Zillow Group Inc (ZG) 2015 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Zillow Group first-quarter 2015 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 Zillow Group 2015 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference may be recorded. I would now like to introduce your host for today's conference, RJ Jones, Vice President of Investor Relations. Sir, you may begin.

提醒一下，本次會議可能會被錄音。現在我想介紹一下今天會議的主持人，投資者關係副總裁 RJ Jones。先生，您可以開始了。

Thank you. Good afternoon and welcome to Zillow Group's first-quarter 2015 earnings conference call. Joining me today to talk about our results are Spencer Rascoff, Chief Executive Officer, and Chad Cohen, Chief Financial Officer.

謝謝。下午好，歡迎參加 Zillow Group 2015 年第一季財報電話會議。今天與我一起談論我們業績的是執行長 Spencer Rascoff 和財務長 Chad Cohen。

During the call, we will make forward-looking statements regarding future financial performance and events. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can't guarantee these results, and actual results may differ materially. We caution you to consider the risk factors in our SEC filings, which could cause actual results to differ materially from those in the forward-looking statements made in the press release and on this call.

在電話會議期間，我們將就未來的財務表現和事件做出前瞻性陳述。儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證這些結果，並且實際結果可能存在重大差異。我們提醒您考慮我們向美國證券交易委員會提交的文件中的風險因素，這些因素可能導致實際結果與新聞稿和本次電話會議中的前瞻性聲明中的結果有重大差異。

The date of this call is May 12, 2015, and forward-looking statements made today are based on assumptions as of this date. We undertake no obligation to update these statements as a result of new information or future events.

本次電話會議的日期為 2015 年 5 月 12 日，今天所做的前瞻性陳述是基於截至該日期的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

During this call, we will discuss GAAP and non-GAAP measures. We will also discuss results on a reported and pro forma basis. Reported results were prepared in accordance with GAAP. For comparative purposes, pro forma results assume the February 2015 acquisition of Trulia occurred on January 1, 2014, and reflect certain adjustments and exclusions described in our filings.

在本次電話會議中，我們將討論公認會計原則和非公認會計原則措施。我們還將討論報告和預計的結果。報告結果是根據公認會計原則準備的。出於比較目的，預計結果假設 2015 年 2 月收購 Trulia 發生於 2014 年 1 月 1 日，並反映了我們的文件中描述的某些調整和排除情況。

We encourage you to read our press release, as it contains information about our reported and pro forma results, including reconciliation of non-GAAP financial measures. In our remarks, the non-GAAP financial measure, adjusted EBITDA, is referred to as EBITDA, which excludes other income, depreciation and amortization expense, share-based compensation expense, acquisition-related costs, restructuring costs, interest expense, and taxes.

我們鼓勵您閱讀我們的新聞稿，因為它包含有關我們報告和預計結果的信息，包括非公認會計原則財務指標的調節。在我們的評論中，非公認會計準則財務指標調整後的 EBITDA 簡稱 EBITDA，其中不包括其他收入、折舊和攤提費用、股權激勵費用、收購相關成本、重組成本、利息費用和稅費。

This call is being broadcast on the Internet, and is available on the Investor Relations section of the Zillow Group website. A recording will be available after 8 PM Eastern time today. Please note that the earnings press release is available on our website, and after the call, a copy of today's remarks will also be available on our website.

此次電話會議正在網路上播出，您可以在 Zillow Group 網站的投資者關係部分查看。東部時間今天晚上 8 點後將提供錄音。請注意，收益新聞稿可在我們的網站上獲取，電話會議結束後，今天的演講副本也將在我們的網站上提供。

Today we will open the call with prepared remarks, and then we will host a live question-and-answer session. During the Q&A, we will entertain questions asked via Twitter, in addition to questions from those dialed into the call. Individuals may submit questions by tweeting @ZillowGroup using the #ZEarnings hashtag. I will now turn the call over to Spencer.

今天，我們將以準備好的演講開始電話會議，然後我們將主持現場問答環節。在問答過程中，除了撥打電話的人提出的問題外，我們還將接受透過 Twitter 提出的問題。個人可以使用 #ZEarnings 標籤透過 Twitter @ZillowGroup 提交問題。我現在將把電話轉給斯賓塞。

Thanks, and welcome to our first-quarter 2015 earnings call, and our first-ever earnings call as Zillow Group. It's been four weeks since our operational update call, during which I discussed the progress we've made since closing the Trulia acquisition, and gave our full-year pro forma expectations. At that time, we were still preparing our financial results for Zillow Group's first quarter, which we're reporting today.

感謝並歡迎參加我們的 2015 年第一季財報電話會議，這也是我們作為 Zillow Group 的首次財報電話會議。距離我們的營運更新電話會議已經過去了四個星期，在電話會議中我討論了自完成 Trulia 收購以來我們所取得的進展，並給出了我們全年的預期預期。當時，我們仍在準備今天報告的 Zillow Group 第一季的財務表現。

Our first-quarter financial results on a pro forma basis show revenue of nearly $163 million, and adjusted EBITDA of almost $25 million. We're right on track to reach our stated pro forma operating goals for full-year 2015 of $690 million in revenue and $80 million to $85 in EBITDA.

我們第一季的預期財務業績顯示營收接近 1.63 億美元，調整後 EBITDA 接近 2,500 萬美元。我們預計將實現 2015 年全年營收 6.9 億美元和 EBITDA 8,000 萬至 85 美元的預計營運目標。

While we've accomplished an enormous amount in a short time since the Trulia acquisition closed, we still have a lot of work ahead in this transition year. By the start of 2016, we'll be very well-positioned to capture an increasing amount of the $13 billion real estate advertising opportunity, as dollars continue to shift to online and mobile media brands with the largest audience.

儘管自 Trulia 收購完成以來我們在短時間內取得了巨大成就，但在這個過渡年中我們仍有大量工作要做。到 2016 年初，隨著資金繼續轉向擁有最多受眾的線上和行動媒體品牌，我們將處於有利位置，能夠抓住越來越多的 130 億美元房地產廣告機會。

Today, I will start with a brief discussion our strategy, and then Chad will walk you through our first-quarter financial results, and we'll then take questions on the call, also through Twitter. This year we're focusing Zillow Group on four priorities:

今天，我將首先簡要討論我們的策略，然後查德將​​向您介紹我們第一季的財務業績，然後我們將在電話會議上回答問題，也可以透過 Twitter 回答問題。今年，我們將 Zillow Group 的重點放在四個優先事項上：

First, extracting significant benefits from bringing Trulia into Zillow Group. Second, growing our combined consumer audience. Third, growing our agent advertising business. And fourth, growing our emerging marketplaces. I'll discuss each in more detail.

首先，將 Trulia 納入 Zillow Group 可以獲得顯著的效益。其次，擴大我們的綜合消費者群。三是做大代理廣告業務。第四，發展我們的新興市場。我將更詳細地討論每一個。

First our top strategic priority for 2015 is successfully integrating Trulia, and maximizing the potential of our increased scale. We have significant momentum, and are making great progress here. As we discussed in our operational update call, the protracted FTC review process last year negatively impacted the Trulia agent advertising business by creating advertiser uncertainty, which did drive lower agent additions and retention.

首先，我們 2015 年的首要策略重點是成功整合 Trulia，並最大限度地發揮我們擴大規模的潛力。我們勢頭強勁，並且正在取得巨大進展。正如我們在營運更新電話會議中討論的那樣，去年曠日持久的 FTC 審查流程造成了廣告商的不確定性，從而對 Trulia 代理廣告業務產生了負面影響，這確實導致代理商增加和保留率下降。

We've already rectified the key issues which were impacting Trulia's agent ad business. Now with our rentals and mortgages integrations complete, we're focused on combining the Zillow and Trulia agent advertising products, which will be done by the end of the year. Changes will include converting agent advertising inventory on Trulia from share of voice to an impression basis, and unifying all SKUs to be sold as combined mobile and web advertising.

我們已經糾正了影響 Trulia 代理廣告業務的關鍵問題。現在，隨著我們的租賃和抵押貸款整合的完成，我們的重點是結合 Zillow 和 Trulia 代理廣告產品，這將在今年年底完成。變化將包括將 Trulia 上的代理廣告庫存從語音份額轉換為印象基礎，並統一所有 SKU 以行動和網路廣告的形式進行銷售。

As you know, we're conducting a strategic review of Market Leader's operations, and evaluating its place within Zillow Group's overall strategy. While we continue to support this [year end] product for agents and enterprise partners, we're not actively selling those products to new clients. We continue to expect Market Leader related revenue for full-year 2015 to be approximately $40 million on a pro forma basis.

如您所知，我們正在對市場領導者的營運進行策略審查，並評估其在 Zillow Group 整體策略中的地位。雖然我們繼續為代理商和企業合作夥伴支持此[年終]產品，但我們並沒有積極向新客戶銷售這些產品。我們繼續預計 2015 年全年與市場領導者相關的預計收入約為 4000 萬美元。

Moving now to our second strategic priority, growing our audience. As I have said many times before, in the media model, we believe that advertisers follow audience. Our four leading consumer brands represent by far the largest audience in real estate, rentals, and mortgages, both on mobile and the web, and still an enormous opportunity remains to grow our collective footprint.

現在轉向我們的第二個策略重點，擴大我們的受眾。正如我之前多次說過的，在媒體模式中，我們認為廣告商跟隨受眾。我們的四個領先消費品牌代表了迄今為止在行動和網路上房地產、租賃和抵押貸款領域最大的受眾，並且仍然有巨大的機會來擴大我們的集體足跡。

Everything in our strategy begins with creating products that empower consumers to make the smartest decisions when it comes to their homes. The most recent product innovations for both Zillow and Trulia brands were our Apple Watch apps. In these apps, consumers can receive notifications about new properties that come on markets, scroll through photos, see local info, and examine property data. Both apps seamlessly extend Zillow and Trulia home shopping from the iPhone to the user's wrist.

我們策略的一切都始於創造產品，使消費者能夠在家居方面做出最明智的決定。 Zillow 和 Trulia 品牌的最新產品創新是我們的 Apple Watch 應用程式。在這些應用程式中，消費者可以接收有關市場上新房產的通知、滾動瀏覽照片、查看本地資訊並檢查房產數據。這兩個應用程式將 Zillow 和 Trulia 家庭購物從 iPhone 無縫延伸到用戶的手腕上。

Other product innovations include the recently-launched Okay Google voice search functionality on both Zillow and Trulia, and the launch of Trulia's Boards, a highly engaging collaborative shopping feature. Our efforts in product innovation and amplification, with impactful marketing and national advertising, drive our growth strategy, and result in tremendous scale that benefits our advertisers. In 2015, Zillow Group is investing more than $100 million in advertising our consumer brands, or approximately 15% of revenue.

其他產品創新包括最近在Zillow 和Trulia 上推出的Okay Google 語音搜尋功能，以及推出極具吸引力的協作購物功能Trulia's Boards。我們在產品創新和擴大規模方面的努力，以及有影響力的行銷和全國性廣告，推動了我們的成長策略，並產生了巨大的規模，使我們的廣告商受益。 2015 年，Zillow Group 投資超過 1 億美元用於我們的消費品牌廣告，約佔營收的 15%。

Looking at traffic across our portfolio, nearly 140 million unique users visited Zillow Group brands on mobile and web in March. Mobile continues to be strong across our brand portfolio. For example, nearly two-thirds of Zillow brand's usage comes from mobile devices, and more than 70% on weekends. Our category leadership is even more pronounced on mobile, where consumers tend to use fewer sites and apps.

