It's a powerful way for seller and agents to highlight a home's curb appeal and outdoor features, make their showcase listings stand out and get serious buyers in the door.

Sky Tour 透過使用無人機鏡頭、渲染技術和機器學習來創建流暢、逼真的房屋 3D 模型，從而提升了購房體驗——這使買家能夠從不同的高度和角度放大和探索，讓他們在踏入房產之前更好地了解房子。對於賣家和代理商來說，這是一種有效的方式，可以凸顯房屋的吸引力和戶外特色，讓他們的展示房源脫穎而出，並吸引認真的買家。

Showcase is now on about 2.5% of new listings, up from 2% at the end of last quarter and just over 1% a year ago. We are continually evolving and improving Showcase and our go-to-market motion to support scaled adoption and that is helping us gain share. I encourage you to watch the video linked in our shareholder letter that highlights the great feedback we're hearing from agents about how Zillow's suite of product offerings is supercharging their businesses.

目前，Showcase 約佔新上市房源的 2.5%，高於上一季末的 2% 和一年前的 1% 多一點。我們正在不斷發展和改進 Showcase 和我們的上市計劃，以支持規模化採用，這有助於我們獲得市場份額。我鼓勵您觀看我們股東信中鏈接的視頻，該視頻重點介紹了我們從代理商那裡聽到的關於 Zillow 的產品套件如何增強他們的業務的積極反饋。

All of these tools and features across for sale work together to deliver a better experience for movers and better performance for professionals. That's what Zillow's housing super app is built to do.

所有這些待售的工具和功能共同為搬家者提供更好的體驗，為專業人士提供更好的性能。這就是 Zillow 住房超級應用程式的用途。

Now diving into rentals. As a reminder, our strategy here is twofold. First, build the most comprehensive 2-sided marketplace of homes for rent. And second, to modernize the transaction experience for renters and supreme managers alike. The opportunity in rentals is significant with a large total addressable market, more homes turn over each year in the rental market than in the for sale market.

現在深入研究租賃。提醒一下，我們的策略是雙重的。一是打造最全面的雙邊房屋租賃市場。其次，為租戶和高階主管提供現代化的交易體驗。租賃市場機會龐大，整體潛在市場很大，每年租賃市場的房屋週轉率高於銷售市場。

In fact, about 3 times as many movers are looking to rent versus looking to buy, and almost every buyer starts out as a renter. Yet historically, there hasn't been a single platform where they can see all available homes for rent. Zillow Rentals is changing that. We are executing well on our strategy and scaling rapidly. Zillow Rentals is seeing strong property count growth and accelerating revenue built on the back of a sound strategy and a compelling product.

事實上，選擇租房的搬家者數量是選擇買房的搬家者的三倍，而且幾乎每個買家都是從租房開始的。然而從歷史上看，還沒有一個平台可以讓他們看到所有可供出租的房子。Zillow Rentals 正在改變這種狀況。我們的策略執行良好，規模迅速擴大。憑藉完善的策略和引人注目的產品，Zillow Rentals 的房產數量正在強勁增長，收入也在加速成長。

Our marketplace includes a full spectrum of rental inventory from single-family homes to large multifamily buildings because we know renters aren't looking for just one type of property. They want to see everything in 1 place. In Q2, Zillow Rentals had 2.4 million active rental listings, the most in the category. Multifamily properties are leading our rentals growth with multifamily revenue up 56% year over year, and property count up 45% year over year to 64,000 at the end of Q2.

我們的市場涵蓋了從單戶住宅到大型多戶建築的各種租賃庫存，因為我們知道租屋者不僅僅尋找一種類型的房產。他們希望在一個地方看到所有的東西。第二季度，Zillow Rentals 擁有 240 萬個活躍租賃房源，是同類網站中最多的。多戶住宅物業引領我們的租賃成長，多戶住宅收入年增 56%，物業數量年增 45%，截至第二季末達到 64,000 套。

We're also gaining wallet share with large property managers who are choosing to upgrade their advertising subscription spend where they recognize the value of connecting with the largest consumer rentals audience, including an increasing share of apartment seekers. Zillow Rentals is number one in partner satisfaction in our category for a return on marketing investment as we deliver high-intent qualified renters and add real value for our multifamily partners.

我們也獲得了大型物業管理公司的青睞，他們選擇升級廣告訂閱支出，因為他們認識到與最大的消費者租賃受眾建立聯繫的價值，其中包括越來越多的公寓尋求者。Zillow Rentals 在合作夥伴滿意度方面在我們的類別中位居第一，因為我們提供有高意向的合格租戶，並為我們的多戶型合作夥伴增加真正的價值。

Importantly, our reach now extends far beyond Zillow-owned channels. Zillow Rentals partnerships to distribute multifamily rental listings with the Redfin Rental Network and with realtor.com are helping us provide a more comprehensive rental marketplace for consumers.

重要的是，我們的影響力現在遠遠超出了 Zillow 擁有的管道。Zillow Rentals 與 Redfin Rental Network 和 realtor.com 合作發布多戶型租賃房源，協助我們為消費者提供更全面的租賃市場。

Multifamily property managers who advertise with us can now reach renters not only across Zillow, Trulia and N-pads and StreetEasy in New York, but also through realtor.com, Redfin, Rent.com and Apartment Guide.

與我們一起做廣告的多戶型物業經理現在不僅可以透過 Zillow、Trulia、N-pads 和紐約的 StreetEasy 聯繫到租屋者，還可以透過 realtor.com、Redfin、Rent.com 和 Apartment Guide 聯繫到租屋者。

This is a major value add for renters and property managers, and it's helping to drive more traffic, more inventory and more revenue for Zillow Rentals. But having the most active rental listings is just the start. We're applying the same product expertise and relentless consumer focus we've shown in the for sale experience to building a more unified rental experience.

這對租戶和物業經理來說是一項重大的增值，它有助於為 Zillow Rentals 帶來更多的流量、更多的庫存和更多的收入。但擁有最活躍的租賃房源只是個開始。我們將運用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。

Today on Zillow, renters can shop, compare costs, tour, apply and, in many cases, sign a lease pay rent securely and even build or improve their credit history by having their on-time rent payments reported to major credit bureaus.

如今，租屋者可以在 Zillow 上購物、比較價格、參觀、申請，甚至在許多情況下，簽署租約、安全地支付租金，甚至透過將按時支付的租金報告給主要信用機構來建立或改善他們的信用記錄。

For property managers, Zillow Rentals provides one easy digital platform to list, book tours, screen applicants, create and sign leases and collect rent payments. New tools like the AIS speech feature we announced in June, powered by an exclusive integration with EliseAI simplify communication between renters and property managers setting up leasing.

對於物業經理來說，Zillow Rentals 提供了一個簡單的數位平台來列出、預訂參觀、篩選申請人、創建和簽署租約以及收取租金。我們在 6 月宣布推出的 AIS 語音功能等新工具，由與 EliseAI 的獨家整合提供支持，簡化了租戶和設置租賃的物業經理之間的溝通。

Additionally, rental listings on Zillow now support display of a full breakdown of upfront and monthly costs as well as optional add-ons and a custom calculator that lets renters toggle fees on and off and see a personalized total. This tackles a top frustration for renters, hidden fees and surprise charges, especially important for cost burdened renters trying to plan accurately. In turn, property managers get more qualified serious applicants.

此外，Zillow 上的租賃清單現在支援顯示前期費用和每月費用的完整明細以及可選附加組件和自訂計算器，讓租戶可以開啟或關閉費用並查看個人化總額。這解決了租屋者最煩惱的問題——隱藏費用和意外收費，對於負擔沉重、試圖準確規劃的租屋者來說尤其重要。反過來，物業經理會得到更多合格的認真的申請人。

Building a better experience for renters and property managers has earned us the number one position in rentals traffic with 36 million average monthly rental unique visitors in Q2, and our lead continues to widen.

透過為房客和物業經理打造更好的體驗，我們在第二季度以每月平均 3,600 萬的獨立訪客量位居租賃流量第一，並且我們的領先優勢還在繼續擴大。

We expect quarterly year-over-year rentals revenue growth to keep accelerating throughout 2025, and with a clear path towards the $1 billion-plus revenue opportunity in front of us. We're well positioned to keep capitalizing on the momentum we've built, scaling our marketplace and growing our share.

我們預計，2025 年全年季度租金收入年增率將繼續加速，並且我們面前有明確的路徑邁向 10 億美元以上的收入機會。我們已做好準備，繼續利用我們已經建立的勢頭，擴大我們的市場並增加我們的份額。

This call marks one year since I stepped into the CEO role. It's an honor to be leading this company. I'm incredibly proud of how our teams are delivering to get more people home while also helping our partners grow their businesses so they, too, can serve our shared customers. We are moving fast, staying focused, and we're building real momentum.

這次電話會議標誌著我擔任執行長一周年。我很榮幸能夠領導這家公司。我為我們的團隊如何幫助更多人回家而感到無比自豪，同時也幫助我們的合作夥伴發展業務，以便他們也能為我們共同的客戶提供服務。我們行動迅速、專注，並正在累積真正的動力。

Our Q2 performance reflects the strength of our position, strategy, and execution. We're managing costs and leading industry innovation to provide a seamless tech-enabled experience that helps movers and real estate professionals with nearly every step of their journey. We are on track for the full year 2025 targets we've laid out and we are confident in our ability to keep executing in Q3 and beyond.

