Zillow Group Inc (ZG) 2020 Q2 法說會逐字稿

Good afternoon.

午安.

My name is Abigail, and I will be your conference operator for today.

我叫阿比蓋爾，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Zillow Group Second Quarter 2020 Conference Call.

在此，我歡迎大家參加 Zillow Group 2020 年第二季電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

Thank you.

謝謝。

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

我現在想將會議交給投資者關係副總裁 Brad Berning。

Please go ahead.

請繼續。

Thank you, Abigail.

謝謝你，阿比蓋爾。

Good afternoon, and welcome to Zillow Group's Second Quarter 2020 Conference Call.

下午好，歡迎參加 Zillow Group 2020 年第二季電話會議。

Joining me today to discuss our Q2 results are Zillow Group's Co-Founder and CEO, Rich Barton; and CFO, Allen Parker.

今天與我一起討論我們第二季業績的是 Zillow Group 聯合創始人兼執行長 Rich Barton；和財務長艾倫·帕克。

During the call, we will make forward-looking statements about our future performance and operating plans based on our current expectations and assumptions.

在電話會議期間，我們將根據當前的預期和假設對未來業績和營運計劃做出前瞻性陳述。

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.

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。

We make -- undertake no obligation to update these statements as a result of new information or future events, except as required by law.

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.

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。

A recording of the call will be available later today.

今天稍後將提供通話錄音。

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

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。

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 to the historical non-GAAP financial measures.

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，包括與歷史非 GAAP 財務指標的調節。

In addition, please note, we will refer to our Internet, Media & Technology segment as our IMT segment.

此外，請注意，我們將互聯網、媒體和技術部門稱為 IMT 部門。

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

我們現在將透過簡短發言開始電話會議，然後進行現場問答。

And with that, I'll turn the call over to Rich.

然後，我會將電話轉給 Rich。

Thanks, Brad.

謝謝，布拉德。

It's great to be on the line with you all from Zillow Cloud HQ to discuss our results.

很高興能與 Zillow Cloud 總部的大家一起討論我們的結果。

I hope you're getting some downtime this summer and staying safe.

我希望您今年夏天能有一些休息時間並保持安全。

Downtime matters now more than ever, so take care of yourselves and get some.

現在，停機時間比以往任何時候都更重要，所以要照顧好自己，多休息一下。

Okay.

好的。

The second quarter was one for our history books.

第二季是我們歷史書上的一個季度。

We faced down fear and uncertainty and took prudent action to control costs, stopping short of layoffs or furloughs and to extend the lifeline to our valued agent partners.

我們克服了恐懼和不確定性，採取審慎行動來控製成本，避免裁員或休假，並為我們尊貴的代理商合作夥伴延長生命線。

We've refinanced to convert and raised nearly $1 billion of capital for defense and for offense.

我們已經進行了再融資以進行轉型，並籌集了近 10 億美元的資金用於防禦和進攻。

Since the curse of COVID commenced for us here in the U.S., you've heard me speak several times on quarterly earnings and pop-up conference calls, striking what was perhaps a more optimistic tone than you thought was warranted.

自從新冠病毒的詛咒在美國開始對我們產生影響以來，你已經聽過我多次就季度收益和臨時電話會議發表講話，語氣可能比你想像的更加樂觀。

This quarter's numbers are even better than we had hoped and firm up our belief that Zillow's business is experiencing powerful tailwinds in both real estate and technology.

本季的數據甚至比我們預期的還要好，這堅定了我們的信念：Zillow 的業務在房地產和技術方面都經歷了強大的推動力。

As I said before, I believe we are at the dawn of a great reshuffling.

正如我之前所說，我相信我們正處於大洗牌的曙光之中。

I'm sure I don't need to spell it out for you because we are all living it, spending an average of 9 hours more per day at home.

我確信我不需要為您詳細說明，因為我們都生活在這種情況下，平均每天在家多花 9 個小時。

Zoom meetings are changing the way families think about space and privacy.

Zoom 會議正在改變家庭對空間和隱私的看法。

Home offices are in high demand.

家庭辦公室的需求量很大。

Backyards are more desirable than parks and gyms.

後院比公園和健身房更受歡迎。

Work-from-home policies are eliminating the commute for many.

在家工作政策正在消除許多人的通勤時間。

There's an endless list of considerations.

有無數的考慮因素。

Millions of people are currently considering upsizing, downsizing, getting closer to family, further from the office, et cetera.

目前，數百萬人正在考慮換大房子、換小房子、離家人更近、離辦公室更遠等等。

At Zillow last week, we announced our intent to be a flexible employer, offering most of our employees the option to work remotely at least part of the time, indefinitely.

上週在 Zillow，我們宣布打算成為一家靈活的雇主，為我們的大多數員工提供至少部分時間、無限期遠距工作的選擇。

It's something we never could have anticipated a year ago.

這是我們一年前根本無法預料到的。

New habits and norms are forming rapidly right now.

新的習慣和規範正在迅速形成。

In many cases, as with working from home, we have found better, more efficient and more healthy ways to live and work.

在許多情況下，就像在家工作一樣，我們找到了更好、更有效率、更健康的生活和工作方式。

We're not going to just go back to the way things were.

我們不會回到原來的樣子。

This is a tectonic shift that we expect to play out for years to come.

我們預計這種結構性轉變將在未來幾年內發生。

Additionally, home turnover has been abnormally low since the global financial crisis, which means we entered the pandemic already carrying pent-up demand.

此外，自全球金融危機以來，房屋成交量一直異常低，這意味著我們在進入疫情之際已經帶著被壓抑的需求。

These are the forces driving the real estate tailwind, supported by all signals we see and intuit.

這些是推動房地產順風的力量，得到我們所看到和直覺的所有訊號的支持。

You see this reflected in our outperformance in Q2 on most every measure, which sets us up well going into Q3, for which we have an outlook that now exceeds our pre-COVID estimates on most metrics.

您可以看到，我們在第二季度的大多數指標上都表現出色，這反映了這一點，這為我們進入第三季度做好了準備，我們對第三季度的大多數指標的展望現在都超出了我們在疫情爆發前的估計。

The great reshuffling is driving unusually high interest in home shopping.

這場大洗牌正在推動人們對家居購物的興趣異常高漲。

As the category leader, synonymous with real estate, we hit a record 218 million average monthly unique users this quarter.

身為類別領導者（房地產的代名詞），本季我們的月平均獨立用戶數達到創紀錄的 2.18 億。

During the month of June, we grew users on Zillow Group sites and apps by more than 32 million year-over-year.

6 月份，我們 Zillow Group 網站和應用程式的用戶較去年同期成長超過 3,200 萬。

Across every industry we are all studying, we are seeing an acceleration in the preexisting [O-to-O] customer migration, navigating from offline to online.

在我們正在研究的每個產業中，我們都看到現有的[O-to-O]客戶遷移正在加速，從線下轉向線上。

In the absence of being able to do much in the physical world, folks have turned to digital delivery systems: Amazon, Netflix, Zoom, et cetera.

由於在現實世界中無法做太多事情，人們轉向了數位傳輸系統：亞馬遜、Netflix、Zoom 等。

These are the forces powering tailwind #2, the technology tailwind.

這些是推動第二順風的力量，即技術順風。

We believe we are the outsized beneficiary of this tailwind.

我們相信我們是這順風的巨大受益者。

No company in our industry is better positioned than Zillow to deliver on seismic shifts in technology adoption.

在我們這個產業中，沒有一家公司比 Zillow 更能在技術採用方面實現巨大轉變。

Zillow recreated what it meant to search and find real estate, that we are now investing to recreate and digitize the transaction itself.

Zillow 重新定義了搜尋和尋找房地產的含義，我們現在正在投資重新創建交易本身並將其數位化。

3 out of 4 U.S. adults said they want to use video or virtual 3D tour technology to shop for a home right now.

四分之三的美國成年人表示，他們現在想使用影片或虛擬 3D 旅遊技術來購屋。

Sellers are creating 3x as many Zillow 3D home tours as they were in March.

賣家創建的 Zillow 3D 家庭旅遊數量是 3 月的 3 倍。

Okay.

好的。

These 2 tailwinds, real estate and technology, are rapidly converging with Zillow at the nexus.

房地產和技術這兩個順風車正在與 Zillow 迅速融合。

The O-to-O shift, as it pertains to Zillow, is in part what we've been talking about as real estate 2.0, and we're seeing years of adoption accelerate in months.

就 Zillow 而言，O 到 O 的轉變在某種程度上就是我們一直在談論的房地產 2.0，而且我們看到多年的採用在幾個月內就加速了。

Real estate 2.0 will be an integrated transaction with virtual shopping, digital document routing, and one day, a trade-in button for your house.

房地產 2.0 將成為一種整合交易，包括虛擬購物、數位文件路由以及有一天的房屋以舊換新按鈕。

Zillow has the tech and R&D capabilities to enable this shift.

Zillow 擁有實現這項轉變的技術和研發能力。

And with the leading brand in real estate, we are best positioned to capture more transactions as more people change the places they call home.

憑藉房地產領域的領先品牌，隨著越來越多的人改變他們稱之為家的地方，我們最有能力捕獲更多交易。

These tailwinds pair with excellent execution this past quarter and set us up well for the future.

這些有利因素與上個季度的出色執行力相結合，為我們的未來奠定了良好的基礎。

Let me recap a few highlights.

讓我回顧一下幾個亮點。

In the haze of uncertainty as the crisis began, we budgeted conservatively, but we planned aggressively to be ready to step on the gas when real estate bounced back.

在危機開始時的不確定性陰霾中，我們保守地制定了預算，但我們積極計劃，準備好在房地產反彈時加大力度。

We avoided layoffs and other deep permanent cuts to our cost structure, and we've set ourselves up to press advantages, ending Q2 with $3.5 billion in cash.

我們避免了裁員和其他對成本結構的永久性大幅削減，我們已做好充分準備以發揮優勢，在第二季結束時擁有 35 億美元的現金。

This positions us well now that the real estate market is snapping back more quickly than many expected.

現在房地產市場的復甦速度比許多人預期的要快，這使我們處於有利的地位。

Our Premier Agent business delivered its best sales and retention month on record in June.

