Zillow Group Inc (ZG) 2023 Q4 法說會逐字稿

Good afternoon. My name is Sierra, and I will be your conference operator for today. At this time, I would like to welcome everyone to Zillow Group's Fourth Quarter and Full Year 2023 Conference Call. (Operator Instructions)

午安.我叫 Sierra，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Zillow Group 2023 年第四季和全年電話會議。 （操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Brad Berning, Vice President of Strategic Affairs and Investor Relations. Please go ahead.

請注意，此事件正在被記錄。現在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. Good afternoon, and welcome to Zillow Group's Fourth Quarter and Full Year 2023 Conference Call. Joining me today to discuss our results are Zillow Group's Co-Founder and CEO, Rich Barton; COO, Jeremy Wacksman; and CFO, Jeremy Hofmann.

謝謝。下午好，歡迎參加 Zillow Group 2023 年第四季和全年電話會議。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；營運長傑里米·瓦克斯曼；和財務長傑里米霍夫曼。

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. These statements are subject to risks and uncertainties and we encourage you to consider the risk factors described in our SEC filings for additional information. We undertake no obligation to update these statements as a result of new information or future events, except as required by law.

在今天的電話會議中，我們將根據當前的預期和假設對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。這些陳述存在風險和不確定性，我們鼓勵您考慮我們向 SEC 提交的文件中所述的風險因素以獲取更多資訊。我們不承擔因新資訊或未來事件而更新這些聲明的義務，除非法律要求。

This call is being broadcast on the Internet and is accessible on our Investor Relations website. A recording of the call will be available later today.

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 updated investor presentation, 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.

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更新的投資者介紹、股東信函和收益報告，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。

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

我們現在將首先發表講話，然後進行現場問答。這樣，我就把電話轉給里奇。

Thank you, Sierra, and thanks, Brad. Good afternoon, everyone. Thanks for dialing in for our fourth quarter and full year 2023 results. We are posting great revenue numbers across the whole of our increasingly diversified and growing businesses. Our early cohort of enhanced markets are working, so we are pressing the accelerator on expansion in 2024. I'm also pleased to share that we've released an updated investor presentation available on our Investor Relations website to bring you all up to speed on the progress we've made on our growth pillars.

謝謝你，塞拉，謝謝你，布萊德。大家下午好。感謝您撥打我們的 2023 年第四季和全年業績。我們在日益多元化和不斷發展的整個業務中公佈了龐大的收入數據。我們早期的增強市場正在發揮作用，因此我們正在加速 2024 年的擴張。我還很高興地告訴大家，我們已經在投資者關係網站上發布了更新的投資者演示文稿，以便讓大家快速了解我們在成長支柱方面取得的進展。

We'll kick off the discussion today by walking you through our quarterly results, briefly addressing what's happening in the broader real estate industry, highlighting the opportunity in front of Zillow and then taking you through the exciting progress we're making on our journey to innovate and transform the way people buy, sell, finance and rent homes.

我們將透過向您介紹我們的季度業績來開始今天的討論，簡要介紹更廣泛的房地產行業正在發生的事情，強調Zillow 面前的機遇，然後向您介紹我們在實現目標的過程中所取得的令人興奮的進展創新和改變人們購買、銷售、融資和租賃房屋的方式。

Starting with our quarterly results, we reported better-than-expected and accelerated revenue growth, with Q4 total revenue of $474 million, up 9% year-over-year. Residential revenue of $349 million increased 3% year-over-year, returning to positive year-over-year growth. During the same time frame, the broader real estate industry declined by 4%, meaning Zillow's residential revenue outperformed the industry by 700 basis points.

從季度業績開始，我們公佈了好於預期且加速的營收成長，第四季總營收為 4.74 億美元，較去年同期成長 9%。住宅收入為 3.49 億美元，年增 3%，恢復年比正成長。在同一時期內，更廣泛的房地產行業下降了 4%，這意味著 Zillow 的住宅收入跑贏行業 700 個基點。

As I said, Q4 now marks the sixth consecutive quarter of meaningful outperformance versus the industry. Our ongoing efforts to improve our customer funnel, capture more demand, connect more of that demand to our partner network and focus on conversion continue to drive impressive results.

正如我所說，第四季度現在標誌著連續第六個季度明顯優於行業。我們不斷努力改善客戶管道、捕捉更多需求、將更多需求連接到我們的合作夥伴網絡並專注於轉化，並繼續取得令人矚目的成果。

Rentals also had a strong quarter, with accelerating revenue growth up 37% year-over-year to $93 million. This performance was driven by accelerating multifamily property growth with over 37,000 properties listed across Zillow at the end of Q4 2023. We continue to be the #1 most visited rentals platform, with average monthly rentals' unique users up double digits year-over-year in Q4. We are well positioned for future rentals revenue growth, which Jeremy Wacksman will discuss in more detail later in the call.

租金季度也表現強勁，營收加速成長，年增 37%，達到 9,300 萬美元。這項業績的推動因素是多戶型房產的加速成長，截至2023 年第四季末，Zillow 上掛牌房產超過37,000 套。我們仍然是訪問量排名第一的租賃平台，平均每月租金的獨立用戶數年成長兩位數在第四季。我們為未來的租金收入成長做好了充分準備，傑里米·瓦克斯曼將在稍後的電話會議中更詳細地討論這一點。

We're also making excellent progress in our mortgages' push, growing our purchase mortgage origination volume by more than 100% year-over-year in Q4 and further integrating Zillow Home Loans with our Premier Agent partners. Before we dive deeper into all the progress we've made over the last 2 years, I'd like to give our view of the latest real estate industry goings-on.

我們在推動抵押貸款方面也取得了巨大進展，第四季度的購買抵押貸款發放量同比增長了 100% 以上，並進一步將 Zillow Home Loans 與我們的高級代理合作夥伴整合。在我們深入探討過去兩年中取得的所有進展之前，我想先談談我們對房地產行業最新動態的看法。

We're monitoring the progress of numerous lawsuits facing several organizations within the industry. Zillow is not a named party in these suits, and we are confident in our ability to meaningfully grow our company in this evolving climate. In November, we laid out our marketplace principles that underlie Zillow's position. We continue to advocate for what we believe is best for consumers and the industry as a whole.

我們正在監控行業內多個組織面臨的眾多訴訟的進展。 Zillow 不是這些訴訟中的指定當事人，我們相信我們有能力在這種不斷變化的環境中有意義地發展我們的公司。 11 月，我們制定了支撐 Zillow 立場的市場原則。我們繼續倡導我們認為對消費者和整個行業最有利的東西。

First, we believe in a real estate marketplace that is transparent and fair in which consumers and agents have easy and equitable access to listings and information. Second, we believe buyers and sellers deserve independent representation. And finally, we believe consumers should be well informed on agent compensation and their rights to negotiate. Recently, we elaborated on these views on a new web page, advocacy.zillowgroup.com, that outlines consumers' real estate rights and how we are working to elevate industry standards on their behalf. This includes: efforts to allow better integrated search experiences that can include all listing types in one view, be they for sale by agent, for sale by owner, new construction or for rent; as well as to educate consumers on the potential pitfalls of double siding with dual agency, among others.

首先，我們相信房地產市場是透明和公平的，消費者和代理商可以輕鬆、公平地獲取清單和資訊。其次，我們認為買家和賣家都應該有獨立的代表。最後，我們認為消費者應該充分了解代理商的報酬及其談判權利。最近，我們在新網頁 advocacy.zillowgroup.com 上詳細闡述了這些觀點，該網頁概述了消費者的房地產權利以及我們如何努力代表他們提高行業標準。這包括：努力提供更好的整合搜尋體驗，可以在一個視圖中包含所有清單類型，無論是由代理商出售、由業主出售、新建還是出租；以及教育消費者了解雙重代理的雙面潛在陷阱等。

We recently supported legislation in our home state of Washington that requires buyer's agent agreements so that consumers are aware of the services they are buying and who pays. In New York, our StreetEasy and Zillow teams are working with lawmakers and advocates to create much-needed transparency for consumers ensure agents are fairly compensated and open the door for more access and affordability in New York's rental market.

我們最近支持我們家鄉華盛頓州的一項立法，該立法要求簽署買方代理協議，以便消費者了解他們正在購買的服務以及由誰付費。在紐約，我們的 StreetEasy 和 Zillow 團隊正在與立法者和倡導者合作，為消費者創造急需的透明度，確保代理商得到公平的補償，並為紐約租賃市場的更多准入和負擔能力打開大門。

Those are just a few examples, but the key takeaway is that we have found a louder and crisper voice championing what's good for mover consumers, agents and the industry as a whole, given legacy practices are being actively debated and negotiated right now. Settlements and court-ordered equitable relief may provide some near-term direction for the industry and some industry practices will likely be improved. For example, it can become more common to use buyer agent agreements to make fees more transparent and negotiable. But ultimately, we continue to expect industry change to play out over many years.

這些只是幾個例子，但關鍵的一點是，鑑於目前正在積極辯論和談判遺留做法，我們發現了一個更響亮、更清晰的聲音，支持對搬家消費者、代理商和整個行業有利的事情。和解和法院下令的公平救濟可能會為該行業提供一些近期方向，並且一些行業慣例可能會得到改善。例如，使用買方代理協議來使費用更加透明和可協商可能變得更加普遍。但最終，我們仍然預期產業變革將在多年後發生。

Regardless of the industry debates, Zillow is well positioned for all weather due to our long history and future of technology innovation, driving differentiated products and services which has resulted in a large engaged audience, a beloved brand and a growing diversified business. We believe all roads lead to Zillow.

無論行業爭論如何，Zillow 憑藉我們悠久的歷史和技術創新的未來，在各種天氣條件下都處於有利地位，推動差異化的產品和服務，從而吸引了大量的受眾、深受喜愛的品牌和不斷成長的多元化業務。我們相信條條大路通 Zillow。

Zooming out from our quarterly results in the latest state of play in the real estate industry. Two years ago, we introduced our new growth strategy and broke down the massive TAM opportunity for Zillow. This quarter, we've released a refined and better way to size that opportunity, resulting in a $30 billion accessible TAM of customers already in our funnel and raising their hands to connect.

從我們的季度業績中我們可以看到房地產行業的最新動態。兩年前，我們推出了新的成長策略，並為 Zillow 提供了巨大的 TAM 機會。本季度，我們發布了一種改進的、更好的方法來衡量這一機會，從而使價值 300 億美元的可訪問 TAM 客戶已經進入我們的管道並舉手進行聯繫。

I'll do the math to arrive at this number in a moment and then pass it over to Jeremy Wacksman to talk you through the progress we've made over the last 2 years, the proof points, the signal why we are confident in pressing the accelerator on expansion. We are pleased with what we have accomplished since laying out our growth pillars in early 2022. We see this strategy as a continuation of what we've been working on since we founded the company in 2006 with the charge of turning on the lights in real estate.

