Zillow Group Inc (ZG) 2020 Q3 法說會逐字稿

Good afternoon.

午安.

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

我叫大衛，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 Third Quarter 2020 Conference Call.

在此，我歡迎大家參加 Zillow 集團 2020 年第三季電話會議。

(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, David.

謝謝你，大衛。

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

下午好，歡迎參加 Zillow Group 2020 年第三季電話會議。

Joining me today to discuss our Q3 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三季業績的是 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 our operating plans based on 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我們的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 undertake no obligation to update these statements as a result of new information or further events, except as required by law.

我們不承擔因新資訊或進一步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 of 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，包括歷史非 GAAP 財務指標的調節表。

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。

Thank you, Brad.

謝謝你，布拉德。

Greetings, everyone, once again from Zillow Group Cloud HQ.

Zillow 集團雲端總部再次向大家問好。

I hope you are all staying healthy and sane wherever you might be in this most challenging and interesting of years.

我希望你們在這個最具挑戰性和有趣的歲月裡，無論身在何處，都能保持健康和理智。

I want to thank you for taking the time to dial in and join us today.

我要感謝您今天抽出時間撥入並加入我們。

I'm quite pleased that we are able to offer some counterprogramming to the election news drip torture.

我很高興我們能夠針對選舉新聞的滴水酷刑提供一些反方案。

Zillow had another terrific quarter.

Zillow 又度過了一個出色的季度。

The team is executing well, and we continue to drive great results.

團隊執行良好，我們將繼續取得出色的成果。

As we discussed in August, we believe Zillow is experiencing 2 powerful tailwinds, one in residential real estate and the second in technology.

正如我們在 8 月討論的那樣，我們認為 Zillow 正在經歷兩個強大的推動力，一個是住宅房地產，另一個是科技。

We believe these tailwinds will continue to blow for some time, and when paired with solid execution, should drive growth for years to come.

我們相信，這些有利因素將繼續吹動一段時間，再加上紮實的執行力，應該會推動未來幾年的成長。

I'd like to talk more about these macro trends, these tailwinds, especially in terms of their durability before I get into high-level results.

在討論進階結果之前，我想多討論這些宏觀趨勢、這些順風因素，尤其是它們的持久性。

First, let's talk about the residential real estate tailwind.

首先，我們來談談住宅房地產的順風。

Simply put, people want to move, and we see additional pent-up demand on the horizon, low mortgage rates are helping.

簡而言之，人們想要搬家，我們看到即將出現更多被壓抑的需求，低抵押貸款利率正在發揮作用。

And of course, there's been a major shift in the way we think about work, life and home.

當然，我們對工作、生活和家庭的看法也發生了重大轉變。

We have taken our usual calculus about where and how we live, and we've turned it on its head instead of stretching and wrapping our lives to fit around where we work, we've been forced to find a way to stretch and wrap our work to fit around our lives.

我們已經對我們在哪裡以及如何生活進行了慣常的計算，我們把它顛倒了過來，而不是拉伸和包裹我們的生活以適應我們的工作地點，我們被迫找到一種方法來拉伸和包裹我們的生活。工作要適應我們的生活。

Not for all, but for many, this has been a healthy and liberating inversion, one that prioritizes life above work.

並非對所有人來說，但對許多人來說，這是一種健康且自由的倒置，將生活置於工作之上。

And now obvious byproduct of this inversion is that many are rethinking where they live.

現在，這種倒置的明顯副產品是許多人正在重新考慮他們居住的地方。

This is part of the great reshuffling I've been talking about.

這是我一直在談論的大洗牌的一部分。

In September, we saw the pace of existing home sales climbed to the highest level since 2006, exceeding 6.5 million annualized units.

9 月份，現房銷售增速攀升至 2006 年以來的最高水平，年化銷售量超過 650 萬套。

Many are debating and doubting the longevity of this reshuffling trend.

許多人都在爭論和懷疑這種重新洗牌趨勢的持久性。

My intuition, everything I see in here externally and what is happening right here at Zillow with its 5,000-plus employees, is that a new distributed workforce culture has already been born.

我的直覺、我在外部看到的一切以及 Zillow 及其 5,000 多名員工所發生的一切，都表明一種新的分散式勞動力文化已經誕生。

I sense this is happening across knowledge work at Corporate America broadly, though different companies are waking up at different paces.

我感覺到這種情況正在美國企業界的知識工作中廣泛發生，儘管不同的公司正在以不同的速度醒來。

This doesn't feel temporal.

這感覺不是暫時的。

It feels like it will take years to play out and could end up being the defining cultural trend of the decade.

感覺這需要數年時間才能發揮出來，並最終可能成為這十年的決定性文化趨勢。

In addition, demographic realities lead us to believe that higher housing turnover is here to stay for some time, following the abnormally lower turnover since the global financial crisis.

此外，人口現實使我們相信，繼全球金融危機以來成交量異常下降之後，房屋成交量的上升將持續一段時間。

Going into the current decade, there were about 5 million more Americans in their prime homebuying years compared to 2010.

進入本十年，與 2010 年相比，處於購屋黃金時期的美國人增加了約 500 萬人。

As those millennials begin to move up, Gen Z, the even larger generation behind them, will be in a position to take the baton and begin buying homes.

隨著這些千禧世代開始崛起，Z 世代，也就是他們身後更大的一代，將能夠接過接力棒並開始購買房屋。

Additionally, the low rate environment feels like it's here to stay.

此外，低利率環境似乎將持續下去。

These are additional factors supporting our expectation for continued home transaction growth, the residential real estate tailwind that I've been talking about.

這些都是支持我們對房屋交易持續增長的預期的額外因素，即我一直在談論的住宅房地產的推動力。

The second win, maybe even mightier than the first, the technology tailwind.

第二次勝利也許比第一次更強大，那就是科技的推動力。

Across every industry, there has been a COVID catalyzed and dramatic increase and reliance upon and adoption of technology.

在新冠疫情的推動下，每個產業對科技的依賴與採用都急劇增加。

The concrete is setting on new digital habits for life and work, and it is highly unlikely that we go back to the old analog ways.

具體是在生活和工作中養成新的數位習慣，我們不太可能回到舊的類比方式。

We see the same technology acceleration in our residential real estate industry and Zillow as the digital leader is benefiting.

我們在住宅房地產行業看到了同樣的技術加速發展，Zillow 作為數位領導者正在受益。

There is increased shopping traffic at the top of the funnel and more adoption of the digital transaction at the bottom.

漏斗頂部的購物流量增加，底部的數位交易得到更多採用。

Our customers are looking for more ways to reduce friction, and we have rallied quickly to bring to market products and services that have been in research and development.

我們的客戶正在尋找更多方法來減少摩擦，我們迅速團結起來，將正在研發的產品和服務推向市場。

Virtual tour requests tripled when the stay-at-home orders began.

當居家令開始後，虛擬旅遊請求增加了兩倍。

Now nearly 2/3 of our Zillow Offers home purchases are closed digitally with a remote notary.

現在，我們近 2/3 的 Zillow Offers 購房是透過遠端公證人以數位方式完成的。

We are investing our dollars in smarts into building these solutions on behalf of our customers.

我們正在投資智慧，代表我們的客戶建立這些解決方案。

These new tools are immediately relevant today, and there is just no going back.

這些新工具在今天立即具有相關性，並且沒有回頭路。

They will change the expectations for new generations of buyers and sellers in the future.

他們將改變未來新一代買家和賣家的期望。

To be sure there is significant uncertainty in the economic environment in the near term and we do not have a crystal ball, this uncertainty and our long operating experience means that we maintain a posture that is balanced between offense and defense as we plan for the coming year.

可以肯定的是，短期內經濟環境存在很大的不確定性，我們沒有水晶球，這種不確定性和我們長期的營運經驗意味著我們在未來的計劃中保持攻守平衡的態勢年。

However, we believe these trends we're seeing in real estate and technology are strong in the near term and sustainable in the long term, underpinned by meaningful changes to consumer behavior and demographic trends.

然而，我們相信，我們在房地產和科技領域看到的這些趨勢在短期內是強勁的，並且從長遠來看是可持續的，這得益於消費者行為和人口趨勢的有意義的變化。

And whether it is today or tomorrow, no company is better positioned than Zillow to seize this opportunity.

無論是今天還是明天，沒有一家公司比 Zillow 更能抓住這個機會。

And now on to some results.

現在來看一些結果。

In the third quarter, we continue to see momentum and great outcomes.

在第三季度，我們繼續看到勢頭和良好成果。

We beat our outlook for revenue and EBITDA for each reporting segment.

我們對每個報告分部的收入和 EBITDA 都超出了預期。

As a company, we are executing well to meet this moment.

作為一家公司，我們正在努力迎接這一刻。

And we are pleased that our preparation and hard work are bearing fruit.

我們很高興我們的準備和努力正在結出果實。

Our Premier Agent business delivered its best sales and retention quarter on record in Q3, beating the high end of our outlook.

我們的高級代理業務在第三季度實現了有史以來最好的銷售和保留季度，超出了我們預期的上限。

We expect this momentum to continue in Q4.

我們預計第四季將繼續保持這種勢頭。

By focusing on the core inputs of this business, we've been able to reaccelerate our revenue growth.

透過專注於這項業務的核心投入，我們已經能夠重新加速我們的收入成長。

Our relationship with Premier Agent has grown far beyond advertising.

我們與 Premier Agent 的關係已經遠遠超越了廣告領域。

Premier Agent continue to invest in Zillow because we are such an effective partner providing robust source of connections to new clients for them.

Premier Agent 繼續投資 Zillow，因為我們是一個非常有效的合作夥伴，為他們提供了與新客戶的強大聯繫來源。

As you've heard me say so many times before, regardless of how we monetize Premier Agent, we believe good news flows from partnering with high-performing agents and teams to deliver high satisfaction to our shared customers maximizing revenue and profit per customer for Zillow.