從我們產品組合的流量來看，3 月有近 1.4 億獨立用戶透過行動裝置和網路存取了 Zillow Group 品牌。在我們的品牌組合中，行動業務持續保持強勁勢頭。例如，Zillow 品牌近三分之二的使用量來自行動設備，超過 70% 的使用量來自週末。我們的類別領先地位在行動裝置上更為明顯，因為消費者往往使用較少的網站和應用程式。

This brings us to our third strategic priority of growing our real estate agent advertising businesses. As we have discussed, there is a ton of great work, either recently completed or currently underway, to enhance the Trulia agent business in the near term.

這為我們帶來了第三個策略重點：發展我們的房地產代理廣告業務。正如我們所討論的，為了在短期內增強 Trulia 代理業務，有大量工作（最近完成或正在進行）。

As for Zillow Premier Agent, we continue to see significant growth in agent advertisers and revenue. Same-agent sales remained robust, with over 50% ARPA growth for advertisers who were with us a year ago, and the bulk of that gain coming from buying more impressions. Also, more than 60% of bookings are to existing advertisers buying more impressions. We're looking forward to when our newly combined sales force will be able to sell one product to agent advertisers that will place them in ad units across Zillow Group brands.

至於 Zillow Premier Agent，我們繼續看到代理廣告商和收入的顯著成長。同代理銷售仍然強勁，一年前與我們合作的廣告商的 ARPA 成長超過 50%，其中大部分收益來自購買更多展示次數。此外，超過 60% 的預訂是為了現有廣告商購買更多展示次數。我們期待新合併的銷售團隊能夠向代理商廣告主銷售一種產品，並將其放置在 Zillow Group 品牌的廣告單元中。

We're now receiving direct listings feeds every few minutes from 235 MLSs, and more are joining daily, with 105 new MLSs joining in just the past six weeks. Our coverage of active for-sale-by-agent listings is the strongest we've ever seen in our history, and continues to grow. These direct feeds improve our listings' quality, which contributed to our audience growth, and also provide us with more ad impressions.

現在，我們每隔幾分鐘就會收到來自 235 個 MLS 的直接清單來源，並且每天都會有更多的 MLS 加入，僅在過去六週內就有 105 個新的 MLS 加入。我們對代理商待售房源的活躍覆蓋範圍是我們歷史上最強大的，並且持續成長。這些直接提要提高了我們清單的質量，從而促進了我們受眾的成長，並為我們提供了更多的廣告印象。

By receiving 100% of our listings directly, rather than through third-party intermediaries, we provide the most accurate and timely listings to millions of consumers who visit Zillow Group brands each month. Furthering our commitment to be the best industry partner to MLSs and brokerages who send their listings to Zillow Group, we recently announced the Zillow Group Data Connect program, which gives MLSs extensive public data on homes, with broad usage rights, free of charge.

透過直接接收 100% 的列表，而不是透過第三方中介，我們為每月訪問 Zillow Group 品牌的數百萬消費者提供最準確、最及時的列表。為了進一步履行我們的承諾，成為向Zillow Group 發送房源的MLS 和經紀公司的最佳行業合作夥伴，我們最近宣布了Zillow Group 數據連接計劃，該計劃為MLS 免費提供廣泛的房屋公共數據和廣泛的使用權。

This is data that MLSs normally spend hundreds of thousands of dollars annually to buy or license, with periodic updates. MLSs use this data to help their members create listings, research their market, speed up listings input, and enhance prospecting and business development. This new source of dynamic data, combined with the software from our acquisition of Retsly last year will give MLSs the freedom to innovate and build products and services for their members, help MLSs save a significant expense, and strengthen the bonds we're building with the industry for the long-term.

MLS 通常每年花費數十萬美元購買或授權這些數據，並定期更新。 MLS 使用這些數據來幫助其會員創建清單、研究市場、加快清單輸入並增強勘探和業務開發。這種新的動態數據來源與我們去年收購 Retsly 的軟體相結合，將使 MLS 能夠自由地為其會員創新和構建產品和服務，幫助 MLS 節省大量費用，並加強我們與之建立的聯繫行業的長遠發展。

Turning now to our fourth strategic priority of growing our emerging marketplaces, consisting of mortgages, New York City and rentals. Zillow Group mortgages continues to advance rapidly, with excellent traffic growth, loan requests, contacts and revenue during the quarter. Growth in contacts year-over-year exceeded 60%, which is well ahead of industry trends.

現在轉向我們發展新興市場的第四個策略重點，包括抵押貸款、紐約市和租賃。 Zillow Group 抵押貸款業務持續快速發展，本季流量、貸款請求、聯絡資訊和收入均表現出色。聯繫人數量較去年同期成長超過60%，遠領先於產業趨勢。

Most notably during the quarter, we successfully completed the integration and launch of our mortgages experience on Trulia desktop and mobile web. Now the millions of consumers visiting all Zillow Group brands can anonymously shop for custom loan quotes and access more than 130,000 reviews of mortgage lenders. For borrowers, connecting with reputable lenders is now easier than ever.

最值得注意的是，本季我們成功完成了 Trulia 桌面和行動網路上抵押貸款體驗的整合和發布。現在，造訪所有 Zillow Group 品牌的數百萬消費者可以匿名購買客製化貸款報價，並存取超過 130,000 條抵押貸款機構的評論。對於借款人來說，與信譽良好的貸方建立聯繫現在比以往任何時候都更容易。

In addition to providing borrowers with a comprehensive comparison shopping experience, we now also offer a way for consumers to be matched with local lenders through our newly-launched long-form product. This intuitive step-by-step long-form offering evolved from our pre-approval product, and so far is showing great results for borrowers and our lender partners. The mortgages team continues to set the pace of innovation in this category, creating products that resonate with consumers, and transforming the mortgage industry.

除了為借款人提供全面的比較購物體驗外，我們現在還為消費者提供了一種透過我們新推出的長格式產品與當地貸方進行配對的方式。這種直觀的分步長格式產品是從我們的預審批產品演變而來的，到目前為止，為借款人和我們的貸方合作夥伴展示了良好的效果。抵押貸款團隊繼續引領這一類別的創新步伐，創造與消費者產生共鳴的產品，並改變抵押貸款行業。

Now turning to StreetEasy, the leading New York real estate marketplace. During the quarter, StreetEasy launched its first-ever advertising campaign, Live As You Please. The campaign cleverly addresses some of New York's nuanced real estate challenges, with humorous headline-driven advertising.

現在轉向 StreetEasy，紐約領先的房地產市場。在本季度，StreetEasy 推出了其首個廣告活動「Live As You Please」。該活動透過幽默的標題廣告巧妙地解決了紐約一些微妙的房地產挑戰。

Many of you have noticed the ads throughout the city. Initial results from the campaign indicate traffic lifts across mobile and web, as well as amplification through social media. All of our usage metrics with StreetEasy, from traffic to page use to leads, are growing at over 50% year-over-year, extending StreetEasy's already significant leadership position in New York.

你們中的許多人都注意到了整個城市的廣告。該活動的初步結果表明，行動裝置和網路上的流量有所提升，社群媒體的流量也有所增加。我們對 StreetEasy 的所有使用指標，從流量到頁面使用再到潛在客戶，都以超過 50% 的速度同比增長，進一步鞏固了 StreetEasy 在紐約本已重要的領導地位。

Also during the quarter, StreetEasy launched Building Experts, a new advertising program that enables New York real estate agents to market their buying and selling expertise in a specific building. Home shoppers on StreetEasy can now view agents' successful deals in the building, and contact them with one click. Up to three agents can be displayed on a StreetEasy building page, as Building Experts.

同樣在本季度，StreetEasy 推出了 Building Experts，這是一項新的廣告計劃，使紐約房地產經紀人能夠推銷他們在特定建築中的買賣專業知識。 StreetEasy 上的購屋者現在可以查看代理商在大樓內的成功交易，並一鍵聯繫他們。 StreetEasy 建築頁面上最多可以顯示三個代理，作為建築專家。

Based on the positive reception and traction we've experienced with the pilot program, we'll be expanding the sale of the Building Experts ad product across StreetEasy over the course of the year. We continue to be very excited about StreetEasy's future.

基於我們在試點計畫中獲得的正面反應和吸引力，我們將在今年擴大 Building Experts 廣告產品在 StreetEasy 上的銷售。我們仍然對 StreetEasy 的未來感到非常興奮。

Now turning to our final emerging marketplace, Zillow Group Rentals continues to gain momentum. When speaking with investors about our expected revenue ramp for rentals, I said that I expected to get to $10 million in annualized revenue faster in rentals than our mortgages marketplace ramped.

現在轉向我們最後一個新興市場，Zillow Group Rentals 繼續保持強勁勢頭。當與投資者談論我們預期的租金收入成長時，我說我預計租金年化收入將比抵押貸款市場成長的速度更快達到 1000 萬美元。

As a reminder, it took mortgages four years to get to $10 million, and mortgages is now around $40 million in annualized revenue. I'm pleased to say that we have significantly exceeded that revenue ramp goal, and at its current growth rate, and given its enormous TAM, rentals revenue is on pace to pass mortgages' total revenue within the next few years.

提醒一下，抵押貸款花了四年時間才達到 1000 萬美元，現在抵押貸款的年化收入約為 4000 萬美元。我很高興地說，我們已經大大超過了收入成長目標，按照目前的成長率，考慮到其龐大的 TAM，租金收入將在未來幾年內超過抵押貸款的總收入。

We also continue to grow our rental listings inventory. The Zillow Group rental network added more multi-family partners over the past year than ever before, increasing new partnerships 84% year-over-year. Today, nearly 90% of the National Multifamily Housing Council's 50 largest apartment managers are Zillow Group rentals customers. To support the growth of our relationships, we've expanded our in-market sales team.

我們也持續增加租賃清單庫存。 Zillow Group 租賃網路在過去一年增加了比以往更多的多戶型合作夥伴，新合作夥伴數量較去年同期成長 84%。如今，國家多戶住房委員會 50 家最大的公寓管理者中近 90% 都是 Zillow Group 的租賃客戶。為了支持我們關係的發展，我們擴大了市場銷售團隊。

The industry is embracing our performance-based model that drives high-value one-to-one contacts, especially on mobile. Almost three-quarters of the new contacts property managers received from us in March 2015 came through mobile. Although there is a lot of competitive bluster in the rental space, we have not seen any impact on the growth of our rentals business due to competitor moves. All-in, Zillow Group rentals continues to advance and gain traction on every front.

業界正在接受我們基於績效的模型，該模型可推動高價值的一對一聯繫，尤其是在行動裝置上。 2015 年 3 月，我們收到的物業經理新聯絡人中，近四分之三是透過行動裝置聯繫的。儘管租賃領域競爭激烈，但我們並沒有看到競爭對手的舉動對我們租賃業務的成長產生任何影響。總而言之，Zillow Group 的租金持續成長，並在各方面都受到關注。

Across our organization, the excitement for what's ahead of us is contagious and inspiring. Our teams are collaborating and taking to heart our core value of move fast, think big. We are 12 weeks post-closing, and I'm very pleased with what we've accomplished and the schedule ahead. As I look at our small share of the $13 billion market opportunity in residential real estate and rental advertising, I'm very excited by what we can accomplish.

在我們的整個組織中，對未來的興奮是具有感染力和鼓舞人心的。我們的團隊正在通力合作，牢記我們的核心價值：快速行動、大膽思考。距離交割還有 12 週，我對我們所取得的成就和未來的時間表感到非常滿意。當我看到我們在住宅房地產和租賃廣告領域 130 億美元的市場機會中所佔的一小部分時，我對我們能夠取得的成就感到非常興奮。

I'll now turn it over to Chad for a more copious exposition of our financial results.