我稍後會計算出這個數字，然後將其傳遞給傑里米·瓦克斯曼 (Jeremy Wacksman)，讓您了解我們在過去兩年中取得的進展、證據以及我們有信心推動這一進程的信號擴張的加速器。我們對自 2022 年初制定成長支柱以來所取得的成就感到滿意。我們認為這項策略是我們自 2006 年創立公司以來一直致力於的工作的延續，負責真正實現成長財產。

Over the years, we've built engaging and practical products and services designed to empower consumers with data and information, transforming a previously opaque marketplace into the more transparent one we experienced today. But turning on the lights only got Zillow on our large audience so far. To affect real change for consumers and open up a much larger opportunity, we needed to focus on digital transformation of the moving experience end to end and begin our work on the transaction itself.

多年來，我們打造了引人入勝且實用的產品和服務，旨在為消費者提供數據和訊息，將以前不透明的市場轉變為我們今天所經歷的更透明的市場。但到目前為止，打開燈只讓 Zillow 吸引了大批觀眾。為了為消費者帶來真正的改變並開闢更大的機會，我們需要專注於行動體驗端到端的數位轉型，並開始研究交易本身。

Everyone who's moved knows that the process is complicated, time-consuming and expensive. The onus is primarily on the consumer to play the role of project manager/systems integrator to research, shop, select, finance, appraise and close, bringing all these discreet pieces together. It's a labyrinth, and it's clear that consumers want and need better, and they'll eventually get it. They always do.

每個搬過家的人都知道，搬家的過程很複雜、耗時且昂貴。消費者的責任主要是扮演專案經理/系統整合商的角色，進行研究、購買、選擇、財務、評估和關閉，將所有這些離散的部分整合在一起。這是一個迷宮，很明顯，消費者想要並需要更好的東西，他們最終會得到它。他們總是這樣做。

So we set out to build the housing super app, an integrated digital experience wherein all the discreet pieces of the gnarly moving process are brought together on one platform: Zillow. Rooted in our original commitment to turn on the lights, Zillow's housing super app empowers consumers by delivering real estate data and education, a suite of Zillow-owned solutions and a network of best-in-class partners at their fingertips.

因此，我們著手建立住房超級應用程序，這是一種整合的數位體驗，其中將粗糙的移動過程中的所有離散部分匯集在一個平台上：Zillow。植根於我們最初的「開燈」的承諾，Zillow 的住房超級應用程式透過提供房地產數據和教育、一套 Zillow 擁有的解決方案以及觸手可及的一流合作夥伴網路來為消費者提供支持。

Well, the housing super app is here today, it's called Zillow. Zillow is now the container into which we will continually place new features and services that work together seamlessly to solve real customer and partner pain points in their moves. We have tested and iterated the experience over the last 2 years, updating you all along the way. Our growth pillars, which Jeremy Wacksman will talk more about in a moment, serve as a road map for the continual upgrades and improvements we are adding to the Zillow experience as we expand our breadth and depth of coverage across more markets.

嗯，今天推出了一款住房超級應用程序，它的名字是 Zillow。 Zillow 現在是一個容器，我們將不斷地將新功能和服務放入其中，這些功能和服務可以無縫協作，以解決客戶和合作夥伴在行動中的真正痛點。我們在過去的兩年裡對這些體驗進行了測試和迭代，並一直為您提供最新資訊。 Jeremy Wacksman 稍後將詳細討論我們的成長支柱，它可以作為我們在擴大覆蓋更多市場的廣度和深度時為 Zillow 體驗添加的持續升級和改進的路線圖。

Our opportunity is to take our current small slice of a large total addressable market and grow it into a much bigger piece of the pie. U.S. for sale housing represents $2 trillion in total transaction value, or TTV. Of that $2 trillion of TTV, there were approximately $162 billion of service fees in 2023 across buy and sell side agent referral fees, mortgage fees and closing fees. Based on survey data, we estimate that 70% of all consumers who transact visit and use Zillow, resulting in a $113 billion Zillow visitor TAM.

我們的機會是從目前龐大的潛在市場中分得一小部分，並將其發展成更大的一塊蛋糕。美國待售房屋的總交易價值（TTV）為 2 兆美元。在這 2 兆美元的 TTV 中，到 2023 年，大約有 1,620 億美元的服務費包括買方和賣方代理推薦費、抵押貸款費和成交費。根據調查數據，我們估計所有進行交易的消費者中有 70% 會存取和使用 Zillow，Zillow 訪客 TAM 價值達 1,130 億美元。

Cutting that down to just shoppers who raise their hands on Zillow, meaning they proactively request to connect with one or more of our services. We estimate, first, a $16 billion opportunity made up of brokerage referral, mortgage, closing and other homebuyer-related transaction fees associated with those high-intent buyers. This is low-hanging fruit buy side TAM, not just people visiting our site, but actual buyers actively engaged in seeking to do business with us.

將其歸結為僅在 Zillow 上舉手的購物者，這意味著他們主動要求連接我們的一項或多項服務。首先，我們估計，與那些高意向買家相關的經紀推薦費、抵押貸款費、過戶費和其他與購屋者相關的交易費用將帶來 160 億美元的機會。這是買家 TAM 唾手可得的成果，不僅是造訪我們網站的人們，而是積極參與尋求與我們開展業務的實際買家。

Additionally, on the sell side, we have good line of sight on an estimated $14 billion of sell side TAM derived from our increasing opportunity to capture more sell-side referral fees and listing marketing budgets from those agents already actively engaged in our funnel. This adds up to a current accessible $30 billion for sale revenue opportunity with high-intent, hand-raising consumers already in Zillow's funnel.

此外，在賣方方面，我們對估計 140 億美元的賣方 TAM 有良好的視野，因為我們有越來越多的機會從已經積極參與我們管道的代理商那裡獲取更多賣方推薦費和上市行銷預算。這使得目前可獲得的 300 億美元的銷售收入機會與已經在 Zillow 漏斗中的高意願、主動舉雙手的消費者相加。

Today, we capture $1.5 billion of that $30 billion accessible TAM. That $1.5 billion is our reported 2023 residential and mortgages revenue. Measured as a fraction of TTV, we stood at a mere 7 basis points in 2023. Oh my, so much blue ocean.

今天，我們獲得了 300 億美元可獲得 TAM 中的 15 億美元。這 15 億美元是我們報告的 2023 年住宅和抵押貸款收入。以 TTV 的一小部分來衡量，到 2023 年我們的成長率僅為 7 個基點。天哪，藍海太多了。

Our position as one of the largest Internet brands in the United States, alongside iconic brands such as Facebook, Spotify and Netflix, gives us confidence that we have many years of growth into that $30 billion of revenue TAM accessible in our funnel today. Over the last 15-plus years, we've released a constant stream of novel engaging and practical product innovations, which is how great brands are created. Zillow brand has over 60% unaided brand awareness amongst shoppers, which is rare for a brand to achieve in any category.

我們作為美國最大的網路品牌之一，與 Facebook、Spotify 和 Netflix 等標誌性品牌並列，這讓我們相信，經過多年的發展，我們今天的管道中可實現 300 億美元的 TAM 收入。在過去 15 年多的時間裡，我們不斷推出新穎、引人入勝且實用的產品創新，偉大的品牌就是這樣誕生的。 Zillow 品牌在購物者中的獨立品牌認知度超過 60%，這對於任何品類的品牌來說都是罕見的。

Okay. That is, of course, internal survey data, but you can see a good impartial proxy for this strength in our Google search activity, where Zillow is searched more on Google than the category term "real estate" and 3x more than our nearest competitor's brand. Further evidence of our brand strength is seen in our traffic composition. About 80% of Zillow's traffic is organic as well as in our app usage, which is more than 3x our nearest competitor.

好的。當然，這是內部調查數據，但您可以在我們的Google 搜尋活動中看到這一優勢的良好公正代表，其中Zillow 在Google 上的搜尋量比類別術語「房地產」更多，比我們最接近的競爭對手的品牌多3 倍。我們的品牌實力的進一步證據可以從我們的流量組成中看出。 Zillow 約 80% 的流量以及我們的應用程式使用量都是自然流量，是我們最接近的競爭對手的 3 倍以上。

We pioneered mobile real estate shopping with our leading iPhone and Android apps. And when Apple first launched the iPad, the Zillow app was highlighted by Steve Jobs on stage at the launch event. Taking things full circle this month, we partnered with Apple once again for the launch of Zillow Immerse on the new Apple Vision Pro, to offer mover consumers an interactive and immersive way to explore Listing Showcase listings with special technology.

我們利用領先的 iPhone 和 Android 應用程式開創了行動房地產購物的先河。當蘋果首次推出 iPad 時，史蒂夫·喬布斯在發布會的舞台上重點介紹了 Zillow 應用程式。本月，我們再次與 Apple 合作，在新款 Apple Vision Pro 上推出 Zillow Immerse，為搬家消費者提供一種互動、身臨其境的方式，透過特殊技術探索 Listing Showcase 房源。

Try it. It's early, but it's an extraordinary home touring experience. We have been and will continue to be the company that is on the leading edge of utilizing technology to create magical new consumer and agent experiences.

嘗試一下。雖然時間還早，但這是一次非凡的居家旅行體驗。我們一直並將繼續成為利用科技創造神奇的新消費者和代理商體驗方面處於領先地位的公司。

So I've laid out a more refined view of the opportunity as we see it: quite large, quite complex, quite accessible for us. We monetize very little of it today, yet it's in our store. I've also outlined the reasons to believe that Zillow can and will tap this $30 billion accessible TAM: one, we have the leading audience brand and engagement; two, we have proven technology and product talent that is unrivaled in the real estate industry; three, we have built an extensive, talented and increasingly integrated partner network; and four, we have a strong balance sheet that gives us the flexibility to pursue current and future growth opportunities. For these reasons, we are uniquely well positioned to transform and replatform the largest industry in the country.

因此，我對我們所看到的機會提出了更精確的看法：相當大、相當複雜、對我們來說很容易獲得。今天，我們幾乎沒有將其貨幣化，但它就在我們的商店裡。我還概述了相信 Zillow 能夠並且將會利用這個價值 300 億美元的可訪問 TAM 的理由：第一，我們擁有領先的受眾品牌和參與度；二是我們擁有房地產行業無可比擬的成熟技術和產品人才；第三是我們建立了廣泛、優秀且日益一體化的合作夥伴網絡；第四，我們擁有強大的資產負債表，使我們能夠靈活地追求當前和未來的成長機會。基於這些原因，我們處於獨特的有利地位，可以改造全國最大的產業並重新建構平台。

We spent the last 2 years building the integrated transaction experience and testing it in enhanced markets. Now it's time to press down on the accelerator to increase our breadth of coverage across more markets and our depth of penetration in those markets. We made a great deal of progress in 2023. We will make more in 2024.

我們在過去的兩年裡建立了整合的交易體驗，並在增強的市場中對其進行了測試。現在是時候踩下油門來擴大我們對更多市場的覆蓋廣度和滲透深度了。 2023 年我們取得了很大進展。2024 年我們將取得更多進展。

Okay. I've talked about our opportunity and our vision for the future of real estate. Now I will pass the microphone over to our COO, Jeremy Wacksman, to give you a more detailed progress report and where we are headed.