正如您之前多次聽我說過的那樣，無論我們如何透過高級代理商獲利，我們相信與高績效代理和團隊合作會帶來好消息，為我們的共同客戶提供高滿意度，從而最大限度地提高Zillow 的每個客戶的收入和利潤。

In our Zillow Offers business, we are ramping back up across the country after pausing acquisitions back in March, and it will take time to rebuild our inventory levels.

在我們的 Zillow Offers 業務中，我們在 3 月暫停收購後正在全國範圍內恢復業務，重建我們的庫存水準需要時間。

We added Jacksonville, Florida to our list of 25 markets where people can get a fair, hassle-free cash offer for their home.

我們將佛羅裡達州傑克遜維爾添加到了 25 個市場名單中，人們可以在這裡獲得公平、無憂的現金購房報價。

This option for home sellers to be able to move without showings, without open houses on their own time line is proving its appeal.

對於房屋賣家來說，無需看房、無需按自己的時間安排開放房屋即可搬家，這種選擇證明了其吸引力。

As we build back, we are focused on improving our cost structure on every line item, while simultaneously delivering more ease and convenience for our customers.

在重建過程中，我們專注於改善每個專案的成本結構，同時為客戶提供更多輕鬆和便利。

Last month, as part of that focus, we announced that we'll launch brokerage services for our Zillow Offers transactions early next year.

上個月，作為這一重點的一部分，我們宣布將於明年初為 Zillow Offers 交易推出經紀服務。

Bringing those services in-house will allow us to deliver a more seamless experience for those buying homes from Zillow and reduce our selling costs over time.

將這些服務引入內部將使我們能夠為從 Zillow 購買房屋的人提供更無縫的體驗，並隨著時間的推移降低我們的銷售成本。

Additionally, Zillow Closing Services now -- is now operating in all of our Zillow Offers markets.

此外，Zillow Closing Services 現已在我們所有的 Zillow Offers 市場中運作。

For our Zillow Offers purchase transaction this quarter, we closed 98% with Zillow Closing Services.

對於本季的 Zillow Offers 購買交易，我們透過 Zillow Closing Services 完成了 98% 的交易。

Our Mortgages segment revenue more than doubled year-over-year in Q3, buoyed by our originations revenue, which grew 4x compared to last year.

在我們的發起收入（與去年相比增長了 4 倍）的推動下，我們的抵押貸款部門收入在第三季度同比增長了一倍多。

We are taking advantage of the current refinance environment while we build our mortgage factory, and we are investing in technology solutions, building out our staff and integrating with our Premier Agent and Zillow Offers over time.

我們在建造抵押貸款工廠的同時，正在利用當前的再融資環境，並且我們正在投資技術解決方案，培養我們的員工，並隨著時間的推移與我們的 Premier Agent 和 Zillow Offers 進行整合。

I'm proud of the team's ability to drive all of this revenue growth in our segments, but I'm more proud that it has been coupled with operational rigor and cost discipline, which is translating into impressive profits.

我為團隊推動我們細分市場所有收入成長的能力感到自豪，但更令我自豪的是，它與嚴格的營運和成本紀律相結合，這正在轉化為可觀的利潤。

In Q3, we reported record EBITDA in our IMT segment and record consolidated EBITDA and net income in our overall business.

第三季度，我們的 IMT 業務部門的 EBITDA 創歷史新高，整體業務的綜合 EBITDA 和淨利潤創歷史新高。

We are benefiting from our leadership teams nearly 2 years focus on fiscal fitness and attention to the key inputs in our business.

我們的領導團隊近兩年來對財務狀況的關注以及對業務關鍵投入的關注使我們受益匪淺。

Allen will go into more detail about our outlook for the rest of the year, but we expect continued growth.

艾倫將更詳細地介紹我們對今年剩餘時間的展望，但我們預計將持續成長。

Philosophically, we are focused on leveraged growth, but we remain ready to invest aggressively where we see opportunity to grow to amplify our competitive advantages coming out of COVID and to deliver better customer experiences.

從理念上講，我們專注於槓桿成長，但我們仍然準備好在看到成長機會的地方積極投資，以擴大我們在新冠疫情中的競爭優勢，並提供更好的客戶體驗。

Speaking of longer term, I'd like to zoom out and say that we are just getting started on an immense opportunity to replatform and revolutionize our industry.

說到長期，我想把目光放遠一點，說我們剛開始抓住一個重新平台和徹底改變我們行業的巨大機會。

The audience we built over the past 15 years is nearly double the size of our closest competitor and grew more than 30% in Q3.

我們在過去 15 年中建立的受眾群體幾乎是我們最接近的競爭對手的兩倍，並且在第三季度增長了 30% 以上。

Our customers trust us with their shopping and dreaming, which positions us well to move down funnel with them and to be part of their homebuying and selling transactions.

我們的客戶信任我們的購物和夢想，這使我們能夠與他們一起向下推進，並成為他們購房和銷售交易的一部分。

Even with this large and growing audience, our Premier Agents, who are responsible for our biggest business today, handle only a small fraction of all real estate transactions.

即使擁有如此龐大且不斷增長的受眾，負責我們當今最大業務的高級代理商也只處理所有房地產交易的一小部分。

There is potential for meaningfully more growth as we continue to improve our conversion rates and customer experience and make more connections between our high intent customers and our best-in-class high-performing agent partners.

隨著我們不斷提高轉換率和客戶體驗，並在我們的高意向客戶和我們一流的高績效代理合作夥伴之間建立更多聯繫，有可能實現更有意義的成長。

On the sell side, Zillow Offers makes up only a tiny fraction of all residential real estate transactions just 0.2%.

在賣方方面，Zillow Offers 僅佔所有住宅房地產交易的一小部分，僅佔 0.2%。

Most sellers are also buyers.

大多數賣家也是買家。

So as more people consider selling to us, we are able to build relationships that create additional opportunities when they go to buy their next home or are looking for other services.

因此，隨著越來越多的人考慮向我們出售房屋，我們就能夠建立關係，為他們購買下一套房屋或尋求其他服務時創造更多機會。

We're building adjacent services in both mortgages and title and escrow and will continue to drive market share and ecosystem economics as we spread our low customer acquisition cost across all of these services.

我們正在抵押貸款、產權和託管方面建立相鄰服務，並將繼續推動市場份額和生態系統經濟，因為我們將較低的客戶獲取成本分散到所有這些服務中。

This is our Zillow 2.0 vision for the future of real estate.

這是我們對房地產未來的 Zillow 2.0 願景。

Seamless customer experiences across our products and services, which will deliver additional economic benefits to Zillow, capitalizing on the customer trust we've spent so many years cultivating.

我們的產品和服務提供無縫的客戶體驗，這將為 Zillow 帶來額外的經濟效益，充分利用我們多年來培養的客戶信任。

Our mission is to help people unlock like this next chapter.

我們的使命是幫助人們解鎖下一章。

In our shareholder letter, we included a link to a video testimonial from customers, Ken and Sharon Nichols.

在我們的股東信中，我們新增了客戶 Ken 和 Sharon Nichols 的影片推薦連結。

For 73 years, Ken, who has retired from a machine shop and where he would never leave his home state of Minnesota.

73 年來，Ken 從機械車間退休，永遠不會離開他的家鄉明尼蘇達州。

Health issues for assumed to rethink that, and they decided to move closer to their family.

考慮到健康問題，他們決定重新考慮這一點，並決定搬到離家人更近的地方。

They use Zillow Offers to get a fair cash offer and they moved on their time line.

他們使用 Zillow Offers 獲得公平的現金報價，並按時完成任務。

When the Nichols learned that they wouldn't have to deal with the stress of fixing up their house and putting it on the market in order to sell it, Ken captured it perfectly.

當尼科爾夫婦得知他們不必承受修繕房屋並將其推向市場以出售的壓力時，肯完美地抓住了這一點。

He said, we're out of here.

他說，我們離開這裡。

Across the country, more people are looking around their homes and saying those same 3 words.

在全國範圍內，越來越多的人環顧自己的家並說出這三個字。

We're out of here.

我們離開這裡了。

They are ready to turn the page and get to a better place, and we will be the partner and brand they trust to help get there.

他們已經準備好翻開新的一頁，走向更好的地方，而我們將成為他們信任的合作夥伴和品牌，幫助他們實現這一目標。

Okay.

好的。

So let's now switch from PowerPoint mode to Excel mode and ask our CFO, Allen Parker, to take the cloud microphone.

現在，讓我們從 PowerPoint 模式切換到 Excel 模式，並請我們的 CFO Allen Parker 拿起雲端麥克風。

Allen?

艾倫？

Thanks, Rich.

謝謝，里奇。

As Rich discussed, Zillow Group delivered strong third quarter results.

正如 Rich 所討論的，Zillow Group 第三季業績強勁。

The inputs across our businesses accelerated more than expected.

我們各業務的投入成長超乎預期。

This, combined with our ongoing operational rigor, delivered results that exceeded our outlook for revenue and EBITDA on a consolidated basis and for each of our segments.

再加上我們持續的嚴格運營，我們每個部門的綜合收入和 EBITDA 都超出了我們的預期。

We reported consolidated revenue of $657 million for Q3, exceeding the midpoint of our outlook by nearly $100 million.

我們報告第三季合併收入為 6.57 億美元，比我們預期的中位數高出近 1 億美元。

Consolidated Q3 EBITDA was $152 million, double our outlook of $70.5 million at the midpoint of our range.

第三季綜合 EBITDA 為 1.52 億美元，是我們預期範圍中位數 7,050 萬美元的兩倍。

IMT segment revenue of $415 million, grew 24% year-over-year as we saw acceleration in all of our IMT marketplaces.