我們第二季的業績反映了我們的地位、策略和執行力。我們正在管理成本並引領行業創新，以提供無縫的技術支援體驗，幫助搬家者和房地產專業人士完成旅程的幾乎每一步。我們正在按計劃實現我們制定的 2025 年全年目標，並且我們有信心在第三季及以後繼續執行。

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

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

Thanks, Jeremy, and good afternoon, everyone. As you just heard, we delivered strong results in Q2 and are well positioned to continue doing so as we execute on our strategy. Q2 2025 revenue exceeded our expectations, up 15% year over year to $655 million, which was above our outlook range. Our better-than-expected revenue performance, combined with effective cost management delivered EBITDA of $155 million, at the high end of our outlook range.

謝謝，傑里米，大家下午好。正如您剛才聽到的，我們在第二季度取得了強勁的業績，並且我們有能力在執行策略的過程中繼續保持這種業績。2025 年第二季的營收超出我們的預期，年增 15% 至 6.55 億美元，高於我們的預期範圍。我們優於預期的營收表現，加上有效的成本管理，使 EBITDA 達到 1.55 億美元，處於我們預期範圍的高端。

Q2 EBITDA margin was 24%, with our trailing 12-month EBITDA growing 26% year over year as we continue to scale revenue and control costs. As a result of these efforts, in Q2, we reported our second consecutive quarter of positive GAAP net income.

第二季的 EBITDA 利潤率為 24%，隨著我們繼續擴大營收並控製成本，過去 12 個月的 EBITDA 年成長 26%。由於這些努力，我們在第二季度報告了連續第二個季度的正 GAAP 淨收入。

For sale revenue grew 9% year over year in Q2 to $482 million. 700 to 800 basis points above residential real estate industry growth of 2% according to data tracked by Zillow and growth of 1% reported by NAR. Of note, we estimate purchase mortgage origination volume grew 1% in Q2 as well.

第二季銷售收入年增 9%，達到 4.82 億美元。根據 Zillow 追蹤的數據，這比住宅房地產行業 2% 的成長率高出 700 至 800 個基點，而 NAR 報告的成長率為 1%。值得注意的是，我們估計第二季的購買抵押貸款發放量也增加了 1%。

As a reminder, mortgage industry growth is relevant because a majority of Zillow buyers purchased their home with a mortgage. Additionally, the relative headwinds we saw in Q1 from the luxury market normalized during Q2. We -- within the for sale category, residential revenue grew 6% year over year to $434 million in Q2, in line with our outlook. We saw contributions to this growth broadly across our agent and software offerings and within our other marketplaces. Asian offerings include Premier Agent and Zillow Showcase.

提醒一下，抵押貸款行業的成長是相關的，因為大多數 Zillow 買家都是透過抵押貸款購買房屋的。此外，我們在第一季看到的奢侈品市場相對逆風在第二季恢復正常。我們—在待售類別中，第二季住宅收入年增 6% 至 4.34 億美元，符合我們的預期。我們看到，我們的代理商和軟體產品以及其他市場都對這一成長做出了廣泛的貢獻。亞洲產品包括 Premier Agent 和 Zillow Showcase。

Software offerings primarily include showing time, dotloop and Follow Up Boss, which has continued to grow from both our enhanced market expansion and from broader industry adoption of the software.

軟體產品主要包括顯示時間、dotloop 和 Follow Up Boss，這些產品隨著我們加強市場擴張和行業更廣泛採用該軟體而持續成長。

Our new construction marketplace also contributed to the growth in residential revenue. Within the for sale category, mortgages revenue was up 41% year over year in Q2 to $48 million, ahead of our outlook. Our mortgages 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 48% year over year to $1.1 billion in the quarter.

我們的新建築市場也促進了住宅收入的成長。在待售類別中，第二季抵押貸款收入年增 41% 至 4,800 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。本季購買貸款發放量年增 48%，達到 11 億美元。

Rentals revenue in Q2 was $159 million with growth accelerating to 36% year over year. This growth was driven primarily by our multifamily revenue, which grew 56% in Q2, up from 47% year-over-year growth in Q1. We increased the number of multifamily properties on our apps and sites by 45% year over year, reaching an all-time high of 64,000 multifamily properties as of the end of Q2.

第二季租賃收入為 1.59 億美元，年增 36%。這一成長主要得益於我們的多戶型住宅收入，第二季成長了 56%，高於第一季 47% 的年成長。我們的應用程式和網站上的多戶型房產數量年增了 45%，截至第二季末，達到了 64,000 處的歷史新高。

As a reminder, we measure our multifamily property count as 25-plus unit buildings. When you include our industry-leading long-tail properties, Zillow Rentals had 2.4 million active rentals listings, the most in the category. We also continue to grow our leading rentals audience this quarter. with 36 million average monthly rentals, unique visitors in Q2 according to comScore. The ROI and lead quality that Zillow Rentals provides continues to resonate in the market.

提醒一下，我們將多戶住宅數量計算為 25 套以上的單元建築。如果算上我們業界領先的長尾房產，Zillow Rentals 擁有 240 萬個活躍租賃房源，是同類中最多的。本季度，我們也持續擴大主要租賃受眾群體。根據 comScore 的數據，第二季平均每月租賃獨立訪客數為 3,600 萬人。Zillow Rentals 提供的投資回報率和潛在客戶品質繼續在市場上引起共鳴。

Additionally, our Redfin partnership went live in April, which expanded our distribution to Redfin, Rent.com and Apartment Guide. This expansion is resulting in more and more multifamily property managers choosing to partner with Zillow Rentals.

此外，我們與 Redfin 的合作關係於 4 月開始，這將我們的分銷範圍擴大到 Redfin、Rent.com 和 Apartment Guide。這種擴張導致越來越多的多戶型物業經理選擇與 Zillow Rentals 合作。

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, which gives us confidence in the $1 billion-plus revenue opportunity ahead of us. .

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，這從我們的房產數量和錢包份額的增長中可以看出，這使我們對未來 10 億美元以上的收入機會充滿信心。。

Q2 EBITDA expenses totaled $500 million, slightly above our outlook of $495 million, driven by slightly higher-than-expected benefits costs and payroll taxes. The lead generation costs from our Redfin Rentals partnership which are including in cost of revenue were within our expectations.

第二季 EBITDA 支出總計 5 億美元，略高於我們預期的 4.95 億美元，主要是由於福利成本和工資稅略高於預期。我們與 Redfin Rentals 合作產生的潛在客戶生成成本（包括在收入成本中）符合我們的預期。

As a reminder, these leads put us in a position to further grow our rentals revenue. Excluding the leads costs associated with our Redfin Rentals partnership, total EBITDA expenses grew 10% year over year, in line with our Q1 year-over-year growth. Total operating expenses and cost of revenue combined grew 9% year over year as compared with total revenue growth of 15% in Q2.

提醒一下，這些線索使我們能夠進一步增加租賃收入。不計與 Redfin Rentals 合作相關的銷售線索成本，EBITDA 總支出較去年同期成長 10%，與我們第一季的年成長一致。總營運費用和收入成本合計年增 9%，而第二季總收入成長 15%。

We drove leverage on total fixed costs, which grew 3%. This includes share-based compensation expense, which was down more than 12% year over year in Q2. We ended Q2 with $1.2 billion of cash and investments, down from $1.6 billion at the end of Q1.

我們提高了總固定成本的槓桿率，使其成長了 3%。其中包括股權激勵費用，該費用在第二季年減了 12% 以上。我們第二季末的現金和投資為 12 億美元，低於第一季末的 16 億美元。

This was primarily driven by our May 2025 settlement of the $419 million of convertible notes, share repurchases of $150 million in Q2 at a weighted average and partially offset by $87 million in net cash provided by operating activities.

這主要是由於我們在 2025 年 5 月結算了 4.19 億美元的可轉換票據，第二季按加權平均數回購了 1.5 億美元的股票，並被經營活動提供的 8,700 萬美元淨現金部分抵銷。

We are now convertible debt free and have $981 million remaining on our share repurchase offerings of the end of Q2. Our year-to-date share repurchases of $400 million are expected to offset stock-based compensation expenses for 2025 -- when looking at our share repurchase program since inception, we've purchased $2.4 billion of shares at an average price of $48, buying back 49 million shares as a result.

我們現在沒有可轉換債務，第二季末的股票回購發行還剩餘 9.81 億美元。我們今年迄今已回購了 4 億美元的股票，預計將抵消 2025 年的股票薪酬費用——從我們自成立以來的股票回購計劃來看，我們以平均 48 美元的價格購買了價值 24 億美元的股票，共回購了 4900 萬股。

For the rest of 2025, we expect to be more elective in our share repurchases. Turning to our outlook for Q3. We expect total revenue to be between $663 million and $673 million, implying a year-over-year increase of 14% to 16% for outlook range.

在 2025 年剩餘時間內，我們預期股票回購將更具彈性。談談我們對第三季的展望。我們預計總收入將在 6.63 億美元至 6.73 億美元之間，這意味著預期範圍將年增 14% 至 16%。

We expect for sale year-over-year revenue growth in Q3 to be similar to the revenue growth we reported in Q2. driven by residential revenue growth in the mid-single-digit range and mortgages category revenue growth in the high 20% range.