好的。我已經談到了我們的機會以及我們對房地產未來的願景。現在我將把麥克風交給我們的營運長 Jeremy Wacksman，為您提供更詳細的進度報告以及我們的前進方向。

Thank you, Rich, and good afternoon, everyone. As Rich said, Zillow's housing super app is the container into which we are continually adding upgrades and improvements, guided by 5 for sale growth pillars: touring, financing, seller solutions, enhancing our partner network and integrating our services. Our for sale growth pillars marked the pathway to meeting our goals to grow customer transaction share from 3% to 6% by the end of 2025 and grow our revenue alongside that transaction share growth. You'll note that we've also added rentals as an additional growth pillar this quarter. We're excited about the opportunities here as our rentals marketplace continues to accelerate and accounted for nearly 20% of Zillow's total revenue in 2023.

謝謝里奇，大家下午好。正如 Rich 所說，Zillow 的住房超級應用程式是我們不斷添加升級和改進的容器，以 5 個銷售成長支柱為指導：旅遊、融資、賣家解決方案、增強我們的合作夥伴網路和整合我們的服務。我們的銷售成長支柱標誌著實現我們目標的途徑，即到 2025 年底將客戶交易份額從 3% 增加到 6%，並隨著交易份額的增長而增加我們的收入。您會注意到，我們本季還增加了租金作為額外的成長支柱。我們對這裡的機會感到興奮，因為我們的租賃市場持續加速發展，到 2023 年將佔 Zillow 總收入的近 20%。

I'll kick off our growth pillar update with touring. The investments we're making here continue to drive our industry outperformance. When a customer raises her hand to look at a home she's been coveting on Zillow, it's a strong signal of serious intent to transact. As we work to convert more visitors on our site into transactors, the home tour remains a critical focus area for us. Touring has historically been painful for both movers and agents. So we've invested in making the process more seamless than it's ever been. Our real-time touring product powered by ShowingTime is meaningfully improving our ability to connect high-intent customers to our Premier Agent partners.

我將透過巡迴演出來啟動我們的成長支柱更新。我們在這裡進行的投資繼續推動我們的行業表現出色。當一位顧客舉手查看她一直在 Zillow 上垂涎的房屋時，這是一個強烈的信號，表明有認真的交易意圖。當我們努力將網站上的更多訪客轉化為交易者時，家庭旅遊仍然是我們的關鍵關注領域。從歷史上看，巡迴演出對於搬運工和代理商來說都是痛苦的。因此，我們進行了投資，使流程比以往更加無縫。由 ShowingTime 提供支援的即時巡迴產品顯著提高了我們將高意向客戶與我們的高級代理商合作夥伴聯繫起來的能力。

We ended Q4 with our real-time touring product, delivering approximately 10% of our total connections. We expect to expand our breadth of coverage by launching additional markets and increase our depth by growing real-time touring to account for approximately 20% of connections by the end of 2024. This is driving a better customer and agent experience with less friction as we see increased successful connections and more customers working with agents.

截至第四季度，我們的即時旅遊產品提供了約 10% 的總連線數。我們預計透過推出更多市場來擴大覆蓋範圍，並透過增加即時導覽來增加我們的深度，到2024 年底，其連接量將占到約20%。這將推動更好的客戶和代理商體驗，同時減少摩擦。看到更多的成功聯繫以及更多的客戶與代理商合作。

Equally as important as touring is financing. And as a reminder, approximately 40% of all homebuyers start their journey shopping for a mortgage, and 80% of those buyers don't yet have an agent. Knowing that almost all of these mortgage seekers use Zillow positions us well to build a substantial direct-to-consumer purchase mortgage business that is seamlessly integrated with our extensive Premier Agent partner network. By integrating Zillow Home Loans with our Premier Agent partner network, we are creating a better customer experience from the start of the home-buying journey on Zillow to when a customer moves into that brand-new home.

與巡迴演出同樣重要的是融資。提醒一下，大約 40% 的購屋者開始購買抵押貸款，其中 80% 的購屋者還沒有經紀人。我們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大量直接面向消費者的購買抵押貸款業務，該業務與我們廣泛的高級代理商合作夥伴網路無縫整合。透過將 Zillow Home Loans 與我們的高級代理商合作夥伴網路相集成，我們正在從 Zillow 購屋之旅開始到客戶搬進全新房屋的整個過程中創造更好的客戶體驗。

And it's clear that customers and partners are increasingly enjoying this integrated housing super app experience. Most notably, our efforts are driving purchase mortgage growth. In our original 4 enhanced markets, we saw our customer adoption rates climb from 6% to 15% over the course of 2023. Since Q1 2023, the percentage of purchase mortgages in which a customer works with a Premier Agent partner increased from 23% to 53%.

很明顯，客戶和合作夥伴越來越喜歡這種整合的住房超級應用程式體驗。最值得注意的是，我們的努力正在推動購買抵押貸款的成長。在我們最初的4 個增強型市場中，我們的客戶採用率在2023 年從6% 攀升至15%。自2023 年第一季以來，客戶與高級代理商合作夥伴合作的購買抵押貸款百分比從23%增加到53%。

All of this success translates to $487 million in purchased loan origination volume this quarter, a more than 100% year-over-year increase despite a very challenging mortgage rate environment. We expect continued mortgage growth as we follow our road map to 2025, expanding integration with Premier Agent partners, rolling out more enhanced markets and converting more high-intent customers on Zillow.

所有這些成功意味著本季購買貸款發放量達到 4.87 億美元，儘管抵押貸款利率環境極具挑戰性，但年增超過 100%。我們預計，隨著我們遵循到 2025 年的路線圖，擴大與 Premier Agent 合作夥伴的整合，推出更多增強市場並在 Zillow 上轉化更多有意向的客戶，抵押貸款將持續成長。

I'll now move on to seller services, honing in on Listing Showcase. Listing Showcase elevates agents' brand presence on Zillow and helps them win more listings. Our AI-powered Listing Showcase also improves the shopper experience through listings that are powered by our home-grown rich media and floor plan technology. This is a unique differentiator in the marketplace and a significant benefit to buyer engagement and experience.

我現在將轉向賣家服務，重點放在清單展示。房源展示提升了代理商在 Zillow 上的品牌影響力，並幫助他們贏得更多房源。我們的人工智慧清單展示也透過我們本土的富媒體和平面圖技術支援的清單來改善購物者體驗。這是市場上的獨特優勢，並且對買家參與度和體驗有顯著好處。

We are in the early days of this product, having launched in Q3, but it is clear already there is significant demand from listing agents and significant engagement with consumers. Listing Showcase listings received 68% more page views, 66% more saves, 63% more shares. We are actively rolling out Listing Showcase nationwide, with the intermediate-term goal of 5% to 10% listing coverage, which represents a $150 million to $300 million annual revenue opportunity. And we believe there is potential future growth beyond that.

我們正處於該產品的早期階段，於第三季推出，但很明顯，上市代理商已經產生了巨大的需求，並且與消費者進行了大量的互動。清單展示清單的頁面瀏覽量增加了 68%，保存次數增加了 66%，分享次數增加了 63%。我們正在全國範圍內積極推出Listing Showcase，中期目標是實現5%至10%的上市覆蓋率，這代表著1.5億至3億美元的年收入機會。我們相信，除此之外，未來還有潛在的成長。

Moving on to our next growth pillar update, enhancing our partner network. Our mandate here is simple, help the best agents provide better service to more of our shared customers to grow their businesses and our business. And we are doing this in a few ways. First, we're expanding our enhanced market partners, increasing our depth of coverage in existing markets and our breadth by growing our enhanced market footprint from 9 at the end of 2023 to a projected 40 markets by the end of 2024.

繼續我們的下一個成長支柱更新，增強我們的合作夥伴網路。我們的任務很簡單，幫助最好的代理商為我們更多的共同客戶提供更好的服務，以發展他們的業務和我們的業務。我們正在透過幾種方式做到這一點。首先，我們正在擴大我們的增強型市場合作夥伴，透過將我們的增強型市場足跡從 2023 年底的 9 個增加到預計到 2024 年底的 40 個市場，增加我們對現有市場的覆蓋深度和廣度。

Second, we're working to deliver the integrated experience between ZHL and Premier Agent. As a result, 1 and 2 Premier Agent partners in our enhanced markets are now introducing their customers to Zillow Home Loans, and that's up from 1 in 5 at the end of 2022. Lastly, we are excited to accelerate improvements to Follow Up Boss and make it available to more agents to increase conversion. With the power of Follow Up Boss, our Premier Agent partners will be better equipped than ever to deliver the best possible customer experience while supercharging their businesses. We think these efforts across the board will drive transaction conversion to help close the gap on the vast majority of Zillow connections that transact elsewhere and better cap the $30 billion accessible revenue TAM that Rich walked you through.

其次，我們致力於提供 ZHL 和 Premier Agent 之間的整合體驗。因此，我們增強市場中的1 和2 個高級代理商合作夥伴現在正在向其客戶介紹Zillow Home Loans，這一數字比2022 年底的五分之一有所增加。最後，我們很高興能夠加快對Follow Up Boss 和使其可供更多代理商使用，以提高轉換率。借助 Follow Up Boss 的力量，我們的高階代理商合作夥伴將比以往更有能力提供最佳的客戶體驗，同時推動其業務發展。我們認為，這些全面的努力將推動交易轉化，幫助縮小絕大多數在其他地方進行交易的 Zillow 連接之間的差距，並更好地限制 Rich 引導您完成的 300 億美元的可訪問收入 TAM。

Moving on to our last for sale growth pillar update: integrating our services. Doing this requires us to pull together consumer, agent and loan officer technology in one place, Zillow, to create an end-to-end experience that carries the customer through the entire transaction process with more transparency and ease. It's no small feat, but it's what consumers want, and we're in the best position to deliver it to them. As evidenced by our performance in our earliest 2 enhanced markets, Phoenix and Atlanta, our integrated strategy is working to drive customer transaction share gains. Since the beginning of 2022, our customer transaction share has grown more than 80%. Additionally, across our entire set of 9 enhanced markets, we are seeing consistent outperformance in connections growth versus the industry. This gives us great confidence to further expand our enhanced market footprint more rapidly in 2024.

繼續我們最後的銷售成長支柱更新：整合我們的服務。為此，我們需要將消費者、代理商和信貸員的技術整合到一個地方（Zillow），以創造一種端到端的體驗，讓客戶更透明和輕鬆地完成整個交易流程。這不是一件小事，但這是消費者想要的，而我們最有能力提供它它。正如我們在最早的兩個增強市場（鳳凰城和亞特蘭大）的表現所證明的那樣，我們的綜合策略正在努力推動客戶交易份額的成長。自2022年初以來，我們的客戶交易份額增加了80%以上。此外，在整個 9 個增強型市場中，我們發現連結成長的表現始終優於產業。這讓我們充滿信心，能夠在 2024 年更快地進一步擴大我們增強的市場足跡。

As we expand to our projected 40 enhanced markets by the end of 2024, our integration within those markets is going to cover 20% of total Zillow connections by the end of the year. We land in each market with a subset of partner and customer coverage and work to expand our product offerings across the market over time. We are seeing share gains that will move the needle as we roll out more enhanced markets throughout the year into 2025.

