Zillow Group Inc (ZG) 2023 Q3 法說會逐字稿

Good afternoon. My name is Lauren, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Zillow Group Third Quarter 2023 Conference Call. (Operator Instructions) Please note, this event is being recorded. I would like to turn the conference over to Brad Berning, Vice President, Strategic Affairs and Investor Relations. Please go ahead.

午安.我叫勞倫，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Zillow Group 2023 年第三季電話會議。 （操作員說明）請注意，正在記錄此事件。我想將會議交給策略事務和投資者關係副總裁 Brad Berning。請繼續。

Thank you, Lauren. Good afternoon, and welcome to Zillow Group's Third Quarter 2023 Conference Call. Joining me today to discuss our results are Zillow Group's Co-Founder and CEO, Rich Barton; CFO, Jeremy Hofmann; and COO, Jeremy Wacksman. During today's call, we'll make forward-looking statements about our future performance and operating plans and the housing market based on current expectations and assumptions.

謝謝你，勞倫。下午好，歡迎參加 Zillow Group 2023 年第三季電話會議。今天與我一起討論我們成果的是 Zillow Group 共同創辦人兼執行長 Rich Barton；財務長傑里米·霍夫曼；營運長傑里米·瓦克斯曼 (Jeremy Wacksman)。在今天的電話會議中，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以及房地產市場做出前瞻性陳述。

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. We undertake no obligation to update these statements as a result of new information or future events, except as required by law. This call is being broadcast on the Internet and is accessible on our Investor Relations website. A recording of the call will be available later today.

這些陳述存在風險和不確定性，我們鼓勵您考慮我們向 SEC 提交的文件中所述的風險因素以獲取更多資訊。我們不承擔因新資訊或未來事件而更新這些聲明的義務，除非法律要求。這次電話會議正在網路上播出，並且可以在我們的投資者關係網站上存取。今天稍後將提供通話錄音。

During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we refer to as EBITDA. We encourage you to read our shareholder letter and our earnings release, which can be found on our Investor Relations website, as they contain important information about our GAAP and non-GAAP results, including reconciliations of historical non-GAAP financial measures. We will now open the call with remarks followed by live Q&A. And with that, I will turn the call over to Rich.

在電話會議期間，我們將討論 GAAP 和非 GAAP 指標，包括調整後的 EBITDA，我們稱之為 EBITDA。我們鼓勵您閱讀我們的股東信和收益報告，這些內容可以在我們的投資者關係網站上找到，因為它們包含有關我們的 GAAP 和非 GAAP 業績的重要信息，包括歷史非 GAAP 財務指標的調節表。我們現在將首先發表講話，然後進行現場問答。然後，我會將電話轉給 Rich。

Thank you, Brad, and thanks, Lauren. Good afternoon, everyone. We appreciate you dialing in today to hear our third quarter 2023 results. I'm looking forward to sharing the progress we've made on our growth strategy as we yet again meaningfully outperformed the industry by making steady executional progress, converting traffic into transactions. Before I get to our results and an update on our 5 growth pillars, it's important that I address the high level of media attention and speculation surrounding several ongoing industry lawsuits and what the implications may be for the broader residential real estate industry and for Zillow in particular.

謝謝你，布拉德，謝謝你，勞倫。大家下午好。感謝您今天撥通電話了解我們 2023 年第三季的業績。我期待分享我們在成長策略方面的進展，因為我們透過取得穩定的執行進展，將流量轉化為交易，再次明顯優於產業。在介紹我們的業績和5 個成長支柱的最新情況之前，重要的是我要先解決媒體對幾起正在進行的行業訴訟的高度關注和猜測，以及這對更廣泛的住宅房地產行業和Zillow 可能產生的影響。特別的。

The short version is, we strongly believe Zillow is well positioned to thrive regardless of how it all plays out. I'll explain our logic. But first, let me be clear on the marketplace principles that underlie Zillow's stance. With respect to free, fair and transparent access to real estate information, we are strong supporters. With respect to the importance of independent representation, we are strong supporters. And finally, with respect to transparent and negotiable agent commissions, we are strong supporters. From where we stand, it seems clear that these principles are in the best interest of mover consumers, agents and the industry as a whole.

簡而言之，我們堅信，無論結果如何，Zillow 都能夠蓬勃發展。我會解釋我們的邏輯。但首先，讓我先明確一下 Zillow 立場背後的市場原則。對於自由、公平和透明地獲取房地產信息，我們是堅定的支持者。關於獨立代表權的重要性，我們是堅定的支持者。最後，對於透明且可協商的代理佣金，我們是堅定的支持者。從我們的立場來看，這些原則顯然符合搬家公司消費者、代理商和整個產業的最大利益。

Consumers and agents should have access to all listings and consumers should be empowered with information about listings and how agent commissions get paid. We believe this is the best way forward. Now regarding litigation news. We expect the Sitzer/Burnett lawsuit that made headlines yesterday in which a jury ruled in favor of plaintiffs and awarded approximately $1.8 billion in damages, will likely be tied up in court for years.

消費者和代理商應該能夠訪問所有列表，並且消費者應該有權了解有關列表以及代理商佣金如何支付的資訊。我們相信這是最好的前進方向。現在關於訴訟新聞。我們預計，昨天成為頭條新聞的 Sitzer/Burnett 訴訟，陪審團做出了對原告有利的裁決，並判給約 18 億美元的損害賠償，該訴訟可能會在法庭上糾纏多年。

Defendants in that case, such as the National Association of Realtors and certain real estate franchisors have already indicated that they intend to pursue an appeals process unless there is some negotiated settlement. As a reminder to you all, Zillow is not a party to this lawsuit nor other similar ones. Aside from how long this particular case may take to fully play out, we expect industry changes resulting from this lawsuit or ones like it, will involve commission transparency and negotiability provisions similar to those seen in several of the settlements plaintiffs entered into with other real estate franchisors in advance of the trial.

該案的被告，例如全國房地產經紀人協會和某些房地產特許人已經表示，他們打算採取上訴程序，除非透過談判達成和解。提醒大家，Zillow 不是該訴訟或其他類似訴訟的當事人。除了這個特殊案件可能需要多長時間才能完全結束外，我們預計該訴訟或類似訴訟所導致的行業變化將涉及佣金透明度和可轉讓性條款，類似於原告與其他房地產達成的和解協議中的規定審判前的特許人。

These industry changes would tend to look like good initial steps at more transparency and education for consumers. In forward-leaning markets that have been exploring changes that result in increased transparency and negotiability, we believe our business thrives. We also believe complete disruption to the existence of buyer's agents is improbable for a few reasons. Why? Because buyers' agents represent the buyer's interest throughout this complex and often intimidating process of purchasing a home. The biggest purchase most people make in their lifetime for which most people take on huge debt and which has ended up being for most homeowners their largest financial asset.

這些行業變化往往看起來像是提高透明度和對消費者進行教育的良好初步步驟。在一直在探索提高透明度和可協商性的前瞻性市場中，我們相信我們的業務將會蓬勃發展。我們也認為，基於幾個原因，完全破壞買方代理的存在是不可能的。為什麼？因為在這個複雜且常常令人生畏的購屋過程中，買家經紀人代表了買家的利益。大多數人一生中進行的最大一筆購買，大多數人為此承擔巨額債務，最終成為大多數房主最大的金融資產。

Similar to other infrequent high complexity, high-stakes transactions, independent representation in real estate is important. As an analogy, investment bankers don't represent both the buyer and the seller in an M&A deal because it makes no logical sense that one adviser could effectively represent the best interest of both parties. In fact, dual agency, where the same individual listing agent represents both parties or double siding is harmful enough in the real estate transaction that it's already been banned or substantially restricted in 8 states in the U.S.

與其他罕見的高複雜性、高風險交易類似，房地產領域的獨立代表很重要。打個比方，投資銀行家在併購交易中並不同時代表買方和賣方，因為顧問能夠有效代表雙方的最佳利益是沒有邏輯意義的。事實上，雙重代理（即同一個人上市代理代表雙方或雙面）在房地產交易中的危害性已經足夠大，以至於美國 8 個州已被禁止或大幅限制。

Buyers deserve and most need their own independent counsel. And for most buyers, this means a dedicated agent. There is always a DIY or do-it-yourself segment of any industry, and we fully support DIY inside of Zillow today. While knowing via research and experience that for most movers, the stakes are too high for DIY. So I'll remind you that Zillow was founded on the first principle of free and fair access to real estate information and listings. We have not wavered. We continue to adhere to this principle and assert our position by advocating and lobbying in favor of more transparency in real estate, the benefits and durability of independent buyer representation, and the importance of transparent and negotiable commissions. We believe change in the industry has been and will be slow but will continually bend towards these principles.

買家應該而且最需要自己的獨立顧問。對大多數買家來說，這意味著有專門的代理商。任何行業總有 DIY 或 DIY 部分，今天我們在 Zillow 內部完全支持 DIY。雖然透過研究和經驗知道，對於大多數搬運工來說，DIY 的風險太高。因此，我要提醒您，Zillow 的成立首要原則是自由和公平地獲取房地產資訊和清單。我們沒有動搖。我們繼續堅持這項原則，並透過倡導和遊說支持提高房地產透明度、獨立買家代表的好處和持久性以及透明和可協商佣金的重要性來維護我們的立場。我們相信，產業的變化過去和將來都是緩慢的，但將不斷向這些原則傾斜。

However, indulging for a moment in future scenario where buyers agency does go away, we have high confidence that Zillow will remain in a strong position, potentially even stronger. Why? Because then the U.S. market would likely transition to a market structure that we observed in several international geographies where a very large portal or two offer a pay-to-play paid inclusion digital listings marketplace, sort of a digital classified advertising analogy. In this scenario, Zillow would be an odds-on favorite to become the leading digital listings marketplace given our brand, traffic, engagement and our unique focus on solving movers' real pain points with our software-anchored housing super app vision.

然而，在未來買家代理確實消失的情況下，我們非常有信心 Zillow 將保持強勢地位，甚至可能更強大。為什麼？因為那時美國市場可能會轉變為我們在幾個國際地區觀察到的市場結構，其中一兩個非常大的門戶網站提供付費播放的付費包含數字列表市場，有點類似於數字分類廣告。在這種情況下，鑑於我們的品牌、流量、參與度以及我們對透過軟體錨定的住房超級應用程式願景解決搬家者真正痛點的獨特關注，Zillow 將很有可能成為領先的數位清單市場。

If international classifieds markets are any guide, it is also possible that this leads to a larger and more profitable business model for Zillow. Are we advocating for this to happen? No.

如果國際分類市場有任何指導意義的話，這也有可能為 Zillow 帶來更大、更有利可圖的商業模式。我們是否提倡這種情況發生？不。

Because we believe pay-to-play marketplace is a step backwards for consumers and the industry as a whole. And we very much like our position and growth plan in a market structure that continually evolves towards our principles of access, independence and transparency. Let me wrap this section up by reiterating that we have always focused first on delighting the masses with software products that attract users with modest marketing spend. Those who know us well know that over the years, we have exhibited an unusually high degree of business model creativity and innovation as we have figured out how to monetize our incredible user engagement in ways that are a win-win-win, a win for consumers, a win for our partners and a win for Zillow.

