Zillow Group Inc (Z) 2022 Q1 法說會逐字稿

Good afternoon. My name is Sam, and I will be your conference operator today. At this time, I would like to welcome everyone to the Zillow Group First Quarter 2022 Conference Call. (Operator Instructions) Please note, this event is being recorded.

午安.我叫 Sam，今天我將擔任你們的會議操作員。在此，我歡迎大家參加 Zillow Group 2022 年第一季電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Brad Berning, Vice President, Investor Relations. Brad, please go ahead.

我現在想將會議交給投資者關係副總裁 Brad Berning。布拉德，請繼續。

Thank you. Good afternoon, and welcome to Zillow Group's First Quarter 2022 Conference Call. Joining me today to discuss our results are Zillow Group's Co-Founder and CEO, Rich Barton; and CFO, Allen Parker.

謝謝。下午好，歡迎參加 Zillow Group 2022 年第一季電話會議。今天與我一起討論我們成果的是 Zillow Group 共同創辦人兼執行長 Rich Barton；和財務長艾倫·帕克。

During today's call, we'll make forward-looking statements about the housing market and 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. We undertake no obligation to update these statements as a result of new information or future events, except as required by law.

在今天的電話會議中，我們將根據當前的預期和假設對房地產市場以及我們的未來業績和營運計劃做出前瞻性陳述。這些陳述存在風險和不確定性，我們鼓勵您考慮我們向 SEC 提交的文件中所述的風險因素以獲取更多資訊。我們不承擔因新資訊或未來事件而更新這些聲明的義務，除非法律要求。

This call is being broadcast on the Internet and is accessible on our Investor Relations website. A recording of the call will be available later today. 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 our earnings release, which can be found on our Investor Relations website as they contain important information about our GAAP and non-GAAP results, including reconciliations of historical non-GAAP financial measures. In addition, please note, we will refer to our Internet, Media & Technology segment as our IMT segment.

這次電話會議正在網路上播出，並且可以在我們的投資者關係網站上存取。今天稍後將提供通話錄音。在電話會議期間，我們將討論 GAAP 和非 GAAP 指標，包括調整後的 EBITDA，我們稱之為 EBITDA。我們鼓勵您閱讀我們的股東信和收益報告，這些內容可以在我們的投資者關係網站上找到，因為它們包含有關我們的 GAAP 和非 GAAP 業績的重要信息，包括歷史非 GAAP 財務指標的調節表。此外，請注意，我們將互聯網、媒體和技術部門稱為 IMT 部門。

We'll now open the call with remarks followed by live Q&A. And with that, I will turn the call over to Rich.

我們現在將首先發表講話，然後進行現場問答。然後，我會將電話轉給 Rich。

Thank you, Brad, and hello to everyone joining today. There is a lot going on out there financially, politically, emotionally. In these volatile times, we are especially proud of our company and brand, one that helps people find their home, a place of comfort and safety.

謝謝布拉德，並向今天加入的所有人問好。經濟上、政治上、情感上都發生了很多事情。在這個動盪的時代，我們對我們的公司和品牌感到特別自豪，它幫助人們找到自己的家，一個舒適和安全的地方。

Before we get into our results for the quarter, I'd like to spend a little time talking about the housing market, given it's on everyone's mind. There is a dispersion of real estate forecasts among publishing economists that range from 5.5 million to 6.5 million existing home sales for 2022 compared to 6.1 million in 2021. This results in a transaction growth rate range of negative 10% to positive 7%. The common thread across these forecasts is uncertainty for the housing market.

在我們討論本季的業績之前，我想花一點時間談談房地產市場，因為這是每個人都關心的問題。出版經濟學家對房地產的預測存在差異，2022 年現房銷售量為 550 萬至 650 萬套，而 2021 年為 610 萬套。這導致交易增長率介於負 10% 到正 7% 之間。這些預測的共同點是房地產市場的不確定性。

We continue to see low levels of inventory down 23% year-over-year in March. New for-sale listings were less strained in March, up 36% from February levels, but still down 9% year-over-year. Average page views per listing were at a record high in Q1, which results from low inventory, yes, but also signals a strong intent to move. These dynamics drove home values up an astonishing 21% year-over-year in March, despite rising interest rates, which of course, exacerbate affordability challenges.

我們繼續看到 3 月庫存水準較低，年減 23%。 3 月新待售房源壓力緩解，較 2 月成長 36%，但年比仍下降 9%。第一季每個房源的平均頁面瀏覽量創下歷史新高，這是由於庫存較低，是的，但也顯示了強烈的搬遷意願。儘管利率上升，這當然加劇了負擔能力的挑戰，但這些動態推動 3 月房價比去年同期驚人上漲 21%。

So while we know people are still eager to move, market conditions are making it increasingly difficult. The net result of all of these factors is that total consumer transaction value growth trends are meaningfully softening and even the most respected prognosticators have disparate views of what will happen next.

因此，儘管我們知道人們仍然渴望搬家，但市場狀況卻讓搬家變得越來越困難。所有這些因素的最終結果是，總消費者交易價值成長趨勢正在顯著減弱，即使是最受尊敬的預測者對接下來會發生什麼也有不同的看法。

Despite this turbulent housing market, Zillow's position as the leader at the top of the real estate funnel stands firm with 2.6 billion visits in Q1, including a 38% unique visitor growth year-over-year in rentals according to comScore. And as for results in Q1, we delivered revenue and EBITDA within or above our outlook across our business. Further, with the rapid and successful wind down of homes inventory, Zillow has become a company with a nimble balance sheet, a large cash position and a core business that produces strong positive cash flow.

儘管房地產市場動盪，Zillow 作為房地產漏斗頂端的領導者地位依然穩固，第一季的訪問量達到 26 億次，根據 comScore 的數據，其中獨立訪客的租金同比增長了 38%。至於第一季的業績，我們的營收和 EBITDA 符合或高於我們整個業務的預期。此外，隨著房屋庫存的快速、成功減少，Zillow 已成為一家資產負債表靈活、現金部位充裕、核心業務能夠產生強勁正現金流的公司。

We reduced our exposure to housing inventory risk on our balance sheet to approximately $500 million and reduced related asset-backed debt by $2.6 billion in the quarter. Of the approximately 20,000 homes we needed to sell when we first announced the wind down, we are down to approximately 100 homes that are not under contract today.

本季度，我們將資產負債表上的房屋庫存風險敞口減少至約 5 億美元，並將相關資產支持債務減少了 26 億美元。當我們首次宣布停售時，我們需要出售約 20,000 套房屋，而今天，我們已將未簽訂合約的房屋減少到約 100 套。

We've also recognized better sales prices than anticipated as a result of the aforementioned high home price appreciation. While home price volatility was to the upside during this wind-down period, we are mindful of what might have resulted from unanticipated moves to the downside. We felt confident in November, and we feel more confident today that no longer being a principal in the iBuying business with the right decision for Zillow, given our desire to serve the full breadth of our audience and the attractive margin profile of our core business.

由於上述房價高升值，我們也意識到銷售價格優於預期。雖然在此緩衝期房價波動呈現上行趨勢，但我們也注意到意外下行可能導致的後果。 11 月我們充滿信心，今天我們更有信心不再是 iBuying 業務的負責人，因為我們希望為廣大受眾提供服務，而且我們核心業務的利潤狀況頗具吸引力，因此 Zillow 做出了正確的決定。

We ended the first quarter with $3.6 billion in cash, $500 million higher than the previous quarter, including the impact of a $348 million share repurchase throughout Q1. We will exit Q2 with no asset-backed debt related to our iBuying business, and an expected net cash position of approximately $2 billion before considering potential cash use towards a new $1 billion share buyback, which our Board has just authorized.

第一季結束時，我們的現金為 36 億美元，比上一季增加了 5 億美元，其中包括整個第一季 3.48 億美元的股票回購的影響。在第二季結束時，我們將不再有與iBuying 業務相關的資產支持債務，預計淨現金頭寸約為20 億美元，然後再考慮將現金用於董事會剛剛批准的新的10 億美元股票回購。

We move forward with confidence knowing that Zillow is well capitalized to navigate through this market cycle and return excess capital, which was originally built up for a capital-consumptive iBuying business, while simultaneously maintaining the flexibility to innovate on the attractive growth opportunities we see for the long term.

我們滿懷信心地向前邁進，因為我們知道Zillow 資本充足，能夠渡過這個市場週期並返還多餘的資本（這些資本最初是為資本消耗型iBuying 業務而建立的），同時保持靈活性，在我們看到的有吸引力的成長機會上進行創新。長期來看。

Before I dive further into our first quarter highlights, I would like to take a moment to appreciate the magnitude of change that has occurred at Zillow over the past 6 months and how well our team has operated through this transitional period. We have nearly fully wound down the iBuying business we had built up over the previous 3 years, and we have reoriented the company around our broader housing super app vision, all while generating strong cash flows from the core business.

在進一步探討第一季亮點之前，我想花點時間了解 Zillow 在過去 6 個月中發生的巨大變化以及我們團隊在這段過渡時期的營運情況。我們幾乎完全結束了過去三年建立的 iBuying 業務，並圍繞更廣泛的住房超級應用願景重新定位了公司，同時從核心業務中產生了強勁的現金流。

We have also been innovating our products, services and business models as we drive towards our 2025 target of $5 billion in revenue and 45% EBITDA margin. To achieve those targets, we are executing on a product road map that is oriented around increasing engagement, increasing transactions and increasing revenue per transaction. As we talked about last quarter, the path to achieve those targets and begin to build out the housing super app vision involves product initiatives within 5 growth pillars: touring, financing, expanding seller services, enhancing our partner network and integrating our services.