隨著我們預計到 2024 年底擴展到 40 個增強型市場，我們在這些市場中的整合將在年底覆蓋 Zillow 總連接數的 20%。我們在每個市場都有一部分合作夥伴和客戶覆蓋，並努力隨著時間的推移在整個市場上擴展我們的產品範圍。我們看到，隨著我們在 2025 年全年推出更多增強型市場，份額的成長將起到推動作用。

I'll wrap up with a progress update on rentals. Rentals is a fast-growing business with a big opportunity in front of it. Nearly every homebuyer starts out as a renter, and providing our customers with optionality is as important as ever in a challenging housing market. Today, we have the largest audience of renters and the most listings in the market, with limited marketing spend to date. We're now leveraging our position as traffic leader to grow our multifamily properties, which has accelerated our multifamily revenue growth year-on-year from 14% in Q4 2022 to 52% in Q4 2023. As we look to serve more of this market and grow revenue, we plan to expand the number of multifamily properties and deliver a superior experience for our rentals partners.

最後我將介紹一下租金的最新進展。租賃是一項快速成長的業務，面臨著巨大的機會。幾乎每個購屋者都是從租房開始的，在充滿挑戰的房屋市場中，為我們的客戶提供選擇一如既往地重要。如今，我們擁有市場上最多的租戶受眾和最多的房源，但迄今為止的行銷支出有限。我們現在正在利用我們作為流量領導者的地位來發展我們的多戶型房產，這加速了我們的多戶型收入同比增長，從2022 年第四季的14% 增長到2023 年第四季的52%。我們希望為這個市場提供更多服務為了增加收入，我們計劃擴大多戶住宅的數量，並為我們的租賃合作夥伴提供卓越的體驗。

Before handing it over to Jeremy Hofmann, I do want to highlight that while we've been building these past few years, we've meaningfully outperformed a challenged housing market. For full year 2023, Zillow reported over $1.9 billion in revenue, outperforming the real estate industry by 1,600 basis points. I'm grateful to our teams who have been working hard to bring Zillow's housing super app to life over the last 2 years, solving real customer pain points with exceptional tech solutions and partners. We are looking forward to continued growth in the years ahead.

在將其交給傑里米·霍夫曼之前，我確實想強調，雖然我們過去幾年一直在建設，但我們的表現明顯優於充滿挑戰的房地產市場。 2023 年全年，Zillow 的收入超過 19 億美元，比房地產行業高出 1,600 個基點。我感謝我們的團隊在過去兩年中一直努力將 Zillow 的住房超級應用程式變為現實，透過卓越的技術解決方案和合作夥伴解決真正的客戶痛點。我們期待未來幾年的持續成長。

With that, I will now pass the line over to Jeremy.

現在，我將把線路轉給傑里米。

Thanks, Jeremy, and hello, everyone. As you heard from Rich and Jeremy, we are pleased with how we've executed on our strategy, and we are starting to see those efforts show up in our financial results. despite a persistently challenging housing macro backdrop. In my comments today, I will cover our Q4 results, our outlook for Q1 and some early thoughts on 2024 to help you all understand how we expect the year to play out as well as the financial philosophy that underpins how we will manage the business moving forward.

謝謝傑里米，大家好。正如您從 Rich 和 Jeremy 那裡聽到的那樣，我們對策略的執行方式感到滿意，我們開始看到這些努力體現在我們的財務表現中。儘管房地產宏觀背景持續充滿挑戰。在今天的評論中，我將介紹我們第四季度的業績、第一季的前景以及對2024 年的一些早期想法，以幫助大家了解我們對這一年的預期以及支持我們如何管理業務發展的財務理念向前。

I will start with our Q4 2023 results, which exceeded expectations across the board. Revenue growth accelerated in Q4, up 9% year-over-year to $474 million, which was more than $31 million above the midpoint of our outlook range. Revenue outperformance was driven by acceleration across each of our revenue lines for residential mortgages and rentals. On a GAAP basis, Q4 net loss was $73 million, representing 15% of our revenue. EBITDA was $69 million for the quarter. When excluding the impact of a $14 million onetime expense related to the partial lease termination of our Seattle office space, EBITDA would have been $83 million, resulting in an 18% EBITDA margin and marking a return to positive year-over-year EBITDA margin expansion. The combination of our revenue outperformance and effective cost management delivered the improved year-over-year EBITDA results despite a macro housing environment that remains constrained.

我將從 2023 年第四季的業績開始，該業績全面超出預期。第四季營收成長加速，年增 9%，達到 4.74 億美元，比我們預期範圍的中點高出 3,100 萬美元以上。收入表現優異是由我們住宅抵押貸款和租賃的每條收入線的加速所推動的。根據 GAAP 計算，第四季淨虧損為 7,300 萬美元，占我們營收的 15%。該季度 EBITDA 為 6900 萬美元。如果排除與西雅圖辦公空間部分租賃終止相關的 1,400 萬美元一次性費用的影響，EBITDA 將為 8,300 萬美元，從而實現 18% 的 EBITDA 利潤率，標誌著 EBITDA 利潤率恢復同比正增長。儘管宏觀住房環境仍然受到限制，但我們的收入表現出色和有效的成本管理相結合，實現了同比 EBITDA 業績的改善。

Going a click deeper, the partial lease termination option for our Seattle office space, which we previewed on our last earnings call, was exercised in December. As a result, we estimate our 2024 facilities costs will decrease by $8 million and we will release an estimated $37 million in EBITDA expenses in total over the remaining life of the Seattle lease, which more than makes up for this onetime expense impacting our Q4 EBITDA.

更深入了解一下，我們在上次財報電話會議上預覽過的西雅圖辦公空間的部分租賃終止選項已於 12 月行使。因此，我們估計 2024 年的設施成本將減少 800 萬美元，並且我們將在西雅圖租賃的剩餘期限內總共釋放估計 3700 萬美元的 EBITDA 費用，這足以彌補影響我們第四季度 EBITDA 的一次性費用。

Returning to more details on the quarter. Our Q4 residential revenue of $349 million outperformed our outlook range and revenue growth accelerated to 3% year-over-year. Our residential revenue performance was 700 basis points above the industry decline of 4%, according to data from the National Association of Realtors. We believe our Q4 outperformance was primarily driven by our ongoing investments in our top of funnel and mid-funnel experiences that continue to drive improvements in our overall lead volumes.

回到本季的更多細節。我們第四季的住宅收入為 3.49 億美元，超出了我們的預期範圍，營收年增率加速至 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 4% 高出 700 個基點。我們相信，我們第四季的優異表現主要是由於我們對漏斗頂部和漏斗中部體驗的持續投資所推動的，這些投資繼續推動了我們整體銷售量的改善。

Rentals revenue growth accelerated in Q4, with revenue increasing 37% year-over-year to $93 million, primarily driven by our multifamily revenue, which grew 52% year-over-year in Q4. Our rentals strategy is working well, and our team is executing on growing the number of multifamily properties on our apps and sites, which reached an all-time high of 37,000 multifamily properties as of year-end. Total listings across our entire rentals marketplace were also up 40% year-over-year to an industry-leading 1.7 million listings.

第四季租賃收入成長加速，營收年增 37% 至 9,300 萬美元，這主要是由我們的多戶型收入推動的，第四季營收年增 52%。我們的租賃策略運作良好，我們的團隊正在增加我們的應用程式和網站上的多戶型房產數量，截至年底，多戶型房產數量達到歷史最高水平 37,000 套。我們整個租賃市場的掛牌總數也較去年同期成長 40%，達到業界領先的 170 萬套。

Mortgages revenue of $22 million in Q4 returned to positive growth, up 22% year-over-year, with purchased loan origination volume growing 105% year-over-year. We are executing on our mortgage strategy to help more of our customers get financing through Zillow Home Loans. The tools and integration capabilities we have built are creating a bridge between Premier Agent partners, ZHL loan officers and our buyer customers, which is why we are seeing more than 50% of funded loans across all markets coming from customers working with our Premier Agent partner. This was a critical puzzle for us to solve before expanding more rapidly in 2024, and we are pleased with the progress to date.

第四季抵押貸款收入 2,200 萬美元恢復正成長，年增 22%，購買貸款發放量年增 105%。我們正在執行抵押貸款策略，以幫助更多客戶透過 Zillow Home Loans 獲得融資。我們建造的工具和整合能力正在Premier Agent 合作夥伴、ZHL 信貸員和我們的買家客戶之間架起一座橋樑，這就是為什麼我們看到所有市場中超過50% 的融資貸款來自與我們的Premier Agent 合作夥伴合作的客戶。這是我們在 2024 年實現更快速擴張之前需要解決的關鍵難題，我們對迄今為止的進展感到滿意。

EBITDA expenses in Q4 totaled $405 million. Excluding the onetime partial lease termination expense I mentioned earlier, EBITDA expenses would have totaled $391 million, roughly flat sequentially from Q3 and at the low end of our outlook range as a result of our ongoing focus on cost management. Cost of revenue increased $26 million or 29% year-over-year, primarily due to an increase in website development costs as we continue to test and release new products.

第四季 EBITDA 支出總計 4.05 億美元。除去我之前提到的一次性部分租賃終止費用，EBITDA 費用總計為 3.91 億美元，與第三季度相比基本持平，並且由於我們持續關注成本管理，因此處於我們展望範圍的低端。收入成本年增 2,600 萬美元，即 29%，主要是由於我們繼續測試和發布新產品，導致網站開發成本增加。

We ended the year with $2.8 billion in cash and investments, down from $3.3 billion at the end of Q3. This includes the benefit of net cash provided by operating activities, the impact of $88 million in share repurchases during Q4, the impact of $56 million towards convertible debt repurchases below par, and the approximately $400 million closing cash purchase price, a follow-up loss. Post repurchases of convertible debt in the quarter, we have $1.6 billion of principal outstanding.

截至年底，我們的現金和投資為 28 億美元，低於第三季末的 33 億美元。這包括經營活動提供的淨現金收益、第四季 8,800 萬美元股票回購的影響、低於面額的 5,600 萬美元可轉換債務回購的影響，以及約 4 億美元的收盤現金購買價格、後續損失。本季回購可轉換債券後，我們有 16 億美元的未償本金。

Before turning the page to 2024, I want to highlight how pleased I am with our execution throughout the entirety of 2023. We accelerated revenue growth from a decrease of 13% year-over-year in Q1 to an increase of 9% year-over-year in Q4. When combining the revenue growth with a disciplined approach to our cost structure, we feel well positioned entering this year.

在翻到 2024 年之前，我想強調一下，我對 2023 年全年的執行情況感到非常滿意。我們的收入加速增長，從第一季同比下降 13% 增加到同比增長 9% - 年第四季度。當將收入成長與嚴格的成本結構相結合時，我們感覺進入今年處於有利地位。

Turning to our outlook for Q1. I first want to level set on what we expect for existing homes' total transaction value. We estimate total transaction value to be between a decline of 4% to up 1% year-over-year in Q1. With that as a backdrop, we expect total company revenue to be between $495 million to $510 million, implying a year-over-year increase of 7% at the midpoint of our outlook range. We expect residential revenue to be between $365 million to $375 million, up 2% year-over-year at the midpoint of our outlook range.