現在我將把它交給乍得，以更詳細地闡述我們的財務表現。

Thanks, Spencer. Before I begin, I want to outline the format of our financial results discussion. First, I will discuss Q1 2015 GAAP results, and first-quarter metrics, which incorporate the partial period where Trulia's results are included after February 17 to the end of the first quarter. Then, for comparative purposes, I will discuss Q1 2015 pro forma results compared to Q1 2014 pro forma results.

謝謝，史賓塞。在開始之前，我想先概述一下我們財務表現討論的格式。首先，我將討論 2015 年第一季 GAAP 業績和第一季指標，其中包括 2 月 17 日之後到第一季末期間 Trulia 業績的部分時間段。然後，出於比較目的，我將討論 2015 年第一季預計結果與 2014 年第一季預計結果的比較。

Our pro forma results assume the acquisition of Trulia occurred on January 1, 2014, and do not include acquisition and restructuring- related expenses, and reflect certain other adjustments discussed in our press release. And finally, I will close with an outlook for Q2 and pro forma full-year 2015.

我們的預期結果假設 Trulia 收購發生於 2014 年 1 月 1 日，不包括收購和重組相關費用，並反映了我們新聞稿中討論的某些其他調整。最後，我將以 2015 年第二季和預計全年的展望作為結束語。

I realize the financials for this year are complicated, and I want to provide ample opportunity for questions today. With that said, let's dive into Zillow Group's first-quarter financial results.

我意識到今年的財務狀況很複雜，今天我想提供充足的機會提出問題。話雖如此，讓我們深入了解 Zillow Group 第一季的財務表現。

Traffic growth in the first quarter was excellent, as we maintained strong momentum, built upon new product releases and ongoing investments in growing our audience. In March 2015, we attracted nearly 140 million monthly unique users to Zillow Group's mobile applications and websites, which reflects traffic across all four of our consumer-facing brands: Zillow, Trulia, HotPads, and StreetEasy.

第一季的流量成長非常出色，因為我們在新產品發布和不斷投資增加受眾的基礎上保持了強勁的勢頭。 2015 年 3 月，我們的 Zillow Group 行動應用程式和網站每月吸引了近 1.4 億獨立用戶，這反映了我們所有四個面向消費者的品牌的流量：Zillow、Trulia、HotPads 和 StreetEasy。

Moving to our financials and starting off with our GAAP operating results, total revenue for the first quarter was $127.3 million, reflecting the partial period where Trulia contributed to the Zillow Group's performance in the second half of the quarter. We continue to see the desired shift in our revenue mix, as we ended the first quarter with 86% of our revenues coming from our marketplace category, while 14% came from display.

轉向我們的財務數據，從我們的 GAAP 營運表現開始，第一季的總收入為 1.273 億美元，反映了 Trulia 在本季度下半年為 Zillow Group 業績做出貢獻的部分時期。我們繼續看到我們的收入結構發生了預期的轉變，第一季結束時，我們 86% 的收入來自我們的市場類別，而 14% 來自展示。

Looking at our core revenue driver, marketplace revenue was $108.9 million, which includes $6.1 million of Market Leader revenue, reflecting robust growth across our real estate and mortgage revenue subcategories. Taking a deeper look at our real estate subcategory, which includes our agent advertising, diverse solutions, StreetEasy, and rentals advertising revenue, our real estate revenue reached $93.3 million.

從我們的核心收入驅動因素來看，市場收入為 1.089 億美元，其中包括 610 萬美元的市場領導者收入，反映出我們的房地產和抵押貸款收入子類別的強勁增長。深入研究我們的房地產子類別，包括我們的代理商廣告、多樣化解決方案、StreetEasy 和租賃廣告收入，我們的房地產收入達到 9,330 萬美元。

Based on our internal March results, we currently derive an agent advertiser revenue run rate of $444 million for 2015. The inclusion of Trulia agent advertisers during the quarter contributed to the significant growth of total agent advertisers, bringing the total to over 103,000 by the end of the first quarter. This agent advertiser number represents the de-duplicated combined advertiser count for both Zillow and Trulia, which does not include the roughly 27,500 Market Leader only advertisers.

根據我們 3 月份的內部結果，我們目前得出 2015 年代理廣告商收入運行率為 4.44 億美元。本季度 Trulia 代理廣告商的納入促進了代理廣告商總數的顯著增長，到年底總數超過 103,000 家第一季的。此代理廣告客戶數量代表 Zillow 和 Trulia 的去重複廣告客戶總數，其中不包括約 27,500 個市場領導者廣告客戶。

This advertiser count serves as the foundation for Zillow Group's agent advertiser base going forward. The combination of increased impression of inventory and de-duplicated agent advertiser count, of which we estimate there are approximately a 20% overlap between Zillow and Trulia advertisers, resulted in an average revenue per advertiser, or ARPA, of $354 during the first quarter of 2015.

此廣告客戶數量是 Zillow Group 代理廣告客戶群未來發展的基礎。庫存印象的增加和重複代理廣告商數量的結合（我們估計 Zillow 和 Trulia 廣告商之間大約有 20% 的重疊）導致每個廣告商的平均收入 (ARPA) 在 2019 年第一季達到 354 美元。 2015年。

Transitioning to Zillow mortgages, revenue reached $9.6 million, and 13 million loan requests were submitted during the first quarter, up 122% from the same period last year. In our display category, revenue was $18.3 million. This result remains aligned with our strategy of reducing our display placements to enhance the consumer experience across both Zillow and Trulia.

轉向 Zillow 抵押貸款後，第一季營收達到 960 萬美元，提交了 1,300 萬份貸款請求，比去年同期成長 122%。在我們的顯示器類別中，收入為 1830 萬美元。這一結果與我們減少展示位置以增強 Zillow 和 Trulia 消費者體驗的策略保持一致。

Shifting now from revenue, and turning our attention to our operating costs, total operating expenses were $185.2 million during the first quarter of 2015, with the most significant increases coming from acquisition-related and restructuring costs, followed by headcount-related expenses which include share-based compensation and, finally, professional services fees. Breaking out our operating expenses by line item, please note that in almost every case, year-over-year increases in expenses are primarily related to the inclusion of Trulia expenses for a portion of the quarter.

現在我們將注意力從收入轉向營運成本，2015 年第一季的總營運費用為 1.852 億美元，其中成長最顯著的是收購相關和重組成本，其次是與員工人數相關的費用，其中包括股份基於薪酬，最後是專業服務費。請注意，按行項目細分我們的營運費用，請注意，幾乎在所有情況下，費用的同比增長主要與包含本季度部分時間的 Trulia 費用有關。

Our cost of revenue during the quarter was $13 million or 10% of revenue, which was in line with Q1 2014 results on a percentage of revenue basis. Next, sales and marketing expense was $59.3 million or 47% of revenue, which was 6% lower as a percentage of revenue than the same period last year, but higher on an absolute dollar basis. In addition to the increased headcount-related expenses attributed to the Trulia acquisition, we continued to invest in marketing and advertising during the quarter.

本季我們的營收成本為 1,300 萬美元，佔營收的 10%，與 2014 年第一季的營收百分比結果一致。其次，銷售和行銷費用為 5,930 萬美元，佔收入的 47%，佔收入的百分比比去年同期低 6%，但以絕對美元計算較高。除了收購 Trulia 導致員工人數相關費用增加外，我們本季持續投資於行銷和廣告。

Technology and development costs in the first quarter were $37.3 million or 29% of revenue, and 4% higher as a percentage of revenue than Q1 2014 levels. The increase was primarily due to headcount-related expenses and increased amortization of acquired intangible assets, primarily related to the Trulia acquisition.

第一季的技術和開發成本為 3,730 萬美元，佔營收的 29%，佔營收的百分比比 2014 年第一季高出 4%。這一增長主要是由於員工人數相關費用以及所收購的無形資產攤銷增加（主要與 Trulia 收購相關）。

G&A costs in the first quarter were $38 million or 30% of revenue, which was about 8% higher as a percentage of revenue than the same period last year. The majority of the increase was due to headcount-related expenses, and includes $5 million of accelerated double-trigger share-based compensation for certain Trulia executives, followed by professional service fees, which include legal and accounting costs.

第一季的 G&A 成本為 3,800 萬美元，佔營收的 30%，佔營收的百分比比去年同期高出約 8%。成長的大部分是由於與員工人數相關的費用，其中包括為某些 Trulia 高管提供 500 萬美元的加速雙觸發股份薪酬，其次是專業服務費，其中包括法律和會計費用。

Reported as separate expenses, we incurred $12.5 million in costs relating to our acquisition and integration of Trulia, and an additional $25.1 million related to restructuring costs, including severance, related equity accelerations, and facilities contract termination costs. Adjusted EBITDA for the quarter was $16.7 million, representing 13% of revenue, which was in line with first-quarter 2014 levels on a percentage of revenue basis. The acquisition-related and restructuring charges of nearly $38 million impacted our bottom line, resulting in a GAAP net loss of $58.4 million in the first quarter.

作為單獨費用報告的，我們發生了與收購和整合 Trulia 相關的 1250 萬美元成本，以及與重組成本相關的額外 2510 萬美元，包括遣散費、相關股權加速和設施合約終止成本。本季調整後 EBITDA 為 1,670 萬美元，佔營收的 13%，與 2014 年第一季營收百分比水準一致。近 3,800 萬美元的收購相關費用和重組費用影響了我們的利潤，導致第一季 GAAP 淨虧損 5,840 萬美元。

First-quarter 2015 basic and diluted loss per share was $1.19, based on 49.1 million basic and diluted weighted average shares outstanding. On a non-GAAP basis, which excludes share-based compensation and acquisition-related and restructuring and costs, basic and diluted non-GAAP earnings per share was $0.04 and $0.05 respectively.

2015 年第一季基本和稀釋每股虧損為 1.19 美元，基於 4,910 萬股基本和稀釋加權平均流通股計算。以非公認會計準則計算（不包括股權激勵、收購相關成本、重組及成本），基本每股收益和稀釋非公認會計準則每股收益分別為 0.04 美元和 0.05 美元。

Zillow Group ended the first quarter of 2015 with more than 2,000 employees, up from approximately 1,200 for Zillow standalone at the end of 2014. Our headcount growth is expected to be tempered in 2015, as we focus on the Trulia integration. During this time of transition, we want to emphasize the ongoing health and continued strength of our Zillow agent business, as we see positive trends which are consistent with historical results.

截至 2015 年第一季度，Zillow Group 擁有超過 2,000 名員工，而 2014 年底 Zillow 獨立員工人數約為 1,200 人。由於我們專注於 Trulia 整合，預計 2015 年我們的員工人數成長將有所放緩。在這段過渡時期，我們希望強調 Zillow 代理業務的持續健康和持續實力，因為我們看到了與歷史結果一致的正面趨勢。

ARPA for Premier Agent advertisers who advertised with us in the same period last year was 54% higher year-over-year. As Spencer mentioned, this result was primarily driven by agent advertisers buying more impressions to expand their presence on our platform. Approximately 63% of our new sales bookings in the first quarter went to existing premier agent advertisers buying more impressions across mobile and web in their sales areas, continuing recent trends in signifying strong underlying demand.

去年同期與我們一起投放廣告的 Premier Agent 廣告商的 ARPA 年比成長了 54%。正如斯賓塞所提到的，這一結果主要是由代理商廣告商購買更多展示次數以擴大其在我們平台上的影響力所推動的。第一季大約 63% 的新銷售訂單流向了現有的主要代理商廣告商，他們在其銷售領域透過行動和網路購買了更多展示次數，延續了近期的趨勢，顯示潛在需求強勁。

For purposes of year-over-year comparability, I'm now going to discuss our first-quarter results on a pro forma basis. Note that our summarized pro forma view comparisons have been included in our first-quarter 2015 financial results press release, which includes important information about how the pro formas were prepared.