因為我們相信付費遊戲市場對消費者和整個產業來說是一種倒退。我們非常喜歡我們在市場結構中的地位和成長計劃，該結構不斷朝著我們的進入、獨立和透明原則發展。讓我在結束本節時重申，我們始終首先關注的是透過以適度的行銷支出吸引用戶的軟體產品來取悅大眾。熟悉我們的人都知道，多年來，我們展示了異常高水平的商業模式創造力和創新，因為我們已經找到瞭如何以雙贏的方式將令人難以置信的用戶參與貨幣化。消費者、我們的合作夥伴和Zillow 的雙贏。

This experimentation and innovation has resulted in a revenue roll-up today that features a wide variety of lines of business and monetization models, to the point where revenue derived from buyer agent activity represented less than 50% of our total revenue in Q3. Today, we are focused on delivering the housing super app, a tech-enabled, end-to-end platform with products and services that make it easier for people to move. Zillow, the trusted brand and marketplace will be here to help buyers, sellers, renters and the industry transacting real estate regardless of how the dollars flow. Now that we've covered what's happening in the industry, I'm excited to share our results with you.

這種實驗和創新導致今天的收入不斷增加，具有多種業務線和貨幣化模式，以至於來自買家代理活動的收入占我們第三季度總收入的比例不到 50%。今天，我們專注於提供住房超級應用程序，這是一個技術支援的端到端平台，其產品和服務使人們更容易搬家。 Zillow 這個值得信賴的品牌和市場將在這裡為買家、賣家、租戶和房地產交易行業提供幫助，無論資金如何流動。現在我們已經了解了該行業正在發生的事情，我很高興與您分享我們的結果。

You've heard me say many times that 2023 is crucial for Zillow. It's a year of execution as we prepare to scale in 2024 and 2025. We're very pleased with what we've accomplished to date. We again delivered strong relative outperformance compared to total industry transaction dollar volumes. We reported better-than-expected and continued positive revenue growth of $496 million in Q3, up 3% year-over-year. Residential revenue of $362 million declined by only 3% year-over-year, while the broader market declined by 14%, meaning Zillow outperformed the industry by 1,100 basis points.

您已經多次聽我說過，2023 年對 Zillow 來說至關重要。今年是我們準備在 2024 年和 2025 年擴大規模的執行年。我們對迄今為止所取得的成就感到非常滿意。與行業總交易額相比，我們再次取得了相對強勁的表現。我們報告第三季營收持續正成長，優於預期，達 4.96 億美元，年增 3%。住宅收入為 3.62 億美元，年比僅下降 3%，而大盤則下降 14%，這意味著 Zillow 的表現優於行業 1,100 個基點。

This quarter now marks the fourth straight quarter of meaningful outperformance versus the industry. Our ongoing efforts to improve our customer funnel, capture more demand and connect more of that demand to our partner network continued to pay dividends for our performance. A contributor to our outperformance was a great quarter in our Rentals marketplace. Driven by increased traffic and listing growth in both multi and single family, we reported $99 million in revenue in Rentals this quarter, up 34% year-over-year.

本季現已連續第四個季度顯著優於行業。我們不斷努力改善客戶管道、捕獲更多需求並將更多需求與我們的合作夥伴網路連接起來，繼續為我們的業績帶來紅利。我們表現出色的一個原因是我們的租賃市場季度表現出色。在多戶和單戶流量增加和房源成長的推動下，本季我們的租賃收入為 9,900 萬美元，年增 34%。

We remain the #1 most visited Rentals platform according to Comscore, with average monthly rental, unique visitors up double digits year-over-year in Q3. We believe this positions us well for future revenue growth. We're also making excellent progress in Mortgages, growing our Purchase Mortgage Originations business by 88% year-over-year even as mortgage rates hit 20-year highs. Our core business continues to demonstrate healthy top-of-funnel demand driven by our powerful brand. With 224 million average monthly unique users in the 3rd quarter, our overall leading traffic is double that of our next competitor. (inaudible) our broad awareness and trust, more than 80% of our users come to us organically directly and for free, and less than 5% of our users come from paid SEM and digital acquisition.

根據 Comscore 的數據，我們仍然是訪問量排名第一的租賃平台，第三季平均月租金、獨立訪客量較去年同期成長兩位數。我們相信這為我們未來的收入成長奠定了良好的基礎。我們在抵押貸款方面也取得了巨大進展，即使抵押貸款利率觸及 20 年來的高點，我們的購買抵押貸款發放業務仍同比增長 88%。我們的核心業務繼續展現出由我們強大的品牌驅動的健康的漏斗頂部需求。第三季度，我們的月平均獨立用戶數為 2.24 億，整體領先流量是緊隨其後的競爭對手的兩倍。 （聽不清楚）我們廣泛的認知度和信任度，超過 80% 的用戶直接免費來到我們這裡，不到 5% 的用戶來自付費 SEM 和數位獲取。

Our great product, respected brand and large audience are a meaningful strategic advantage for Zillow. This is the foundation upon which we invest in and build out our growth pillars, all of which are focused on increasing conversion by simplifying, digitizing and integrating the complex, scary and expensive real estate transaction, real customer problems that we are solving with great software and great partners. Before we get to our road map update, I'm excited to speak about our just-signed agreement to acquire Follow Up Boss, an industry-leading CRM, customer relationship management system that gives top-performing real estate professionals a central hub to organize and engage customers, close deals and build their teams.

我們出色的產品、受人尊敬的品牌和龐大的受眾是 Zillow 的重要策略優勢。這是我們投資和建立成長支柱的基礎，所有這些支柱都致力於透過簡化、數位化和整合複雜、可怕和昂貴的房地產交易以及我們正在使用出色的軟體解決的實際客戶問題來提高轉換率和偉大的合作夥伴。在我們更新路線圖之前，我很高興談談我們剛剛簽署的收購Follow Up Boss 的協議，Follow Up Boss 是一個行業領先的CRM 客戶關係管理系統，為表現出色的房地產專業人士提供了一個組織的中心樞紐吸引客戶、達成交易並建立團隊。

We are investing in great tech solutions that make it easier for people to move, and Follow Up Boss does just that. They have bootstrapped an industry-leading CRM platform from the ground up. It's a great product, one that has been loved by agents and teams across the industry and currently used by many Zillow Premier Agent partners and ShowingTime+ clients. We're excited to be able to use Zillow's resources to help Follow Up Boss grow even faster and to invest in a more integrated software experience for agents and teams across the industry, enabling them to boost productivity and grow their own businesses.

我們正在投資優秀的技術解決方案，讓人們更輕鬆地出行，而 Follow Up Boss 正是做到了這一點。他們從頭開始建立了業界領先的 CRM 平台。這是一款出色的產品，受到整個行業的代理商和團隊的喜愛，目前被許多 Zillow Premier Agent 合作夥伴和 ShowingTime+ 客戶使用。我們很高興能夠利用 Zillow 的資源幫助 Follow Up Boss 更快地發展，並為整個行業的代理商和團隊投資更加整合的軟體體驗，使他們能夠提高生產力並發展自己的業務。

Jeremy will speak in more detail about this proposed acquisition shortly. Zillow's housing super app vision is to create a single digital experience to help customers across their real estate needs, including buying, selling, financing and renting, serving as one ecosystem of connected solutions for all the tasks and services related to moving. We're bringing this vision to life through investments across 5 growth pillars. Touring, financing, seller solutions, integrating our services, and enhancing our partner network.

傑里米很快將更詳細地討論這項擬議的收購。 Zillow 的住房超級應用程式的願景是創建單一數位體驗，幫助客戶滿足他們的房地產需求，包括購買、銷售、融資和租賃，作為與搬家相關的所有任務和服務的互聯解決方案的生態系統。我們透過對 5 個成長支柱的投資將這一願景變為現實。旅遊、融資、賣家解決方案、整合我們的服務並增強我們的合作夥伴網路。

These 5 growth pillars marked the pathway to meeting our goals for increased transaction share and revenue per customer transaction. This past year, we've been focused on launching, learning and refining products and services within our growth pillars as we scale and grow over the coming years. We are making progress, as demonstrated by our accelerated product rollout this quarter. Our efforts are improving our mid-funnel conversion and with that, our connection volumes across the business as we focus on driving real value through customer transactions. We've been encouraged by what we're learning in the geographies where we have rolled out our most full-featured and integrated housing super app experience, our enhanced markets.

這 5 個成長支柱標誌著我們實現增加交易份額和每筆客戶交易收入目標的途徑。在過去的一年裡，隨著我們在未來幾年的規模和發展，我們一直專注於在我們的成長支柱內推出、學習和完善產品和服務。我們正在取得進展，本季我們加速推出的產品證明了這一點。我們的努力正在改善我們的中間漏斗轉換率，從而提高我們整個業務的連接量，因為我們專注於透過客戶交易推動真正的價值。我們對在某些地區所學到的東西感到鼓舞，我們在這些地區推出了功能最齊全、最整合的住房超級應用程式體驗，也就是我們增強的市場。

Since we last spoke, we launched 5 more enhanced markets bringing us to a total of 9. As each month passes, we are increasingly confident in the results we are seeing in our enhanced markets and are encouraged by continued strong connections growth and customer transaction share gains. We anticipate launching additional enhanced markets at an accelerated pace in the months ahead and throughout 2024. Additionally, the investments we're making to improve touring, a key growth pillar will continue to fuel momentum. A home tour is the moment that a dreamed about home as viewed on our Zillow app, becomes a reality for the first time. Raising one's digital hand to take a physical tour is a strong indicator of seriousness and those shoppers who request a tour, convert to buyers at 3x the rate of other actions on Zillow.

自上次發言以來，我們又推出了5 個增強型市場，使總數達到9 個。隨著時間的推移，我們對增強型市場中所看到的結果越來越有信心，並受到持續強勁的連結成長和客戶交易份額的鼓舞收益。我們預計在未來幾個月和整個 2024 年加速推出更多增強型市場。此外，我們為改善巡演而進行的投資（關鍵的成長支柱）將繼續推動勢頭。家居之旅是在我們的 Zillow 應用程式上看到的家的夢想第一次成為現實的時刻。舉起數位之手進行實體參觀是認真程度的強烈標誌，那些請求參觀的購物者轉化為買家的速度是 Zillow 上其他操作的 3 倍。

Getting ready to buy starts with getting in the door physically. Powered by ShowingTime, our real-time touring product lets a home shopper schedule and confirm a home tour in real time as opposed to simply requesting it. Along with other improvements we've made throughout the conversion funnel, real-time touring is meaningfully improving our ability to connect higher-intent customers to our Premier Agent partners. Wherever real-time touring is enabled, we continue to see significant outperformance of our overall connections growth versus the industry. As a result, we've accelerated the rollout of real-time touring independent of our enhanced markets.

準備購買從親自進門開始。在 ShowingTime 的支援下，我們的即時遊覽產品可讓家庭購物者即時安排和確認家庭遊覽，而不是簡單地提出請求。與我們在整個轉換管道中所做的其他改進一起，即時巡視有意義地提高了我們將更高意向的客戶與我們的高級代理商合作夥伴聯繫起來的能力。無論在哪裡啟用即時巡演，我們都會繼續看到我們的整體連接成長明顯優於行業。因此，我們加快了獨立於我們增強的市場的即時巡迴演出的推出。

We are currently live in 57 markets and expect to be in an additional 33, covering approximately 10% of our total connections by the end of 2023. Exciting progress. Another pain point in the customer's moving journey is securing financing. The second of our growth pillars. As I've said before, nearly 80% of homes purchased are financed with the mortgage. Approximately 40% of all homebuyers start their journey shopping for a mortgage before deciding on an agent to work with. Knowing that almost all of these mortgage seekers use Zillow, sets us up very nicely to build a substantial first-party direct-to-consumer purchase mortgage origination business, seamlessly integrated with our extensive Premier Agent partner network.