我們也一直在創新產品、服務和商業模式，努力實現 2025 年營收 50 億美元和 EBITDA 利潤率 45% 的目標。為了實現這些目標，我們正在執行一個以提高參與度、增加交易量和增加每筆交易收入為導向的產品路線圖。正如我們上季度談到的，實現這些目標並開始建立住房超級應用程式願景的途徑涉及5 個成長支柱內的產品計劃：旅遊、融資、擴大賣家服務、增強我們的合作夥伴網路和整合我們的服務。

We are working with a sense of urgency on innovating and integrating products within these pillars, testing and driving our key input metrics. And while we know the revenue and profit outputs won't manifest right away, we are seeing early traction in the initiatives we've launched this quarter.

我們正以緊迫感在這些支柱內創新和整合產品，測試和推動我們的關鍵輸入指標。雖然我們知道收入和利潤產出不會立即顯現，但我們看到本季推出的舉措取得了初步成效。

First, touring is central to both increasing engagement on Zillow and increasing the number of transactions that we drive. We've made some key business and product improvements since you last heard us in February. As a reminder, we believe touring is the key point-of-sale moment in real estate and an action that converts at 3x the level of any other action buyers take on Zillow. And interestingly, with touring, there are major innovations ahead in both the virtual home tour and the physical home tour. Our goal is to marry these experiences over time on Zillow and throughout the real estate industry.

首先，巡迴演出對於提高 Zillow 的參與度和增加我們推動的交易數量至關重要。自從您上次在二月聽到我們的消息以來，我們已經進行了一些關鍵的業務和產品改進。提醒一下，我們認為巡迴演出是房地產的關鍵銷售點，其轉換率是買家在 Zillow 上採取的任何其他行動的 3 倍。有趣的是，在巡迴演出中，虛擬巡迴和實體巡迴都面臨重大創新。我們的目標是隨著時間的推移，將這些經驗結合到 Zillow 和整個房地產行業。

Let's first talk about the virtual touring experience we are creating with our 3D home tours. I'm sure most people here have experienced the frustration of swiping through a carousel of pictures on a for-sale home and feeling lost trying to stitch everything together into a mental model of that home in your mind's eye. With our new 3D home tour floor plan technology, customers can travel through an entire home as if they were touring the home in person. This new tool turns on the lights for our customers and partners by contextualizing all the disjointed information about a home with photos, floor plans, spatial perspective, into one interactive and immersive digital touring experience.

我們首先來談談我們透過 3D 家庭旅遊所打造的虛擬旅遊體驗。我相信這裡的大多數人都經歷過這樣的挫敗感：在待售房屋的圖片輪播中滑動，並在試圖將所有內容拼接成您腦海中該房屋的心理模型時感到迷失。借助我們全新的 3D 家居參觀平面圖技術，客戶可以參觀整個房屋，就像親自參觀房屋一樣。這項新工具透過將有關房屋的所有雜亂資訊（包括照片、平面圖、空間視角）融入到一種互動式、身臨其境的數位旅遊體驗中，為我們的客戶和合作夥伴打開了大門。

Outside of how incredibly cool this feature is, it's also a powerful mechanism to help us identify high-intent movers in our funnel. It's great for buyers, sellers and agents. Agents using Zillow's 3D home tour benefit from a cost-effective way to showcase and share listings and generate more leads. Internal data has shown that homes on Zillow with a 3D tour were saved by buyers, 53% more frequently than homes without. And listings on Zillow with Zillow 3D home tour got on average 81% more views than listings without. We believe this is the kind of content customers want. And we are leading the way.

除了這個功能非常酷之外，它還是一個強大的機制，可以幫助我們識別漏斗中的高意圖推動者。這對買家、賣家和代理商來說都很棒。使用 Zillow 3D 家居旅遊的代理商可以透過經濟高效的方式展示和分享房源並產生更多潛在客戶，從而受益匪淺。內部數據顯示，Zillow 上配備 3D 遊覽的房屋被買家挽救的幾率比沒有配備 3D 遊覽的房屋高出 53%。 Zillow 上有 Zillow 3D hometour 的房源的瀏覽量平均比沒有配備 Zillow 3D hometour 的房源多 81%。我們相信這就是客戶想要的內容。我們正在引領潮流。

Transitioning to the physical world, our pursuit of making the home buying process easier touches the IRL, in real life, tour as well. Like many other aspects of the process, the experience of scheduling an in-person tour has historically been fragmented and cumbersome. We bought ShowingTime, the leading online scheduling platform for home showings last fall to improve this process, both for Zillow and for the broader real estate industry, with our goal to make scheduling a home tour as easy as making a restaurant reservation online.

過渡到現實世界，我們對讓購屋過程變得更輕鬆的追求觸及了現實生活中的現實生活和旅遊。與過程的許多其他方面一樣，安排親自遊覽的體驗歷來都是支離破碎且繁瑣的。去年秋天，我們收購了領先的線上看房安排平台 ShowingTime，以改善 Zillow 和更廣泛的房地產行業的流程，我們的目標是讓安排看房之旅像在線預訂餐廳一樣簡單。

This quarter, in 4 markets, we enabled a new feature called real-time availability, which lays the groundwork for exposing the availability for home tours for all agents using our ShowingTime platform. We have, unsurprisingly, seen strong support from the industry for this feature, with nearly 100% of brokerages enabling real-time availability in the markets we've launched.

本季度，我們在 4 個市場啟用了一項名為「即時可用性」的新功能，該功能為使用我們的 ShowingTime 平台向所有代理商公開家庭旅遊的可用性奠定了基礎。不出所料，我們看到了業界對該功能的大力支持，近 100% 的券商在我們推出的市場中實現了即時可用性。

At first blush, this may feel like a simple feat, but up until now, no other company has been able to tackle this nagging industry-wide problem. Of course, now that we have enabled the feature, we will need agents and homeowners to upload their schedules to make ShowingTime's real-time availability complete. But you can see how the feature becomes a key building block to make scheduling and taking a home tour far easier than today's manual coordination of 4 different calendars across the seller, the seller's agent, the prospective buyer, and the buyer's agent.

乍一看，這可能感覺像是一個簡單的壯舉，但到目前為止，還沒有其他公司能夠解決這個棘手的全行業問題。當然，既然我們已經啟用了該功能，我們將需要代理商和房主上傳他們的時間表，以使 ShowingTime 的即時可用性完成。但您可以看到該功能如何成為一個關鍵構建塊，使安排和進行家庭參觀比今天手動協調賣方、賣方代理人、潛在買方和買方代理人的 4 個不同日曆要容易得多。

Beyond our product improvements in virtual and physical touring during the quarter, we made progress on moving more of our overall mix of connections on Zillow towards touring, driving an increase of approximately 400 basis points of tours as a percentage of overall connections. As I said before, we believe touring is the key point-of-sale moment in real estate. So this shift helps improve conversion rates by allowing us to see the higher-intent buyer signal that comes when someone requests a tour.

除了本季在虛擬和實體旅遊方面的產品改進之外，我們在將 Zillow 上的整體連接組合更多地轉向旅遊方面取得了進展，推動旅遊佔整體連接的百分比增加了約 400 個基點。正如我之前所說，我們認為巡迴是房地產的關鍵銷售點。因此，這種轉變讓我們能夠看到有人要求參觀時發出的更高意圖的買家訊號，從而有助於提高轉換率。

This quarter, we announced that we are also upgrading StreetEasy, our leading real estate shopping and rental app in New York City. As with our work on tours, one of the new features on StreetEasy will focus on marrying the virtual and physical experience of real estate shopping. To cater to the way that New Yorkers apartment hunt and their desire for on-demand experiences in every aspect of their lives, we just announced that we will soon launch StreetScape, a new feature that uses augmented reality to place StreetEasy's comprehensive listing data into a home shopper's real physical space on the streets of the city.

本季度，我們宣布還將升級 StreetEasy，這是我們在紐約市領先的房地產購物和租賃應用程式。與我們的旅遊工作一樣，StreetEasy 的新功能之一將專注於將房地產購物的虛擬體驗和實體體驗結合。為了迎合紐約人尋找公寓的方式以及他們對生活各方面按需體驗的渴望，我們剛剛宣布，我們將很快推出StreetScape，這是一項新功能，使用增強現實技術將StreetEasy 的綜合房源數據放入一個家庭購物者在城市街道上的真實實體空間。

Using the StreetEasy app, New Yorkers will be able to use the camera on their phone to scan a street to reveal floating icons in front of residential buildings, then click on the icons to quickly learn more about the building and amenities, discover available units view photos, floor plans, take virtual tours of the building's units. It's sort of like a QR code for a building. There will no longer be a need to search out a building's address or its available listings. Answers will be right at a home shopper's fingertips, in real-time with StreetEasy's StreetScape.

