Zillow Group, Inc. (ZG) 2026 Q1 法說會逐字稿

Hello, and welcome to Zillow Group's first quarter 2026 financial results call. (Operator Instructions) Also as a reminder, this conference call is being recorded today. If you have any objections, please disconnect at this time. Brad, you may begin.

您好，歡迎參加 Zillow Group 2026 年第一季財務業績電話會議。（接線員指示）另外提醒各位，本次電話會議將於今日錄音。如您有任何異議，請立即中斷連線。Brad，您可以開始了。

Thank you. Good afternoon, and welcome to Zillow Group's quarterly earnings call. Joining me today to discuss our results are Zillow Group's CEO, Jeremy Wacksman; and CFO, Jeremy Hofmann.

謝謝。各位下午好，歡迎參加 Zillow Group 的季度財報電話會議。今天與我一同討論業績的有 Zillow Group 執行長 Jeremy Wacksman，以及財務長 Jeremy Hofmann。

During today's call, we will make cooking statements about our future performance and operating plans 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.

在今天的電話會議中，我們將根據目前的預期與假設，對未來表現與營運計畫作出前瞻性陳述。這些陳述存在風險與不確定性，我們鼓勵您參考我們向 SEC 提交文件中所述的風險因素，以取得更多資訊。

We undertake no obligation to update these statements as a result of new information or future events, except as required by law. Please review the cautionary statement and additional information in our earnings release, which can be found on our Investor Relations website.

除法律要求外，我們不承擔因新資訊或未來事件而更新這些陳述的任何義務。請查閱我們的財報新聞稿中的警示性聲明與其他補充資訊，該新聞稿可於我們的投資人關係網站取得。

This call is being broadcast on the Internet and is available on our Investor Relations website. Recording of the call will be available later today. During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we refer to as EBITDA and adjusted free cash flow, which we refer to as free cash flow.

本次電話會議將透過網際網路直播，並可於我們的投資人關係網站收聽。會議錄音將於今日稍晚提供。在會議中，我們將討論 GAAP 與非 GAAP 指標，包括調整後 EBITDA（我們稱之為 EBITDA）以及調整後自由現金流（我們稱之為自由現金流）。

We encourage you to read our shareholder letter and 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 open the call with remarks followed by live Q&A. And with that, I will now turn the call over to Jeremy Wacksman.

我們鼓勵您閱讀可於投資人關係網站取得的股東信與財報新聞稿，當中包含關於我們 GAAP 與非 GAAP 業績的重要資訊，包括歷史非 GAAP 財務衡量指標的調節表。我們將先進行開場發言，接著進行即時問答。接下來，我把電話交給 Jeremy Wacksman。

Good afternoon, everyone, and thank you for joining us. Q1 was another quarter of consistent execution and continued momentum across our business. We delivered revenue near the high end of our outlook range and EBITDA above our outlook, putting us on track toward achieving our full year goals. That consistency reflects a winning strategy and a platform that is built to grow.

各位下午好，感謝加入我們。第一季是我們持續穩健執行、並在各項業務上延續動能的又一個季度。我們的營收接近指引區間的高端，EBITDA 也高於指引，使我們朝全年目標邁進並保持在正軌上。這份一致性反映出我們的致勝策略，以及一個為成長而打造的平台。

Our strategy is straightforward, make moving easier by connecting the entire housing journey into 1 integrated experience supporting both consumers and the professionals who serve them. And for sale, that encompasses shopping, touring, financing, agent collaboration and closing for consumers, as well as a suite of agent software tools to make them more efficient at serving clients. And in rentals, it spans search, tours, applications, leases and payments.

我們的策略很直接：透過把整個住房旅程串聯成一個整合式體驗，讓搬家變得更容易，同時支援消費者與為其服務的專業人士。在買賣房產方面，這涵蓋消費者的找房、看房、融資、與房仲協作以及成交；同時也提供一套房仲軟體工具，讓他們能更有效率地服務客戶。在租賃方面，則涵蓋搜尋、看房、申請、租約與付款。

This integration is what drives better outcomes for everyone involved and fuels our growth. Roughly 80% of our traffic comes directly to us, and we have more than twice the daily active app users of our next closest competitor. Buyers, sellers, renters and professionals choose Zillow because we build experiences that they trust and come back to.

這種整合能為所有參與者帶來更好的成果，並推動我們的成長。我們約 80% 的流量為直接流量，而且我們的 App 每日活躍用戶數是最接近競爭對手的兩倍以上。買方、賣方、租客與專業人士選擇 Zillow，是因為我們打造了他們信任、並會持續回來使用的體驗。

Our Q1 results reflect continued execution and progress across the business. Total revenue increased 18% year-over-year in the first quarter, near the high end of our outlook range. We once again outperformed the broader housing market, which stayed essentially flat amid worse-than-expected weather and interest rate volatility. EBITDA exceeded our outlook, driven by lower cost than planned, and we reported $46 million of net income.

我們第一季的業績反映出公司在各項業務上持續執行與推進。第一季總營收年增 18%，接近指引區間的高端。我們再次跑贏整體房市；在天候較預期更差與利率波動的情況下，整體房市基本持平。EBITDA 高於指引，主要受惠於成本低於原先規劃；我們並錄得 4,600 萬美元的淨利。

We made further progress on margin expansion with net income margin up more than 500 basis points year-over-year. In for sale, revenue grew 12% year-over-year in Q1 to $514 million, with 8% growth in residential revenue and 56% growth in mortgages revenue. Our for-sale performance outpaced industry transaction trends, which were roughly flat and reflects our ability to convert more high-intent movers as we improve outcomes for consumers through a more integrated experience.

我們在毛利率擴張方面也取得進一步進展，淨利率年增超過 500 個基點。在買賣房產業務方面，第一季營收年增 12% 至 5.14 億美元，其中住宅營收成長 8%，房貸營收成長 56%。我們的買賣房產表現優於產業交易趨勢（約為持平），反映出隨著我們透過更整合的體驗改善消費者成果，我們有能力轉化更多高意圖的搬遷客群。

In Rentals, Q1 revenue was up 42% year-over-year, driven by 57% growth in multifamily revenue. We are gaining wallet share for broad-based marketing spend with multifamily property managers as they continue to see strong ROI we are providing to their businesses. Our results this quarter reflect our ability to innovate and grow the business while delivering sustainable profitability regardless of macro conditions.

在租賃業務方面，第一季營收年增 42%，主要由多戶型（multifamily）營收年增 57% 所帶動。隨著多戶型物業管理公司持續看到我們為其業務帶來的強勁投資報酬率（ROI），我們在其廣泛的行銷支出中取得更高的錢包份額。本季的結果反映出我們具備在任何總體環境下，持續創新與成長，同時交付可持續獲利能力的實力。

Before I give more detailed updates on what's driving our results in both for sale and rentals, I want to spend a moment on our company strategy and on how we're using AI to accelerate it. We laid out our thinking on this at our AI Investor Summit in March, and I'll reiterate it here. We have been building advanced technology and residential real estate for 20 years.

在我更詳細說明買賣房產與租賃兩大業務的業績驅動因素之前，我想先花點時間談談公司的策略，以及我們如何運用 AI 來加速推進。我們在 3 月的 AI 投資人高峰會上已闡述過相關思考，我也在此重申。我們在先進科技與住宅不動產領域已深耕 20 年。

From this estimate to the mobile revolution to computer vision and beyond. We are now in the next chapter of that arc, and we believe Zillow is uniquely positioned to lead real estate in this chapter as well, thanks to three advantages: content, context and integration.

從 Zestimate 到行動革命，再到電腦視覺等，乃至更多。我們如今正進入這段發展軌跡的下一章；我們相信 Zillow 也在這一章具備獨特的領先定位，原因在於三項優勢：內容、情境與整合。

These advantages are difficult to replicate and differentiate us from horizontal LLMs and from other real estate companies.

這些優勢難以複製，並使我們有別於通用型（horizontal）LLM，以及其他不動產公司。

First, content. We have the most comprehensive and increasingly differentiated housing inventory in the country across existing for-sale homes, new construction homes and rentals. Content that is elevated by proprietary rich media, Zillow 3D home tours, interactive floor plans, virtual staging and Sky tour. More than 10% of new for-sale listings on Zillow today include Zillow 3D home tours and interactive floor plans. And we expect rich media to become the standard that buyers and sellers demand for every listing.

第一，內容。我們擁有全美最全面、且差異化程度持續提升的住房房源庫，涵蓋既有二手待售住宅、新建住宅與租賃房源。這些內容並透過專有的豐富媒體而更具價值，包括 Zillow 3D 看房導覽、互動式平面圖、虛擬佈置（virtual staging）與 Sky tour。目前 Zillow 上超過 10% 的新上架待售房源包含 Zillow 3D 看房導覽與互動式平面圖。我們預期，豐富媒體將成為買方與賣方對每一筆房源都會要求的標準配備。

That substantial growing coverage is already making the consumer experience better. And over time, it will help make our AI more capable.

