Zillow Group Inc (Z) 2025 Q3 法說會逐字稿

Hello. Welcome to Zillow Group's third-quarter 2025 financial results call.

你好。歡迎參加 Zillow 集團 2025 年第三季財務業績電話會議。

(Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

（操作說明）另外提醒一下，本次會議將在今天進行錄音。如有任何異議，請立即斷開連接。

Brad, you may begin.

布拉德，你可以開始了。

Thank you. Good afternoon. Welcome to Zillow Group's quarterly earnings call.

謝謝。午安.歡迎參加 Zillow 集團季度財報電話會議。

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

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

During today's call, we will make forward-looking statements about our future performance and operating plans, based on current expectations and assumptions. These statements are subject to risks and uncertainties. We encourage you to consider the risk factors described in our SEC filings for additional information.

在今天的電話會議上，我們將根據目前的預期和假設，對我們未來的業績和營運計劃做出前瞻性陳述。這些聲明存在風險和不確定性。我們建議您參考我們在提交給美國證券交易委員會的文件中所描述的風險因素，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. Please review the cautionary statement and additional information in our earnings release, which can be found on our Investor Relations website.

除法律另有規定外，我們不承擔因新資訊或未來事件而更新這些聲明的義務。請查閱我們投資者關係網站上發布的盈利報告中的警示聲明和補充資訊。

This call is being broadcast on the Internet and is available on our Investor Relations website. A recording of the call will be available later today.

本次電話會議正在網路上直播，並可在我們的投資者關係網站上收聽。通話錄音將於今日稍後提供。

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

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）和調整後的自由現金流（我們稱之為自由現金流）。我們鼓勵您閱讀我們的股東信和盈利報告，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 GAAP 和非 GAAP 業績的重要信息，包括歷史非 GAAP 財務指標的調節表。

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

我們將首先致辭，然後進行現場問答環節。

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

接下來，我將把電話交給傑里米·瓦克斯曼。

Good afternoon, everyone. Thank you for joining us.

大家下午好。感謝您的參與。

I'm pleased to share that Zillow delivered another excellent quarter, thanks to continued momentum across both our For-sale and Rentals operations. For Q3, we reported strong revenue growth, EBITDA margin expansion, and positive GAAP net income.

我很高興地宣布，由於我們的房屋銷售和租賃業務持續保持成長勢頭，Zillow 又取得了出色的季度業績。第三季度，我們實現了強勁的營收成長、EBITDA利潤率擴張以及GAAP淨利潤為正。

In a housing market that's bouncing along the bottom, Zillow continues to outperform both our outlook and the broader industry, showing the strength of our execution and the durability of our strategy. Delivering growth while managing costs keeps us on track toward our 2025 targets of mid-teens revenue growth, expanding EBITDA margins, and positive full-year GAAP net income.

在房地產市場觸底的情況下，Zillow 的表現持續優於我們的預期和整個行業，這表明我們執行力強，戰略持久。在控製成本的同時實現成長，使我們能夠朝著 2025 年的目標穩步前進，即實現兩位數中期的收入增長、擴大 EBITDA 利潤率以及全年 GAAP 淨利潤為正。

Zillow has earned its success because we are a consumer-focused, product-led company transforming the way people move. For consumers, that means a simpler, faster, more transparent way to buy, sell, or rent a home. For real estate professionals, it means more effective tools to grow their businesses. And for our shareholders, it means sustained growth driven by innovation, regardless of where we are in the housing cycle.

Zillow之所以能成功，是因為我們是一家以消費者為中心、以產品為導向的公司，正在改變人們的出行方式。對消費者而言，這意味著更簡單、更快速、更透明的房屋買賣或租賃方式。對於房地產專業人士而言，這意味著他們將擁有更有效的工具來擴展業務。對我們的股東而言，這意味著無論房地產週期處於哪個階段，都能透過創新實現持續成長。

We are delivering the seamless digital end-to-end experience that consumers and, increasingly, the real estate industry expect and depend on. We deliver innovation quickly across our ecosystem and across the customer journey.

我們正在提供消費者以及日益增長的房地產行業所期望和依賴的無縫數位化端到端體驗。我們能夠快速地將創新成果應用於我們的生態系統和整個客戶旅程中。

In Q3 alone, that included adding virtual staging to the super listing experience in Zillow Showcase, enhancing messaging functionality, and debuting the Zillow app inside ChatGPT.

僅在第三季度，就包括為 Zillow Showcase 中的超級房源體驗添加虛擬佈置功能、增強訊息功能以及在 ChatGPT 中首次推出 Zillow 應用程式。

I will dig into our latest launches in a few moments. But, first, I'll walk you through our Q3 results, which show how well our strategy is working.

我稍後會詳細介紹我們最新推出的產品。但首先，我將帶您了解我們第三季的業績，這些業績顯示我們的策略運作得多麼成功。

Total revenue increased 16% year over year to $676 million in Q3, exceeding the high end of our outlook range.

第三季總營收年增 16% 至 6.76 億美元，超過了我們預期範圍的上限。

For-sale revenue increased 10%, outperforming the broader housing and mortgage markets, which continue to bounce along the bottom. Within For-sale, Residential revenue grew 7% and mortgage revenue grew 36%.Rentals revenue grew 41% year over year, with 62% year-over-year revenue growth in multifamily.

待售房屋收入增加了 10%，跑贏了整體住房和抵押貸款市場，後者仍在底部震盪。在待售房產中，住宅收入增加了7%，抵押貸款收入增加了36%。租賃房產營收年增 41%，其中多戶住宅營收年增 62%。

Together, this revenue growth, along with effective cost management, helped us generate EBITDA of $165 million, above the high end of our outlook range. EBITDA margin expanded more than 200 basis points year over year. The combination of revenue growth and cost discipline also resulted in positive net income of $10 million in Q3.

營收成長加上有效的成本管理，使我們的 EBITDA 達到 1.65 億美元，高於我們預期範圍的上限。EBITDA利潤率年增超過200個基點。營收成長和成本控制相結合，也使得公司在第三季度實現了 1000 萬美元的淨利潤。

Our consistently strong performance reinforces the fact that Zillow can grow, regardless of what the market's doing. What drives our success and differentiates Zillow from everyone else in our category is consistent execution on our integrated transaction strategy, relentless product innovation, and a focus on consumer and partner experiences.

我們持續強勁的業績進一步證明了無論市場行情如何，Zillow 都能實現成長。Zillow之所以能夠取得成功，並與同類公司區分開來，是因為我們始終如一地執行一體化交易策略，不斷進行產品創新，並專注於消費者和合作夥伴的體驗。

Our success starts with our brand, which is loved and trusted by both consumers and real estate professionals. Our apps and sites had 250 million average monthly unique users in Q3. We are a strong partner for the residential real estate industry.

我們的成功始於我們的品牌，該品牌深受消費者和房地產專業人士的喜愛和信賴。第三季度，我們的應用程式和網站平均每月獨立用戶數為 2.5 億。我們是住宅房地產行業的強大合作夥伴。

Agents who use at least one of our products, whether that's Premier Agent, Follow Up Boss, ShowingTime, Showcase, or DotLoop are responsible for an estimated 80% of US residential real estate transactions.

使用我們至少一款產品（無論是 Premier Agent、Follow Up Boss、ShowingTime、Showcase 或 DotLoop）的經紀人，約占美國住宅房地產交易的 80%。

Our brand strength and quality product offerings feed our broader Zillow ecosystem and give our partners a powerful edge in building their businesses, as they operate where consumers are and deliver the experience consumers want.

我們的品牌實力和優質產品為更廣泛的 Zillow 生態系統提供了支持，並為我們的合作夥伴在發展業務方面提供了強大的優勢，因為他們可以在消費者所在的地方開展業務，並提供消費者想要的體驗。

We take the strength of our brand and audience seriously, always looking for ways to meet consumer needs in an ever-evolving and competitive landscape. The latest demonstration of that principle launched this month, the Zillow app in ChatGPT. Consumers searching for homes in ChatGPT can explore listings, maps, photos, and pricing directly in the Zillow experience; and can seamlessly continue on to Zillow's website or mobile app to book a tour, connect with an agent, or learn about financing. It's another new doorway directly into our ecosystem, just like when we built one of the first apps for mobile.

我們非常重視我們的品牌和受眾群體，並始終在不斷變化和競爭激烈的市場環境中尋找滿足消費者需求的方法。該原則的最新例證是本月推出的 Zillow 應用在 ChatGPT 中的應用。在 ChatGPT 中搜尋房屋的消費者可以直接在 Zillow 體驗中瀏覽房源、地圖、照片和價格；並且可以無縫地繼續訪問 Zillow 的網站或行動應用程序，以預訂參觀、聯繫經紀人或了解融資資訊。這就像我們當初開發首批行動應用程式之一一樣，為我們直接進入生態系統開闢了又一扇新大門。

Being early matters. As we learned then, first-mover advantage pays off, when technology transforms how people use the Internet. We are currently the only real estate app inside ChatGPT, a testament to the speed and technical depth of our teams, as well as our near 20-year track record of using AI to build innovative, data-driven, consumer-first products responsibly.

早到很重要。正如我們當時所了解到的，當科技改變人們使用網路的方式時，先發優勢會帶來回報。目前，我們是 ChatGPT 中唯一的房地產應用程序，這證明了我們團隊的速度和技術深度，以及我們近 20 年來負責任地使用人工智慧建立創新、數據驅動、以消費者為中心的產品的良好記錄。

We are still in the very early innings of how AI will transform consumer experiences but we strongly believe that the critical differentiators between those that succeed and those that get left behind in our category will be user experience, quality of audience, unique insights, and providing integrated transaction services, instead of just top-of-funnel lead generation. We feel incredibly well positioned to take advantage of the AI transformation, given how unique our strategy is.

人工智慧將如何改變消費者體驗，我們仍處於探索的初期階段，但我們堅信，在我們這個領域中，成功者與失敗者之間的關鍵區別在於用戶體驗、受眾品質、獨特見解以及提供整合交易服務，而不僅僅是漏斗頂端的潛在客戶開發。鑑於我們獨特的策略，我們感到自己處於非常有利的地位，能夠充分利用人工智慧帶來的變革。

Now, I'll dive deeper into how our consumer-first, product-forward thinking has shown up across our business and helped us grow in Q3, starting with For-sale.

現在，我將深入探討我們以消費者為先、以產品為導向的思維方式是如何體現在我們整個業務中，並幫助我們在第三季度實現成長的，首先從「出售」開始。

Our For-sale revenue is consistently outperforming the broader market, as we deliver strong revenue growth and continue to drive share growth, relative to the total industry transaction value. We're executing well on our For-sale strategy to make buying, selling, and financing easier for consumers and agents alike.

我們的出售業務收入持續優於大盤，我們實現了強勁的收入成長，並持續推動市場佔有率成長，相對於整個產業的交易金額。我們的銷售策略執行得非常順利，讓消費者和代理商都能更輕鬆地進行買賣和融資。

Zillow is built for where the industry is going, not where it's been. We've moved beyond home search and become a diversified, transaction-focused platform that integrates the disparate steps of the housing journey: connecting with an agent, touring, exploring financing options, and more; and equips agents to successfully guide consumers through it.

Zillow 的設計理念是面向產業未來發展方向，而不是面向產業過去。我們已經超越了房屋搜索，成為一個多元化的、以交易為中心的平台，整合了購房過程中的各個環節：聯繫經紀人、參觀房屋、探索融資方案等等；並幫助經紀人成功地引導消費者完成整個購房過程。

We continue to scale our immersive listing experience, Zillow Showcase. More than 50 brokerages have adopted Showcase as a go-to marketing solution to help agents win more listings and sell homes faster. These enterprise partnerships, spanning leading national brands, regional powerhouses, and innovative independents, reflect industry recognition that Showcase gives agents and sellers a measurable edge in today's housing market. As of the end of Q3, Showcase was on 3.2% of all new listings in the US, up from 2.5% last quarter and more than double our share versus a year ago.