IMT 部門營收為 4.15 億美元，年成長 24%，因為我們看到所有 IMT 市場都在加速發展。

Our strong position, brand and planful approach enabled us to participate in the great reshuffling that we're seeing, benefiting all of our marketplaces.

我們的強大地位、品牌和有計劃的方法使我們能夠參與我們所看到的偉大洗牌，使我們所有的市場受益。

IMT segment EBITDA was $195 million or 47% of segment revenue.

IMT 部門 EBITDA 為 1.95 億美元，佔部門收入的 47%。

IMT segment EBITDA grew 114% versus this time last year, which translates into more than $100 million of incremental EBITDA profit.

IMT 部門 EBITDA 與去年同期相比成長了 114%，這意味著 EBITDA 利潤增量超過 1 億美元。

We were able to increase revenue growth across our IMT marketplaces, while decreasing our operating costs by 6% year-over-year.

我們能夠提高 IMT 市場的營收成長，同時將營運成本較去年同期降低 6%。

Operational rigor and cost controls resulted in year-over-year decline in nearly all of our expense lines.

嚴格的營運和成本控制導致我們幾乎所有費用項目均較去年同期下降。

Premier Agent revenue grew 24% year-over-year.

高級代理收入較去年同期成長 24%。

Our partners found increased value in the Zillow platform from strong growth in customer connections.

我們的合作夥伴發現 Zillow 平台的價值因客戶聯繫的強勁成長而增加。

Our connection growth continues to benefit from innovations in how we service customers, looking to work with our partner agents and the varied calls to actions that our customers can select on our sites.

我們的聯繫成長繼續受益於我們為客戶提供服務的創新方式、尋求與我們的合作夥伴代理商合作以及客戶可以在我們的網站上選擇的各種號召性用語。

Our Premier Agent revenue was also positively impacted in Q3 by our postpaid Flex monetization model.

我們的後付費 Flex 貨幣化模式也對我們的高級代理商收入在第三季產生了積極影響。

In accordance with accounting guidance, now that we have sufficient historical data available, we now recognize Flex revenue as leads are delivered to our Premier Agent partners based on the expected fee to be collected when a transaction is closed.

根據會計指南，既然我們有足夠的歷史數據，我們現在可以根據交易結束時收取的預期費用，將潛在客戶交付給我們的高級代理合作夥伴，從​​而確認 Flex 收入。

This methodology more closely aligns the timing of revenue recognition between our market-based pricing and Flex models.

這種方法使我們的基於市場的定價和 Flex 模型之間的收入確認時間更加一致。

Excluding the revenue related to Flex leads delivered prior to Q3, the revenue growth for Premier Agent would have been 20% compared to the 24% reported growth rate.

不包括與第三季之前交付的 Flex 潛在客戶相關的收入，Premier Agent 的收入成長將為 20%，而報告的成長率為 24%。

In Q3, Zillow Offers continued its efforts to increase purchase activity following the pause in the first half of 2020.

在 2020 年上半年暫停之後，Zillow Offers 在第三季繼續努力增加購買活動。

The strong industry demand, low housing inventory and our resell execution resulted in faster-than-expected sales velocity.

強勁的行業需求、較低的房屋庫存以及我們的轉售執行導致銷售速度快於預期。

Home segment revenue of $187 million, exceeded the high end of our outlook.

家庭細分市場收入為 1.87 億美元，超出了我們預期的上限。

Our Q3 Zillow Offers unit economics of 90 basis points loss before interest expense remained well within our plus or minus 200 basis point guardrails we previously set for ourselves while growing this business.

我們的第三季 Zillow 提供的單位經濟效益為 90 個基點損失（未計利息費用），仍然在我們之前在發展這項業務時為自己設定的正負 200 個基點護欄內。

This was despite the temporary pause in homebuying activities in the first half of 2020 that caused a higher-than-normal mix of older aged inventory sold during Q3.

儘管 2020 年上半年購屋活動暫時暫停，導致第三季出售的舊庫存數量高於正常水平，但情況仍是如此。

Aged inventory typically has lower unit economics than homes that are sold more quickly.

陳舊庫存的單位經濟效益通常低於銷售速度較快的房屋。

With that said, it is important to note that at the end of Q3, we only had 23 homes remaining in inventory that were purchased prior to the temporary pause in homebuying.

話雖如此，值得注意的是，在第三季末，我們的庫存中只剩下 23 套房屋，這些房屋是在購屋暫停之前購買的。

We expect to sell a higher-than-normal mix of newer inventory in Q4 as a result.

因此，我們預計第四季新庫存的銷售量將高於正常水準。

In Q3, our Mortgages segment revenue increased 114% year-over-year to $54 million, and Mortgages segment EBITDA was $16 million versus our outlook for a loss of $1.5 million at the midpoint of our range.

第三季度，我們的抵押貸款部門營收年增 114%，達到 5,400 萬美元，抵押貸款部門 EBITDA 為 1,600 萬美元，而我們預計虧損範圍中位數為 150 萬美元。

The revenue and EBITDA outperformance was primarily due to better-than-normal margins on selling mortgages to the secondary market, operational regular on cost lines and refinance volume reflective of strong market demand due to low interest rates.

收入和 EBITDA 的優異表現主要是由於向二級市場出售抵押貸款的利潤高於正常水平、成本線的運營正常以及反映低利率導致的強勁市場需求的再融資量。

Turning to our outlook for the fourth quarter.

轉向我們對第四季的展望。

Many of our businesses historically have seen seasonally slower activity levels in Q4, but 2020 has been anything but typical.

從歷史上看，我們的許多企業在第四季度的活動水平都出現了季節性放緩，但 2020 年的情況絕非典型。

While we are seeing some seasonality as we enter the quarter, we are seeing stronger inputs than would normally be expected in many of our businesses.

雖然進入本季時我們看到了一些季節性因素，但我們的許多業務的投入比通常預期的要強。

Across the entire company, we are seeing strong inputs on our growth drivers, coupled with continued focus on profitability, which is resulting in guidance that reflects growth with leverage.

在整個公司，我們看到對成長動力的大力投入，加上對獲利能力的持續關注，這導致了反映槓桿成長的指導。

We expect consolidated EBITDA at the midpoint of our outlook to be $119 million, up from a loss of $3 million last year.

我們預期綜合 EBITDA 的展望中位數為 1.19 億美元，高於去年的虧損 300 萬美元。

In our IMT segment, we are forecasting 27% revenue growth in Q4 at the midpoint of our outlook.

在我們的 IMT 領域，我們預計第四季度營收將成長 27%，處於我們預期的中點。

Within the IMT segment, we expect Premier Agent revenue to be $300 million to $310 million, up 31% year-over-year and up sequentially from Q3 at the midpoint of our outlook.

在 IMT 領域，我們預計 Premier Agent 營收將達到 3 億至 3.1 億美元，年成長 31%，比我們預測的第三季的中位數連續成長。

Our Q4 outlook for Premier agent revenue includes approximately 200 basis points of impact from Flex revenue expected to be recorded in Q4 related to leads delivered prior to Q3.

我們對高級代理收入第四季度的展望包括預計第四季度記錄的與第三季度之前交付的銷售線索相關的 Flex 收入的大約 200 個基點的影響。

We expect Q4 IMT EBITDA margins to be 44% at the midpoint of our outlook.

我們預計第四季度 IMT EBITDA 利潤率為 44%，處於我們預期的中點。

As I said previously, the levers are within our control and we are planning to accelerate investments in Q4 from Q3, given the opportunities we see for the IMT segment right now.

正如我之前所說，這些槓桿在我們的控制範圍內，鑑於我們目前看到 IMT 領域的機會，我們計劃從第三季開始加快第四季的投資。

In Q4, we expect our Homes segment revenues to improve sequentially as we continue to ramp up the purchase activity levels in each of our 25 markets.

在第四季度，隨著我們繼續提高 25 個市場中每個市場的購買活動水平，我們預計我們的住宅部門收入將連續改善。

We are focused on applying our learnings in the last 2.5 years as we move forward on scaling the business.

隨著我們不斷擴大業務規模，我們專注於應用過去 2.5 年的經驗教訓。

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

我們正在繼續開發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。

While we expect Mortgages revenue to be between $49 million and $53 million in Q4, we are not assuming the stronger-than-normal industry sales margins will be maintained.

雖然我們預計第四季度抵押貸款收入將在 4,900 萬美元至 5,300 萬美元之間，但我們並不認為產業銷售利潤率將保持高於正常水平。

We also expect to continue to invest in growth, which we expect to result in Mortgages segment EBITDA between breakeven and $4 million.

我們也預計將繼續投資於成長，預計這將使抵押貸款部門的 EBITDA 在盈虧平衡至 400 萬美元之間。

As you can see, my priorities remain focused on 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.

正如您所看到的，我的首要任務仍然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增長機會提供資金，並在我們擴大規模時在整個公司實施集中的成本紀律和嚴格的營運。

We are pleased with our results and believe they demonstrate how Zillow has built a strong platform for growth.

我們對我們的結果感到滿意，並相信它們展示了 Zillow 如何建立強大的成長平台。

Our balance sheet is strong, our demand indicators continue to reach record highs and our platform and partners are well positioned and ready to help our customers unlock life's next chapter.

我們的資產負債表強勁，我們的需求指標繼續創下歷史新高，我們的平台和合作夥伴已做好準備，準備幫助我們的客戶開啟人生的下一個篇章。

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) Your first question comes from the line of Ron Josey with JMP.

（操作員說明）您的第一個問題來自 JMP 的 Ron Josey。

You're on mute, Ron.

你處於靜音狀態，羅恩。

Can you hear me now?

你聽得到我嗎？

Sorry, I was on mute.

抱歉，我當時處於靜音狀態。

Yes.

是的。

Great, thanks.

萬分感謝。

Sorry about that.