這種大規模且持續成長的覆蓋率，已在提升消費者體驗；隨著時間推進，也將有助於讓我們的 AI 更加強大。

Our second advantage is context. 70% of everyone who buys or sells a home in America uses Zillow during the process, spending an average of two to three hours a week over five months. They are not just browsing. They're saving homes, their booking tours, they're determining their viability range, messaging with their agents and loan officers and preparing to make offers.

第二項優勢是情境。在美國，買房或賣房的人當中有 70% 在過程中會使用 Zillow，平均在五個月期間每週花兩到三小時。他們不只是瀏覽而已；他們會收藏房源、預約看房、判斷自身可負擔範圍、與房仲及貸款專員傳訊，並為出價做準備。

That activity spanning every point in the transaction is sustained, deep, intent that Zillow uniquely sees and understands and it is the context that compounds into a unique scale data advantage.

這些橫跨交易每個節點的活動，代表著持續、深入且高意圖的行為；Zillow 能以獨特方式看見並理解，而這些情境會累積並強化為一項獨特且具規模的資料優勢。

Zillow doesn't just see the search or the first question. We see the homes someone returns to every day, the affordability calculations, the conversations with loan officers, the deals closed. That full Vantage is what allows us to do more than answer generic listing questions. We can answer personalized questions, anticipate what a consumer needs to do next and actually help them take that action.

Zillow 看到的不只是搜尋或第一個問題。我們看到的是某個人每天反覆回訪的房子、可負擔性計算、與貸款專員的對話、以及完成成交的交易。這種全景視角讓我們不僅能回答一般性的房源問題；我們能回答個人化問題、預判消費者下一步需要做什麼，並實際協助他們採取行動。

This leads to our third advantage, integration. For buyers and sellers, we connect marketing, search, touring, financing and closing into a single coherent experience interwoven with agent workflows. Tools that operate only at the top of the funnel can only answer service level questions, summarizing listings, providing market data, setting a search filter. But Zillow operates at the core of the transaction, not around the edges of it. We handle the complexity, understand the full picture and help consumers and professionals take action.

這引出第三項優勢：整合。對買方與賣方而言，我們把行銷、搜尋、看房、融資與成交串成單一且一致的體驗，並與房仲工作流程交織整合。僅在漏斗頂端運作的工具，只能回答服務層級的問題，例如彙整房源、提供市場數據、設定搜尋篩選條件。但 Zillow 運作於交易的核心，而非其邊緣。我們處理複雜性、理解全貌，並協助消費者與專業人士採取行動。

That's what Zillow is delivering. A buyer can understand whether they can afford a home through viability, see available times and book a tour through showing time, receive a preapproved loan scenario from Zillow Home Loans and connect with the Zillow preferred agent who already knows their search history and preferences through our robust CRM system, follow-up boss, all within a single continuous experience.

這正是 Zillow 正在交付的體驗。買方可以透過 viability 了解自己是否負擔得起某間房，透過 showing time 查看可預約時段並預訂看房，從 Zillow Home Loans 取得預先核准的貸款情境，並透過我們強大的 CRM 系統 Follow Up Boss，與已了解其搜尋歷史與偏好的 Zillow 優選房仲建立連結——全部都在單一、連續不中斷的體驗中完成。

These three advantages are built on something that matters just as much as the technology itself, two decades of operating in one of the most regulated and complex transaction categories. Structural complexity in housing shapes what AI can do and what it takes to do it well. Transactions are high dollar, high stakes, highly personal. And for most people, they have been only a handful of times over their entire lifetime. There are hundreds of thousands of brokers working across several hundred MLSs, powering 1.5 million real estate agents.

這三項優勢建立在一個同樣重要的基礎之上：除了技術本身之外，我們在一個監管最嚴格、交易最複雜的類別之一中營運了二十年。住房市場的結構性複雜度，形塑了 AI 能做什麼，以及要把它做好需要什麼。交易金額高、風險高、且高度個人化。對大多數人而言，一生中也只會經歷少數幾次。全美有數十萬名經紀人分布於數百個 MLS，支撐著 150 萬名不動產經紀人。

We've spent 20 years navigating this landscape, putting in place the industry relationships and the infrastructure to provide products and services directly for the transaction, not just observe it from the outside. Our long history of innovation and investment enable us to deliver value that only increases as AI capabilities grow.

我們花了 20 年在這個環境中摸索前行，建立產業關係與基礎設施，使我們能直接為交易提供產品與服務，而不只是從外部觀察。我們長期的創新與投資，使我們能交付的價值會隨著 AI 能力成長而持續提升。

At our AI Summit last month, we also debuted Zillow's new consumer-facing AI mode experience. This new way of engaging throughout our site is live for about 5% of our audience so far which equates to availability for millions of users, and we plan to expand access this year as we continue to test, learn and refine the experience, consistent with how we approach all major product rollouts.

在上個月的 AI 高峰會上，我們也首次亮相 Zillow 全新的面向消費者的 AI 模式體驗。這種在我們網站各處互動的新方式，目前已對約 5% 的受眾上線，等同於讓數百萬名使用者可用；我們計畫在今年持續測試、學習並精進體驗的同時擴大開放範圍，這也符合我們對所有重大產品推出的一貫做法。

Early signals are encouraging. Zillow users and AI mode are having deeper, more substantive conversations than they do in traditional search, and we are seeing more actionable engagement as a result. As just one of many examples of how users are engaging throughout the transaction life cycle, a recent AI mode user had 16 conversations across 10 days researching neighborhoods in Sonoma County, California, comparing areas, tracking sold properties, asking for shareable maps to discuss with a partner and referencing their agent in Santa Rosa. They are now under contract to buy one of the homes they found through this robust experience.

早期訊號令人鼓舞。Zillow 使用者與 AI 模式之間的對話，比傳統搜尋更深入、更具實質內容，因此我們也看到更多可採取行動的互動。舉眾多例子之一，近期有一位 AI 模式使用者在 10 天內進行了 16 次對話，研究加州索諾馬郡的社區、比較不同區域、追蹤已售物件、索取可分享的地圖以便與伴侶討論，並提及他們在聖羅莎的房仲經紀人。如今，他們已就透過這個強大體驗找到的其中一間房屋簽約購買。

That is the arc Zillow covers, guiding the consumer from the very first question to Keys in hand. We are also empowering the professional at every step embedding AI throughout the agent and loan officer experience to help them better serve customers and work more efficiently. This makes our platform increasingly indispensable to the professionals who drive the most volume in this industry. Consider what a high-performing agents day looks like, juggling multiple active clients while simultaneously running a pipeline of hundreds, prospecting for new listings, negotiating offers and having the key conversations that move deals forward.

這正是 Zillow 所涵蓋的完整旅程：引導消費者從第一個問題一路走到「鑰匙到手」。我們也在每一步賦能專業人士，將 AI 深度嵌入房仲經紀人與貸款專員的使用體驗，協助他們更好地服務客戶並更有效率地工作。這讓我們的平台對於推動本產業最大交易量的專業人士而言愈發不可或缺。想像一下高績效房仲經紀人的一天：同時應對多位活躍客戶、並行管理數百筆的案源管線、開發新委託、談判出價，以及進行推動交易向前的關鍵對話。

Follow Up Boss, which top agents in the country rely on to manage their businesses, PAUSE is becoming an AI-powered workflow engine that handles coordination, prioritization and outreach. So agents can stay focused on the judgment, advocacy, trust and human relationships that get deals done.

全美頂尖房仲經紀人仰賴的 Follow Up Boss 用於管理其業務，而 PAUSE 正在成為一個由 AI 驅動的工作流程引擎，負責協調、排序優先順序與外聯。如此一來，經紀人就能專注於促成交易所需的判斷力、倡議、信任與人際關係。

The result is that great agents become, in effect, super agents who can take on more actions at higher quality without more hours, all enabled by Zillow. Just as AI is making our two sided marketplace work smarter on both sides and for sale, the same is true in rentals. For renters, it's powering more personalized search and helping surface the right next step, whether that's scheduling a tour, submitting an application or understanding financial readiness for a future home purchase.

結果是，優秀的經紀人實質上成為「超級經紀人」：在不增加工時的情況下，以更高品質完成更多行動，而這一切都由 Zillow 所賦能。正如 AI 讓我們的雙邊市場在買賣雙方與待售端都更聰明運作，在租賃領域亦然。對租客而言，AI 促成更個人化的搜尋，並協助呈現正確的下一步——無論是安排看房、提交申請，或了解未來購屋的財務準備度。

For property managers using AI assist, it's streamlining lead management, application screening and lease coordination, reducing friction at every step of the transaction. Our commitment to AI field efficiency doesn't stop at our consumer and professional products, it runs all the way through how Zillow itself operates. We are rapidly becoming an AI-native company. And internally, we're already seeing what that means in practice.