我們將繼續擴大我們的沉浸式房源體驗 Zillow Showcase 的規模。超過 50 家經紀公司已採用 Showcase 作為首選行銷解決方案，以幫助經紀人贏得更多房源並更快售出房屋。這些企業合作關係涵蓋了領先的全國性品牌、區域性巨頭和創新獨立企業，反映出業界對 Showcase 的認可，認為它能為經紀人和賣家在當今的房地產市場中帶來可衡量的優勢。截至第三季末，Showcase 在美國所有新房源中的佔比為 3.2%，高於上一季的 2.5%，比一年前的市佔率翻了一番還多。

In Q3, we launched AI-powered virtual staging on Showcase listings. This new feature uses computer vision to restyle rooms instantly with just a tap, letting buyers picture a home's potential, while giving agents who use showcase another way to make listings stand out. Whether a buyer starts by virtually walking around homes with Showcase, instantly booking an in-person tour and connecting with an agent, or exploring their financing options, Zillow provides the right support at the right moment in their journey.

第三季度，我們在 Showcase 房源清單中推出了人工智慧驅動的虛擬房屋佈置功能。這項新功能利用電腦視覺技術，只需輕按一下即可立即重新佈置房間，讓買家能夠想像房屋的潛力，同時為使用展示功能的經紀人提供另一種使房源脫穎而出的方法。無論買家是先透過 Showcase 進行虛擬看房，還是立即預約實地看房並與經紀人聯繫，亦或是探索融資方案，Zillow 都能在他們購房旅程的恰當時刻提供恰當的支持。

With products like BuyAbility, a powerful tool from Zillow Home Loans that helps buyers shop based on what they can afford, we're making financing simpler and more transparent; and improving how we identify high-intent buyers in the process. BuyAbility has enrolled 2.9 million people since it launched, after surpassing 2 million last quarter. These buyers are more knowledgeable and ready to act and connect with an agent through Zillow.

借助 BuyAbility 等產品（Zillow Home Loans 推出的一款強大工具，可幫助購房者根據自身承受能力進行選擇），我們正在使融資變得更簡單、更透明；並在這一過程中改進我們識別高意向購房者的方式。BuyAbility 自推出以來已吸引了 290 萬人註冊，上個季度註冊人數超過 200 萬人。這些買家知識更淵博，更願意採取行動，並透過 Zillow 與經紀人聯繫。

In addition, we introduced a verified digital pre-approval and began rolling out a new borrower application designed to get shoppers quickly to a real decision and improve loan officer efficiency. These updates are live now on our website and coming soon to our apps.

此外，我們推出了經過驗證的數位預審批，並開始推出新的借款人申請，旨在幫助消費者快速做出真正的決定，並提高貸款專員的效率。這些更新現已在我們的網站上線，並將很快在我們的應用程式中推出。

We also just rolled out major enhancements to our proprietary message system that lets buyers communicate directly with their agent and with loan officers from Zillow Home Loans within the Zillow app, thanks to an integration with Follow Up Boss.

我們還對我們專有的訊息系統進行了重大改進，透過與 Follow Up Boss 的集成，買家可以在 Zillow 應用程式內直接與他們的經紀人和 Zillow Home Loans 的貸款專員進行溝通。

Buyers can now co-shop with a partner or co-buyer right inside Zillow, sharing homes, comparing favorites, and staying aligned in one place. We expect keeping home buyers better connected will deepen engagement, help real estate professionals provide better service to their clients, and ultimately boost transaction rates.

現在，買家可以直接在 Zillow 內與伴侶或共同買家一起看房，共享房源，比較心儀的房源，並在一個地方保持步調一致。我們相信，讓購屋者保持更緊密的聯繫將加深他們的參與度，幫助房地產專業人士為客戶提供更好的服務，並最終提高交易率。

We are the company that is innovating rapidly to apply new technology where it matters most, improving the customer journey; and helping real estate professionals succeed in the age of AI by giving them the tools and insights they need to serve clients better, work more efficiently, and grow their businesses.

我們是一家快速創新、將新技術應用於最關鍵領域的公司，致力於改善客戶體驗；並透過提供所需的工具和洞察力，幫助房地產專業人士在人工智慧時代取得成功，從而更好地服務客戶、更有效率地工作並發展業務。

As part of that effort, we've continued to invest in a growing set of features within Follow Up Boss. Recent updates include real-time call transcripts, smart summaries that recap each connection's recent communication with suggested steps, and custom Zillow Home Loans pre-approval letters for buyers who request one, each integrated directly in the Follow Up Boss system, giving agents richer context and helping them communicate faster.

作為這項工作的一部分，我們不斷投資於 Follow Up Boss 中日益豐富的功能。最近的更新包括即時通話記錄、智慧摘要（概括每次聯繫的最近溝通內容並提供建議步驟）以及為提出要求的買家提供的定制 Zillow Home Loans 預批准信，所有這些都直接集成到 Follow Up Boss 系統中，為經紀人提供更豐富的背景信息，並幫助他們更快地進行溝通。

All this innovation comes together and brings our For-sale strategy to life in our enhanced markets, where we're connecting high -intent movers with high-performing professionals and delivering a more integrated transaction.

所有這些創新匯聚在一起，使我們的「出售」策略在增強的市場中得以實現，我們將有意願的搬遷者與高績效的專業人士聯繫起來，並提供更一體化的交易。

In Q3, 34% of connections came through the enhanced market experience, up from 27% last quarter and on our way to our midterm goal of 75%. Virtually, all Zillow connections in the enhanced market experience are now managed through Follow Up Boss, enabling better collaboration amongst buyers, agents, and loan officers. We're also seeing double-digit adoption of Zillow Home Loans across enhanced markets, a clear sign the integrated experience is delivering value as we help consumers get home.

第三季度，34% 的連結是透過增強的市場體驗實現的，高於上一季的 27%，我們正朝著 75% 的中期目標邁進。在增強的市場體驗中，幾乎所有 Zillow 連結現在都透過 Follow Up Boss 進行管理，從而實現買家、經紀人和貸款專員之間更好的協作。我們也看到 Zillow Home Loans 在增強型市場的採用率達到了兩位數，這清楚地表明，在我們幫助消費者實現置業夢想的過程中，這種整合體驗正在創造價值。

As that integrated experience expands, we're updating our invite-only pay-when-you-close program for top-performing teams. This month, we announced Zillow Preferred, the next chapter for our Flex program that recognizes partners for delivering outstanding customer experiences and provides them access to dedicated support and growth tools.

隨著這種整合體驗的擴展，我們正在更新面向業績最佳團隊的僅限受邀者參與的「成交後付費」計畫。本月，我們宣布推出 Zillow Preferred，這是我們 Flex 計畫的下一個篇章，旨在表彰為客戶帶來卓越體驗的合作夥伴，並為他們提供專屬支援和成長工具。

Zillow Preferred builds on the foundation of Flex. The new name helps ensure shoppers know they are connecting with a preferred partner of ours. As we expand the integrated experience in our enhanced market to the majority of our connections, we expect our Preferred program to grow in tandem.

Zillow Preferred 是以 Flex 為基礎建構的。新名稱有助於確保購物者知道他們正在與我們的首選合作夥伴聯繫。隨著我們將增強型市場中的整合體驗擴展到我們的大多數連接，我們預計我們的優選計劃也將同步成長。

Earlier this month, we also introduced Zillow Pro, a membership that brings together Zillow's most impactful tools and services into an integrated AI-powered suite that helps growth-oriented agents scale their businesses. Zillow Pro helps agents more effectively serve all their clients in their sphere, not just those they connect with on Zillow.

本月初，我們還推出了 Zillow Pro，這是一項會員服務，它將 Zillow 最具影響力的工具和服務整合到一個由人工智慧驅動的整合套件中，幫助以成長為導向的經紀人擴展業務。Zillow Pro 幫助經紀人更有效地服務他們圈子內的所有客戶，而不僅僅是他們在 Zillow 上聯繫的客戶。

With features like My Agent, client insights flow into Follow Up Boss and agents can see what their buyers are eyeing on Zillow, invite any customer to connect on Zillow, and keep their branding visible across Zillow as those clients shop.

借助「我的經紀人」等功能，客戶洞察訊息會流入 Follow Up Boss，經紀人可以看到他們的買家在 Zillow 上關注的內容，邀請任何客戶在 Zillow 上建立聯繫，並在這些客戶購物時保持其品牌在 Zillow 上的可見性。

Zillow Pro also enables real-time touring for clients and agent found off of Zillow, unified messaging and property sharing among co-shoppers, and premium profiles that let agents customize how they show up on Zillow.

Zillow Pro 還支援客戶和在 Zillow 之外找到的經紀人進行即時看房，支援共同購屋者之間的統一訊息傳遞和房產共享，以及高級個人資料功能，允許經紀人自訂他們在 Zillow 上的顯示方式。

Over time, top-performing Pro users become eligible for Zillow Preferred. Zillow Pro gives agents the data, tools, and brand reach they need to uncover opportunities, work smarter, deepen relationships, and drive more transactions.

隨著時間的推移，表現優異的 Pro 用戶將有資格成為 Zillow Preferred 用戶。Zillow Pro 為經紀人提供所需的數據、工具和品牌影響力，幫助他們發現商機、更有效率地工作、加深客戶關係並促成更多交易。

It also expands the serviceable, addressable market of our housing super app to more agents and all consumers. Given that agents who use our products touch an estimated 80% of US residential real estate transactions, we have a strong partner base to sell Zillow Pro into. We look forward to rolling it out across the country throughout 2026.

它還將我們住房超級應用程式的服務範圍和目標市場擴大到更多代理商和所有消費者。鑑於使用我們產品的經紀人經手了美國約 80% 的住宅房地產交易，我們擁有強大的合作夥伴基礎來銷售 Zillow Pro。我們期待在 2026 年將其推廣到全國各地。

Now, I'll update you on Rentals, where we're seeing some of the strongest growth and momentum across Zillow. Just like in For-sale, we're focused on speed, transparency, and innovation, on behalf of consumers and partners.

現在，我將向大家介紹租賃業務，我們看到 Zillow 上租賃業務的成長和勢頭最為強勁。就像在「出售」版塊一樣，我們代表消費者和合作夥伴，專注於速度、透明度和創新。

As a reminder: Our strategy in Rentals is twofold. First, we are building a comprehensive two-sided marketplace of homes for rent, giving renters a single trusted destination to find every type of property, from single-family homes to large apartment houses. Second, we are modernizing the transaction experience for renters and property managers alike, streamlining how they connect and handle applications, leases, and payments.

再次提醒：我們在租賃方面的策略是雙重的。首先，我們正在建立一個全面的雙邊房屋租賃市場，為租屋者提供一個值得信賴的平台，讓他們可以找到各種類型的房產，從獨棟住宅到大型公寓大樓。其次，我們正在改善租戶和物業經理的交易體驗，簡化他們聯繫和處理申請、租賃和付款的方式。

This strategy works because it solves real pain points. Renters get transparency, efficiency, and trust. Property managers get qualified applicants and higher ROI. Because renting is where nearly every mover starts, our progress here is expanding the top of Zillow's housing funnel and creating growth across the business.

這種策略之所以有效，是因為它解決了實際的痛點。租客可以獲得透明、有效率和值得信賴的服務。物業管理公司可以獲得合格的求職者，並提高投資報酬率。因為幾乎所有搬家的人都是從租房開始的，所以我們在這裡取得的進展正在擴大 Zillow 住房管道的頂端，並在整個業務中創造成長。

We are executing well on this strategy and accelerating revenue growth as a result. Rentals revenue increased 41% year over year in Q3, primarily due to a 62% increase in multifamily revenue. In Q3, Zillow Rentals had 2.5 million average monthly active rental listings. ranging from single-family homes to large apartment complexes. This includes 69,000 multifamily properties listed on Zillow. That's almost double the 35,000 we had two years ago. There is room to expand, with an estimated 140,000 total multifamily properties across the country.