對於那個很抱歉。

So I mean so much to talk about here, Rich, now, and thank you very much for everything.

所以，我想在這裡談論很多，里奇，現在，非常感謝你所做的一切。

And congrats on the quarter.

恭喜本季。

But maybe I wanted to talk just bigger picture, given the growth in the IMT business and PA specifically.

但考慮到 IMT 業務和 PA 的具體成長，也許我想談談更大的前景。

And then the guidance from that's accelerating growth in Homes, et cetera.

隨之而來的指導是加速住宅等領域的成長。

Maybe, Allen, can you talk about how -- if there's a change or how you're thinking about balancing growth with investments.

艾倫，也許你能談談如何——如果有變化的話，或者你如何考慮平衡成長與投資。

And I ask that just given with IMT growth accelerating in 3Q and for 4Q and margins getting to 47%, I think this quarter and 44% next quarter.

我想考慮到 IMT 成長在第三季和第四季加速，利潤率達到 47%，我認為本季和下季分別為 44%。

Just how do you think about consistent profitability, just given the growth that we're seeing and the investments that are likely coming on?

考慮到我們所看到的成長和可能出現的投資，您如何看待持續的獲利能力？

And obviously, we'll have tons of other questions, but I'll leave it there for now.

顯然，我們還會有很多其他問題，但我現在先把它留在那裡。

Yes, thanks for the question, Ron, I'll take that.

是的，謝謝你的提問，羅恩，我會接受的。

Hey, listen, we're very focused on inputs.

嘿，聽著，我們非常注重投入。

And as I talked about in my prepared comments, the inputs are trending very positively right now, and the teams are executing.

正如我在準備好的評論中談到的，目前的投入趨勢非常積極，團隊正在執行。

When I think about margins, I think our Q3 margins of 47% that we reported in Q3 are reflective of what this business model can generate at a steady-state business.

當我考慮利潤率時，我認為我們在第三季報告的 47% 的第三季利潤率反映了這種業務模式可以在穩態業務中產生的效果。

But we still believe that there's a lot of opportunity for growth.

但我們仍然相信有很多成長機會。

We think we're in early days in some of these -- this transition, as Rich talked about, and the growth opportunities exist in this segment.

正如里奇所說，我們認為我們正處於其中一些轉變的早期階段，並且該領域存在成長機會。

And we plan to invest into that opportunity as necessary.

我們計劃在必要時投資這個機會。

The levers are within our control, and we are cautious.

槓桿在我們的掌控之中，我們保持謹慎。

But we are planning to accelerate investments while continuing to focus on operational rigor to drive sustainable, profitable growth.

但我們計劃加快投資，同時繼續專注於營運嚴謹性，以推動永續的獲利成長。

If it helps out, what I guess I would say is perhaps looking at the implied annual margin rate may be more representative of going forward as we think about what investments are required.

如果有幫助的話，我想我想說的是，當我們考慮需要哪些投資時，隱含的年利率可能更能代表未來的發展。

But again, we're going to reserve the right to invest as necessary to lean into this opportunity at Zillow.

但我們將再次保留必要的投資權利，以抓住 Zillow 的這個機會。

Your next question comes from the line of Tom White with D.A. Davidson.

你的下一個問題來自 Tom White 和 D.A.戴維森。

Yes, thanks for the counterprogramming here to my -- it's been on my cable TV all day.

是的，謝謝你對我的反編程——它已經在我的有線電視上播放了一整天了。

Two, if I may.

如果可以的話，兩個。

Rich, I just wanted to -- I wanted to follow up on your comments around the sustainability of this really nice growth that you guys have been seeing.

里奇，我只是想——我想跟進你們對你們所看到的這種非常好的增長的可持續性的評論。

It sounds like you think the kind of broader underlying market strength can persist here.

聽起來您認為更廣泛的基礎市場強勢可以在這裡持續存在。

I was just hoping you could give us a little more color on what kind of gives you the confidence there?

我只是希望你能給我們更多的訊息，告訴我們什麼樣的東西給了你信心？

And then with regards to the technology transformation you referred to, you talked about a couple of things like digital closings and virtual tours.

然後，關於您提到的技術轉型，您談到了數位閉幕和虛擬遊覽等一些事情。

Curious if you think the pandemic will have a lasting structural change on how brokerages and agents operate.

很好奇您是否認為這場大流行將對經紀商和代理商的運作方式產生持久的結構性變化。

And I guess what I'm really trying to get to is, will this sort of long predicted, but never really materializing compression on agent commissions maybe become more of an issue as technology kind of disrupts that business?

我想我真正想要的是，隨著技術擾亂該業務，這種長期預測但從未真正實現的代理佣金壓縮是否會成為一個更大的問題？

And maybe how does that impact you guys?

也許這對你們有什麼影響？

Okay.

好的。

Tom, thanks.

湯姆，謝謝。

So it's -- how sustainable is this stuff is the question of the day and we spend a lot of time thinking about it.

所以，這些東西的可持續性如何是當今的問題，我們花了很多時間去思考它。

And as you heard me use in my prepared remarks, like to me, it feels sustainable.

正如你在我準備好的演講中聽到的那樣，就像我一樣，這感覺是可持續的。

We do not have a crystal ball.

我們沒有水晶球。

We do not know there's so much uncertainty that we're all trying to plan through right now and keep a steady hand on the tiller, that it makes us -- the uncertainty could give us a pessimistic outlook.

我們不知道存在如此多的不確定性，我們現在都在努力製定計劃並保持穩定的雙手，這使我們——這種不確定性可能會給我們帶來悲觀的前景。

But these trends that are driving our growth, they feel much -- they feel deep to me, not shallow, okay?

但這些推動我們成長的趨勢，對我來說感覺很深，而不是膚淺，好嗎？

Just take the technology one.

就拿技術來說吧。

The off-line to online trend preexisted, was well underway, has been accelerated, and it's pretty hard to believe that we're going to go back and backtrack much.

線下到線上的趨勢早已存在，正在順利進行，並且已經加速，很難相信我們會走回頭路。

I don't think that one is very debatable that trend.

我不認為這趨勢有很大爭議。

I think the great reshuffling, which I use pretty broadly, it's not just moving, it's kind of we're all reshuffling our lives and reshuffling -- the society is reshuffling right now and how we think about home is a part of that.

我認為，我用得相當廣泛的“大洗牌”，它不僅僅是搬家，而是我們都在重新洗牌我們的生活和洗牌——社會現在正在洗牌，我們對家的看法是其中的一部分。

And this one is more complicated.

而這個就比較複雜了。

But I will tell you, and I don't have to tell you, but we all have a good intuition for this, that moving decisions are not made quickly, okay?

但我會告訴你，我不必告訴你，但我們對此都有很好的直覺，移動的決定不會很快做出，好嗎？

These moving decisions take time.

這些令人感動的決定需要時間。

And despite record transaction levels that we're observing right now, 6.5 million-plus units September annualized, despite that, we're seeing all of this top-of-funnel traffic, I think we're up 40 million new user year-over-year.

儘管我們目前觀察到的創紀錄的交易水平，9 月份的年化交易量超過650 萬台，儘管如此，我們還是看到了所有這些漏斗頂部的流量，我認為我們每年的新用戶數量增加了4000 萬——超過一年。

Brad nod if I have that one incorrect.

如果我說錯了，布拉德會點頭。

Yes, Brad's nodding in my Zoom window here.

是的，布拉德在我的 Zoom 窗口中點頭。

40 million new user growth year-over-year, I would have guessed might be not possible, if you'd ask me that a year ago.

如果你在一年前問我的話，我猜想比去年同期成長 4,000 萬新用戶可能是不可能的。

And that is a leading indicator of transactions, okay?

這是交易的領先指標，好嗎？

That is what people do when they are thinking about moving as they start shopping.

這就是人們在開始購物時考慮搬家時所做的事情。

And I think companies are slowly awakening to what a cloud-based company is going to look like, what a distributed workforce is going to look like and are slowly beginning to let go of this antiquated or this kind of legacy office culture thing that we have, that kind of face time office culture-based thing.

我認為公司正在慢慢意識到基於雲端的公司將會是什麼樣子，分散式勞動力將會是什麼樣子，並且正在慢慢開始放棄我們所擁有的這種過時的或這種遺留的辦公文化。 ，那種基於辦公室文化的面對面時間。

And as companies let go, people are going to make moving decisions.

隨著公司的放手，人們將做出重大決定。

And so it's interesting and scary, but also quite exciting.

所以這很有趣，也很可怕，但也很令人興奮。

So I see this one as playing out over likely a very long period of time.

所以我認為這可能會持續很長一段時間。

So that's why I'm confident that we see some subsidence, some sustainability in this.

這就是為什麼我相信我們會看到一些沉降，一些可持續性。

Of course, our position, I think the technology one is undeniable and that this is just a better way to shop and transact, and it can get better is undeniable as well.

當然，我們的立場，我認為科技是不可否認的，這只是一種更好的購物和交易方式，而且它可以變得更好，也是不可否認的。

So regardless of what happens with these macro trends, I think Zillow is in a really good position to replatform this industry.

因此，無論這些宏觀趨勢發生什麼，我認為 Zillow 都處於重新建構該行業平台的有利位置。

We're so lightly penetrated on the transactions right now.

我們現在對交易的了解還很淺。

We have plenty of upside.

我們有很多上升空間。

So we don't rely on these to grow, but we expect them to sustain.

因此，我們不依賴這些來成長，但我們希望它們能持續下去。

All right.

好的。

That was long-winded.

那真是囉嗦了。

I'm sorry, Tom.

對不起，湯姆。

And you asked the second one, which is, is the pandemic going to change the way brokerages operate?

您問第二個問題，即疫情是否會改變券商的運作方式？

And you asked the question as operate, I think you meant commissions.