我們目前在 57 個市場開展業務，預計到 2023 年底將覆蓋另外 33 個市場，覆蓋我們總連接數的約 10%。進展令人興奮。客戶搬家過程中的另一個痛點是融資。我們的第二個成長支柱。正如我之前所說，近 80% 的購買房屋是透過抵押貸款融資的。大約 40% 的購屋者在決定與代理商合作之前開始購買抵押貸款。知道幾乎所有這些抵押貸款尋求者都使用Zillow，這使我們能夠很好地建立一個實質性的第一方直接面向消費者的購買抵押貸款發起業務，並與我們廣泛的高級代理合作夥伴網絡無縫集成。

We have begun to show real traction over the last few quarters. That growth continued in Q3 and despite a historically horrendous mortgage origination market, Zillow Home Loans reported an 88% year-over-year increase in purchased loan origination volume. Traditionally, Zillow customers went to our mortgage marketplace to shop for rates. Increasingly, those customers are being offered Zillow Home Loans directly. Those customers, along with (inaudible) integrate Premier Agents with Zillow Home Loans in our enhanced markets are driving the growth of Zillow Home Loans purchase mortgages. We are not yet at scale, but we are making excellent progress with $452 million in purchased loan originations during Q3, even as mortgage rates hit 20-year highs.

在過去的幾個季度中，我們已經開始展現出真正的吸引力。第三季這一增長仍在繼續，儘管抵押貸款發放市場歷來慘淡，但 Zillow Home Loans 報告的購買貸款發放量同比增長了 88%。傳統上，Zillow 客戶會前往我們的抵押貸款市場購買利率。越來越多的客戶直接獲得 Zillow 房屋貸款。這些客戶以及（聽不清楚）在我們的增強市場中將 Premier Agents 與 Zillow Home Loans 集成，正在推動 Zillow Home Loans 購買抵押貸款的成長。我們尚未達到規模，但儘管抵押貸款利率觸及 20 年來的高點，但我們在第三季度已購買了 4.52 億美元的貸款，取得了巨大進展。

I'll now move on to the final growth pillar and our road map update, Seller Solutions. As you know, we are investing here to provide sellers and listing agents with tech-enabled products and services that make selling homes easier, a big TAM that we have targeted and been innovating against for quite some time. Last quarter, we launched Listing Showcase under our ShowingTime+ broad real estate industry software brand. Listing Showcase listings feature rich media like scrolling hero images, room-by-room photo organization and interactive floor plans, giving buyers a deep understanding of the home before they ever step inside. We're providing agents industry-wide tools to highlight a home's best features while also providing them an opportunity to elevate their brand presence on Zillow, which should lead to future business.

我現在將轉向最後的成長支柱和我們的路線圖更新，即賣家解決方案。如您所知，我們在這裡投資是為了向賣家和上市代理商提供技術支援的產品和服務，使出售房屋變得更容易，這是我們長期以來一直瞄準並進行創新的大型 TAM。上季度，我們在 ShowingTime+ 廣泛的房地產行業軟體品牌下推出了 Listing Showcase。房源展示房源具有豐富的媒體功能，例如滾動英雄圖像、逐個房間的照片組織和互動式平面圖，讓買家在踏入房屋之前就可以深入了解房屋。我們為代理商提供全行業工具來突出房屋的最佳功能，同時也為他們提供在 Zillow 上提升品牌形象的機會，這應該會帶來未來的業務。

The response has been quite positive so far. As of today, we are in 17 markets with plans to expand throughout Q4 and beyond. Additionally, with respect to opening up sell-side TAM with Seller Solutions, we've expanded our partnership with iBuying leader, Opendoor to 45 markets as of last week. In these markets, home sellers who start their journey on Zillow, can simultaneously request a cash offer from Opendoor as well as an estimate of what their home could sell for on the open market with a local Zillow Premier Agent partner. The myriad of progress we are reporting against our growth pillar investments and the announcement of an agreement to acquire industry-leading CRM software provider, Follow Up Boss, paint a picture of a company that has a clear and exciting vision for a digital seamless integrated and efficient transaction in the messy, scary land of a regular person who wants or needs to move.

到目前為止，反應非常積極。截至今天，我們已涉足 17 個市場，並計劃在第四季度及以後進行擴張。此外，關於透過 Seller Solutions 開放賣方 TAM，截至上週，我們已將與 iBuying 領導者 Opendoor 的合作關係擴大到 45 個市場。在這些市場中，在 Zillow 上開始旅程的房屋賣家可以同時向 Opendoor 請求現金報價，並透過當地的 Zillow Premier Agent 合作夥伴估算其房屋在公開市場上的售價。我們報告的成長支柱投資的無數進展，以及宣布收購行業領先的 CRM 軟體提供商 Follow Up Boss 的協議，描繪了一家公司對數位化無縫整合和服務有著清晰而令人興奮的願景的公司。對於想要或需要搬家的普通人來說，在混亂、可怕的土地上進行高效率的交易。

Before I pass things over to CFO, Jeremy Hofmann, I want to commend the extended Zillow team for working hard and successfully on solving real-world concrete consumer problems by a great software and great partners. This work requires a high degree of smart, skill and coordination as we roll out our services together and separately to an increasingly broad set of geographies. While industry noise is loud and the macro drag heavy, our team is executing very well, and it is showing up in our continued relative outperformance and the excitement we all feel about the growth opportunity ahead. With that, I will turn it over to Jeremy.

在將事情交給財務長 Jeremy Hofmann 之前，我要讚揚 Zillow 擴展團隊的辛勤工作，並透過出色的軟體和出色的合作夥伴成功解決了現實世界的具體消費者問題。這項工作需要高度的智慧、技能和協調性，因為我們要共同或單獨向越來越廣泛的地區推出我們的服務。儘管行業噪音很大，宏觀阻力很大，但我們的團隊執行得非常好，這體現在我們持續相對優異的表現以及我們都對未來的成長機會感到興奮。這樣，我就把它交給傑瑞米了。

Thanks, Rich, and hello, everyone. I am pleased to discuss details about our Q3 results as well as our outlook for continued total revenue growth in a very tough macro environment. In my comments today, I will also discuss our agreement to acquire Follow Up Boss as well as how we are currently thinking about share-based compensation, or SBC within the framework of our overall cost structure.

謝謝里奇，大家好。我很高興討論有關我們第三季度業績的詳細信息，以及我們在非常艱難的宏觀環境下對總收入持續增長的展望。在今天的評論中，我還將討論我們收購 Follow Up Boss 的協議，以及我們目前如何在我們的整體成本結構框架內考慮基於股份的薪酬（SBC）。

In Q3, we delivered continued positive year-over-year revenue growth, up 3% to $496 million and $24 million above the midpoint of our outlook range. On a GAAP basis, net loss was $28 million, representing 6% of our revenue. Q3 EBITDA of $107 million resulted in a 22% EBITDA margin. Our revenue outperformance combined with effective cost management drove $30 million of EBITDA outperformance above the midpoint of our outlook range, demonstrating the high incremental margin business we have today.

第三季度，我們的營收年增 3%，達到 4.96 億美元，比我們的預期範圍中點高出 2,400 萬美元。以 GAAP 計算，淨虧損為 2,800 萬美元，占我們收入的 6%。第三季 EBITDA 為 1.07 億美元，EBITDA 利潤率為 22%。我們的收入表現出色，加上有效的成本管理，使 3000 萬美元的 EBITDA 表現超出了我們預期範圍的中點，這證明了我們今天擁有的高增量利潤業務。

Residential revenue was $362 million, outperforming the high end of our outlook range, down 3% year-over-year. Our residential revenue performance was 1,100 basis points above the industry decline of 14% according to data from the National Association of Realtors. Our internal calculations, which count the number of residential home sales in every market across the country, suggest that the industry was down slightly more in Q3 than even in our numbers indicate.

住宅收入為 3.62 億美元，超出我們預期範圍的上限，年減 3%。根據全國房地產經紀人協會的數據，我們的住宅收入表現比行業下降 14% 高出 1,100 個基點。我們的內部計算統計了全國每個市場的住宅銷售數量，結果顯示該行業第三季的跌幅甚至比我們的數據顯示的還要小一些。

In Q3, we believe our relative outperformance was primarily driven by things that we are doing to grow and less by relative macro factors. Our ongoing investment in our top-of-funnel and mid-funnel experiences continue to drive improvements in our overall lead volumes when compared to the industry. Rentals revenue growth accelerated in Q3, with revenue increasing 34% year-over-year to $99 million, primarily driven by our multifamily revenue, which grew 42% year-over-year in Q3. Growth in our Rentals marketplace is being driven by 4 factors. First, our Rentals team has executed on accelerating the year-over-year growth in the number of multifamily properties on our apps and sites, growing 28% in Q3, up from 21% in Q2 and 14% in Q1.

在第三季度，我們認為我們的相對優異表現主要是由我們正在做的成長事情所推動的，而不是相對宏觀因素所推動的。與行業相比，我們對漏斗頂部和漏斗中部體驗的持續投資繼續推動我們整體銷售量的提高。第三季租賃收入成長加速，營收年增 34% 至 9,900 萬美元，這主要是由我們的多戶型收入推動的，第三季營收年增 42%。我們的租賃市場的成長由四個因素推動。首先，我們的租賃團隊加快了應用程式和網站上多戶住宅數量的同比增長，第三季度增長了 28%，高於第二季度的 21% 和第一季的 14%。

Second, the total active listings across our entire Rentals marketplace was up 45% year-over-year. Third, the increase in active Rentals listings is driving our industry-leading rentals traffic, which was up 11% year-over-year to 30 million average monthly Rentals unique visitors per Comscore. Last, the occupancy rates have declined from historically high levels, driving the need for landlords to advertise their vacant rental properties with us.

其次，我們整個租賃市場的活躍房源總數較去年同期成長 45%。第三，活躍租賃清單的增加正在推動我們行業領先的租賃流量，根據 Comscore，租賃流量年增 11%，達到 3,000 萬月平均租賃獨立訪客。最後，入住率已從歷史高點下降，促使房東需要向我們宣傳其空置出租房產。

Mortgages revenue was $24 million, with purchased loan origination volume growing up 35% sequentially from Q2 and 88% year-over-year. We have made solid progress each quarter this year to help more of our customers get financing through Zillow Home Loans. This is being driven by adding new tools and integration capabilities as a bridge between Premier Agents and our loan officers as well as directing more customer requests to Zillow Home Loans rather than sending them to third parties via our marketplace.

抵押貸款收入為 2,400 萬美元，購買貸款發放量較第二季環比成長 35%，年增 88%。今年每季我們都取得了紮實的進展，幫助更多的客戶透過 Zillow Home Loans 獲得融資。這是透過添加新工具和整合功能作為 Premier Agent 和我們的貸款官員之間的橋樑以及將更多客戶請求引導至 Zillow Home Loans 而不是透過我們的市場將其發送給第三方來推動的。

EBITDA expenses in Q3 totaled $389 million, slightly better than what was implied by our outlook with select operating expenses slightly lower, as a result of selective actions we took in Q3 as part of ongoing efforts to streamline the business and prioritize investments. We also shifted $3 million of our advertising expenses from Q3 to Q4. Cost of revenue increased $21 million or 24% year-over-year, primarily due to an increase in website development costs as we continue to release and test new products.