我們的高級代理商業務在 6 月實現了有史以來最好的銷售和保留月份。

We expect this momentum to continue and are forecasting 15% year-over-year revenue growth in Q3.

我們預計這一勢頭將持續下去，並預測第三季營收將年增 15%。

Regardless of the monetization model, we believe goodness flows from partnering with high-performing agents and teams to deliver high customer satisfaction and maximization of revenue and profit per customer.

無論採用哪種獲利模式，我們都相信，與高績效代理商和團隊合作可以帶來良好的效益，從而提供高客戶滿意度以及每位客戶的收入和利潤最大化。

Q2's higher-than-expected revenue in our IMT segment, coupled with COVID-driven expense prudence, drove year-over-year margin expansion of 584 basis points that far exceeded our expectations.

第二季 IMT 業務收入高於預期，加上新冠疫情驅動的費用審慎，推動利潤率年增 584 個基點，遠超出我們的預期。

We continue to see top line momentum in this segment, which informs a Q3 EBITDA margin outlook of close to 40%.

我們繼續看到該領域的營收勢頭，這表明第三季 EBITDA 利潤率前景接近 40%。

Should we achieve this outlook, it will serve as a preview of profit leverage we can achieve in this business.

如果我們實現這一前景，它將成為我們在該業務中可以實現的利潤槓桿的預覽。

However, we continue to see attractive growth opportunities in IMT and will invest appropriately.

然而，我們繼續看到 IMT 領域有吸引力的成長機會，並將進行適當投資。

In Zillow Offers, we used enhanced selling strategies and differentiated data signals to manage our inventory.

在 Zillow Offers 中，我們使用增強的銷售策略和差異化的數據訊號來管理我們的庫存。

The fact that we were able to make it gracefully through the uncertainty of the past 5 months, continuing to sell inventory is a testament to the team's agility.

事實上，我們能夠優雅地度過過去 5 個月的不確定性，繼續銷售庫存，證明了團隊的敏捷性。

Our combination of machines and humans is getting smarter and more experienced.

我們的機器和人類的結合變得越來越聰明，經驗也越來越豐富。

We have since reopened all 24 markets after our March pause, offering a certain, convenient and safe way to sell.

自 3 月暫停以來，我們已重新開放所有 24 個市場，提供特定、方便且安全的銷售方式。

And the digital shopping experience of the future for buyers, this includes Zillow apps 3D home tours from anywhere, virtual home tours with a Zillow Premier Agent by appointment and in-person self-tours where buyers can unlock Zillow-owned homes with their mobile phones.

為買家提供未來的數位購物體驗，其中包括 Zillow 應用程式隨時隨地進行 3D 家居參觀、透過預約與 Zillow Premier 代理進行虛擬家居參觀以及買家可以使用手機解鎖 Zillow 擁有的房屋的親自自助參觀。

A recent study by researchers at Sanford, Northwestern and Colombia shared how Zillow Offers should increase liquidity and mobility by making it easier for people to move, especially people who are downsizing.

桑福德、西北大學和哥倫比亞的研究人員最近進行的一項研究分享了 Zillow Offers 如何透過讓人們（尤其是正在縮小規模的人們）更容易搬家來增加流動性和流動性。

Zillow Offers is likely helping grease the skids of the great reshuffling.

Zillow Offers 可能有助於緩解這場大洗牌的局面。

Our Zillow Home Loans business is doing well, with June loan volume up 2.6x versus a year ago, our best month ever.

我們的 Zillow 房屋貸款業務表現良好，6 月貸款量比一年前增加了 2.6 倍，這是我們有史以來最好的一個月。

Zillow Closing Services is now up and running in all Zillow Offers markets after less than 12 months.

不到 12 個月後，Zillow Closing Services 現已在所有 Zillow Offers 市場啟動並運作。

It's still early, but these adjacent businesses are gaining some traction, offering our customers value and convenience along the way.

現在還為時過早，但這些相鄰的企業正在獲得一些吸引力，一路為我們的客戶提供價值和便利。

Real estate 2.0 is picking up steam, and we are leading the way.

房地產2.0正在加速發展，我們正在引領潮流。

Going forward, we remain focused on driving more transactions across all business segments during this remarkable moment in time that we are all living through.

展望未來，在我們共同經歷的這個非凡時刻，我們將繼續專注於推動所有業務部門的更多交易。

People in all sorts of situations are rethinking their living space, and they're coming to Zillow for help to rent, buy, sell, finance and to close.

處於各種情況的人們正在重新考慮他們的生活空間，他們來到 Zillow 尋求租賃、購買、出售、融資和關閉的幫助。

We are continuing to invest heavily in technology and services that will allow more people to do more of their transactions with Zillow, whether that's through our Zillow branded transaction services or our best-in-class partners.

我們將繼續大力投資科技和服務，讓更多人透過 Zillow 進行更多交易，無論是透過我們的 Zillow 品牌交易服務還是我們一流的合作夥伴。

The video we included in the shareholder letter of Seattle landlord, Raul Tello, and his new tenants demonstrates the technology tailwind in action.

我們在西雅圖房東 Raul Tello 和他的新租戶的股東信中包含的影片展示了正在發揮作用的技術順風。

Raul is a local doctor and a Colombian immigrant whose fledgling real estate investment business is a piece of his American dream.

勞爾是當地醫生，也是哥倫比亞移民，他剛起步的房地產投資業務是他美國夢的一部分。

When public health orders made it difficult to show his townhouse to potential renters this summer, he turned to Zillow and discovered a suite of virtual tools that made it possible for renters to take a 3D tour online, go on a personalized virtual tour, sign their lease and pay their rent, all without ever meeting Tello in person.

今年夏天，當公共衛生命令使得他的聯排別墅難以向潛在租戶展示時，他向Zillow 求助，發現了一套虛擬工具，使租戶可以在線進行3D 遊覽、進行個性化的虛擬遊覽、簽署他們的合約。租賃並支付租金，所有這一切都無需親自見過特洛。

He went from nervous to relieved and surprised.

他從緊張變成了釋然和驚訝。

He said, "There's no other way I would have been able to do this without the Zillow platform."

他說：“如果沒有 Zillow 平台，我就沒有其他方法可以做到這一點。”

Before I pass the mic over to Allen, I want to take a moment to acknowledge that we, at Zillow, recognize the tailwinds we are experiencing are an advantage of being in the shelter business, which is at the base of Maslow's hierarchy of needs, a good and lucky place to be in a pandemic.

在我把麥克風交給 Allen 之前，我想花一點時間承認，我們 Zillow 認識到我們正在經歷的順風是從事庇護所業務的優勢，這是馬斯洛需求層次的基礎，一個在大流行期間的好地方和幸運的地方。

Our country is grappling with fear, loss, protest and anger through a health crisis and a social reckoning.

我們的國家正在透過健康危機和社會清算來應對恐懼、失落、抗議和憤怒。

I'm proud of how our team at Zillow has responded.

我對 Zillow 團隊的應對方式感到自豪。

Our employees helped raise over $1 million for COVID-19 relief efforts in our communities.

我們的員工幫助籌集了超過 100 萬美元，用於社區的 COVID-19 救援工作。

And additionally, our company has since pledged at least $1 million to support equity and racial justice.

此外，我們公司此後承諾提供至少 100 萬美元支持公平和種族正義。

Further, we have made a public comment that we can and will do more, starting at our own company in helping to lead progress in the real estate industry, which has a troubled legacy of discrimination that has impacted generations.

此外，我們也公開表示，我們可以而且願意做更多的事情，從我們自己的公司開始，幫助引領房地產行業的進步，該行業存在影響幾代人的歧視遺留問題。

Recently deceased U.S. representative, John Lewis, wrote that, "Nothing can stop the power of committed and determined people to make a difference in our society." We at Zillow are committed and determined to help shape a more equitable world.

最近去世的美國代表約翰·劉易斯寫道：“沒有什麼可以阻止堅定而堅定的人們為我們的社會帶來改變的力量。”我們 Zillow 致力於並決心幫助塑造一個更公平的世界。

We appreciate your partnership in this journey.

我們感謝您在此旅程中的合作。

Okay.

好的。

Allen?

艾倫？

Thank you, Rich.

謝謝你，里奇。

I'll summarize a few key financial results from Q2, followed by a discussion of our outlook for Q3.

我將總結第二季的一些關鍵財務業績，然後討論我們對第三季的前景。

As Rich discussed, Zillow Group delivered a strong second quarter.

正如 Rich 所討論的，Zillow Group 第二季業績強勁。

We reported consolidated revenue of $768 million, up 28% year-over-year.

我們公佈的綜合收入為 7.68 億美元，年增 28%。

Our revenue outperformance was primarily due to a better-than-expected sales results in our Homes segment, when IMT and Mortgages also both outperforming our outlook.

我們的收入表現出色主要是由於我們的房屋部門的銷售業績優於預期，而 IMT 和抵押貸款的表現也都超出了我們的預期。

While our Zillow Offers home buying was paused temporarily at the beginning of Q2, our actions, improved housing market conditions and low mortgage rates helped drive better revenue than expected for all 3 of our segments.

雖然我們的 Zillow Offers 購屋在第二季初暫時暫停，但我們的行動、房屋市場狀況的改善和較低的抵押貸款利率幫助我們所有 3 個細分市場實現了好於預期的收入。

Stronger revenue, combined with continued focus on managing costs, delivered consolidated EBITDA of $16 million, significantly outperforming our expectations of a loss of $61 million at the midpoint of our outlook range.

更強勁的收入，加上對管理成本的持續關注，實現了 1600 萬美元的綜合 EBITDA，大大超出了我們對預期範圍中位數 6100 萬美元虧損的預期。

IMT segment revenue of $280 million and the underlying Premier Agent revenue of $192 million was impacted by the Better Together discounts provided to our partners during Q2.

IMT 部門收入為 2.8 億美元，基礎高級代理收入為 1.92 億美元，受到第二季向合作夥伴提供的 Better Together 折扣的影響。

These discounts were effective in retaining our partners and put us in a strong position to benefit from the faster-than-expected housing market recovery.