你問的問題是操作，我認為你的意思是佣金。

But certainly, it's changing the way we all operate, okay?

但當然，它正在改變我們所有人的運作方式，好嗎？

And the -- I guess the usage of software in this industry and technology in this industry is taking a great leap forward.

我想這個行業的軟體使用和這個行業的技術正在取得巨大的飛躍。

And that, of course, is changing the way we operate with our agent partners and the way brokerages themselves and the whole industry operates.

當然，這正在改變我們與代理商合作夥伴的運作方式以及經紀公司本身和整個行業的運作方式。

So absolutely, what we see as the effect on the business model, it's -- I would say this has been speculated -- compression here has been speculated about for a long time.

所以絕對，我們所看到的對商業模式的影響，我想說這已經被推測了，這裡的壓縮已經被推測了很長時間。

We see agents adding real value as consultants to consumers.

我們看到代理商作為消費者的顧問增加了真正的價值。

That is why we partner with them.

這就是我們與他們合作的原因。

That is what they tell us they want.

這就是他們告訴我們他們想要的。

And so we continue to see that.

所以我們繼續看到這一點。

So we don't foresee a -- we don't predict a big change there.

因此，我們預計不會有重大變化。

Your next question comes from the line of Tom Champion with Piper Sandler.

你的下一個問題來自 Tom Champion 和 Piper Sandler 的台詞。

Rich, you've been an observer of the housing market for a lot of years now and you've already offered some comments on this.

Rich，您多年來一直是房地產市場的觀察者，並且您已經對此提出了一些評論。

But I'm wondering if you could just say or offer some perspective on the current market conditions?

但我想知道您能否對當前的市場狀況發表一些看法或提供一些看法？

And what are the 1 or 2 or 3 defining characteristics of this period, whether it'd be low inventory or higher transactions rate or high price?

這段期間的第一個或第二個或第三個定義特徵是什麼，是低庫存還是較高的交易率或高價格？

What is the 1 or 2 or 3 really defining characteristics of this time?

這次真正決定性的特徵 1、2 或 3 是什麼？

And then separately, very impressive visitor growth at scale.

另外，訪客規模的成長非常令人印象深刻。

I'm curious if you could talk a little bit about the visitor growth specific to the 25 Zillow Offers markets.

我很好奇您能否談談 25 個 Zillow Offers 市場的訪客成長情況。

And what growth looks like there and how that funnels down into the Premier Agent business?

那裡的成長情況如何以及如何滲透到高級代理商業務？

Okay.

好的。

Tom, I'm not sure I quite got the second question, but let me answer the first and then we can get you to restate it.

湯姆，我不確定我是否完全理解了第二個問題，但讓我回答第一個問題，然後我們可以讓您重述。

Yes, on all 3 of those variables that you mentioned, I think the headline variables for the market that are garnering the most attention seem to be shockingly low inventory, okay?

是的，對於你提到的所有這三個變量，我認為市場上最受關注的頭條變量似乎是庫存低得驚人，好嗎？

That seems like a terrific headline.

這看起來是一個很棒的標題。

And then the next most shocking one, I think, is probably home price appreciation at record levels not seen since a while, okay?

我認為，下一個最令人震驚的可能是房價上漲到一段時間以來未見的創紀錄水平，好嗎？

Those are the big ones.

這些都是大的。

To me, the most important and interesting and actually significant one is days on market.

對我來說，最重要、最有趣、最重要的是上市天數。

It's a little bit harder to grok for most people from a headline perspective, but this is the most important one.

對大多數人來說，從標題的角度理解有點困難，但這是最重要的。

It's down to 12 days.

時間縮短到了12天。

In fact, I think new data just came out today that put 11-point something.

事實上，我認為今天剛發布的新數據表明了 11 點的情況。

Maybe Brad can chime in.

也許布萊德可以插話。

But average of 12 days on the market is down from 29 or 30 days a year ago, okay?

但平均上市時間為 12 天，比一年前的 29 天或 30 天下降了，好嗎？

So that's just a huge factor, and of course, it's the multiplication of that times the inventory and some not so complicated way that leads to transactions, which are way up.

所以這只是一個巨大的因素，當然，這是庫存乘以倍數以及一些不那麼複雜的方式導致交易量大幅上升。

So I think that demand is -- what this says to me is demand is extremely high, okay?

所以我認為需求是──這對我來說是需求非常高，好嗎？

Things are moving off the market quickly.

東西正在迅速退出市場。

Prices are moving up, therefore, and that, of course, will lure more supply into the market.

因此，價格正在上漲，這當然會吸引更多的供應進入市場。

That's just the way these things work.

這就是這些事情的運作方式。

I guess that's my take on it.

我想這就是我的看法。

Now your second part was something about what we're seeing in Zillow Offers markets?

現在，您的第二部分是關於我們在 Zillow Offers 市場中看到的情況？

Yes.

是的。

Maybe I'll take a second crack at that.

也許我會再試一次。

So broadly speaking, you're seeing incredibly strong visitor growth at scale.

從廣義上講，您會看到訪客規模的強勁成長。

But I'm curious if you could zoom down into your Zillow Offers markets and look at the unique visitor trends in those markets and whether or not the Zillow Offers business is having a halo effect upon the core Internet segment, whether visitor trends are roughly the same?

但我很好奇您是否可以放大 Zillow Offers 市場並查看這些市場中獨特的訪客趨勢，以及 Zillow Offers 業務是否對核心互聯網細分市場產生光環效應，訪客趨勢是否大致與相同的？

Or do growth rates look the same in those markets?

或者這些市場的成長率看起來是否相同？

Or are they better?

或者他們更好？

Are they worse?

他們更糟嗎？

I'm just curious if there's any mention there.

我只是好奇那裡是否有提及。

Yes, I have not personally done that.

是的，我個人沒有這樣做過。

Maybe we'll take in a look at it.

也許我們會看一下。

I have not personally done that, so I don't know.

我個人沒有這樣做過，所以我不知道。

But you know what, my guess is like awareness in most of the Zillow Offers markets, awareness of Zillow Offers is very low, okay?

但您知道嗎，我的猜測是，在大多數 Zillow Offers 市場中，Zillow Offers 的認知度非常低，好嗎？

So the likelihood that it's having an impact on the top of the funnel is extremely low, I would guess.

因此，我猜它對漏斗頂部產生影響的可能性極低。

So we have a lot of work to do.

所以我們還有很多工作要做。

And that's just because we're so lightly penetrated.

那隻是因為我們的滲透程度太淺。

We're just educating people on what it is right now.

我們只是讓人們了解現在的情況。

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

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

I was wondering if you can talk about how you're scaling up the partner leads (technical difficulty) what you're seeing in terms of mix of buy-side and sell-side leads in that?

我想知道您是否可以談談您如何擴大合作夥伴線索（技術難度），您在買方和賣方線索的組合方面看到了什麼？

Two years ago, you gave us some color around the Phoenix market.

兩年前，您為我們帶來了鳳凰市場的一些色彩。

Any update on those tests on how many people are coming through that funnel as it looks at the market.

有關這些測試的任何更新，以了解有多少人正在透過該管道來觀察市場。

Lloyd, we know it's you.

勞埃德，我們知道是你。

We know it's you.

我們知道是你。

But you're coming through like sile-on.

但你卻像靜坐一樣度過了難關。

Yes, we can't -- we really can't understand it.

是的，我們不能——我們真的不能理解它。

Maybe work on your connection, we'll come back to you.

也許您的連線正在工作，我們會回覆您。

Let's take another question maybe, and then we'll come back to you, if you don't mind.

也許我們再問一個問題，如果您不介意的話，我們會再回覆您。

Operator, David, can we go to the next one?

接線員，大衛，我們可以轉到下一個嗎？

Certainly.

當然。

Your next question comes from the line of Ryan McKeveny with Zelman & Associates.

您的下一個問題來自 Zelman & Associates 的 Ryan McKeveny。

Congratulations on the results really across the board.

祝賀我們取得了全面的成果。

I wanted to dig in with 2 questions on the Mortgage business.

我想深入探討兩個有關抵押貸款業務的問題。

So firstly, of course, great to see the big growth in originations, revenue, EBITDA.

首先，當然很高興看到起源、收入和 EBITDA 的大幅成長。

One of the industry dynamics going on this year is really strong volume across the board, but capacity constraints in terms of loan officers, processing staff, you name it.

今年的行業動態之一是整體交易量確實強勁，但信貸員、處理人員等方面的能力受到限制。

A lot of lenders saying I kind of can't hire as fast as I can or I can't find the talent that I want to hire.

很多貸款人說我無法盡快招聘，或是找不到我想招募的人才。

So my question is, as you embark on expanding Zillow Home Loans, how do you feel you are at this point in just the inroads you're making on kind of ramping up that headcount, ramping up your own internal capacity?

所以我的問題是，當您開始擴大 Zillow Home Loans 的規模時，您對目前在增加員工人數、增強內部能力方面所取得的進展有何感想？

And how that's kind of trending relative to the customer demand that you're seeing for mortgages?

相對於您所看到的房貸客戶需求，這種趨勢如何？

That's kind of the first piece.

這是第一件作品。

And then secondly, on the Mortgage segment.

其次是抵押貸款領域。

So I think that some investors tend to focus on this idea of kind of attachment to iBuying.

所以我認為有些投資人傾向於關注這種對 iBuying 的依戀。

But I tend to think that with your online audience, theoretically, the mortgage opportunity could be much more significant and more of a kind of direct-to-consumer fashion, which I'm sure you're kind of embarking on to some degree.

但我傾向於認為，從理論上講，對於線上受眾來說，抵押貸款機會可能會更加重要，並且更像是一種直接面向消費者的時尚，我確信您在某種程度上已經開始採用這種方式。

You mentioned the refi side of things in your note.