我們預計第三季銷售收入年增將與第二季報告的收入成長相似，這得益於住宅收入成長在中等個位數範圍內以及抵押貸款類別收入成長在 20% 以上的範圍內。

Of note, we expect Zillow Home Loans origination volume to grow 40% plus in the quarter. Our guidance reflects our expectation that challenging housing market conditions and macro uncertainty will continue. We expect our rentals revenue growth to accelerate in Q3, increasing more than 40% year over year, driven by further acceleration in multifamily revenue.

值得注意的是，我們預計本季 Zillow 房屋貸款發放量將增加 40% 以上。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。我們預計，受多戶型住宅收入進一步加速成長的推動，我們的租賃收入成長將在第三季加速，年增 40% 以上。

For Q3, we expect EBITDA to be between $150 million and $160 million, representing a 23% to 24% margin for our outlook range. This implies EBITDA expenses will increase from $500 million in Q2 to an estimated $513 million in Q3. The majority of this increase is driven by strong traffic and lead trends from the Redfin Rentals partnership, which results in incremental costs in our cost of revenue.

對於第三季度，我們預計 EBITDA 將在 1.5 億美元至 1.6 億美元之間，相當於我們預期範圍內的利潤率為 23% 至 24%。這意味著 EBITDA 支出將從第二季的 5 億美元增加到第三季的 5.13 億美元。這一成長主要得益於與 Redfin Rentals 合作帶來的強勁流量和領先趨勢，這導致我們的收入成本增加。

We expect the strength of Redfin's performance to translate into additional multifamily properties and package upgrades for us. We continue to expect the Redfin partnership to be accretive to EBITDA dollars in the second half of 2025.

我們預計 Redfin 的強勁表現將為我們帶來更多的多戶型房產和套餐升級。我們繼續預計 Redfin 合作夥伴關係將在 2025 年下半年增加 EBITDA 美元。

For the full year 2025, we now expect to deliver mid-teens revenue growth at the higher end of our previous outlook of low to mid-teens revenue growth this year. For the full year, we continue to expect rentals revenue growth to be approximately 40%.

對於 2025 年全年，我們目前預計今年的營收成長率將達到十五六個百分點，高於我們先前預測的十五六個百分點的收入成長率。就全年而言，我們繼續預期租金收入成長率約為 40%。

We expect fixed cost investments to grow modestly with inflation while investing in variable costs ahead of revenue to drive 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.

我們預計固定成本投資將隨著通貨膨脹而溫和增長，同時將先於收入投資於變動成本以推動未來成長，主要在租賃和 Zillow 房屋貸款方面。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 on track toward our full year goals with mid-teens revenue growth and continued margin expansion. We have the right investments in place to support our strategy and are delivering strong growth despite a housing market that continues to bounce along the bottom of the cycle.

最後，我們正在成功執行我們的策略，並有望實現全年目標，收入將實現中等幅度的成長，利潤率也將持續擴大。我們擁有正確的投資來支持我們的策略，儘管房地產市場仍在週期底部反彈，但我們仍實現了強勁成長。

We are growing revenue nicely while being disciplined on costs. And the combination of revenue growth and cost discipline is driving expanding margins and positive GAAP net income. As we look forward, we are very excited about the opportunities ahead of us.

我們在控製成本的同時，收入也在穩定成長。收入成長和成本控制相結合正在推動利潤率的擴大和 GAAP 淨收入的正成長。展望未來，我們對未來的機會感到非常興奮。

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

接線員，現在我們將開始回答問題。

(Operator Instructions) Ron Josey, Citi.

（操作員指示）花旗銀行的 Ron Josey。

Great. Thanks for taking the question. And hey, guys, I wanted to ask a little bit more and drill in on the rentals business, just given the goal or the guidance for accelerating growth in the back half, but then also just the strength in multifamily properties and the net additions.

偉大的。感謝您回答這個問題。嘿，夥計們，我想多問一點，深入了解租賃業務，不僅給出了下半年加速增長的目標或指導，還給出了多戶型物業的實力和淨增額。

So help us understand just on the insights, what you're seeing, what you're hearing with your conversations from large property managers, maybe your go-to-market strategy from a pricing perspective, how that's helping?

因此，請幫助我們了解這些見解，您所看到的、您在與大型物業經理的談話中聽到的，也許從定價角度來看您的市場進入策略，這些有何幫助？

And just your overall, call it, confidence level, which I presume to be pretty high given the comments in the prepared remarks. But just going forward, as rentals becomes a larger part of the overall business. Thank you.

從準備好的評論來看，我認為您的整體信心水平應該相當高。但隨著租賃業務在未來逐漸成為整體業務的重要組成部分。謝謝。

Yeah. Thanks, Ron. Hof, I'll start maybe and you can jump in with anything I miss. I think at the high level, you're seeing the results, both in Q2 and our confidence for the for Q3 and second half of the year just come from the strategy working, the team executing, and great partner satisfaction.

是的。謝謝，羅恩。霍夫，也許我會開始，然後你可以補充我遺漏的任何內容。我認為從高層來看，您會看到結果，無論是第二季度還是第三季度，我們對下半年的信心都來自於策略的實施、團隊的執行以及合作夥伴的高度滿意度。

We are, as I said in prepared marks, really building this comprehensive two-sided marketplace. That is what solves the renters' number one problem, having as much of the inventory as possible because there is no one stop shop for all the inventory. Zillow Rentals now has the most, right at 2.4 million active rental listings. And then on top of that content, building a modern transaction experience for the renter and the property manager, right?

正如我在準備好的標記中所說的那樣，我們正在真正建立這個全面的雙邊市場。這解決了租戶的首要問題，即擁有盡可能多的庫存，因為沒有一站式商店可以滿足所有庫存的需求。Zillow Rentals 目前擁有最多的活躍租賃房源，約 240 萬個。然後在此內容的基礎上，為租戶和物業經理打造現代化的交易體驗，對嗎？

So for the renter, it's not just about getting the content, it's about being able to apply, sign a pay rent, report your rent to the credit bureaus to build credit, for the property manager, it's having a transaction focused experience for them to find these high quality renters. So all of that strategy yields the audience. That's why we have the largest audience, 36 million unique visitors per comScore, a lead that continues to grow, and not just volume, the number one brand preference among renters.

因此，對於租客來說，不僅僅是獲得內容，還要能夠申請、簽署支付租金、向信用機構報告租金以建立信用；對於物業經理來說，他們需要以交易為中心的體驗來找到這些高品質的租客。所以所有這些策略都是為了贏得觀眾的青睞。這就是為什麼我們擁有最大的受眾群體，根據 comScore 的數據，我們有 3,600 萬獨立訪客，這一領先優勢還在不斷增長，而且不僅僅是數量，還是租屋者中第一大品牌的偏好。

So you solve the renter problem, you get the renters preferring you and using you. And I say all that because all that set up is what then leads advertisers to see such great ROI. That's why you're seeing now 64,000 properties up from 50,000 at the end of the year, wanting to advertise on the Zillow network, wanting to get in front of that audience. So that is the strategy coming to life and the execution.

因此，你解決了租戶問題，租戶就會更喜歡你並使用你。我之所以這麼說，是因為所有這些設定都會讓廣告商看到如此高的投資報酬率。這就是為什麼你會看到現在有 64,000 處房產希望在 Zillow 網路上投放廣告，希望吸引這些受眾。這就是戰略的實現與執行。

And then to your question on sales, well, now we've expanded that offering to not just our Partnership with Realtor.com, but our partnership with Redfin. And so advertisers are getting access to the renters, not just on Zillow Group sites, but on Redfin sites and on Realtor.com as well. So it's more content for all those renters. It helps all of those sites grow their audience as well, which then flips back around to be even better ROI for the advertiser.

然後回答您關於銷售的問題，現在我們已將服務範圍擴大到不僅與 Realtor.com 的合作，還與 Redfin 的合作。因此，廣告商不僅可以在 Zillow Group 網站上接觸租屋者，還可以在 Redfin 網站和 Realtor.com 上接觸租屋者。因此，對於所有租屋者來說，這都是更滿意的。它還可以幫助所有這些網站擴大受眾群體，從而為廣告商帶來更好的投資回報。

So that's part of what drove not just Q1 into Q2. It's part of what's driving our confidence in the full year and the acceleration in the second half. And it's also why we're really excited about the billion dollars dollar target out in front of us. There's 140,000 buildings out there. We're not even halfway there. And we have a ton of great ROI conversations to go have with these partners to help them bring more of their portfolios online with us to help them TRY higher packages with us. So, there's a long, great road ahead for us.

所以這也是推動第一季和第二季成長的部分原因。這也是我們對全年充滿信心以及下半年加速發展的因素之一。這也是為什麼我們對眼前十億美元的目標感到非常興奮。那裡有14萬棟建築物。我們甚至還沒走到一半。我們與這些合作夥伴進行了大量有關投資回報率的對話，以幫助他們將更多的投資組合轉移到網上，幫助他們嘗試與我們一起獲得更高的套餐。所以，我們前面還有很長的路要走。

Yeah. And Ron, I'll just chime in, just to put some numbers behind that, Jeremy hit it well. But Q1, we grew rentals 33%. Q2, we grew rentals 36%, including 56% within multifamily. Q3, we expect 40% plus and full year, we expect 40% for rentals. So that acceleration, you really start to see build and it's on the back of a lot of good work and a lot of good sales efforts as well.