這些折扣有效地留住了我們的合作夥伴，並使我們處於有利地位，能夠從快於預期的房地產市場復甦中受益。

While our IMT segment revenue declined 13% year-over-year, the decline was better than the 25% decrease at the midpoint of our Q2 outlook.

雖然我們的 IMT 部門營收年減 13%，但降幅優於我們第二季展望中位數 25% 的降幅。

As Rich mentioned, in June, we experienced record new Premier Agent monthly recurring revenue, and at the end of June, experienced our highest level of total MRR and retention since the inception of our Premier Agent MBP program.

正如 Rich 所提到的，6 月份，我們的高級代理每月經常性收入創下新紀錄，並且在 6 月底，我們的總 MRR 和保留率達到了自高級代理 MBP 計劃啟動以來的最高水平。

Given where the quarter started, this is a strong testament to our team's ability to manage through market volatility.

考慮到本季的開始，這有力地證明了我們團隊應對市場波動的能力。

IMT segment EBITDA margin was 25.6%, approximately 1,500 basis points above the midpoint of our Q2 outlook.

IMT 部門 EBITDA 利潤率為 25.6%，比我們第二季展望的中點高出約 1,500 個基點。

This performance allowed us to grow EBITDA dollars 12% year-over-year even with the declining revenue.

即使收入下降，這一業績也使我們的 EBITDA 年比成長 12%。

While Homes segment revenue decreased sequentially due to the pause at home buying during the first half of the quarter, we did sell 1,437 homes or 80% of the inventory we had at the beginning of Q2, exceeding our expectations.

儘管由於本季上半年購屋暫停，住宅部門收入環比下降，但我們確實售出了 1,437 套房屋，佔第二季初庫存的 80%，超出了我們的預期。

Housing transactions proved resilient as we, our partners and the broader industry participants found creative solutions to enable real estate transactions and customers to move forward safely.

事實證明，房屋交易具有彈性，因為我們、我們的合作夥伴和更廣泛的行業參與者找到了創造性的解決方案，使房地產交易和客戶能夠安全地前進。

We restarted purchasing homes midway through the second quarter, and we are pleased with the initial inputs.

我們在第二季中期重新開始購買房屋，我們對最初的投入感到滿意。

We are seeing solid demand while driving continued operational improvements and safety measures.

我們看到了強勁的需求，同時推動了持續的營運改善和安全措施。

Our Q2 Mortgages segment revenue of $34 million increased 25% year-over-year, exceeding the high end of our outlook range.

我們第二季抵押貸款部門的收入為 3,400 萬美元，年增 25%，超出了我們預期範圍的上限。

Increased loan officer productivity enabled us to participate in the refinance wave driven by low mortgage rates.

信貸員生產力的提高使我們能夠參與低抵押貸款利率推動的再融資浪潮。

The Mortgages segment also delivered EBITDA of $5 million.

抵押貸款部門還實現了 500 萬美元的 EBITDA。

As we stated on previous earnings calls, my focus as CFO continues to be establishing processes and mechanisms in support of 3 key priorities.

正如我們在先前的財報電話會議上所說，作為財務官，我的重點仍然是建立支援 3 個關鍵優先事項的流程和機制。

Those priorities are: scaling our new businesses; executing within our IMT segment in order to fund investments in our new segments, along with additional growth opportunities; and implementing focused cost discipline and operational rigor across the company as we scale.

這些優先事項是：擴大我們的新業務；在我們的 IMT 部門內執行，以便為我們新部門的投資以及額外的成長機會提供資金；隨著規模的擴大，在整個公司範圍內實施集中的成本紀律和嚴格的營運。

Last quarter, I also discussed that during this uncertain time, the team and I have been focused on liquidity preservation to protect the enterprise and ensure we are well positioned to execute on opportunities to lead the industry to real estate 2.0.

上個季度，我還討論了在這個不確定的時期，我和團隊一直專注於流動性保護，以保護企業，並確保我們處於有利位置，抓住機遇，引領行業邁向房地產 2.0。

We ended the quarter with $3.5 billion in cash and investments, the highest balance in our history.

本季結束時，我們擁有 35 億美元的現金和投資，這是我們歷史上最高的餘額。

In May, we completed nearly $1 billion in capital raises with a combined convertible debt and equity offering, effectively refinancing a portion of our convertible debt due next year.

5 月份，我們透過可轉換債券和股票發行相結合的方式完成了近 10 億美元的融資，有效地為明年到期的部分可轉換債券進行了再融資。

Turning to our outlook.

轉向我們的展望。

We are providing a 1 quarter outlook for all segments.

我們為所有細分市場提供第一季展望。

While we are pleased with the execution of our team coming out of Q2 and the strong current input trends have informed our Q3 outlook, we do note that given the pandemic, there remains a more -- there remains more of a macro uncertainty in our current environment than normal.

雖然我們對第二季度團隊的執行力感到滿意，並且當前強勁的投入趨勢已經為我們第三季度的前景提供了信息，但我們確實注意到，鑑於大流行，我們當前的宏觀不確定性仍然存在。環境比正常人好。

Let me start with a few Q3 highlights.

讓我從第三季的一些亮點開始。

In Q3, we expect consolidated EBITDA at the midpoint of the guidance range to be $70.5 million, which is well above what we internally expected even pre-COVID.

在第三季度，我們預計綜合 EBITDA 為指引範圍中點的 7,050 萬美元，這遠高於我們在新冠疫情之前的內部預期。

Accelerated revenue growth in our IMT and Mortgages segments are the primary factors driving top line contribution.

我們的 IMT 和抵押貸款業務收入加速成長是推動營收貢獻的主要因素。

EBITDA margins are expected to improve meaningfully as we leverage this revenue growth with continued focus on operating expense discipline.

隨著我們利用收入成長並繼續關注營運費用紀律，預計 EBITDA 利潤率將顯著提高。

We will begin to increase marketing and advertising investments in Q3 as compared to Q2 as we press our leadership position and drive growth.

與第二季相比，我們將在第三季開始增加行銷和廣告投資，以鞏固我們的領導地位並推動成長。

However, we do expect to see continued year-over-year operating leverage in Q3 for marketing and advertising.

然而，我們確實預期第三季行銷和廣告業務的營運槓桿將持續年增。

We also expect operating leverage in our people costs, technology and development and other operating expenses.

我們也期望在人員成本、技術和開發以及其他營運支出方面發揮營運槓桿作用。

People costs are expected to be relatively flat year-over-year as we plan to cautiously manage headcount given the continued uncertain economic environment.

鑑於經濟環境持續不確定，我們計劃謹慎管理員工人數，因此預期人員成本將比去年同期相對持平。

Moving to each of our segments.

轉向我們的每個細分市場。

Within the IMT segment, we expect Premier Agent revenue to be $277 million, up 15% year-over-year at the midpoint of our outlook range.

在 IMT 領域，我們預期 Premier Agent 營收將達到 2.77 億美元，年增 15%，處於我們展望範圍的中點。

The sequential improvement from Q2 is driven by expected continued strong sales and partner retention in Q3, coupled with discontinuing our Better Together partner discounts.

第二季的環比改善得益於第三季預期持續強勁的銷售和合作夥伴保留，以及我們停止提供 Better Together 合作夥伴折扣。

Other IMT segment revenue growth is also expected to improve in Q3, with further acceleration in rentals revenue growth and discontinued Better discount -- Better Together discounts.

其他 IMT 部門的營收成長預計也將在第三季有所改善，租金收入成長進一步加速，並終止了 Better 折扣——Better Together 折扣。

Partner hit marketplaces like New York City and Display are expected to improve in Q3 from year-over-year declines in Q2 but still remained somewhat down year-over-year in Q3.

紐約市和 Display 等合作夥伴熱門市場預計將在第三季有所改善，較第二季的年減率有所改善，但第三季同比仍略有下降。

In light of these factors, we expect IMT EBITDA margin to take a significant step upwards to 39% in Q3 at the midpoint of our outlook range, up nearly 1,200 basis points year-over-year from 27.2% in Q3 2019.

有鑑於這些因素，我們預計第三季 IMT EBITDA 利潤率將大幅上升至 39%，處於我們展望範圍的中點，較 2019 年第三季的 27.2% 年比增長近 1,200 個基點。

In Q3, we expect our Homes segment revenue to be between $140 million and $160 million, and an EBITDA loss to be between $80 million to $70 million.

第三季度，我們預計住宅部門營收將在 1.4 億美元至 1.6 億美元之間，EBITDA 損失將在 8,000 萬美元至 7,000 萬美元之間。

Revenue is expected to decline both sequentially and year-over-year due to the pause in purchasing homes that impacted Q2 and the resulting lower inventory balance coming into Q3.

由於第二季購屋暫停以及第三季庫存餘額下降，預計收入將環比和同比下降。

With regard to our Mortgages segment, our management team has successfully operationalized our move to conforming mortgages from FHA and VA loans, improved loan officer efficiency and has successfully navigated the dynamic rate environment.

在我們的抵押貸款部門，我們的管理團隊成功實施了從聯邦住房管理局(FHA) 和退伍軍人管理局(VA) 貸款中轉為合格抵押貸款的舉措，提高了信貸員的效率，並成功應對了動態利率環境。

We are continuing to innovate our Mortgages technology platform to provide our customers and partners a more streamlined experience.

我們正在繼續創新我們的抵押貸款技術平台，為我們的客戶和合作夥伴提供更簡化的體驗。

We expect Q3 Mortgages revenue to be between $34 million and $37 million, and EBITDA to be between a slight loss of $3 million and breakeven based upon capacity, current market conditions and additional investments in operations.

根據產能、當前市場狀況和營運方面的額外投資，我們預計第三季抵押貸款收入將在 3,400 萬美元至 3,700 萬美元之間，而 EBITDA 將在 300 萬美元的小幅虧損和損益平衡之間。

As our results demonstrate, Zillow has a strong foundation despite the ongoing complex and rapidly changing environment around us.

正如我們的結果所表明的，儘管我們周圍的環境持續複雜且快速變化，但 Zillow 仍然擁有堅實的基礎。

Our actions in Q2 to accelerate our virtual tools, provide partner discounts to support and retain partners, and our reduced spending enabled us to extend our leadership position and deliver second quarter results above expectations.