使用 StreetEasy 應用程序，紐約人將能夠使用手機上的攝像頭掃描街道，以顯示住宅樓前面的浮動圖標，然後單擊圖標以快速了解有關建築物和便利設施的更多信息，發現可用的單位視圖照片、平面圖、虛擬參觀建築物的各個單位。它有點像建築物的二維碼。不再需要搜尋建築物的地址或其可用清單。透過 StreetEasy 的 StreetScape，家庭購物者只需動動指尖即可即時獲得答案。

We are pleased with the progress we are seeing on our key growth pillars and are hard at work on our product road map across each pillar: touring, financing, expanding our seller services, enhancing our partner network and integrating our services. As we move forward, we will continue to highlight key business and product innovations we are making to begin to fulfill our housing super app vision, an ecosystem of connected virtual and physical solutions designed to empower customers and partners throughout the real estate process, start to finish. Fulfillment of this vision will not happen right away, but we are on our way.

我們對在關鍵成長支柱上取得的進展感到高興，並正在努力製定每個支柱的產品路線圖：巡迴、融資、擴大我們的賣家服務、增強我們的合作夥伴網絡以及整合我們的服務。隨著我們的前進，我們將繼續強調我們正在進行的關鍵業務和產品創新，以開始實現我們的住房超級應用願景，這是一個由互聯的虛擬和物理解決方案組成的生態系統，旨在為整個房地產流程中的客戶和合作夥伴提供支持，開始結束。這個願景不會立即實現，但我們正在路上。

Stepping back, as we said last quarter, our evolved strategy has an increased focus on our mid-funnel efforts as we look for opportunities to increase engagement transactions and revenue transaction from where we are today. It's important to note that our strategy and 2025 targets are grounded in the opportunity in the U.S. housing market, which we shared last quarter.

退一步來說，正如我們上季度所說，我們不斷發展的策略更加關注我們的漏斗中段工作，因為我們正在尋找機會增加參與交易和收入交易。值得注意的是，我們的策略和 2025 年目標是基於我們上季度分享的美國房地產市場的機會。

As a refresher, we know that in 2021, 6.1 million existing homes exchanged hands in the country. For every home exchange, there are 2 customer transactions, 1 on the buy side and 1 on the sell side, which result in 12.2 million customer transaction TAM. Of the 6.1 million buy-side customer transactions that occurred last year, we estimate that 4.1 million of those actual buyers were on our sites and apps, which accounts for about 2/3 of all buyers in the U.S. Of that, we estimate that roughly 1.4 million actual home buyers asked to connect with a Zillow Premier Agent last year. That means about 1/4 of all buyers in the U.S. last year clicked a button to connect with us. This tells us that Zillow is the place for high-intent movers to find their next home.

回顧一下，我們知道 2021 年，全國有 610 萬套現房易手。對於每個房屋交易所，有 2 筆客戶交易，其中 1 筆買方交易，1 筆賣方交易，從而產生 1220 萬筆客戶交易 TAM。在去年發生的 610 萬筆買方客戶交易中，我們估計其中 410 萬實際買家在我們的網站和應用程式上，約占美國所有買家的 2/3。去年，有140 萬實際購屋者要求與Zillow Premier Agent 聯絡。這意味著去年大約 1/4 的美國買家點擊了按鈕與我們聯繫。這告訴我們，Zillow 是有志向的搬家者尋找下一個家的地方。

Of those 1.4 million high-intent movers, we estimate that about 360,000 customers ended up transacting with Zillow Partners. Overall, we estimate that our buy-side 2021 market share was roughly 5%, and our overall customer transaction share was roughly 3%. This is a meaningful share but not in the context of our audience engagement and brand. As part of our targets laid out last year, we have set our sights on increasing our share of customer transactions from 3% to 6% by 2025, with lots of runway beyond that.

在這 140 萬高意圖搬家者中，我們估計約有 36 萬名客戶最終與 Zillow Partners 進行了交易。整體而言，我們估計 2021 年買方市佔率約為 5%，整體客戶交易份額約為 3%。這是一個有意義的分享，但不考慮我們的受眾參與度和品牌。作為我們去年制定的目標的一部分，我們的目標是到 2025 年將客戶交易份額從 3% 增加到 6%，除此之外還有很多空間。

Helping this large subset of our audience move from one home to the next represents a significant opportunity for Zillow. We intend to grow engagement with the roughly 4.1 million home buyers who use Zillow by leveraging our tech and product innovation and investment to deliver personalized, immersive content and curated experiences like our 3D tourism floor plan experience and intuitive tools to understand affordability early in a customer's journey. At the same time, we expect to continue to improve our core experience of search and find.

幫助我們這一大群受眾從一個家搬到另一個家對 Zillow 來說是一個重大機會。我們打算利用我們的技術和產品創新和投資來提供個人化、身臨其境的內容和精心策劃的體驗，例如我們的3D 旅遊平面圖體驗和直觀的工具，以便在客戶的早期階段了解其承受能力，從而提高與使用Zillow 的約410 萬購房者的互動。旅行。同時，我們期望繼續改善搜尋和尋找的核心體驗。

We also plan to grow both the roughly 1.4 million homebuyers, who clicked the button to connect with us last year, and the roughly 360,000 home buyers and sellers who transacted with us. We expect to do this by continued focus on touring, and an increased focus on preparing these customers to be transaction-ready through intuitive and digitized financing offerings. And we are also developing seller solutions by leveraging learnings from our experience as an iBuyer to stand up new asset-light services. We expect to increase the number of people who raise their hand to transact with Zillow and increase penetration on the 6.1 million sell-side customer transactions that mirror the 6.1 million buy-side transactions that we've been focused on to date.

我們還計劃增加去年點擊按鈕與我們聯繫的約 140 萬購屋者，以及與我們進行交易的約 36 萬購屋者和賣家。我們希望透過繼續關注巡演，並更加重視透過直覺和數位化的融資產品讓這些客戶做好交易準備來實現這一目標。我們也利用我們作為 iBuyer 的經驗來開發賣家解決方案，以推出新的輕資產服務。我們預計會增加透過 Zillow 進行交易的人數，並提高 610 萬筆賣方客戶交易的滲透率，這反映了我們迄今為止一直關注的 610 萬筆買方交易。

Our Zillow housing super app vision is central to this strategy, a place for all of these connected experiences to come together. In the housing super app ecosystem, we will empower customers with data, a network of best-in-class partners and a suite of connected solutions, so that transacting with Zillow will be an easy choice. The solutions within it will be a combination of services and data that we build, buy and partner with; high-quality solutions that integrate easily within the app.

我們的 Zillow 住房超級應用程式願景是這項策略的核心，它是所有這些互聯體驗匯聚在一起的地方。在住房超級應用生態系統中，我們將為客戶提供數據、一流合作夥伴網路和一套互聯解決方案，以便與 Zillow 進行交易將成為一個簡單的選擇。其中的解決方案將是我們建構、購買和合作的服務和數據的組合；可輕鬆整合到應用程式中的高品質解決方案。

Our solutions will target high-intent movers who are signaling they're ready to take the next step in their shopping journey, transitioning from dreamers to transactors. We will also help bring these high-intent customers to our partners to help them scale their business, all while serving our mutual customers with the services they need.

我們的解決方案將針對那些意圖明確的推動者，他們表示自己已準備好在購物之旅中邁出下一步，從夢想家轉變為交易者。我們也將協助將這些高意向客戶引入我們的合作夥伴，幫助他們擴大業務，同時為我們共同的客戶提供所需的服務。

As Allen will dive into, Zillow is well positioned and we are on the balls of our feet with our knees bent, playing through this uncertain macroenvironment. We see a great deal of opportunity in front of us, which asks for investment. But we also recognize that we control the levers of our investment spend, should adjustments become necessary in the future. We have meaningfully derisked the business and are moving forward with an ironclad balance sheet, a healthy cash flow generative core business and the industry-leading brand and audience. This gives us the confidence and flexibility to navigate whatever choppiness the short term may bring, with our eyes up on the long-term growth opportunity, which is large and exciting, given how lightly we monetize our traffic brand and engagement today.

正如艾倫將深入探討的那樣，Zillow 處於有利位置，我們在這個不確定的宏觀環境中保持著積極的態度。我們看到大量的機會擺在我們面前，這需要投資。但我們也意​​識到，如果未來有必要進行調整，我們可以控制投資支出的槓桿。我們已有意義地降低了業務風險，並以穩健的資產負債表、健康的現金流生成核心業務以及行業領先的品牌和受眾繼續前進。這使我們有信心和靈活性來應對短期可能帶來的任何波動，同時我們著眼於長期成長機會，考慮到我們今天對流量品牌和參與度的貨幣化程度如何，這是巨大且令人興奮的。

We love our mission to give people the power to unlock life's next chapter. We are in the midst of unlocking our own exciting next chapter for Zillow. We are really grateful to everyone who's on this journey with us: employees, partners, customers and shareholders. Thank you.

我們熱愛我們的使命，賦予人們開啟人生新篇章的力量。我們正在為 Zillow 開啟激動人心的下一個篇章。我們非常感謝與我們一起踏上這段旅程的每個人：員工、合作夥伴、客戶和股東。謝謝。

I will now pass the mic over to Allen, who is feeling a bit under the weather, so give him a little space today. Thanks. Allen?

我現在將麥克風交給艾倫，他感覺有點不舒服，所以今天給他一點空間。謝謝。艾倫？

Thank you, Rich, and hello, everyone. We continue to be excited about the prospects of our strategic direction. We believe building innovative products and services to help a broader set of customers navigate buying and selling homes will deliver better customer experiences, help our partners work with higher-intent customers to grow their businesses and drive sustainable long-term shareholder value.