是的。羅恩，我只是想插嘴一下，用一些數字來說明這一點，傑里米打得很好。但第一季度，我們的租金成長了 33%。第二季度，我們的租金成長了 36%，其中多戶住宅租金增加了 56%。我們預計第三季的租金成長率將超過 40%，而全年的租金成長率預計為 40%。因此，您確實開始看到這種加速的建立，這是建立在大量良好工作和大量良好銷售努力的基礎上的。

That's great. Thanks, guys.

那太棒了。謝謝大家。

Brad Erickson, RBC.

布拉德·埃里克森，RBC。

Hey, guys. Two for me. So one, last quarter, resi rev growth was a little bit below the market and this quarter, it was noticeably ahead. Appreciate all the drivers within marketplace and software services you gave in the prepared remarks. But I guess, quarter-over-quarter, what specifically would you say the change was that drove the faster-than-market growth? And I'm talking, of course, excluding the mortgage piece of it? And then I have a follow-up.

嘿，大家好。對我來說是兩個。因此，上個季度，住宅收入成長略低於市場水平，而本季則明顯領先。感謝您在準備好的評論中提供的所有市場和軟體服務內的驅動因素。但我想，與上一季相比，您認為具體是哪些變化推動了高於市場的成長？當然，我說的是不包括抵押貸款部分？然後我有一個後續問題。

Thanks, Brad, for the question. I'll take it. It's Jeremy Hofmann. We were quite pleased with Q2 revenue growth and the outperformance there, and that was in both residential and for sale more broadly. And I think you've heard this from us so many times before, but we'll say it again, we tend to look at this metric over a time period of full year, multiyear view.

謝謝布拉德提出這個問題。我要買它。我是傑瑞米·霍夫曼。我們對第二季的收入成長和優異表現感到非常滿意，這既包括住宅收入，也包括更廣泛的銷售收入。我想您之前已經多次聽我們說過這一點，但我們還是要再說一遍，我們傾向於從全年或多年的時間段來看待這個指標。

And if you look back, those periods in time are pretty smooth. So look at the last two years, for example, on a two-year stack basis, for sale outperformed the market by 15%. And that outperformance is what really gives us confidence for the longer-term mid-cycle targets, right?

如果你回顧一下，你會發現那些時期相當順利。以過去兩年為例，以兩年的疊加數據來看，待售產品的表現比市場高出 15%。這種優異的表現確實讓我們對長期中期目標充滿信心，對嗎？

We're trying to go from 27% of connections in these enhanced markets now to 35% by the end of this year and then 75% for those mid-cycle targets. It's that formula plus everything else within residential and the for sale sentiment that we're doing. And it's some combination of continuing to execute on enhanced markets.

我們的目標是將這些增強型市場的連結率從目前的 27% 提高到今年年底的 35%，然後達到中期目標的 75%。這就是我們所採用的公式，加上住宅和銷售情緒中的所有其他因素。這是在增強型市場上繼續執行的某種組合。

Showcase continuing to expand. Zillow Home Loans growing alongside that enhanced markets expansion. Follow Up Boss getting in the hands of more people across the Premier Agent base and the broader agent population.

展示範圍不斷擴大。Zillow Home Loans 隨著市場擴張而不斷發展。跟進老闆 (Follow Up Boss) 正在被更多 Premier Agent 群體和更廣泛的代理商群體所掌握。

Real-time touring continues to expand. It's a bigger portion of connections this quarter than it was, obviously, a year ago and drives conversion. And then last but not least, the new Construction business continues to perform well, too. So when we look at the formula, we are appreciative of the outperformance over time and love the opportunity ahead of us as well.

即時巡演不斷擴大。顯然，本季的連接比例比一年前更大，並推動了轉換。最後但同樣重要的一點是，新的建築業務也繼續表現良好。因此，當我們查看公式時，我們會欣賞其長期以來的優異表現，並且也喜歡擺在我們面前的機會。

Got it. And then just a follow-up on rentals, along the lines of Ron's question. We get asked a lot about the contribution for Redfin on this back half acceleration, where you're calling for -- can you help us just maybe unpack that at all? Or maybe if you could just walk us through how we should think about the Redfin contribution that's layering on top of the rentals growth. Thanks.

知道了。然後只是關於租賃的後續問題，與羅恩的問題類似。我們經常被問到有關 Redfin 在後半段加速中的貢獻的問題，您呼籲 - 您能幫助我們解答這個問題嗎？或者，您可以向我們介紹一下，我們應該如何看待 Redfin 對租金成長的貢獻。謝謝。

Yeah. I'll take that one as well. We are really pleased with the partnership. It launched late April, early May and has started great. Our sales force executed well in Q2.

是的。我也會選擇這個。我們對這次合作感到非常高興。它在四月底五月初推出，並且取得了良好的效果。我們的銷售團隊在第二季表現良好。

We added 9,000 properties. I would expect that to normalize to pre-Q2 levels going forward. But when we look at the value Redfin and realtor.com bring to us, it's the ability to take the expanded distribution and leads to all 64,000 existing properties and sell into the rest of the roughly 76,000 buildings we don't yet have on Zillow.

我們增加了 9,000 處房產。我希望未來這一水平能夠恢復到第二季度之前的水平。但當我們看看 Redfin 和 realtor.com 為我們帶來的價值時，我們發現，它們能夠擴大分銷渠道，將潛在客戶引導至所有 64,000 處現有房產，並將房產銷售給 Zillow 上尚未擁有的其餘約 76,000 棟建築。

And then the 64,000 properties, we are adding more value. We are bringing more customers, and we're hopeful that folks will upgrade their packages accordingly. And then it gives us the opportunity to go sell into a much larger addressable market than we are today.

然後，我們正在為這 64,000 處房產增加更多價值。我們正在帶來更多的客戶，我們希望人們能夠相應地升級他們的套餐。這為我們提供了向比現在更大的目標市場銷售產品的機會。

So that's the way I would think about it. It's a component of -- an important component of a larger rentals business we are building, not a separate piece and the positives these folks bring to us impact the entire business.

這就是我的想法。它是我們正在建立的更大的租賃業務的一個重要組成部分，而不是一個單獨的部分，這些人給我們帶來的正面影響會影響整個業務。

Got it. That's great. Thanks.

知道了。那太棒了。謝謝。

Ryan McKeveny, Zelman & Associates.

麥克凱文尼 (Ryan McKeveny)，澤爾曼與合夥人。

Hey. Thanks, guys. Nice job on the quarter. I wanted to drill in a bit on Zillow Showcase. You called out it's now on about 2.5% of listings, up from 2% last quarter, 1% a year ago. So obviously, some nice momentum there. .

嘿。謝謝大家。本季表現不錯。我想對 Zillow Showcase 進行更深入的了解。您提到，現在約有 2.5% 的房源有此情況，高於上一季的 2% 和一年前的 1%。顯然，那裡存在一些良好的勢頭。。

As we think about the translation for market share of listings to the Showcase revenue opportunity, I think that discussion historically has revolved around effectively like a subscription fee per listing that works out to about $500 per listing. But in a scenario where a homeowner actually comes directly to Zillow and says, hey, I want this for my home when I list it.

當我們考慮將清單的市場份額轉化為 Showcase 收入機會時，我認為歷史上的討論實際上圍繞著每個清單的訂閱費展開，每個清單的訂閱費約為 500 美元。但在某些情況下，房主實際上直接來到 Zillow 並說，嘿，當我列出它時，我想將其作為我的房子。

I want help connecting with a listing agent who uses a Showcase. Presumably, that's a pretty nice connection opportunity to take that demand and bring it to one of your listing partners. So I guess I'm curious if that potential for monetizing the connection is embedded within the revenue targets per showcase? Or could that be a source of upside over time? Thank you.

我需要協助聯絡使用 Showcase 的上市代理商。據推測，這是一個非常好的聯繫機會，可以利用這一需求並將其帶給您的一個上市合作夥伴。所以我很好奇，連結貨幣化的潛力是否包含在每個展示的收入目標中？或者說，隨著時間的推移，這會成為一種優勢？謝謝。

Hey, Ryan. Thanks for the question. The short answer to your question is it's all considered part of the showcase opportunity. I think the longer answer is maybe why that is. So you're right, 2.5% of all new listings. We put out a goal 5% to 10% of all listings in immediate term.

嘿，瑞安。謝謝你的提問。對你的問題的簡短回答是，這都被視為展示機會的一部分。我認為更長的答案也許就是為什麼會這樣。所以你說得對，佔所有新上市房源的 2.5%。我們設定的目標是在短期內佔據所有房源的 5% 到 10%。

And we don't think that's the end state. We think Showcase is something that becomes the default expectation for buyers and sellers.

但我們不認為這是最終狀態。我們認為 Showcase 已經成為買家和賣家的預設期望。

You want to get to that 10% number to then really start to have it become an expectation to have a flywheel. And the question you're asking, does a seller ask for it or does an agent pitch it to a seller, that starts to become -- both things start to contribute to seller growth. We do that now.