第三季的EBITDA 支出總計3.89 億美元，略好於我們的預期，部分營運支出略有下降，這是我們在第三季採取的選擇性行動的結果，作為持續精簡業務和優先投資的努力的一部分。我們還將 300 萬美元的廣告費用從第三季轉移到了第四季。收入成本年增 2,100 萬美元，即 24%，主要是由於我們不斷發布和測試新產品導致網站開發成本增加。

We ended Q3 with $3.3 billion of cash and investments, flat compared to the end of Q2, which includes the benefit of net cash provided by operating activities as well as the impact of $100 million in share repurchases during Q3. Convertible debt was $1.7 billion at the end of Q3.

第三季末，我們擁有 33 億美元的現金和投資，與第二季末持平，其中包括經營活動提供的淨現金收益以及第三季 1 億美元股票回購的影響。第三季末可轉換債務為 17 億美元。

Turning to our outlook for Q4. We expect total revenue to be between $430 million and $455 million, implying a year-over-year increase of 2% at the midpoint of our outlook range. This compares to our estimate for an existing home industry transaction dollar decline between 8% and 13% year-over-year in Q4. We expect a total industry decline of 10% at the midpoint of the range to nominally improve compared to the Q3 decline of 14%. Despite these ongoing headwinds, we expect to outperform the industry in Q4 as the investments we have made in our funnel continue to deliver benefits. We expect residential revenue to be between $316 million and $334 million, down 4.5% year-over-year at the midpoint of our outlook range.

轉向我們對第四季的展望。我們預計總收入將在 4.3 億美元至 4.55 億美元之間，這意味著我們的預期範圍中位數將年增 2%。相較之下，我們預計第四季度現有家居產業交易金額將年減 8% 至 13%。我們預計，與第三季 14% 的降幅相比，產業總降幅在區間中點的 10% 名義上有所改善。儘管存在這些持續的不利因素，但我們預計第四季度的表現將優於產業，因為我們在通路中所做的投資將繼續帶來效益。我們預計住宅收入將在 3.16 億美元至 3.34 億美元之間，年減 4.5%，處於我們展望範圍的中點。

For Premier Agent, we estimate revenue will decline between 4% to 9% year-over-year. Despite the tough macro existing home sales environment, our customer connections with Premier Agents have outperformed the industry consistently throughout 2023, and we expect this outperformance to continue into Q4. That said, we remain cautious around housing affordability challenges and the low inventory environment. We saw in Q3 and expect to continue to see in Q4, headwinds for prospective buyers who are finding it increasingly difficult to purchase a home. We have factored this into our outlook accordingly.

對於 Premier Agent，我們預計營收將年減 4% 至 9%。儘管現有房屋銷售的宏觀環境嚴峻，但我們與高級代理商的客戶關係在 2023 年始終表現優於行業，我們預計這種優異表現將持續到第四季度。儘管如此，我們對住房負擔能力挑戰和低庫存環境仍保持謹慎態度。我們在第三季看到並預計在第四季將繼續看到潛在買家面臨的阻力，他們發現購屋越來越困難。我們已將這一點相應地納入我們的展望中。

Implied in our guidance for nonresidential revenue, which includes Rentals, Mortgages and other revenue categories, is 24% year-over-year growth at the midpoint of our outlook range, an acceleration from 21% growth in Q3. We expect Rentals revenue to grow more than 30% year-over-year in Q4 as we continue to benefit from the strength of our execution. We also expect positive growth in Mortgages revenue year-over-year in Q4 as we lap the refinance activity of a year ago and begin to scale the internalization of our marketplace leads.

我們對非住宅收入（包括租賃、抵押貸款和其他收入類別）的指導暗示，我們的展望範圍中位數同比增長 24%，比第三季度的 21% 增長有所加速。我們預計第四季度的租賃收入將年增 30% 以上，因為我們將繼續受益於我們的執行力。我們也預計，隨著我們結束一年前的再融資活動並開始擴大市場領先地位的內部化，第四季度抵押貸款收入將同比出現正增長。

For Q4, we expect EBITDA to be between $40 million and $60 million, implying an 11% margin at the midpoint of our outlook range. We expect EBITDA to be down sequentially from Q3 due to seasonality of revenue. Excluding the impact of the timing of $3 million of advertising expenses that moved from Q3 to Q4, we expect EBITDA expenses to be relatively flat sequentially. We have made reductions in fixed costs during Q3 that will flow into Q4, that we are reinvesting into revenue-producing variable headcount as we see increased traction across our business. We expect to continue to hire loan officers as we accelerate the pace of our enhanced market rollout into 2024.

對於第四季度，我們預計 EBITDA 將在 4000 萬美元至 6000 萬美元之間，這意味著我們的預期範圍中點為 11% 的利潤率。由於營收的季節性，我們預計 EBITDA 將較第三季季減。排除 300 萬美元廣告費用從第三季轉移到第四季的影響，我們預計 EBITDA 費用將相對持平。我們在第三季度減少了固定成本，這些成本將流入第四季度，隨著我們看到整個業務的吸引力增加，我們正在對產生收入的可變員工進行再投資。隨著我們加快 2024 年強化市場推廣的步伐，我們預計將繼續聘用信貸員。

We also expect to hire salespeople for Listing Showcase as we expand the product to more markets heading into 2024. One item that we have not included in our outlook for Q4 is a potential onetime charge related to a lease agreement amendment we recently signed to reduce our Seattle office space. We estimate that we will record a onetime charge of $15 million included in EBITDA, if and when the landlord exercises their partial termination option, which we believe likely in either Q4 or Q1 2024. Excluding the impact of that onetime charge, if the partial termination option is exercised in Q4 this year, we estimate that our 2024 facility costs would decrease by $10 million, and we would release an estimated $39 million in EBITDA expenses in total, over the remaining life of the Seattle lease, which more than makes up for the onetime hit to our EBITDA.

隨著我們在2024 年將產品擴展到更多市場，我們也預計會聘請Listing Showcase 的銷售人員。我們沒有將其納入第四季度展望中的一項是潛在的一次性費用，該費用與我們最近簽署的一項租賃協議修正案有關，該修正案旨在減少西雅圖辦公空間。我們估計，如果房東行使部分終止選擇權（我們認為很可能在2024 年第四季或第一季），我們將在EBITDA 中記錄1500 萬美元的一次性費用。不包括一次性費用的影響，如果部分終止如果今年第四季度行使選擇權，我們估計 2024 年的設施成本將減少 1000 萬美元，並且在西雅圖租約的剩餘期限內，我們將總共釋放估計 3900 萬美元的 EBITDA 費用，這足以彌補我們的EBITDA 一度受到打擊。

Now on to the announcement we made to acquire Follow Up Boss, an industry-leading customer relationship management system for real estate professionals. We are excited about Follow Up Boss for a number of reasons. First, they have been a key integration partner of ours for a long time and the product is beloved by the broader real estate industry and many of our Zillow Premier Agent partners. Follow Up Boss has grown its revenue more than 40% on average annually over the last 4 years, primarily by word-of-mouth marketing with no meaningful outbound sales efforts. This type of growth is quite a feat in any market environment and even more impressive in a housing market that is down nearly 20% since 2019.

現在我們宣布收購 Follow Up Boss，這是一個面向房地產專業人士的領先業界的客戶關係管理系統。出於多種原因，我們對 Follow Up Boss 感到興奮。首先，他們長期以來一直是我們的關鍵整合合作夥伴，受到更廣泛的房地產行業和我們許多 Zillow Premier Agent 合作夥伴的喜愛。在過去 4 年裡，Follow Up Boss 的收入平均每年增長超過 40%，主要透過口碑行銷，沒有進行任何有意義的對外銷售工作。這種成長在任何市場環境下都是相當了不起的壯舉，在 2019 年以來下跌近 20% 的房地產市場中更令人印象深刻。

Further, the business has been profitable and growing for the last 11 years and is expected to grow more than 20% in 2023. Similar to our acquisition of ShowingTime in 2021, Follow Up Boss gives agents across the industry, a tech-enabled solution that allows them to focus on what they do best, delivering great experiences to the customers. Also similar to ShowingTime, Follow Up Boss will remain an independent brand, serving the broader real estate industry as they've done so well for so many years. The purchase price includes $400 million of cash upon closing and up to $100 million in cash earnout over a 3-year period upon achievement of certain performance metrics.

此外，該業務在過去11 年中一直盈利並不斷增長，預計2023 年將增長20% 以上。與我們在2021 年收購ShowingTime 類似，Follow Up Boss 為整個行業的代理商提供了一種技術支持的解決方案，讓他們能夠專注於自己最擅長的事情，為客戶提供出色的體驗。與 ShowingTime 類似，Follow Up Boss 將仍然是一個獨立品牌，為更廣泛的房地產行業提供服務，因為他們多年來一直表現出色。收購價格包括交易完成時的 4 億美元現金以及在實現某些績效指標後的 3 年內最多 1 億美元的現金收益。

We estimate that we are paying upfront approximately 18x Follow Up Boss's 2024 cash EBITDA on a stand-alone basis. Once the transaction closes, the Follow Up Boss team will join Zillow as our newest industry offering for real estate agents. Now I'm going to cover our cost structure.

我們估計，我們將單獨預付 Follow Up Boss 2024 年現金 EBITDA 的約 18 倍。交易完成後，Follow Up Boss 團隊將加入 Zillow，成為我們為房地產經紀人提供的最新行業產品。現在我將介紹我們的成本結構。

First, I want to reiterate what I walked through on our last earnings call. We evaluate costs in 3 categories: fixed, variable and advertising. For our fixed cost base, I would like to reemphasize that we believe we are around the right levels of fixed cost to execute on the opportunities we see ahead. Similar to what we did in Q3, we are actively seeking to find efficiencies in our fixed costs to offset the inherent inflation in the fixed infrastructure. While we expect to grow variable costs as we scale our business, we intend to drive operating leverage over time. We will dial our spend up and down for advertising, depending on the environment and opportunities we see to build awareness and drive growth. We will assess advertising levels with that lens, separate and distinct from the rest of the cost base.

首先，我想重申一下我在上次財報電話會議上經歷的事情。我們評估三類成本：固定成本、變動成本和廣告成本。對於我們的固定成本基礎，我想再次強調，我們相信我們的固定成本處於適當的水平，可以執行我們看到的未來​​機會。與我們在第三季所做的類似，我們正在積極尋求固定成本的效率，以抵消固定基礎設施固有的通膨。雖然我們預計可變成本會隨著業務規模的擴大而增加，但我們打算隨著時間的推移提高營運槓桿。我們將根據環境和我們看到的機會上下調整廣告支出，以提高知名度並推動成長。我們將用這個視角來評估廣告水平，與其他成本基礎分開且不同。

Before we open up the line for Q&A, I'd like to give you all some additional detail on how we look at share-based compensation and how it fits in our cost structure. Since taking over as CFO in May, I've spent time with many of you on this topic. We understand investors' concerns about the relatively high level of SBC expense, as a percentage of revenue, during this period of time when the macroeconomic environment (inaudible) revenue, and we are forward investing to drive future growth.