我們很好地執行了這項策略，並因此加快了收入成長。第三季租賃收入年增 41%，主要原因是多戶住宅收入成長了 62%。第三季度，Zillow Rentals 平均每月有 250 萬條活躍出租房源資訊，涵蓋從獨棟住宅到大型公寓大樓的各種房源。這其中包括在 Zillow 上列出的 69,000 套多戶住宅房產。這幾乎是兩年前 35,000 人的兩倍。全國多戶住宅總數估計達 14 萬套，因此還有很大的發展空間。

Multifamily is a key growth driver. We're expanding both our property count and wallet share, as more large property managers choose to upgrade to more comprehensive packages with us. As proof of the real value we add for our multifamily partners as we deliver high intent, qualified renters to fill their vacancies, Zillow Rentals ranks number 1 in partner satisfaction in our category for return on marketing investment.

多戶住宅是重要的成長驅動力。隨著越來越多的大型物業管理公司選擇升級到我們更全面的套餐，我們的物業數量和市場份額都在擴大。為了證明我們為多戶住宅合作夥伴帶來的真正價值，即提供高意向、合格的租客來填補他們的空置房源，Zillow Rentals 在我們類別的合作夥伴滿意度中排名第一，行銷投資回報率也位居榜首。

Our multifamily listing syndication agreements with Redfin and Realtor.com are benefiting consumers and property managers by expanding the reach and visibility of rental listings online, helping more renters see more available units on more sites and helping property managers connect with qualified applicants more efficiently.

我們與 Redfin 和 Realtor.com 的多戶住宅房源聯合發布協議，透過擴大線上租賃房源的覆蓋範圍和可見度，使消費者和物業經理受益，幫助更多租客在更多網站上看到更多可用的房源，並幫助物業經理更有效率地與合格的申請人建立聯繫。

Beyond cultivating a comprehensive marketplace, we're innovating quickly to make renting simpler, fairer, more transparent, and more affordable. This quarter, we expanded our cost transparency features across the Zillow Rentals network, showing renters a full breakdown of move-in and monthly costs and providing calculators to help them estimate total expenses before applying. This helps cost-burdened renters plan accurately; and in turn, property managers get more qualified, serious applicants.

除了打造一個全面的市場之外，我們還在快速創新，讓租賃更簡單、更公平、更透明、更實惠。本季度，我們擴大了 Zillow Rentals 網路的成本透明度功能，向房客展示了入住和每月費用的完整明細，並提供計算器幫助他們在申請前估算總費用。這有助於減輕租屋成本負擔的租客進行準確的規劃；反過來，物業經理也能獲得更多合格、認真的申請人。

Many renters on Zillow can also reuse a single, secure rental application across listings, saving time and cutting repeated fees, an example of how Zillow reduces friction and makes renting fairer.

Zillow 上的許多房客還可以重複使用安全的租屋申請表來管理不同的房源，從而節省時間並減少重複費用。這體現了 Zillow 如何減少摩擦，使租房更加公平。

We also announced a new partnership with Esusu, the leading rent reporting platform, to help renters build credit through on-time rent payments. This collaboration expands credit building access nationwide, allowing any renter, not just those who pay rent through Zillow, to have their payments reported to major credit bureaus, strengthening their financial footing as they prepare for the next step. This partnership is another example of Zillow's broader effort to help renters and buyers access and afford housing.

我們也宣布與領先的租金報告平台 Esusu 建立新的合作夥伴關係，以幫助租屋者透過按時支付租金來建立信用記錄。這項合作擴大了全國範圍內的信用建立途徑，使所有租房者（不僅僅是透過 Zillow 支付租金的人）都能將其付款情況報告給主要信用機構，從而在他們為下一步做好準備時增強他們的財務基礎。此次合作是 Zillow 為幫助租屋者和購屋者獲得並負擔得起住房而做出的更廣泛努力的又一例證。

Finally, we recently launched Listing Spotlight, a premium listing option that gives single-family rentals and smaller buildings the highest exposure to this category available on Zillow.

最後，我們最近推出了 Listing Spotlight，這是一個高級房源選項，可讓單戶住宅出租和小型建築在 Zillow 上獲得該類別中最高的曝光率。

Building a better experience for renters and property managers has earned us strong rental traffic over the past few weeks, with about 35 million average monthly unique visitors in Q3. As we execute on our twofold strategy in Rentals, we expect continued acceleration in year-over-year revenue growth in Q4, supported by growing inventory and partnership.

過去幾週，我們透過為房客和物業經理打造更好的體驗，獲得了強勁的租賃流量，第三季平均每月獨立訪客約 3,500 萬。隨著我們在租賃業務中實施雙管齊下的策略，我們預計在庫存成長和合作夥伴關係加強的支持下，第四季度同比收入成長將繼續加速。

The path to our $1 billion-plus annual Rentals revenues opportunity is clear. We're confident in our ability to keep delivering value for consumers and partners.

實現每年超過 10 億美元的租賃收入目標的路徑已經很清楚了。我們有信心繼續為消費者和合作夥伴創造價值。

Our strong results in both For-sale and Rentals show how Zillow is successfully innovating, on behalf of consumers and real estate professionals, across the housing journey. As we continue delivering excellent results, we're also aware of external noise that has gotten louder in recent months. We're confident in our ability to execute through it, just as we have the past few years whenever the volume has turned up.

我們在房屋買賣和租賃方面取得的優異成績表明，Zillow 正在代表消費者和房地產專業人士，在整個住房過程中成功地進行創新。在我們持續取得優異成績的同時，我們也注意到近幾個月來外部噪音越來越大。我們有信心能夠順利完成任務，就像過去幾年業務量激增時所做的那樣。

We're all eyes forward on building a marketplace that expands visibility and choice, promotes fairness and broad access, and empowers consumers and the real estate professionals who serve them.

我們正著眼於建立一個能夠擴大可見性和選擇範圍、促進公平和廣泛准入、並賦予消費者和為他們服務的房地產專業人士權力的市場。

Solving their problems is what ultimately matters. That's what drives success in the modern era and the AI-driven future. That's what drives results. That's exactly what Zillow is doing, with this quarter as the most recent example. We'll keep executing with discipline, delivering value for consumers and partners and leading the industry toward a more transparent, consumer-first future.

解決他們的問題才是最終最重要的。這就是推動現代社會和人工智慧驅動的未來走向成功的關鍵因素。這就是取得成果的關鍵。這正是 Zillow 正在做的事情，本季就是最新的例證。我們將繼續嚴謹執行，為消費者和合作夥伴創造價值，並引領產業走向更透明、以消費者為中心的未來。

We have a strong brand, a lightning-fast innovation cycle, and consistently excellent execution. Thanks to that steady focus and execution, we are on track toward our full-year 2025 goals of mid-teens revenue growth, expanding EBITDA margins, and GAAP profitability, with year-over-year revenue growth expected to accelerate in Q4.

我們擁有強大的品牌、閃電般的創新週期和始終如一的出色執行力。由於這種穩定的專注和執行，我們正朝著 2025 年全年目標穩步邁進，即實現兩位數以上的收入增長、擴大 EBITDA 利潤率和 GAAP 盈利能力，預計第四季度同比收入增長將加速。

2024 and 2025 have proven our strategy works. We are proud of our ability to grow our revenue, while also expanding margins. What's most encouraging is that our execution is setting us up for what we believe will be sustainable, profitable growth well into the future.

2024年和2025年已經證明我們的策略是有效的。我們為能夠在提高收入的同時擴大利潤率而感到自豪。最令人鼓舞的是，我們的執行力正在為我們未來的可持續獲利成長奠定基礎，我們相信這種成長將持續到未來很長一段時間。

We're excited about our opportunity to unlock $1 billion of anticipated incremental revenue in For-sale, just by rolling out our integrated transaction playbook to more people in more places. even in a flat macro housing environment. The momentum we're seeing in enhanced markets indicates we're on the right track towards capturing that opportunity. Zillow Pro is well-positioned to meaningfully expand our potential for growth and For-sale.

我們很高興有機會透過在更多地區向更多人推廣我們的一體化交易方案，即使在宏觀房地產市場環境低迷的情況下，也能在待售房產領域釋放預計10億美元的增量收入。我們看到市場向好發展，這表明我們正走在抓住機會的正確道路上。Zillow Pro 擁有良好的發展前景，能夠顯著擴大我們的成長潛力，並促進待售業務的發展。

We also see a clear path toward our $1 billion-plus annual Rentals revenue target and a much larger business beyond that, as we build our comprehensive two-sided marketplace.

我們也看到了實現每年超過 10 億美元租賃收入目標的清晰路徑，並且隨著我們建立全面的雙邊市場，我們的業務規模也將遠超這個目標。

Behind our strong financial performance is a clear mission: helping millions of people get home and supporting the professionals who make that possible. As a beloved consumer brand and a trusted partner platform, we're proud of the work we're doing to make the housing journey simpler, more transparent, and more integrated.

我們強勁的財務表現背後，有著明確的使命：幫助數百萬人回家，並支持使這一切成為可能的專業人士。作為深受消費者喜愛的品牌和值得信賴的合作夥伴平台，我們為能夠讓住房之旅更簡單、更透明、更一體化而感到自豪。

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

接下來，我將把電話交給我們的財務長傑里米·霍夫曼。

Thanks, Jeremy. Good afternoon, everyone.

謝謝你，傑瑞米。大家下午好。

We delivered strong results in Q3 that exceeded our expectations and are well-positioned to continue delivering strong performance, as we execute on our strategy in 2025 and beyond. Q3 revenue was up 16% year over year to $676 million, which was above the high end of our outlook range.

我們在第三季取得了超乎預期的強勁業績，並已做好充分準備，在 2025 年及以後繼續執行我們的策略，取得強勁的業績。第三季營收年增 16% 至 6.76 億美元，高於我們預期範圍的上限。

Our better-than-expected performance, combined with effective cost management, delivered EBITDA of $165 million, also above the high end of our outlook range. Q3 EBITDA margin was 24%, more than 200 basis points higher than a year ago. Our trailing 12-month EBITDA, as of the end of Q3, grew 29% year over year, as we continue to scale revenue and control costs.

我們超越預期的業績，加上有效的成本管理，實現了 1.65 億美元的 EBITDA，也高於我們預期範圍的上限。第三季 EBITDA 利潤率為 24%，比去年同期高出 200 多個基點。截至第三季末，我們過去 12 個月的 EBITDA 年成長 29%，這得益於我們不斷擴大收入規模和控製成本。

We reported GAAP net income $10 million in Q3 as a result of these efforts.

由於這些努力，我們第三季報告的GAAP淨收入為1000萬美元。

For-sale revenue grew 10% year over year in Q3 to $488 million, roughly 500 basis points above the mid-single-digit residential estate industry growth, as reported by (inaudible) and tracked by Zillow. This was also well above the purchase mortgage origination volume growth for the industry, which we estimate was roughly flat. Purchase mortgage origination volume is noteworthy because a majority of Zillow buyers purchase their home with a mortgage.

第三季待售房屋收入年增 10% 至 4.88 億美元，比住宅地產行業個位數中段增長率高出約 500 個基點，據（聽不清楚）報道，Zillow 也追蹤了這一數據。這遠高於該行業的購房抵押貸款發放量增長，我們估計該行業購房抵押貸款發放量的增長大致持平。購屋抵押貸款發放量值得關注，因為 Zillow 的大多數購屋者都是透過抵押貸款購買房屋的。

Within the For-sale category, Residential revenue grew 7% to $435 million. Of note, Residential revenue year-over-year growth accelerated 100 basis points from Q2 to Q3, despite a 400 basis points tougher comparable quarter over quarter. We saw contributions to this growth broadly across our agent and software offerings and within our new construction marketplace.

在待售類別中，住宅收入成長了 7%，達到 4.35 億美元。值得注意的是，儘管上一季同比增速下降了 400 個基點，但住宅收入年增速仍從第二季到第三季加快了 100 個基點。我們看到，這種成長主要得益於我們的代理商和軟體產品以及新建房屋市場。

Agent offerings include Zillow Preferred, formerly Flex; market-based pricing; and Zillow Showcase. Software offerings primarily include Follow Up Boss, DotLoop, and ShowingTime.