您希望達到 10% 這個數字，然後才真正開始實現飛輪的預期。你要問的問題是，是賣家要求的還是代理商向賣家推銷的，這兩件事都開始促進賣家的成長。我們現在就這麼做。

I mean, if you use the Zillow website and you don't have a listing agent and you ask for a listing agent, you are asking about Showcase, and we will connect you with a great agent that is trained to use Showcase, and that's a new opportunity for them.

我的意思是，如果您使用 Zillow 網站，而您沒有上市代理，並且您要求上市代理，那麼您就是在詢問 Showcase，我們會為您聯繫一位經過 Showcase 使用培訓的優秀代理，這對他們來說是一個新的機會。

So we do think about both sides of that, both agent-driven and seller driven. But we don't think about them as separate revenue opportunities. It's more about bringing showcase and changing the customer expectation experience for the buyer and seller. And then, of course, the incremental benefit for the agent is agents win more listings with Showcase, right?

因此，我們確實考慮了這兩個方面，即代理商驅動和賣家驅動。但我們並不認為它們是單獨的收入機會。它更多的是為買家和賣家帶來展示和改變客戶期望體驗。然後，當然，代理商的增量利益是代理商透過 Showcase 贏得更多房源，對嗎？

When an agent walks into a listing presentation and they say, well, I'm aligned with Zillow and I have these great Zillow digital tools, it's why you should list with me, they're winning more listings. That is the real ROI that agents are feeling and why they're subscribing and renewing.

當代理商走進房源演示並說，好吧，我與 Zillow 結盟，我擁有這些出色的 Zillow 數位工具，這就是您應該與我合作的原因，他們贏得了更多的房源。這就是代理商感受到的真正投資報酬率，也是他們訂閱和續訂的原因。

So we think about the opportunity for seller more broadly as both the seller and the agent. And I think it will take a while, but the expectation change in the industry to just expect this reach media on more types of listings is what will really power that flywheel.

因此，我們從更廣泛的角度考慮賣家作為賣家和代理商的機會。我認為這需要一段時間，但行業預期的變化只是期望這種媒體能夠涵蓋更多類型的列表，這才是真正推動飛輪發展的動力。

Yeah. That's very helpful. Thank you for that detail. Second question, so in the press release, you called out the part of the contribution to the residential growth was through the new construction marketplace. And I feel like the new construction marketplace tends not to be a big part of the quarterly update.

是的。這非常有幫助。感謝您提供的詳細資訊。第二個問題，在新聞稿中，您指出住宅成長的部分貢獻來自於新建築市場。我覺得新建築市場往往不是季度更新的重要組成部分。

So maybe you can just talk to us about what's driving that? Is that some of the macro trends that we see on the homebuilding side of things. Is that share gains within the space, expanding the number of home building partners. Maybe you could just unpack the new construction marketplace side of things a bit.

那麼也許您可以跟我們談談是什麼推動了這個現象？這是我們在房屋建築方面看到的一些宏觀趨勢嗎？該空間內的份額增加，擴大了房屋建築合作夥伴的數量。也許您可以稍微解釋一下新建築市場方面的情況。

Yeah, Ryan.I'll take that one. I would think of our new construction business as one that feels table stakes for builders. So similar to the rest of the residential business and what you're familiar with on the agent front, that business just tends to do quite well because we're a really good advertising channel. And we've been able to grow nicely through the various swings in macro as a result.

是的，瑞安。我會接受這個。我認為我們的新建築業務對建築商來說就像是賭註一樣。與其他住宅業務以及您所熟悉的代理商業務類似，這項業務往往做得很好，因為我們是一個非常好的廣告管道。因此，我們能夠在宏觀經濟的各種波動中實現良好的成長。

Got it. Okay. Thanks, guys. Appreciate it.

知道了。好的。謝謝大家。非常感謝。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

Hi. Great. Thanks for the questions. I wanted to ask two. Starting with variable expenses, they've been outpacing revenue growth in the past couple of years. Can you talk about the key areas of investment you've been making? And what milestones you're looking to achieve before you'll start turning down the dial so variable expenses start tracking more closely with revenue.

你好。偉大的。感謝您的提問。我想問兩個。從變動費用開始，過去幾年其成長速度就一直超過收入成長。能談談您一直以來投資的重點領域嗎？在開始降低成本之前，您希望實現哪些里程碑，以便變動成本能夠更緊密地追蹤收入。

And second, turning to the Redfin partnership specifically and if possible, can you discuss incrementality from the leads you're now receiving from Redfin versus the opportunity to find new property managers using Redfin's existing relationships? Thanks.

其次，具體談談與 Redfin 的合作關係，如果可能的話，您能否討論一下您現在從 Redfin 獲得的潛在客戶的增量，以及利用 Redfin 現有關係尋找新物業經理的機會？謝謝。

Yeah, John.I'll take the first 1 and I'll start on the second, and Jeremy chime in. So the first one, we expect our variable cost base to grow ahead of revenue in 2025 with our initiatives, but grow more in line over time as initiatives scale and mature. We have to make sure, and we will make sure that we're rightsizing our investments to meet the expected growth curves we see. And we're primarily investing in rentals and Zillow Home loans, both of which are obviously growing faster than our overall revenue base.

是的，約翰。我先做第一個，然後開始做第二個，傑瑞米也加入進來。因此，首先，我們預計，隨著我們的措施實施，到 2025 年，我們的變動成本基礎將超過收入成長，但隨著措施規模擴大和成熟，我們的變動成本基礎將隨著時間的推移而更加一致。我們必須確保，並且我們將確保我們調整投資規模以滿足我們所看到的預期成長曲線。我們主要投資於租賃和 Zillow Home 貸款，這兩項業務的成長速度顯然都快於我們的整體收入基礎。

On the rentals front, we're investing in multifamily sales heads, lead acquisition costs, and advertising to support that 45% property growth and 56% multifamily revenue growth we saw in Q2. And for ZHL, we're really hiring loan as we expand our enhanced market footprint and bring ZHL to more customers. So that's where that is on the variable front. There are other parts of the variable cost structure that we've obviously gotten leverage over time, the primary places that we're investing are the places where we're seeing the most growth.

在租賃方面，我們正在投資多戶住宅銷售主管、主要獲取成本和廣告，以支持我們在第二季度看到的 45% 的房地產增長和 56% 的多戶住宅收入增長。對於 ZHL，我們確實在招聘貸款，以擴大我們的市場覆蓋範圍並將 ZHL 帶給更多客戶。這就是變數方面的情況。隨著時間的推移，我們顯然已經獲得了可變成本結構的其他部分的優勢，我們投資的主要地方就是我們看到成長最快的地方。

I think I'd just remind you the real profit driver here for the company and why you're seeing us continue to expand margins is we're controlling fixed costs and scaling revenue. That's the way that we grow profits faster than revenue. And fixed costs this quarter across the cost base were up 3%. We expect to continue to do that for the rest of '25 and deliver positive net income in 2025 as well.

我想我只是想提醒你，公司真正的利潤驅動力是什麼，以及你看到我們繼續擴大利潤率的原因是我們控制了固定成本並擴大了收入。這就是我們利潤成長速度快於收入成長的方式。本季整個成本基礎的固定成本上漲了 3%。我們預計在 2025 年剩餘時間內繼續保持這一勢頭，並在 2025 年實現正淨收入。

So I think that's the first one. And then the second one on the Redfin leads versus the opportunities, I think the way to think about it is -- similar to what we said a little bit earlier, which is the opportunity now is to take the expanded distribution that we have with Zillow, HotPads Trulia, StreetEasy in New York. Redfin, realtor.com, that's now the expanded distribution.

所以我認為這是第一個。然後，關於 Redfin 領先優勢與機會的第二個問題，我認為思考這個問題的方式是——類似於我們之前所說的，現在的機會是利用我們與 Zillow、HotPads Trulia、紐約 StreetEasy 合作擴大的分銷渠道。Redfin、realtor.com，這些現在是擴展的通路。

We take that to the 64,000 property -- 64,000 properties that we have on the site snaps now. And we look to upsell them into higher packages. That will be one opportunity. That will be coupled with bringing that distribution channel to the 76,000 or so properties that we don't yet have. So it's less segmented out and more just think about it as the offering is just incrementally compelling, and we're going to go look to bring that to the entire space.

我們將其擴展到 64,000 處房產——我們現在在網站上擁有 64,000 處房產。我們希望向他們推銷更高品質的套餐。這將是一個機會。同時，我們也將把分銷通路拓展到我們尚未涵蓋的約 76,000 間飯店。因此，它的細分程度較低，更多的只是將其視為產品逐漸引人注目，我們將著眼於將其帶到整個領域。

Yeah. And maybe the only thing I'd add there is the incremental, which Jeremy commented on, these are incremental customers, right? Because there is no one-stop shop yet for all rental listings. You're finding renters on multiple sites, right? And so Zillow Rentals is the most, but Redfin has great rental sites and realtor.com as a rental site, and you find renters on there that are not on Zillow or vice versa. And so that becomes more value for the advertiser and the advertiser wants to advertise to that network.