在我們開始問答之前，我想向大家提供一些關於我們如何看待基於股份的薪酬以及它如何適應我們的成本結構的額外細節。自從五月接任財務長以來，我與你們中的許多人就這個主題進行了交流。我們理解投資者對在宏觀經濟環境（聽不清楚）收入期間 SBC 費用佔收入比例相對較高的擔憂，我們正在進行前瞻性投資以推動未來成長。

Historically, SBC represents a meaningful portion of compensation for many of our employees, and we give employees the choice of selecting RSUs or option awards each year. However, we see SBC as an expense that should be leverageable on a per employee basis as we grow revenue. Going forward, it is important to note that approximately 90% of our current SBC expense is related to fixed cost employees. If you model our fixed and variable EBITDA costs that we provided last quarter, plus an assumption for marketing while holding SBC expense flat per headcount, you will see we can be a GAAP profitable company over time as we drive revenue growth.

從歷史上看，SBC 代表了我們許多員工薪酬中有意義的一部分，我們每年都會讓員工選擇 RSU 或期權獎勵。然而，我們認為 SBC 是一項支出，隨著我們收入的成長，每位員工都應該可以利用 SBC 進行槓桿化。展望未來，值得注意的是，我們目前 SBC 費用中約 90% 與固定成本員工相關。如果您對我們上季度提供的固定和可變EBITDA 成本進行建模，再加上行銷假設，同時保持每人SBC 費用不變，您將看到，隨著時間的推移，隨著我們推動收入成長，我們可以成為一家以GAAP 獲利的公司。

In addition to monitoring our SBC expense, we also focus on our share dilution related to employee equity awards. Since 2018, we have granted an average annual net share dilution of 3.2%, while the realized annual net dilution for employee equity awards has averaged 2.5%. More recently, the August 2022 retention grants combined with the annual grant issued in 2022, drove annual granted net dilution of 5.2%, while the realized annual net dilution was just 2% that same year.

除了監控我們的 SBC 費用外，我們還專注於與員工股權獎勵相關的股權稀釋。自2018年以來，我們授予的平均年度淨股權稀釋率為3.2%，而實現的員工股權獎勵的年度淨稀釋度平均為2.5%。最近，2022 年 8 月的保留贈款加上 2022 年發放的年度贈款，導致年度贈款淨稀釋度達到 5.2%，而同年實現的年度淨稀釋度僅為 2%。

With all that said, we want to reiterate that becoming a GAAP profitable company over time is important to us. To get there, we expect to get leverage from our SBC expense as we grow revenue. To close, I'll reiterate what you have heard from us before. 2022 was a year where we restrategized and reorganized around our housing super app vision. 2023 is a year for us to release new products and test in various markets, setting us up for further scaling in 2024 and 2025. We are 3 quarters through the year and are pleased with how we are progressing. And with that, operator, we'll open up the line for questions.

話雖如此，我們想重申，隨著時間的推移成為一家以 GAAP 盈利的公司對我們來說很重要。為了實現這一目標，我們希望隨著收入的成長，從 SBC 支出中獲得槓桿作用。最後，我將重申您之前從我們這裡聽到的內容。 2022 年是我們圍繞住房超級應用願景重新制定策略和重組的一年。 2023 年是我們發布新產品並在各個市場進行測試的一年，為我們在 2024 年和 2025 年進一步擴大規模做好準備。我們今年已經完成了 3 個季度，對我們的進展感到滿意。接線員，我們將開通提問熱線。

(Operator Instructions) Our first question comes from Brad Erickson from RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Brad Erickson。

So one for Rich. First, I appreciate the thoughts about the lawsuits and potential changes going on in the industry. Maybe if we could talk through an outcome where the buyer's agent remains but commissions get pressured more significantly. Maybe talk about some of the effects and impacts the business might see under that scenario? And then I have a follow-up for Jeremy, if I could?

這是給里奇的一張。首先，我很欣賞對產業中正在發生的訴訟和潛在變化的想法。也許我們可以討論一個結果，即買方代理人仍然存在，但佣金壓力會更大。也許可以談談在這種情況下企業可能會看到的一些影響和影響？然後我會對傑里米進行後續跟進，如果可以的話？

Okay. So kind of the middle path scenario. So why don't I try to do a little bit more free-form restatement of what I said in my scripted comments first, Brad, and kind of set the answer up. And then I might toss it over to Jeremy Wacksman, to answer your middle path question specifically, which we feel good about our position in the middle path scenario. But overall, I just want to reiterate that our kind of the short version of how we think this plays out and any changes that might come is that we're positioned really, really well for all weather, okay?

好的。這是一種中間路徑的情況。那麼，布拉德，我為什麼不先嘗試對我在腳本評論中所說的話進行更自由的重述，然後設定答案。然後我可能會把它交給 Jeremy Wacksman，專門回答你的中間路徑問題，我們對我們在中間路徑場景中的位置感到滿意。但總的來說，我只是想重申一下，我們對這種情況的看法以及可能發生的任何變化的簡短版本是，我們的定位非常非常適合所有天氣，好嗎？

And that is based on some fundamental marketplace principles that we believe in. One, free and fair, transparent access to real estate information and listings. That is how we were founded, turn on the lights. We believe a well-lit game is cleaner and more equitable. The second principle is independent representation. People deserve and need independent representation. We've seen double siding in the industry, which is clearly a conflict and is at certain times more expensive to do the transaction. We do support DIY, the people who want to do DIY and we have a pretty healthy DIY physical marketplace. But in most instances, movers want and need counsel, and we think that takes the form of a buyer's agent.

這是基於我們所相信的一些基本市場原則。第一，自由、公平、透明地獲取房地產資訊和清單。這就是我們成立的方式，打開燈。我們相信光線充足的比賽會更乾淨、更公平。第二個原則是獨立代表權。人們值得併且需要獨立的代表權。我們在行業中看到了雙面現象，這顯然是一種衝突，有時交易成本更高。我們確實支持 DIY，支持那些想要 DIY 的人，我們有一個非常健康的 DIY 實體市場。但在大多數情況下，搬家者想要並需要諮詢，我們認為這需要買方代理人的形式。

And then finally, transparency and negotiability of commissions, which some markets have been moving towards and we think other markets are going to begin to move more quickly towards because of these legal actions. So how will this play out? I said this already. It's likely that the legal process is likely to take years. It's highly complex. It's politically fraught, there are millions of potential employees and people affected in every state. As I just said, I think the industry will move quickly towards these more transparent and negotiable rules that we have begun to see in several markets.

最後，佣金的透明度和可轉讓性，一些市場一直在朝著這些方向發展，我們認為由於這些法律行動，其他市場將開始更快地朝著這個方向發展。那麼這一切將會如何發展呢？我已經說過了。法律程序可能需要數年時間。它非常複雜。這充滿了政治色彩，每個州都有數百萬潛在員工和民眾受到影響。正如我剛才所說，我認為該行業將迅速走向這些更透明和可協商的規則，我們已經開始在幾個市場看到這些規則。

I think we'll see that more quickly. But I guess, I would say we don't believe that this scenario, the most radical path, the complete disruption of the existence of a buyer's agent, we believe it's improbable, and I guess I would say mostly because consumers really want and need and deserve representation, but I've been through that. Okay. But entertain the notion where it does happen. All right. We think what happens is listings marketplace is fragment. And we switched to a much more pay-to-play model like we see in some international geographies. We look more like a pay-to-play pay for enhanced merchandising kind of like the digital classifieds. If you think about that scenario, who set up to do well, who set up to do well, who has the biggest audience, the best most trusted brand, the most information, and Zillow is in a really good position there.

我想我們會更快看到這一點。但我想，我想說的是，我們不相信這種情況，最根本的路徑，完全破壞買方代理人的存在，我們認為這是不可能的，我想我會說主要是因為消費者真正想要和需要並值得代表，但我已經經歷過。好的。但請記住它確實發生的地方。好的。我們認為所發生的情況是房源市場是碎片化的。我們轉向了更多的付費遊戲模式，就像我們在一些國際地區看到的那樣。我們看起來更像是一種付費遊戲，旨在增強商品推銷，就像數位分類廣告一樣。如果你考慮一下這種情況，誰準備做得好，誰準備做得好，誰擁有最多的受眾、最值得信賴的品牌、最多的信息，那麼 Zillow 在這方面處於非常有利的位置。

We've observed in those international markets. This friction fee on the transaction is actually higher than we see in the commission world in the U.S. It is actually a more opaque and more fragmented and therefore, an opportunity for more profit exists and that is what we've seen in international markets. And so it's possible it could be even better economics. But we don't like that. We think it's bad for consumers. We think it's less efficient. We think it's less fair. We think it's more expensive. I'll begin my wrap-up and hand it over to Wacksman by saying that I made a point, I don't know if Jeremy Hofmann reiterated it, but I made a point that we are really well-diversified business now and getting even more diversified Rentals, Mortgages, Real estate software, new construction, Showcase.

我們在這些國際市場上進行了觀察。交易的摩擦費實際上比我們在美國的佣金世界中看到的要高。它實際上更不透明，更分散，因此存在獲得更多利潤的機會，這就是我們在國際市場上看到的。因此，這可能會帶來更好的經濟效益。但我們不喜歡這樣。我們認為對消費者不利。我們認為效率較低。我們認為這不太公平。我們認為它更貴。我將開始總結並將其交給瓦克斯曼，我說我提出了一個觀點，我不知道傑里米霍夫曼是否重申了這一點，但我提出了一個觀點，我們現在的業務確實非常多元化，並且正在實現平衡更加多元化的租賃、抵押、房地產軟體、新建、展示。

These are all growers. Follow Up Boss, we will add to this. These are all growers, all big TAMs and now account together for the majority of our revenues. So I guess in the end, the consumer is our north star that has served us really, really well so far. Having engaged customers and solving real problems with software and partners means that we are really well insulated, regardless of how the dollars end up flowing. So sorry to bore you with all that again, but I thought I'd get it out. Let's talk about the middle path, though, Jeremy Wacksman, you maybe want to give me a little relief?

這些都是種植者。關注老大，我們會補充的。這些都是種植者，都是大型 TAM，現在共同構成了我們收入的大部分。所以我想最終，消費者是我們的北極星，到目前為止，它為我們提供了非常非常好的服務。讓客戶參與並透過軟體和合作夥伴解決實際問題意味著我們確實能夠很好地隔離，無論資金最終如何流動。很抱歉再次讓你感到厭煩，但我想我會把它說出來。不過，讓我們談談中間道路吧，傑里米·瓦克斯曼，你也許想讓我鬆口氣？

Yes, happy to. Yes. Thanks, Brad. I mean in a world where there are fewer dollars to go around, I mean, I think similar to what Rich said, we feel really well positioned, and we love our strategy. And I think the investments that we are making in tech and in the transaction itself and helping more customers becomes even more valuable for the most productive agents. As a reminder, our strategy is to partner with the best teams and agents, and as such, our partner base are those that are likely going to gain share from the part time or the less productive agents and the participants in the marketplace that might find themselves even more challenged in a world like that.