代理商提供的服務包括 Zillow Preferred（以前稱為 Flex）、市場定價和 Zillow Showcase。軟體產品主要包括 Follow Up Boss、DotLoop 和 ShowingTime。

Within the For-sale revenue category, mortgages revenue was up 36% year over year in Q3 to $53 million. Our mortgages strategy is making it easier for more buyers to choose financing through Zillow Home Loans, which is the main growth driver of our overall mortgages revenue. Purchase loan origination volume grew 57% year over year to $1.3 billion.

在待售房產收入類別中，第三季抵押貸款收入年增 36%，達到 5,300 萬美元。我們的抵押貸款策略讓更多購屋者更容易選擇透過 Zillow Home Loans 進行融資，這是我們整體抵押貸款收入的主要成長動力。購屋貸款發放量年增 57%，達到 13 億美元。

Turning to Rentals, Q3 revenue was $174 million, with growth accelerating to 41% year over year. Rentals revenue comprised 26% of our total company revenue in Q3, up from 21% a year ago. This increase was driven primarily by our multifamily revenue, which grew 62% year over year, up from 56% year over year growth in Q2.

再來看租賃業務，第三季營收為 1.74 億美元，年增 41%。第三季度，租賃收入占公司總收入的 26%，高於去年同期的 21%。這一成長主要得益於我們的多戶住宅收入，年增 62%，高於第二季的 56% 年成長。

Our value proposition to multifamily property managers and execution by our salesforce to both win new properties and upgrade to more comprehensive packages is evident in our Q3 results. We increased the number of multifamily properties on our apps and sites by 47% year over year, reaching an all-time high of 69,000 multifamily properties as of the end of Q3, up from 64,000 properties at the end of Q2.

我們第三季的業績表明，我們為多戶住宅物業管理公司提供的價值主張，以及我們銷售團隊在贏得新物業和升級到更全面的套餐方面的執行力，都體現在我們為多戶住宅物業管理公司提供的服務中。我們應用程式和網站上的多戶住宅物業數量年增 47%，截至第三季末達到歷史新高 69,000 套，高於第二季末的 64,000 套。

As a reminder: We measure our multifamily property count as [25-plus] unit buildings and do not include our industry-leading long-tail properties, which is a significantly larger count. When you include these long-tail properties, Zillow Rentals had 2.5 million average monthly active rental listings in Q3, the most in the category.

再次提醒：我們統計多戶住宅物業數量時，以 25 套以上單元的建築物為準，不包括我們行業領先的長尾物業，長尾物業的數量要大得多。如果將這些長尾房源也算在內，Zillow Rentals 第三季平均每月活躍出租房源數量為 250 萬，是同類產品中最多的。

Our Rentals offering is clearly resonating in the market today. By expanding our listings across more sites and apps through trusted platforms, including Redfin and Realtor.com, we are helping provide more visibility into available properties, a simpler search experience, and the option to shop on the platform of renter's choice.

我們的租賃服務目前在市場上反應熱烈。透過 Redfin 和 Realtor.com 等值得信賴的平台，將我們的房源擴展到更多網站和應用程序，我們有助於提高房源的可見度，簡化搜尋體驗，並讓租屋者可以選擇在自己喜歡的平台上進行搜尋。

For multifamily operators, we offer a compelling value proposition by providing efficient and cost-effective alternatives to reach more potential renters through the largest rental audience. The quantity and quality of high-intent renters on our platform has allowed us to expand our wallet share with property managers. We expect this formula to continue to drive growth in Rentals towards our $1 billion-plus annual revenue target.

對於多戶住宅業者而言，我們透過提供高效且經濟的替代方案，利用最大的租賃受眾群體來接觸更多潛在租戶，從而提供極具吸引力的價值主張。我們平台上高意向租客的數量和質量，使我們能夠擴大與物業管理公司的合作份額。我們預計這一模式將繼續推動租賃業務成長，朝著每年超過 10 億美元的營收目標邁進。

Q3 EBITDA expenses of $511 million were slightly favorable compared to our outlook. We drove leverage on our total fixed costs, which grew 5% year over year, compared to total revenue growth of 16%. This includes share-based compensation expense, which was down 8% year over year in Q3. The results of our cost discipline continue to be evident, as we expanded our EBITDA margins by more than 200 basis points year over year.

第三季 EBITDA 支出為 5.11 億美元，略優於我們的預期。我們提高了固定成本的槓桿率，固定成本年增 5%，而同期總收入成長了 16%。這包括股權激勵支出，第三季較去年同期下降 8%。我們的成本控制措施的成效持續顯現，我們的 EBITDA 利潤率年增超過 200 個基點。

The combination of revenue growth and cost discipline is also yielding robust cash flows. During the first nine months of 2025, we generated $295 million of free cash flow, a 28% increase compared to the same period a year ago. We began reporting free cash flow as a new metric this quarter. We plan to do so going forward to help you all better understand the effectiveness of our strategy and execution and our ability to consistently generate cash from our core operations.

營收成長與成本控制相結合，也帶來了強勁的現金流。2025 年前九個月，我們產生了 2.95 億美元的自由現金流，比去年同期成長了 28%。本季我們開始將自由現金流作為一項新的指標進行報告。我們計劃今後繼續這樣做，以幫助大家更好地了解我們策略和執行的有效性，以及我們持續從核心業務中產生現金流的能力。

We ended Q3 with $1.4 billion of cash and investments, up from $1.2 billion at the end of Q2. Program-to-date share repurchases have been $2.4 billion, at a weighted average price of $48. We are very pleased with the program and expect to be opportunistic in share repurchases, going forward.

第三季末，我們的現金和投資總額為 14 億美元，高於第二季末的 12 億美元。截至目前，該計劃已完成24億美元的股票回購，加權平均價格為每股48美元。我們對該計劃非常滿意，並希望在未來抓住機會進行股票回購。

Turning to our Q4 outlook, we expect total revenue to be between $645 million and $655 million, implying a year-over-year increase of 16% to 18%. We expect For-sale year-over-year revenue growth in Q4 to be in the high single digits.

展望第四季度，我們預計總營收將在 6.45 億美元至 6.55 億美元之間，這意味著年增 16% 至 18%。我們預計第四季待售商品銷售額將年增至接近兩位數。

We expect Residential revenue growth similar to Q3 and mortgages revenue growth of approximately 20%, with continued purchase or rejection volume growth of over 40%. We saw an accelerated number of loans that closed in late September, resulting in outperformance in Q3 mortgages revenue versus our expectations. In aggregate, we expect mortgages revenue to grow roughly 30% for the second half of 2025.

我們預計住宅收入成長與第三季類似，抵押貸款收入成長約 20%，購買或拒絕數量持續成長超過 40%。9 月下旬，我們看到貸款成交數量加速成長，導致第三季抵押貸款收入超出預期。總體而言，我們預計 2025 年下半年抵押貸款收入將成長約 30%。

Our guidance reflects our expectation that challenging housing market conditions and macro uncertainty will continue.

我們的指引反映了我們預期充滿挑戰的房屋市場狀況和宏觀經濟的不確定性將持續存在。

We expect our Rentals revenue growth to accelerate in Q4, increasing more than 45% year over year, driven by further multifamily revenue growth acceleration. We continue to expect the Redfin partnership to be accretive to EBITDA dollars in the second half of 2025. For the full year, we continue to expect Rentals revenue growth to be approximately 40%.

我們預計第四季度租賃收入成長將加速，年增超過 45%，這主要得益於多戶住宅收入的進一步加速成長。我們仍然預期與 Redfin 的合作將在 2025 年下半年增加 EBITDA 美元。我們預計全年租賃收入成長率約為 40%。

For Q4, we expect EBITDA to be between $145 million and $155 million, representing a 23% margin at the midpoint of our outlook range. EBITDA expenses will decrease from $511 million in Q3 to an estimated $500 million in Q4 due to normal seasonality.

我們預計第四季度 EBITDA 將在 1.45 億美元至 1.55 億美元之間，以我們預期範圍的中點計算，利潤率為 23%。由於正常的季節性因素，EBITDA 支出將從第三季的 5.11 億美元減少到第四季的約 5 億美元。

For full-year 2025, we continue to expect to deliver mid-teens revenue growth. 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 additional loan officers and Zillow Home Loans.

我們預計 2025 年全年營收將實現兩位數中段的成長。我們預計固定成本投資將隨著通貨膨脹而小幅增長，同時在收入增長之前投資可變成本以推動未來的增長，主要投資於租賃業務、增加貸款專員和 Zillow 房屋貸款業務。

We are on track to deliver expanded EBITDA margins and positive net income for the full-year 2025. As an early read, we expect 2026 to have similar growth and EBITDA margin expansion, as we have had the last two years. We are planning for the macro housing environment to continue to bounce along the bottom in 2026, as well.

我們預計在 2025 年全年實現 EBITDA 利潤率擴大和淨利潤為正。初步預測，我們預計 2026 年的成長和 EBITDA 利潤率擴張將與過去兩年類似。我們預計宏觀住房環境在 2026 年也將繼續在底部附近波動。

As we look even further out, we are confident in our mid-cycle targets for $5 billion in revenue and 45% EBITDA margins in a normalized housing market. We have continued to execute on the integrated transaction experience for both consumers and agents.

展望未來，我們有信心在正常的房地產市場中實現 50 億美元的收入和 45% 的 EBITDA 利潤率的中期目標。我們持續致力於為消費者和代理商打造一體化的交易體驗。

As of Q3, this includes continued expansion of our enhanced markets, with 34% of connections now going through the experience and increasing showcase adoption to 3.2% of all new listings. This also includes rapid growth in Rentals, with 69,000 multifamily properties advertising with us as of the end of Q3.

截至第三季度，這包括我們增強型市場的持續擴張，目前有 34% 的用戶連線正在體驗該功能，並且展示模式的採用率已提高到所有新房源的 3.2%。這其中也包括租賃業務的快速成長，截至第三季末，已有 69,000 套多戶住宅在我們這裡投放廣告。

As Jeremy mentioned earlier, we recently announced the upcoming launch of our Zillow Pro offering. Through Zillow Pro, the expansion of our serviceable addressable market sets us on a path to engage more customers and more agents. We plan to beta test Zillow Pro in the first half of 2026 and to expand nationwide over the second half of next year. We expect a very modest incremental contribution to revenue from Zillow Pro in 2026. In the near term, we will focus on demonstrating value for the product and incorporating learnings to support continued innovation.

正如傑里米之前提到的，我們最近宣布即將推出 Zillow Pro 服務。透過 Zillow Pro，我們服務的目標市場範圍擴大，這使我們能夠吸引更多客戶和更多經紀人。我們計劃在 2026 年上半年對 Zillow Pro 進行 beta 測試，並在明年下半年推廣至全國。我們預計 Zillow Pro 在 2026 年對營收的貢獻將非常有限。短期內，我們將專注於展現產品的價值，並將經驗教訓融入其中，以支持持續創新。

To close, we are successfully executing on our strategy; are on track to meet our full-year goals; and are very excited about the opportunity ahead of us. We believe we have the right investments in place to support our strategy and are delivering strong growth, while maintaining a disciplined cost structure. That formula is driving expanding margins and positive GAAP net income.

最後，我們正成功執行我們的策略；有望實現我們的全年目標；並且對未來的機會感到非常興奮。我們相信，我們已經進行了正確的投資來支持我們的策略，並在保持嚴格的成本結構的同時實現了強勁成長。此模式推動了利潤率的擴大和GAAP淨利潤的實現。

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

好了，接線員，我們現在開始接受提問。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Ron Josey, Citi.

Ron Josey，花旗銀行。

Great. Thanks for taking the question.

偉大的。感謝您回答這個問題。

Maybe, Jeremy Wacksman, I wanted to ask a bigger picture question for you, just on all the news around AI and commentary around Zillow Apps on ChatGPT. You talked about ChatGPT and apps just being a new doorway to Zillow. What I want to hear a little bit more is just the integration here, the risks, the opportunities of being that first mover on newer platforms.