出於同比比較的目的，我現在將在預計的基礎上討論我們的第一季業績。請注意，我們總結的備考觀點比較已包含在我們的 2015 年第一季財務業績新聞稿中，其中包括有關如何準備準備考試的重要資訊。

Total revenue for this first quarter increased 35% year-over-year to $162.5 million from $120.7 million in the same period last year. Pro forma revenue, excluding Market Leader, increased 41% year-over-year, to $148.8 million from $105.5 million in the first quarter of 2014. Looking at our core revenue driver, marketplace revenue was $136.9 million, which includes $13.6 million of Market Leader revenue, and grew 42% year-over-year. Excluding Market Leader, marketplace revenue would have grown 52% year-over-year. Our real estate subcategory revenue reached $113.4 million in Q1 2015, and grew 54% year-over-year.

第一季總營收年增 35%，從去年同期的 1.207 億美元增至 1.625 億美元。預計營收（不包括Market Leader）將年增41%，從2014 年第一季的1.055 億美元增至1.488 億美元。從我們的核心營收驅動因素來看，市場營收為1.369 億美元，其中包括1,360 萬美元的Market Leader營收年增42%。不包括 Market Leader，市場收入將年增 52%。 2015 年第一季度，我們的房地產子類別收入達到 1.134 億美元，年增 54%。

Moving to Zillow mortgages, revenue reached $10 million, which represents a 33% increase year-over-year. And in our display category, revenue was $25.6 million, growing 5% over the same period last year. Net loss was $17.9 million in the first quarter, compared to net loss of $23.8 million in the first quarter of 2014. First-quarter 2015 basic and diluted loss per share was $0.31, based on 58.1 million basic and diluted weighted average shares outstanding. Adjusted EBITDA was $24.5 million or 15% of revenue, and 5% higher as a percentage of revenue than Q1 2014.

轉向 Zillow 抵押貸款，收入達到 1000 萬美元，年增 33%。在我們的顯示器類別中，營收為 2,560 萬美元，比去年同期成長 5%。第一季淨虧損為1,790 萬美元，而2014 年第一季淨虧損為2,380 萬美元。根據5,810 萬股基本和稀釋加權平均流通股計算，2015 年第一季基本及稀釋每股虧損為0.31 美元。調整後 EBITDA 為 2,450 萬美元，佔營收的 15%，佔營收的百分比比 2014 年第一季高出 5%。

Now, turning to our Zillow Group outlook for Q2 and full-year 2015. Second-quarter 2015 revenue is expected to be in the range of $168 million to $169 million. Excluding anticipated Market Leader revenue of approximately $11 million, the year-over-year growth rate of second-quarter revenue is expected to be approximately 24%. Display revenue is expected to be in line with our pro forma Q1 2015 results.

現在，讓我們來看看 Zillow Group 對 2015 年第二季和全年的展望。2015 年第二季的營收預計在 1.68 億美元至 1.69 億美元之間。剔除預計市場領導者約1,100萬美元的收入，第二季營收年增率預計約為24%。顯示器收入預計將與我們預計的 2015 年第一季業績一致。

Our EBITDA for the second quarter is expected to be in the range of $3.5 million to $4.5 million, due to a doubling of our advertising spend over Q1. As a reminder, the majority of our advertising spend has historically occurred during the second and third quarters of the year, and this year is no different. For Q2 2015, our basic weighted average shares outstanding is expected to be approximately 58.5 million to 59.5 million, and our diluted weighted average shares outstanding is expected to be in the range of 64.5 million to 65.5 million.

由於我們的廣告支出比第一季翻了一番，我們第二季的 EBITDA 預計將在 350 萬美元至 450 萬美元之間。提醒一下，我們的大部分廣告支出歷來都發生在每年的第二和第三季度，今年也不例外。 2015年第二季度，我們的基本加權平均流通股預計約為5850萬股至5950萬股，稀釋加權平均流通股預計在6450萬股至6550萬股之間。

We are reaffirming our full-year pro forma 2015 revenue guidance of $690 million, which includes Market Leader revenue of $40 million. Our Market Leader outlook reflects a 35% decline in revenue from full-year 2014 revenues of $62 million. We reiterate our full-year pro forma EBITDA guidance in the range of $80 million to $85 million. Our pro forma full year 2015 guidance reflects continued aggressive investments in brand building, and in our living database of homes, as well as increased professional services that are non-structural in nature and non-recurring increases to share-based compensation related to the Trulia acquisition.

我們重申 2015 年全年預計營收指引為 6.9 億美元，其中包括 4,000 萬美元的市場領導者收入。我們的市場領導者展望顯示，與 2014 年全年 6,200 萬美元的收入相比，收入下降了 35%。我們重申全年預計 EBITDA 指引為 8,000 萬至 8,500 萬美元。我們預計 2015 年全年指引反映了我們對品牌建立和住宅生活資料庫的持續積極投資，以及非結構性專業服務的增加以及與 Trulia 相關的股票薪酬的非經常性增長獲得。

For the full year, we expect pro forma share-based compensation, excluding acquisition-related and restructuring costs, to be approximately $90 million, with a run rate of approximately $23 million per quarter. We expect full-year pro forma depreciation and amortization to be approximately $90 million as well. To help you better model our full-year outlook on a GAAP basis, we expect basic weighted average shares to be approximately 56.5 million to 57.5 million, and our diluted weighted average shares outstanding to be in the range of 62.5 million to 63.5 million.

我們預計全年預計股票薪酬（不包括收購相關和重組成本）約為 9,000 萬美元，每季運行率約 2,300 萬美元。我們預計全年預計折舊和攤提也約為 9,000 萬美元。為了幫助您更好地根據GAAP 基礎對我們的全年前景進行建模，我們預計基本加權平均股數約為5650 萬股至5750 萬股，稀釋後加權平均流通股股數將在6250 萬股至6350 萬股之間。

Also in 2015, inclusive of the first year GAAP results, we expect acquisition-related expenses to be approximately $20 million, and restructuring-related costs to be in the range of $31 million to $33 million. The vast majority of these costs will be recognized in the first half of 2015.

同樣在 2015 年，包括第一年 GAAP 業績在內，我們預計收購相關費用約為 2,000 萬美元，重組相關費用將在 3,100 萬至 3,300 萬美元之間。其中絕大多數成本將在 2015 年上半年確認。

To conclude, Zillow Group is off to a successful start. We are heads down in our integration efforts, and are committed to finalizing all integration activity by the end of 2015, while accelerating our growth of audience and advancing our emerging home-related marketplaces. We remain on track to realize $100 million in cost synergies in 2016, and I would be putting it mildly by saying that we are excited about our long-term potential. With that, we'll open it up for questions from those dialed into the call, and to questions submitted via Twitter with the hashtag #ZEarnings.

總而言之，Zillow Group 已經有了一個成功的開始。我們正在全力進行整合工作，並致力於在 2015 年底之前完成所有整合活動，同時加速我們的受眾成長並推動我們新興的家居相關市場。我們仍然預計在 2016 年實現 1 億美元的成本協同效應，我可以溫和地說，我們對我們的長期潛力感到興奮。這樣，我們將打開它，接受撥打電話的人提出的問題，以及透過 Twitter 提交的帶有 #ZEarnings 標籤的問題。

(Operator Instructions)

（操作員說明）

Michael Graham, Canaccord.

邁克爾·格雷厄姆，Canaccord。

Just one housekeeping one, and then a bigger one. Chad, on the de-duplicated agent count and the ARPA, can you possibly provide that for the four quarters of 2014? I know it was in for Q1, at least the agent count, and in the press release. And the second one for Spencer is just when you think about the $100 million in advertising or 15% of revenue, or however you want to think about it, could you talk about the right structural level for ad spend, given that you're basically in an industry that is now a duopoly, and you've got a big lead over the number two, and just why what you're spending is the right amount? Thanks.

只有一間客房服務店，然後是一間更大的。 Chad，關於重複資料刪除代理計數和 ARPA，您能否提供 2014 年四個季度的資料？我知道它是在第一季度，至少在特工人數上，以及在新聞稿中。史賓塞的第二個問題是，當你考慮 1 億美元的廣告或收入的 15% 時，或者無論你想如何考慮，你能否談談廣告支出的正確結構水平，因為你基本上是在一個現在雙寡占的行業中，你已經遠遠領先第二名，那麼為什麼你花的錢是正確的呢？謝謝。

Mike, this is Chad. On the agent count for 2014, we're not going backwards in time on this call. We're here to talk about Q1 2015 results. Maybe RJ can provide that after the call, but right now, we're focused on providing you with an update on the first quarter.

麥克，這是查德。關於 2014 年的代理人數，我們不會在這次電話會議上倒退時間。我們在此討論 2015 年第一季的業績。也許 RJ 可以在電話會議後提供這些信息，但現在我們的重點是為您提供第一季的最新情況。

On ad spend, Mike, we have seen some leverage in advertising, and I do expect that over time you'll see quite a bit more, as we head towards our target model of 40%-plus EBITDA margins, when we're at more of a steady state. The way we arrive at ad expense every year is by -- is really a top-down and a bottoms-up approach. We think about what type of margin we want to have for the full year, and then we think about what type of headcount we're going to have for the full year, and then we see what is available to us from an ad expense standpoint.

在廣告支出方面，麥克，我們已經看到了廣告方面的一些槓桿作用，而且我確實預計，隨著時間的推移，當我們達到40% 以上EBITDA 利潤率的目標模型時，您會看到更多的槓桿作用。更趨於穩定狀態。我們每年計算廣告費用的方式其實是一種自上而下和自下而上的方法。我們考慮全年想要獲得什麼類型的利潤，然後考慮全年將擁有哪種類型的員工人數，然後從廣告費用的角度來看我們可以獲得什麼。

And then, from a bottoms-up standpoint, we look at the ROI that we think we're getting across each of our advertising channels, and we evaluate where we feel like we can profitably spend incremental advertising. Now, of course, it's a more complicated exercise, because we have four different consumer-oriented brands that we have the opportunity to advertise.

然後，從自下而上的角度來看，我們著眼於我們認為透過每個廣告管道獲得的投資回報率，並評估我們認為可以在哪些方面投入增量廣告來實現盈利。當然，現在這是一項更複雜的工作，因為我們有四個不同的面向消費者的品牌，我們有機會為它們做廣告。

But to try to bring it all together for 2015, around $100 million is where we ended up by combining those two different analyses. In terms of where it will go in the future, we haven't given, obviously, 2016 or beyond guidance, except to say that over time, you'll certainly see margin leverage in that line item, as well as overall. We haven't even started our 2016 planning process yet. So it would be a little bit early for me to give any input on what 2016 might look like.

但為了將 2015 年的所有數據綜合起來，我們將這兩種不同的分析結合起來，最終得到了約 1 億美元的收入。就未來走向而言，我們顯然沒有給出 2016 年或以後的指導，只是說隨著時間的推移，您肯定會看到該訂單項目以及整體的保證金槓桿。我們甚至還沒有開始 2016 年的規劃流程。因此，現在就我對 2016 年的情況發表任何意見還為時過早。

Next question, please, operator?

接線員，請問下一個問題？

Chris Merwin, Barclays.

克里斯·默溫，巴克萊銀行。

Great, thank you. Just in terms of the unique user number, I think you have 140 million, is there any way you can just help us think about the year-on- year growth there? And if not, Spencer, you talked about growing audience as a priority. How do you think about the audience TAM, and also the opportunity to grow the number of qualified leads within the audience that you already have?