謝謝你，里奇，大家好。我們仍然對我們戰略方向的前景感到興奮。我們相信，打造創新產品和服務來幫助更廣泛的客戶進行房屋買賣將帶來更好的客戶體驗，幫助我們的合作夥伴與更高意願的客戶合作發展業務並推動可持續的長期股東價值。

I'm going to take a brief moment to provide an update on the progress of winding down our iBuying operations, and then I'll discuss our quarterly results and Q2 outlook. We remain focused on executing on our plans to wind down our iBuying operations. And despite some choppiness in the macro environment, we exceeded both our internal expectations and external outlook for the Home segment.

我將花一點時間提供關閉 iBuying 業務的最新進展，然後我將討論我們的季度業績和第二季度前景。我們仍然專注於執行減少 iBuying 業務的計劃。儘管宏觀環境存在一些波動，但我們對家居領域的內部預期和外部前景都超出了預期。

We reported Home segment revenue of $3.7 billion for Q1, exceeding our outlook range of $2.6 billion to $2.9 billion provided in early February. The revenue outperformance benefited primarily from higher resell velocity. Better-than-expected pricing drove Q1 Home segment EBITDA of $23 million, better than our outlook of a loss of $20 million at the high end of our range. There were approximately 1,280 homes in inventory at the end of the quarter and approximately 100 homes that are currently not yet under contract to be sold. We expect the sale of our remaining inventory to be substantially complete in Q2, with operations and a small amount of inventory extending into Q3.

我們報告第一季家庭部門收入為 37 億美元，超出了 2 月初提供的 26 億美元至 29 億美元的預期範圍。收入表現優異主要得益於更高的轉售速度。好於預期的定價推動第一季家居業務 EBITDA 達到 2,300 萬美元，優於我們預期的虧損 2,000 萬美元的上限。截至本季末，庫存中約有 1,280 套房屋，目前約有 100 套房屋尚未簽訂待售合約。我們預計剩餘庫存的銷售將在第二季基本完成，營運和少量庫存將延續到第三季。

We now believe that the total cash flow generated from the wind-down process of our iBuying inventory and operations will be approximately $450 million after considering selling the inventory, paying off the asset-backed related debt, including financing costs, losses on inventory, gains realized or expected, wind down costs and net operating EBITDA loss. The faster-than-expected wind-down resulted in us paying off our iBuying asset-backed debt completely at the end of April, and the noteholders will be repaid fully in mid-May. The better-than-expected cash from the wind-down process compared to our initial expectations of breakeven contributed to our excess capital to be able to return to shareholders and our $1 billion share buyback.

我們現在認為，在考慮出售庫存、償還資產支持的相關債務（包括融資成本、庫存損失、收益）後，我們的 iBuying 庫存和業務逐步結束過程中產生的總現金流將約為 4.5 億美元已實現或預期、縮減成本和淨營業EBITDA 損失。此次清償速度快於預期，導致我們在 4 月底完全清償了 iBuying 資產支持債務，票據持有人將在 5 月中旬得到全額償付。與我們最初預期的損益平衡相比，清算過程中獲得的現金優於預期，這有助於我們將多餘的資本回饋給股東，並進行 10 億美元的股票回購。

Now moving to our core business results. Despite the ongoing turbulent housing market that Rich discussed, we again delivered results in line or above our outlook ranges on revenue and EBITDA, as we focus on executing against our 2025 targets.

現在轉向我們的核心業務成果。儘管 Rich 討論的房地產市場持續動盪，但由於我們專注於執行 2025 年目標，我們的收入和 EBITDA 業績再次符合或高於我們的預期範圍。

IMT segment revenue was $490 million, growing 10% year-over-year. Our IMT segment revenue was slightly above the $487 million midpoint of our outlook range. Premier Agent revenue grew 9% year-over-year and outperformed industry growth of 4% in Q1 as we continued our focus on making better connections between high-intent customers and high-performing agents.

IMT部門營收為4.9億美元，年增10%。我們的 IMT 部門收入略高於我們預期範圍 4.87 億美元的中點。隨著我們繼續致力於在高意向客戶和高績效代理商之間建立更好的聯繫，第一季高級代理商收入同比增長 9%，超過行業 4% 的增長。

While we are clearly not immune from the macro in the near term, our work on discovering higher-intent customers and working with an increasing mix of higher-performing agents has led to higher lead conversion rates. This gives us confidence that we can offset some of the housing market headwinds as they develop.

雖然我們在短期內顯然無法免受宏觀經濟的影響，但我們在發現更高意向客戶以及與越來越多表現優異的代理商合作方面所做的工作導致了更高的潛在客戶轉換率。這讓我們有信心抵銷房地產市場發展中的一些不利因素。

As Rich discussed earlier, in Q1, we made progress on moving towards a higher mix of touring, which helps improve conversion rates by allowing us to see the higher intent buyer signal. We expect the planned integration with ShowingTime to further improve the touring customer experience and meet more customers' touring requests. We are also investing to improve the ShowingTime experience for the entire industry.

正如 Rich 之前所討論的，在第一季度，我們在提高巡迴組合方面取得了進展，這有助於我們看到更高的意向買家訊號，從而有助於提高轉換率。我們預計與ShowingTime的計劃整合將進一步改善巡迴客戶體驗並滿足更多客戶的巡迴需求。我們也投資改善整個產業的 ShowingTime 體驗。

As we mentioned in our Q1 outlook, we saw a wider range of potential outcomes for Premier Agent revenue from the slower housing activity late in Q4. This trend largely played through in Q1 with new for-sale inventory listings down double digits on a year-over-year basis. Despite that, our customer and agent activity levels continue to indicate there remains strong underlying customer demand that drove continued strong home price appreciation. Rentals revenue was down 5% year-over-year and flat sequentially, which was in line with our expectations. We continue to see pressure from high occupancy rates, which dampened demand for rentals advertising.

正如我們在第一季展望中提到的，我們看到第四季末房地產活動放緩對高級代理商收入產生了更廣泛的潛在影響。這一趨勢在第一季得到了充分體現，新掛牌的待售庫存比去年同期下降了兩位數。儘管如此，我們的客戶和代理商活動水平繼續表明，潛在的客戶需求仍然強勁，推動了房價持續強勁升值。租賃收入年減 5%，環比持平，符合我們的預期。我們持續看到高入住率帶來的壓力，這抑制了租賃廣告的需求。

IMT segment EBITDA was $209 million for Q1 or 43% of revenue, exceeding our outlook of $201 million and 40% -- 41% of revenue at the midpoint. The outperformance was driven by a combination of better-than-expected operating efficiency, as well as lower-than-anticipated advertising and marketing spend.

第一季 IMT 部門的 EBITDA 為 2.09 億美元，佔營收的 43%，超出了我們預期的 2.01 億美元，佔營收的 40% - 41%（中間值）。業績優於預期是由於好於預期的營運效率以及低於預期的廣告和行銷支出。

Mortgages segment revenue of $46 million was near the midpoint of our Q1 outlook range as refinancing loan originations slowed, following the rapid increase in interest rates during the quarter. Gain on sale margins compressed more than expectations as the drop in demand for refinance loans resulted in excess industry capacity. Mortgages segment adjusted EBITDA was a loss of $12 million at the upper end of our outlook as we manage operating expenses as purchase origination volumes dropped sequentially in connection with the wind-down of our iBuying operations.

由於本季利率快速上升，再融資貸款發放放緩，抵押貸款部門收入 4,600 萬美元接近我們第一季展望範圍的中點。由於再融資貸款需求下降導致產業產能過剩，銷售利潤率增幅超出預期。抵押貸款部門調整後的 EBITDA 在我們的預期上限中為 1200 萬美元的損失，因為我們管理營運費用，因為購買發起量因 iBuying 業務的結束而連續下降。

Before I turn to our outlook for Q2, I would like to reiterate that the resale of inventory from our capital-intensive iBuying business is nearly complete. And we believe that Zillow is in a strong position to pursue our 2025 initiatives. We feel confident that our traffic, brand, balance sheet and positive cash flow generating core business will provide us the flexibility to navigate the challenging housing market.

在談到第二季的前景之前，我想重申，我們資本密集型 iBuying 業務的庫存轉售已接近完成。我們相信 Zillow 處於有利地位來推行我們的 2025 年計劃。我們相信，我們的流量、品牌、資產負債表和產生正現金流的核心業務將為我們提供靈活性，以應對充滿挑戰的房地產市場。

We ended Q1 with $3.6 billion in cash and investments, an increase of $500 million from $3.1 billion at the end of Q4, inclusive of the impact of $348 million in share repurchases during Q1.

第一季結束時，我們擁有 36 億美元的現金和投資，比第四季末的 31 億美元增加了 5 億美元，其中包括第一季 3.48 億美元的股票回購的影響。

We have approximately $100 million remaining under the current $750 million share repurchase authorization and our Board of Directors has approved an additional $1 billion share repurchase authorization. This reflects our belief that under various ranges of housing market scenarios, we expect to remain profitable and positive cash flow -- with positive cash flow.