傑里米·瓦克斯曼，也許我想問你一個更宏觀的問題，關於人工智慧的所有新聞以及 Zillow Apps 在 ChatGPT 上的評論。你提到 ChatGPT 和應用程式只是通往 Zillow 的新途徑。我更想了解的是，這其中的整合、風險，以及作為新平台先行者所面臨的機會。

And then, as newer doorways open, Zillow does have [250 million uniques], obviously, right? And so how do you balance your current traffic with these newer doorways with potentially having to spend more on brand awareness? Thank you.

然後，隨著新的機會不斷湧現，Zillow 顯然擁有 2.5 億獨立用戶，對吧？那麼，如何在現有流量的基礎上，透過這些新的管道拓展業務，同時又不必在品牌知名度上投入更多資金呢？謝謝。

Yeah. Thanks for the question, Ron.

是的。謝謝你的提問，羅恩。

We think about this as, really, pure opportunity. We're excited about the partnership integration we did with OpenAI; to be the first -- the first real estate app and one of the first apps in this new paradigm. I think you should expect other providers to build out similar ecosystems.

我們認為這確實是一個純粹的機會。我們很高興與 OpenAI 達成合作整合；成為第一個——第一個房地產應用程序，也是這一新範式中的首批應用程式之一。我認為你應該預料到其他供應商也會建構類似的生態系統。

This is really similar to other platform shifts that create expansion into leading brands. Think about as search exploded, think about as mobile exploded and we were early on to the mobile platform, as well; and just look at how brands like ours developed in those shifts, right?

這與其他平台轉型如何推動品牌擴張並最終成為領導品牌的情況非常相似。想想搜尋的爆發性成長，想想行動的爆發式成長，而我們也很早就進入了行動平台；看看像我們這樣的品牌是如何在這些轉變中發展起來的，對吧？

Mobile wasn't a replacement. It was an additive. It was more time spent. It was incremental use cases. It was easier for us to start to build a more digital transaction than you had in desktop search in the browser-only.

移動設備並不能取代實體機。它是一種添加劑。花費的時間更多了。這是逐步增加的使用案例。對我們來說，建立一個更數位化的交易比你們在桌面瀏覽器上進行的搜尋要容易得多。

So we think of it the same way. That's why we called it another, new doorway directly in.

所以我們也是這麼想的。所以我們稱它為另一個直接通往外界的新入口。

And then, to your question on brand, I think that's why we feel so fortunate. We have a great, strong brand that consumers want. Whenever you get these new opportunities, it's an opportunity to be additive to that.

至於你問到的品牌問題，我認為這就是我們感到如此幸運的原因。我們擁有消費者喜愛的強大品牌。每當你獲得這些新的機會時，就是一個為之增添價值的機會。

When our core base -- 80% of our traffic comes to us brand-direct. The data and the platform and the software that we offer, those differentiators to create this really unique experience, I think, get strengthened by these platform shifts.

我們的核心用戶群－80% 的流量來自品牌直接存取。我們提供的數據、平台和軟體，這些差異化優勢創造了真正獨特的體驗，我認為，這些平台的轉變會加強這些優勢。

So I know there's a lot that is written about, well, what is this for acquisition? It will, for sure, be an opportunity for all of us tap into more customer demand in more new ways.

我知道有很多文章都在討論，那麼，收購究竟代表什麼？這無疑將為我們所有人提供一個機會，讓我們能夠以更多新的方式挖掘更多客戶需求。

But we're also equally excited about the ability to build AI into Zillow. As you know, we've been doing that for the last 20 years and really accelerate that effort the last three or four, as these capabilities have come online. And so building more native capabilities into the software for our consumers and for our agents to make the transaction experience better, to make it more seamless, to create more of that one-stop shop for buyers and sellers and agents, that's really the opportunity.

但我們同樣對將人工智慧融入 Zillow 的能力感到興奮。如你所知，過去 20 年來我們一直在做這件事，並且在過去三、四年裡，隨著這些能力的上線，我們真正加快了這項工作的步伐。因此，為我們的消費者和代理商在軟體中建立更多原生功能，以改善交易體驗，使其更加順暢，為買家、賣家和代理商創造更多一站式服務，這才是真正的機會。

You're always going to see us lean in and be early. We're really fortunate that we can do that. It's a tremendous testament to the technology teams we have at Zillow that we were able to do that here.

你總會看到我們積極主動，早早到場。我們真的很幸運能夠做到這一點。Zillow的技術團隊能夠做到這一點，真是太了不起了。

We think this is a really, really great platform shift for us to take advantage of.

我們認為這是一個非常非常好的平台轉型機會，我們應該好好把握。

That's great to hear. Thank you, Jeremy.

聽到這個消息真是太好了。謝謝你，傑瑞米。

Dan Kurnis, Benchmark.

Dan Kurnis，基準。

Great. Thanks.

偉大的。謝謝。

You've obviously done a lot of work on the myriad court cases. Clients are particularly focused on the recent FTC suit so maybe it would just be great to get your perspective on the impacts and how you think it plays out.

顯然，你在眾多訴訟案件上做了很多工作。客戶們尤其關注最近聯邦貿易委員會的訴訟，所以或許很想聽聽您對此事的影響以及您認為事態將如何發展的看法。

And then, separately, the other hot topic with investors is somewhat related, Compass-proposed acquisition of Anywhere. Antitrust concerns aside, maybe your views on any potential disruption if agents choose or are forced to take their three-phase marketing program or if anyone else bandwagons on their efforts to grow the private marketplace listings. Thank you.

另外，投資人關注的另一個熱門話題與此有些關聯，那就是 Compass 提議收購 Anywhere。撇開反壟斷問題不談，如果經紀人選擇或被迫接受他們的三階段行銷計劃，或者其他人也效仿他們發展私人市場房源的努力，您對可能造成的任何干擾有何看法？謝謝。

Yeah. Maybe I'll try and hit both of those. Jeremy, hop on with anything I missed.

是的。或許我會嘗試兩個都做到。傑里米，你接著補充我漏掉的。

With respect to the FTC case, we've been syndicating multifamily property listings to Redfin for about six months now. We're seeing that to both consumers and property managers. You see -- more consumers can see more listings on all of our sites.

關於 FTC 的案件，我們已經向 Redfin 推送多戶住宅房源資訊約六個月了。我們發現，無論是消費者或物業經理，都存在這種情況。你看——更多的消費者可以在我們所有的網站上看到更多的房源資訊。

An interesting stat is renters on Redfin now have access to 3 times the number of rental properties they had when Redfin was trying to acquire those on their own. So it's very pro-consumer.

一個有趣的統計數據是，Redfin 上的租屋者現在可以訪問的租賃房產數量是 Redfin 自行收購這些房產時的 3 倍。所以它非常有利於消費者。

And then, it's also very pro-property manager. As a result of this syndication agreement, property managers are seeing increased ROI. As we said earlier, we're number 1 in partner satisfaction for return on investment.

而且，它也非常有利於物業經理。由於這項聯合投資協議，物業管理公司獲得了更高的投資報酬率。正如我們之前所說，我們在合作夥伴滿意度和投資回報率方面排名第一。

While we are excited about that ROI we delivered today, there's a ton of room for growth. We hear regularly from our large property managers that we are the strongest advertising channel, as they're thinking about their very complicated advertising mix.

雖然我們對今天所取得的投資報酬率感到興奮，但仍有很大的成長空間。我們經常聽到大型物業管理公司說，當他們考慮非常複雜的廣告組合時，我們是最有效的廣告管道。

Yes, they advertise on Zillow, other apartment sites; but they also advertise on Google, on Facebook, on Instagram, on TikTok. They market their own property websites. And so be a growing source of high ROI advertising for them, we feel great about that.

是的，他們會在 Zillow 和其他公寓網站上投放廣告；但他們也會在 Google、Facebook、Instagram 和 TikTok 上投放廣告。他們推廣自己的房產網站。因此，我們感到非常高興，因為我們將成為他們高投資報酬率的廣告來源。

So to us, it's obviously pro-consumer and pro-property manager, which makes it pro-competitive. We look forward to making that case, as the process plays out.

所以對我們來說，這顯然是有利於消費者和物業經理的，因此有利於競爭。我們期待在後續過程中闡明這一觀點。

And then, on the proposed merger, we don't really see any concerns to our business. We do see maybe more noise around hidden listings and the potential to push more hidden listings onto sellers and to buyers and to harm consumers. And so, for us, our listing standards, which help ensure that agents do right by their sellers and if they're going to market a listing, they make that listing broadly available to all buyers, we continue to see the vast majority of the industry align with those standards.

至於擬議的合併，我們認為不會對我們的業務造成任何影響。我們確實看到，圍繞隱藏清單的噪音可能會增加，並且有可能將更多隱藏清單推送給賣家和買家，從而損害消費者利益。因此，對我們來說，我們的房源標準旨在確保經紀人善待賣家，如果他們要推廣房源，則應讓所有買家都能廣泛看到該房源，我們繼續看到業內絕大多數人都遵守這些標準。

We've always advocated for open, fair, and transparent access. That's why we always have the most listings. Most folks want their listings on the internet. They don't want to put the internet back in the box. We expect that behavior to continue because agents are trying to do right by their sellers and help their sellers sell their home.

我們一直提倡公開、公平、透明的資訊取得方式。這就是為什麼我們的房源數量總是最多的。大多數人都希望把自己的房源資訊發佈到網路上。他們不想把網路重新裝回盒子裡。我們預計這種行為還會繼續，因為經紀人都在努力維護賣家的利益，幫助賣家賣掉房子。

Super helpful. Thank you, Jeremy. Appreciate it.

非常有用。謝謝你，傑瑞米。謝謝。

Brad Erickson, RBC.

布拉德·埃里克森，RBC。

Hey, guys. Thanks.

嘿，夥計們。謝謝。

First, the Residential business looks like it outgrew the market by a couple points in Q3. Can you lay out maybe any market forces that leaned one way or the other on the Resi business during the quarter that netted out to that number?

首先，住宅業務在第三季似乎比市場整體成長了幾個點。您能否列舉本季可能對 Resi 業務產生影響，最終導致該數字出現的任何市場因素？

And then, second, can you just talk about what's embedded, from a market growth perspective, in the Q4 guide?

其次，您能否從市場成長的角度談談第四季業績指南中包含了哪些內容？

And then, I have a follow-up. Thanks.

然後，我還有一個後續問題。謝謝。

Yeah. Brad, it's Jeremy Hoffman. I'll take that one.

是的。布拉德，我是傑瑞米霍夫曼。我選那個。

We were definitely pleased with the outperformance in Q3. For-sale grew 10%, which outperformed the housing market by about 5%. And then, obviously, the mortgage market was flat. So pleased to be able to keep taking share.

我們對第三季的優異表現非常滿意。待售房屋成長了 10%，比住房市場整體表現高出約 5%。然後，很顯然，抵押貸款市場也陷入了低迷。很高興能夠繼續持有股份。

When we zoom out, our For-sale line has outperformed the industry by 20% over the last two years on a two-year stack so that's great, as well, because that's what we tend to focus on more than quarterly fluctuations.

從更宏觀的角度來看，過去兩年，我們的待售股票組合在兩年的時間跨度內比行業平均高出 20%，這也很棒，因為我們更關注的是這種長期的業績，而不是季度波動。

On the Residential front within For-sale, I'd note that the revenue accelerated from Q2 to Q3. We went from 6% growth in Q2 to 7% growth in Q3, despite a 400 basis points more difficult comp. So I think that's an interesting thing for you all to just keep eyes on as part of the market dynamics. Obviously, Q4 is probably an easier comp for the housing market, comparatively.

在待售住宅方面，我注意到收入從第二季到第三季加速成長。儘管第三季同比基數高出 400 個基點，但我們仍實現了從第二季 6% 到第三季 7% 的成長。所以我覺得這是大家應該要密切關注的市場動態的一部分。顯然，相較之下，第四季的房地產市場更容易進行比較。

So when we look at what we're doing, we're pretty consistently outperforming the market. We're doing it over multiple periods and feel like the way in which we're doing so is pretty consistent.