轉向我們對第一季的展望。我首先想確定我們對現有房屋總交易價值的預期。我們預計第一季總交易額將年減 4% 至成長 1%。在此背景下，我們預計公司總營收將在 4.95 億美元至 5.10 億美元之間，這意味著我們的展望範圍中位數將年增 7%。我們預計住宅收入將在 3.65 億美元至 3.75 億美元之間，年增 2%，處於我們展望範圍的中點。

Despite the tough macro existing home sales environment, we expect our residential revenue to outperform the industry in Q1 as our growth pillars begin to contribute to revenue and the investments we have made in our overall funnel continue to deliver benefits. We expect rentals revenue to continue to grow more than 30% year-over-year in Q1 as we benefit from the strength of our execution and favorable industry backdrop driving landlord demand for advertising. We expect positive growth in mortgages revenue year-over-year in Q1. We plan to expand integration with our Premier Agent partners in enhanced markets, send more of our mortgage lease to ZHL directly and drive engagement with more consumers on our apps and sites to grow our origination volumes.

儘管宏觀現房銷售環境嚴峻，但我們預計第一季的住宅收入將跑贏產業，因為我們的成長支柱開始為營收做出貢獻，而我們在整體通路中所做的投資將繼續帶來效益。我們預計第一季的租金收入將繼續同比增長 30% 以上，因為我們受益於我們的執行力和有利的行業背景推動房東對廣告的需求。我們預計第一季抵押貸款收入將年增。我們計劃在增強的市場中擴大與我們的高級代理商合作夥伴的整合，將更多的抵押貸款租賃直接發送給ZHL，並推動與更多消費者在我們的應用程式和網站上的互動，以增加我們的原始數量。

For Q1, we expect EBITDA to be between $95 million and $105 million, implying a 20% margin at the midpoint of our outlook range. This implies EBITDA expenses will increase from the $391 million in Q4 that excludes the lease termination expense. The increase is being driven by 3 primary factors: one, we take on a full quarter of operating costs for Follow Up Boss; two, there is an annual increase in payroll taxes that occurs every Q1; and three, we are staffing up variable headcount for sales given the growth we expect in 2024 from rentals, Listing Showcase and Zillow Home Loans.

對於第一季度，我們預計 EBITDA 將在 9,500 萬美元至 1.05 億美元之間，這意味著我們的展望範圍中點為 20% 的利潤率。這意味著 EBITDA 費用將從第四季度的 3.91 億美元（不包括租賃終止費用）增加。這一成長是由三個主要因素推動的：一是我們為 Follow Up Boss 承擔了整整一個季​​度的營運成本；第二，工資稅每年第一季都會增加；第三，鑑於我們預計 2024 年租金、房源展示和 Zillow 房屋貸款將出現成長，我們正在為銷售人員配備可變人員。

Moving on to 2024 as a whole. We want to provide some color for how we expect the year to play out based on the information we have today. First, we are currently assuming that the housing market is relatively flat in aggregate for the year. With that as a backdrop, we expect to drive double-digit revenue growth for the full year, implying accelerated year-over-year revenue growth throughout the year from the high single digits in Q1 that I've discussed in our outlook.

展望2024年。我們希望根據我們今天掌握的信息，為我們預計這一年的發展提供一些色彩。首先，我們目前假設今年房地產市場整體相對穩定。在此背景下，我們預計全年營收將實現兩位數成長，這意味著全年營收年增率將從我在展望中討論的第一季度的高個位數開始加速。

As we increase the breadth and depth of our products and services throughout the year, we expect our growth pillars will drive the vast majority of the revenue growth across our business in 2024. More specifically, in our residential revenue category, we expect continued market outperformance as we expand touring, make top-of-funnel improvements, integrate Follow Up Boss into our sales motions and expand the rollout of Listing Showcase. I will note that we expect the revenue contribution from Follow Up Boss to be a low single-digit percentage of our total company revenue in 2024.

隨著我們全年產品和服務的廣度和深度不斷增加，我們預計我們的成長支柱將在2024 年推動我們業務的絕大多數收入成長。更具體地說，在我們的住宅收入類別中，我們預計將繼續表現優於市場隨著我們擴大巡演，進行漏斗頂部的改進，將 Follow Up Boss 整合到我們的銷售活動中，並擴大 Listing Showcase 的推出。我要指出的是，我們預計 2024 年 Follow Up Boss 的收入貢獻占公司總收入的百分比將僅為個位數。

In rentals, we expect continued strong growth as we increase our multifamily properties and total listings. In mortgages, we expect Zillow Home Loans' integration with Premier Agents and our enhanced market expansion to drive meaningful growth. On the cost side, we believe our fixed investments are at the right level, which should result in our fixed costs growing modestly with inflation and our variable costs growing with or slightly ahead of revenue initially as we ramp up new hires to be fully productive.

在租金方面，隨著我們增加多戶住宅和掛牌房源總數，我們預計租金將持續強勁成長。在抵押貸款方面，我們預計 Zillow Home Loans 與 Premier Agents 的整合以及我們增強的市場擴張將推動有意義的成長。在成本方面，我們相信我們的固定投資處於正確的水平，這應該會導致我們的固定成本隨著通貨膨脹而小幅增長，而隨著我們增加新員工以充分發揮生產力，我們的可變成本最初會隨著收入的增長而增長或略高於收入的增長。

When combining our expected revenue growth and cost discipline, we expect modest EBITDA margin expansion for the full year. Beyond our revenue and EBITDA expenses, share-based compensation expense is an area of focus for us. We expect the absolute dollars of 2024 share-based compensation expense to be lower than 2023, and we expect to leverage SBC as a percentage of revenue from the combination of lower absolute dollars in SBC expense and projected revenue growth.

結合我們的預期收入成長和成本控制，我們預計全年 EBITDA 利潤率將適度成長。除了我們的收入和 EBITDA 支出之外，基於股票的薪資支出也是我們關注的領域。我們預計 2024 年股權激勵費用的絕對金額將低於 2023 年，並且我們預計，由於 SBC 費用絕對金額較低和預計收入增長，我們將利用 SBC 佔收入的百分比。

Stepping back from our Q4 results, Q1 outlook and 2024 early thoughts, I want to discuss the financial philosophy we have as a company as we execute on our go-forward strategy. As you heard from both Rich and Jeremy, Zillow today is a much different business from what it was several years ago. Our revenue base has diversified to the point where a majority of our revenue is now derived from sources other than buy side fees. We have growth pillars we are executing against and are excited about, with a $30 billion for sale revenue opportunity accessible in our funnel today. As we continue to execute on our growth pillars, while controlling fixed costs and gaining leverage on share-based compensation expense, we expect to deliver operating leverage resulting in strong GAAP profitability over time.

回顧我們第四季的業績、第一季的前景和 2024 年的早期想法，我想討論我們作為一家公司在執行前進策略時所擁有的財務理念。正如您從 Rich 和 Jeremy 那裡聽到的那樣，如今的 Zillow 業務與幾年前有很大不同。我們的收入基礎已經多元化，現在我們的大部分收入都來自買方費用以外的來源。我們有我們正在執行的成長支柱，並且對此感到興奮，今天我們的漏斗中可以獲得 300 億美元的銷售收入機會。隨著我們繼續執行我們的成長支柱，同時控制固定成本並獲得基於股票的薪酬費用的影響力，我們預計將隨著時間的推移提供營運槓桿，從而帶來強勁的 GAAP 獲利能力。

Beyond our organic investments, we have made several acquisitions to accelerate our growth pillars. For example, we acquired ShowingTime in 2021, which accelerated our launch of real-time touring. Since then, we acquired 2 real estate media businesses, VRX and Aryeo, to scale ShowingTime+'s Listing Showcase product with both first-party and third-party photographers. We also acquired Spruce, a tech-enabled title and closing business to add to our housing super app experience over time.

除了我們的有機投資之外，我們還進行了多項收購來加速我們的成長支柱。例如，我們在2021年收購了ShowingTime，這加速了我們即時巡演的推出。從那時起，我們收購了兩家房地產媒體公司 VRX 和 Aryeo，以與第一方和第三方攝影師一起擴展 ShowingTime+ 的 Listing Showcase 產品。我們還收購了 Spruce，這是一家技術支援的遊戲和結帳業務，以隨著時間的推移增加我們的房屋超級應用程式體驗。

And most recently, we acquired Follow Up Boss to create a best-in-class CRM for our Premier Agents and the industry. M&A is not our core strategy. However, we will continue to pursue selective opportunities when we find ways to accelerate our growth pillars. Beyond our day-to-day operating philosophy, we have been active in deploying capital over the past several years, returning $1.7 billion to shareholders since the beginning of our stock repurchase program in Q4 2021. And we plan to continue to be opportunistic with the program going forward. Last, we remain focused on retiring our outstanding convertible debt. In 2023, we repurchased a total of $58 million in principal of our 2025 notes. We now have $1.6 billion of convertible senior notes, which we may opportunistically redeem if they become callable.

最近，我們收購了 Follow Up Boss，為我們的高級代理商和行業創建一流的 CRM。併購不是我們的核心策略。然而，當我們找到加速成長支柱的方法時，我們將繼續選擇性地尋求機會。除了我們的日常營運理念之外，我們在過去幾年中一直積極部署資本，自 2021 年第四季度開始股票回購計劃以來，我們向股東返還了 17 億美元。我們計劃繼續抓住機會，計劃繼續進行。最後，我們仍然專注於償還未償還的可轉換債務。 2023 年，我們回購了總計 5,800 萬美元本金的 2025 年票據。我們現在擁有 16 億美元的可轉換優先票據，如果它們可以贖回，我們可能會趁機贖回它們。

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 was a year for us to release new products and tests in various markets, setting us up for more depth and more breadth in 2024 and 2025. We are clearly executing on our strategy and look forward to sharing more updates throughout 2024.

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 年是我們在各個市場發布新產品和進行測試的一年，為我們在2024 年和2025 年的更深入和更廣度奠定了基礎。我們正在明確執行我們的策略，並期待在2024 年分享更多更新。

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

接線員，接下來我們將開通提問專線。

(Operator Instructions) Our first question today comes from John Campbell with Stephens.

（操作員說明）今天我們的第一個問題來自約翰·坎貝爾和史蒂芬斯。

For the gains, I just wanted to start -- maybe if we could start on the share gains. You guys are obviously using total real estate revenue, I guess, as a basis of comparison versus the industry. I know you guys aren't directly reporting on Premier Agent, but if we can maybe below the surface just isolate that for now. But my question is, what's the growth initiatives you have in place? And then obviously, the flex pricing changes, would you expect to see a similar rate or maybe even greater degree of outperformance versus the national market just over the balance of the year and maybe even in the next?