對使用 AI 助理的物業管理者而言，它能簡化潛在客源管理、申請審核與租約協調，降低交易每一步的摩擦。我們對 AI 提升現場效率的承諾不僅止於消費者與專業產品，也延伸到 Zillow 自身的營運方式。我們正在快速成為一家 AI 原生公司。而在內部，我們已經看到這在實務上代表什麼。

Our engineers are shipping 40% more code per engineer at the same or higher quality. Product and design teams are prototyping faster and taking features from concept to launch in a matter of days. And our employees are using AI to reinvent and streamline their workflows. We are investing to make AI a foundational capability for our employee base, channeling productivity gains directly back into building more and building faster, so the benefits compound over time.

我們的工程師在相同或更高品質下，每位工程師交付的程式碼量提升了 40%。產品與設計團隊能更快製作原型，並在短短數天內將功能從概念推進到上線。我們的員工也正使用 AI 重新發明並精簡其工作流程。我們正投資讓 AI 成為員工基礎能力，將生產力提升直接回流到「做得更多、做得更快」，使效益隨時間累積放大。

We have spent two decades building the content, the context and the integration that differentiate Zillow from others in our category. Now we are powered by AI across every layer of our company in our products, and our professional tools and in how we build. All that depth of capability positions Zillow to lead real estate in the AI era.

我們花了二十年打造內容、情境脈絡與整合能力，這些都是 Zillow 與同類別其他業者的差異化所在。如今，我們在公司每一層面都由 AI 驅動——在產品中、在專業工具中，以及在我們的建置方式中。這些深厚能力使 Zillow 得以在 AI 時代引領房地產產業。

Now I'll walk you through more details on how our strategy is coming to life in each area of our business, starting with for sale. Our thesis is straightforward. Integration improves outcomes. When marketing, search, touring, financing and agent collaboration work together, every participant in the transaction gets a better result. Buyers and sellers move forward with confidence agents close more deals and Zillow captures more of the opportunity already flowing through our funnel.

接下來我將更詳細說明我們的策略如何在各業務領域落地，先從待售市場開始。我們的論點很直接：整合能改善成果。當行銷、搜尋、看房、融資與經紀人協作能夠協同運作，交易中的每位參與者都能得到更好的結果。買方與賣方能更有信心地推進；經紀人能成交更多案子；而 Zillow 也能掌握更多已經流經我們漏斗的機會。

Here's how that thesis continues to prove out for buyers, sellers and their real estate agents. For buyers, the integrated experience begins the moment they start shopping. Viability, a tool from Zillow Home Loans that helps buyers understand what they can realistically afford before they tour or make an offer, has enrolled 4.3 million users as of the end of Q1, up from $3.6 million at the end of 2025.

以下說明這個論點如何持續在買方、賣方與其房仲經紀人身上得到驗證。對買方而言，整合式體驗從他們開始看房找屋的那一刻就啟動。Zillow Home Loans 的 Viability 工具可協助買方在看房或出價前，了解自己實際可負擔的範圍；截至第一季末，已累計 430 萬名使用者註冊，高於 2025 年底的 360 萬名。

Buyers see real value in Zillow Home Loans affordability tools, competitive rates, free appraisals for eligible buyers and fast load officer response times. Purchase loan origination volume grew by 96% year-over-year to a record $1.5 billion in Q1. And Zillow Home Loans is now a top 25 purchase lender.

買方確實看見 Zillow Home Loans 的可負擔性工具、具競爭力的利率、符合資格買方的免費鑑價，以及貸款專員快速回覆所帶來的價值。第一季購屋貸款承作量年增 96%，達到創紀錄的 15 億美元。而 Zillow Home Loans 現已躋身前 25 大購屋貸款機構。

Zillow Home Loans averages double-digit adoption rates across our enhanced markets, PAUSE where the integrated transaction experience is most fully realized as we help agents and loan officers better serve buyers. Enhanced markets accounted for 49% of our connections in Q1, up from 44% in Q4 and well on our way to our target of at least 75%.

在我們的強化市場中，Zillow Home Loans 的採用率平均達到兩位數；在 PAUSE 中，整合式交易體驗最為完整落地，因為我們協助經紀人與貸款專員更好地服務買方。第一季強化市場貢獻了我們 49% 的連結量，高於第四季的 44%，並正穩步邁向至少 75% 的目標。

Our new shop with pre-approval feature, which is now available across our entire platform, takes the integration a step further. Buyers who have a Zillow Home Loans verified preapproval on hand now get a clearer view of the monthly cost of ownership and whether a listing is within their preapproval budget.

我們全新的「先取得預先核准再找房（shop with pre-approval）」功能，現已在整個平台上線，讓整合更進一步。手上持有 Zillow Home Loans 已驗證預先核准的買方，現在能更清楚看到每月持有成本，以及某個房源是否落在其預先核准的預算範圍內。

It makes the shopping experience more grounded and actionable signals to us and agents that a buyer is higher intent, and it is one of the clearest expressions yet of what our integrated platform can do to help a buyer shop with confidence.

這讓找房體驗更踏實、更可行動，也向我們與經紀人釋放訊號：該買方的意圖更高；同時，這也是迄今最清楚展現我們整合式平台如何協助買方更有信心找房的例子之一。

Shop with preapproval is unique to Zillow, and it works in concert with our tool called My Agent, which lets buyers designate the agent they're working with, regardless of whether they're a Zillow preferred agents and shop alongside them, making a buyer's whole team present and accessible as they use Zillow, messaging on the Zillow app then threads it all together by letting a buyer, agent and load officer communicate in one place.

「先取得預先核准再找房」是 Zillow 獨有，並與我們名為 My Agent 的工具協同運作；My Agent 讓買方指定其合作的經紀人，不論該經紀人是否為 Zillow 優選經紀人，並可與其一同找房，讓買方的整個團隊在使用 Zillow 時都能隨時在場且可觸達。而 Zillow App 上的訊息功能則把一切串接起來，讓買方、經紀人與貸款專員能在同一處溝通。

We're also bringing co shoppers into a cohesive integrated experience because a significant portion of buyers aren't going it alone. On Zillow, buyers can search and collaborate with a co-shopper in real time. This capability became available earlier this year and is already driving better buyer engagement because it brings a naturally collaborative part of the home buying journey into Zillow's integrated ecosystem where those discussions can be acted on.

我們也將共同找房者（co-shoppers）納入一致的整合式體驗，因為相當一部分買方並非單打獨鬥。在 Zillow 上，買方可以與共同找房者即時搜尋並協作。這項能力於今年稍早推出，已帶動更好的買方互動，因為它把購屋旅程中天然具有協作性的環節帶入 Zillow 的整合生態系，讓這些討論能被轉化為行動。

For sellers, we continue to expand our suite of products designed to provide differentiated ways to market homes and achieve stronger results. Zillow Preview gives premarket listings broad public exposure on the most visited real estate platform in America.

對賣方而言，我們持續擴充產品組合，提供差異化的房屋行銷方式並取得更強的成果。Zillow Preview 讓預上市房源在美國造訪量最高的房地產平台上獲得廣泛的公開曝光。

Unlike premarketing in a private listing network, preview listings in front of the buying public from day one. And with preview, sellers can build interest and get real-time signals, views, saves to our scheduling requests from Zillow's massive audience of deeply engaged users, which is pricing intelligence they can actually use. And preview listing service right in a buyer's regular Zillow search and recommendations, no insider access required.

不同於在私人房源網路中的預行銷，Preview 讓房源從第一天起就面向廣大買方公開展示。透過 Preview，賣方可以累積市場興趣並取得即時訊號——瀏覽量、收藏數、以及來自 Zillow 龐大且高度投入使用者的看房排程請求——這些都是他們真正能用來定價的洞察。此外，Preview 房源會直接出現在買方日常的 Zillow 搜尋與推薦中，不需要任何內部權限。

Yesterday, we announced a new preview collaboration with realtor.com, extending the visibility of preview listings across the 2 most visited real estate platforms in the country. This wide exposure benefits sellers, buyers and agents with unrestricted access to the inventory in more places. New Harris Poll survey data backs up why this matters. Nearly 9 in 10 Americans would be interested in viewing pre-listed homes online if they were buying a home and 85% of soon-to-be sellers said they'd be more likely to hire an agent who can premarket their home to the broadest online audience. So it is no wonder agent adoption of Zillow Preview has moved so quickly.

昨天，我們宣布與 realtor.com 展開新的 Preview 合作，將 Preview 房源的能見度延伸至全美造訪量最高的兩大房地產平台。這種廣泛曝光讓賣方、買方與經紀人都能在更多地方不受限制地取得房源庫。新的 Harris Poll 調查數據也支持其重要性：若正在購屋，近 10 位美國人中有 9 位會有興趣在線上查看預上市房屋；而 85% 的準賣方表示，他們更可能聘請能將其房屋預行銷給最廣泛線上受眾的經紀人。因此，Zillow Preview 的經紀人採用速度如此之快也就不足為奇。

We announced preview just seven weeks ago with five initial brokerage partners, and we have since added more than 60 brokerages. We are currently onboarding agents to use preview, and we're excited about the significant agent demand as we launch and scale it. After Zillow Preview builds initial momentum and the listing goes active, sellers and agents can choose Zillow Showcase to maximize impact. Showcase listings provide an immersive, high-impact listing experience that includes interactive floor plans, 3D tours, virtual staging and Sky tour and they drive more engagement and sell faster and for more money than non showcase listings.