目前 7.5 億美元的股票回購授權還剩約 1 億美元，我們的董事會已批准另外 10 億美元的股票回購授權。這反映了我們的信念，即在各種房地產市場情景下，我們預計將保持盈利和正現金流——正現金流。

Turning to our outlook for the second quarter. In our IMT segment, we expect flat year-over-year revenue growth in Q2 at the midpoint of our outlook range. Within the IMT segment, we expect Premier Agent revenue to be between $335 million and $350 million, down 2% year-over-year at the midpoint of the outlook range. While we continue to focus on connecting high-intent customers to all of our partners, our Q2 Premier Agent revenue outlook is largely informed by the macro trends that we are seeing with lower year-over-year growth in new for-sale listings, home appreciation that is increasing average transaction prices, but also contributing to affordability challenges along with higher mortgage rates. We realize these macro issues are making it harder for customers to transact and they also affect our partner network.

轉向我們對第二季的展望。在我們的 IMT 領域，我們預計第二季營收將同比持平，處於我們展望範圍的中點。在 IMT 領域，我們預期 Premier Agent 營收將在 3.35 億美元至 3.5 億美元之間，年減 2%，處於展望範圍的中點。雖然我們繼續專注於將高意向客戶與我們的所有合作夥伴聯繫起來，但我們第二季度的高級代理收入前景在很大程度上取決於宏觀趨勢，我們看到新的待售房源、房屋的年成長率較低升值不僅提高了平均交易價格，而且隨著抵押貸款利率的上升，也帶來了負擔能力的挑戰。我們意識到這些宏觀問題使客戶交易變得更加困難，也影響了我們的合作夥伴網路。

Within the overall IMT revenue outlook, we note that in rentals, while we are not guiding to specific revenue figures, we are expecting sequential revenue growth in Q2 due to seasonality. Additionally, we are also seeing early signs that low rental vacancies may be subsiding. We expect Q2 IMT segment EBITDA margin to be 38% at the midpoint of our outlook.

在整體 IMT 收入前景中，我們注意到在租金方面，雖然我們沒有提供具體的收入數據，但我們預計由於季節性因素，第二季收入將連續成長。此外，我們也看到早期跡象表明低租金空置率可能正在消退。我們預計第二季 IMT 部門 EBITDA 利潤率為 38%，達到我們預期的中位數。

While we have taken some costs out of our initial Q2 plan, we are making a strategic decision to continue to invest in our key initiatives in Q2 as planned, despite the deceleration in real estate industry growth trends. We are continuing to monitor the macroenvironment, and we control the levers on our core business and pace of investments to enable us to prudently manage costs.

雖然我們已經從最初的第二季度計劃中扣除了一些成本，但我們正在做出戰略決策，儘管房地產行業增長趨勢放緩，但仍將繼續按計劃投資第二季度的關鍵舉措。我們持續監控宏觀環境，控制核心業務槓桿和投資節奏，審慎管理成本。

We expect our Mortgages segment revenue to be between $31 million and $39 million in Q2, which is down sequentially from Q1. Our Q2 outlook reflects slower refinance activity due to higher mortgage rates and lower gain on sale spreads due to the competitive industry environment, partially offset by sequential growth in purchase mortgages as we redirect the focus of our operations.

我們預計第二季抵押貸款部門的收入將在 3,100 萬美元至 3,900 萬美元之間，較第一季有所下降。我們對第二季的展望反映出，由於抵押貸款利率上升，以及競爭激烈的行業環境導致銷售利差收益下降，再融資活動放緩，但隨著我們重新調整業務重點，購買抵押貸款的連續增長部分抵消了這一影響。

As we are now past the impact of the iBuying wind-down on purchased mortgage leads, we have started to rebuild our pipeline and expect modest purchase mortgage growth in Q2. We expect Mortgages segment adjusted EBITDA to be between a loss of $18 million and a loss of $13 million based upon current capacity, expected market conditions and additional investments in operations to integrate mortgages with our other products and services.

由於我們現在已經擺脫了 iBuying 對購買抵押貸款線索的影響，我們已經開始重建我們的管道，並預計第二季度購買抵押貸款將出現溫和增長。根據當前產能、預期市場狀況以及將抵押貸款與我們其他產品和服務整合的額外營運投資，我們預計抵押貸款部門調整後的 EBITDA 將在 1,800 萬美元虧損至 1,300 萬美元虧損之間。

In Q2, we expect our Home segment revenue to be $450 million and adjusted EBITDA to be a loss of $15 million at the midpoint of our outlook range. We also expect to complete the wind-down of our iBuying operations during the second half of this year.

在第二季度，我們預計家庭部門營收為 4.5 億美元，調整後 EBITDA 為虧損 1,500 萬美元，處於我們展望範圍的中點。我們也預計在今年下半年完成 iBuying 業務的縮減。

So as we look forward, our priorities remain focused on innovating and executing on behalf of our customers and partners. We plan to grow our customer engagement through a compelling dream and shop experience, deliver a more integrated customer transactional experience to drive customers to choose to transact with us and our partners, invest in sustainable top line growth opportunities across the company, including new integrated services that are more scalable, less subject to earnings volatility and more capital efficient and lastly, manage our cost structure to improve productivity to drive a profitable, scalable and positive cash flow company.

因此，展望未來，我們的首要任務仍然是代表客戶和合作夥伴進行創新和執行。我們計劃透過令人信服的夢想和商店體驗來提高客戶參與度，提供更全面的客戶交易體驗，以推動客戶選擇與我們和我們的合作夥伴進行交易，投資於整個公司的可持續營收成長機會，包括新的綜合服務更具可擴展性，更少受盈利波動影響，資本效率更高，最後，管理我們的成本結構以提高生產力，從而推動一家盈利、可擴展和正現金流的公司。

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

接線員，接下來我們將開通提問專線。

(Operator Instructions) Our first question is from John Colantuoni of Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 John Colantuoni。

So I just wanted to start with the second half -- or second quarter guidance for Premier Agent. So the underlying assumption is that there are some headwinds from -- of low for-sale inventory and affordability challenges because of rising mortgage rates, which all makes sense, of course. But given both of those are likely to remain challenges for at least the remainder of 2022, should we assume that Premier Agent revenue growth should be more muted for the remainder of the year? Or are there some transitory headwinds that you'd point to in the second quarter?

所以我只想從下半年或第二季對 Premier Agent 的指導開始。因此，基本假設是，由於抵押貸款利率上升，待售庫存較低和負擔能力面臨挑戰，這會帶來一些阻力，當然，這都是有道理的。但考慮到這兩個問題至少在 2022 年剩餘時間內可能仍然是挑戰，我們是否應該假設高級代理收入成長在今年剩餘時間內應該更加溫和？或者您認為第二季會出現一些暫時的阻力？

You want to take -- you want to at least start with that?

你想要──你至少想從這個開始嗎？

I can start and you can jump in. So what I'd say is you're right that when you look to our guide, which is at the midpoint, down about 2% year-over-year, and it's about at the midpoint, 6% down sequentially from Q1, it reflects what we're seeing in the macro and how that is affecting our customers and how we would work with our partner agents. So this is really a macro story. There's a lot of uncertainty out there.

我可以開始，你也可以加入。所以我想說的是，當你查看我們的指南時，你是對的，該指南位於中點，同比下降約 2%，大約位於中點，比第一季度連續下降6%，它反映了我們在宏觀上看到的情況以及它如何影響我們的客戶以及我們將如何與我們的合作夥伴代理商合作。所以這確實是一個宏觀的故事。那裡有很多不確定性。

We're not guiding past Q2. There's a lot -- our goal, as we think to the 2025 is to obviously do things to continue to attract high-intent customers and get them with high-performing agents, and we're continuing to make progress on those things, but they're likely to arrive -- new features are likely to arrive over time. So I would just say, based on our visibility, which is Q2, these macro headwinds are affecting our revenue, given the guidance range. They're all factored into the guidance range that we're giving, which is the negative 2% growth midpoint.

我們不會指導第二季度之後的情況。我們認為，到 2025 年，我們的目標顯然是繼續吸引高意向客戶，並為他們提供高績效的代理商，我們將繼續在這些事情上取得進展，但他們可能會出現——隨著時間的推移，新功能可能會出現。所以我只想說，根據我們第二季的可見性，考慮到指導範圍，這些宏觀逆風正在影響我們的收入。它們都被納入我們給出的指導範圍內，即負 2% 的成長中點。

I'm not sure I need to add anything on that, Brad, you want -- go ahead, John.

我不確定我是否需要添加任何內容，布拉德，你想要的——繼續吧，約翰。

Sure. okay. Just also just wanted to hit on second quarter IMT EBITDA margin guidance, looks like coming down around 500 basis points sequentially from the first quarter. Just wanted to ask whether that's a function of some upfront spending to kind of build the infrastructure and tech behind the super app experience that should moderate over time. And maybe you could kind of just talk about directionally how we should think about the spending that you'll be doing behind that initiative over time?

當然。好的。我也只是想達到第二季 IMT EBITDA 利潤率指引，看起來比第一季連續下降約 500 個基點。只是想問這是否是一些前期支出的功能，用於建立超級應用程式體驗背後的基礎設施和技術，這些支出應該隨著時間的推移而逐漸減弱。也許你可以直接談談我們應該如何考慮隨著時間的推移你將在該計劃背後進行的支出？

Yes, I'll start with that. What I would say is that if you look at the guide and the margin rates that comes down to about 38%, this is in line -- the expenses are in line with our plan. In fact, we've taken them down slightly from our initial plan. So there's not anything in it that's an increase are a surprise from our initial guidance. We've actually brought it down slightly, but it does incorporate us continuing with the investments that we think we need to make progress on the initiatives to build for the 2025 targets.