所以當我們審視自己的表現時，會發現我們一直在跑贏大盤。我們分多個階段進行這項工作，感覺我們採用的方式相當一致。

The enhanced markets are performing well. Zillow Home Loans continues to grow share, alongside that enhanced market expansion. Showcase is expanding really nicely. Follow Up Boss is getting in the hands of more people across our agent base. New constructions doing well, as well.

升級後的市場表現良好。隨著市場擴張的加劇，Zillow Home Loans 的市佔率持續成長。展示區正在穩定地擴展。Follow Up Boss 正在我們代理商群體中得到越來越廣泛的應用。新建案也進展順利。

It's a really nice formula. It's one that we're looking forward to continuing to roll out in Q4 and then, into 2026.

這是一個非常好的公式。我們期待在第四季繼續推出這項服務，並持續到 2026 年。

Great. And then, just to follow up on Zillow Pro, you mentioned in the prepared remarks just several points of value-add. Can you maybe just expand a bit on where the biggest value unlocks come from with Pro; and then, also, just how does that get monetized or how do you envision that getting monetized, over time? Thanks.

偉大的。然後，為了進一步討論 Zillow Pro，您在準備好的演講稿中提到了幾個增值點。您能否詳細說明Pro版最大的價值體現在哪些方面；另外，這些價值是如何變現的，或者您設想的長期變現方式是什麼？謝謝。

Yeah. I can take that.

是的。我可以接受。

I think, first, just to outline what Zillow Pro is because it is new and we just did announce it: It's, effectively, an evolution of our software platform for agents. It's a membership. It's a bundle so they can get access to all of our software.

首先，我想簡要介紹一下 Zillow Pro 是什麼，因為它是全新的，我們剛剛發布了它：它實際上是我們面向經紀人的軟體平台的升級版。這是會員制。這是一個捆綁包，透過它可以存取我們所有的軟體。

That includes follow Up Boss, right? The software that almost every Preferred agent is using now. That includes premium branding on Zillow so premium profiles and consistent branding. That includes expansion of a feature called My Agent, which allows them to connect with all of their clients. And so, previously, agents could use My Agent for Zillow clients that they had off Zillow; but, now, they can invite their client form their database or their sphere of influence to connect with them and become their My Agent on Zillow and get access to great real-time client insights from us about those customers.

這其中也包括後續的《Up Boss》，對吧？幾乎所有 Preferred 代理商都在使用的這款軟體。這包括在 Zillow 上的高級品牌推廣，例如高級個人資料和一致的品牌形象。其中包括擴展一項名為「我的經紀人」的功能，該功能允許他們與所有客戶聯繫。因此，以前，經紀人可以使用“我的經紀人”功能來管理他們在 Zillow 之外的客戶；但現在，他們可以邀請資料庫或人脈圈中的客戶與他們建立聯繫，成為他們在 Zillow 上的“我的經紀人”，並從我們這裡獲得關於這些客戶的即時客戶洞察。

It really bundles all this together. You want to think about that as a way we are trying to help them just run their business better. We're always going to try and help them deliver for our customers, right? But we want to help them deliver for all their customers.

它真的把所有這些都整合在一起了。你可以把這看作是我們幫助他們更好地經營業務的一種方式。我們始終會盡力幫助他們為我們的客戶提供服務，對吧？但我們希望幫助他們為所有客戶提供優質服務。

And then, the last piece on Pro is it ends up being the pathway to Zillow Preferred, right? Zillow Preferred is the subset of agents and teams that we're trusting to handle our customers. We're going to continue to grow that audience of agents and teams, as we go from 34% of our customers getting that experience to 75% plus. This is the great way in. Many folks who are on Zillow Pro and using this stack of software will become eligible to be part of Zillow Preferred as well.

最後，Pro 的最後一部分最終會成為通往 Zillow Preferred 的途徑，對嗎？Zillow Preferred 是我們信任並願意為客戶服務的經紀人和團隊的子集。我們將繼續擴大代理商和團隊的受眾群體，使獲得這種體驗的客戶比例從 34% 提高到 75% 以上。這是個絕佳的切入點。許多使用 Zillow Pro 和這套軟體的用戶也將有資格成為 Zillow Preferred 會員。

So we see these things working really well together. We're really excited, as Jeremy said, to test and learn with our initial beta customers early in the year and then, roll it out throughout '26.

所以我們看到這些因素結合起來效果非常好。正如傑里米所說，我們非常興奮，希望能在今年年初與首批測試版客戶一起進行測試和學習，然後在 2026 年全面推廣。

Thanks.

謝謝。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Hi, there. Thanks for taking my question.

你好呀。謝謝您回答我的問題。

When you step back and you think about the longer-term opportunity with the Zillow Preferred program, how do you think about the impact on your share spread, over time? Would you expect to see a widening gap as these markets scale and the cohorts mature there? Specifically, I'm thinking about the delta between Residential and [TTV].

當你從長遠角度考慮 Zillow Preferred 計畫帶來的機會時，你認為隨著時間的推移，它會對你的股價波動產生怎樣的影響？隨著這些市場規模擴大和市場參與者群體逐漸成熟，您是否預期會出現差距擴大的情況？具體來說，我指的是住宅和商業之間的差異[TTV]。

Yeah. I'll take that. Thanks, Nikhil.

是的。我接受。謝謝你，尼基爾。

I would think about it as the expansion of Zillow Preferred is really a testament to what we're doing in the enhanced markets and how well we feel like those are going. So as we expand the enhanced markets, we will expand Zillow Preferred in tandem.

我認為 Zillow Preferred 的擴張真正證明了我們在增強型市場所做的工作，以及我們對這些市場進展的滿意程度。因此，隨著我們拓展增強型市場，我們將同步拓展 Zillow Preferred 服務。

And then, with respect to outperformance, I think the outperformance has been strong. We expect it to continue to be strong. I would expect it from both the Residential perspective and from the For-sale category, as well.

至於超額收益方面，我認為超額收益表現強勁。我們預計它將繼續保持強勁勢頭。無論從住宅角度還是從待售類別來看，我都預料到了這種情況。

So much of the enhanced market experience really comes from that integration of our preferred agent base and Zillow Home Loans. When we think about the customer experience we're building, the ability to drive conversion, the ability to drive adoption and ultimately take share, that's where we have so much confidence in not only 2025 but really towards that mid-cycle target of a$1 billion of incremental revenue, regardless of what the housing market does.

許多提升的市場體驗都源自於我們首選代理商網路與 Zillow Home Loans 的整合。當我們思考我們正在建立的客戶體驗、推動轉換、推動採用並最終獲得市場份額的能力時，我們不僅對 2025 年充滿信心，而且對實現 10 億美元的增量收入的中期目標也充滿信心，無論房地產市場如何變化。

Thank you for that. Maybe if I could follow up on Rentals, you've talked about wallet share gains on the back of the increased distribution with Redfin and Realtor. It makes for a compelling sales pitch, as well, for your customer base.

謝謝。或許我可以跟進一下租賃業務，您曾談到，隨著 Redfin 和 Realtor 分銷管道的擴大，錢包份額有所增加。這也會讓你的客戶群產生強烈的購買慾望。

Do you think about needing to run that business any differently from a sales strategy perspective next year, if this arrangement is being questioned by the case? Or is it business as usual? Just wondering how we should think about how you guys run the business in Rentals in 2026.

如果這項安排受到案件的質疑，您是否認為明年從銷售策略的角度來看，需要對這項業務的運作方式進行任何改變？還是一切照舊？想知道我們應該如何看待你們在 2026 年的租賃業務運作。

Yeah. I'll take that one, as well.

是的。我也要那個。

It's business as usual. Jeremy laid out how we feel about the defenses we have. We're looking forward to sharing those perspectives.

一切照常。傑里米闡述了我們對現有防守體系的看法。我們期待分享這些觀點。

But, in the meantime, business as usual. I think we're really proud of what we've done in Rentals over the past couple of years. We're confident in our ability to grow strongly in 2026.

但同時，一切照常進行。我認為我們為過去幾年在租賃業務方面所取得的成就感到非常自豪。我們有信心在2026年實現強勁成長。

One of the questions would be, why do we feel good? I think 2025 just set us up really well. Property growth has been strong. We grew properties in Q1 and Q3 by 5,000 a quarter. We had that spike of about 9,000 added in Q2. We expect to grow properties nicely in Q4, even with typical seasonal patterns.

其中一個問題是，為什麼我們會感覺良好？我認為2025年為我們奠定了非常好的基礎。房地產市場成長強勁。我們在第一季和第三季分別增加了 5000 處房產。第二季我們新增了約 9,000 人。即使受到典型的季節性因素影響，我們預計第四季度房地產市場也將實現良好成長。

We're actually translating all that supply growth into accelerated revenue growth throughout the year. So we grew revenue 33% in Q1, 36% in Q2, 41% in Q3, expect 45%-plus growth in Q4.

我們實際上正在將所有這些供應成長轉化為全年加速的收入成長。因此，我們第一季的營收成長了 33%，第二季成長了 36%，第三季成長了 41%，預計第四季將成長 45% 以上。

Supplies are in a great spot. And then, you're right, we've added a lot of value to property managers on the demand side because of our organic traffic and those syndication agreements. Each of the 69,000 properties is getting more exposure across Zillow Rentals, Trulia, Hotpads, StreetEasy, Realtor.com, Redfin, ApartmentGuide, and Rent. So that just puts us in this really nice position to continue to grow properties, continue to see advertisers upgrade to higher packages, and continue to drive really, really good ROI.

物資供應充足。你說得對，由於我們的自然流量和這些聯合推廣協議，我們在需求方為物業經理增加了許多價值。這 69,000 處房產在 Zillow Rentals、Trulia、Hotpads、StreetEasy、Realtor.com、Redfin、ApartmentGuide 和 Rent 等平台上的曝光率都在不斷提高。因此，這讓我們處於一個非常好的位置，可以繼續發展業務，繼續看到廣告商升級到更高的套餐，並繼續推動非常非常好的投資回報。

Yeah. Maybe just to add to that a sec -- to zoom out -- Jeremy touched on multifamily, if you think about the Rentals marketplace overall, obviously, multifamily is a big part of the revenue growth driver, right now.

是的。也許可以補充一點——從更宏觀的角度來看——傑里米談到了多戶住宅，如果你考慮整個租賃市場，很明顯，多戶住宅是目前收入成長的主要驅動力。

But the strategy of building this two-sided marketplace with all available listings or as much as we can and building the transaction experience for the renter, there's a ton of opportunity beyond that $1 billion-plus revenue target we've talked to you all about, as you think about attracting even more renters and having them consume more content from, yes, multifamily but also [long-tail].

但是，建構這樣一個包含所有可用房源（或盡可能多的房源）的雙邊市場，並為租客打造卓越的交易體驗，其戰略意義遠不止我們之前提到的10億美元以上的營收目標。我們可以考慮吸引更多租客，讓他們消費更多內容，不僅包括多戶住宅，還包括其他類型的房源。[長尾]。

I think if you zoom out and look over the last couple of years, that strategy has been working incredibly well. We were growing building count and growing audience all along the way. It's obviously accelerated this year but we feel great about that strategy.

我認為，如果把時間拉長，回顧過去幾年，就會發現這個策略非常有效。我們一路走來，建築數量和受眾群體都在不斷增長。今年的發展速度顯然加快了，但我們對這項策略感到非常滿意。

Yes, we feel great about multifamily revenue growth. It's a contributor to the midterm target. But we're not done there. We see a fantastic business beyond that, as we layer on more value for the renter and for the property manager and the long-tail landlord.

是的，我們對多戶住宅收入成長感到非常滿意。這是實現中期目標的因素。但我們還沒完。我們看到，除了這些，還有龐大的商機，因為我們能為房客、物業經理和長期房東創造更多價值。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Hey, guys. Good afternoon.

嘿，夥計們。午安.