我們在七週前才宣布 Preview，當時只有五家初始合作的房仲經紀公司，而此後我們已新增超過 60 家經紀公司。我們目前正協助經紀人上線使用 Preview，並對於在推出與擴張過程中顯著的經紀人需求感到振奮。當 Zillow Preview 建立初期動能且房源正式上架後，賣方與經紀人可選擇 Zillow Showcase 以最大化影響力。Showcase 房源提供沉浸式、高衝擊的刊登體驗，包含互動式平面圖、3D 導覽、虛擬佈置與 Sky tour，並能帶來更高互動、以更快速度成交，且成交價格高於非 Showcase 房源。

Zillow Showcase was on 4.3% of new listings in Q1, up from 3.7% in Q4. Agents using showcase on the majority of their listings win more new listings than peers who don't, which is why adoption continues to grow, including through recent enterprise-level agreements with some of the country's largest brokers and franchisors. Together, Preview and Showcase give sellers and their agents a complete marketing toolkit for the listing life cycle.

Zillow Showcase 在第一季佔新上架房源的 4.3%，高於第四季的 3.7%。在其大多數房源上使用 Showcase 的經紀人，比未使用的同業贏得更多新委託，因此採用率持續成長，其中也包括近期與全美一些最大型的經紀公司與加盟總部簽訂的企業級協議。Preview 與 Showcase 共同為賣方及其經紀人提供涵蓋房源全生命週期的完整行銷工具組合。

For professionals, the tools and infrastructure Zillow provides on both sides of the transaction can increasingly function as an operating system for modern real estate. Follow Up Boss is the customer relationship management system of choice for more than 80% of the highest volume real estate teams in the country and has seen more than 70% growth in monthly active users since Zillow acquired it at the end of 2023.

對專業人士而言，Zillow 在交易雙方所提供的工具與基礎設施，正日益可作為現代房地產的作業系統。Follow Up Boss 是全美超過 80% 最高成交量房地產團隊的首選客戶關係管理（CRM）系統，自 Zillow 於 2023 年底收購以來，其月活躍用戶數已成長超過 70%。

Showing time enables tours on 90% of all homes for sale in the country. 40 million tours were booked through the platform last year, and dotloop facilitates closings on nearly half of all transactions nationwide. Each of these is a significant product in its own right. connected, they power the transaction from the first signal that a consumer is shopping to the final closing document.

ShowingTime 讓全美 90% 的待售住宅都能安排帶看。去年透過該平台預約的帶看行程達 4,000 萬次，而 dotloop 則促成全國近一半交易的結案。這些產品各自都是重要的獨立產品；而當它們彼此連結時，便能從消費者開始看房的第一個訊號一路驅動交易，直到最終的結案文件。

Zillow Pro brings it all together giving agents a single connected system to manage all of their clients, including those who originated outside the Zillow ecosystem. Zillow Pro is in beta and already drawing meaningful interest with more than 12,000 agents using the product so far. It's on track for a broader nationwide rollout in the second half of this year. Over time, we expect Zillow Pro to reinforce our role as a long-term partner for real estate professionals across their entire business. All of our for-sale solutions point to the same conclusion.

Zillow Pro 將一切整合在一起，讓經紀人擁有一套單一且互聯的系統來管理所有客戶，包括那些並非源自 Zillow 生態系的客戶。Zillow Pro 目前處於 Beta 測試階段，已吸引實質關注，迄今已有超過 12,000 名經紀人使用該產品。它正按計畫於今年下半年在全美更廣泛推出。長期而言，我們預期 Zillow Pro 將強化我們作為房地產專業人士長期合作夥伴的角色，覆蓋其整體業務。我們所有的待售解決方案都指向同一結論。

The more integrated the experience, the better the outcome, for buyers, for sellers, for agents, for loan officers and for Zillow.

體驗越整合，結果就越好——對買方、賣方、經紀人、貸款專員以及 Zillow 皆然。

We are executing against our $1 billion incremental mid-cycle revenue target in for sale and the momentum we are building gives us conviction about the path ahead. In rentals, we are building something that has not previously existed in the category, a true comprehensive two-sided marketplace that brings together the most and the widest variety of listings, high-intent demand and modern transaction tools.

我們正推進待售業務在中期循環中新增 10 億美元營收的目標，而我們正在建立的動能讓我們對前方路徑更具信心。在租賃方面，我們正在打造此類別過去未曾存在的產品：一個真正全面、雙邊的市場，匯聚最多且最廣泛類型的房源、高意圖需求，以及現代化的交易工具。

Our strategy is twofold. First, we're building a trusted destination for renters to find every type of property from single-family homes to large apartment communities. Second, we're modernizing the rental transaction itself. Streamlining how renters and property managers connect and manage applications, leases and payments. We reached an all-time high of 76,000 multifamily properties as of the end of Q1, up from 55,000 properties a year ago.

我們的策略有兩個面向。第一，我們正在打造一個值得信賴的目的地，讓租客能找到從獨棟住宅到大型公寓社區的各類物件。第二，我們正在讓租賃交易本身現代化，簡化租客與物業管理方的連結方式，並管理申請、租約與付款。截至第一季末，我們的多戶型（multifamily）物件數達到歷史新高的 76,000 個，高於一年前的 55,000 個。

Combining this with our industry-leading inventory of long tail rentals, the smaller buildings and single-family homes, Zillow had 2.7 million average monthly active rental listings in Q1, the most in the category.

再結合我們在長尾租賃（long tail rentals）——較小型建物與獨棟住宅——方面的業界領先庫存，Zillow 在第一季的平均每月活躍租賃房源達 270 萬筆，為該類別之最。

Zillow Rentals attracted 36 million average monthly unique visitors in Q1. And because of our relentless focus on the consumer experience, renters rate Zillow as their number one preferred platform. High-quality audience engagement translates to strong outcomes for our partners. Property managers tell us Zillow delivers the highest return on marketing investment in our category. Compared with not just other rental platforms but other digital marketing options available to them, including search and social.

Zillow Rentals 在第一季吸引了平均每月 3,600 萬名不重複訪客。而由於我們對消費者體驗的持續專注，租客將 Zillow 評為他們最偏好的第一平台。高品質的受眾互動為合作夥伴帶來強勁成效。物業管理方告訴我們，Zillow 在本類別中提供最高的行銷投資報酬率（ROI）。這不僅優於其他租賃平台，也優於他們可用的其他數位行銷選項，包括搜尋與社群。

They keep renewing and upgrading their presence on Zillow as a result of the ROI we provide. And we see a significant opportunity to keep growing wallet share from here and capture more of the marketing dollars currently being spent on other advertising platforms.

由於我們所提供的 ROI，他們持續在 Zillow 上續約並升級曝光方案。我們也看到一個顯著機會，可在此基礎上持續提升錢包份額（wallet share），並攫取目前投入在其他廣告平台上的更多行銷預算。

Multifamily was the engine behind our 42% year-over-year increase in rentals revenue in Q1. Our continued growth in rentals is a reflection of what happens when you build real value and improve the transaction experience on both sides of the marketplace, and we're not stopping there. For example, the total monthly price feature we launched recently lets property managers display the all-in cost of a rental. That gives renters a clearer picture and property managers a differentiated way to present their inventory.

多戶型業務是推動我們第一季租賃營收年增 42% 的引擎。我們在租賃上的持續成長，反映了當你在市場雙邊都建立真正價值並改善交易體驗時所帶來的成果，而我們不會止步於此。舉例來說，我們近期推出的「每月總價格」功能，讓物業管理方能展示租賃的全包成本（all-in cost）。這讓租客看得更清楚，也讓物業管理方能以差異化方式呈現其房源。

And in April, we launched two new tools for multifamily property managers, a live analytics dashboard that gives partners a single place to track portfolio performance, benchmark against market trends and make smarter leasing and advertising decisions and a paid social product that puts their listings in front of renters on Instagram, Facebook and TikTok, fully built and managed by Zillow.

此外在 4 月，我們為多戶型物業管理方推出兩項新工具：即時分析儀表板，讓合作夥伴在單一平台追蹤資產組合表現、對照市場趨勢並做出更聰明的招租與廣告決策；以及付費社群（paid social）產品，將其房源投放到 Instagram、Facebook 與 TikTok 的租客面前，並由 Zillow 全程建置與代管。

The 2 are designed to work together, identify which units need more traffic in the dashboard than dial up social reach instantly. It's all part of the growing list of ways Zillow's rental platform is leveling up for our partners and making it easier for them to fill units faster. The same principles driving our for-sale strategy apply in rentals. Transparency builds trust, integration drives efficiency and a better experience on both sides of the marketplace compounds over time.