是的，很高興。是的。謝謝，布拉德。我的意思是，在一個可用資金更少的世界中，我的意思是，我認為與里奇所說的類似，我們感覺自己處於有利地位，我們喜歡我們的策略。我認為，我們在技術和交易本身方面進行的投資以及幫助更多客戶對於最有生產力的代理商來說變得更有價值。提醒一下，我們的策略是與最好的團隊和代理商合作，因此，我們的合作夥伴基礎是那些可能會從兼職或生產力較低的代理商以及市場參與者中獲得份額的人，這些參與者可能會發現在這樣的世界裡，他們自己面臨的挑戰更大。

And then it's to hand those partners higher-intent customers, right? Rich talked a lot about our super app strategy, that is about driving higher intent, higher-quality customers, buyers and sellers in the process of transacting to those partners, right? And so touring, our financing experience, our seller services are all doing that and then helping those partners become more productive, close more deals and be able to be more efficient in a world powered by software.

然後就是向這些合作夥伴提供更高意圖的客戶，對吧？ Rich 談到了我們的超級應用策略，即在與這些合作夥伴進行交易的過程中推動更高意圖、更高品質的客戶、買家和賣家，對嗎？因此，巡迴演出、我們的融資經驗、我們的賣家服務都在這樣做，然後幫助這些合作夥伴提高生產力，完成更多交易，並能夠在軟體驅動的世界中提高效率。

So we get pretty excited about the value and services we provide. And if there's a void in the industry because the dollars are challenged and the other providers are challenged, we get excited about our ability to fill that because we feel really confident the partner strategy we have would really grab share here.

因此，我們對我們提供的價值和服務感到非常興奮。如果由於資金受到挑戰並且其他提供者受到挑戰而導致行業出現空白，我們會對我們填補這一空白的能力感到興奮，因為我們非常有信心我們的合作夥伴策略將真正在這裡搶佔份額。

Our next question comes from John Campbell from Stephens.

我們的下一個問題來自史蒂芬斯的約翰坎貝爾。

I just want to echo the last question. I think, Rich, nice job addressing the lawsuits upfront. I've been frankly surprised to hear the level of investor concerns, but I think you did a good job of framing it up, so we agree with your take there. But going forward, I mean, investors are clearly going to still try to size up all these various scenarios. I'm hoping maybe you guys can help in that process, specifically around the paid inclusion model, in those overseas markets like maybe what you're seeing on average or maybe a range of revenue per listing? And then I know with your current listing today, Rich did say it's going to be kind of fragmented potentially. But if you look at just your all-in listing today, what that looks like today? I know with the trough kind of inventory environment, it's probably a little bit lighter than it's been in the past. So maybe talk about what it is today? And maybe what it looked like, I don't know, 5, 6, 7 years ago?

我只想回應最後一個問題。我認為，里奇，提前解決訴訟做得很好。坦白說，我對投資者的擔憂程度感到驚訝，但我認為你在框架上做得很好，所以我們同意你的看法。但我的意思是，展望未來，投資者顯然仍會嘗試評估所有這些不同的情況。我希望你們能在這個過程中提供幫助，特別是在付費包容模式方面，在那些海外市場，例如你們所看到的平均收入或每個清單的收入範圍？然後我知道，對於您今天當前的列表，里奇確實說過它可能會變得支離破碎。但是，如果您今天只看一下您的全部列表，那麼今天會是什麼樣子呢？我知道，在庫存環境低谷的情況下，它可能比過去輕一些。那麼也許談談今天是什麼？也許，我不知道，五、六、七年前，它是什麼樣子？

Okay. Sure, John. Why don't I, why don't we, help me out, Jeremy and Jeremy, if I mess up. Why don't I start with the second part, the listings question. For all its (inaudible) and flaws and all the complaints we make (inaudible) cooperative, at least the way it's worked in the past, maybe it doesn't work this way going forward. But at least the way it's worked in the past, it's offered up a really good level playing field, a relatively level playing field, equal access transparent marketplace for us to access kind of for sale by agent listings in the marketplace. And so because we're connected to these MLSs, we have a full view of the for-sale inventory in the market.

好的。當然，約翰。如果我搞砸了，為什麼我、我們為什麼不幫我呢，傑瑞米和傑瑞米。我為什麼不從第二部分開始，即列表問題。對於所有（聽不清楚）和缺陷以及我們（聽不清楚）合作的所有投訴，至少是過去的工作方式，也許未來不會這樣工作。但至少從過去的運作方式來看，它提供了一個非常好的公平競爭環境，一個相對公平的競爭環境，平等准入的透明市場，讓我們能夠透過市場上的代理清單存取某種銷售產品。因此，由於我們與這些 MLS 連接，因此我們可以全面了解市場上的待售庫存。

And ever since we have had MLS listings, that hasn't changed over time. On top of all of that, let's call it, commodity listings information that we have, we add to it a whole bunch of non-commodity listings information in the form of for-sale by owners that are oftentimes proprietary to our sites in a different markets as well as quite a number, a large number of rental listings that oftentimes are unique to our marketplace. And so combined, that alloy creates a relatively unique listings asset that is only strengthening over time.

自從我們有了 MLS 清單以來，這一點並沒有隨著時間的推移而改變。最重要的是，我們稱之為商品列表信息，我們以所有者出售的形式添加一大堆非商品列表信息，這些所有者通常是我們網站的專有所有者。市場以及大量的租賃清單，這些清單通常是我們市場獨有的。如此結合起來，這種合金創造了一種相對獨特的上市資產，而且隨著時間的推移，這種資產只會不斷增強。

In the event that fragments, as I said, the world gets kind of messy and difficult for regular consumers and partners alike. But Zillow, of course, like we've done in the past, will run off and secure the most inventory in the world. We will get it. Now how the business model works in that situation? Is it, we have several -- we have a lot of experience with paid inclusion business models, okay? And it will likely move to a paid inclusion business model. I don't know how to answer your specific rate question. You're saying, what would the rate look like in that world versus the rate that the industry is taking now other than to point you with the market cap per capita of the leading real estate portals in the U.S. versus, say, Australia or another market.

正如我所說，一旦出現碎片化，對於普通消費者和合作夥伴來說，世界就會變得混亂和困難。但是，Zillow 當然會像我們過去所做的那樣，跑掉並獲得世界上最多的庫存。我們會得到它。那麼，在這種情況下，商業模式是如何運作的呢？是嗎，我們有幾個——我們在付費包容性商業模式方面有很多經驗，好嗎？它很可能會轉向付費包容性商業模式。我不知道如何回答你的具體費率問題。你是說，那個世界的利率與該行業現在採取的利率相比會是什麼樣子，而不是向你指出美國領先的房地產門戶網站與澳大利亞或其他國家的人均市值市場。

And you'll see pretty quickly that the amount of value, at least in the form of market cap that's being captured by those companies is meaningfully higher than what we've been able to achieve is the leading portal here in the U.S. We see that obviously as potential upside. But once again, we want to monetize in this industry in a way that is win-win-win. We want to win for consumers, we want to win for our partners, and we want to win for ourselves. We think the most durable business model is where all 3 of those parties win. Did I leave anything out?

您很快就會發現，這些公司所獲得的價值（至少以市值的形式）明顯高於我們作為美國領先門戶網站所能實現的價值。我們看到顯然是潛在的上漲空間。但我們再次希望以雙贏的方式在這個行業中實現貨幣化。我們希望為消費者贏得勝利，我們希望為合作夥伴贏得勝利，我們希望為自己贏得勝利。我們認為最持久的商業模式是三個方面都獲勝。我遺漏了什麼嗎？

Yes. I mean it's Jeremy Hofmann. I'll just (inaudible), Rich. The hard part is building the unique content that we've built over time. So that's a combination of for-sale listings, new construction listings, rentals listings, for sale by owner listings. That's the really hard part. That's what we've been after for 15, 16, 17 years. Changing business models and doing a paid inclusion business model is not the challenging piece of the puzzle. It's getting all the unique content, getting all the eyeballs, and that's where we've really, really excelled. So in a world in which we go the way of international markets, we feel really well positioned as a result.

是的。我的意思是傑里米·霍夫曼。我就（聽不清楚），Rich。困難的部分是建立我們隨著時間的推移而建立的獨特內容。因此，這是待售清單、新建清單、出租清單、業主出售清單的組合。這才是真正困難的部分。這就是我們15、16、17年來一直追求的目標。改變商業模式並建立付費包容性商業模式並不是難題中具有挑戰性的部分。它獲得了所有獨特的內容，吸引了所有的眼球，這就是我們真正非常擅長的地方。因此，在我們走國際市場之路的世界中，我們感覺自己處於有利地位。

Our next question comes from Lloyd Walmsley from UBS.

我們的下一個問題來自瑞銀集團的勞埃德·沃姆斯利。

Two, if I can. First, just sticking with this shifting -- potentially shifting industry structure and the classifieds model potential. Can you just help us understand maybe the path where the MLS structure devolves, setting the stage for that, you think a more middle pass scenario would sustain the MLS structure such that it doesn't change? Like what specific chain of events do you all see breaking that structure to enable this? And then I guess, listing, secondly, Listing Showcase seems like a pretty good template from where the model could move if the model structurally changes or even if it doesn't, it seems like that's an interesting product with a lot of potential.

兩個，如果可以的話。首先，堅持這種轉變──可能改變的產業結構和分類廣告模式的潛力。您能否幫助我們了解 MLS 結構演變的路徑，並為此奠定基礎，您認為更中間的場景將維持 MLS 結構，使其不會改變？你們都看到了哪些特定的事件鏈打破了這個結構以實現這一點？然後我想，列表，其次，列表展示似乎是一個非常好的模板，如果模型結構發生變化，模型可以從該模板移動，或者即使沒有變化，這似乎是一個有趣的產品，具有很大的潛力。

Can you just give us an update on kind of uptake agent feedback there? And how meaningful could that be maybe in a moderate scenario change and then in a more dramatic scenario, like where does that fit in?

您能否向我們提供有關吸收代理回饋類型的最新資訊？在適度的場景變化和更戲劇性的場景中，例如它適合什麼地方，這可能有多大意義？

Okay. Thanks, Lloyd. Maybe I'll begin, Jeremy Wacksman, and then hand it over to you. Lloyd, I guess what I'd say is we just don't think it's likely that like taking a giant hammer to the hundreds of MLSs around the country and how that legislatively, regulatorily or legally would happen would be a pretty difficult thing. And so I guess there's a ton of value provided by having an integrated marketplace where most consumers and partners can see everything on the market. And while many of the industry participants may have forgotten that benefit, we believe that if, as things begin to fragment, they will remember that benefit. So anyway, we see this as unlikely.

好的。謝謝，勞埃德。也許我會開始，傑里米·瓦克斯曼，然後把它交給你。勞埃德，我想我想說的是，我們只是認為，像用巨錘敲打全國數百個MLS 那樣，以及如何在立法、監管或法律上實現這一點，這不太可能是一件相當困難的事情。因此，我認為擁有一個整合市場可以提供大量價值，大多數消費者和合作夥伴可以在其中看到市場上的所有內容。儘管許多行業參與者可能已經忘記了這一好處，但我們相信，如果隨著事情開始分散，他們會記住這一好處。所以無論如何，我們認為這不太可能。

So I honestly don't want to give it a ton more airtime other than to say, if it happens, we're really well positioned. On the Showcase thing, that is a big giant new TAM that we're going after, and I'll hand it over to Wacksman to chat about how that's going and the potential we see.