是的，我將從這個開始。我想說的是，如果你看一下指南，保證金率下降到 38% 左右，這是符合的——費用符合我們的計劃。事實上，我們已經比最初的計劃稍微減少了一些。因此，與我們最初的指導相比，沒有任何增長令人意外。我們實際上已經稍微降低了它，但這確實包括我們繼續進行我們認為需要的投資，以便在為 2025 年目標而製定的舉措上取得進展。

We don't see a significant increase in those rates. Are those expense trends as we look to the full year? There's going to be some vacillation as we fill the team but we believe that the expenses incorporated in the guide are consistent with what we need to drive for our 2025 targets. We continue to monitor the macro and we control the levers. But for now, there's a lot of near-term chop that is causing our guide on the revenue to be down, but we still have high conviction on the thesis that's driving our 2025 targets. And for now, we expect our spend incorporated in that Q2 guide to be consistent with us achieving those targets.

我們沒有看到這些比率顯著增加。這些費用趨勢是我們展望全年的嗎？我們在填補團隊成員時會出現一些猶豫，但我們相信指南中包含的費用與我們實現 2025 年目標所需的費用是一致的。我們繼續監控宏觀並控制槓桿。但就目前而言，近期的大量波動導致我們的收入指南下降，但我們仍然對推動 2025 年目標的論點充滿信心。目前，我們預計第二季指南中納入的支出將與我們實現這些目標一致。

Our next question is from Ygal Arounian of Wedbush.

我們的下一個問題來自 Wedbush 的 Ygal Arounian。

Sticking with Premier Agent, I wanted -- maybe we could just talk a little fundamentally about how agents think about ROI in times -- in more tougher times. And with the guidance and then tying that together to the comments last quarter about the goals to take incremental share, it feels like that's not happening in 2Q when you think about the overall market, which is challenged, but maybe when you take transactions plus HPA in that quarter into consideration, just how to think about that?

堅持使用高級代理，我想——也許我們可以從根本上談談代理在更困難的時期如何看待投資回報率。有了指導，然後將其與上個季度關於獲得增量份額的目標的評論聯繫在一起，當你考慮整體市場時，感覺這種情況不會在第二季度發生，這是受到挑戰的，但也許當你考慮交易加上HPA 時在那個季度考慮的時候，到底怎麼想呢？

And then I have one more follow-up on PA.

然後我還有一個關於 PA 的後續行動。

You were breaking up a little bit, but I think your question is how do we think about ROI?

你們分手了一點，但我認為你的問題是我們如何看待投資報酬率？

Yes. How do the agents talk about ROI in these times, in these kinds of times.

是的。在這個時代，在這樣的時代，代理商如何談論投資報酬率。

Yes. I mean, I guess we did outperform the market in terms of PA revenue in Q1. And as we've talked about, the macro that as we described, has an impact not only on our customers but on our agents. But we're very aware of this impact, and we continually monitor it to ensure we're optimizing and managing to the best outcome for our customers, our partner agents and for ourselves.

是的。我的意思是，我想我們在第一季的 PA 收入方面確實跑贏了市場。正如我們所討論的，我們所描述的宏觀不僅對我們的客戶產生影響，而且對我們的代理商產生影響。但我們非常清楚這種影響，我們不斷監控它，以確保我們不斷優化和管理，為我們的客戶、我們的合作夥伴代理和我們自己帶來最佳結果。

We have experience in managing through this volatility. We still have extremely strong traffic and brand. And we are, as we've mentioned, continuing to make progress in driving higher-intent customers and connecting them with high-performing partners. So what I would just say is that the Q2 guide reflects the macro impacts on our business and incorporate the way we think about managing that business and optimizing it to support our agent partners and to continue to drive those customers who want to transact to high-performing agents.

我們在應對這種波動方面擁有豐富的經驗。我們仍然擁有非常強大的流量和品牌。正如我們所提到的，我們在推動更高意向的客戶並將他們與高績效合作夥伴聯繫起來方面繼續取得進展。因此，我想說的是，第二季指南反映了對我們業務的宏觀影響，並結合了我們對管理業務和優化業務的思考方式，以支持我們的代理商合作夥伴，並繼續推動那些想要進行高額交易的客戶。表演代理人。

Okay. That's helpful. And sorry if I missed this on the prepared comments, but during the quarter, you guys made a move in Denver and Charlotte, right, to go fully Flex. Anything you could share on why you made that decision? Why those markets? And then how you think about doing that? Is that something you would do in other markets, in all markets, just the kind of plans around that?

好的。這很有幫助。很抱歉，如果我在準備好的評論中錯過了這一點，但在本季度，你們在丹佛和夏洛特採取了行動，對吧，完全轉向 Flex。您可以分享一下您做出這項決定的原因嗎？為什麼是這些市場？那麼您如何考慮這樣做？您會在其他市場、所有市場中做類似的事情嗎？

Yes. Why don't I start -- thank you for the question. Why don't I start Rich, and you could jump in.

是的。我為什麼不開始——謝謝你的提問。為什麼我不開始 Rich，你也可以加入。

Okay. Raise your hand if you want to break down and I'm happy to...

好的。如果你想崩潰，請舉手，我很樂意......

So the markets that we made adjustments in that came out were Raleigh and Denver. So I just want to correct that. But we are extremely and firmly focused on this vision to build this super app for a mass market of movers. And we've talked about the 5 pillars that we consider driving and how we get there.

因此，我們做出調整的市場是羅利和丹佛。所以我只想糾正這一點。但我們非常堅定地致力於為大眾搬家市場建立這款超級應用程式的願景。我們已經討論了我們考慮推動的 5 個支柱以及我們如何實現這一目標。

So launching Raleigh and Denver as 2 dedicated test markets, allows us to have this clean slate for research and development to test and iterate. This is a targeted approach to help us get a read on what works and what doesn't and to figure out what effectively scales while minimizing disruptions across our entire partner network. These were flipped to a Flex model because this postpaid model works better for this testing environment because we have more visibility into our partners' processes, and it minimizes their financial risk as we introduce and test and refine our new experiences.

因此，推出羅利和丹佛作為兩個專門的測試市場，使我們能夠擁有全新的研發測試和迭代能力。這是一種有針對性的方法，可以幫助我們了解哪些有效，哪些無效，並找出哪些有效擴展，同時最大限度地減少對整個合作夥伴網路的干擾。這些模型被轉換為Flex 模型，因為這種後付費模型更適合此測試環境，因為我們可以更好地了解合作夥伴的流程，並且在我們引入、測試和完善新體驗時可以最大限度地降低他們的財務風險。

So what we learned from these markets, we're going to -- we expect to use across all of our markets across a broad set of customers, across both monetization models. So this is really just our ability to test, iterate and learn. It's -- we expect and intend to have kind of a hybrid mix of monetization models going forward. And this wasn't any kind of indication about Flex versus MBP.

因此，我們從這些市場中學到的東西，我們希望能夠在所有市場、廣大客戶、兩種貨幣化模式中使用。所以這實際上只是我們測試、迭代和學習的能力。我們期望並打算未來採用混合的獲利模式。這並不是 Flex 與 MBP 的任何區別。

So our focus is delivering high-intent movers that drives more value to our partners, regardless of the monetization model. This just set us up to have 2 great test environments, along with the other markets.

因此，我們的重點是提供高意圖的推動者，為我們的合作夥伴帶來更多價值，無論貨幣化模式如何。這讓我們與其他市場一起擁有了 2 個出色的測試環境。

Let me jump in, Ygal, and editorialize a little bit. Yes, it's ironic. I was kind of chuckling that Raleigh and Denver is R and D. That is what's going on here. What you're seeing, unfortunately, you broke into the public and has created some questions, like you're asking, normally, this wouldn't have broken into the public, but of course, it involves partners. So things do get out.

讓我介入，Ygal，並進行一些社論。是的，這很諷刺。我有點笑羅利和丹佛是研發中心。這就是這裡發生的事情。不幸的是，你所看到的，你闖入了公眾並產生了一些問題，就像你問的那樣，通常情況下，這不會闖入公眾，但當然，它涉及合作夥伴。所以事情確實會洩漏出去。

This, I think you and our investors should take as a sign of us making progress against the 5 pillars. We're really working hard to enhance our partner network and to try out all kinds of new stuff in order to get to the super app and integrate this transaction. And having a postpaid model in these test markets, enable -- it lowers the barrier to participation on the part of partners. It makes it a lot easier to participate and lets us iterate rapidly.

我認為您和我們的投資者應該將此視為我們在 5 個支柱方面取得進展的標誌。我們確實正在努力增強我們的合作夥伴網路並嘗試各種新事物，以便使用超級應用程式並整合此交易。在這些測試市場中採用後付費模式可以降低合作夥伴的參與門檻。它使參與變得更加容易，並讓我們能夠快速迭代。

So really, I wouldn't get you hung up on this being Flex or MBP or whatever. This is us basically working hard against the 5 growth pillars, to enhance the partner network, integrate finance, come up with interesting seller solutions and to integrate all these services. That is what's going on here. And it will -- we will continue to run and as we push towards the super app and experiment with these models, we will continue to run interesting experiments into different cities. So you will see more of this. And anyway, so take it as a good sign of progress.