是的。也許我唯一要補充的是增量，正如傑里米評論的那樣，這些都是增量客戶，對嗎？因為目前還沒有提供所有租賃資訊的一站式服務。您在多個網站上尋找租客，對嗎？因此，Zillow Rentals 是最多的，但 Redfin 也有很棒的租賃網站，而且 realtor.com 也是一個租賃網站，你可以在那裡找到 Zillow 上沒有的租屋者，反之亦然。因此，這對廣告商來說更有價值，廣告商也希望在該網路上做廣告。

It's more customers to go attract for the advertising dollar. That's great ROI for them. And then that flywheel spins because when those advertisers bring more content on, that provides more content to the entire network, which drives the traffic for all of those sites. So the incremental benefit to us and to our partners is really positive here. And the cool thing about that is it's a huge benefit for the renter too.

廣告費可以吸引更多的顧客。對他們來說，這是很高的投資報酬率。然後飛輪開始旋轉，因為當廣告商帶來更多內容時，整個網路就會獲得更多內容，從而推動所有網站的流量。因此，這對我們和我們的合作夥伴來說，增量利益確實是正面的。更酷的是，這對租屋者來說也是一個巨大的優勢。

So a renter finds one of these sites largely from top of funnel sources and all of a sudden they're finding more content, right? So for free, they have more choice and more content available to them than they would have without the partnership. So that's why we get so excited about it.

因此，租屋者主要從管道頂部找到這些網站之一，然後突然發現更多內容，對嗎？因此，與沒有合作關係相比，他們可以免費獲得更多的選擇和更多的內容。這就是我們對此感到如此興奮的原因。

It's a great consumer experience and it's a great advertiser experience.

這對消費者和廣告商來說都是一次很棒的體驗。

Thanks so much.

非常感謝。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. Thanks. Just back to the comment around Redfin and being dollar accretive in 2H. Just to clarify, is that 2H in aggregate? Or should it be expect it to start being accretive here in 3Q?

偉大的。謝謝。回到有關 Redfin 及其下半年美元增值的評論。只是為了澄清一下，這是 2H 的總數嗎？或者是否應該預期它會在第三季開始增值？

Yeah. I'll take it, Jeremy. I think about it as both. Both 3Q and second half of the year. And then obviously, we expect it to be more accretive beyond that.

是的。我接受，傑瑞米。我認為兩者皆有。第三季和下半年都是如此。顯然，我們預期它的增值潛力會更大。

Great. Thank you.

偉大的。謝謝。

Benjamin Black, Deutsche Bank Research.

德意志銀行研究部的班傑明‧布萊克 (Benjamin Black)。

Hi, this is [Stefan] from Ben. Thanks for taking my question. Can you maybe just talk about some of the assumptions that you're making about the broader real estate market as we look into Q3 and the back half of the year? And what levers can you pull to further increase monetization on a per connection basis, even in a slower housing market. Thank you.

嗨，我是 Ben 的 [Stefan]。感謝您回答我的問題。當我們展望第三季和下半年時，您能否談談您對更廣泛的房地產市場所做的一些假設？即使在房地產市場放緩的情況下，您可以採取哪些措施來進一步提高每個連結的貨幣化程度？謝謝。

Hof, maybe I'll start. I think the short answer is we're not assuming a lot of help from the macro. And we're just focused on driving growth in spite of that, right? We grew total company revenue 15% in '24. We expect mid-teen growth in '25. We grew 15% in Q2. We're guiding to 14% to 16% in Q3. And that's with the housing market largely flat, right?

霍夫，也許我先開始。我認為簡短的回答是，我們不會假設宏觀經濟能提供太多幫助。儘管如此，我們還是只專注於推動成長，對嗎？2024 年，我們公司的總收入成長了 15%。我們預計 25 年成長率將達到 15% 左右。我們在第二季度成長了 15%。我們預計第三季的成長率將達到 14% 至 16%。房地產市場基本上保持平穩，對嗎？

It was flat in Q2, and we don't expect a lot of relief into the latter part of the year. The story on the housing market is it's going to take a while to normalize, right? Because the affordability challenge we have is really an availability problem.

第二季持平，我們預計今年下半年不會太大緩解。房地產市場的情況是，它需要一段時間才能恢復正常，對嗎？因為我們面臨的可負擔性挑戰實際上是一個可用性問題。

So mortgage rates easing helps on the margin but we're still dealing with the fact that we're nearly 5 million homes underbuilt from not building out of new construction inventory coming out of the global financial crisis. And so that plus a bunch of sellers being locked into high mortgage or low mortgage rates not wanting to trade up, creates a supply-demand imbalance.

因此，抵押貸款利率的降低在一定程度上有所幫助，但我們仍然面臨著這樣一個事實：由於全球金融危機導致新建房屋庫存不足，我們有近 500 萬套房屋尚未建成。再加上大量賣家被鎖定在高抵押貸款或低抵押貸款利率而不願進行交易，造成了供需失衡。

That's why you've seen prices run up so much from the pandemic. And it's why, even with prices starting to ease in so many markets, you're still seeing volume low.

這就是為什麼疫情導致價格大幅上漲的原因。這就是為什麼即使許多市場的價格開始下降，但交易量仍然很低。

So all that doesn't paint a story of a housing market that untangles itself quickly. So we aren't factoring a lot of goodness in. I think we hope that you actually see some home prices start to come down more. There are many markets where home prices have already rolled over and are down a few percentage points year-on-year and are continuing to go down because there's enough listing inventory out there.

所以，所有這些都不足以說明房地產市場很快就會恢復正常。因此，我們沒有將很多優點考慮進去。我想我們希望您確實看到一些房價開始進一步下降。許多市場的房價已經出現回落，比去年同期下降了幾個百分點，並且由於市場上有足夠的待售庫存，房價仍在繼續下跌。

But again, we don't expect that to provide overall total transaction value relief anytime soon. And so we are just playing through that. We're gaining share in for sale.

但同樣，我們並不期望這能很快帶來整體交易價值的減輕。所以我們只是在玩這個。我們正在獲得銷售份額。

We're gaining share in rentals, and we're doing that because the strategy we're putting together allows us to build great products and services for the consumer and for the professional and they choose to use us and our stuff more often, and that drives transaction share for us and for our agent partners. So at some point, the housing market will become a growth tailwind, but we plan to grow regardless.

我們在租賃領域的份額正在增長，我們之所以這樣做，是因為我們制定的策略使我們能夠為消費者和專業人士打造優質的產品和服務，他們選擇更頻繁地使用我們和我們的產品，這為我們和我們的代理合作夥伴帶來了交易份額的增長。因此，在某個時候，房地產市場將成為成長的順風，但無論如何我們都計劃實現成長。

Okay. Great. And maybe just as a follow-up, could you talk to if you're seeing any regulatory or listing access changes influencing your platform or agent ecosystem and -- or any early trends in agent behavior? Thank you.

好的。偉大的。也許只是作為後續問題，您是否可以談談是否看到任何監管或上市訪問變化影響您的平台或代理生態系統以及代理行為的任何早期趨勢？謝謝。

Sure. We're quite pleased to see the -- really the vast majority of the industry agrees with our listing standards, right, which were crafted to work alongside the listing cooperation rules that many MLSs and brokers already practice. So we love to see that the entire industry really has been encouraged to formally implement what they most already believe that if you're going to market a listing publicly to some consumers, you should market it to all consumers.

當然。我們非常高興地看到——實際上絕大多數業內人士都同意我們的上市標準，這些標準是為了配合許多 MLS 和經紀人已經實施的上市合作規則而製定的。因此，我們很高興看到整個行業確實受到鼓勵，正式實施他們大多數人已經相信的事情：如果你要向一些消費者公開推銷某個列表，那麼你就應該向所有消費者推銷它。

It's a huge consumer benefit that buyers can see all available inventory that sellers can maximize their exposure, and it's a huge industry benefit because if you're an agent, whether you're at a big brokerage or a small brokerage to do your job effectively, you've got to see all the content and be able to count on the MLS to have it all. So we are really pleased that early on, we've seen the majority of the industry largely adopt these standards.

買家可以看到所有可用的庫存，賣家可以最大限度地提高曝光度，這對消費者來說是一個巨大的好處，這對行業來說也是一個巨大的好處，因為如果你是一名經紀人，無論你是在一家大型經紀公司還是一家小型經紀公司，為了有效地完成你的工作，你必須查看所有內容，並能夠依靠 MLS 來擁有這一切。因此，我們非常高興，很早就看到大多數行業都廣泛採用了這些標準。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Hi. Good afternoon, guys. One of the questions we get a lot is around enhanced markets. And perhaps you could just talk about what you're seeing in the intermediate enhanced markets that are maybe part of the 2024 cohort. Curious if those are coming up the maturity curve like you expect?

你好。大家下午好。我們經常被問到的一個問題是關於增強市場。或許您可以談談您在中級增強型市場（可能是 2024 年隊列的一部分）中看到的情況。好奇這些是否如您預期的那樣走向成熟？

And then maybe for Jeremy Hofman. I'm wondering if you could just talk to the outperformance of mortgage in Q2. It looked like the growth stepped up quite a little bit, but maybe is going to -- expected to settle back down to high 20s in 3Q. Just curious if you could walk us through trend in mortgage and linearity that you've seen through the year. Thank you.