太好了謝謝。僅就獨立用戶數量而言，我認為您有1.4億，您有什麼方法可以幫助我們考慮那裡的同比增長嗎？如果沒有，斯賓塞，你談到了增加觀眾是首要任務。您如何看待受眾 TAM，以及在現有受眾中增加合格潛在客戶數量的機會？

And then just one last one, if you wouldn't mind updating us on the longer term plan for the Trulia brand, I think you shared some statistics about mobile now being well over two-thirds of traffic. As more of that mobile traffic comes through the app, how do you think about the value of maintaining two distinct brands over time? Thank you.

最後一點，如果您不介意向我們介紹 Trulia 品牌的長期計劃，我想您分享了一些有關行動裝置目前遠超三分之二的流量的統計數據。隨著越來越多的行動流量透過應用程式產生，您如何看待長期維持兩個不同品牌的價值？謝謝。

At 140 million new used, we are probably already past the point where it makes sense to think about that number as a real metric. In the sense that it's such an abstract number, we all know people have multiple devices, we know that people use multiple brands. And so it's quite abstract.

新增使用量達到 1.4 億，我們可能已經過了將這個數字視為真實指標的階段。從某種意義上說，這是一個抽象的數字，我們都知道人們擁有多種設備，我們知道人們使用多個品牌。所以它是相當抽象的。

We use it as a benchmark to show the size of our audience and our huge scale, which really dwarfs any other competitor in the category. But the way I think about it is what percent of total revenue do we have, relative to the TAM, because that's really the equalizer of all things: Traffic, leads, contacts, agent ROI, et cetera. If you get right down to the bottom of our funnel, we have less than $500 million in agent advertising a year, and agents spend over $10 billion a year in advertising.

我們用它作為基準來展示我們的受眾規模和龐大的規模，這確實讓該類別中的任何其他競爭對手相形見絀。但我思考的方式是，相對於 TAM，我們的總收入佔多少百分比，因為這實際上是所有事物的均衡器：流量、潛在客戶、聯絡人、代理商投資回報率等。如果你深入到我們漏斗的底部，我們每年的代理商廣告費用不到 5 億美元，而代理商每年的廣告支出超過 100 億美元。

So Zillow Group has probably about 5% wallet share of what agents spend on advertising. So to answer your question, I don't know what a theoretical UTAM is but I know that our actual share of agent spend is around 5%. So that ought to be -- we ought to be able to increase that quite significantly over the next couple of years.

因此，Zillow Group 的錢包份額可能佔代理商廣告支出的 5% 左右。因此，為了回答你的問題，我不知道理論上的 UTAM 是什麼，但我知道我們的代理支出的實際份額約為 5%。所以這應該是——我們應該能夠在未來幾年內顯著增加這一點。

In terms of the plans for the Trulia brand, we're investing very heavily in it, in terms of product development and advertising in 2015 and beyond. We are big believers in having multiple brands. We want to give consumers choice and we want multiple brands to be Zillow Group -- to be part of the Zillow Group family of brands.

就 Trulia 品牌計畫而言，我們在 2015 年及以後的產品開發和廣告方面投入了大量資金。我們堅信擁有多個品牌。我們希望為消費者提供選擇，我們希望 Zillow Group 旗下有多個品牌——成為 Zillow Group 品牌家族的一部分。

We believe there are significant benefits of having multiple brands in different places that consumers search for real estate information, and then we believe that there are big benefits to integrating sales and industry relations and support, and certain other back-office and business-to-business elements of our operations. I'm totally convinced that we have the right strategy in terms of operating multiple brands, and as a result of that, we're going to continue to invest quite heavily in the Trulia brand, as well.

我們相信，在消費者搜尋房地產資訊的不同地方擁有多個品牌有顯著的好處，然後我們相信整合銷售和行業關係與支援以及某些其他後台和企業對客戶有很大的好處。我們經營的業務要素。我完全相信，我們在經營多個品牌方面擁有正確的策略，因此，我們也將繼續對 Trulia 品牌進行大量投資。

Thanks, Spencer.

謝謝，史賓塞。

John Campbell, Stephens, Inc.

約翰坎貝爾史蒂芬斯有限公司

Hey, guys, good afternoon. I see you are sticking by the Market Leader guidance of, I think you said $400 million -- or excuse me, $40 million by the end of the year. You did $13 million or $14 million in the quarter. That's about a third of the full-year expectations. So just curious about the pace of declines, or how we should think about the phasing for the remainder of the year?

嘿，夥計們，下午好。我看到你堅持市場領導者的指導，我想你說的是 4 億美元——或者對不起，到今年年底達到 4000 萬美元。您本季的收入為 1300 萬美元或 1400 萬美元。這大約是全年預期的三分之一。那麼只是好奇下降的速度，或者我們應該如何考慮今年剩餘時間的分階段？

Sure. Thanks, John. We're not selling Market Leader services anymore. We don't have a sales team for Market Leader. As a result, the business is not growing. It's a subscription software and media service, and if you don't have a sales team, revenue is going to shrink.

當然。謝謝，約翰。我們不再銷售市場領導者服務。我們沒有市場領導者的銷售團隊。結果，業務沒有成長。它是一種訂閱軟體和媒體服務，如果沒有銷售團隊，收入就會萎縮。

What we are doing with it is we're working with our existing partners to evaluate how they want their services to be supported going forward, and we're working on rolling the current Market Leader media business into the Zillow Group media business. And that is a strategy that Trulia was essentially already pursuing prior to the Zillow acquisition of Trulia. So we're really continuing that process that was already begun before our acquisition.

我們正在做的是與現有合作夥伴合作，評估他們希望如何支援他們的服務，我們正在努力將目前的市場領導者媒體業務納入 Zillow Group 媒體業務。在 Zillow 收購 Trulia 之前，Trulia 基本上已經在推廣這項策略。因此，我們實際上正在繼續收購之前已經開始的流程。

Got it.

知道了。

Thanks, John. We'll take the next question from Twitter. Avoidcougars asks, what plans does Zillow have to diversify ad revenue away from agents and brokers and towards home improvement professionals and general contractors?

謝謝，約翰。我們將接受 Twitter 的下一個問題。 voidcougars 問道，Zillow 有什麼計劃來實現廣告收入多元化，從代理商和經紀人轉向家居裝修專業人士和總承包商？

We monetize the home improvement category today, mostly through display advertising. We have companies as diverse as Lowe's and Home Depot and Sherwin-Williams Paint and other companies that sell in around the home, and they buy display media from us. And that's -- to date, that's been how we have monetized that.

如今，我們主要透過展示廣告從家居裝修類別中獲利。我們擁有勞氏 (Lowe's)、家得寶 (Home Depot) 和宣偉塗料 (Sherwin-Williams Paint) 等多元化公司，以及其他在家庭周圍進行銷售的公司，他們從我們這裡購買展示媒體。到目前為止，這就是我們的貨幣化方式。

Clearly, the preponderance of our revenue comes from individual real estate agent advertising. And we think that that total addressable market really dwarfs the addressable market for home improvement, although it is something that we have through display today.

顯然，我們的大部分收入來自個人房地產經紀人的廣告。我們認為，儘管我們今天透過展示獲得了這個市場，但整個潛在市場確實使家居裝修的潛在市場相形見絀。

The next question I'll take from Twitter, from KMSCapital. Why not push the envelope and capture a higher percentage of commissions through better comparison tools and scheduled inspections, et cetera?

我將從 Twitter 和 KMSCapital 提出下一個問題。為什麼不突破極限，透過更好的比較工具和定期檢查等來獲取更高比例的佣金呢？

The way I would answer that question from Twitter is, Zillow, we fashion ourselves at Zillow Group as a media business. We sell ads, not houses. So we're all about providing consumers with access to information, and then connecting them with local professionals.

我在 Twitter 上回答這個問題的方式是，Zillow，我們將 Zillow Group 打造為媒體企業。我們賣的是廣告，不是房子。因此，我們致力於為消費者提供獲取資訊的機會，然後將他們與當地專業人士聯繫起來。

And if we do a great job of giving those local professionals highly qualified leads, they'll convert those leads to very high rates, and they'll want to buy more media impressions from us. We're not actually in the transaction, we're in the media business, and we provide media advertising as well as software tools to help those agents transact rather than being in the transaction ourselves.

如果我們在為當地專業人士提供高素質潛在客戶方面做得很好，他們就會將這些潛在客戶轉化為非常高的轉換率，並且他們會希望從我們這裡購買更多的媒體印象。我們實際上並不參與交易，我們從事媒體業務，我們提供媒體廣告以及軟體工具來幫助這些代理商進行交易，而不是我們自己參與交易。

Operator, we'll take the next question from the call, please?

接線員，我們將回答電話中的下一個問題，好嗎？

Ron Josey, JMP Securities.

羅恩喬西，JMP 證券。

Thanks for taking the questions. I'm trying to -- hopefully you can help us here. I'm trying to understand or reconcile agents' bookings and ARPA, or ARPA maybe on core Zillow.

感謝您提出問題。我正在努力——希望你能幫助我們。我正在嘗試了解或協調代理商的預訂和 ARPA，或者 ARPA 可能位於 Zillow 核心上。

Just given agents grew 95%, 60%-plus of bookings in the quarter came from existing agents, along with greater impressions, and that drove ARPA to $354 (sic). On core Zillow, is it right to think of -- I'm trying to figure out what maybe the split would be, and if there's any guidance there. I think last year you ended the year with about 65,000 or so agents, and I'm wondering if that split still makes sense.

鑑於代理商成長了 95%，本季超過 60% 的預訂來自現有代理商，以及更多的印象，這使得 ARPA 達到 354 美元（原文如此）。在 Zillow 核心上，這樣想是否正確——我正在嘗試弄清楚可能的拆分是什麼，以及是否有任何指導。我想去年年底您有大約 65,000 名代理商，我想知道這種劃分是否仍然有意義。

And on ARPA, I think you mentioned increased impressions inventory. Is that from traffic, or are you opening up more inventory to sell? Thanks a lot.

在 ARPA 上，我想您提到了印象庫存的增加。這是來自流量，還是您正在開放更多庫存來銷售？多謝。

Ron, it's Chad. In terms of core Zillow, we gave out some same-store sales metrics. We continue to see, obviously, very strong growth across the platform in terms of traffic and audience, which gives us the ability to continue to open up inventory, as we have had in the past. Those trends are very consistent with the historical numbers.

羅恩，我是查德。在核心Zillow方面，我們給了一些同店銷售指標。顯然，我們繼續看到整個平台在流量和受眾方面的強勁成長，這使我們有能力像過去一樣繼續打開庫存。這些趨勢與歷史數據非常一致。

Obviously, moving into the acquisition, ARPAs, on a standalone basis for Trulia and for Zillow were quite different, with Zillow's being significantly higher. What you are seeing in terms of the GAAP results and the GAAP ARPA of $254, that represents a bit of a blend between both Trulia and Zillow, and it's sort of a funky number for the quarter. But you would expect that on a standalone basis, Zillow's would be higher and Trulia's would be lower.

顯然，在收購中，Trulia 和 Zillow 的 ARPA 獨立基礎上有很大不同，Zillow 的要高得多。您所看到的 GAAP 結果和 254 美元的 GAAP ARPA 代表了 Trulia 和 Zillow 之間的混合，對於本季來說，這是一個有點奇怪的數字。但您可能會期望，在獨立的基礎上，Zillow 的值會更高，而 Trulia 的值會更低。

We expect, obviously, to finalize our sales integration plans by the end of the year, and so you'll have all agents basically by January 1, [2016], buying a combined agent product from a combined sales force. Those numbers should be higher than historical Trulia ARPA numbers if you just look at the trends. I forget -- your second part of your question was about historical agent count or --

顯然，我們希望在今年年底之前敲定我們的銷售整合計劃，因此基本上到 [2016]1 月 1 日，您將擁有所有代理商，從合併的銷售隊伍中購買合併的代理商產品。如果您只看趨勢，這些數字應該高於 Trulia ARPA 的歷史數字。我忘記了——你問題的第二部分是關於歷史特工數量或——

Just wondering if the mix between, we have clearly agents from Zillow as of 4Q. I'm wondering if that 65,000 agents, taking a ratio of the whatever it was, the 95,000 or so, 100,000 agents that were reported this quarter, if that's the right way to think about Zillow versus Trulia?