我們在第二季度採取的行動是加速我們的虛擬工具，提供合作夥伴折扣以支持和留住合作夥伴，以及我們減少的支出使我們能夠擴大我們的領導地位並實現第二季度的業績超出預期。

Our balance sheet is strong.

我們的資產負債表強勁。

Our demand indicators have reached record highs, and our platform and partners are well positioned and ready to help our customers move safely into the next chapter of their lives.

我們的需求指標已達到歷史新高，我們的平台和合作夥伴已做好充分準備，準備幫助我們的客戶安全地進入人生的下一個篇章。

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 comes from the line of Jason Kreyer with Craig-Hallum.

（操作員說明）我們的第一個問題來自 Jason Kreyer 和 Craig-Hallum 的線路。

Congrats on the execution this quarter.

恭喜本季的執行。

Rich, there's been a lot of moving parts in the real estate industry, and it even sounds like it's been stronger recently.

里奇，房地產行業有很多變化，甚至聽起來最近更強勁。

But with a lot of macro uncertainty lingering, just wanted to see if you could give us some perspective on how you're thinking about real estate going forward.

但由於宏觀不確定性依然存在，我只是想看看您是否能給我們一些關於您對房地產未來發展的看法。

Yes.

是的。

I mean it's not as hard to forecast as it was 4 months ago, but it's still pretty foggy.

我的意思是，預測不像 4 個月前那麼難，但仍然很霧。

There's a ton of uncertainty.

有很多不確定性。

But here's what we're seeing, and I'm sure you're seeing it, too.

但這就是我們所看到的，我相信您也看到了。

Demand is high.

需求量很大。

Supply is relatively low, okay?

供應量比較少，好嗎？

And mortgage rates are low.

而且抵押貸款利率很低。

So all of that is supporting prices and increasing prices should or good prices should lead to increased inventory, but that's been a stubborn one.

因此，所有這些都在支撐價格，而價格上漲應該或好價格應該會導致庫存增加，但這是一個頑固的問題。

There are a couple of early leading indicators on inventory that are flashing yellow to green right now, though.

不過，庫存方面的一些早期領先指標目前正在從黃色變為綠色。

So maybe that's changing right now.

所以也許現在情況正在改變。

Rents are stable to up, and shopping is active.

租金穩中有升，購物活躍。

So I guess the question is why are we seeing this right now?

所以我想問題是為什麼我們現在會看到這個？

I mean it really is those 2 big tailwinds I talked about that we are benefiting from here at Zillow.

我的意思是，我們確實從 Zillow 中受益，正是我談到的這兩個大推動力。

We're lucky to be benefiting from them.

我們很幸運能夠從他們身上受益。

The more debatable tailwind is this great reshuffling that you heard me, waving my arms about.

更具爭議性的順風車是你聽到我揮舞手臂的巨大改組。

But literally, it's almost math that we want -- that a lot of people want a new living space, whether they want to remodel it or move.

但從字面上看，我們想要的幾乎是數學——很多人想要一個新的生活空間，無論他們是想改造它還是搬家。

And that is driving real estate demand for all, everywhere, not just in the suburbs, everywhere.

這正在推動世界各地所有人的房地產需求，而不僅僅是郊區。

The tailwind that is more powerful and advantage to Zillow more is this technology-driven [O-to-O] tailwind, this retail to digital that's happening in every category, of course.

對 Zillow 來說更強大、更有利的順風是這種技術驅動的 [O-to-O] 順風，當然，這種零售到數位化正在發生在每個類別中。

But it's beginning to happen -- it's really happening in real estate now.

但它已經開始發生——它現在確實發生在房地產領域。

And we're the digital leader, all the way from the top-of-funnel search and find right through 3D full floor plans, deep down the shopping funnel.

我們是數位化領導者，從通路頂部搜尋到 3D 完整樓層平面圖，一直到購物通路的深處。

So I guess we're benefiting from this title shift up and down the funnel.

所以我想我們正在從漏斗中的標題上下移動中受益。

And we're positioned really well going forward given our roots, really, our roots are as a tech company.

鑑於我們的根源，我們的未來定位非常好，實際上，我們的根源是一家科技公司。

Yesterday, I spoke to 106 Zillow interns in a cloud -- on a Zoom-based cloud meeting.

昨天，我在一個基於 Zoom 的雲端會議上與 106 名 Zillow 雲端實習生進行了交談。

It's pretty phenomenal.

這是相當驚人的。

The large majority are -- of these interns, are engineering and data science interns.

這些實習生中的絕大多數是工程和數據科學實習生。

I'd say a few other companies in our industry even have an intern program, much less such a diverse set of young, bright people from top schools, and we're running it all remotely.

我想說，我們行業中的其他一些公司甚至有實習生計劃，更不用說來自頂尖學校的如此多樣化的年輕、聰明的人了，而且我們都是遠端運行的。

This is really quite amazing, and it's a great advantage for us.

這確實非常令人驚奇，這對我們來說是一個很大的優勢。

If it weren't for a pandemic and potential economic calamity, we could really get excited.

如果不是疫情和潛在的經濟災難，我們真的會感到興奮。

Anyway, it's sort of exciting nonetheless.

無論如何，這還是令人興奮的。

I hope that helps clarify things.

我希望這有助於澄清事情。

But signals are looking pretty good.

但訊號看起來相當不錯。

And our next question comes from the line of Brad Erickson with Needham.

我們的下一個問題來自布拉德·埃里克森和李約瑟的對話。

So I guess the IMT and Premier Agent business, in particular, the outlook you gave there for Q3 is I think ahead of what most of us were thinking.

因此，我認為 IMT 和 Premier Agent 業務，特別是您對第三季的展望，我認為超出了我們大多數人的想法。

You talked about some of the factors that are driving that.

您談到了推動這一趨勢的一些因素。

Maybe, Rich, just talk about the sustainability of those trends as we look out maybe a bit beyond Q3.

也許，Rich，只是談論這些趨勢的可持續性，因為我們可能會看到第三季度之後的情況。

How should we think about that?

我們該如何思考這個問題？

I mean it feels good, Brad.

我的意思是感覺很好，布拉德。

I mean it feels -- it's up and down the funnel.

我的意思是感覺——它在漏斗中上下移動。

I mean at the top of the funnel, and it was driven by this [O-to-O] shift, I guess, and people wanting to find a new place, but just for instance, I think the stat I cited was that we increased new use in June by 32 million unique users.

我的意思是在漏斗的頂部，我猜它是由這種[O-to-O]轉變驅動的，人們想要找到一個新的地方，但僅舉個例子，我認為我引用的統計數據是我們6 月新增獨立用戶數增加 3,200 萬。

But the more interesting thing to sustain it -- we can't expect that kind of thing to continue.

但更有趣的是維持它——我們不能指望這種事情繼續下去。

So we have to move down funnel to find the levers to drive the business in a sustainable way, right?

因此，我們必須沿著漏斗向下移動，找到以永續方式推動業務的槓桿，對吧？

And we have these levers all the way down the funnel, these kind of dials that we have all the way down the funnel that we are not yet maximizing or monetizing.

我們在漏斗中一直都有這些槓桿，我們在漏斗中一直都有這些轉盤，但我們還沒有最大化或貨幣化。

And we've begun to turn them, and we're beginning to see action.

我們已經開始轉變它們，並且開始看到行動。

So our focus -- we began a year or a little over a year ago a focus -- this focus on transactions.

所以我們的重點——我們在一年前或一年多前開始了一個重點——重點是交易。

And that focus on driving transactions is helping us drive more and better connections out of the same traffic flow.

對推動交易的關注正在幫助我們從相同的流量中推動更多更好的連接。

We got an increase traffic flow, but it's helping us drive more and better connections out of a similar traffic flow.

我們的流量有所增加，但這有助於我們從類似的流量中獲得更多更好的連接。

We're getting them to better partners who are delivering better customer satisfaction and more transactions.

我們正在為他們尋找更好的合作夥伴，這些合作夥伴可以提供更好的客戶滿意度和更多的交易。

So all of that results in more revenues and profit per customer for Zillow.

因此，所有這些都會為 Zillow 帶來更多的收入和每個客戶的利潤。

So you're seeing that show up in our Q2 results, which are surprisingly good, and you're seeing that in our Q3 outlook.

所以你會在我們第二季的業績中看到這一點，結果出乎意料地好，你也會在我們的第三季展望中看到這一點。

It's hard to know beyond that, but we sense plenty of road ahead for improvement in these dials and optimization of them given the amounts -- just the sheer amount of blue ocean that's off our [balance].

除此之外很難知道，但考慮到數量，我們感覺到這些錶盤的改進和優化還有很多路要走——只是藍海的數量超出了我們的[平衡]。

And our next question comes from the line of Ron Josey with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Ron Josey。

Rich, I wanted to stick with the Premier Agent business.

Rich，我想繼續從事高級代理業務。

2 questions that's in here.

這裡有 2 個問題。

You mentioned a comment around regardless of the revenue model, the focus is on revenue maximization.

您提到了一個評論，無論收入模式如何，重點都是收入最大化。

I'm curious if the pandemic accelerated Flex or how you're thinking about that, assuming no change.

我很好奇疫情是否加速了 Flex 的發展，或者假設沒有任何變化，您對此有何看法。

But interesting comment.

但有趣的評論。

And then maybe, Allen, with EBITDA margins guiding to around 39%, 40% or so in the IMT business, advertising is coming back, which you talked about, despite strong user growth.

然後，艾倫，IMT 業務的 EBITDA 利潤率約為 39%、40% 左右，儘管用戶成長強勁，但廣告可能正在捲土重來，正如您所說。

So that's one thing.

所以這是一回事。

But just wondering how sustainable that margin is for the IMT business and what's driving that.

但只是想知道 IMT 業務的利潤率有多可持續以及推動這一利潤率的因素是什麼。

Yes.

是的。

Do you want me -- Ron, thanks for the questions.

你需要我嗎——羅恩，謝謝你的提問。

Look, I can take the second, and then we can talk about Flex.