所以說實話，我不想給它太多的播放時間，只是想說，如果它發生了，我們真的處於有利位置。在展示方面，這是我們正在追求的一個巨大的新 TAM，我將把它交給 Wacksman 來討論它的進展以及我們看到的潛力。

Yes. I mean we continue to receive really great feedback about Listing Showcase from both consumers using the product and agents who have been part of our (inaudible) and kind of early MVP rollout. As Rich mentioned, we're now live in 17 markets, and we're hard at work, building out the feature set to enable us to scale. And that includes things like being able to offer it more flexibly, different geographies have different density, different teams and individual agents have bigger and smaller businesses and how do we enable a go-to-market that can serve all of them.

是的。我的意思是，我們繼續從使用該產品的消費者和參與我們（聽不清楚）和早期 MVP 推出的代理商那裡收到有關 Listing Showcase 的非常好的回饋。正如 Rich 所提到的，我們現在已在 17 個市場開展業務，並且正在努力建立功能集以使我們能夠擴展規模。這包括能夠更靈活地提供服務、不同的地理位置有不同的密度、不同的團隊和個人代理商擁有更大或更小的業務，以及我們如何實現可以為所有這些人提供服務的市場。

I think as we talked about earlier this year, a big key to scale is ensuring that agents can bring their own photographers if they want. We provide a fantastic media service that captures all this great rich media. Rich talked about this interactive floor plan that is just such a unique and differentiated listing experience. It takes really well curated and trained media to do that, but enabling those photographers to do that when agents have a great photography workflow. And the acquisition we did at Aryeo earlier this year, is really to help scale that.

我認為，正如我們今年早些時候談到的，擴大規模的一個重要關鍵是確保代理商可以根據需要攜帶自己的攝影師。我們提供優質的媒體服務，捕捉所有這些精彩的富媒體。里奇談到了這種互動式平面圖，這是一種獨特且差異化的上市體驗。這需要精心策劃和訓練有素的媒體才能做到這一點，但當代理商擁有出色的攝影工作流程時，攝影師就可以做到這一點。我們今年稍早對 Aryeo 的收購確實是為了幫助擴大規模。

So building out those capabilities is really the key to scale. You're right that there are some commonalities between agents focusing on how to market their listing for their seller and the international comp conversation. But we really think about Listing Showcase as much about helping listing agents grow their business. right? What listing agents tell us and what early users of Showcase have told us is, this helps them win more listings. And that's how the product is discussed and used is when I'm sitting at the kitchen table, this is something I offer that other agents can't offer. This is why you should list with me.

因此，建構這些能力確實是規模化的關鍵。你是對的，專注於如何為賣家推銷他們的清單和國際競爭對話的代理商之間存在一些共同點。但我們確實將「房源展示」視為幫助房源代理商發展業務。正確的？上市代理商告訴我們以及 Showcase 的早期用戶告訴我們的是，這有助於他們贏得更多的上市。這就是當我坐在餐桌旁時討論和使用產品的方式，這是我提供的其他代理商無法提供的東西。這就是為什麼你應該和我一起列出。

And so that economic value, in addition to helping the seller showcase their home, the best helps the agent showcase themselves, and so we get excited about really helping grow the listing side of our business through tools like that. We'll continue to update you as we make progress, but stay tuned for kind of expansion into more markets into next year.

因此，經濟價值除了幫助賣家展示他們的房屋之外，還可以幫助代理商展示自己，因此我們對透過此類工具真正幫助發展我們業務的上市方面感到興奮。隨著我們取得的進展，我們將繼續向您通報最新情況，但請繼續關註明年向更多市場的擴張。

Our next question comes from Ryan McKeveny from Zelman & Associates.

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

Within the commentary you gave in the letter on touring, you mentioned real-time touring is expected to be live and covering about 10% of total connections in the year. I'm curious, are you able to give a similar stat on the share of connections that are happening at the 9 enhanced markets? I assume similarly a small piece of the pie that are enhanced at this point. But any specifics you can share on that?

在您關於巡演的信中的評論中，您提到實時巡演預計將上線，並覆蓋今年總連接數的約 10%。我很好奇，您能否提供有關 9 個增強市場中發生的連接份額的類似統計數據？我同樣假設這塊餡餅的一小部分在這一點上得到了增強。但能分享一下具體情況嗎？

Ryan, just to make sure the question you're asking is how much of our enhanced markets is in, the connections are in real-time touring?

Ryan，只是為了確保您問的問題是我們的增強市場中有多少是即時連接的？

More so just kind of how much coverage are the enhanced markets today of the total pie? You're talking about accelerating the growth, opening more enhanced markets in 4Q and into '24. And I'm just trying to think about almost like how low is the base today in terms of the enhanced market to think about the opportunity going forward to expand that?

更重要的是，今天的增強型市場佔整個市場的覆蓋範圍有多大？您談論的是加速成長，在第四季和 2024 年開放更多增強型市場。我只是想思考一下，就增強的市場而言，今天的基數有多低，以思考未來擴大市場的機會？

Yes. Thanks for the clarification. I mean the enhanced markets, the 9 that we're just now in, right? And so prior to this quarter, the 6 that we rolled out, it's a small percentage of overall connections, I want to say, in the teens maybe. And then what Jeremy Hofmann was alluding to is, obviously, a real-time touring experience is not going to be available on 100% of customers. Not every customer requests a tour and then not every customer agent relationship fits the eligibility criteria.

是的。感謝您的澄清。我的意思是增強型市場，也就是我們現在所處的 9 個市場，對吧？因此，在本季度之前，我們推出的 6 個連接僅佔整體連接的一小部分，我想說，可能只有十幾歲。 Jeremy Hofmann 所指的顯然是，即時導覽體驗不會為 100% 的客戶提供。並非每個客戶都要求參觀，也不是每個客戶代理關係都符合資格標準。

So that's a bit why we gave the color that as we ramp into, I think, 90-odd markets into '24, we expect that will cover about 10% of our customers. And again, it's not simple math. Different markets have different eligibility, different density, different ability to serve. We've talked a lot about the reason we're going market by market is because you're rolling out a new workflow for agents and teams and you're training them on a new experience to deliver for the customer, ends up being great and we get great feedback from those agents because they're now meeting the customer where they want to be met, that appointment set is really when they want to get versus a request, as Rich talked about.

因此，這就是為什麼我們給出了這樣的顏色：當我們進入 24 年進入 90 多個市場時，我們預計將覆蓋約 10% 的客戶。再說一次，這不是簡單的數學。不同的市場有不同的資格、不同的密度、不同的服務能力。我們已經討論了很多我們逐個市場進行市場推廣的原因，因為您正在為代理商和團隊推出新的工作流程，並且您正在培訓他們為客戶提供新的體驗，最終效果非常好我們從這些代理商那裡得到了很好的回饋，因為他們現在正在他們想要的地方會見客戶，正如里奇所說，預約集實際上是他們想要得到的而不是要求的時間。

And so the customer is happier and the work with rate, the number of times the agent can work with the customer goes up. And so those are all great indicators of transaction share gains and happier customer agent relationships. But it's not just this linear path of lighting up on more pages on the website, it is kind of market by market.

因此，客戶會更滿意，工作效率、座席與客戶合作的次數也會增加。因此，這些都是交易份額收益和更愉快的客戶代理關係的重要指標。但這不僅僅是在網站上更多頁面上點亮的線性路徑，它是逐個市場的。

Got it. Okay. That's very helpful. And then one question on Mortgage. Maybe part of it is just reiterating that, I think you said for 4Q that you'd see or expect to see revenue growth. But is that implying that your origination growth, roughly 90% this quarter, the revenue piece down slightly year-over-year, and you called out the mortgage marketplace declines are kind of the offset there. I guess are we reaching the point where origination growth should similarly translate to revenue growth? Like you said it is expected to begin in 4Q and then presumably going forward, if origination growth is, or if origination volume is growing, generally, revenue should grow going forward?

知道了。好的。這非常有幫助。然後是一個關於抵押貸款的問題。也許其中一部分只是重申，我想你說過第四季度你會看到或期望看到收入成長。但這是否意味著您的發起成長（本季約為 90%）、營收年比略有下降，並且您指出抵押貸款市場的下滑是一種抵銷。我想我們是否已經達到了原創成長應該同樣轉化為營收成長的地步？就像您所說的那樣，預計將從第四季度開始，然後大概會繼續下去，如果發起增長，或者如果發起數量正在增長，一般來說，收入應該會繼續增長？

Yes, Ryan, it's Jeremy Hofmann. I'll take that one. I think it's fair to think about the originations business becoming more and more of the Mortgages line item. So it is taking up more revenue at this point and the marketplace is decreasing. With respect to '24 and beyond, yes, our expectation is the mortgage, the VHL originations revenue will be the bigger piece of the pie, but unquestionably, marketplace is still part of the mix. So it's not perfectly direct.

是的，瑞安，我是傑瑞米霍夫曼。我會接受那個。我認為，認為發起業務越來越成為抵押貸款專案是公平的。因此，此時它佔用了更多的收入，而市場正在減少。就 24 世紀及以後而言，是的，我們的期望是抵押貸款，VHL 起源收入將佔據更大的份額，但毫無疑問，市場仍然是其中的一部分。所以它並不完全直接。

Our next question comes from John Colantuoni from Jefferies.

我們的下一個問題來自 Jefferies 的 John Colantuoni。

This is Vincent Kardos on for John. Sticking on the mortgage topic here. So last quarter, I know you flagged a 50% improvement in loan ops or productivity versus 4Q of last year and then this quarter, you grew your originations by almost 90%, 35% sequentially, but also hiring a bunch of more loan officers. Maybe you can help us think a little bit about how much of the growth there came from adding officers versus any productivity as you saw in the quarter? And then maybe talk about how much runway you see for officer productivity given the current housing backdrop and then maybe how that could change once we get a better rate relief going forward?

這是約翰的文森·卡多斯。這裡繼續討論抵押貸款話題。因此，上個季度，我知道你們表示與去年第四季度相比，貸款業務或生產率提高了50%，然後本季度，你們的貸款額環比增長了近90%、35%，而且還僱用了更多的信貸員。也許您可以幫助我們思考一下，有多少成長來自於增加官員，而不是您在本季看到的任何生產力？然後也許可以談談在當前的住房背景下，您認為官員的生產力有多大的提升，然後一旦我們獲得更好的利率減免，這種情況可能會發生什麼變化？

Yes. Thanks for the question. It's Jeremy Hofmann. I think we are really pleased with the way that we are growing the purchase mortgage origination business, no question about it, up 88% in a market like this. This challenge is quite impressive. I would say the ramp in loan officers, we still see opportunities for us to get more productive. We're pleased with the productivity today, and we're obviously hiring loan officers as a result, but we think there's more to do as time goes on and we get to scale.

是的。謝謝你的提問。我是傑瑞米·霍夫曼。我認為我們對購買抵押貸款發放業務的成長方式感到非常滿意，毫無疑問，在這樣的市場中成長了 88%。這個挑戰相當令人印象深刻。我想說的是，隨著信貸員人數的增加，我們仍然看到了提高生產力的機會。我們對今天的生產力感到滿意，因此我們顯然正在招募信貸員，但我們認為隨著時間的推移和我們規模的擴大，還有更多工作要做。

Yes. And maybe just to add to that a bit. I think you should expect to see both, but you should expect to see us grow loan officer count as we scale origination volume into next year, but you should also expect us to see increases in productivity and efficiency, both on the customer experience, we've talked a lot in prior quarters about the huge opportunity we have with all of the customers that are coming to Zillow, asking for financing questions and how can we help meet them where they are. There's those that are ready to get a loan right now. There's those that are not. How do we help get them all an answer as well as the customers coming from our great Premier Agents who know best when to ask them to get financing questions answered to go right and offer on a home. So lots of potential productivity gains there.