您在筆記中提到了 refi 方面的內容。

So just curious if you can talk about this year, what you're seeing in terms of, kind of, iBuying attachment on the mortgage side versus more of a direct-to-consumer type opportunity?

因此，我想知道您是否可以談談今年，您在抵押貸款方面的 iBuying 附件與更多直接面向消費者類型的機會方面看到了什麼？

And ultimately, how you think about those and kind of strategize on that for the years ahead?

最後，您如何看待這些問題並制定未來幾年的策略？

Thanks, Ryan.

謝謝，瑞安。

I was on mute.

我當時處於靜音狀態。

Allen, maybe you want to start out on that?

艾倫，也許你想從這個開始？

Sure, sure.

一定一定。

So thanks, Ryan, for your question.

謝謝瑞安提出的問題。

This is Allen Parker.

這是艾倫·帕克。

So on the capacity side, first, we feel good about the team's execution in growing the factory.

因此，在產能方面，首先，我們對團隊在工廠發展上的執行力感到滿意。

We're still building out the platform, but we have been able to grow our capacity, both with the loan officers as well as the fulfillment team to close on the loans, and that's consistent with the ForEx growth that Rich called out on our originations business in Q3, and is reflected in our guidance in Q4, again, with us possibly not counting on some of the kind of extremely wide margins that were experienced in Q3 given some of the capacity constraints as well as a few other factors.

我們仍在建造該平台，但我們已經能夠提高我們的能力，無論是貸款官員還是履行團隊都可以完成貸款，這與 Rich 在我們的起源中所呼籲的外匯增長是一致的第三季度的業務，並再次反映在我們第四季的指導中，考慮到一些產能限制以及其他一些因素，我們可能不會指望第三季度經歷的一些極其廣泛的利潤率。

So we feel good about the team's ability to continue to build the factory.

所以我們對團隊繼續建造工廠的能力感到滿意。

With respect to your second question, we view this as an opportunity to serve our customers regardless where they come in.

關於你的第二個問題，我們認為這是一個為我們的客戶提供服務的機會，無論他們來自哪裡。

So Zillow Offers is one, working with our Premier Agents and their customers is another as well as direct-to-consumer.

因此，Zillow Offers 是其中之一，與我們的高級代理商及其客戶合作以及直接面向消費者是另一回事。

We also have a marketplace business.

我們還有市場業務。

So we think that there's a lot of opportunity if we build a great product and an integrated transaction to make it seamless and less friction to continue to grow this business.

因此，我們認為，如果我們建立出色的產品和整合的交易，以使其無縫、更少的摩擦來繼續發展這項業務，就會有很多機會。

We're just in the very early stages.

我們還處於非常早期的階段。

We're really happy with the leadership team we brought in to build the originations business, and we're in very early innings, but we see a lot of opportunity there.

我們對我們為建立起源業務而引入的領導團隊感到非常滿意，而且我們還處於早期階段，但我們在那裡看到了很多機會。

Your next question comes from the line of Brad Erickson with Needham & Company.

您的下一個問題來自 Needham & Company 的 Brad Erickson。

Allen, I think you mentioned 200 basis points of help Flex may be getting in the Q4 PA guide, I guess, for leads delivered before Q4.

艾倫，我認為您提到 Flex 可能會在第四季度 PA 指南中獲得 200 個基點的幫助，我想，對於第四季度之前交付的銷售線索。

So I guess just to clarify, can you quantify just how much help the Q4 PA guide is getting from Flex in total?

所以我想澄清一下，您能否量化第四季度 PA 指南從 Flex 獲得的幫助總共有多少？

And then more broadly, I guess, for Rich or Allen.

我想，更廣泛地說，對里奇或艾倫來說。

Just talk about what you learned with Flex to date and wonder if you're able to talk about any updates to expanding the rollout of that program into more markets as we look out to next year?

只需談談您迄今為止從 Flex 中學到的東西，並想知道您是否能談談在我們展望明年時將該計劃推廣到更多市場的任何更新？

Great.

偉大的。

Thanks, Brad.

謝謝，布拉德。

I'll take the first part of that.

我將採取第一部分。

So yes, just to be clear, we called out in my prepared comments the change impacting Q3 and it will have an impact on Q4 growth.

所以，是的，需要明確的是，我們在準備好的評論中指出了影響第三季的變化，並將對第四季的成長產生影響。

And what that change is, just following accounting guidance now that we have more data and historical data to estimate what we believe the value of the leads we deliver to our Flex partner agents will be at the time of the transaction close.

變化是什麼，現在我們有更多的數據和歷史數據來估計我們認為在交易結束時向 Flex 合作夥伴代理提供的潛在客戶的價值，因此只需遵循會計指導即可。

And the way that rolled out was that any leads we provided to our agents in Q3, we recorded the estimated value of those leads in Q3, and any leads we provide in Q4 will record the estimated value in Q4.

推出的方式是，我們在第三季度向代理商提供的任何潛在客戶，我們都會在第三季度記錄這些潛在客戶的估計值，而我們在第四季度提供的任何潛在客戶都將在第四季度記錄估計值。

But what you have is kind of this lag effect of leads we provided since we launched Flex that have not closed yet that are still going to be recorded on a cash basis as the transactions close.

但自從我們推出 Flex 以來，我們所提供的潛在客戶的延遲效應尚未結束，但在交易結束時仍會以現金記錄。

And we estimate that, that has an impact of about 400 basis points on revenue growth in Q3.

我們估計，這會對第三季的營收成長產生約 400 個基點的影響。

And again, in Q4, it will be about 200 basis points, but it has to do with leads delivered prior to Q3.

同樣，在第四季度，這一數字將約為 200 個基點，但這與第三季度先前交付的銷售線索有關。

So from Q3 on, we're clean, and that number will become immaterial going forward.

因此，從第三季開始，我們就乾淨了，這個數字未來將變得無關緊要。

So going forward, our MBP-based revenue recognition and our postpaid Flex revenue recognition are going to be more closely aligned and consistent.

因此，展望未來，我們基於 MBP 的收入確認和我們的後付費 Flex 收入確認將更加緊密一致和一致。

And so I think we won't be having any puts and takes anymore, which is great.

所以我認為我們不會再有任何看跌期權和看跌期權，這很好。

Does that -- hopefully, that helps answer your question.

希望這有助於回答您的問題。

And to respond to your second part of the question, what are we learning in Flex.

回答問題的第二部分，我們在 Flex 中學到了什麼。

It's still early innings.

現在還早幾局。

We have over a year under our belt.

我們已經有一年多的時間了。

We believe that we have a variety of monetization models that work well to deliver a great experience for our customer, working with our partner agents, either under MBP or under Flex.

我們相信，我們擁有多種貨幣化模式，可以與我們的合作夥伴代理商（無論是在 MBP 下還是在 Flex 下）合作，為我們的客戶提供良好的體驗。

Both MBP and Flex reflected in the guide for Q4 show continued growth and accelerated growth.

第四季指南中反映的 MBP 和 Flex 都顯示持續成長和加速成長。

So we're happy with both.

所以我們對兩者都很滿意。

And we're continuing to test and iterate and figure out how to maximize customer satisfaction for our customers, improved conversion, and increased revenue per lead.

我們正在繼續測試和迭代，並找出如何最大限度地提高客戶滿意度、提高轉換率並增加每個線索的收入。

That's what we're focused on, and we have a variety of monetization models to do that.

這就是我們關注的重點，我們有多種獲利模式來做到這一點。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克（Brian Nowak）。

I have 2. First one on Flex.

我有 2 個。第一個在 Flex 上。

Maybe just sort of a big picture one.

也許只是一幅大圖。

Talk to us about what are the gating factors or the characteristics that you all are monitoring to sort of determine the pace at which you push Flex out to more markets?

與我們談談你們所有人正在監控的限制因素或特徵是什麼，以確定你們將 Flex 推向更多市場的速度？

Then the second one on Homes and the iBuying.

然後是 Homes 和 iBuying 上的第二個。

I think you started to sort of talk about some steps to remove external agents from the business in January '21.

我認為您在 21 年 1 月開始談論一些從業務中刪除外部代理的步驟。

How do we think about the impact of the overall long-term profitability of Homes with those changes?

我們如何看待這些變化對 Homes 整體長期獲利能力的影響？

Brian, maybe I'll take a crack at least at the first part, Allen, maybe I can do both.

布萊恩，也許我至少會在第一部分嘗試一下，艾倫，也許我可以兩者都做。

But Brian, we're not thinking about it in the way you're asking the question anymore because this accounting change kind of liberates us from what Allen just described as the puts and takes of Flex.

但是布萊恩，我們不再以您提出問題的方式來思考這個問題，因為這種會計變化將我們從艾倫剛才描述的偉創力的看跌期權中解放出來。

We're really trying to optimize for a great customer experience, a great partner experience, getting the customer what they really want, which is the transaction.

我們確實在努力優化，以獲得出色的客戶體驗、出色的合作夥伴體驗，讓客戶得到他們真正想要的東西，這就是交易。

And then at the end of the day, getting more revenue and profit per customer.

最終，每個客戶都會獲得更多的收入和利潤。

And that comes as a result of the prime business model.

這是主要商業模式的結果。

And then ultimately, because of these ecosystem economics that we get when we are able to integrate multiple aspects of the transaction in one customer.

最終，由於當我們能夠將交易的多個面向整合到一個客戶中時，我們就獲得了這些生態系統經濟學。

And so we really like having a menu of business models, and we will continue to innovate on business models, a menu of business models to use, to test and to basically optimize.

因此，我們真的很喜歡擁有一個商業模式選單，我們將繼續在商業模式上進行創新，這是一個可供使用、測試和基本優化的商業模式選單。

We're now seeing this as an optimization problem.

我們現在將其視為優化問題。

And so it will go where it goes, and it's going very well.