聽著，我可以選擇第二個，然後我們可以討論 Flex。

I think the -- so Ron, on our -- with respect to our Q3 guide on IMT margins, our margin outlook in Q3 is reflective of how our marketplace business models can perform when top line growth is combined with cost discipline.

我認為，羅恩，關於我們的第三季 IMT 利潤率指南，我們第三季的利潤率前景反映了當營收成長與成本紀律相結合時，我們的市場業務模式的表現。

Our focus is providing a great customer experience by improving connections, customer satisfaction and conversion for our customers through technology and partnering with high-performing agent partners.

我們的重點是透過技術以及與高效能代理商合作夥伴的合作來改善客戶的聯繫、客戶滿意度和轉換率，從而提供良好的客戶體驗。

This focus is working, as evidenced by the strong trends we're experiencing exiting Q2, and has informed the accelerating revenue growth incorporated into our Q3 outlook.

正如我們在第二季度經歷的強勁趨勢所證明的那樣，這一重點正在發揮作用，並已將加速的收入成長納入我們的第三季展望。

But we control the cost levers, and we'll continue to focus on cost discipline.

但我們控制了成本槓桿，我們將繼續專注於成本紀律。

I would call out, though, that we'll also invest strategically and opportunistically to press our leadership position where warranted.

不過，我要指出的是，我們還將進行策略性和機會主義投資，以在必要時鞏固我們的領導地位。

So given the uncertainty and lack of clarity, we're not providing any guidance or target updates outside of the Q3 outlook, but we feel really good about where we are and the business models that we're operating with it.

因此，考慮到不確定性和不明確性，我們不會在第三季度展望之外提供任何指導或目標更新，但我們對我們所處的位置以及我們正在運營的業務模式感到非常滿意。

Okay.

好的。

And to your first one, Ron.

還有你的第一個，羅恩。

I -- thanks for jumping in there, Allen.

我——謝謝你參與其中，艾倫。

I started talking, and I was -- I did the classic Zoom mute air.

我開始講話，然後我做了經典的 Zoom 靜音表演。

Sorry about that.

對於那個很抱歉。

I was talking at my computer stream to myself.

我在電腦上自言自語。

So on the -- yes, on the Flex question, certainly early in the pandemic, you heard us comment that we were certainly happy that we had the Flex arrow in our quiver.

所以關於——是的，關於 Flex 問題，當然是在大流行初期，你聽到我們評論說，我們當然很高興我們的箭袋裡有 Flex 箭頭。

We had the Flex entrée on our dinner menu of stuff that we can offer our partners as we move to get these better partners who are better at converting and are focused on customer satisfaction and transactions.

我們的晚餐菜單上有 Flex 主菜，我們可以為我們的合作夥伴提供這些東西，因為我們正在尋找這些更好的合作夥伴，他們更善於轉化，並且專注於客戶滿意度和交易。

And we're willing to delay gratification from revenue in order to do that.

為了做到這一點，我們願意推遲收入的滿足。

So it's been -- it was certainly nice to have, especially at an uncertain time.

所以，這確實是件好事，尤其是在一個不確定的時期。

It's still uncertain, but a decent amount of fog has cleared.

目前還不確定，但相當多的迷霧已經消散。

And the way we're thinking about this really, Ron, is a kind of this menu that I described.

羅恩，我們真正思考這個問題的方式是我所描述的一種菜單。

We have these different business models, these different ways we interact with different partners in different geographies, and not just in PA, but also on the businesses that surround Zillow offers.

我們有這些不同的商業模式，我們與不同地區的不同合作夥伴互動的方式也不同，不僅在賓夕法尼亞州，而且在圍繞 Zillow 產品的業務上也是如此。

And what we're finding is that having a flexible menu of things that we can figure out how to make them work the best, with different partners, has offered us a really interesting optimization, opportunity.

我們發現，擁有一個靈活的菜單，我們可以弄清楚如何使它們與不同的合作夥伴一起發揮最佳效果，這為我們提供了一個非常有趣的優化機會。

And that's really what's going on now.

這就是現在正在發生的事情。

We continue to test and roll out this and other models, but we think about this just in a much broader context of continuing to get more dollars to drop out the bottom of this customer funnel.

我們繼續測試和推出這個模型和其他模型，但我們只是在一個更廣泛的背景下思考這個問題，即繼續獲得更多的資金以擺脫這個客戶漏斗的底部。

And so you're going to probably hear less specific stuff about Flex, I think, going forward.

因此，我認為，今後您可能會聽到有關 Flex 的不太具體的內容。

And that's not to say we don't love it.

這並不是說我們不喜歡它。

We do.

我們的確是。

It's just become part of the way we do business.

它已經成為我們開展業務的方式的一部分。

And because of the -- we don't -- I should let Allen speak about it.

因為——我們不——我應該讓艾倫談論它。

But the only reason we started talking about it as a separate thing initially was because of this revenue recognition thing.

但我們最初開始將其作為一個單獨的事情來討論的唯一原因是因為收入確認的事情。

And I think we've kind of -- that's just not as necessary anymore to focus on.

我認為我們已經不再需要關注這一點了。

I hope that helps, Ron.

我希望這有幫助，羅恩。

Yes.

是的。

I'd just add, Rich, it flows out that one question that now that we are also offering and monetizing Flex, alongside MBP in the same markets, it just becomes more of an optimization, how do we manage our business versus our Flex versus MBP by market assessment.

我只想補充一點，Rich，這引出了一個問題，既然我們也在同一市場中與MBP 一起提供Flex 並實現其貨幣化，那麼它就變得更像是一種優化，我們如何管理我們的業務，與我們的Flex 相比MBP 通過市場評估。

And so that's why I think we're in an optimization model, looking to maximize revenue per lead, and that's how we'll be looking at the business.

這就是為什麼我認為我們處於優化模型中，尋求最大化每個潛在客戶的收入，這就是我們看待業務的方式。

And our next question comes from the line of Naved Khan with SunTrust.

我們的下一個問題來自 SunTrust 的 Naved Khan。

This is Robert Zeller for Naved.

我是 Naved 的羅伯特·澤勒。

So following the pause and subsequent resumption of purchasing homes, how aggressive do you expect to be with Zillow Offers going forward in Q3 and the rest of the year?

那麼，在購屋暫停和隨後恢復之後，您預計第三季和今年剩餘時間 Zillow Offers 的積極程度如何？

And just curious how consumers' interest in this offering has evolved throughout the pandemic.

只是好奇消費者對這項產品的興趣在整個大流行期間是如何演變的。

And then separately, in the shareholder letter, I think you said that you have agreed to repurchase homes, but sometimes the closing can take weeks or months to close, which is why some won't be added to inventory until Q3 or later.

然後，在股東信中，我認為您說過您已同意回購房屋，​​但有時交割可能需要數週或數月才能完成，這就是為什麼有些房屋要到第三季度或更晚才會添加到庫存中。

I'm just wondering -- I just want to clarify whether or not that's -- these homes are reflected in the 86 homes sold in the quarter.

我只是想知道 - 我只是想澄清一下，這些房屋是否反映在本季度售出的 86 套房屋中。

And then separately, how long do you expect it to take for these homes to close?

另外，您預計這些房屋需要多長時間才能關閉？

And how much volatility do you expect in closing times?

您預計收盤時間的波動性有多大？

So maybe I'll start, Allen, with the first half of the question, and then you -- if I screw anything up on trying to answer the second part of the question, you can hop in and help out.

艾倫，也許我會從問題的前半部分開始，然後你——如果我在回答問題的後半部分時搞砸了任何事情，你可以跳進來幫忙。

So starting with your question, Robert, about how aggressive we want to be with Zillow Offers.

Robert，從你的問題開始，我們希望對 Zillow Offers 採取多大的積極性。

Well, we've now, as of today, actually opened up all 24 of the markets that we had open before COVID hit.

嗯，截至今天，我們實際上已經開放了新冠疫情爆發之前開放的所有 24 個市場。

And we -- so you can tell, by the way, we've opened markets and how aggressively we've reopened markets, you can tell we feel good about it.

順便說一句，你可以看出我們已經開放了市場，以及我們重新開放市場的積極程度，你可以看出我們對此感覺良好。

And the supposition is that this price certainty, this time certainty and convenience and the kind of safety associated with -- if you're a seller, not having to have a bunch of people go through your house, and if you're a buyer, letting yourself into a home with a Zillow app with nobody there, those both feel like good things in the midst of a health crisis, and we're seeing that play out.

假設是這種價格的確定性，這次的確定性和便利性以及與之相關的安全性——如果你是賣家，不必讓一群人來檢查你的房子，如果你是買家，讓自己進入一個沒有人的Zillow 應用程式的家中，在健康危機中這兩種感覺都是好事，我們正在看到這種情況的發生。

So we feel that in a way, the pandemic highlights some of the benefits of working with Zillow Offers.

因此，我們認為，在某種程度上，疫情凸顯了與 Zillow Offers 合作的一些好處。

It is -- the reopening is early days.

確實如此——重新開放還為時過早。

So we're watching.

所以我們正在觀察。

And -- carefully, but we're feeling good about kind of the post-COVID Zillow Offers.

而且——小心點，但我們對新冠疫情後的 Zillow 優惠感覺很好。

On the repurchase question, I'm not -- maybe you have the letter in front of you.

關於回購問題，我不是──也許你面前有這封信。

I think what you're asking is -- what maybe a little confusion is just basically us highlighting that, of course, pausing the factory for 8 weeks or so is going to cause an air gap of product coming out of the other side of the factory, and then it just takes the cycle time in the factory of getting a home all the way through the factory out the other side and sold, takes some time.

我想你問的是 - 可能有點困惑，我們基本上只是強調，當然，工廠暫停 8 週左右會導致產品從另一側出來的氣隙工廠，然後只需要在工廠裡買房子，一路通過工廠到另一邊並出售的周期時間，需要一些時間。

So we're going to see -- what you're basically seeing is in our guidance for Homes next quarter.

所以我們將會看到——你們基本上看到的是我們下個季度的住房指南。

I'll have -- maybe Allen, you have it in front of you.

我會——也許艾倫，它就在你面前。

You're just going to see that air gap in the factory reflected in that outlook.