只是想知道兩者之間是否混合，截至第四季度，我們顯然有來自 Zillow 的代理商。我想知道這 65,000 名代理商，無論是什麼，即本季報告的 95,000 名左右，100,000 名代理商，這是否是考慮 Zillow 與 Trulia 的正確方式？

On a go-forward basis, we are really not going to be providing a standalone Zillow agent count number or a Trulia agent count number. I think in terms of how you're thinking about it, that might be right, but the way to think about right now is that, for the quarter we have taken out 27,500 agents, as they related to Market Leader-only advertisers.

展望未來，我們確實不會提供獨立的 Zillow 代理計數或 Trulia 代理計數。我認為，就您的想法而言，這可能是正確的，但現在考慮的方式是，本季度我們已經淘汰了 27,500 名代理商，因為他們與僅限市場領導者的廣告商相關。

And then what we did was we de-duplicated agents that were buying across both platforms. So approximately 20% of all agents were buying both, and so those only show up as one in our numbers, and that's how you get to 103,000.

然後我們所做的就是對跨兩個平台進行購買的代理商進行重複資料刪除。因此，大約 20% 的代理商同時購買了這兩種產品，因此這些代理商在我們的數據中僅顯示為 1 個，這就是您得出 103,000 個的原因。

Got it, thank you very much.

明白了，非常感謝。

I'll do the next couple from Twitter. GutenbergEquity asks with the continued success in MLS partner additions, are you now seeing even more upside to the direct model?

我會從 Twitter 上做接下來的幾件事。 GutenbergEquity 詢問，隨著 MLS 合作夥伴的不斷增加，您現在是否看到了直接模式的更多優勢？

Yes. We've added 105 MLS feeds in the last six weeks, 47 MLS feeds just in the last four weeks. Really almost every day now, we're launching new direct MLS feeds. We've reached a tipping point where most MLSs in the country now realize the benefits of providing listings to Zillow Group, with our huge audience.

是的。我們在過去六週內增加了 105 個 MLS Feed，僅在過去四個星期內添加了 47 個 MLS Feed。現在幾乎每天我們都會推出新的 MLS 直接直播。我們已經達到了一個轉折點，國內大多數 MLS 現在都意識到向擁有龐大受眾的 Zillow Group 提供清單的好處。

And with the launch of our Data Program, where we are saving MLSs significant amount of money, we have really taken aim at one of the largest parts of their expense structure, and are giving them data for free, which is quite significant and strategic. This has dramatically improved listings quality at Zillow, and also at Trulia.

隨著我們數據計劃的推出，我們為 MLS 節省了大量資金，我們真正瞄準了他們費用結構中最大的部分之一，並免費為他們提供數據，這是非常重要且具有戰略意義的。這極大地提高了 Zillow 和 Trulia 的清單品質。

Next question from Twitter, from Brian Bolan, or bbolan1, do you see a similar building product for StreetEasy being applied to specific neighborhoods on Zillow?

Twitter 的 Brian Bolan 或 bbolan1 提出的下一個問題是，您是否看到類似的 StreetEasy 建築產品應用於 Zillow 上的特定社區？

It's not clear if people at the neighborhood level are ready to contact an agent, Brian, so I'm not sure. It may be something we choose to test. It certainly works. We believe it will work quite well in New York, given the way the real estate market works there. But at the neighborhood level for Zillow, I'm not sure.

目前尚不清楚社區層面的人們是否準備好聯繫經紀人布萊恩，所以我不確定。這可能是我們選擇測試的東西。這當然有效。考慮到紐約房地產市場的運作方式，我們相信它在紐約會運作得很好。但在 Zillow 的社區層面，我不確定。

And MPG2020 on Twitter asks, can you provide -- can you update current agent ROI, target ROI, and the time it takes to get there?

Twitter 上的 MPG2020 詢問，您能否提供 - 您能否更新當前代理商的投資回報率、目標投資回報率以及達到目標所需的時間？

Good question. It gets at the core of our agent advertising business. We've always told investors that we think most agents are converting our leads, probably around 3%, and that would arrive at probably a 10X or so ROI. We think that a lot of our top agents are now converting leads at a much higher rate, as a result of better training, as a result of work that we've done, as a result of work that they've done.

好問題。它是我們代理廣告業務的核心。我們總是告訴投資者，我們認為大多數代理商正在轉換我們的銷售線索，大概在 3% 左右，這可能會帶來 10 倍左右的投資回報率。我們認為，由於更好的培訓、我們所做的工作以及他們所做的工作，我們的許多頂級代理商現在正在以更高的速度轉化潛在客戶。

As a result of changes to really the entire structure of the real estate industry, where more and more agents are becoming professionalized, and are using software and teams. And as a result of our Tech Connect program, where now leads are going to 47 different CRMs, including, of course, Market Leader as well as other leading CRMs. As a result of that higher lead conversion rate, even when we raise price, we can keep our ROI constant, because the leads are converting at a higher rate.

由於房地產行業整個結構發生了變化，越來越多的代理商變得專業化，並使用軟體和團隊。由於我們的 Tech Connect 計劃，現在線索將轉向 47 個不同的 CRM，當然包括市場領導者以及其他領先的 CRM。由於潛在客戶轉換率較高，即使我們提高價格，我們也可以保持投資回報率不變，因為潛在客戶的轉換率更高。

So it's very hard for us to know precisely what the ROI is, but even with price increases, ROI can stay flat or perhaps even increase, as lead conversion has increased, and I do believe that lead conversion has increased quite a bit, especially among the among top agents that are the highest ARPA advertisers.

因此，我們很難準確地知道投資回報率是多少，但即使價格上漲，投資回報率也可以保持不變甚至可能增加，因為潛在客戶轉換率增加，而且我確實相信潛在客戶轉換率已經增加了很多，尤其是在頂級代理商是 ARPA 最高的廣告商。

Last one from Twitter, and we'll go back to the call. Sedquis asks on Twitter, what is the churn rate at Trulia post the entire sales team getting fired?

最後一篇來自 Twitter，我們將回到電話會議。 Sedquis 在 Twitter 上詢問，整個銷售團隊被解僱後，Trulia 的流失率是多少？

So point of clarification, Sedquis. The Trulia sales team did not get fired. One of the sales centers, the San Francisco inside sales center for Trulia we closed, but the Denver sales center, which is a couple of hundred people strong is still absolutely very much selling Trulia advertising. And as a result of the changes that we made to the Trulia agent ad process over the last couple of weeks, we're actually reducing the churn rate or increasing the retention rate among Trulia advertisers through some of the changes that we've made.

所以需要澄清一點，Sedquis。 Trulia 銷售團隊沒有被解僱。我們關閉了舊金山銷售中心之一的 Trulia 內部銷售中心，但擁有數百人的丹佛銷售中心仍在大量銷售 Trulia 廣告。由於過去幾週我們對 Trulia 代理商廣告流程進行了更改，我們實際上透過所做的一些更改降低了 Trulia 廣告客戶的流失率或提高了保留率。

All right. Operator, we'll go back to the call, please, for the next couple?

好的。接線員，我們將繼續通話，好嗎？

Mark Mahaney, RBC Capital Markets.

馬克‧馬哈尼，加拿大皇家銀行資本市場部。

Spencer, could I ask you to go back and talk a little bit more about the rentals market, and maybe some of the product initiatives and the sales and marketing initiatives you have behind that rentals opportunity over the next year or two? Thank you.

史賓塞，我能否請您回去多談談租賃市場，也許還有您在未來一兩年內為租賃機會所採取的一些產品計劃以及銷售和營銷計劃？謝謝。

Thanks, Mark. Product initiatives, we have -- that's a long conversation. We have a very large product development team in San Francisco that works on Trulia rentals, and a very large product development team in Seattle that works on Zillow Rentals, on both desktop and mobile.

謝謝，馬克。我們有產品計劃——這是一個很長的對話。我們在舊金山有一個非常龐大的產品開發團隊，負責 Trulia 租賃業務，在西雅圖也有一個非常龐大的產品開發團隊，負責桌面和行動裝置上的 Zillow Rentals。

And then we have a team in San Francisco that works on industry facing software for the rental industry. We've made several acquisitions across each of those different product teams, including, of course, HotPads, which is our standalone rentals brand.

我們在舊金山有一個團隊，致力於開發以租賃行業為導向的行業軟體。我們對每個不同的產品團隊進行了多次收購，當然包括我們的獨立租賃品牌 HotPads。

To kick off a couple examples of things that we've shipped recently, we have more sophisticated and advanced building pages now, which are really important for our multi-family partners. It's helped drive an increase of our multi-family properties by 84% year-over-year. Our native rental apps are quite a bit better than they were, even 6 or 12 months ago.

首先舉幾個我們最近發布的例子，我們現在擁有更複雜和更先進的建置頁面，這對我們的多戶合作夥伴來說非常重要。它幫助推動我們的多戶住宅年增 84%。我們的原生租賃應用程式比 6 或 12 個月前更好。

We've done a better job of discovery on rentals inventory on core Trulia and core Zillow. I believe our merchandising is better in email, as well as on desktop and mobile across both brands. HotPads has shipped a number of pretty exciting initiatives as well, that have improved organic HotPads' audience. The product initiatives are really varied.

我們在核心 Trulia 和核心 Zillow 的租賃庫存發現方面做得更好。我相信我們的行銷在電子郵件以及兩個品牌的桌面和行動裝置上都更好。 HotPads 也推出了許多非常令人興奮的舉措，這些舉措提高了 HotPads 的自然受眾。產品舉措確實多種多樣。

In terms of sales initiatives, we have a fully built-out inside sales team and field sales team, something that we have been building over the last year, and is now effectively fully staffed. And they are completely integrated across our brands, so they carry business cards from Zillow Group representing Zillow, Trulia, and HotPads, as well as MyNewPlace, RealPage's site that we power. That is a very significant calling card, the audience that they represent is quite enormous, and it's that exposure that they're selling to our multi-family industry partners.

在銷售措施方面，我們擁有一支完全建成的內部銷售團隊和現場銷售團隊，這是我們去年一直在建造的，現在人員配備齊全。它們與我們的品牌完全集成，因此它們帶有 Zillow Group 的名片，代表 Zillow、Trulia 和 HotPads，以及我們支援的 RealPage 網站 MyNewPlace。這是一張非常重要的名片，他們所代表的受眾相當龐大，他們向我們的多戶型產業合作夥伴出售的正是這種曝光度。

Sorry, go ahead, Mark.

抱歉，馬克，請繼續。

That was it. Thank you, Spencer.

就是這樣。謝謝你，史賓塞。

Lloyd Walmsley, Deutsche Bank.

勞埃德‧沃姆斯利，德意志銀行。

Thanks. You have talked about being constrained in what you could do on the pricing side while the Trulia deal was under review. Can you just talk a bit about what you are doing on the pricing side, now that the deal is behind us, specifically on the agent side, as well as on the broker-exclusive side, that I think falls into the display revenue? What are you doing on the pricing there?