然後也許對傑里米·霍夫曼來說。我想知道您是否可以談談第二季抵押貸款的優異表現。看起來成長率已經有了相當大的提高，但也許會——預計第三季將回落至 20% 的高點。我只是好奇您是否可以向我們介紹您今年看到的抵押貸款和線性趨勢。謝謝。

Sure. Jeremy, why don't I take the enhanced markets question, then you can hit mortgage. We're pretty pleased with the overall progress we're seeing in enhanced markets. We're going to start sound like a broken record when we say methodical rollout, but that is really the name of the game here.

當然。傑里米，我為什麼不回答增強市場的問題，然後你就可以解決抵押貸款了。我們對增強型市場所取得的整體進展感到非常滿意。當我們說有條不紊地推出時，我們開始聽起來像一張破唱片，但這確實是這裡的遊戲名稱。

In every market, it's about finding the next agent team or helping the agent team we have grow to take on more customers and then it's about going into the next market and starting that process, while measuring the conversion, the Zillow Home Loans adoption, and most importantly, the customer satisfaction of that experience with the buyers and sellers we introduce these people to.

在每個市場中，我們都需要尋找下一個代理團隊或幫助我們現有的代理團隊發展壯大，以接納更多客戶，然後進入下一個市場並開始這一流程，同時衡量轉換率、Zillow Home Loans 的採用率，最重要的是，我們向這些人介紹的買家和賣家對這一體驗的客戶滿意度。

And we're seeing those metrics within our expectations across all cohorts, both new and old. We are on track to getting to 35% of our customers by the end of the year. That was the goal we put up at the beginning of the year with you all. And we're at 27% in Q2, and we feel good about getting to 35%.

我們看到，所有新舊群體的這些指標都符合我們的預期。我們預計在今年年底前覆蓋 35% 的客戶。這就是我們在年初與大家共同設定的目標。我們第二季的佔比為 27%，我們很高興能夠達到 35%。

And what gets us excited about that is that's still barely one-third of Zillow customers, right? That is still -- means the two-thirds of a customers are not getting this enhanced market experience yet. And that's opportunity we want to mow down as fast as we can on our way to at least 75% of our customers sometime in the future.

而讓我們興奮的是，這仍然只佔 Zillow 客戶的三分之一，對吧？這仍然意味著三分之二的客戶尚未獲得這種增強的市場體驗。我們希望盡快抓住這個機會，在未來某個時候覆蓋至少 75% 的客戶。

So we feel great about that progress. It is one part digital and one part analog and the software goes faster, as I talked about earlier, getting to 96% of our connections going through Follow Up Boss. It is great. It's a great job by the team to get most of our agent teams, nearly all of them on Follow Up Boss. We roll out real-time touring faster because we can train on that software faster.

因此，我們對這一進展感到非常高興。它一部分是數位的，一部分是類比的，而且軟體運行速度更快，正如我之前提到的，透過 Follow Up Boss 可以實現 96% 的連接。太棒了。團隊做得非常出色，讓我們大多數的代理商團隊幾乎都加入了 Follow Up Boss。我們能夠更快地推出即時巡演，因為我們可以更快地對該軟體進行訓練。

But then staffing up Zillow Home Loans, loan officers and creating the relationships between loan officer and agent and agent team is hand-to-hand combat with individual humans. And it's important to get that right one at a time.

但是，為 Zillow Home Loans 配備貸款人員並建立貸款人員、代理人和代理人團隊之間的關係是與個人的肉搏戰。每次都做到正確很重要。

And so those are the things that govern our progress and why we get to 27% now, 35% end of the year, 75% in the future. All that adds up to the $1 billion of incremental revenue that we see coming just from rolling out and expanding this set of services, let alone the upside from improving these services, which, of course, we will do over time.

這些就是決定我們進步的因素，也是為什麼我們現在能達到 27%，年底能達到 35%，未來也能達到 75% 的原因。所有這些加起來，我們看到僅僅透過推出和擴展這套服務就能帶來 10 億美元的增量收入，更不用說改進這些服務帶來的好處了，當然，我們會隨著時間的推移不斷改進。

And then to your second one on mortgage, we expect mortgage revenue growth in the high 20% range for Q3, which includes 40% plus purchase loan origination volume growth as the key component. So I think that's an important one to call out. As you've heard us say time and again across the for-sale business, we don't over function on the quarterly fluctuations.

然後是關於抵押貸款的第二個問題，我們預計第三季抵押貸款收入成長率將在 20% 左右，其中包括 40% 以上的購屋貸款發放量成長作為關鍵組成部分。所以我認為這是一個值得強調的重要議題。正如您在銷售業務中一次又一次聽到我們說的那樣，我們不會過度關注季度波動。

And for mortgages, things like loan value, gain on sale, that will fluctuate quarter to market. The market has been bouncing along the bottom for a while now, and we've consistently grown quite nicely despite that and expect to continue to do so.

對於抵押貸款來說，貸款價值、銷售收益等都會隨著市場波動。市場目前已在底部反彈一段時間，儘管如此，我們仍然持續保持良好的成長勢頭，並有望繼續保持這種勢頭。

And then when we zoom out, where we're really pleased and Jeremy hit this as well is the consistent double-digits adoption rates across the enhanced markets, while the number of markets have meaningfully increased. It's -- ZHL is a critical portion of this overall strategy, and we're really excited about the progress.

然後，當我們縮小視野時，我們真正高興的是，傑里米也提到了這一點，那就是增強型市場的採用率始終保持兩位數，而市場數量也顯著增加。ZHL 是整個策略的關鍵部分，我們對其進展感到非常興奮。

Makes sense. Thanks, guys.

有道理。謝謝大家。

Dae Lee, JPMorgan.

摩根大通的 Dae Lee。

Great. Thanks for taking my questions. I have two little follow-ups. First one on the rental opportunity. You did talk about growing the wallet share with your advertisers as 1 of the opportunities. So curious like where you are in terms of unlocking some of that opportunity. And is the $1 billion medium-term target more driven by the supply growth? Or is growing wallet share part of that?

偉大的。感謝您回答我的問題。我有兩個小後續問題。第一個是關於租賃機會。您確實談到了增加廣告商的錢包份額是其中一個機會。我很好奇您在解鎖這些機會方面處於什麼位置。10億美元的中期目標是否受到供應成長的更多推動？或者錢包份額的成長是其中的一部分？

Yeah. I can start and Hof jump in. I think part of what we don't talk about it is because we see just such a greenfield opportunity in front of us in terms of volume at the ROI we're providing for our partners. So Jeremy talked about it a bit. We have plenty of room as we win new advertisers, they bring a portion of their portfolio and they try one of our packages.

是的。我可以開始，然後霍夫加入。我認為我們沒有談論這個問題的部分原因是，就我們為合作夥伴提供的投資回報率而言，我們看到了這樣一個全新的機會。因此傑里米談論了這一點。當我們贏得新的廣告商時，我們有足夠的空間，他們會帶來部分產品組合併嘗試我們的某個套餐。

And then they experience these great ROI benefits of being on the Zillow Rental Network and they bring more of their portfolio and they upgrade their packages. So we see that sales go-to-market as really durable growth for us, and you're seeing that in the results, right? You're seeing 56% multifamily revenue growth coming from that, that's from 45% property count growth.

然後，他們體驗到了加入 Zillow 租賃網路的巨大投資報酬率優勢，他們帶來了更多的投資組合併升級了他們的套餐。因此，我們認為銷售進入市場對我們來說確實是持久的成長，您在結果中也看到了這一點，對嗎？您會看到多戶住宅收入成長 56%，而這又源自於 45% 的房產數量成長。

So that shows both bringing new advertisers on and having them use the Zillow Rental Network more. So as long as we continue to deliver increasing value and increasing ROI to them, we'll have the opportunity to win more and more of their business. And the percentage of advertisers we have reached is still, as Jeremy Hofman said, not even 50%.

這表明，這既能吸引新的廣告商，又能讓他們更多地使用 Zillow 租賃網路。因此，只要我們繼續為他們提供不斷增加的價值和不斷增加的投資回報率，我們就有機會贏得越來越多的業務。而我們接觸到的廣告商比例，正如傑里米霍夫曼所說，還不到50%。

So that's why we feel so great about the $1 billion-plus opportunity and why we see a lot of ways to go grow and get to it.

這就是為什麼我們對這個超過 10 億美元的機會感到如此興奮，以及為什麼我們看到有很多方法可以實現成長並實現這一目標。

Got it. And as a follow-up. On enhanced markets. I think in May, you guys brought a release saying you're targeting 60 additional markets at end of July. So I was curious if that 27% number you have in the letter includes that?

知道了。並作為後續行動。在增強型市場上。我記得你們在五月發布了一份新聞稿，表示將在七月底開拓另外 60 個市場。所以我很好奇，信中提到的 27% 這個數字是否包含了這個數字？

And if not, how are you progressing on getting those additional markets live -- to get these markets up and running, how long does it take for them to show up in your results?

如果沒有，那麼您在讓這些額外的市場變得活躍方面進展如何？要讓這些市場啟動並運行，它們需要多長時間才能顯示在您的結果中？

Yeah. Good question. Good question. So the 27% Q2 does not include that. But I will encourage you to think about percent of connections rather than market count. We started moving out of that as a better source of modeling because each market has a different mix and share and capacity of agent teams, loan officer capacity and all that.