對於收益，我只想開始——也許我們可以從份額收益開始。我想，你們顯然正在使用房地產總收入作為與產業進行比較的基礎。我知道你們並沒有直接報道高級特工，但如果我們可以在表面之下暫時將其隔離開來。但我的問題是，你們有哪些成長計畫？顯然，彈性定價發生變化，您是否期望在今年餘下時間甚至明年看到與全國市場類似的比率或甚至更大程度的表現？

John, this is Jerry Wacksman. I think the way we think about it is the share gains that we gave out this quarter the 2 most mature markets over that 2-year period helped show the path or what you should expect to see as we roll out more enhanced markets, right? As a reminder, those were the ones where we had great year-over-year data and enough time for the cohort to mature. And then as I said earlier, the 9 markets that we're in now, we're seeing connections growth that out -- that grows faster than the industry, which is a great leading indicator for share gains.

約翰，這是傑瑞·瓦克斯曼。我認為我們的思考方式是，我們本季在這兩年期間給出的兩個最成熟市場的份額收益有助於顯示出路徑，或者當我們推出更多增強的市場時，您應該期望看到什麼，對嗎？提醒一下，在這些專案中，我們擁有大量的同比數據，並且有足夠的時間讓隊列成熟。正如我之前所說，在我們現在所處的 9 個市場中，我們看到連線的成長速度超過了產業，這是份額成長的一個重要領先指標。

So that's why we're so confident in getting from 9 to what will be 40 by the end of 2024. And as we build the depth with more partners to offer the services to more customers in those markets, you should expect to see similar share gains from the set of customers and partners that we're working with in those markets.

因此，我們對到 2024 年底從 9 個增加到 40 個充滿信心。隨著我們與更多合作夥伴建立深度，為這些市場中的更多客戶提供服務，您應該會看到類似的份額從我們在這些市場中合作的客戶和合作夥伴中獲益。

Okay. That's helpful. And then one quick follow-up. I'm sure you guys are bracing for this question. But on the CoStar media blitz, if you will, obviously, spending, I guess, we'll find out soon how much this year, but it seems like a lot I think the burning question with a lot of investors is, will you guys respond? Will this be something that requires you guys to maybe up your brand investment spend? Maybe if you could talk to that. I know you guys have called out the 80% organic traffic, which is a pretty important number, but maybe if you could just shed some light on that?

好的。這很有幫助。然後是快速跟進。我相信你們都在為這個問題做準備。但在 CoStar 媒體閃電戰中，如果你們願意，顯然，我想，我們很快就會知道今年有多少錢，但似乎很多，我認為很多投資者最緊迫的問題是，你們願意嗎？回應？這是否需要你們增加品牌投資支出？也許如果你能談談的話。我知道你們已經提到了 80% 的自然流量，這是一個非常重要的數字，但也許你能解釋一下嗎？

Okay, John. Yes, this is Rich. So I guess I'd start off by saying we're not currently seeing any impact from this spend nor the buildup to the spend. As really Jeremy Hofmann discussed, our numbers are great. Our progress versus our growth pillars is great, and we really like our go-forward growth plan to expand our super app to more markets, as Jeremy Wacksman was just talking about, and all this culminated. Jeremy Hofmann gave his 2024 soft guidance on revenue growth to double digits with this -- with the competitive context in mind. And so that's how we feel things are going to develop.

好吧，約翰。是的，這是里奇。因此，我想我首先要說的是，我們目前沒有看到這筆支出或支出的增加產生任何影響。正如傑里米·霍夫曼所討論的那樣，我們的人數非常多。我們的成長支柱取得的進展是巨大的，我們真的很喜歡我們的前進成長計劃，將我們的超級應用程式擴展到更多市場，正如 Jeremy Wacksman 剛才所說的那樣，這一切都達到了頂峰。傑里米霍夫曼 (Jeremy Hofmann) 考慮到競爭環境，將 2024 年收入成長軟指導定為兩位數。這就是我們認為事情將會如何發展的原因。

To your specific question -- or do you think we'll need to change anything? We are a company that believe as we think about our marketing mix, we think about it very broadly. We are technologists in our DNA. We are product builders, the customers our North Star. We have always believed that the most important part of the marketing mix is the product itself. This has served us really well historically. It is what has put us in the position we are in today of being the traffic leader, the brand leader, the engagement leader.

對於你的具體問題——或者你認為我們需要改變什麼嗎？我們公司相信，當我們考慮我們的行銷組合時，我們會進行非常廣泛的思考。我們的基因裡就是技術專家。我們是產品製造者，客戶是我們的北極星。我們始終相信行銷組合中最重要的部分是產品本身。從歷史上看，這對我們很有幫助。正是這一點讓我們成為了今天的流量領導者、品牌領導者和參與度領導者。

And it's put us in a strategic position that is highly differentiated from anybody else in the industry. We are really trying to digitize the whole of the transaction. We're trying to replatform this whole industry. We're trying to integrate it all into the same Zillow housing super app. This is difficult stuff. It is highly differentiated, and we believe this is what ensures that we win long term.

這使我們處於與業內其他公司截然不同的策略地位。我們確實在嘗試將整個交易數位化。我們正在努力重塑整個產業的平台。我們正在嘗試將其全部整合到同一個 Zillow housing 超級應用程式中。這是一件很難的事。它具有高度差異化，我們相信這是確保我們長期獲勝的原因。

Our next question comes from Brad Erickson with RBC.

我們的下一個問題來自加拿大皇家銀行的布拉德·埃里克森。

I guess just first on real-time touring in the markets where you've had some time to see how it plays and appreciate those charts in the presentation. What would you say are kind of like the main friction points and then time frame that lie kind of between an agent getting -- starting to get those new higher quality leads and then choosing to lean in with their spend? And then I have a follow-up.

我想首先是在市場中進行即時巡演，您有一些時間來了解它的運作方式並欣賞演示中的那些圖表。您認為主要的摩擦點和時間框架是指代理商開始獲得新的更高品質的潛在客戶，然後選擇投入他們的支出之間的時間框架嗎？然後我有一個後續行動。

Yes, Brad, on real-time touring, it is a mix of eligibility with both the consumer and the agent and the listing, right? It's like all 3 things. And so we're really pleased with how real-time touring has gone. And I think you heard earlier, we talked about getting from 10% of connections currently to 20% by the end of 2024, and that's through a mix of going broader into more markets, but also going deeper in those markets with both customers and agents.

是的，布拉德，在實時巡演中，它是消費者、代理商和列表的資格混合體，對嗎？這就像所有三件事。因此，我們對實時巡演的進展感到非常滿意。我想您之前聽說過，我們談到到 2024 年底將連接數從目前的 10% 提高到 20%，這是透過更廣泛地進入更多市場以及與客戶和代理商一起深入這些市場來實現的。

And then on your specific question on the sort of agent partnering with the buyer, what we tend to find as we talk about this enhanced market strategy is when we start to work with these enhanced partners on the whole basket of services, real-time touring, Zillow Home Loans, seller services, increasingly Follow Up Boss. This becomes a much broader conversation around how to help them grow and operate their business better in service of our customers. And so it is one part of the overall playbook we work with. Of course, it's a really important one because these are incredibly high-value, high-intent customers who want to go see a house right now. And so the feedback on the reception continues to be really positive when they get a chance to work with those buyers.

然後，關於您關於與買方合作的代理類型的具體問題，當我們談論這種增強的市場策略時，我們往往會發現，當我們開始與這些增強的合作夥伴在整個服務籃子、實時旅遊方面合作時，我們往往會發現，Zillow Home Loans，賣家服務，越來越Follow Up Boss。這成為了一場更廣泛的對話，圍繞著如何幫助他們更好地發展和經營業務以服務我們的客戶。因此，它是我們合作的整體策略的一部分。當然，這是非常重要的，因為這些客戶是非常高價值、高意願的客戶，他們現在就想去看房子。因此，當他們有機會與這些買家合作時，接待回饋仍然非常積極。

But if you remember, we've talked a lot about how this is a new workflow for those agents as well. And many times, they have to build new muscle with their teams, with their team leads, with their individual agents to help service those customers to really provide that delightful experience that we're creating for the customers. So when it works, it's really magical because the consumer gets what they want different from anything else in the industry. But to your point, it really is a new training mechanism, which is why we've been so methodical in testing and iterating on it in the markets we've been in.

但如果您還記得的話，我們已經討論過很多關於這對於這些代理商來說如何是一個新的工作流程。很多時候，他們必須與他們的團隊、他們的團隊領導、他們的個人代理一起增強新的力量，以幫助服務這些客戶，真正提供我們為客戶創造的令人愉快的體驗。因此，當它發揮作用時，它真的很神奇，因為消費者得到了他們想要的東西，這與行業中的其他東西不同。但就您而言，這確實是一種新的培訓機制，這就是為什麼我們在我們所在的市場中如此有條理地測試和迭代它。

Got it. And then maybe just a quick follow-up on Follow Up Boss. Can you just give a little more detail there, just kind of on the unlock of the synergies you guys are going after within the PA business? And then just any integration costs for investment embedded there? Any color on that would be great.

知道了。然後也許只是對「跟進老闆」進行快速跟進。您能否提供更多細節，例如釋放您們在 PA 業務中追求的綜效？然後，是否有任何嵌入投資的整合成本？任何顏色都會很棒。

Yes. Maybe I'll start on the strategy, and Jeremy, you can hit costs. The strategy for Follow Up Boss, as Jeremy Hofmann said, is really twofold, right? One, it's help make what is already one of the best CRMs in the industry even better, right, give them oxygen and the ability to accelerate the road map of features and services that they have. And then secondly, it's to help introduce Follow Up Boss to more customers. So it's already the most popular CRM with our Premier Agents, but many of our Premier Agents don't yet use it. And obviously, many agents industry-wide don't yet use it, so helping them grow and attract more agent customers is the second part.

是的。也許我會開始製定策略，傑里米，你可以降低成本。正如 Jeremy Hofmann 所說，Follow Up Boss 的策略實際上是雙重的，對嗎？第一，它有助於使行業中最好的 CRM 之一變得更好，對吧，給他們氧氣以及加速他們所擁有的功能和服務路線圖的能力。其次，是為了幫助將Follow Up Boss介紹給更多的客戶。因此，它已經是我們的高級客服人員中最受歡迎的 CRM，但我們的許多高級客服人員尚未使用它。顯然，全行業的許多代理商還沒有使用它，因此幫助他們發展並吸引更多代理商客戶是第二部分。

When we do both those things, that rising tide is going to lift all boats, it's going to lift the Zillow transaction boat, right? And our agents working with the Zillow customers are going to be able to perform better, be more responsive satisfy the customer better and convert more, and you'll see that in conversion increases. So that's really the strategy.

當我們做這兩件事時，上漲的潮水將會抬高所有的船，它也會抬高 Zillow 交易的船，對嗎？我們與 Zillow 客戶合作的代理商將能夠表現得更好、反應更快、更好地滿足客戶並提高轉換率，您將看到轉換率的增加。這才是真正的策略。

Maybe I'll turn it over to you for cost. The only thing I'll add on cost is we're really excited to help them accelerate their road map. They had great plans in place already and the acquisition just closed in December. So we're still early in our planning.