您只會看到工廠中的空氣間隙反映在該前景中。

Yes.

是的。

I think it's exactly right, Rich.

我認為這是完全正確的，里奇。

And I'll just try to add a little color to that.

我會嘗試為此添加一點色彩。

So we purchased 86 homes in Q2.

所以我們在第二季買了 86 間房屋。

We disclosed that in the shareholder letter.

我們在股東信中揭露了這一點。

And we unpaused -- we started up again -- Zillow Offers up again.

我們取消了暫停 - 我們再次開始 - Zillow 再次提供。

We were only in 15 markets coming out of Q2.

從第二季開始，我們只進入了 15 個市場。

We're now in all 24.

現在我們已經進入24強了。

That's exactly what Rich mentioned.

這正是 Rich 提到的。

Our guide -- our revenue guidance of $140 million to $160 million, down 61% year-over-year and 67% sequentially at the midpoint, is really due to this air pocket.

我們的指引——我們的收入指引為 1.4 億至 1.6 億美元，年減 61%，環比中點下降 67%，這實際上是由於這個氣泡造成的。

We have not seen any substantial increases in the cycle time from when we agreed to an offer with one of our customers who's selling their home to when we close, but it does take time.

從我們與正在出售房屋的客戶同意報價到我們關閉時，我們沒有看到週期時間有任何實質性的增加，但這確實需要時間。

And so what we've got here is because of the pause -- and we were actually paused up to 21 weeks before we were open in all 24 markets.

所以我們現在遇到的情況是因為暫停——實際上，在我們在所有 24 個市場開放之前，我們已經暫停了長達 21 週。

It's just going to take a little time as we restart the factory, it's air gap that Rich mentioned, to run that through.

當我們重新啟動工廠時，這只是需要一點時間，這是里奇提到的氣隙，以完成它。

I'll give you a historical reference.

我給你一個歷史參考。

We entered this quarter into Q3 with 440 homes.

本季進入第三季度，我們有 440 套房屋。

You'd have to go back to when we entered Q1 of 2019, we had a little over 500 homes.

你必須回到 2019 年第一季時，我們有 500 多套房屋。

So that's the closest reference point.

所以這是最接近的參考點。

We get about $130 million in revenue in that quarter.

該季度我們的營收約為 1.3 億美元。

We are planning -- and our guidance implies a slight acceleration versus that quarter with our $140 million to $160 million, but that's the reason the revenue is declining sequentially.

我們正在計劃——我們的指導意味著與該季度相比略有加速，我們的收入為 1.4 億美元至 1.6 億美元，但這就是收入連續下降的原因。

I'm sorry, I was distracted by a fluffy kitten that just ran into my room.

抱歉，一隻剛剛跑進我房間的毛茸茸的小貓讓我分心了。

It's a (inaudible) of working from home.

這是（聽不清楚）在家工作。

Allen, it's Brad.

艾倫，是布拉德。

I'm going to add one thing, just to clarify the question specifically, which is the 86 homes or homes we closed on from a purchase perspective, it does not include commitments that we did to purchase homes.

我要補充一件事，只是為了具體澄清這個問題，這是我們從購買角度關閉的 86 套房屋或房屋，它不包括我們購買房屋的承諾。

So just to clarify that as well.

所以也只是為了澄清這一點。

And our next question comes from the line of Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

Our next question comes from the line of Maria Ripps from Canaccord.

我們的下一個問題來自 Canaccord 的 Maria Ripps。

Great.

偉大的。

I just wanted to follow up on Homes.

我只是想跟進Homes。

So now that you resume your home buying across all of your markets, can you comment on what you are seeing in terms of pricing and homes availability?

現在您已經在所有市場恢復了購房，您能評論一下您在定價和房屋供應方面所看到的情況嗎？

And are you finding good undervalued homes to buy?

您是否找到了值得購買的被低估的優質房屋？

And any updated thinking on targets for average return on homes sold now that your data models are getting better and better?

既然您的數據模型越來越好，那麼對已售房屋平均回報率目標有什麼更新的想法嗎？

Maybe I'll take the first half, Allen, you take the second?

也許我會選擇上半場，艾倫，你選擇下半場嗎？

Yes.

是的。

Okay.

好的。

Great.

偉大的。

All right.

好的。

So just as -- thanks for your question, Maria.

就像——謝謝你的問題，瑪麗亞。

So just as a reminder, what we're doing in our Zillow Offers Homes business is not looking for distressed situation, deep discounting, take advantage of a seller situation and make a big profit.

因此，提醒一下，我們在 Zillow Offers Homes 業務中所做的並不是尋找陷入困境的情況、大幅折扣、利用賣家的情況來賺取巨額利潤。

We're really going for a high-volume scaled service that offers anybody within our buy box a fair price and the ability for them to choose a convenient date to affect the transaction.

我們真正想要的是一種大批量的服務，為我們購買箱中的任何人提供公平的價格，並讓他們能夠選擇一個方便的日期來影響交易。

So that doesn't mock with their lives.

所以這不會嘲笑他們的生命。

So I'm just saying that because embedded in your question was a little bit that we have a -- it's just a house or a type of business.

所以我只是說，因為你的問題隱含著一點，我們有一個——它只是一棟房子或一種企業。

But what we are finding, it's early in the reopening, and we're feeling good about the product we're finding.

但我們發現，現在還處於重新開放的早期階段，我們對所發現的產品感覺良好。

I want to see inventories build.

我希望看到庫存增加。

And inventories are beginning to build now, and that's good.

庫存現在開始增加，這是好事。

When it was scary, and we couldn't see the future, I wanted to see the inventories go down, and they did.

當情況很可怕，我們看不到未來時，我希望看到庫存下降，他們做到了。

And now inventories are rising.

現在庫存正在增加。

And so it's reinforcing that lots of sellers in our 24 markets are seeing the value of the convenience and certainty and safety of the Zillow Offers service.

因此，我們 24 個市場中的許多賣家都看到了 Zillow Offers 服務的便利性、確定性和安全性的價值，這進一步證明了這一點。

Allen?

艾倫？

Yes.

是的。

And so the second part of your question on the average return.

所以你的問題的第二部分是關於平均報酬的。

Again, we're still very early stages in ZO in 24 markets.

同樣，我們在 24 個市場的 ZO 仍處於非常早期的階段。

And so we're not adjusting our guardrails of the plus or minus 200 basis points.

因此，我們不會調整正負 200 個基點的護欄。

We still believe that we've got a lot of testing and iteration to do across a lot of areas.

我們仍然相信我們在許多領域都有大量的測試和迭代要做。

We are very excited as we start up operations again with opportunities to improve our cost structure.

當我們再次開始營運並有機會改善成本結構時，我們感到非常興奮。

But for right now, the plus or minus 200 basis points are still the guardrails we have in place as we test and iterate.

但就目前而言，正負 200 個基點仍然是我們在測試和迭代時設定的護欄。

I will call out that given our pause and our restart, we do expect some increased volatility near term in these metrics as we refill our factory across all 24 markets.

我要指出的是，考慮到我們的暫停和重新啟動，隨著我們在所有 24 個市場重新填充工廠，我們確實預計這些指標的波動性會增加。

And this is going to be driven by what would have been a normal operating cycle curve and a normal distribution of aged inventory when we were in normal operations, is going to be skewed a little bit to older inventory as the pause works its way through our factory.

這將由正常的運營週期曲線和我們正常運營時老化庫存的正態分佈驅動，隨著暫停在我們的整個過程中發揮作用，將稍微向較舊的庫存傾斜。工廠。

And then the newer inventory comes in, and we expect end of 2020 to early 2021 to be back on a normal operating cycle.

然後更新的庫存進來，我們預計 2020 年底到 2021 年初將恢復正常營運週期。

So there will be a little volatility there, but we're really excited to get going and be buying from our customers again and providing the service.

因此，那裡會有一點波動，但我們真的很高興能夠再次從客戶那裡購買並提供服務。

And our next question comes from the line of Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

Can you guys hear me now?

你們現在聽得到我說話嗎？

He was there.

他在那。

It was the mute problem.

這是靜音的問題。

Yes.

是的。

Yes.

是的。

And I'm bad at technology.

而且我技術不好。

So I have 2 questions.

所以我有兩個問題。

The first one on the agent discounts.

第一個是代理折扣。

So I appreciate the color about Better Together.

所以我很欣賞《Better Together》的色彩。

I got to be curious to hear about how to think about the order of magnitude, how big was that in the second quarter?

我很好奇如何思考數量級，第二季有多大？

And then as you look into your third quarter guide, what are you assuming for discounting?

然後，當您查看第三季指南時，您對折扣有何假設？

Are you sort of assuming that those go away given the strength of underlying demand?

鑑於潛在需求的強勁，您是否認為這些因素會消失？

Then the second one, curious to hear about just how your discussion with agents has evolved throughout a shelter-in-place and now the reopening.

然後是第二個，很想知道您與特工的討論在就地避難期間和現在重新開放期間是如何演變的。

There's a lot of other real estate platforms that are trying to compete for your agents.

還有很多其他房地產平台正在試圖爭奪您的經紀人。

How has that discussion changed around their asks of you to really provide value for them?

圍繞著他們要求你真正為他們提供價值的討論發生了怎樣的變化？

Allen, do you want to take the first bit, at least?

艾倫，你至少想先搶先嗎？

Yes.

是的。

I'll take the first bit.

我先拿第一個。

So Brian, I think that -- yes, we spoke about the Better Together discounts as one of the many action items that we took late in Q1 to manage our business, and we're really excited we did.

所以布萊恩，我認為 - 是的，我們談到了 Better Together 折扣，這是我們在第一季末採取的管理業務的眾多行動項目之一，我們真的很高興我們做到了。

We think those, along with other actions, help retain our partners and respond.

我們認為這些以及其他行動有助於留住我們的合作夥伴並做出回應。

So we were able to respond when the industry came back faster than expected, it was the right thing to do.

因此，當產業恢復速度快於預期時，我們能夠做出反應，這是正確的做法。

And we're seeing the benefits in record sales, high retention, higher connections and improved customer satisfaction.