謝謝。您曾談到，在審查 Trulia 交易期間，您在定價方面的行動受到限制。既然交易已經完成，您能否談談您在定價方面所做的事情，特別是在代理方面以及經紀人獨家方面，我認為這屬於顯示收入？你在那裡的定價做什麼？

To start with, we have completely integrated pricing. Now the same team -- even though Trulia and Zillow are still sold separately, at least until the end of the year, the pricing is done in an integrated fashion. That's a significant change that went into effect just a couple of weeks ago.

首先，我們有完全整合的定價。現在是同一個團隊——儘管 Trulia 和 Zillow 仍然分開銷售，但至少到今年年底，定價都是以整合的方式完成的。這是幾週前生效的重大變更。

Every couple of weeks, we reprice every ZIP Code in the country. Sometimes we increase price; sometimes we decrease price. We do it based on local market dynamics, and by looking at a lot of data, and as I say, now we're doing it in an integrated fashion between our two brands.

每隔幾週，我們就會重新定價全國的每個郵遞區號。有時我們會提高價格；有時我們會降低價格。我們根據當地市場動態並查看大量數據來做到這一點，正如我所說，現在我們正在兩個品牌之間以整合的方式進行。

In terms of our national or regional deals, those tend to be done as parts of typically annual negotiations. It's a pretty small portion of our revenue, as evidenced by the fact that it's only a small portion of display revenue, and display revenue as a percent of total revenue continues to decline, whereas marketplace revenue continues to increase as a percent of total revenue. While we do monetize a small portion of our impressions through national or regional deals, the vast preponderance of our revenue comes from selling local advertising to individual real estate agents.

就我們的國家或地區協議而言，這些往往是作為典型年度談判的一部分來完成的。它只占我們收入的一小部分，事實證明它只佔展示收入的一小部分，並且展示收入佔總收入的百分比持續下降，而市場收入佔總收入的百分比持續增加。雖然我們確實透過國家或地區交易將一小部分印象貨幣化，但我們收入的絕大部分來自向個人房地產經紀人出售本地廣告。

And then the other component of it is Premier Agents on the Zillow brand do get a couple of their listings featured, which is to say, they appear as the only agent on a portion of their own listings. And as the size of our audience has grown, the value that an agent would get from that attribute of their Premier Agent advertising product would have increased, were it not for us reducing the number of listings associated with that feature. And so we have reduced the number of featured listings for Platinum Premier Agents, because our audience has grown so much that we can provide them with the same value by featuring a smaller number of their listings.

然後它的另一個組成部分是 Zillow 品牌上的高級代理商確實獲得了一些他們的清單的特色，也就是說，他們似乎是他們自己的清單的一部分的唯一代理商。隨著我們受眾規模的成長，如果我們沒有減少與該功能相關的清單數量，代理商從其 Premier Agent 廣告產品的該屬性中獲得的價值將會增加。因此，我們減少了白金級高級代理商的推薦清單數量，因為我們的受眾增長如此之多，以至於我們可以透過推薦較少數量的清單來為他們提供相同的價值。

And then I guess, you referenced the traffic number of 140 million as a bit abstract. I think the industry data, selling like $10 billion of agent advertising is generally seems to be treated with a heavy dose of skepticism from people in the industry. And then, the agent metrics without historical data aren't very helpful. Can you give us another bottoms up piece of data, like contact requests?

然後我猜你提到的1.4億流量有點抽象。我認為，業內人士普遍對銷售 100 億美元代理廣告的行業數據持強烈懷疑態度。然後，沒有歷史數據的代理指標也沒有太大幫助。您能否為我們提供另一條由下而上的數據，例如聯絡要求？

Sure.

當然。

Something that helps us understand core organic trends across the brands, and then how might you be changing the metrics you give going forward, given you've been deemphasizing the agent numbers generally?

有助於我們了解各個品牌的核心有機趨勢的東西，然後考慮到您通常不強調代理商數量，您將如何改變您未來給出的指標？

You are right in my characterization of audience as something abstract and hard to wrap your mind around. The total dollars of agent advertising of between $10 billion and $13 billion is a number that I feel pretty good about, because I feel excellent about the $60 billion to $70 billion in total commission number. That estimate, I think, is fairly solid and well-accepted.

我對觀眾的描述是正確的，觀眾是抽象的、難以理解的東西。代理廣告總金額在 100 億至 130 億美元之間，這是一個我感覺相當不錯的數字，因為我對 600 億至 700 億美元的佣金總額感到非常滿意。我認為這個估計相當可靠且被廣泛接受。

And it's a pretty well accepted rule of thumb that agents spend between 10% and 20% of their commissions on advertising. So I do believe that agents probably spend about $10 billion a year in advertising. So I feel solid in that TAM.

代理商將 10% 到 20% 的佣金用於廣告，這是一條廣為接受的經驗法則。所以我確實相信代理商每年可能在廣告上花費約 100 億美元。所以我對 TAM 感到很踏實。

In terms of metrics, I'm laughing, because this is something that we have spent a lot of time internally trying to debate, and trying to figure out how best to provide investors with transparency and an ability to model. As you point out, ARPA and sub-count have always been a bit of a challenging two metrics, because they only tell part of the story. At different points in time we've given lead numbers, by telling you how many leads we've sent per agent, and you can multiply that by the number of agents that we have.

就指標而言，我笑了，因為這是我們花了很多時間在內部嘗試辯論的問題，並試圖找出如何最好地為投資者提供透明度和建模能力。正如您所指出的，ARPA 和子計數一直是有點具有挑戰性的兩個指標，因為它們只講述了故事的一部分。在不同的時間點，我們透過告訴您我們為每個代理商發送了多少潛在客戶來給出潛在客戶數量，您可以將其乘以我們擁有的代理數量。

I don't think we've really found the right perfect metrics, which give investors transparency, but don't give competitors too much information and that helps outsiders understand the health of the business. Perhaps the best metric that I think helps outsiders understand the business is when we say 50% to 60% of our bookings are going to existing agents, I think that helps the investors understand that the ad product is clearly working for a lot of agents, or else they wouldn't be buying more impressions.

我認為我們還沒有真正找到正確的完美指標，這些指標可以為投資者提供透明度，但不會向競爭對手提供太多信息，從而幫助外部人員了解業務的健康狀況。也許我認為幫助外部人士了解業務的最佳指標是當我們說 50% 到 60% 的預訂流向現有代理商時，我認為這有助於投資者了解廣告產品顯然適用於許多代理商，否則他們就不會購買更多展示次數。

And so whatever you may hear from agents that you interview, or other feedback in the marketplace at the end of the day, a lot of agents are making a lot of money from their ads on Zillow Group. If they weren't, they wouldn't be buying more ads from us. So I think that's a pretty good metric to get at the health of the business.

因此，無論您從採訪的代理商那裡聽到什麼，或者最終在市場上收到其他回饋，許多代理商都透過 Zillow Group 上的廣告賺了很多錢。如果他們不這樣做，他們就不會從我們這裡購買更多廣告。所以我認為這是衡量業務健康狀況的一個很好的指標。

Operator, we'll go to the next call, please, or next question?

接線員，我們會進行下一個通話，或是下一個問題？

Robert Coolbrith, Sterne Agee.

羅伯特·庫爾布里斯，斯特恩·艾吉。

My first question is on EBITDA phasing. It seems like the percentage of whole-year EBITDA is higher in 1Q, lower in 2Q than last year, despite the restructuring in the quarter. I just wonder if you could comment, is there a different cadence to your ad spend, or maybe it's just the revenue trends that you saw at Trulia interim quarter and 1Q? Maybe you could give some more color there?

我的第一個問題是關於 EBITDA 階段。儘管本季度進行了重組，但全年 EBITDA 的百分比似乎與去年相比，第一季較高，第二季較低。我只是想知道您是否可以發表評論，您的廣告支出是否有不同的節奏，或者這可能只是您在 Trulia 中期季度和第一季看到的收入趨勢？也許你可以給那裡更多的顏色？

Also, Spencer, I know you mentioned some of the competitive bluster in the rental space. I'm just wondering in response to that, you have some of the massive marketing investment that's going on there, if we could expect that you'll be highlighting your rentals product, and it's arguable superiority, especially in the long tails listings this year to give that a little bit higher profile in your marketing efforts? Thank you.

另外，史賓塞，我知道您提到了租賃領域的一些競爭激烈的情況。我只是想知道對此的回應，你們正在進行大規模的營銷投資，如果我們可以期望你們會突出你們的租賃產品，而且它的優勢值得商榷，尤其是在今年的長尾列表中在你的營銷工作中給予更高的關注度？謝謝。

Robert, let me take your first question, and then I'll pass it on to Spencer to talk about the competitive landscape. In terms of just the ramp from where we are today in Q1 to the end of the year, where we had said that we're going to get to about 20% margins for the fourth quarter. I think getting there is going to be a combination of both robust revenue growth, as we move through the year, but also expense leverage.

羅伯特，讓我回答你的第一個問題，然後我會將其轉交給史賓塞，談談競爭格局。就從今天第一季到年底的成長而言，我們曾說過第四季的利潤率將達到 20% 左右。我認為要實現這一目標，既要依靠今年強勁的營收成長，還要依靠費用槓桿。

When you look at where we're spending and where we are investing, to move from Q1 to Q2, and to understand how we're going from our margins today to $4 million-ish margins in Q2, you have to look at the fact that we're doubling our ad spend quarter over quarter. Advertising is really working for us, we're heading into our peak seasonal shopping season, this is no different than how we spent last year. We have a heavier weight in Q2, I think, relative to what you have seen in the past. Much heavier in Q2. Q3, we're going to modulate that a little bit, and in Q4, we let up on it quite a bit, just given what's happening with the shopping season in the fourth quarter.

當你看看我們在哪裡支出和投資哪裡，從第一季度轉向第二季度，並了解我們如何從今天的利潤率增加到第二季度 400 萬美元左右的利潤率時，你必須看看這個事實我們的廣告支出逐季增加一倍。廣告確實對我們有用，我們即將進入季節性購物旺季，這與我們去年的消費方式沒有什麼不同。我認為，相對於您過去看到的情況，我們在第二季的權重更大。第二季更重。第三季度，我們將對此進行一些調整，而在第四季度，考慮到第四季度購物季的情況，我們會稍微放鬆一下。

In addition, the other things you should have in mind as you're modeling out the year and where else we're investing is, we're continuing to invest very heavily in data, both on the consumer side with more accurate data, and a greater set of data for more breadth for the consumer, to improve their core shopping experience. And we're giving that data also away to the industry, as an industry benefit through our Zillow Group Data Connect platform.

此外，在對今年進行建模以及我們在其他方面進行投資時，您應該記住的其他事情是，我們將繼續在數據方面進行大量投資，無論是在消費者方面還是在提供更準確的數據方面，以及為消費者提供更廣泛的數據集，以改善他們的核心購物體驗。我們也將這些數據提供給產業，透過我們的 Zillow Group Data Connect 平台為產業帶來好處。

In addition, we also are spending more money this year on professional services fees, which are increasing in the near term. These are legal fees, accounting fees and consulting fees, and some of that will taper off also in the fourth quarter. We don't think these are long-term in nature, but really centered around activities in 2015. Hopefully there is some good color there that will help you season out EBITDA and profitability for the full year.

此外，我們今年在專業服務費用上也投入了更多資金，這些費用在短期內還會增加。這些費用包括法律費用、會計費用和諮詢費用，其中一些費用也將在第四季度逐漸減少。我們認為這些本質上並不是長期的，而是真正以 2015 年的活動為中心。希望其中有一些好的色彩可以幫助您了解全年的 EBITDA 和盈利能力。

And on rental advertising, I'm not going to go into advertising tactics, other than just to say that we're advertising all brands and all products in different channels. We do have a pretty significant advantage on this topic, in that our ancillary marketplaces, like rentals and mortgages or even core real estate, they all benefit whenever we advertise any of our various products.