也許我會把它轉給你以支付費用。我唯一要增加的成本是，我們非常高興能夠幫助他們加快路線圖。他們已經制定了宏偉的計劃，收購剛剛在 12 月完成。所以我們的計劃還處於早期階段。

Yes. It's Jeremy Hofmann. I'll reiterate what Jeremy Wacksman just said. It is early, right? So I highlighted in our prepared remarks, we're having -- we're seeing the first quarter of full cost to Follow Up Boss early in integration. I wouldn't say that there's outsized investment at this moment, but definitely really pleased with the product road map they have and the opportunity we have to really help them accelerate from here as we integrate them into our sales motions.

是的。我是傑瑞米·霍夫曼。我將重申傑里米·瓦克斯曼剛才所說的話。還早吧？因此，我在準備好的發言中強調，我們正在看到整合初期的 Follow Up Boss 第一季的全部成本。我不會說目前有巨額投資，但絕對對他們擁有的產品路線圖感到非常滿意，當我們將它們整合到我們的銷售活動中時，我們必須真正幫助他們從這裡加速。

Our next question today comes from Mark Mahaney with Evercore.

今天我們的下一個問題來自 Evercore 的 Mark Mahaney。

Okay. Two questions, please. This sort of outperformance, I think you said it was about 700 bps of outperformance versus the residential market. I think you had first guided the 400 bps. So just explain why you think you've been able to outperform. I know you've been doing it for a while, but maybe you outperformed a little bit more than you had expected in the quarter. And just how should we think about or how do you think about how your level of outperformance versus the market goes into this next year, into '24?

好的。請教兩個問題。我想您說過，這種表現優於住宅市場約 700 個基點。我認為您首先引導了 400 bps。因此，請解釋為什麼您認為自己能夠表現出色。我知道您已經這樣做了一段時間，但也許您在本季度的表現比您的預期要好一些。我們應該如何思考，或者你如何思考你的表現相對於市場的表現水平如何進入明年，進入'24？

And then I want to switch and ask you about costs. And get back to this question of if you're going to keep fixed costs fixed to this $1.1 billion and variable costs get leverage against it at that $400 million level and how long do you think you can sustain that for. You've been talking about it for a couple of quarters. It sounds like you're giving in a little bit on the variable cost, showing a little bit of deleverage first before leverage. But just, is that framework still going to hold for you that you can keep that fixed cost at $1.1 billion and variable at $400 million and getting leverage against that over time?

然後我想轉而問你有關費用的問題。回到這個問題：您是否打算將固定成本固定在 11 億美元，而可變成本在 4 億美元的水平上發揮槓桿作用，以及您認為可以維持多久。你們已經談論這個問題好幾個季度了。聽起來你在變動成本上做出了一點讓步，在槓桿之前先展示了一點去槓桿化。但是，這個框架是否仍然適用於您，您可以將固定成本保持在 11 億美元，將可變成本保持在 4 億美元，並隨著時間的推移獲得槓桿作用？

Yes. So it's Jeremy Hofmann, Mark. I'll take the second one first. On the cost structure, we feel -- continue to feel really good. So the fixed cost base, we expect to get leverage on over time. We feel like we're at the right levels right now. It will grow with inflation a bit, but generally at the right levels, and that's really with an eye towards our year-end 2025 targets on customer share gains. And we feel like we're well invested on the fixed side.

是的。這是傑里米·霍夫曼，馬克。我先拿第二個。在成本結構方面，我們感覺——繼續感覺非常好。因此，我們預計隨著時間的推移，固定成本基礎將獲得槓桿作用。我們覺得我們現在處於正確的水平。它會隨著通貨膨脹而略有增長，但總體上會在適當的水平，這實際上是為了實現我們 2025 年底客戶份額增長的目標。我們覺得我們在固定方面投資充足。

And then on the variable side, you're right, over time, we will get leverage, of course. And Listing Showcase, and rentals, and ZHL, we see really exciting growth opportunities, and we're staffing up sales ahead of that. That will take a little bit of time to ramp to get people fully productive, but over time, of course, get leverage there, and we're looking for efficiencies across the entire cost base always. So feel really good there.

然後在變數方面，你是對的，隨著時間的推移，我們當然會獲得槓桿作用。以及掛牌展示、租賃和 ZHL，我們看到了真正令人興奮的成長機會，並且我們正在提前增加銷售人員。這需要一點時間來提高人們的生產力，但隨著時間的推移，當然，我們會在整個成本基礎上尋求效率。所以在那裡感覺真的很好。

And then on the outperformance side, I'd say Q4 was about as expected, and we're really pleased with the outperformance across all of 2023. We don't overfocus on quarter-to-quarter fluctuations, just given how fluid macro has been and will continue to be. But I think 2023 was a great year for us. We accelerated revenue from Q1 to Q4. Total company revenue outperformed housing by 1,600 basis points. And then we've had 6 straight quarters of outperformance in residential as well. And we expect more of the same in 2024.

然後在優異的表現方面，我想說第四季的表現與預期基本一致，我們對2023 年全年的優異表現感到非常滿意。我們不會過度關注季度間的波動，只是考慮到宏觀經濟的流動性如何過去是，並將繼續是。但我認為 2023 年對我們來說是偉大的一年。我們從第一季到第四季加速了營收成長。公司總收入比房地產收入高出 1,600 個基點。然後我們在住宅領域也連續六個季度表現出色。我們預計 2024 年還會出現更多類似情況。

I alluded to it in my prepared remarks, but we expect to grow double digits in 2024 against the flattish housing market. And then to double-click further into that, we expect acceleration throughout 2024 with a lot of that acceleration coming from our growth pillars as we get into more markets and go deeper into existing markets. And when I look across our enhanced markets are going to go from 9 to 40, covering 20% of all connections.

我在準備好的發言中提到了這一點，但在房地產市場表現平淡的情況下，我們預計 2024 年將實現兩位數成長。然後進一步雙擊，我們預計 2024 年會出現加速，隨著我們進入更多市場並深入現有市場，大部分加速來自我們的成長支柱。當我放眼望去時，我們的增強型市場將從 9 個增加到 40 個，涵蓋所有連接的 20%。

Real-time touring, we think, is going to go from 10% of all connections to 20% of all connections. Showcase is really starting to sell broadly in January, and we expect that revenue to build throughout the course of the year. And then rentals is executing really, really well. We're expecting to see 30%-plus growth again in Q1. And ZHL will grow alongside market expansion and more consumption of mortgage leads. So just across the business, it feels like we're really well set up for 2024 as well.

我們認為，即時巡迴將從所有連線的 10% 增加到所有連線的 20%。 Showcase 一月份才真正開始廣泛銷售，我們預計全年收入都會增加。然後租金執行得非常非常好。我們預計第一季將再次實現 30% 以上的成長。 ZHL 將隨著市場擴張和抵押貸款線索消費的增加而成長。因此，就整個產業而言，我們似乎也為 2024 年做好了充分準備。

Our next question comes from Ryan McKeveny with Zelman Associates.

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

Congrats on the progress. Curious if you can talk about Listing Showcase. I guess just reception to date between what are Premier Agents and let's call the non-Premier Agents, and I ask because within the slide deck and kind of the opportunity ahead of getting to 5% to 10% share of listings seems to suggest plenty of opportunity, both for Premier Agents and kind of cross-selling the Listing Showcase product and non-Premier Agents. So anything you can share with us to date. Obviously, knowing it's small at this point in time, but yes, how that's going so far and how you think about that balance and opportunity between kind of cross-selling in the PA side of things versus new agents that don't currently partner with Zillow.

祝賀取得的進展。很好奇您是否可以談論清單展示。我猜想到目前為止，什麼是高級代理商和我們稱之為非高級代理商之間的接待情況，我之所以這麼問，是因為在幻燈片中，以及在達到5% 至10% 的房源份額之前的機會似乎表明了很多機會，對於高級代理商以及交叉銷售清單展示產品和非高級代理商。到目前為止，您可以與我們分享的任何內容。顯然，知道目前它的規模很小，但是，是的，到目前為止進展如何，以及您如何看待 PA 方面的交叉銷售與目前未與之合作的新代理商之間的平衡和機會齊洛。

Yes. Happy to. I mean you're right. It is early, and Listing Showcase having just launched in Q3 and we're just now flipping to national. But in the early signal, there's lots of signal. And as I talked about, the agent response has been really positive. I think folks are seeing it as a tool to market themselves and win more listings as well as market the listings. And then, of course, that provides us benefit to our buyer experience that results in the higher engagement with page view saves and shares, we shared some of the data on.

是的。高興。我的意思是你是對的。現在還早，上市展示剛在第三季推出，我們現在剛轉向全國。但在早期訊號中，有許多訊號。正如我所說，代理商的反應非常積極。我認為人們將其視為行銷自己、贏得更多清單以及行銷清單的工具。當然，這為我們的買家體驗帶來了好處，從而提高了頁面視圖保存和分享的參與度，我們分享了一些數據。

We are seeing success with both Premier Agents and non-Premier Agents in the markets we've been in and as we've continued to take it to more markets and we expect that to continue. And that's what gives us excitement for the intermediate-term target we shared with you all going from what is less than 1% of listings today to 5% to 10% of total active listings at some point here in the future. And we think there's growth and opportunity beyond that.

我們在我們所涉足的市場中看到了高級代理商和非高級代理商的成功，隨著我們繼續將其推向更多市場，我們預計這種情況將繼續下去。這就是讓我們對與大家分享的中期目標感到興奮的原因，即從目前掛牌量的不到 1% 到未來某個時候佔活躍掛牌總數的 5% 到 10%。我們認為除此之外還有成長和機會。

Scale in this business requires solving a bunch of operational complexity. The team has been hard at work doing, as Jeremy Hofmann talked about, it required a bunch of media investments. It requires a bunch of partner operations that the team has worked hard to get right, and we're now benefiting from the fruits of a lot of that investment as we take this nationwide.

這項業務的規模化需要解決一系列營運複雜性。正如傑里米·霍夫曼所說，該團隊一直在努力工作，這需要大量媒體投資。它需要團隊努力完成的一系列合作夥伴運營，而隨著我們在全國範圍內開展這項工作，我們現在正從大量投資的成果中受益。

So it is still early. We'll share more as we learn from being in more markets with a larger set of partners, but we're really pleased with the response and the progress and the ability to work with just great agents, whether they are existing Premier Agents or this is their way into working with Zillow for the first time is an exciting opportunity for Listing Showcase. And it's something we're seeing.

所以現在還早。當我們在更多市場與更多合作夥伴合作中學習時，我們將分享更多信息，但我們對反饋、進展以及與優秀代理商合作的能力感到非常滿意，無論他們是現有的高級代理商還是這個代理商這是他們首次與 Zillow 合作，這對 Listing Showcase 來說是一個令人興奮的機會。這是我們所看到的。

That's helpful. And one on ZHL. So the purchase volume growth kind of speaks for itself. But I think it implies market share-wise in the purchase origination business, close to a doubling in just the last 2 quarters alone. So obviously, good progress there. I guess I'm curious on the comments you made about going from 23% to 53% of customers that are also working with the PA. Is that a combination of the 2 kind of connection approaches you've talked about in the past being property first and financing first? Is that kind of a mix of both PA coming back to you and you going to PA? And just any commentary on whether it's one of those approaches meaningfully driving things or if it's a combination of both moving in the right direction.