所以說實話，我不會讓你糾結於 Flex 或 MBP 或其他什麼。這就是我們基本上圍繞著 5 個成長支柱努力工作，以增強合作夥伴網路、整合財務、提出有趣的賣家解決方案並整合所有這些服務。這就是這裡發生的事情。我們將繼續運行，當我們推動超級應用程式並嘗試這些模型時，我們將繼續在不同的城市進行有趣的實驗。所以你會看到更多這樣的事。無論如何，請將其視為進步的好兆頭。

The next question is from Tom Champion of Piper Sandler.

下一個問題來自 Piper Sandler 的 Tom Champion。

Just want to pick up on the last question. How are these markets different from Phoenix and Atlanta? I thought those markets were 100% Flex. And just because of the sensitivity, how are you managing the legacy MBP relationships in those markets, Denver and Raleigh?

只是想回答最後一個問題。這些市場與鳳凰城和亞特蘭大有何不同？我認為這些市場是 100% Flex 的。正是由於敏感性，您如何管理丹佛和羅利這些市場中的傳統 MBP 關係？

And then maybe just one more. Rich, if you could talk a little bit about integrating ShowingTime and increasing the amount of touring activity going forward, what you're doing to facilitate that given the benefit to transaction throughput. Any comments on that would be really helpful.

然後也許還有一個。 Rich，如果您能談談整合 ShowingTime 和增加未來巡迴活動的數量，以及考慮到交易吞吐量的好處，您正在採取哪些措施來促進這一點。對此的任何評論都會非常有幫助。

Yes. Tom, you guys want me to start on this one? Yes. Nothing to do with Phoenix and Atlanta and only incidentally has anything to do with Flex, as I described last time, Tom. And you described MBP as legacy, it's just -- we run multiple business models and with an eye towards optimization and getting to the customer solutions that we want and the solutions that are great for our partners, too. So I want to try to walk back a perception that MBP is legacy, et cetera.

是的。湯姆，你們想讓我開始講這個嗎？是的。與菲尼克斯和亞特蘭大無關，只是偶然與 Flex 有關，正如我上次所描述的，湯姆。您將 MBP 描述為遺產，它只是 - 我們運行多種業務模式，並著眼於優化並獲得我們想要的客戶解決方案以及對我們的合作夥伴也非常有用的解決方案。因此，我想嘗試扭轉「MBP 是遺產」等觀念。

And so as I said before, the Raleigh and Denver testing has to do with building out the super app and integrating services, okay? And having a clear clean slate from which we can do that. Of course, running to markets with revenues and profits in mind as well, okay? So they really aren't connected to each other. Although, as I said before, you will see us do more things in more markets and it may look different. It may look the same, it may look different depending on the outcome of the experiments we're running, right?

正如我之前所說，羅利和丹佛的測試與建立超級應用程式和整合服務有關，好嗎？並有一個清晰的記錄，我們可以從中做到這一點。當然，進入市場時也要考慮收入和利潤，好嗎？所以他們之間確實沒有連結。儘管如此，正如我之前所說，你會看到我們在更多市場做更多事情，而且看起來可能會有所不同。它可能看起來相同，也可能看起來不同，這取決於我們正在進行的實驗的結果，對嗎？

In terms of ShowingTime and touring, like we're working hard, I cited one sparkler in my script around a movement -- a mix shift of, I think, 400 basis points I said, towards touring as the hand-raise activity to call that action for -- amongst our connections, which is a real positive because we know those customers convert at a much higher rate into transactions and revenues for us. And so what we're doing is lots of little things on the site with calls to action and design and functionality with touring functionality that is encouraging people to reach out via a tour on Zillow app and our other consumer customer services.

在 ShowingTime 和巡演方面，就像我們正在努力工作一樣，我在腳本中引用了一個圍繞運動的火花——我認為，我所說的 400 個基點的混合轉變，將巡演作為舉手活動來調用在在我們的聯繫中，這項行動確實是積極的，因為我們知道這些客戶以更高的速度轉化為我們的交易和收入。因此，我們正在網站上做很多小事情，包括號召性用語、設計和功能以及遊覽功能，鼓勵人們透過 Zillow 應用程式和我們其他消費者客戶服務上的遊覽進行聯繫。

And we hope -- yes. I talked a bit about real-time availability, which is early days, but it's -- that's a really exciting one. That one could be something, long term, that is sort of a game changer for physical home touring. That is really good. And it's linked, I didn't really say it in my script, but the virtual tour with the new floor plan tech and the 3D homes technology that we have that is super cool. It's not only awesome for customers because it acts as a good filter because people can visualize what a home is much more richly and accurately in the virtual space on their smartphone or at their computer, which means we get a higher signal to noise on the tour itself because people are self-filtering because of better virtual tech. Anyway, these things are interrelated, and we love that we're pushing hard on both of these fronts.

我們希望——是的。我談到了即時可用性，這還處於早期階段，但這確實是一個令人興奮的問題。從長遠來看，這可能會改變實體家庭巡迴演出的遊戲規則。那真是太好了。它是相互關聯的，我並沒有在我的腳本中真正說過，但是使用新的平面圖技術和我們擁有的 3D 家庭技術的虛擬遊覽非常酷。這不僅對客戶來說很棒，因為它充當了一個很好的過濾器，因為人們可以在智慧型手機或電腦上的虛擬空間中更豐富、更準確地想像一個家的樣子，這意味著我們在在旅途中獲得更高的信噪比其本身是因為人們由於更好的虛擬技術而進行自我過濾。無論如何，這些事情是相互關聯的，我們喜歡在這兩方面努力推動。

Next question is from Naved Khan of Truist.

下一個問題來自 Truist 的 Naved Khan。

Yes. So not to harp on this topic, but just on the move to sort of 100% Flex and in Raleigh and Denver. I think last time you guys did this back in, I think, like 2.5 years ago, it was like an impact to revenue in the next quarter because of the accounting. I guess this time around, there is probably not going to be an impact because you changed the accounting then. Is that a fair assumption?

是的。因此，不要在這個主題上喋喋不休，而只是在向羅利和丹佛的 100% Flex 邁進。我想你們上次這樣做的時候，就像 2.5 年前一樣，由於會計的原因，這對下個季度的收入產生了影響。我想這一次，可能不會有影響，因為你當時改變了會計。這是一個公平的假設嗎？

Yes. So the impact on Q2 revenue related to Raleigh and Denver is immaterial. We recognize revenue as leads are delivered in Raleigh and Denver. And so there's not the same impact as when we flipped in Phoenix and Atlanta.

是的。因此，對羅利和丹佛第二季營收的影響並不重大。我們在羅利和丹佛交付銷售線索時確認收入。因此，與我們在鳳凰城和亞特蘭大翻轉時的影響不同。

Great. The other question I had is just on the 2025 target. And can you just sort of give us your thoughts on how much does the target rely on market performance versus just sort of you're getting better and increasing its share of the overall pie?

偉大的。我的另一個問題是關於 2025 年的目標。您能否告訴我們您對目標在多大程度上依賴市場表現以及您正在變得更好並增加其在整體蛋糕中的份額的看法？

Want me to go first, Allen?

要我先走嗎，艾倫？

Yes.

是的。

Within current anticipated market headwinds, it shouldn't affect us, Naved. Of course, if there's a terrible storm that blows and the market grinds to a halt and goes on for a long time, we could change our views. But the fundamentals behind kind of -- the fundamentals behind our 2025 target of $5 billion in revenue and 45% EBITDA margins really revolve around converting more connections into transactions and increasing our basket size, our dollars for transactions by integrating more and more services into that transaction.

在目前預期的市場逆風中，它不應該影響我們，Naved。當然，如果有一場可怕的風暴襲來，市場陷入停滯並持續很長時間，我們可能會改變我們的觀點。但我們2025 年50 億美元收入和45% EBITDA 利潤率的目標背後的基本原理實際上圍繞著將更多的連接轉化為交易，並通過將越來越多的服務集成到其中來增加我們的籃子規模和交易金額。交易。

And the biggest lever is moving from 3% of transaction penetration today to about 6% by 2025. That is the really big mover. The denominator matters of course. But in most scenarios, it is really the penetration that is the big lever, not the denominator.

最大的槓桿是到 2025 年，交易滲透率從目前的 3% 提高到 6% 左右。這是真正的重大推動力。分母當然很重要。但在大多數情況下，滲透率才是最大的槓桿，而不是分母。

The next question is from John Campbell with Stephens.

下一個問題是約翰·坎貝爾和史蒂芬斯提出的。

Just got a quick question here. I don't know if you guys are willing to share this quite yet, but roughly just how much of Premier Agent is tied to Flex now? And then based on the 2025 target, I'm thinking Flex likely grows as a percent of the mix. So maybe if you can talk about maybe broadly what you're expecting that mix to look like over time?

剛剛有一個簡單的問題。我不知道你們是否願意分享這一點，但現在大約有多少 Premier Agent 與 Flex 相關？然後，根據 2025 年的目標，我認為 Flex 可能會以百分比的形式成長。那麼，也許您可以廣泛地談談您期望這種組合隨著時間的推移會是什麼樣子？

Yes. This is Allen. I'll answer that, John. Yes, we're not providing, as Rich said, these are 2 monetization models that both result in us allowing high-intent customers to get to high-performing agents, and we participate in doing that either in adjusting the prices over time in MBP through the auction process or the success fee with the Flex model. We have grown Flex over the last year as we've expanded that across more ZIP codes. But -- and we do believe that Flex is an alignment tool, not necessarily a step function improvement in profitability or conversion across our best performers, but it's an alignment tool. So it's likely our Flex partners will be participating more in other products and services. That's a lot of what we're going to learn.