關於租賃廣告，我不會討論廣告策略，只是說我們正在不同管道為所有品牌和所有產品做廣告。在這個主題上，我們確實擁有相當顯著的優勢，因為我們的輔助市場，如租賃和抵押貸款，甚至核心房地產，只要我們為我們的任何產品做廣告，它們都會受益。

There is no question, for example, that rentals has benefited, even from an ad about buying a house on Zillow, for example. We see benefits to our rentals business, even when rentals isn't the core part of the ad. But other than that, for competitive reasons I'm not going to get into which channels, and which brands, and which tactics we're pursuing for advertising.

例如，毫無疑問，即使是 Zillow 上有關買房的廣告，租金也受益匪淺。我們看到了租賃業務的好處，即使租賃不是廣告的核心部分。但除此之外，出於競爭原因，我不會透露我們正在追求哪些管道、哪些品牌以及哪些廣告策略。

Next question, please, operator?

接線員，請問下一個問題？

Brad Safalow, PAA Research.

Brad Safalow，PAA 研究人員。

Thanks for taking my questions. I just wanted to go back to the TAM. NAR's research suggests that only 10% of agents spend more than $5,000 a year on marketing. Even if I said those 10% are spending $25,000 a year, that would imply a TAM of $2.5 billion, given where your ARPA is today. You're training towards a $5,000 annual ante to participate on the Zillow platform. Help us reconcile that versus your $10 billion TAM estimate.

感謝您回答我的問題。我只是想回到 TAM。 NAR 的研究表明，只有 10% 的代理商每年在行銷上的花費超過 5,000 美元。即使我說這 10% 的人每年花費 25,000 美元，考慮到 ARPA 目前的情況，這也意味著 TAM 為 25 億美元。您正在接受培訓，爭取每年 5,000 美元的賭注才能參與 Zillow 平台。請協助我們將其與您的 100 億美元 TAM 估算進行核對。

Brad, I guess I would reconcile it by saying that the way most agents make their investment decisions is on marginal ROI. So if you tried to evaluate, in the year 2000, how much revenue Google would have in a given vertical, you would probably have looked at Yellow Page advertising, and reached exactly the wrong conclusion. And the way a Google advertiser thinks about their spend is, am I making money on the margin? As long as we provide any positive ROI, the TAM is infinite, in theory, because agents continue to buy money.

布拉德，我想我會說大多數代理商做出投資決策的方式都是基於邊際投資報酬率。因此，如果您試圖評估 2000 年 Google 在特定垂直領域的收入，您可能會查看黃頁廣告，並得出完全錯誤的結論。谷歌廣告客戶考慮他們的支出的方式是，我是否靠邊際賺錢？只要我們提供任何正的投資報酬率，理論上 TAM 就是無限的，因為代理商會繼續購買資金。

And the agent that is the Zillow advertiser is a professional businessperson that has a team and uses software, and is investing in their business, and spending money to make money. I don't know what a dues-paying member of NAR, I don't know how they think about their spend. But the agent from Fargo, North Dakota, that was here visiting yesterday, who I spent 20 minutes talking to, was not in the business four years ago, didn't even exist. Today is spending probably $20,000 a month with Zillow Group, buying impressions. Has nine agents working for him, uses software, and is completely killing it in Fargo, North Dakota.

而Zillow廣告商的代理人是一個專業的商人，擁有團隊並使用軟體，正在投資他們的業務，並花錢賺錢。我不知道 NAR 的會費會員是怎麼樣的，我不知道他們如何看待自己的支出。但昨天來訪的來自北達科他州法哥市的代理人，我花了 20 分鐘與他交談，四年前他並不在這個行業，甚至根本不存在。今天，每個月在 Zillow Group 上花費約 20,000 美元來購買印象。有九名特工為他工作，使用軟體，並在北達科他州法哥徹底消滅了它。

Stealing share hand over fist from the traditional agents that used to spend money on print and direct mail. And that agent won't even be in business in three years. As long as we will provide any ROI to that agent, he is going to keep spending money on behalf of his team on Zillow. I don't know what the TAM data says from NAR or wherever else, but I know that the ROI is positive, and that's why agents keep spending.

從過去花錢購買印刷品和直效郵件的傳統代理商手中竊取份額。那個經紀人甚至在三年內都不會營業。只要我們為該代理商提供任何投資回報率，他就會繼續代表他的團隊在 Zillow 上花錢。我不知道 NAR 或其他地方的 TAM 數據表示什麼，但我知道投資回報率是正數，這就是代理商不斷支出的原因。

My second question was on, you just made -- you referenced it earlier. I know that you guys have reduced the number of featured listings for Platinum Premier Agent from 10 to five, I think you've established a $250 minimum ARPA on Zillow at least recently, at least agents I've talked to. And I know, I don't want to use too much from anecdotes, but obviously, featured listings are the highest source in terms of volume and quality, in terms of leads. Can you talk about what your expectation is, in terms of response for the agent community, whether there's been an uptick in churn, and what this suggests about the agents you're targeting?

我的第二個問題是，你剛剛提出──你之前提到過。我知道你們已經將 Platinum Premier Agent 的特色清單數量從 10 個減少到了 5 個，我認為你們至少最近在 Zillow 上建立了 250 美元的最低 ARPA，至少是我和我交談過的代理商。我知道，我不想使用太多軼事，但顯然，就數量和品質以及潛在客戶而言，特色清單是最高的來源。您能否談談您對代理商社群的反應的期望是什麼，客戶流失率是否有所上升，以及這對您所瞄準的代理商意味著什麼？

Sure. It's a pretty complicated topic. I tried to explain it, let me try to explain it again. When we had a particular amount of traffic, if you had eight listings that were featured, you would get a particular number of leads off your own listings. Now that we have a lot more traffic, you can get that same number of leads, with, say, four of your listings featured. It is true that we have fewer featured listings per Platinum Premier Agent, and we have a higher minimum spend in order to get featured listings, but that's because we have so much more traffic today.

當然。這是一個相當複雜的話題。我試著解釋一下，讓我再試著解釋一下。當我們有一定的流量時，如果您有八個精選列表，您將從自己的清單中獲得特定數量的潛在客戶。現在我們有了更多的流量，您可以獲得相同數量的潛在客戶，例如，您的四個清單都有特色。確實，我們每個白金特級代理商的特色房源較少，而且為了獲得特色房源，我們的最低支出也較高，但那是因為我們今天的流量要多得多。

As long as we're providing a good ROI between the impressions that you get on other people's listings and the leads that you get from your own listings, then our retention will be high, and we'll be able to keep selling more. Our overall Zillow agent retention is at record levels, and we haven't seen an impact on churn of the reduction in the number of featured listings. And that's why 60% of our bookings are going to existing agents, and agents who were with us a year ago are now spending 50% more. We've had 50% same-store ARPA growth year-over-year, in spite of the featured listing change that you're focused on.

只要我們在您從其他人的清單中獲得的印象與您從自己的清單中獲得的潛在客戶之間提供良好的投資回報率，那麼我們的保留率就會很高，並且我們將能夠繼續銷售更多產品。我們的 Zillow 代理商整體保留率達到了創紀錄的水平，而且我們還沒有看到特色房源數量減少對客戶流失率的影響。這就是為什麼我們 60% 的預訂都流向了現有代理商，而一年前與我們合作的代理商現在的支出增加了 50%。儘管您關注的特色清單發生了變化，但我們的同店 ARPA 同比增長了 50%。

Operator, I think we'll take the next call, or next question, if there is one?

接線員，我想我們會接聽下一個電話，或者下一個問題，如果有的話？

Tom Champion, Cowen and Company.

湯姆錢皮恩 (Tom Champion)，考恩公司。

Thanks for taking the question. In the past, there's been a fairly dramatic seasonal uptick between Q1 and Q2 from the revenue perspective, and it seems like, based on where you're guiding, that's a little muted this year. I'm just curious if you could maybe talk through what is different now, and perhaps how we should think about linearity throughout the year, leading up to that $690 million guide for 2015? Thank you.

感謝您提出問題。過去，從收入角度來看，第一季和第二季之間出現了相當顯著的季節性上升，而根據您的指導，今年的成長似乎有點平淡。我只是好奇您是否可以談談現在的不同之處，以及我們應該如何考慮全年的線性度，以實現 2015 年 6.9 億美元的指導？謝謝。

Sure. Tom, this is Chad. I'll take that one. I'd point out two things to start, which are display revenue softening year-over-year, we're making very strategic decisions with respect to the consumer experience, and deliberately reducing our display ad placements, which means we're integrating more marketplace advertising into the consumer experience.

當然。湯姆，這是查德。我會接受那個。我想先指出兩件事，一是展示收入逐年疲軟，我們正在就消費者體驗做出非常策略性的決策，二是刻意減少展示廣告投放，這意味著我們正在整合更多市場廣告融入消費者體驗。

So year-over-year basis, we expect display revenue will be a lot more in line with prior-year, and those are the numbers that we gave out during the script. There are some challenges with display, obviously from programmatic advertising, but kudos to the display team for really incubating a lot of that revenue as we're transitioning to other types of ad placements.

因此，與去年同期相比，我們預計顯示器收入將與去年更加一致，這些是我們在腳本中給出的數字。展示存在一些挑戰，顯然來自程序化廣告，但值得讚揚的是，當我們轉向其他類型的廣告展示位置時，展示團隊確實孵化了大量收入。

So I'd point out display, then I point out Market Leader. That business is down 11% year-over-year and will continue to be off of its 2014 numbers. Those are the primary drivers of the softening in revenues, and that contributed to a slower-than-expected ramp in your model from Q1 to Q2.

所以我會指出顯示，然後我指出市場領導者。該業務年減 11%，並將繼續低於 2014 年的數據。這些是營收疲軟的主要驅動因素，導致您的模型從第一季到第二季的成長速度低於預期。

We're also in the midst of an integration exercise, where we have effectively displaced the affiliates for mortgages and rentals with our own platform. As we move through that, we feel really good about what is going to happen in Q3. So if you were to model this out, I would expect a much higher uptick in revenues.

我們也正在進行整合工作，我們已經透過自己的平台有效地取代了抵押貸款和租賃附屬公司。當我們經歷這個過程時，我們對第三季將要發生的事情感到非常滿意。因此，如果你對此進行建模，我預計收入會有更高的成長。

I was walking, I forget who it was, through what's happening with EBITDA as we march through the quarters. The lift from Q2 to Q3 will be much more significant, in terms of how these numbers flow through down to EBITDA. That's what I would model out, in terms of the top line.

我一邊走，一邊走過季度，忘了那人是誰，只記得 EBITDA 的情況。就這些數字如何轉化為 EBITDA 而言，從第二季到第三季的提升將更加顯著。這就是我要根據營收來建模的內容。

Thank you.

謝謝。

I'm showing no further questions. I would like to turn the call back to Spencer Rascoff, Chief Executive Officer, for closing remarks.

我沒有再提出任何問題。我想將電話轉回執行長史賓塞‧拉斯科夫 (Spencer Rascoff)，讓其致閉幕詞。

Thanks. Thanks, everyone, for your time today, on this first-quarter earnings call. I will now take this conversation over to Twitter, and answer any of the remaining questions using the #ZEarnings hashtag. I look forward to speaking with you all again soon. Thanks a lot. Goodbye.

謝謝。感謝大家今天抽空參加第一季財報電話會議。我現在將把對話轉移到 Twitter，並使用 #ZEarnings 標籤回答任何剩餘問題。我期待很快能再次與大家交談。多謝。再見。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Everyone, have a great day.

女士們、先生們，感謝你們參加今天的會議。今天的節目到此結束。你們都可以斷開連線。大家，祝你有美好的一天。