這很有幫助。 ZHL 上還有一個。因此，購買量的成長是不言而喻的。但我認為這意味著採購發起業務的市場份額僅在過去兩個季度就接近翻倍。顯然，那裡取得了良好的進展。我想我對您關於將與 PA 合作的客戶從 23% 增加到 53% 的評論感到好奇。這是您過去談到的兩種聯繫方式（房產優先和融資優先）的結合嗎？這是 PA 回來給你和你去 PA 的混合嗎？以及關於它是否是那些有意義地推動事物的方法之一，或者是否是兩者的結合朝著正確的方向發展的任何評論。

Yes, it's a good question. The short answer to your last question is it's both. And I think the reason why it's both, it's important to remember sort of why mortgage for the customer and for Zillow, right? And yes, we all know 80% of homes are financed with a mortgage, but it is more importantly that 40% of homebuyers start their journey shopping for a mortgage. And so that's why we talk so much about most consumers either want to go see the house and book a tour, ideally with real time touring, or they want to figure out what they can afford, which Zillow Home Loans can help them with.

是的，這是一個好問題。對你最後一個問題的簡短答案是兩者都是。我認為兩者兼而有之的原因是，重要的是要記住為什麼要為客戶和 Zillow 提供抵押貸款，對吧？是的，我們都知道 80% 的房屋是透過抵押貸款融資的，但更重要的是，40% 的購屋者開始購買抵押貸款。這就是為什麼我們如此談論大多數消費者要么想要去看房子並預訂一次旅行，最好是實時旅行，要么他們想要弄清楚他們能負擔得起什麼，Zillow Home Loans 可以幫助他們。

Ultimately, they need to go through both those experiences. And whichever door they start with, they need to use a great agent and they need to get a mortgage to get the house done. And so it really is a contribution of both those things that's driving that 23% to 53%. And that's why we're so excited about the opportunity to grow and deliver that integration to more customers in more of these enhanced markets as we scale this recipe.

最終，他們需要經歷這兩種經歷。無論他們從哪扇門開始，他們都需要聘請一位優秀的經紀人，並且需要獲得抵押貸款才能完成房子。因此，這確實是這兩件事的共同作用，推動了 23% 到 53% 的成長。這就是為什麼當我們擴展這個方案時，我們對有機會在更多這些增強的市場中向更多客戶發展和提供這種整合感到非常興奮。

And that really does speak to the strong customer acquisition cost advantage, we think we have at Zillow, the majority of those customers, as Rich talked about, are already on Zillow, and many of them are already going through one of those doors. And so helping them understand and get what they need to use more of our services to get the house transaction done, right, that's a great business for us.

這確實說明了 Zillow 擁有強大的客戶獲取成本優勢，正如 Rich 所說，大多數客戶已經在 Zillow 上，而且其中許多人已經進入其中一扇門。因此，幫助他們了解並獲得他們需要的東西，以使用更多我們的服務來完成房屋交易，對吧，這對我們來說是一項偉大的業務。

But ultimately, as Rich said, it's what the consumer wants. It's what they need to be able to buy the house. So that's why we're so excited about mortgage. Yes, you're right, we're seeing over 100% year-over-year growth in purchase mortgage origination volume, and we expect growth to continue in 2024 as we continue to scale the business.

但最終，正如里奇所說，這就是消費者想要的。這是他們買房子所需要的。這就是為什麼我們對抵押貸款如此興奮。是的，您是對的，我們看到購買抵押貸款發放量同比增長超過 100%，並且隨著我們繼續擴大業務規模，我們預計這一增長將在 2024 年繼續。

The next question comes from Tom Champion with Piper Sandler.

下一個問題來自 Tom Champion 和 Piper Sandler。

Rentals growth is really strong, and it sounds like multifamily is driving a lot of that. The business has been around for a while. I'm just curious kind of the timing and why now that it's become kind of so large and picked up so much momentum. And just curious if there's any comment on the single-room initiative, I think, that was announced recently?

租金成長確實強勁，聽起來多戶型住宅在很大程度上推動了這一成長。該業務已經存在了一段時間。我只是好奇這個時機以及為什麼現在它變得如此之大並獲得瞭如此大的動力。我想知道最近宣布的單間計劃是否有任何評論？

Yes, Tom, I'll take both of those. I mean I think the why now is just the rental strategy that we've had in place for a while is working and it's working for both consumers and partners. We've had -- we have grown and have the largest audience in the category where we have the most renters coming to Zillow Group properties because we have the most listings, we have the most complete set of listings, which is really the #1 problem to solve for renters.

是的，湯姆，我兩個都要。我的意思是，我認為現在的原因只是我們已經實施了一段時間的租賃策略正在發揮作用，並且它對消費者和合作夥伴都有效。我們已經成長起來，在 Zillow Group 房產的租戶最多的類別中擁有最大的受眾，因為我們擁有最多的房源，我們擁有最完整的房源集，這確實是第一名為租房者解決的問題。

And we're able to leverage that audience growth and engagement to really drive multifamily growth and start to work with more multifamily partners to bring their inventory online on to our properties. And that's why we see a lot of growth potential ahead of us for rentals. That's what's driven the meaningful growth throughout 2023. And as Jeremy Hofmann said, we expect that to continue into 2024.

我們能夠利用受眾的成長和參與度來真正推動多戶型的成長，並開始與更多的多戶型合作夥伴合作，將他們的庫存帶到我們的房產上。這就是為什麼我們看到租賃市場存在巨大的成長潛力。這就是推動 2023 年實現有意義成長的原因。正如 Jeremy Hofmann 所說，我們預計這種情況將持續到 2024 年。

And then you specifically asked about the room for rent. Again, so for those who didn't see, we launched this week a new listing type, which is folks can post rooms for rent rather than entire places for rent, which is something that is increasingly common and prevalent across a lot of our rental markets. And we're really pleased with the early results there.

然後你還特別詢問了出租房間的狀況。同樣，對於那些沒有看到的人，我們本週推出了一種新的列表類型，即人們可以發布房間出租，而不是整個出租地點，這在我們的許多租賃中越來越普遍和普遍市場。我們對那裡的早期結果感到非常滿意。

We just turned it on in the last couple of weeks. But that again speaks to the strategy of try and organize and provide the most services and experiences for the renter and all renter personas and segments and then help them figure out which door they need to get through and which subset of inventory they want and that drives then the benefit for our partners, for the folks who are trying to find the right renter, whether that is a big building or an individual single-family home.

我們在過去幾週才將其打開。但這再次說明了嘗試組織並為租戶和所有租戶角色和細分市場提供最多服務和體驗的策略，然後幫助他們弄清楚他們需要通過哪扇門以及他們想要並驅動的庫存子集然後是我們的合作夥伴以及那些試圖尋找合適租戶的人們的利益，無論是大型建築還是個人獨戶住宅。

Our last question today comes from Ron Josey with Citigroup.

今天我們的最後一個問題來自花旗集團的 Ron Josey。

Great. Just a quick follow-up on the rentals question right there. Just -- when you think about growth going forward, is that from the multifamily property growth of 37,000 and growing or the mix of single-family, multifamily and sort of offering everything to everyone, which given your audience, I'm assuming that's the case, but any insights on those 2? And then I think, Jeremy, you talked about staffing up in head count for sales, and you mentioned rentals and Listing Showcase and Zillow Home Loans. Talk to us a little bit more about just the maturity of the current sales force and how you -- where you're investing, I guess, across those newer areas like rentals, Showcase and ZHL?

偉大的。只是對租金問題進行快速跟進。只是 - 當你考慮未來的增長時，是來自 37,000 套多戶型房產的增長，還是單戶型、多戶型的混合，以及向每個人提供一切的增長，這給了你的受眾，我假設這就是案例，但對這兩個有什麼見解嗎？然後我想，傑里米，您談到了銷售人員的配備，您還提到了租賃、房源展示和 Zillow 房屋貸款。與我們多談談目前銷售團隊的成熟度，以及您如何在租賃、展示櫃和 ZHL 等較新領域進行投資？

Yes. Maybe I'll start, and you can hit the staffing. I mean the short answer is it's going to be a mix of both. You're seeing, I would say, over-indexing growth from a revenue contribution standpoint in multifamily right now, but back to the strategy of the most complete set of listings. We do have both multifamily growth and longer tail, smaller inventory growth in terms of our rental manager and suite of products and services that are landlords and property managers use on that side.

是的。也許我會開始，你可以安排人員。我的意思是簡短的答案是這將是兩者的混合。我想說，你現在看到的是，從多戶住宅收入貢獻的角度來看，過度指數化成長，但回到最完整的清單策略。就我們的租賃經理以及房東和物業經理在這方面使用的產品和服務套件而言，我們確實實現了多戶型增長和長尾、較小的庫存增長。

So we're excited about both segments of supply driving not just audience growth and engagement but the business over time. But obviously, in the near term, you're seeing a faster acceleration in ramp on the multifamily side. In Q4, you saw that overindex, and I think you saw it in Q3 as well. And you should expect to see that early into next year as well. And then maybe on the various staff-ups, I don't know if you want...

因此，我們對這兩個供應領域感到興奮，這不僅能推動受眾的成長和參與度，還能推動業務的發展。但顯然，在短期內，您會看到多戶住宅的成長速度更快。在第四季度，您看到了指數過高，我認為您在第三季度也看到了這一點。您應該也能在明年初看到這一點。然後也許是關於各種人員的調整，我不知道你是否想要...

Yes, I can hit that. I mean I think it's natural at this point just given the evidence of traction that we have that we should be accelerating growth, and it's across all 3 of those. They all are doing quite well but have a lot of opportunity ahead of them. And we want to make sure we are well positioned from a sales staffing perspective to capture that growth.

是的，我可以做到這一點。我的意思是，我認為在這一點上這是很自然的，因為有證據表明我們應該加速成長，而且這涉及所有三個方面。他們都做得很好，但前面還有很多機會。我們希望確保從銷售人員配置的角度來看，我們處於有利地位，能夠抓住這一成長。

This will conclude our Q&A session. So I would like to pass the conference over to Rich for any further remarks.

我們的問答環節到此結束。因此，我想將會議轉交給 Rich，以便他可以發表進一步的意見。

Thanks, Sierra, and thanks, everybody, for your questions. You've heard today about our tremendous progress that we've made over the past 2 years on our journey to transform and replatform this largest of industries. As we look ahead, we are pressing down on the accelerator, increasing the breadth and depth of our products and services across more markets as we tap into this $30 billion TAM that's already accessible, already raising their hands for help, already inside our store. We'd like to thank you again for being on this journey with us, and we look forward to sharing more progress with you in the months ahead. All right. Have a nice evening.

謝謝塞拉，也謝謝大家提出的問題。今天您已經聽說了我們在過去兩年中在這一最大行業的轉型和平台重組過程中取得的巨大進展。展望未來，我們正在踩下加速器，在更多市場上增加我們產品和服務的廣度和深度，因為我們利用這個已經可以使用的 300 億美元 TAM，他們已經在我們的商店內舉手尋求幫助。我們再次感謝您與我們一起踏上這段旅程，我們期待在未來幾個月與您分享更多進展。好的。祝你今晚愉快。

That will conclude today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。