這兩項工具被設計為可協同運作：在儀表板中辨識哪些單位需要更多流量，然後立即提高社群觸及。這也是 Zillow 租賃平台為合作夥伴持續升級、讓他們更容易更快滿租的眾多方式之一。推動我們待售策略的同樣原則也適用於租賃：透明建立信任、整合提升效率，而市場雙邊更佳的體驗會隨時間累積放大。

Rentals revenue has grown at an average of 32% annually since 2022, significantly outpacing the broader rental advertising market. And because nearly every buyer starts as a renter, our progress in rentals continues to expand the top of Zillow's funnel overall and contribute to durable growth across the business. With a clear path toward our incremental mid-cycle target of $1 billion or more in annual revenue, rentals is one of our most compelling growth opportunities.

自 2022 年以來，租賃營收年均成長 32%，顯著超越整體租賃廣告市場。且由於幾乎每位買方一開始都是租客，我們在租賃上的進展持續擴大 Zillow 整體漏斗的上端，並為全公司帶來更具韌性的成長。隨著我們朝向中期循環新增 10 億美元或以上年營收的目標路徑清晰，租賃是我們最具吸引力的成長機會之一。

Before I turn it over to our CFO, Jeremy Hofmann, I want to step back and put this quarter in context. We delivered 18% revenue growth, net income of $46 million, net income margin expansion and continued growth in both for sale and rentals all against a housing market that was essentially flat. Our revenue has consistently outperformed industry total transaction value for more than three years now.

在我把時間交給我們的財務長 Jeremy Hofmann 之前，我想先退一步，將本季放在更大的脈絡中。我們在房市基本持平的情況下，仍交出營收成長 18%、淨利 4,600 萬美元、淨利率擴張，並在待售與租賃兩端持續成長的成績。三年多來，我們的營收表現持續優於產業整體交易總價值（total transaction value）。

That kind of performance in this kind of environment does not happen by accident. It reflects the durability of a multiyear strategy that is designed to perform across market cycles and a platform that operates across the entire housing transaction that consumers trust and return to throughout a month's long journey and that professionals rely on every day to run their businesses.

在這樣的環境下取得這樣的表現並非偶然。這反映出一項跨越多年、旨在穿越市場循環仍能發揮效能的策略之韌性，也反映出一個覆蓋整個住房交易流程的平台：消費者在長達數月的旅程中信任並反覆回訪，而專業人士每天依賴它來經營其業務。

Underpinning all of it is a strong brand, millions of people come to for help making one of the biggest financial decisions of their lives. We earn the trust of consumers and professionals by consistently showing up for them at every stage of the housing journey. It's why roughly 80% of our traffic comes directly to us. It's why Zillow has searched more often than the term real estate. It's why we have more than twice the daily active app users of our next closest competitor.

支撐這一切的是強大的品牌：數以百萬計的人們來到 Zillow，尋求協助做出人生中最重大的財務決策之一。我們透過在住房旅程的每個階段持續為消費者與專業人士提供服務來贏得信任。這也是為什麼約 80% 的流量是直接來到我們這裡。這也是為什麼 Zillow 的搜尋次數比「real estate」這個詞還多。這也是為什麼我們的 App 每日活躍用戶數是下一個最接近競爭對手的兩倍以上。

And it's why Zillow is the only large company in our category that has increased the amount of real estate audience we reach over the past 6 quarters according to comScore.

也因此，根據 comScore 的資料，Zillow 是我們類別中唯一一家在過去 6 個季度提升其觸及之房地產受眾規模的大型公司。

When people are ready to move, Zillow is where they start and increasingly, where they stay to take the next step and the next -- we are focused on helping more people move with confidence, delivering real value to the professionals who serve them and creating long-term value for shareholders. We're on track toward achieving our full year goals, and we are in control of our own path.

當人們準備搬家時，Zillow 是他們開始的地方，而且也愈來愈是他們留下來採取下一步、再下一步的地方——我們專注於幫助更多人更有信心地搬遷，為服務他們的專業人士提供真正價值，並為股東創造長期價值。我們正按計畫達成全年目標，而且我們能掌控自己的路徑。

With that, I'll turn the call over to Jeremy.

接下來，我把電話會議交給 Jeremy。

Thanks, Jeremy, and good afternoon, everyone. We delivered excellent results in Q1 and are well positioned to continue delivering strong performance as we execute on our strategy in 2026 and beyond. In Q1, we generated revenue of $708 million up 18% year-over-year and near the high end of our outlook range. EBITDA of $182 million was above the high end of our outlook range, resulting in an EBITDA margin of 26%, which was flat year-over-year.

謝謝你，Jeremy，各位下午好。我們在第一季交出非常出色的成果，並已做好準備，隨著我們在 2026 年及更長遠未來執行策略，持續交付強勁表現。第一季我們創造營收 7.08 億美元，年增 18%，接近我們展望區間的上緣。EBITDA 為 1.82 億美元，高於我們展望區間的上緣，使 EBITDA 利潤率達 26%，與去年同期持平。

Excluding $11 million of incremental year-over-year lease costs, EBITDA would have been $193 million in Q1, representing a 27% margin and 160 basis points of margin expansion. We reported net income of $46 million with a net income margin of 6%, up more than 500 basis points year-over-year. Share-based compensation expense was down 16% year-over-year. Diluted net income per share was $0.19 compared to $0.03 a year ago. We generated $127 million of free cash flow in the quarter, a 44% increase compared with the same period a year ago.

若排除年增 1,100 萬美元的額外租賃成本，第一季 EBITDA 將為 1.93 億美元，代表 27% 的利潤率，並擴張 160 個基點。我們報告淨利 4,600 萬美元，淨利率 6%，年增超過 500 個基點。以股份為基礎的薪酬費用年減 16%。稀釋後每股淨利為 0.19 美元，去年同期為 0.03 美元。本季我們產生自由現金流 1.27 億美元，較去年同期增加 44%。

Now let me take you through the details of the quarter. Our for-sale revenue grew 12% year-over-year to $514 million. Within the for-sale revenue category, residential revenue of $450 million was up 8% year-over-year and in line with our growth outlook. The majority of the increase in residential revenue was due to growth in Zillow preferred primarily driven by the expansion of connections alongside our enhanced markets growth and strong conversion for our preferred partners. Zillow showcase.

現在讓我帶各位了解本季的細節。我們的待售（for-sale）營收年增 12% 至 5.14 億美元。在待售營收類別中，住宅營收為 4.50 億美元，年增 8%，符合我們的成長展望。住宅營收增加的主要原因是 Zillow Preferred 的成長，主要由於連結數量的擴張，加上我們強化市場（enhanced markets）的成長，以及我們 Preferred 合作夥伴的強勁轉換率所帶動。Zillow Showcase。

Our suite of agent software tools and new construction were also contributors to residential revenue growth. Market-based pricing revenue continues to decline as we transition the majority of our agent related activity to our preferred partners. Within the for sale revenue category, mortgages revenue increased 56% year-over-year to $64 million, above our outlook for 40% growth as we saw better-than-expected conversion rates from customers in our pipeline.

我們的房仲軟體工具套件與新建案也對住宅營收成長有所貢獻。隨著我們將大多數與房仲相關的活動轉移至 Preferred 合作夥伴，按市場定價（market-based pricing）營收持續下滑。在待售營收類別中，房貸營收年增 56% 至 6,400 萬美元，高於我們原先預期的 40% 成長，因為我們在管線中的客戶轉換率優於預期。

Purchase loan origination volume growth accelerated to 96% year-over-year, which was the main driver of our mortgages revenue growth. Our results continue to demonstrate that Zillow Home Loans has an attractive value proposition for buyers. Note that as Zillow Home Loans continues to scale, the gap between loan origination volume growth and mortgages revenue growth will continue to narrow over time. Rentals continues to be 1 of our most exciting growth stories. Q1 revenue of $183 million grew 42% year-over-year, with multifamily revenue up 57%.

購屋貸款承作量年增加速至 96%，這是推動我們房貸營收成長的主要動能。我們的結果持續顯示 Zillow Home Loans 對買方具有吸引力的價值主張。請注意，隨著 Zillow Home Loans 持續擴張，貸款承作量成長與房貸營收成長之間的差距將隨時間逐步縮小。租賃（Rentals）仍是我們最令人振奮的成長故事之一。第一季營收為 1.83 億美元，年增 42%，其中多戶住宅（multifamily）營收年增 57%。

We reached 76,000 total properties on the platform, up 38% from a year ago, a milestone that reflects the strength of our value proposition with property managers. The growth algorithm here is straightforward and working, add more properties, deliver best-in-class ROI and capture more wallet share. We see a clear path to $1 billion or more in annual rentals revenue and Q1 is another data point confirming we're on track. We produced strong growth in the quarter despite tougher-than-expected macro conditions with winter weather and higher interest rates impacting for-sale shopping activity.