One question we get a lot is on the various components of Residential revenue. I'm wondering if you could just talk about the segment, the broad categories around agent software, new construction marketplace, what rolls up into that number. Jeremy, your point on the revenue acceleration was very interesting. So just curious if there was any one or two components that might have driven that.

我們經常被問到的一個問題是關於住宅收入的各個組成部分。我想請您談談這個細分市場，圍繞著代理軟體、新建房屋市場等大類，以及構成這個數字的因素。傑瑞米，你關於營收加速成長的觀點非常有趣。所以我只是好奇，是否有一兩個因素可能導致了這種情況。

And then, just really super quick, Jeremy Hoffman, if you could talk about headcount and investment into next year -- I understand it's probably still in planning process but I think you've provided some early comments on '26. Just any preliminary thoughts there?

然後，傑里米霍夫曼，請您快速談談明年的人員編制和投資情況——我知道這可能還在規劃過程中，但我認為您已經對2026年發表了一些初步評論。有什麼初步想法嗎？

Thank you, guys.

謝謝大家。

Yeah. Thanks, Tom. I'll take both of those.

是的。謝謝你，湯姆。這兩個我都要。

I'll take the For-sale relative outperformance first. Yeah. It was a really good quarter. I think we've had a really good year, so far. I'm really quite pleased with the team's ability to accelerate revenue into a tougher comp. So all of that does feel quite good.

我首先來看待售股票的相對優異表現。是的。這是一個非常好的季度。我認為到目前為止，我們今年過得非常順利。我對團隊在競爭更加激烈的環境下仍能加速實現營收成長的能力感到非常滿意。所以這一切感覺都相當不錯。

With respect to drivers, I would think of them as the enhanced markets are performing well. So we went to -- 34% of all connections at Zillow are now in these enhanced markets. That's well on our way to the 75% target that we are marching towards in those mid-cycle targets.

就司機而言，我認為他們作為增強型市場表現良好。因此，Zillow 目前 34% 的客戶連線都位於這些增強型市場中。這讓我們離中期目標設定的 75% 的目標更近了一步。

Zillow Home Loans is growing really nicely; grew nearly 60% in Q3. We're seeing double-digit adoption of Zillow Home Loans across the enhanced markets. So that feels quite good.

Zillow Home Loans 的發展勢頭非常強勁；第三季度增長了近 60%。我們看到，在升級的市場中，Zillow Home Loans 的採用率達到了兩位數。感覺真不錯。

And then, you couple it with Showcase expanding nicely. Showcase is 3.2% of all new listings today. That's more than double a year ago. Obviously, it's still early. We're learning a ton. We've only been selling the product for about 18, 20 months at this point; but plenty more to come there.

然後，你也可以把它和 Showcase 的良好擴充功能結合在一起。在今天所有新上架房源中，精選房源佔 3.2%。這比一年前的水平高出一倍多。顯然，現在還為時過早。我們學到了很多。目前我們銷售該產品只有大約 18 到 20 個月的時間；但未來還有很長的路要走。

And then, Follow Up Boss, just getting in the hands of more people. We just keep building better and better features to make the software more and more interesting to agents.

然後，Follow Up Boss 就被更多人玩到了。我們不斷開發更好的功能，使軟體對代理商越來越有吸引力。

In our Preferred base, it's in nearly everybody's hands. The business has just done really well since we acquired it. So we're really pleased there.

在我們的 Preferred 資料庫中，幾乎每個人都能使用它。自從我們收購這家公司以來，它的經營狀況一直非常好。所以，我們對此非常滿意。

That's all doing quite well on the existing homes front.

就現有房屋而言，一切都進展得相當順利。

And then, new construction team has just executed nicely. They've been able to show up for partners quite well in a challenging time and really nicely complement the rest of the For-sale business. So that's a really a good formula.

然後，新的施工團隊出色地完成了任務。在充滿挑戰的時期，他們能夠很好地支持合作夥伴，並且與待售業務的其他部分形成了很好的互補。所以這真是一個不錯的公式。

And then, with respect to costs in 2026, the way we're thinking about it is actually pretty similar to '24 and '25. I think revenue growth formula is pretty similar. We grew 15% in 24. We're on pace for mid-teens in 2025. We think that's a good way to think about '26.

至於 2026 年的成本，我們的想法實際上與 2024 年和 2025 年非常相似。我認為營收成長公式非常相似。我們在24年內成長了15%。我們預計在 2025 年實現十幾個百分點的目標。我們認為這是思考「26」的好方法。

We think the expansion of margins in '24 of 200 basis points -- '25, we're on track for a solid margin expansion. We think that's a good way to think about '26, as well.

我們認為 2024 年利潤率將擴大 200 個基點——2025 年，我們預計將實現穩健的利潤率擴張。我們也認為這是思考「26」的好方法。

With respect to the cost base, you're going to hear more of the same from us. We are planning to keep fixed as flat as possible. Flat inflation but there will obviously be some inflation. Headcount is going to stay pretty flat on the fixed side.

關於成本基礎，我們也會繼續給出類似的答案。我們計劃盡可能保持地基平坦。通膨率將保持平穩，但顯然仍會存在一定程度的通膨。固定職位的員工人數將保持相對穩定。

And then, on variable, where we see opportunities, we will invest. We've done that in Rentals, I think, quite nicely. I think we've done it well in Zillow Home Loans. Where we see these really outsized growth opportunities, we will go run at those.

然後，對於浮動利率，我們會在發現機會的地方進行投資。我認為我們在租賃業務方面做得相當不錯。我認為我們在 Zillow Home Loans 方面做得很好。一旦發現真正巨大的成長機會，我們就會全力以赴。

But the fixed cost discipline allows us to really get leverage and grow profits faster than revenue. When you think about that, together with marketing, which we dial up and down based on what we see in the market, it all nets out pretty nicely to solid revenue growth, ability to expand margins.

但固定成本的限制使我們能夠真正獲得槓桿效應，並使利潤成長速度超過收入成長速度。仔細想想，再加上行銷，我們會根據市場狀況靈活調整行銷力度，所有這些加起來就能很好地帶來穩健的營收成長和擴大利潤率的能力。

And then, GAAP net income comes in there, as well, because, as we hold our fixed costs flat with inflation, we get a lot of leverage on stock-based comp. So stock-based comp was down 8% year over year this quarter. We expect it to be down 10% year over year for 2025. That's just a function of the fact that 90% of our stock-based comp charge really sits in that fixed bucket.

此外，GAAP 淨收入也包含在內，因為當我們保持固定成本與通貨膨脹持平時，我們可以利用股票選擇權來獲得很大的收益。因此，本季股票選擇權激勵年減了 8%。我們預計到 2025 年，該數值將年減 10%。這只是因為我們90%的股票選擇權補償費用其實都屬於那個固定類別。

So you'll hear much of the same for us, I think, in 2026. It's a testament to the strategy and execution that the team's been able to deliver.

所以我認為，到了 2026 年，你們也會聽到類似的說法。這充分證明了團隊在策略和執行方面所取得的成就。

Lloyd Walmsley, Mizuho.

勞埃德‧沃姆斯利，瑞穗銀行。

Great. Thanks for taking the question.

偉大的。感謝您回答這個問題。

I just wanted to ask about the back and forth of the funnel between the agent and Zillow Home Loan side. I think it's clear how, in enhanced markets, agents can be helpful in making consumers aware of Zillow Home Loans.

我只是想問經紀人和 Zillow Home Loan 之間溝通的流程。我認為很明顯，在市場繁榮時期，經紀人可以幫助消費者了解 Zillow 房屋貸款。

Where, in terms of the other direction people are coming in, whether that's the BuyAbility calculator or otherwise, are you seeing a good flow from people who come in through the mortgage funnel and attaching them to an agent? Is that an opportunity you guys are focused on at this point?

至於人們進入的其他途徑，無論是透過 BuyAbility 計算器還是其他方式，您是否看到透過抵押貸款管道進入並聯繫到經紀人的流量良好？這是你們目前關注的機會嗎？

Hey, Lloyd. I'll take this. Welcome back to the call.

嘿，勞埃德。我要這個。歡迎回到通話中。

We think about them as more similar than different, to be honest. You hit it right. If a consumer is interested in touring homes, whether that's virtual or booking a real-time tour, and they start with an agent, making sure a Zillow Home Loans loan officer is ready for that agent and can be a choice for that customer, that's a big part of the growth. We can do that in enhanced markets. That's how we're rolling out this formula -- is giving access to more and more agent teams, a Zillow Home Loans team, for them to work with, for us to earn their trust as one of their choices for Zillow Home Loans.

坦白說，我們認為它們之間的相似之處遠多於不同之處。你答對了。如果消費者對參觀房屋感興趣，無論是虛擬參觀還是預約實時參觀，並且他們首先聯繫了一位經紀人，那麼確保 Zillow Home Loans 的貸款專員能夠為該經紀人做好準備，並成為該客戶的選擇，這對業務增長至關重要。在市場環境改善的情況下，我們可以做到這一點。這就是我們推廣這個模式的方式——讓越來越多的代理商團隊，也就是 Zillow Home Loans 團隊，與他們合作，從而贏得他們的信任，成為他們選擇 Zillow Home Loans 的選項之一。

But that works in reverse, right? So the set of customers that might be shopping, financing, or asking affordability questions, they're using BuyAbility and that's a good proxy, right? So BuyAbility is up to now 2.9 million people -- have enrolled and used it and found their BuyAbility number. That's up from 2 million last quarter.

但反過來也成立，對吧？因此，那些可能正在購物、融資或詢問購買能力問題的客戶群體，他們都在使用 BuyAbility，這是一個很好的參考指標，對吧？截至目前，已有 290 萬人註冊並使用了 BuyAbility 服務，並找到了自己的 BuyAbility 號碼。這比上一季的200萬有所增加。

Some of those folks are ready right away to go get pre-approved. We now have a digital pre-approval they can do and a loan officer that can help them. That's the path they want to go down.

有些人已經準備好立即申請預先批准。我們現在提供線上預審批服務，還有貸款專員可以為他們提供協助。那是他們想要走的路。

But many of those folks end up doing that and then, shopping. And so it really is not that separate a funnel, right? So many of those BuyAbility customers just go tour. They're just a more high-intent customer and they're more interested in Zillow Home Loans because they've started the process with us. And so it makes that conversation more natural for that agent to recommend Zillow Home Loans.

但很多人最後都會這麼做，然後去購物。所以它其實不是一個完全獨立的漏斗，對吧？BuyAbility 的許多客戶都選擇去旅遊。他們是更有購買意願的客戶，他們對 Zillow Home Loans 更感興趣，因為他們已經開始了在我們這裡的貸款流程。因此，經紀人向客戶推薦 Zillow Home Loans 就顯得更自然。

So we see both those things kind of growing together, over time.

所以我們看到，隨著時間的推移，這兩件事會逐漸共同發展。

If you just put the loan officer hat on, that's how a loan officer would think about it. These are just customers coming to Zillow. They're learning the financing answer. They're finding the home they want to buy. The loan officer is there to help nurture them along, in partnership with the agent, whenever they're ready and whenever they find the house.

如果你換位思考，站在貸款專員的角度，你就會明白貸款專員會怎麼想。這些都是來Zillow購物的用戶。他們正在學習如何籌集資金。他們正在尋找自己想買的房子。貸款專員會與經紀人合作，在他們準備好並且找到房子的時候，幫助他們順利完成貸款流程。

So for us, we will work on both products from a consumer experience standpoint but they really are two sides of the same coin, more and more.

所以對我們來說，我們會從消費者體驗的角度來開發這兩款產品，但它們實際上是同一枚硬幣的兩面，而且這種聯繫越來越緊密。

All right. Well, thank you.

好的。謝謝。

Daa K. Lee, J.P. Morgan.

Daa K. Lee，J.P. Morgan。

Great. Thanks for taking my questions.

偉大的。謝謝您回答我的問題。

First one, for Jeremy Wacksman, following up on your comments on the ChatGPT integration, I understand that mobile transition was an incremental door for you guys but with ChatGPT, there is like an intermediary sitting between you and the consumers, helping you make that connection.