是的。好問題。好問題。因此 Q2 的 27% 並不包括這個數字。但我鼓勵您考慮連接百分比而不是市場數量。我們開始將其作為更好的建模來源，因為每個市場都有不同的組合、份額和代理團隊的能力、貸款官員的能力等等。

So think about it more as -- we are at 27% as of the end of Q2, and our goal is to get to 35% by year-end. And then it's about a year to start to see the accretive benefits of the new experience across the cohort of customers and agents for that share of connections.

所以仔細想想——截至第二季末，我們的佔比已達到 27%，我們的目標是到年底達到 35%。然後大約需要一年的時間才能開始看到新體驗為整個客戶和代理商群體帶來連接份額的增值效益。

So it is quite an involved process to get all the folks up and running and all the staff and training up and running. But once you do, you really see agents not just gain share, but are able to grow their businesses with our software and tools. And you start to see them try and use the home loans to drive adoption. So that's the formula in the playbook we're focused on. And I think percent of connections is probably the right way to try and think about it.

因此，讓所有人員、所有工作人員和培訓都正常運作是一個相當複雜的過程。但一旦你這樣做了，你就會發現代理商不僅獲得了份額，而且能夠利用我們的軟體和工具來發展他們的業務。你會開始看到他們嘗試利用房屋貸款來推動收養。這就是我們所關注的劇本中的公式。我認為連接的百分比可能是嘗試思考這個問題的正確方法。

Got it. Thank you.

知道了。謝謝。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Hey. Thanks. I just wanted to follow up on Zillow showcase. I'm curious how monetization of that solution has been trending and whether it's becoming more material contributor -- revenue contributor to the Residential segment.

嘿。謝謝。我只是想跟進 Zillow 展示。我很好奇該解決方案的貨幣化趨勢如何，以及它是否會成為住宅領域更重要的收入貢獻者。

And then as we think about the housing backdrop, has that actually become more favorable for Showcase given that home sellers and their agents could be a little more concerned about the home selling altogether and the price received in this environment. I guess, what are you seeing on the demand side there?

然後，當我們考慮住房背景時，這實際上是否對 Showcase 更有利，因為房屋賣家及其代理商可能會更加關心房屋的整體銷售情況以及在這種環境下獲得的價格。我想，您看到那裡的需求面是怎麼樣的？

Sure. So Showcase now at 2.5% of new listings, up from 2% end of Q1. I think trying to tease it out as a part of the overall residential component is going to be tough, just actually because of your earlier question, it's all part of the agent's ROI. So we feel great about that progress. And the thing I think we're most excited about is agents see the value in winning more listings with it and sellers and buyers both see the value in having it right.

當然。因此，Showcase 目前佔新上市房源的 2.5%，高於第一季末的 2%。我認為試圖將其作為整體住宅部分的一部分來梳理出來會很困難，實際上只是因為你之前的問題，這都是代理商投資回報率的一部分。因此，我們對這一進展感到非常高興。我認為最讓我們興奮的是，代理商看到了透過它贏得更多房源的價值，而賣家和買家都看到了正確使用它的價值。

So it's this really rare win-win where everyone has a great experience with it. . The macro one, I think the reality is it's too small showcases to be a macro driver yet. But I will point out, we're growing Showcase this nicely in what has historically been mostly a seller's market. And if the market were to shift to more balanced, you'd think the seller and the seller's agent benefit even more from Showcase in their listing.

因此，這確實是一種罕見的雙贏局面，每個人都獲得了很好的體驗。。從宏觀角度來看，我認為現實情況是，它的展示規模太小，還不足以成為宏觀驅動力。但我要指出的是，我們在歷史上主要為賣方市場的環境中很好地發展了 Showcase。如果市場變得更加平衡，您會認為賣方和賣方代理商會從其清單中的 Showcase 中獲得更多收益。

But if you go talk to our agent partners who use it, what they think the benefits of is their ability to win more listings with it, right? So in an environment where they have to work harder to win a listing presentation, Showcase is an even more powerful tool. And we're not exactly just sitting still with showcase, right?

但是如果你去和使用它的代理合作夥伴交談，他們認為它的好處是他們能夠用它贏得更多的房源，對嗎？因此，在他們必須更加努力才能贏得上市演示的環境中，Showcase 是一個更強大的工具。而且我們也不會只是坐在那裡展示，對吧？

Showcase launched a little more than a year ago, and we've been improving it ever since. So we added the listing dashboard last quarter. We just added SkyTour, which we haven't -- if you haven't checked it out, you should really go check out a SkyTour listing. It's an immersive experience outside the home which is drawing photography together to get you to be able to fly around the exterior and really get a sense of what the home is like.

Showcase 推出僅一年多時間，從那時起我們就一直在對其進行改進。因此我們在上個季度添加了列表儀表板。我們剛剛添加了 SkyTour，如果您還沒有查看過，您真的應該去查看 SkyTour 清單。這是一種身臨其境的戶外體驗，它將攝影結合在一起，讓您能夠在外部飛翔，真正感受到家是什麼樣的。

Those are just a couple of examples of how we'll continue creating this incredibly immersive experience that the buyer, of course, loves, therefore, the seller will want, therefore, the agent will have to offer if they want to win listings.

這些只是我們將如何繼續創造這種令人難以置信的沉浸式體驗的幾個例子，買家當然會喜歡這種體驗，因此賣家也會想要這種體驗，因此，如果代理商想要贏得房源，他們就必須提供這種體驗。

Right. Thank you.

正確的。謝謝。

Andrew Boone, Citizens Bank.

安德魯·布恩，公民銀行。

Thanks so much for taking the question. I wanted to ask about AI and the improvement of just automation across the platform. You guys mentioned in the latter, the 2 million people -- the 2 million smart messages that have been exchanged since June. Can you guys just talk about what AI allows for automation in terms of connecting buyers and sell those more efficiently? And what's the overall vision if we -- one to two years out of what you guys can do with Follow Up Boss as just more capabilities are enabled. Thanks so much.

非常感謝您回答這個問題。我想問一下人工智慧以及整個平台自動化的改進。你們在後者中提到，自 6 月以來，已經與 200 萬人交換了 200 萬個智慧資訊。你們能否談談人工智慧在連結買家和更有效率地銷售方面如何自動化？那麼，隨著更多功能的啟用，我們一到兩年後可以對 Follow Up Boss 做些什麼，我們的整體願景是什麼？非常感謝。

For sure. Thanks, Andrew. We are tremendously excited about AI's potential to rewire the industry just as it rewires all of us as workers. And if you think about the real estate industry as such a highly considered regulated purchase where you need great professionals, that is just tailor-made for supercharging the services that humans are doing and allowing humans to be great at what they do. And you're already seeing that today, right?

一定。謝謝，安德魯。我們對人工智慧重塑產業的潛力感到非常興奮，就像它重塑我們所有工人一樣。如果你認為房地產行業是一個經過嚴格考慮、受到嚴格監管的行業，需要優秀的專業人士，那麼它就是為增強人類所提供的服務並讓人類在其工作中表現出色而量身定制的。今天您已經看到了，對嗎？

I mean, just look at some of the examples we called out this quarter. For the consumer, it's a better customer experience, right? It's things like I just talked about with SkyTour, virtual staging AI, better personalization while you're shopping, for the professional, the hardworking professional that has so much work to do to help delight clients.

我的意思是，看看我們本季列舉的一些例子。對消費者來說，這是一種更好的客戶體驗，對嗎？就像我剛才談到的 SkyTour 一樣，虛擬分期 AI，購物時更好的個人化，對於專業人士、勤奮的專業人士來說，他們需要做很多工作來取悅客戶。

It's AI-powered relationship management software to supercharge them to let them do what they do best, which is client relation, advice and consulting and guidance. Same thing for the loan officer by taking away the busy work, by automating follow-ups, by suggesting messages by pulling in insights to make them a better client manager. So those are the features we're already putting into the wild today. And that's really, in many ways, the low-hanging fruit to start to elevate the professional and make the transaction experience more delightful.

它是一款人工智慧關係管理軟體，可以增強他們的能力，讓他們做他們最擅長的事情，即客戶關係、建議、諮詢和指導。對於貸款員來說也是一樣，透過減輕他們的繁重工作，透過自動化跟進，透過提出見解來建議訊息，使他們成為更好的客戶經理。這些就是我們今天已經投入使用的功能。從很多方面來看，這確實是一項唾手可得的成果，可以提升專業水平，讓交易體驗更加愉快。

If you fast forward a couple of years into the future, you can just draw a line on what we're doing now to where we might be able to get to, to really create a more magical transaction for the buyer and seller and allow the professionals to do what they do best and have the software and the tools do more of the work for them.

如果你將時間快轉幾年，你就可以在我們現在所做的事情和我們可能達到的目標之間劃一條線，真正為買家和賣家創造一個更加神奇的交易，讓專業人士做他們最擅長的事情，讓軟體和工具為他們做更多的工作。

Great. Thank you.

偉大的。謝謝。

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 are excited for what's ahead and look forward to speaking with you all next quarter.

感謝大家今天的參與。我們非常感謝您的持續支持。我們對未來充滿期待，並期待下個季度與大家交談。

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

感謝您參加 Zillow Group 第二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。