我們在平台上的物件總數達到 76,000 個，較一年前成長 38%；這是一個里程碑，反映出我們對物業管理公司（property managers）的價值主張之強勁。這裡的成長演算法很直接且正在奏效：增加更多物件、提供同級最佳的投資報酬率（ROI），並取得更多錢包份額（wallet share）。我們清楚看到租賃年營收達到 10 億美元以上的路徑，而第一季是另一個數據點，確認我們正按計畫前進。儘管宏觀環境比預期更具挑戰（冬季天候與較高利率影響待售購屋活動），我們本季仍實現強勁成長。

As a result, the real estate industry grew 2% as reported by NAR, and we estimate purchase mortgage origination volume declined 1% year-over-year. Q1 EBITDA expenses of $526 million were below our outlook of $535 million to $540 million as we benefited from lower people-related and legal costs than we anticipated. We ended the quarter with cash and investments of $788 million, down from $1.3 billion at the end of 2025. We repurchased $626 million of our stock during the quarter, a meaningful level of activity that reflects our conviction in the long-term value of the business, and our commitment to returning capital when the opportunity is compelling.

因此，依據 NAR 的報告，房地產產業成長 2%，而我們估計購屋房貸承作量年減 1%。第一季 EBITDA 費用為 5.26 億美元，低於我們 5.35 億至 5.40 億美元的展望，因為人員相關與法律成本低於我們預期。季末我們的現金與投資為 7.88 億美元，較 2025 年底的 13 億美元下降。我們本季回購 6.26 億美元自家股票，這是一個具意義的回購規模，反映我們對公司長期價值的信心，以及在機會具吸引力時回饋資本的承諾。

This resulted in our diluted shares outstanding declining from 256 million shares a year ago, to 240 million shares at quarter end. As of the end of March, we have approximately $1.3 billion remaining under our existing authorizations. Combining our $788 million of cash and investments, with our $500 million undrawn revolving credit facility, we have total liquidity of approximately $1.3 billion.

因此，我們的稀釋後流通在外股數由一年前的 2.56 億股，降至季末的 2.40 億股。截至 3 月底，我們在既有授權額度下仍約有 13 億美元可用。結合我們 7.88 億美元的現金與投資，以及 5 億美元尚未動用的循環信用額度（revolving credit facility），我們的總流動性約為 13 億美元。

This strong liquidity position gives us flexibility on our financial priorities to invest in growth, maintain an adequate risk-based capital reserve, support flexibility for potential M&A and continue to be opportunistic with share buybacks. Turning to our Q2 outlook. We expect total revenue of $750 million to $765 million, implying year-over-year growth of approximately 16% at the midpoint of our outlook range. We expect for sale revenue growth to be similar to Q1.

這樣強勁的流動性部位，使我們在財務優先事項上更具彈性：投資成長、維持足夠的風險基礎資本準備（risk-based capital reserve）、支持潛在併購（M&A）的彈性，並持續在股份回購上把握機會。接著談第二季展望。我們預期總營收為 7.50 億至 7.65 億美元，以區間中點計算，年增約 16%。我們預期待售營收成長將與第一季相近。

Within for sale, we expect residential revenue growth of mid-single digits year-over-year. For mortgages, we continue to see a strong pipeline, which we expect puts us on track for growth at similar levels to Q1. In rentals, we expect revenue growth of approximately 30% year-over-year for the quarter. In Q2, we expect EBITDA expenses of $600 million and EBITDA of $150 million to $165 million. Our expectations include approximately $20 million of incremental legal expenses and approximately $16 million of incremental advertising spend compared to a year ago.

在待售業務中，我們預期住宅營收年增為中個位數（mid-single digits）。在房貸方面，我們仍看到強勁的管線，預期可使我們維持與第一季相近的成長水準。在租賃方面，我們預期本季營收年增約 30%。第二季我們預期 EBITDA 費用為 6.00 億美元，EBITDA 為 1.50 億至 1.65 億美元。我們的預期包含相較一年前約增加 2,000 萬美元的法律費用，以及約增加 1,600 萬美元的廣告支出。

Excluding the $20 million of anticipated incremental legal expenses year-over-year, we expect EBITDA would be approximately $170 million to $185 million in Q2, and implying relatively flat year-over-year EBITDA margins. We are planning for approximately $80 million in total advertising spend in Q2, up from $64 million last year. The incremental year-over-year advertising growth is due to timing of planned product launches that were already included in our original full year outlook.

若排除預期年增的 2,000 萬美元法律費用，我們預期第二季 EBITDA 約為 1.70 億至 1.85 億美元，意味著 EBITDA 利潤率年對年大致持平。我們規劃第二季廣告總支出約 8,000 萬美元，高於去年的 6,400 萬美元。廣告支出年增的原因在於既定產品上市時程的影響，而這些原本就已納入我們最初的全年展望。

Taken together, our Q1 results and Q2 outlook have us squarely on track for the full year. And importantly, the structural drivers that we expect to accelerate margins in the back half of 2026 are already in motion. Turning to our full year outlook for 2026. We continue to expect to deliver mid-teens total revenue growth, approximately 30% growth in rentals revenue and continued EBITDA margin expansion. We are updating our outlook for full year share-based compensation expense, which we now expect to be down more than 15% year-over-year versus our previous guide of down more than 10%.

綜合來看，我們第一季的結果與第二季展望，使我們穩健地按計畫達成全年目標。更重要的是，我們預期將在 2026 年下半年加速利潤率提升的結構性驅動因素，已經在運作中。接著談 2026 年全年展望。我們仍預期可達成總營收中十位數（mid-teens）的成長、租賃營收約 30% 的成長，以及 EBITDA 利潤率持續擴張。我們也更新全年以股份為基礎的薪酬費用（share-based compensation expense）展望：目前預期年減超過 15%，相較我們先前指引的年減超過 10%。

We expect our fixed cost base of approximately $1.1 billion to grow with inflation and believe it is the right investment level as we execute our growth strategy. For variable costs, we are continuing to invest in rentals and loan officers in Zillow Home Loans during the first half of 2026. We expect a slower pace of rentals investment in the second half of the year. This will drive variable cost growth to trend towards in line with revenue growth by year-end.

我們預期約 11 億美元的固定成本基礎（fixed cost base）將隨通膨成長，並認為在執行我們的成長策略時，這是合適的投資水準。就變動成本而言，我們在 2026 年上半年將持續投資租賃業務，以及 Zillow Home Loans 的貸款專員（loan officers）。我們預期下半年租賃投資步調將放緩。這將使變動成本成長在年底趨近與營收成長一致。

We have consistently said we will be opportunistic with our advertising spend, dialing it up or down depending on where we see opportunities across the business. In 2026, we plan to accelerate consumer awareness of our expanding offerings with modest growth in our advertising spend year-over-year. Our full year outlook implies margins will expand meaningfully in the back half of the year, and there are a number of drivers I will walk you through.

我們一向表示，會在廣告支出上保持機動，視我們在各項業務中看到的機會而上調或下調。2026 年，我們計畫以溫和的年增幅提升廣告支出，加速消費者對我們擴大產品與服務的認知。我們的全年展望意味著利潤率將在下半年顯著擴張，接下來我會帶各位了解幾項驅動因素。

First and foremost, our structural revenue growth drivers and cost levers are well intact. We expect these structural drivers to result in mid-teens revenue growth growing faster than revenue and net income growing faster than both revenue and EBITDA. From a revenue perspective, we continue to see a strong growth opportunity in 2026 and beyond. And for sale, more consumers are receiving the integrated housing super app experience, which results in conversion improving for our preferred agents, Zillow Home loans continuing to grow at a rapid pace and our software suite getting into the hands of more agents.

首先也是最重要的，我們結構性的營收成長驅動因素與成本槓桿依然健全。我們預期這些結構性因素將帶來：營收以中十位數成長、EBITDA 成長快於營收，以及淨利成長快於營收與 EBITDA。從營收角度來看，我們在 2026 年及之後仍看到強勁的成長機會。在待售方面，更多消費者正在獲得整合式的住房超級 App 體驗，進而提升我們 Preferred 房仲的轉換率；Zillow Home Loans 持續快速成長；我們的軟體套件也將觸及更多房仲。

When coupled with the continued growth in Zillow Showcase and new construction, our for-sale category growth prospects are solid. And of course, our rentals revenue is on a clear path to $1 billion plus in annual revenue. Our rental growth algorithm is clear, add more properties to our apps and sites and deliver best-in-class ROI to increase wallet share. The combination of our for sale and rentals offerings are durable and growing, setting us up to succeed in any market environment.