是的。這是艾倫。我會回答這個問題，約翰。是的，我們並沒有提供，正如 Rich 所說，這兩種貨幣化模式都會導致我們允許高意向客戶接觸高性能代理商，並且我們參與這樣做，或者隨著時間的推移調整 MBP 的價格通過拍賣過程或使用Flex 模型收取成功費用。去年，隨著我們將 Flex 擴展到更多郵遞區號，我們不斷壯大 Flex。但是，我們確實相信 Flex 是一種調整工具，不一定是我們表現最好的公司獲利能力或轉換率的階梯式功能改進，但它是一種調整工具。因此，我們的 Flex 合作夥伴可能會更多地參與其他產品和服務。這就是我們要學習的很多內容。

We believe that to the extent we innovate and on behalf of our customers and make a delightful experience, even some of our MBP partners will find it useful to leverage our loans and our closing services and other services. But we're not at this time, there's no fixed number, there's not anything out there that says, this is where we need to be in Flex in order to hit our targets. We believe both monetization models work, both include great performing agents.

我們相信，只要我們代表客戶進行創新並創造令人愉快的體驗，即使是我們的一些 MBP 合作夥伴也會發現利用我們的貸款、結帳服務和其他服務很有用。但目前還沒有，沒有固定的數字，也沒有任何資訊表明，這就是我們需要在 Flex 中實現的目標。我們相信這兩種獲利模式都是可行的，而且都包含表現出色的代理商。

Most of what we're focusing on is building the integrated super app platform that allows these services to work well together. And we expect that both partners in Flex and MBP will want to utilize those services as that value prop to their customers and to their ability to close improves.

我們主要關注的是建立整合的超級應用程式平台，使這些服務能夠很好地協同工作。我們預計 Flex 和 MBP 的合作夥伴都希望利用這些服務來為他們的客戶提供價值並提高他們的成交能力。

We have time for one final question, and it comes from the line of Deepak Mathivanan of Wolfe Research.

我們有時間回答最後一個問題，它來自沃爾夫研究中心的 Deepak Mathivanan。

Sorry about that. I was on mute. You have Frank Volpe here for Deepak. So first thing I wanted to ask was whether the recent headwinds to growth are making you rethink product development and kind of what investment plans are necessary to reach your long-term targets?

對於那個很抱歉。我當時處於靜音狀態。弗蘭克·沃爾普（Frank Volpe）在這裡為迪帕克（Deepak）服務。因此，我想問的第一件事是，最近的成長阻力是否讓您重新考慮產品開發以及實現長期目標需要哪些投資計畫？

And then beyond that, I was just curious on the feedback you're hearing from brokerage partners and agents currently on the summer season? And any expectations for kind of the broader market over the back half of the year?

除此之外，我只是好奇您從經紀合作夥伴和代理商那裡聽到的關於夏季的回饋？下半年大盤有何預期？

Maybe I'll start with the growth one. And to reiterate, as we look at the Q2 guide, the growth in our Premier Agent revenue is really about this low inventory listing. This imbalance in supply and demand and how that is impacting affordability for some of our customers. We do believe that, that is temporary. This is not about our traffic or our customers', that are on our sites, intent to try to buy a home. There's just not that much out there. And that's affecting -- that macro factor is affecting our ability to help customers transact.

也許我會從成長開始。重申一下，當我們查看第二季度指南時，我們的高級代理商收入的成長實際上與這種低庫存清單有關。這種供需失衡以及這如何影響我們一些客戶的承受能力。我們確實相信，那是暫時的。這與我們的流量或我們網站上試圖購買房屋的客戶的流量無關。那裡沒有那麼多。這正在影響——宏觀因素正在影響我們幫助客戶進行交易的能力。

So when you look at the macro and how it affects our revenue, that informs our decision also to say that we're not slowing down on some of our investments. We're tracking this closely and we're going to continue to monitor it. We're well positioned as a profitable company that delivers strong free cash flow and we -- that's important to us. But it doesn't change the thesis or our conviction for the thesis on how we can drive more transactions through technology and innovation across a broader set of services, generating higher revenue transaction.

因此，當你觀察宏觀情況以及它如何影響我們的收入時，這會告訴我們我們不會放慢某些投資的決定。我們正在密切關注此事，並將繼續監控。作為一家獲利公司，我們處於有利地位，能夠提供強勁的自由現金流，這對我們很重要。但這並沒有改變我們的論文或我們對論文的信念，即我們如何透過更廣泛的服務中的技術和創新來推動更多交易，從而產生更高的交易收入。

So we view this as temporal. It's uncertain how long it will exist. It's affecting our revenue but we still see the demand and it doesn't change our growth trajectory or how we think about the 2025 targets. We'll continue to monitor it and track it. But right now, we believe touring, financing, seller services, enhancing our partner network and integrating across the super app platform are the right 5 pillars that are going to drive the 2025 success.

所以我們認為這是暫時的。不確定它會存在多久。它影響了我們的收入，但我們仍然看到需求，並且它不會改變我們的成長軌跡或我們對 2025 年目標的看法。我們將持續關注、追蹤。但目前，我們相信巡迴演出、融資、賣家服務、增強我們的合作夥伴網路以及跨超級應用程式平台的整合是推動 2025 年成功的正確 5 個支柱。

Yes, let me -- like we're excitable and excited, but we're prudent as well. You've seen us lean in and out of things aggressively and aggressively prudently in the past. And we continue to have that attitude but we do see a lot of upside. And just an indicator for you, I'll just hit it, but we did just -- our Board did just authorize a $1 billion share repurchase, which is a nod to how much cash we're generating, how much cash we raised in order to fund the kind of capital-hungry iBuying business and how we want to return that capital now. But it also expresses the confidence in the kind of nimbleness and inherent profitability in our current business. So that should give you an indicator.

是的，讓我說——我們很興奮，但我們也很謹慎。你過去已經看到我們積極進取、謹慎進取的態度。我們繼續保持這種態度，但我們確實看到了許多好處。只是給你一個指標，我會點擊它，但我們只是——我們的董事會剛剛授權進行 10 億美元的股票回購，這是對我們產生了多少現金，我們籌集了多少現金的認可。以便為急需資金的iBuying 業務提供資金，以及我們現在希望如何返還這些資金。但這也表達了對我們目前業務的靈活性和固有獲利能力的信心。所以這應該會給你一個指標。

In terms of the summer season selling -- summer season signals, I'd say they're mixed. I actually just came from a industry conference in San Antonio with a bunch of big brokers and industry players. And I would say it's just -- it's mixed. People are in kind of wait-and-see mode. Everybody is kind of commenting on just what a weird market it is with such a high supply-demand or demand-supply imbalance, that hasn't actually righted itself for quite some time. The industry is expecting it to do so, but the underlying dynamics, the demographic supporting more and more demand coming online are strong. And so it's -- it continues to be a weird market. I would say people don't exactly know what to expect. It isn't all doom and gloom, but it's foggy, I guess, is what I would say.

就夏季銷售而言——夏季訊號，我認為它們是好壞參半的。實際上，我剛剛參加了在聖安東尼奧舉行的行業會議，與會者包括一群大經紀人和行業參與者。我想說這只是——它是混合的。人們處於觀望狀態。每個人都在評論這是一個多麼奇怪的市場，供需或供需不平衡程度如此之高，而且在相當長的一段時間內都沒有真正恢復正常。業界預計它會這樣做，但潛在的動力、支持越來越多線上需求的人口結構都很強勁。所以它仍然是一個奇怪的市場。我想說人們並不完全知道會發生什麼事。這並不全是厄運和陰鬱，但我想，這就是迷霧。

This completes the allotted time for questions, so I will now turn the call back over to Rich Barton for any closing remarks.

分配的提問時間到此結束，所以我現在將把電話轉回給里奇·巴頓，讓其發表結束語。

Okay, thank you. Thank you. I know it's a really super busy day and a kind of a crazy day. It is times like this when you all and we all turn from looking at revenues and income statements and we look at balance sheets, what boats are seaworthy if we're sailing into some choppy waters overall. I know you're doing that across your portfolios.

好的謝謝。謝謝。我知道這真是超級忙碌的一天，也是瘋狂的一天。在這樣的時刻，你們所有人和我們所有人都不再關注收入和損益表，而是關注資產負債表，如果我們航行到總體波濤洶湧的水域，哪些船適合航行。我知道您在整個投資組合中都這樣做。

We're really happy here at Zillow that we have a strong balance sheet. We're quite seaworthy, we're looking down through the storm, and we feel good about our opportunity and the vehicle that's going to get us there. So anyway, thank you for taking the time, and we will talk to you all again real soon. Have a good day.

我們很高興 Zillow 擁有強大的資產負債表。我們非常適合航海，我們在風暴中俯視，我們對我們的機會和將我們帶到那裡的車輛感到滿意。不管怎樣，感謝您抽出寶貴的時間，我們很快就會再次與大家交談。祝你有美好的一天。

That concludes the Zillow Group First Quarter Earnings Call. Thank you all for your participation. You may now disconnect your lines.

Zillow Group 第一季財報電話會議到此結束。感謝大家的參與。現在您可以斷開線路。