我們看到了創紀錄的銷售、高保留率、更高的聯繫和更高的客戶滿意度等方面的好處。

With respect to how I would look at the business, I think the best way for you guys to think about the business is I would guide you towards our Q3 outlook for PA with a guide range on revenue of $272 million to $282 million.

關於我如何看待這項業務，我認為你們考慮這項業務的最佳方式是，我將引導你們了解我們對 PA 第三季度的展望，指導範圍為 2.72 億美元至 2.82 億美元的收入。

That's year-over-year growth of about 15% at the midpoint.

中間值年增約 15%。

That is the best barometer of where we kind of feel the business is going into the quarter.

這是我們認為本季業務發展的最佳晴雨表。

The discounts were very heavily weighted to early in the quarter.

折扣在本季初的影響非常大。

And so a number over the quarter doesn't really help you too much.

因此，本季的數字並不能真正幫助你太多。

So I'd look to our Q3 guide.

所以我會看看我們的第三季指南。

There are no discounts implied in that range as kind of where we are trending coming out of Q2 into Q3 and onward.

在這個範圍內沒有暗示任何折扣，就像我們從第二季度到第三季度及以後的趨勢一樣。

And I guess, Brian, for the second part, how is the agent discussions changed with shelter-in-place and the reshuffling.

布萊恩，我想，對於第二部分，特工的討論是如何隨著就地避難和重新洗牌而改變的。

I guess I would characterize it that -- well, I guess, number one, we feel like we are the outsized beneficiary of agent retention right now as they hunt for new businesses -- new customers, simply because people have fewer places to go to shop and agents have fewer places to get visibility where customers are.

我想我會這樣描述——嗯，我想，第一，我們覺得我們現在是代理商保留的巨大受益者，因為他們正在尋找新業務——新客戶，僅僅是因為人們可以去的地方更少了商店和代理商能夠了解顧客所在位置的地方較少。

And so we are finding more inbound interest or more general interest.

因此，我們發現了更多的入境興趣或更普遍的興趣。

We've been working our way towards finding better, more productive, more transaction and customer satisfaction-focused agents.

我們一直在努力尋找更好、更有效率、更多交易和以客戶滿意度為中心的代理商。

And I don't think I'd be going too far to say that we made -- we've accelerated those trends during COVID.

我不認為我會走得太遠，說我們在新冠疫情期間加速了這些趨勢。

As Allen was saying, we bought a lot of goodwill with the Better Together discount.

正如艾倫所說，我們透過「Better Together」折扣購買了很多商譽。

And we are seeing that play out in some numbers but feeling it play out in just general partnership sentiment, which is really good.

我們看到這種情況在一些數字中發揮作用，但感覺它只是在一般伴侶情緒中發揮作用，這真的很好。

And then finally, I'd say we've seen attitudes towards technology adoption amongst the agent community to be quite different during COVID than pre-COVID, put it that way.

最後，我想說的是，我們發現，在新冠疫情期間，代理社群對科技採用的態度與新冠疫情之前有很大不同。

And that's not really a nasty comment.

這並不是一個令人討厭的評論。

It's more, when everything is going fine, doing things the old way or -- just don't bother me with the new way stuff.

更重要的是，當一切順利時，用舊的方式做事或——只是不要用新的方式來打擾我。

Don't bother me with the 3D tours.

別用 3D 遊覽來打擾我。

Don't bother me with the virtual stuff.

別用虛擬的東西來煩我。

But let's just -- we can just do it the old way.

但我們可以用老方法來做。

And now, of course, they don't -- this is the way to do it, to do it safely.

當然，現在他們不這樣做了——這就是這樣做的方式，安全地這樣做。

And so we're getting all kinds of adoption and usage of the tools that we've had in place for a while during this period.

因此，我們在此期間已經使用了一段時間的工具得到了各種採用和使用。

I hope that gives you some texture.

我希望這能給你一些質感。

I'd add one more just for fun.

我會再加一個只是為了好玩。

And it's something you all are seeing, too, because most all of you, I'm sure, are mainly working remotely and trying to carry on business or reinvent the way you do business and the way you convene and the way you meet.

這也是你們大家都看到的，因為我確信你們大多數人主要是遠距工作，並試圖開展業務或重塑你們做生意的方式、你們聚會的方式和你們見面的方式。

Of course, communicating with our many thousands of Premier Agent partners is really important for us.

當然，與我們數千名高級代理商合作夥伴的溝通對我們來說非常重要。

And historically, we've been able to physically convene in Las Vegas or wherever to do unlock.

從歷史上看，我們一直能夠在拉斯維加斯或任何地方進行實體會議以進行解鎖。

And now we've begun to do that virtually and are having really tremendous early, knock on wood, success at using these fantastic new tools to run events, to educate, to fill the questions, to train.

現在我們已經開始虛擬地做到這一點，並且在使用這些出色的新工具來舉辦活動、教育、回答問題和培訓方面取得了巨大的早期成功。

It's really -- it feels good to me.

這真的對我來說感覺很好。

And it feels like something that we're not going to go back on.

這感覺就像是我們不會再回頭的事情。

We can serve more partners virtually than we could in Las Vegas.

與拉斯維加斯相比，我們可以透過虛擬方式為更多的合作夥伴提供服務。

And if we can do it just as well or better, then that's really amazing.

如果我們能做到同樣好或更好，那就太棒了。

And our next question comes from the line of John Campbell with Stephens Inc.

我們的下一個問題來自史蒂芬斯公司的約翰坎貝爾 (John Campbell)。

Phenomenal results and good guidance.

非凡的成果和良好的指導。

Good work.

幹得好。

On the closing revenue, you guys kind of tuck that in that kind of new revenue line item under the cover of night last quarter.

關於期末收入，你們把它塞進了上個季度晚上的新收入項目​​。

But just doing the math on the homes that you sold thus far this year, I mean, it's small potatoes.

但只要算一下今年迄今為止出售的房屋，我的意思是，這只是小事。

It's $0.30 or so per home sold, but I'm guessing that you guys -- the closing services that you have in there with title and escrow and some of the other settlement services, that could probably get you somewhere up to, I don't know, $5,000, $6,000, maybe $7,000 per transaction, is that the right way to think about it?

每套售出房屋的價格約為 0.30 美元左右，但我猜你們——你們擁有的產權和託管以及其他一些結算服務的成交服務，可能會讓你們達到某個目標，我不知道。我不知道，每筆交易5,000 美元、6,000 美元，也許7,000 美元，這是正確的思考方式嗎？

Allen, you're on mute, and I'm waiting for you to reply.

艾倫，你處於靜音狀態，我在等你回覆。

Yes.

是的。

So this is title and escrow.

這就是所有權和託管。

And yes, we reported [$436 thousand in Q2.

是的，我們報告了 [第二季 43.6 萬美元。

We had $761 thousand](corrected by company after the call).

我們有 76.1 萬美元]（電話後由公司更正）。

It's shown up, just so everyone knows, in other revenue within our Homes segment.

眾所周知，它體現在我們住宅部門的其他收入中。

And what this really is, is more of a play on integrated transaction.

而這其實更多的是綜合交易的發揮。

I believe it's about 100 basis points is what we're talking about, and it saves us on cost when we use ZCS services, our own internal services, and a transaction that we're closing with ZO.

我相信我們正在談論的大約是 100 個基點，當我們使用 ZCS 服務、我們自己的內部服務以及我們與 ZO 完成的交易時，它可以節省我們的成本。

And then there are other times where we're able to use that for non-ZO transactions, but more like 100 basis points.

有時我們也可以將其用於非 ZO 交易，但更像是 100 個基點。

So you may be a little high on your number for the escrow services that we're providing now, but we believe we can scale that.

因此，您可能對我們現在提供的託管服務的數量有點高，但我們相信我們可以擴大規模。

We're open in all 24 markets.

我們在所有 24 個市場開放。

We were not open throughout the entire year in all 24 markets, but we're really excited how quickly this team has kind of built up and is supporting our customers.

我們並非全年在所有 24 個市場都開放，但我們真的很高興這個團隊的建立速度如此之快並為我們的客戶提供支援。

But again, what we really like is in partnering with our actual Zillow Offers business, these 2 services can make the transaction painless, fast, and it's actually a cost structure reduction for us when we do it ourselves versus pay a third party.

但同樣，我們真正喜歡的是與我們實際的Zillow Offers 業務合作，這兩項服務可以使交易變得輕鬆、快速，而且當我們自己做而不是向第三方付款時，這實際上降低了我們的成本結構。

Did that answer your question?

這回答了你的問題嗎？

Yes.

是的。

Yes, that makes sense.

是的，這是有道理的。

And then second question for me.

然後是我的第二個問題。

On the reduction in -- and sales and marketing are getting a little bit of leverage in sales and marketing, I'm imagining you guys are probably going to see a little bit of lift there over the next couple of quarters.

關於銷售和行銷的減少——銷售和行銷在銷售和行銷中獲得了一點影響力，我想你們可能會在接下來的幾個季度看到一點點提升。

But how much of that is driven by kind of deemphasizing Trulia?

但其中有多少是因為淡化 Trulia 造成的？

Or is there other pieces there that are helping offset some of that marketing spend?

或者是否還有其他部分可以幫助抵消部分行銷支出？

Yes.

是的。

So again, we talked about our pause in marketing for Q2.

我們再次討論了第二季行銷的暫停。

We announced that even prior to our Q2 guidance.

我們甚至在第二季度指導之前就宣布了這一點。

So it was incorporated in our Q2 guidance.

因此它被納入我們第二季的指導中。

We are starting to, at least sequentially in Q3, look for opportunities where it makes sense to support our brand and to increase spending.

我們開始（至少在第三季依序）尋找有意義的機會來支持我們的品牌並增加支出。

We continue to support both Trulia and Zillow, but our priority is on the Zillow brand.

我們繼續支持 Trulia 和 Zillow，但我們的首要任務是 Zillow 品牌。

And what I'd say is that we'll continue to look, assess, monitor, measure and adjust the spend as appropriate to support our brand and to continue to support growth.

我想說的是，我們將繼續適當地尋找、評估、監控、衡量和調整支出，以支持我們的品牌並繼續支持成長。

But the guide of Q3 incorporates a sequential increase but still providing year-over-year leverage, and that's coming both on the Trulia brand and the Zillow brand.