再加上 Zillow Showcase 與新建案的持續成長，我們待售類別的成長前景穩健。當然，我們的租賃營收也正清楚地朝向年營收 10 億美元以上邁進。我們的租賃成長演算法很明確：在我們的 App 與網站上增加更多物件，並提供同級最佳的 ROI，以提升錢包份額。我們待售與租賃產品組合兼具韌性且持續成長，使我們能在任何市場環境中取得成功。

From a cost perspective, there are four key drivers to margin expansion in the second half of the year. First, we expect to continue to leverage fixed cost, which is within our control. Second, variable expense growth will decelerate as we move through the year. In the first half of 2026, we expect variable costs to be a headwind of more than 400 basis points to EBITDA margins. By year-end, we expect that headwind to be close to neutral, a meaningful swing that flows directly to the bottom line.

從成本角度來看，下半年利潤率擴張有四個關鍵驅動因素。第一，我們預期將持續運用固定成本槓桿，而這在我們可控範圍內。第二，隨著年度推進，變動費用成長將放緩。2026 年上半年，我們預期變動成本將對 EBITDA 利潤率造成超過 400 個基點的逆風。到年底，我們預期該逆風將接近中性，這是一個顯著的轉變，並將直接反映在最終獲利（bottom line）上。

Third, we expect that legal expenses will be an approximately 200 basis point headwind to EBITDA margins in the first half of 2026. We expect that legal expenses will be less of a headwind to margins in the second half of the year as we get through the FTC trial. Finally, our advertising spend is more heavily weighted in Q2 this year than in prior years due to planned product launches. In the back half of the year, we expect advertising to follow a more typical seasonal pattern, meaning less year-over-year pressure on margins than we're seeing now.

第三，我們預期法律費用在 2026 年上半年將對 EBITDA 利潤率造成約 200 個基點的逆風。隨著我們度過 FTC 審判，我們預期下半年法律費用對利潤率的逆風將減輕。最後，由於規劃中的產品上市，今年第二季的廣告支出比往年更為集中。下半年我們預期廣告將回到較典型的季節性型態，意味著利潤率所承受的年對年壓力將小於目前所見。

To close, we are pleased with our results in Q1 and confident in our ability to deliver against our 2026 and mid-cycle financial targets. We are successfully executing on our strategy, and we have the right investments in place to support further revenue growth while expanding EBITDA margins, accelerating net income growth and continuing to build the platform that we believe will define how people move into their next home. And with that, operator, we'll open the line for questions.

最後，我們對第一季的業績感到滿意，並對我們達成 2026 年及中期財務目標的能力充滿信心。我們正成功執行策略，並已投入適當的投資，以在擴大 EBITDA 利潤率的同時支持進一步的營收成長、加速淨利成長，並持續打造我們相信將定義人們如何搬入下一個家的平台。接下來，接線員，我們將開放提問。

(Operator Instructions)

（接線員指示）

Ryan McKeveny, Zelman Associates.

Ryan McKeveny，Zelman Associates。

So first, I wanted to dig in on preview. Obviously, it's early days, but you've quickly ramped up broker partners. So curious if you can talk about what you're learning thus far, maybe what you're seeing in terms of reception or uptake across the landscape of brokers, agents as well as home sellers? And then secondarily, on the relationship with realtor.com. I guess how should we think about the strategy or the opportunity of working with them versus kind of Zillow standalone?

首先，我想深入了解一下 Preview。顯然現在還在早期階段，但你們很快就擴大了經紀合作夥伴的數量。想請你們談談目前為止學到的東西，例如在經紀商、經紀人以及屋主端的反應或採用情況如何？其次，關於與 realtor.com 的合作關係。我想問的是，我們應該如何看待與他們合作的策略或機會，相較於 Zillow 單打獨鬥？

Thanks, Ryan. This is Jeremy Wacksman. I'll take that. So on preview early learnings, I mean the response really has been more than we expected. We announced it just 2 months ago with 5 partners.

謝謝你，Ryan。我是 Jeremy Wacksman。我來回答。關於 Preview 的早期學習，我們的回應其實超出預期。我們在兩個月前才宣布，當時只有 5 個合作夥伴。

And as I said, now more than 60 have been announced. And we are really heads down on onboarding agents and onboarding franchisees. And getting it into the hands of those folks. So we've been really pleased with the results.

如我所說，現在已宣布的合作夥伴已超過 60 個。我們正全力投入經紀人的導入與加盟體系的導入，並把產品交到這些人手上。因此我們對成果非常滿意。

And I think that dovetails into your second question, the collaboration with Realtor. I mean it's really just a win-win for both Zillow and our agent partners as well, obviously, as Realtor, extends the visibility of this premarket inventory to now two of the most visited real estate block forms in the country, and we think that further increases the value and the demand for previous things, which was already very strong.

我認為這也呼應了你的第二個問題，也就是與 Realtor 的合作。這對 Zillow、我們的經紀合作夥伴，當然也對 Realtor 而言，都是雙贏；它把這些上市前庫存的能見度擴展到全國造訪量最高的兩個房地產平台上，我們認為這會進一步提升 Preview 的價值與需求，而這些需求本來就已經非常強勁。

I mean as a reminder, Zillow Preview brings pre-market listings in front of the public from day one, right? It's better for buyers, buyers can see listings. That's the way to get homes sold, fastest and for most money. It's better for sellers. Sellers can build interest and they can get those real-time signals before they're ready to actively list the property from now not just Zillow's massive audience of deeply engaged users, but realtor.com's audience as well.

提醒一下，Zillow Preview 會從第一天起就把上市前的房源向大眾展示，對吧？這對買方更好，買方可以看到房源；這是讓房子賣得最快、也能賣到最高價的方式。對賣方也更好，賣方可以累積市場興趣，並在準備正式上市之前就獲得即時訊號；而且現在不僅來自 Zillow 龐大且高度投入的用戶受眾，也包括 realtor.com 的受眾。

So still very early days, hard to believe we've made this push progress in just the first 2 months, we're excited to continue.

所以仍然是非常早期的階段，很難相信我們在短短兩個月內就取得這樣的進展；我們也很期待繼續推進。

Great. And then I guess on the EBITDA guidance, both in the context of 2Q, but also the full year. Maybe can you dig a bit more into how much of the cost is within your control to get the expected margin ramp? And I guess I'm curious, both from a fixed cost and variable cost perspective, just visibility you guys have into the business to have confidence in the margin ramp in the back half?

很好。那接著關於 EBITDA 指引，不論是第二季或全年。你們能否再多談一些，為了達到預期的利潤率爬升，有多少成本是在你們可控範圍內？另外我也想從固定成本與變動成本的角度了解，你們對業務的可視性如何，以便對下半年利潤率爬升有信心？

Yes. Thanks, Ryan. It's Jeremy Hofmann. I'll take that one. So Q2, two things are going on from a cost perspective.

好的，謝謝你，Ryan。我是 Jeremy Hofmann。我來回答這題。從成本角度看，第二季有兩件事正在發生。

One is legal costs are up $20 million year-over-year. So if you adjust for that, you'd see an EBITDA guide of $170 million to $185 million, which is more in line with margins from last year. The other is we're increasing advertising dollars by about $16 million in Q2. So those are the 2 factors.

第一，法律費用年增 2,000 萬美元。所以如果把這部分調整掉，你會看到 EBITDA 指引會是 1.70 億到 1.85 億美元，這更符合去年同期的利潤率水準。第二，我們在第二季將廣告投放增加約 1,600 萬美元。這就是兩個因素。

As we get into the back half of the year, we are confident in the full year guide and there are a variety of reasons for wide. The first half of the year in aggregate, we're right on plan. So that's a good start. And as we move into the second half of the year, the structural revenue drivers we have are well intact across for sale and rentals. And that growth algorithm is durable regardless of macro environment just because the business is scaling and diversifying so much.

進入下半年，我們對全年指引有信心，原因有幾個。上半年整體而言，我們基本上按計畫推進，這是好的開始。隨著進入下半年，我們在出售與租賃兩端的結構性營收驅動因素依然健全。而且由於業務規模化與多元化程度大幅提升，這套成長算法不論宏觀環境如何都具韌性。

And then with respect to costs, a lot is in our control. So the first one is fixed costs. That's well within our control. We expect to leverage those. The second is variable costs, which were a 400 basis point headwind in the first half of the year.

至於成本，很多都在我們的控制之內。第一是固定成本，這完全在我們掌控範圍內，我們預期會對其進行槓桿化。第二是變動成本，上半年對 EBITDA 利潤率造成 400 個基點的逆風。

A lot of that is in our control, right? Our rentals investment pace slows down in the back half of the year, and we expect variable expenses to be closer to neutral to EBITDA margins by year-end. So in our control, primarily as well.

其中很大一部分也在我們控制之內，對吧？我們在租賃業務的投資節奏會在下半年放緩，我們預期到年底變動費用對 EBITDA 利潤率的影響會更接近中性。因此主要也在我們掌控之中。

Legal costs were a headwind in the first half of the year. We expect there will be less of a headwind in the second half really as we move past the FTC trial. That is on an accelerated time line. And as a result, the costs are on an accelerated time line as well, but we're eager to get through that. And then the last one is well in our control, which is advertising spend.