首先，針對 Jeremy Wacksman，關於您對 ChatGPT 整合的評論，我理解行動轉型對你們來說是一個漸進的過程，但有了 ChatGPT，就像有一個中間人坐在你們和消費者之間，幫助你們建立聯繫。

So when you view the consumer journey for users who start their home search in ChatGPT versus to also start directly on Zillow, are you seeing or are you expecting any differences in engagement or monetization potential? Do you expect these users to eventually come back directly to Zillow or continue engaging through ChatGPT?

那麼，當您觀察用戶從 ChatGPT 開始搜尋房屋與直接在 Zillow 上開始搜尋的消費歷程時，您是否看到或預期在參與度或獲利潛力方面有任何差異？您認為這些用戶最終會直接回到 Zillow 網站，還是會繼續透過 ChatGPT 互動？

And then, I have a follow-up.

然後，我還有一個後續問題。

I think it's really early to try and prognosticate how this all plays out. But I will say, if you think about what framework could you use to think about that question, the actions you want to take in this category typically lend themselves to a very bespoke category experience. It's a very long duration shopping cycle for a very large emotional asset, where you have to make very almost-regulated decisions and need regulated help to make that decision, right?

我認為現在就預測事情最終會如何發展還為時過早。但我想說的是，如果你思考一下可以用什麼框架來思考這個問題，那麼你在這個類別中想要採取的行動通常會帶來非常客製化的類別體驗。對於一件非常重要的情感資產而言，這是一個非常漫長的購物週期，你需要做出非常規範的決定，並且需要規範的幫助才能做出決定，對嗎？

If you're going to buy, you have to get in touch with an agent, you have to work with a loan officer -- or most people will do those things to make a very complicated financial decision. The complications of the industry, itself, require a ton of local specific data and a ton of software to work through all those steps.

如果你打算買房，你必須聯繫房產經紀人，你必須與貸款專員合作——否則大多數人都會做這些事情來做出一個非常複雜的財務決定。該行業本身的複雜性需要大量的本地特定數據和大量的軟體來完成所有這些步驟。

So all of that to us says, building GenAI into that platform is how we're going to make it easier, faster, better. Consumers are going to start and ask questions everywhere, the way they always have. That's, I think, where the, does this feel like an App Store or does this feel like a search engine question plays out.

所以對我們來說，所有這些都表明，將 GenAI 建置到該平台中，就是我們要讓它變得更容易、更快、更好。消費者會像以往一樣，到處提問。我認為，這就是「這感覺像是應用程式商店還是搜尋引擎」這個問題的體現。

But once you start browsing and shopping, you ultimately raise your hand to want to transact. Having a bespoke native vertical experience is how most people are going to want to transact. They want this one-stop shop. It's more about how can GenAI help enable that one-stop shop for them when they're ready?

但一旦你開始瀏覽和購物，你最終還是會舉手錶示想要交易。大多數人希望透過客製化的原生垂直體驗來進行交易。他們想要的就是這種一站式服務。更重要的是，當他們準備好時，GenAI 如何幫助他們實現一站式服務？

So we think about it as increased exposure. We also think about it as new ways to build that vertical experience because you now can interact with an intelligent piece of software that listens to you and remembers you and is patient.

所以我們認為這是曝光度的增加。我們也認為這是建立垂直體驗的新方法，因為現在你可以與一款智慧軟體互動，它會傾聽你、記住你，並且很有耐心。

And so we're very excited to wire that up inside of Zillow. But that's why we're so excited about this. It's yet another way for us to start to build this more integrated transaction, which is what this category has desperately needed.

因此，我們非常興奮地將這項功能整合到 Zillow 中。但正因如此，我們才對此感到如此興奮。這是我們開始建立更一體化交易的另一種方式，而這正是該類別迫切需要的。

Got it. And then, as a follow-up to Jeremy Hoffman, when you look at Zillow Pro and Zillow Preferred, how should we think about how that could change the monetization potential of your platform and profitability potential of your platform?

知道了。然後，作為對 Jeremy Hoffman 的後續提問，當您查看 Zillow Pro 和 Zillow Preferred 時，我們應該如何看待這會如何改變您平台的貨幣化潛力和盈利潛力？

When you gave us an early view on 2026, does that early view include meaningful contribution from these products?

您在 2026 年所做的早期展望中，是否包含了這些產品所帶來的實質貢獻？

Yeah. I'll take that. Thanks for the question.

是的。我接受。謝謝你的提問。

I would think about the $1 billion mid-cycle target in For-sale coming from Preferred. Pro is really on top of that. So I don't expect any meaningful changes to the way we monetize in Preferred. I think it's working quite well. We expect to continue to roll it out steadily over the next couple of years, as we march toward those targets.

我會考慮Preferred提出的10億美元中期出售目標。專業人士在這方面做得非常出色。因此，我預計 Preferred 的獲利方式不會有任何實質的變化。我覺得效果相當不錯。我們預計在未來幾年內將繼續穩步推進，朝著這些目標邁進。

And then, with respect to Pro, we don't expect it to be much of a contributor from a revenue perspective in 2026. We think 2026 is a year where we do a bunch of beta testing first half of the year; start to roll it out, nationally, second half of the year. But we're going to really focus on adoption and learning.

至於 Pro 版本，我們預計它在 2026 年不會對收入做出太多貢獻。我們認為 2026 年上半年會進行大量的 beta 測試；下半年開始在全國推廣。但我們將真正專注於推廣和學習。

And then, ultimately, we have, I think, a really interesting opportunity to sell Pro over time and really expand our SAM. But 2026, I wouldn't be expecting huge revenue contribution.

最後，我認為我們有一個非常有趣的機會，可以隨著時間的推移銷售 Pro 並真正擴展我們的 SAM。但到 2026 年，我預計不會有巨大的收入貢獻。

Thank you.

謝謝。

Ryan McKeveney, Zellman.

Ryan McKeveney，Zellman。

Hey. Thank you so much, guys.

嘿。非常感謝各位。

One on Showcase. Good growth and expansion of listing share. You also called out the AI-powered virtual staging roll-out in 3Q. Any initial uplift you would say to the overall listing share, based on the virtual staging?

展廳裡有一件。上市股份成長良好，規模不斷擴大。您也特別提到了第三季推出的人工智慧虛擬舞台搭建服務。根據虛擬佈置來看，您認為這對整體房源份額會有初步提升嗎？

I know that's early days so maybe not but maybe you could speak more broadly about virtual staging. Should we think of that offering as somewhat unique to the Showcase offering? Or could that be something of broader application, over time?

我知道現在還為時過早，所以也許不行，但或許你可以更廣泛地談談虛擬舞台搭建。我們是否應該認為該產品是 Showcase 產品所獨有的？或者，隨著時間的推移，它是否具有更廣泛的應用前景？

Thank you so much.

太感謝了。

Yeah. Ryan, I'll take that.

是的。瑞恩，我接受。

On Showcase, broadly, 3.2% of new listings, we feel great about. We're constantly testing ways to drive more adoption and how to help build it into the workflow of teams and agents that are working through listings.

在 Showcase 平台上，總體而言，我們對 3.2% 的新房源感到滿意。我們一直在測試各種方法來推動更多人採用，以及如何幫助將其融入處理房源資訊的團隊和經紀人的工作流程中。

You're asking them to capture media differently in many ways. And so that's part of why so much of our tech focus is on how to make that easier.

你要求他們以不同的方式捕捉媒體內容。所以，這也是為什麼我們投入大量技術來研究如何讓這一切變得更容易的原因之一。

And then, you're right to call out -- we're also improving the product while we're growing adoption, right? So we added AI-powered virtual staging this quarter. We added SkyTour last quarter, which is this fantastic Generative AI, ability to fly around with all the drone media we capture. We've added listing dashboards.

而且，您指出的也很有道理——我們在擴大用戶群的同時，也在不斷改進產品，對吧？因此，我們本季增加了人工智慧驅動的虛擬舞台搭建功能。上個季度我們新增了 SkyTour，它擁有出色的生成式人工智慧功能，可以操控我們拍攝的所有無人機媒體進行飛行。我們新增了房源資訊面板。

So we continue to ad capabilities.

因此，我們將持續提升廣告能力。

With AI-powered virtual staging specifically, yes, we definitely could see that coming to more types of listings over time. I think we wanted to start with the listing experience where we have the native software built and learn and build from there. But, over time, just like we want to see Showcase technology on more than 5% to 10% of listings over time, we've given you all that as intermediate term targets -- but the goal is, really, to create a more interactive listing experience on all listings.

特別是對於人工智慧驅動的虛擬房屋佈置而言，是的，我們絕對可以看到隨著時間的推移，這種技術會應用到更多類型的房源。我認為我們想從房源展示體驗入手，我們已經開發了原生軟體，然後在此基礎上學習和發展。但是，隨著時間的推移，就像我們希望隨著時間的推移，展示技術能夠應用於 5% 到 10% 以上的房源一樣，我們已經把這些作為中期目標告訴了大家——但真正的目標是為所有房源創造更具互動性的房源體驗。

Photos and texts are just not going to cut it. That's what Showcase shows everybody. That's why you're seeing the rapid growth of Showcase, even in these early innings, because this is just a better way for buyers to consume content. That's why buyers spend more time. That's why sellers and listing agents want it because, ultimately, they're trying to get the home sold faster and they're trying to win the next listing. They can use Showcase to do both of those things.

照片和文字根本不夠用。這就是展示會向所有人展示的內容。這就是為什麼即使在早期階段，你也能看到 Showcase 的快速成長，因為這對買家來說是一種更好的內容消費方式。這就是為什麼買家會花更多時間的原因。這就是為什麼賣家和房地產經紀人想要它的原因，因為歸根結底，他們都想更快地賣掉房子，並贏得下一個房源。他們可以使用 Showcase 來完成這兩件事。

That's great. And then, just one final one. A couple of questions ago, you were asked about the different mortgage funnels. You called out in the shareholder letter the loan pre-approvals within Follow Up Boss. That sounds interesting.

那太棒了。最後，還有一個。在前幾個問題中，你被問到過不同的房貸管道。你在致股東的信中提到了 Follow Up Boss 中的貸款預審批。聽起來很有趣。

Should we think of that as additive or new to the potential funnel on the mortgage side? Or is that more just a more efficient way of doing things that had historically been done seemingly in a different way? Any thoughts? That would be great.

我們應該將其視為抵押貸款管道中的新增環節還是新增環節？或者，這只是以更有效率的方式完成過去看似以不同方式完成的事情？有什麼想法嗎？那太好了。

Yeah. Thanks, Ryan. I'll take it.

是的。謝謝你，瑞恩。我要買它。

I would think of it as really just making the experience better for the shopper, the agent, and the loan officer. It's a really nice integration.

我認為這實際上就是為了讓購物者、經紀人和貸款專員的體驗更好。這是一個非常棒的整合。

If you think about what a shopper is looking to do, that shopper wants a really tightly coordinated team between its loan officer and real estate agent. We think building functionality that helps that integration work in Follow Up Boss, which is where these agents tend to run their businesses, is beneficial for all parties in the transaction.

想想購屋者想要的是什麼，他們希望貸款專員和房地產經紀人之間能夠緊密合作。我們認為，在 Follow Up Boss 中建立有助於實現這種整合的功能，對於這些代理商開展業務的平台來說，對交易中的所有參與者都是有益的。

So that's the way I would be thinking about it.

這就是我的想法。

Got it. Perfect. Thank you so much.

知道了。完美的。太感謝了。

This completes the allotted time for questions.

提問環節到此結束。

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

現在我將把電話轉回給傑瑞米·瓦克斯曼，請他作總結發言。

Great. Thank you, all, for joining us today. We really appreciate your continued support.

偉大的。感謝各位今天蒞臨。我們非常感謝您一直以來的支持。

We are very excited for what's ahead. Look forward to speaking with you again next quarter.

我們對未來充滿期待。期待下個季度再次與您交流。

Thank you for joining Zillow Group's third-quarter financial results call.

感謝您參加 Zillow 集團第三季​​財務業績電話會議。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。