但第三季的指引包含了環比成長，但仍提供同比槓桿作用，Trulia 品牌和 Zillow 品牌都出現了這種情況。

And our next question comes from the line of Heath Terry with Goldman Sachs.

我們的下一個問題來自希思·特里 (Heath Terry) 與高盛 (Goldman Sachs) 的對話。

Great.

偉大的。

Rich, you've mentioned a few times the increased pace of adoption that you're seeing from brokers of new technology.

Rich，您多次提到您從新技術經紀人那裡看到了採用速度的加快。

You've never been one to shy away from sort of leaning into the development of that technology.

你從來都不會迴避這項技術的發展。

Seeing this, what are you doing or how are you using this opportunity to sort of push Zillow's investment in that technology?

看到這一點，您正在做什麼，或者您如何利用這個機會來推動 Zillow 對該技術的投資？

How much more do you want to spend, need to spend?

您還想花多少錢、需要花多少錢？

And to the -- obviously, I'm sure you don't want to tip your hand to any public or private competitors, but to the extent that there are -- that there is a road map priorities of where the biggest opportunities for you in that technology investment, I would appreciate those sort of insights.

顯然，我確信您不想向任何公共或私人競爭對手伸出援手，但在某種程度上，有一個路線圖優先事項，其中對您來說最大的機會在哪裡在這項技術投資中，我很欣賞這些見解。

Yes.

是的。

Heath, I think if I broaden out, if I could at least choose to hear your question in a broad framework, I'd say there's no greater priority.

希斯，我想，如果我擴大範圍，如果我至少可以選擇在一個廣泛的框架內聽到你的問題，我會說沒有比這更重要的了。

We are -- it's weird, but real estate has been a laggard in adoption of modern technology even before COVID.

我們——這很奇怪，但即使在新冠疫情之前，房地產在採用現代技術方面就一直落後。

And for a lot of legacy regulatory complexity, fragmentation, distribution reasons, it has been pretty stubborn in its resistance to technology adoption.

由於許多遺留監管複雜性、碎片化、分佈等原因，它對技術採用的抵制相當頑固。

So I really -- I believe we are at the beginning of a cycle of complete replatforming and new good of being sorted out and a new foundation for the industry being built.

所以我真的 - 我相信我們正處於一個完整的平台重組和新的整理以及正在建立的行業新基礎的周期的開始。

And so I'm like, this is it.

所以我想，就是這樣。

We are really excited about this.

我們對此感到非常興奮。

And we're excited that we're in a position to be able to just have the talent and hire the talent, that is able to dream up what that looks like, make it all work together, and to do so in a way with the ultimate customer in mind, not necessarily the legacy industry user in mind.

我們很高興我們能夠擁有人才並僱用人才，他們能夠夢想成真，讓一切協同工作，並以一種與心目中的最終客戶，不一定是傳統行業用戶。

But the industry user matters a lot, but it's really the customer experience that we need to fix.

但行業用戶很重要，但我們真正需要解決的是客戶體驗。

It's really quite broken, and we're at the early stages of that.

它確實很糟糕，而且我們正處於早期階段。

So broadly speaking, I would say, it's like -- it's the top development platform that we have.

從廣義上講，我想說，它是我們擁有的頂級開發平台。

Specifically, I think you're asking more about kind of the virtual touring stuff and the stuff that we've been talking about.

具體來說，我認為您更多地詢問了虛擬巡迴的內容以及我們一直在談論的內容。

And yes, we're leaning into that, too.

是的，我們也傾向於這一點。

It's pretty clear that people want to shop this way even as they -- as we ask them about shopping post pandemic, would you still want to take virtual tours?

很明顯，人們希望以這種方式購物，即使當我們詢問他們大流行後的購物情況時，您是否仍想進行虛擬遊覽？

Yes.

是的。

Would you still want to let yourself into a home so that you can tour it yourself?

您是否還願意讓自己進入一個家，以便您可以親自遊覽它？

Yes.

是的。

Would you -- et cetera.

你願意嗎——等等。

And so we do think that these are rapidly becoming industry norms.

因此，我們確實認為這些正在迅速成為行業規範。

And so we're leaning into that.

所以我們正在傾向於這一點。

We do have -- there is some competition there, no doubt, that is investing in this, but I think our collective -- our R&D expenditure and capabilities in this area really give us an advantage, Heath.

我們確實有——毫無疑問，存在一些競爭，那就是在這方面進行投資，但我認為我們的集體——我們在這一領域的研發支出和能力確實為我們帶來了優勢，希思。

And our next question comes from the line of Lloyd Walmsley with Deutsche Bank.

我們的下一個問題來自德意志銀行的勞埃德‧沃爾姆斯利 (Lloyd Walmsley)。

Great.

偉大的。

Two, if I can.

兩個，如果可以的話。

First, just what is the latest update on seller leads and kind of converting sale inquiries from Zillow Offers where you don't make an offer into seller leads from your agents?

首先，關於賣家線索的最新更新是什麼，以及如何將 Zillow Offers 的銷售查詢轉換為您不向代理商提供的賣家線索？

And then second, can you talk about whether you're seeing any signs of just increased moving activity in the sense of people looking to move out of cities or tolerating longer commutes?

其次，您能否談談您是否看到任何搬家活動增加的跡象，即人們希望搬出城市或容忍更長的通勤時間？

Is there any real signal in search activity that this notion of potentially unlocking like a multiyear trend of elevated moves that could be real?

搜尋活動中是否存在任何真正的訊號表明這種潛在解鎖的概念（例如多年的上升趨勢）可能是真實的？

Anything you could share there would be great.

你能在那裡分享的任何東西都會很棒。

You want to start, Allen, and I'll finish?

艾倫，你想開始，然後我來結束嗎？

Yes.

是的。

Yes.

是的。

So on -- we call it partner leads.

等等——我們稱之為合作夥伴線索。

But on partner leads, what I'd say is that Zillow Offers buying pause was an opportunity for us to look at and refine our partner lead generation channel.

但在合作夥伴潛在客戶方面，我想說的是，Zillow Offers 購買暫停是我們審視和完善合作夥伴潛在客戶開發管道的機會。

We're continuing to enhance our processes to better support our customers.

我們正在繼續改進我們的流程，以更好地支援我們的客戶。

We're providing them with multiple options now early in the pipeline, whether they want to sell to ZO or sell traditionally through with our PA partners.

我們現在正在早期階段為他們提供多種選擇，無論他們是想向 ZO 銷售還是透過我們的 PA 合作夥伴以傳統方式銷售。

So we're very excited.

所以我們非常興奮。

It's still very early.

現在還很早。

We're seeing some positive trends, but we're still iterating, and we're excited about the opportunity here.

我們看到了一些積極的趨勢，但我們仍在迭代，我們對這裡的機會感到興奮。

Lloyd, thanks for your question.

勞埃德，謝謝你的提問。

Yes, it's a tricky one.

是的，這是一個棘手的問題。

It's a really popular story to tell this deurbanization story.

這是一個非常流行的故事來講述這個去城市化的故事。

Everybody seems to want to tell it.

似乎每個人都想告訴它。

The real story is that shopping is up everywhere, and that's what our data says.

真實的情況是，購物無所不在，這就是我們的數據所顯示的。

And we're speculating beyond what we're seeing as is everybody.

我們的猜測超出了我們每個人的看法。

We are -- we do have -- COVID has accelerated many preexisting trends, pick your trends, social, political and in business, and COVID has accelerated these trends.

我們——我們確實——新冠加速了許多先前存在的趨勢，選擇你的趨勢，社會、政治和商業，新冠加速了這些趨勢。

And there was a preexisting trend that was kind of an affordability crisis in some coastal urban -- high-density urban areas, and we were already seeing a deceleration of migration.

在一些沿海城市——高密度城市地區，存在著先前存在的趨勢，即負擔能力危機，而且我們已經看到移民減速。

And we actually expect logically to have COVID be an accelerant of that.

從邏輯上講，我們實際上期望新冠疫情會加速這一趨勢。

And the longer we go on with companies -- I think I said this, the longer we go on working -- having many companies, not all, but the lucky companies being able to have people work from home, the more the concrete kind of sets.

我們與公司合作的時間越長——我想我說過這一點，我們工作的時間就越長——有很多公司，不是全部，但幸運的公司能夠讓人們在家工作，具體的那種套。

And the more habits get set, and the less likely companies are to go back the way it was.

習慣養成越多，公司恢復原來狀態的可能性就越小。

And so we are pretty confident that this is going to be a lasting, multiyear meaningful trend.

因此，我們非常有信心這將是一個持久的、具有多年意義的趨勢。

We can't call exactly how it's going to play out from the data yet.

我們還無法從數據中準確判斷它將會如何發揮作用。

But from an intuition supported by some bit of data, it seems like something real.

但從一些數據支持的直覺來看，這似乎是真的。

And this completes the allotted time for questions.

這樣就完成了分配的提問時間。

I will now turn the call back over to Rich Barton for any closing remarks.

現在，我將把電話轉回給里奇·巴頓，讓其發表結束語。

Thanks, Abigail.

謝謝，阿比蓋爾。

Thanks, everybody.

謝謝大家。

This quarter, it's -- this further evidence that Zillow is in a strong position to lead the industry through the tech transformation ahead that I've been talking about.

本季度，這進一步證明 Zillow 處於領先地位，能夠引領業界完成我一直在談論的未來技術轉型。

In the short term and the long term, we're committed to bringing our customers a safe, convenient, seamless way to move forward.

無論從短期或長期來看，我們都致力於為客戶提供安全、便利、無縫的前進方式。

And we feel like the wind is at our backs, and we're in a great position.

我們感覺風在背後，我們處於有利的位置。

I really appreciate your partnership in this journey.

我非常感謝您在這段旅程中的合作。

Stay safe, and carry on.

保持安全，然後繼續。

And again, make sure you take a break and enjoy the summer.

再次強調，一定要休息一下，享受夏天。

It's more important now than ever.

現在比以往任何時候都更重要。

Good talking to you.

很高興跟你說話。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。