所以它會去哪裡，而且進展得非常順利。

On the -- and you can see that in the results, obviously.

顯然，您可以在結果中看到這一點。

On the Homes side, we view our recent announcement to begin to bring some of the ZO-owned Homes transactions in-house simply as a customer streamline experience move.

在房屋方面，我們認為我們最近宣布開始將 ZO 旗下的一些房屋交易引入內部，這只是為了簡化客戶體驗。

We are high volume, low uncertainty, so high certainty of close.

我們的交易量很大，不確定性很低，所以成交的確定性很高。

It's a very cut and dry transaction that doesn't involve a lot of stuff.

這是一個非常簡單的交易，不涉及很多事情。

So we are a scale player here, and we're basically just trying to optimize for customer experience and cost.

因此，我們是這裡的規模參與者，我們基本上只是在嘗試優化客戶體驗和成本。

And that's what -- that is what that is about on this very relatively very small number of transactions.

這就是——這就是相對數量相對較少的交易的意義所在。

Am I missing anything there on that one, Allen?

艾倫，我是不是漏掉了什麼？

No, no.

不，不。

I think that's right.

我認為這是對的。

I'd say improve the experience, reduce the friction and a byproduct will be improved cost productivity, but that's not the priority.

我想說的是，改善體驗、減少摩擦，副產品會提高成本生產力，但這不是首要任務。

It's an outcome of the transaction.

這是交易的結果。

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

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

All right.

好的。

Can you hear me now?

你聽得到我嗎？

Yes.

是的。

All right.

好的。

Two questions.

兩個問題。

The first one was just, can you talk about the partner leads product a bit more in terms of how you're thinking about expanding the tests kind of from a timing perspective?

第一個問題是，您能否多談談合作夥伴主導的產品，以及您如何從時間角度考慮擴展測試？

What you're seeing maybe in terms of mix of buy-side and sell-side leads?

您在買方和賣方線索的組合方面看到了什麼？

And I don't know, 2 years ago, you gave us some color around the Phoenix market.

我不知道，兩年前，你為我們鳳凰市場帶來了一些色彩。

Any update on those tests in terms of the scale you're seeing of the markets you're in?

就您所看到的市場規模而言，這些測試有什麼更新嗎？

And then the second one was just on the Rental business.

第二個是關於租賃業務。

Big acceleration there.

那裡加速度很大。

Is that product-driven?

這是產品驅動的嗎？

Is that market strength?

這就是市場實力嗎？

And is that level of growth sustainable for the next few quarters until you kind of comp through it or more just a function of market activity that is going to be subject to the market?

這種成長水平在接下來的幾個季度中是否可持續，直到你透過它進行比較，或者更多地只是受市場影響的市場活動的函數？

Rich, do you want to hit Rentals and then I'll cover the other one.

Rich，你想點擊「租賃」嗎？然後我會介紹另一項。

Yes.

是的。

Why don't you start with the other one and then I will zip in, yes.

為什麼不先從另一個開始，然後我就拉進去，是的。

Okay.

好的。

Lloyd, thanks for the question.

勞埃德，謝謝你的提問。

This is Allen.

這是艾倫。

So listen, on partner leads, as we've talked about, we believe that as we build this platform, we have opportunities for a variety of adjacent revenue incrementality.

因此，請聽聽，關於合作夥伴的線索，正如我們所討論的，我們相信，當我們建立這個平台時，我們有機會實現各種相鄰的收入增量。

That includes our closing services, the HL and partner leads.

這包括我們的結帳服務、HL 和合作夥伴領導。

We are still in very early days, but we're excited about the long-term opportunities.

我們仍處於早期階段，但我們對長期機會感到興奮。

As Rich called out, DCS achieved 98% attach on purchase transactions on ZO-acquired Homes this quarter.

正如 Rich 所說，DCS 本季在 ZO 收購的房屋的購買交易中實現了 98% 的附加率。

Our Mortgages business is going really, really well as we build the factory.

隨著我們建造工廠，我們的抵押貸款業務進展得非常非常順利。

So we think there's opportunities to offer a streamlined service there.

因此，我們認為有機會在那裡提供簡化的服務。

And on partner leads, we are continuing to make progress on understanding how to work with our customers throughout the funnel.

在合作夥伴線索方面，我們在了解如何在整個管道中與客戶合作方面不斷取得進展。

So I don't have any specific update on stats.

所以我沒有任何具體的統計數據更新。

We're coming off pause and opening up into 25 markets and there's a lot of noise with the low end right now.

我們即將結束暫停，向 25 個市場開放，目前低端市場有許多噪音。

But as we have more and more adjacent services, they positively -- they reinforce each other positively.

但隨著我們擁有越來越多的相鄰服務，它們會積極地相互加強。

And as we're getting the pieces together, we're getting better and better at linking the services.

當我們把各個部分整合在一起時，我們在連結服務方面做得越來越好。

And that's why we feel like we're so well positioned with the current environment as well as our platform and our product offerings to do really well here.

這就是為什麼我們覺得我們在當前環境以及我們的平台和產品方面處於如此有利的位置，可以在這裡做得很好。

So we feel really good about where we are and the opportunity ahead of us.

因此，我們對自己所處的位置以及眼前的機會感到非常滿意。

Okay.

好的。

That was great, Allen.

太棒了，艾倫。

I mean, yes, I'll just hammer that point these kind of -- we're pretty focused on these ecosystem economics.

我的意思是，是的，我會強調這一點——我們非常關注這些生態系統經濟學。

As we think about all of these adjacent opportunities, and we really see our kind of P&L and business advantage as translating this low customer acquisition cost that we have with this huge traffic base in this big brand that we've built over all these years, and being able to, A, do more transactions, convert to more transactions; and then B, add more other transactions to that transaction and maximize the number of spin-off transactions from all those.

當我們考慮所有這些相鄰的機會時，我們確實看到了我們的損益和業務優勢，因為我們將這種低客戶獲取成本轉化為我們多年來建立的這個大品牌的巨大流量基礎，並且能夠A 進行更多交易，轉化為更多交易；然後 B，向該交易添加更多其他交易，並最大化所有這些交易的衍生交易數量。

So it is a really -- it's just a -- it's a really interesting long-term opportunity that we see lots of blue ocean.

所以這真的是一個非常有趣的長期機會，我們看到了很多藍海。

On the Rentals question, we're really excited by the results that the Rentals team has posted.

關於租賃問題，我們對租賃團隊發布的結果感到非常興奮。

We have a very big top of funnel.

我們有一個非常大的漏斗頂部。

We have a lot of rental shopping demand and activity, and I'm really pleased with the way the team is translating that into results right now.

我們有很多租賃購物需求和活動，我對團隊目前將其轉化為結果的方式感到非常滿意。

There is some noise about migration out of cities, de-urbanization et cetera.

關於遷出城市、去城市化等問題存在一些噪音。

And I think there is a little -- there is some relatively speaking more interest in non-city locations.

我認為相對而言，人們對非城市地點更感興趣。

However, the tide is so high that there is just more shopping demand everywhere and that includes Rentals.

然而，潮流如此之高，以至於到處都有更多的購物需求，其中包括租賃。

So the whole of the housing industry is atypical, but very healthy, and that includes the Rentals business.

因此，整個房地產行業雖然不典型，但非常健康，其中包括租賃業務。

The next question comes from the line of Naved Khan with Truist Securities.

下一個問題來自 Truist Securities 的 Naved Khan。

This is Robert Zeller on for Naved.

我是 Naved 的羅伯特·澤勒。

So just on the average fee for Zillow Offers, so how sustainable do you think the 7% average fee is?

那麼僅就 Zillow Offers 的平均費用而言，您認為 7% 的平均費用有多可持續？

And has it come down at all recently?

最近有下降嗎？

How should we think about this long term?

我們該如何思考這個長期的問題？

And if the fee does come down, how much would you expect this to affect conversion rates for home sellers accepting offers?

如果費用確實下降，您預計這會對接受報價的房屋賣家的轉換率產生多大影響？

And then what is the plan for inventory levels on the balance sheet during this time of uncertainty?

那麼在這個不確定的時期，資產負債表上的庫存水準有何計畫？

And when can we expect a resumption of going deep into existing markets as a part of Zillow 2.0?

作為 Zillow 2.0 的一部分，我們什麼時候可以恢復深入現有市場？

And then I just have a very quick one afterwards.

然後我很快就吃了一頓。

All right.

好的。

I mean, I guess, I'll start by just saying when we think about the fee, there are multiple elements that are included in an offer and fee just one of them.

我的意思是，我想，我首先要說的是，當我們考慮費用時，報價包含多個要素，而費用只是其中之一。

So I would just caution focusing just on that price number.

因此，我謹提醒您僅關注該價格數字。

But there's a lot of different ways to deliver value and price the offer.

但有很多不同的方式來提供價值和定價。

We feel that we're extremely competitive in our pricing, and we're transparent to our customers on the various elements of the offer.

我們認為我們的定價極具競爭力，並且我們對客戶提供的各種要素都是透明的。

What we're finding is total economics matter to the customers.

我們發現總體經濟效益對客戶來說很重要。

So we feel we're competitive and well positioned to provide and be flexible in the fee and total offer we provide relative to the environment.

因此，我們認為我們具有競爭力，並且有能力提供相對於環境而言靈活的費用和總報價。

Rich called out some of the things that happened in an environment -- real estate environment today in terms of short cycle times and a variety of other things about inventory.

里奇指出了當今房地產環境中發生的一些事情，即週期時間短以及有關庫存的各種其他問題。

So I wouldn't base an average fee as anything that's static for us.

因此，我不會將平均費用作為我們靜態的基礎。

We're constantly testing, iterating, we feel we're competitive and well positioned to provide a great offering to our customers, and that's what we're seeing as we ramp back up.