是的。也許只是補充一點。我認為您應該期望看到兩者，但您應該期望看到我們隨著明年的發放量擴大而增加信貸員數量，但您也應該期望我們看到生產力和效率的提高，無論是在客戶體驗方面，還是在客戶體驗方面，我們在前幾個季度中，我們已經與所有來到 Zillow 詢問融資問題的客戶談論了很多關於我們擁有的巨大機會，以及我們如何幫助滿足他們的需求。有些人現在已經準備好要獲得貸款了。有些則不然。我們如何幫助他們以及來自我們優秀的高級代理商的客戶得到答案，他們最知道何時要求他們獲得融資問題的答案，以便正確地提供房屋。因此，那裡有很多潛在的生產力提升。

And then there's also lots of great factory improvements that we're hard at work building and that's a lot of the investments we've been making to just help our loan officers, our processors and our team get more efficient at being ready to handle the scale of volume that we want to bring. So short answer is you should expect to see both from us and both should contribute to growth into next year.

然後，我們正在努力建立許多偉大的工廠改進，我們一直在進行大量投資，只是為了幫助我們的信貸員、我們的加工商和我們的團隊更有效地準備好處理這些問題。我們想要帶來的體積規模。所以簡短的回答是，您應該期望從我們這裡看到兩者，並且兩者都應該為明年的成長做出貢獻。

Our next question comes from Ronald Josey with Citigroup.

我們的下一個問題來自花旗集團的羅納德·喬西。

I wanted to ask on Rentals. We saw Listings grow 45% year-over-year, revenue reaccelerated, multifamily traffic is growing. Just talk to us about the change that's happening here in Rentals and the strategy here longer term? And then a quick follow-up for the team just on Listing Showcase. Are these buyers new to Zillow or existing, meaning I know we're monetizing, call it a newer side of the transaction on the seller side, but are they new or existing? And then any early feedback would be helpful.

我想問一下關於出租的問題。我們看到房源數量年增 45%，營收重新加速，多戶住宅流量不斷增加。請與我們談談租賃領域發生的變化以及長期策略？然後在清單展示中對團隊進行快速跟進。這些買家是 Zillow 的新買家還是現有買家，這意味著我知道我們正在貨幣化，將其稱為賣方交易的新方，但他們是新買家還是現有買家？然後任何早期反饋都會有所幫助。

Yes. Thanks, Ron. It's Jeremy Hofmann. I'll start on the Rentals. Yes, we're really pleased, and I'll let Jeremy Wacksman hit more of it, but up 34% year-over-year this quarter, up 42% in multifamily. And yes, it's executing on all cylinders. So multifamily properties were up 28% in Q3. Total active listings across both multifamily and single-family up 45% year-over-year. And then obviously, the traffic continues to be really strong. We're industry leading there and grew double digits there. So we're really, really happy with how we're executing. And like I said in my prepared remarks, we expect 30%-plus growth in Q4 there, too. So Jeremy, anything else you want to add there?

是的。謝謝，羅恩。我是傑瑞米·霍夫曼。我將從租賃開始。是的，我們真的很高興，我會讓 Jeremy Wacksman 做得更多，但本季同比增長 34%，多戶住宅增長 42%。是的，它正在全速執行。因此，多戶住宅在第三季上漲了 28%。多戶住宅和單戶住宅​​的活躍掛牌總數較去年同期增加 45%。顯然，流量仍然非常強勁。我們在那裡處於行業領先地位，並且實現了兩位數的成長。所以我們對我們的執行方式非常非常滿意。正如我在準備好的發言中所說，我們預計第四季的成長也將超過 30%。 Jeremy，您還有什麼要補充的嗎？

No, I think that's right. I think it's you hit it earlier to the largest and most engaged audience using great products and services across both multi- and single-family listings. Some macro help in terms of occupancy rates decreasing and more supply in the market means the advertisers need our high-quality customers. And so you're seeing the team execute to drive a lot of revenue growth there across the marketplace as a whole. And we get really excited about that growth continuing.

不，我認為這是對的。我認為，是您在多戶和單戶房源中使用優質的產品和服務，更早吸引了最大且參與度最高的受眾。入住率下降和市場供應增加意味著廣告主需要我們的優質客戶，這對宏觀經濟有幫助。因此，您會看到團隊正在努力推動整個市場的收入大幅成長。我們對這種持續成長感到非常興奮。

And again, the Rentals business, great business, fast-growing business, a bigger part of our business, as Rich talked about, but also incredibly strategic as half of those renters are thinking about buying and half of those renters are -- some of the most affordability challenge first-time homebuyers that will be ready for VHL and our great (inaudible) some day as the macro normalizes there. So incredibly great business, growing really fast, team is executing really well and super strategic for us long term. And then on Showcase, how many advertisers or agents, I think, was your question, how many agents are incremental.

再說一次，租賃業務，偉大的業務，快速增長的業務，正如里奇所說，是我們業務的重要組成部分，但也具有令人難以置信的戰略意義，因為一半的租戶正在考慮購買，而其中一半的租戶正在考慮購買首次購屋者面臨的承受能力最大的挑戰，他們將為 VHL 做好準備，並且隨著宏觀經濟正常化，我們偉大的（聽不清楚）總有一天會到來。如此出色的業務，成長速度非常快，團隊執行得非常好，對我們來說具有長期策略意義。然後在 Showcase 上，我認為您的問題是有多少廣告商或代理商，有多少代理商是增量的。

I mean it's a mix and intentionally so. And I think as we scale it beyond the initial markets, we expect to see that. It would be interesting to learn how that mix pans out. You can imagine, similar to our overall strategy when Listing Showcase helps great agents and teams grow their business, and it's a business growth driver for them, you find teams that look like our great Premier Agents today that want to use it, but you also find new customers who were less interested in the products that Premier Agent has to offer, really interested in using Listing Showcases as a way to grow their business.

我的意思是，這是一種混合，而且是故意的。我認為，當我們將其擴展到最初的市場之外時，我們預計會看到這一點。了解這種混合效果如何會很有趣。你可以想像，類似於我們的整體策略，當Listing Showcase幫助優秀的代理商和團隊發展他們的業務，並且它是他們的業務增長動力時，你會發現看起來像我們今天優秀的高級代理商的團隊想要使用它，但你也找到對 Premier Agent 提供的產品不太感興趣、真正有興趣使用清單展示作為發展業務的方式的新客戶。

So we're pleased with the early mix. It wasn't -- there's not any sort of intentional target there. For us, it's really more about learning with partners this early MVP and V1 as we're building V2 and getting ready for scale.

所以我們對早期的混音很滿意。事實並非如此——那裡沒有任何故意的目標。對我們來說，更多的是與合作夥伴一起學習早期的 MVP 和 V1，因為我們正在建立 V2 並為規模化做好準備。

Our final question comes from Tom Champion from Piper Sandler.

我們的最後一個問題來自 Piper Sandler 的 Tom Champion。

Richard, Jeremy, I'm curious if you could talk about any changes or updated thoughts on the competition? How do you think about UV growth at homes.com? And then maybe for Jeremy Hofmann, really appreciate the comments on the cost structure, very helpful. Just curious if you could talk a little bit about your thoughts around headcount growth into next year?

Richard、Jeremy，我很好奇你們能否談談關於比賽的任何變化或最新想法？您如何看待homes.com 上的紫外線成長？然後，也許對於傑里米·霍夫曼（Jeremy Hofmann）來說，非常感謝有關成本結構的評論，非常有幫助。只是好奇您能否談談您對明年員工人數成長的想法？

We're not seeing any impact really from the noise out there other than posting great results and making great progress against our growth pillars as we've been chatting about on this call. I think the way we inoculate ourselves from having to overfocus on competition is by really focusing on building awesome software for our users and our customers and our partners, software that solves real customer pain points like the interactive floor plans and 3D virtual walk-throughs and real-time booking and to come out for rental applications and more, and we are actually adding Follow Up Boss now, which is really quite a beloved CRM with a lot of customers in the agent space.

正如我們在這次電話會議上討論的那樣，除了發佈出色的業績並在我們的成長支柱方面取得巨大進展之外，我們沒有看到任何真正的噪音影響。我認為我們避免過度關注競爭的方法是真正專注於為我們的用戶、我們的客戶和我們的合作夥伴構建出色的軟體，這些軟體可以解決真正的客戶痛點，例如互動式平面圖和 3D 虛擬演練以及實時預訂、租賃申請等等，我們現在實際上正在添加Follow Up Boss，這確實是一個非常受歡迎的CRM，在代理領域擁有很多客戶。

So we believe that the way we win long term really is by creating, integrating seamlessly and creating the super app for customers and a super app for our partners. We like that it's hard. We like that it takes kind of MAD software skills to do it. It's worked well. Focusing on this has worked well for us so far. We've cited a bunch of data on that, but not only do we have the biggest, most engaged audience, but 80% of it comes to us directly. We anticipate that will continue to work. Maybe I'll throw to Jeremy Hofmann, that last question and then we'll close.

因此，我們相信，我們贏得長期勝利的真正方法是為客戶創建、無縫整合和創建超級應用程序，並為我們的合作夥伴創建超級應用程式。我們喜歡這很難。我們喜歡它需要某種 MAD 軟體技能才能做到這一點。效果很好。到目前為止，專注於這一點對我們來說效果很好。我們引用了大量這方面的數據，但我們不僅擁有數量最多、參與度最高的受眾，而且其中 80% 的受眾是直接向我們提供的。我們預計這將繼續發揮作用。也許我會向傑里米·霍夫曼提出最後一個問題，然後我們就結束了。

Yes. And just on the cost structure, I think just to reiterate what I said before, no specific guidance around 2024, but we do feel like we are at around the right levels of fixed costs for the opportunities we see ahead. And then variable costs will grow as we grow revenue, and we'll look for operational efficiencies along the way, but feel really good about what we're investing against and then also the long-term margin profile of the things that we're investing against. And then beyond that, just reiterating that marketing is a different line item for us and one that will assess based on growth opportunities.

是的。就成本結構而言，我想重申我之前所說的，2024 年左右沒有具體指導，但我們確實覺得我們的固定成本處於適當的水平，以應對我們未來看到的機會。然後，可變成本將隨著我們收入的增長而增長，我們將在此過程中尋求營運效率，但對我們的投資對像以及我們所投資的產品的長期利潤狀況感到非常滿意投資。除此之外，只是重申行銷對我們來說是一個不同的項目，並且將根據成長機會進行評估。

But overarchingly feeling quite good about the cost structure.

但總的來說，我對成本結構感覺很好。

That is the end of the Q&A session. I will now hand back over to Rich Barton for closing remarks.

問答環節到此結束。現在我將請里奇·巴頓（Rich Barton）發表閉幕詞。

We really appreciate the thoughtful questions from you. We look forward to updating you as we plan on continuing to make progress along our growth pillars. Thank you very much for your continued trust and investment in Zillow. Talk to you soon.

我們非常感謝您提出的深思熟慮的問題。我們計劃繼續沿著我們的成長支柱取得進展，期待向您通報最新情況。非常感謝您對 Zillow 的持續信任和投資。以後再聊。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。