我們不斷地測試、迭代，我們覺得我們有競爭力，並且處於有利地位，可以為我們的客戶提供優質的產品，這就是我們在恢復生產時所看到的。

And I guess, I'd just add, the team is really working.

我想，我想補充一點，這個團隊真的很努力。

We believe it's elastic.

我們相信它是有彈性的。

It's definitely elastic.

肯定是有彈性的。

How to judge and characterize that probably has changed and it's difficult to characterize, but it definitely is an elastic transaction.

如何判斷和表徵，可能已經發生了變化，很難表徵，但它絕對是一個彈性交易。

So net dollars to the seller matter a bit.

因此淨美元對賣家來說有點重要。

And we're -- therefore, we are focused on lowering every single one of the line items to make the unit economics better, including the customer acquisition cost, right, where we have a good advantage.

因此，我們專注於降低每一項的成本，以提高單位經濟效益，包括客戶獲取成本，這對我們來說是一個很好的優勢。

Anyway, I just wanted to hop on there.

無論如何，我只是想跳到那裡。

The inventory levels, when can you expect us to go deep?

庫存水平，您預計我們什麼時候可以深入？

We're charging as deep as we can as quickly as we can.

我們正在盡可能地快速充電。

There's nothing holding us back other than execution.

除了執行之外，沒有什麼能阻止我們。

So we're working on it.

所以我們正在努力。

Yes.

是的。

I was going to call it, Rich, that we have -- we've used about $114 million of our $1.5 billion in capacity.

我打算稱其為“Rich”，我們已經使用了 15 億美元產能中的約 1.14 億美元。

With our warehouse facilities, we feel we're well positioned on the balance sheet on a cash basis.

憑藉我們的倉庫設施，我們認為我們在現金基礎上的資產負債表上處於有利地位。

Right now, that's not the constraint.

現在，這不是限制。

I mean we're obviously careful in our underwriting, but we're excited to be back buying homes again and innovating on behalf of our customers.

我的意思是，我們在承保方面顯然非常謹慎，但我們很高興能夠再次購買房屋並代表客戶進行創新。

I mean it's hard to hold on to them because there's so much demand out there.

我的意思是很難留住它們，因為那裡的需求太大了。

So...

所以...

Okay.

好的。

Okay.

好的。

Appreciate the color.

欣賞顏色。

And then just really quickly on the revenue recognition for Flex.

然後很快就確認了 Flex 的收入。

So I mean, basically, if I'm understanding this correctly, it's just effectively pushing up the revenue recognition to now versus in the future.

所以我的意思是，基本上，如果我理解正確的話，它只是有效地提高了現在與未來的收入確認。

And this will -- and then you'll no longer be lapping in after Q4.

這將會——然後你將不再在第四季之後進行跑圈。

Is that correct?

那是對的嗎？

Yes.

是的。

The impact because we'll have most of the transactions related to leads we provided pre Q3 will have occurred by the end of Q4.

由於我們將在第三季度之前提供與我們提供的銷售線索相關的大部分交易，因此影響將在第四季度末發生。

The effect after Q4 will be minimal is what our expectation is.

我們預計第四季之後的影響將是最小的。

Got it.

知道了。

It's exactly right.

這是完全正確的。

It's -- we now recognize for both MBP revenue related to leads we provide those agents -- partner agents in the quarter.

我們現在確認與我們為這些代理商提供的銷售線索相關的 MBP 收入——本季度的合作夥伴代理商。

And with this change, which is consistent with accounting guidance and what you're required to do, we are recognizing the estimated value of the leads we provide to our Flex partners, agents, at the time we provide the leads.

透過這項與會計指南和您需要執行的操作一致的變更，我們在提供潛在客戶時認識到我們向 Flex 合作夥伴、代理商提供的潛在客戶的估計價值。

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

你的最後一個問題來自 Jason Kreyer 和 Craig-Hallum 的對話。

Two for me on Zillow Offers.

Zillow Offers 上有兩個給我。

With most of the pre-COVID inventory now out of the portfolio, just wondering if you can give us a sense of how we should think about or I guess, how you're thinking differently about buying and selling now versus how you were a year ago?

由於大多數新冠疫情前的庫存現已退出投資組合，只是想知道您是否能讓我們了解我們應該如何思考，或者我猜，您現在對買賣的看法與一年前有何不同前？

And then piggybacking on that, you had mentioned, Rich, the low awareness of Zillow Offers.

在此基礎上，Rich，您提到了 Zillow Offers 的認知度較低。

Just wondering if you can kind of walk through the game plan for building that up over time.

只是想知道您是否可以逐步完成逐步建立的遊戲計劃。

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

艾倫，你想開始，我來結束嗎？

Sure.

當然。

Sure.

當然。

Thanks for the question, Jason.

謝謝你的提問，傑森。

Yes.

是的。

So again, we went through this pause.

我們再次經歷了這個停頓。

There's an air gap.

有氣隙。

We are now back acquiring homes.

我們現在又回來買房子了。

We still feel like there are opportunities related to our cost structure for us to continue to go after, where we're rescaling.

我們仍然覺得與我們的成本結構相關的機會值得我們繼續追求，我們正在重新調整規模。

We learned a lot over the 2-plus years as we opened 25 markets, and we're able to apply that.

在開放 25 個市場的兩年多時間裡，我們學到了很多東西，並且能夠應用這些知識。

I think the most obvious one or one that's easy to see is that our resell learnings allowed us to accelerate the resell velocity and that we started to see as early as Q4 of last year, which helped us get through this uncertainty in a relatively painless way.

我認為最明顯的一個或一個容易看到的是我們的轉售經驗使我們能夠加快轉售速度，並且我們早在去年第四季度就開始看到這一點，這幫助我們以相對輕鬆的方式克服了這種不確定性。

The team executed really well.

團隊執行得非常好。

So I think we'll continue to push on penetration.

所以我認為我們將繼續推動滲透率。

But what we're seeing is we think there's opportunities that we can go after both on the acquisition costs by being smarter and machine learning on renovations, on holding costs as we improve the velocity and on selling costs in a variety of areas.

但我們看到的是，我們認為我們有機會透過變得更聰明和機器學習來追求翻新的購置成本、提高速度時的持有成本以及各個領域的銷售成本。

And on your second part, when you were asking about increasing awareness of Zillow.

在第二部分，當您詢問如何提高 Zillow 的知名度時。

So we've worked really hard and really effectively for a very long time, 15 years, to be lucky.

因此，我們非常努力、非常有效地工作了很長一段時間，15 年，幸運的是。

And that lucky position that we're in is to have a really big trusted brand with 236 million average monthly new use right now.

我們所處的幸運位置是擁有一個非常值得信賴的大品牌，目前每月平均有 2.36 億新用戶。

And a lot of the reason to those new use, those users are coming to our sites and apps is to check those estimates, is to look at those estimates and to try to get a feel for what their home is worth, what a home they're shopping for is worth, and we are really like the Bloomberg of -- I don't know if that's a good analogy anymore -- we're the Bloomberg maybe of the real estate industry.

這些新用途的許多原因，這些用戶來到我們的網站和應用程式是為了檢查這些估計，是為了查看這些估計並嘗試了解他們的房屋的價值，他們的房屋是什麼樣的。購物是值得的，我們真的就像彭博社——我不知道這是否是一個很好的類比——我們可能是房地產行業的彭博社。

And so our -- and so we're in a very lucky and advantaged position where when we have Zillow Offer for a particular home and someone comes and looks at there's estimate, we will be moron-ed if we can't merchandise that Zillow Offer service and get awareness in that way is the primary way we market.

因此，我們處於一個非常幸運和有利的位置，當我們為某個特定的房屋提供 Zillow 報價並且有人來看估價時，如果我們不能銷售 Zillow，我們就會變得愚蠢。以這種方式提供服務並獲得知名度是我們行銷的主要方式。

There will be other activities we undertake to gain awareness and it takes time for customers to transition how they think about Zillow and the Zillow brand from a kind of information-based service that they're using down to a transaction-oriented one, but it's a challenge we're excited to rise to, and we think it's a very logical one.

我們也會進行其他活動來提高知名度，客戶需要時間才能將他們對 Zillow 和 Zillow 品牌的看法從他們正在使用的基於資訊的服務轉變為以交易為導向的服務，但它是我們很高興能夠迎接這一挑戰，而且我們認為這是一個非常合乎邏輯的挑戰。

Thank you guys very much.

非常感謝你們。

I guess now we can -- should I conclude, yes, we can return to our regularly scheduled program, pick whatever your favorite cable news channel isn't unmuted.

我想現在我們可以——我應該得出結論，是的，我們可以回到我們定期安排的節目，選擇任何您最喜歡的有線新聞頻道未取消靜音。

So we can see what's happening back in the political race.

所以我們可以看到政治競選中發生了什麼。

I'll close by saying this inevitable shift from off-line to online really has been accelerated in this year.

最後我要說的是，這種不可避免的從線下到線上的轉變今年確實加速了。

And our new home-based life and distributed work that's caused to rethinking of where and how we live.

我們新的居家生活和分散式工作導致我們重新思考我們的生活地點和生活方式。

So these third quarter results confirm Zillow Group's ability to capitalize on these forces in the near term, but with a clear eye on the long-term opportunity, which is vast and nascent.

因此，第三季的業績證實了 Zillow Group 有能力在短期內利用這些力量，但同時也清楚地看到了巨大且新生的長期機會。

So with our trusted brand, our technological capabilities and experienced team of operators we're on our way.

因此，憑藉我們值得信賴的品牌、技術能力和經驗豐富的營運團隊，我們正在前進。

We really appreciate your partnership on this journey to Zillow 2.0.

我們非常感謝您在 Zillow 2.0 之旅中的合作。

We look forward to talking to you soon.

我們期待盡快與您交談。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。