法律費用在上半年是一項逆風。我們預期下半年逆風會減輕，主要是因為我們將逐步走過 FTC 的審理。該案時程被加速，因此相關成本也被加速，但我們希望盡快度過。最後一項同樣在我們控制之內的是廣告支出。

That's more heavily weighted in Q2 this year than in years prior, just due to planned product launches.

今年第二季的廣告支出比以往年度更為集中，主要是因為已規劃的產品發布。

But in the back half of the year, we expect advertising to follow a more typical seasonal pattern. So EBITDA is on track for margins to expand this year, and we feel good about it.

但在下半年，我們預期廣告將回到較典型的季節性模式。因此 EBITDA 今年的利潤率擴張仍在軌道上，我們對此感覺良好。

Rohan Joshi, Citi.

Rohan Joshi，花旗。

Jeremy, I want to ask a little bit more on rentals here just given the strength that we're seeing across multifamily in both properties, but also revenue growth. We're lapping the Redfin partnership in two in the back half of the year. Just talk to us about the outlook and thoughts on the broader competitive environment of rentals only because I know we're marching towards that $1 billion opportunity, but we do have tougher comps in the back half.

Jeremy，我想再多問一些租賃業務，因為我們看到多戶型（multifamily）在物件端以及營收成長端都很強勁。我們在下半年會面臨 Redfin 合作的比較基期。請談談租賃業務的展望，以及你們對整體競爭環境的看法；因為我知道我們正朝著 10 億美元的機會邁進，但下半年的比較基期會更具挑戰。

And then as a separate question, just AI mode, got to ask this given we're following up from the Summit earlier in the year, actually just a few weeks ago. live for 5% of the audience today, this is AI mode. Just talk to lessons learned thus far. I know it's early days here, but just lessons learned and thoughts about rolling this out more broadly.

另外一個問題是 AI mode。鑑於我們是在今年稍早、其實就是幾週前的 Summit 之後追問，今天 AI mode 已對 5% 的受眾上線。請談談目前為止的經驗教訓。我知道還在早期，但想聽聽你們的學習，以及更廣泛推廣的想法。

Yes. Thanks, Ron. I'll take the first one and then hand it to Jeremy on the AI mode. On rentals, we expect continued strong growth in execution in the second half of the year. So our full year guide of 30% implies second half rentals revenue growth of upper 20% even after lapping the Redfin related revenue growth acceleration in the second half of last year.

好的，謝謝你，Ron。我先回答第一題，然後把 AI mode 的部分交給 Jeremy。關於租賃，我們預期下半年將持續強勁成長並保持良好執行。我們全年 30% 的指引，意味著即使在下半年面臨去年下半年 Redfin 相關營收加速的比較基期，下半年租賃營收成長仍可達到接近 30% 的高 20% 區間。

And then when we step back and look at the last few years of growth, in 2024, we grew rentals 27%. In 2025, we grew rentals revenue and we expect to grow another 30% this year.

回頭看過去幾年的成長，2024 年我們的租賃成長 27%。2025 年我們的租賃營收成長，而今年我們預期再成長 30%。

So almost doubling the business over that period. and growing the business faster in 2026 at nearly double the size is something we're really proud of, and we're obviously well on track for that $1 billion-plus annual revenue target. I will say the opportunity from here does still feel early and like we're just getting started, just because the strategy that we have to aggregate as much of the supply as possible, both for single-family homes for rent and are home apartments for rent is really differentiated.

因此在那段期間幾乎把業務規模翻倍。而在規模接近翻倍後，於 2026 年仍能以更快速度成長，是我們非常自豪的；而且我們顯然正朝著年營收超過 10 億美元的目標穩步前進。我想說的是，從現在起這個機會仍然感覺很早期、像是才剛開始，因為我們的策略是盡可能聚合供給，涵蓋出租的獨棟住宅以及出租公寓，這點非常有差異化。

And the value proposition we're bringing to consumers and advertisers is so compelling. So you see that in the growth that we've had in the last few years, and we expect it to continue from here.

而且我們帶給消費者與廣告主的價值主張非常有吸引力。所以你可以從過去幾年的成長看出來，我們也預期這樣的趨勢會延續。

Yes. And just to add on to that. I mean, that's part of why we have that target out there, $1 billion annualized revenue target, but that's not the end state. We expect growth beyond that because as Jeremy said, the strategy continues to be really unique, and we see it as more and more valuable. I mean the rental audience growing to 36 million unique visitors and as I mentioned, number one, brand preference.

是的，再補充一下。這也是我們提出年化 10 億美元營收目標的原因之一，但那不是最終狀態。我們預期在那之後仍會成長，因為如 Jeremy 所說，這個策略仍然非常獨特，而且我們看到它愈來愈有價值。我的意思是，租賃受眾成長到 3,600 萬名不重複訪客，而且如我提到的，品牌偏好排名第一。

That's what drives this ROI for advertisers, right? They want to fill their leases and they want a high quality ones to do it. That's why we continue to see we are the best ROI advertising tool they have. Again, not just against apartment-focused sites, but against search and social platforms as well. And that's really the category of ad spend here is they're spending everywhere trying to find renters and Zillow Rentals increasingly has the renters they want and has more of them. So we see green lights ahead for rentals growth.

這正是推動廣告主投資報酬率（ROI）的原因，對吧？他們想把出租物件的空置填滿，而且希望以高品質的租客來達成。這也是為什麼我們持續看到，我們是他們手上最好的 ROI 廣告工具。再次強調，不只是相較於以公寓為主的網站，也包括相較於搜尋與社群平台。而這裡的廣告支出類別，實際上是他們到處投放、試圖找到租客；而 Zillow Rentals 越來越能觸及他們想要的租客，而且數量更多。因此我們看到租賃業務成長前景一片看好。

And then on AI mode, you're going to hear us say it's early a lot because it is early. I mean 5% of audience we're getting a huge signal for millions of users. And what we're seeing is that they're having deeper, more substantive conversations than they do in traditional search. We talked about that a bit when we were with you all during the AI Summit. This can be a lot of incremental activity because you can ask and have conversations about things that you don't get to express in setting a search filter or in looking at a listing.

接著談 AI 模式，你會常聽到我們說「還很早」，因為確實還很早。我的意思是，我們目前覆蓋約 5% 的受眾，但已經從數百萬用戶那裡獲得非常強的訊號。我們看到的是，他們進行的對話比傳統搜尋更深入、更具實質內容。我們在 AI 峰會和各位一起時也稍微談過。這可能帶來大量的增量活動，因為你可以針對一些在設定搜尋篩選條件或瀏覽房源時無法表達的事情提問並展開對話。

The example I gave is just one of many examples of people just spending time going deeper and for the transaction, that's a higher intent customer at the end of the day, right?

我舉的例子只是眾多例子之一，顯示人們願意花時間更深入探索；而就交易而言，歸根結底，這代表更高意圖的客戶，對吧？

It's keeping that person on Zillow. That person is getting more value from Zillow and those folks find more of their needs from our platform. And then when they reach out to talk to a loan officer or an agent, they're ultimately going to be a higher converting customer. So the structural advantage we have here over the long term is to build the best AI mode experience because of the content we have on our platform, the context of all those consumers and professionals using our platform and the fact that we span the full gamma of the platform.

這能讓那個人留在 Zillow 上。那個人從 Zillow 獲得更多價值，而這些用戶也能在我們的平台上滿足更多需求。接著當他們聯繫貸款專員或房仲時，最終會成為轉換率更高的客戶。因此，從長期來看，我們在這裡的結構性優勢，是能打造最佳的 AI 模式體驗：因為我們平台上擁有的內容、所有消費者與專業人士使用平台所形成的脈絡，以及我們覆蓋平台完整範圍（full gamma）的事實。

Again, once you start in our category, triaging Homes is the very top of the funnel. And ultimately, you are trying to get your financing, go to our homes, virtually tour homes, meet with your agent, mess with their agent make an offer and ultimately close, and that's what we're helping you do. And AI mode is just the start of our ability to take AI in the hands of consumers and really help them with that in an AI native way.

再說一次，一旦你進入我們這個類別，對房源進行初步篩選（triaging Homes）就是漏斗最上層。最終，你會想要取得融資、去看房、線上虛擬看房、與你的房仲會面、和他們的房仲周旋、提出出價，最後完成交割，而這正是我們在協助你做到的事。AI 模式只是我們把 AI 交到消費者手中、並以 AI 原生（AI native）的方式真正幫助他們的起點。

Brad Erickson, RBC Capital Markets.

Brad Erickson，RBC Capital Markets。

Guys, can you hear me?

各位，你們聽得到我嗎？

Yes, we got you.

是的，我們聽得到。

So I guess -- so I guess resi, starting the year out a little softer here. Obviously, the question becomes what's kind of instructing the back half confidence that you're guiding to. Markets clearly weakened starting out the quarter. So would just be curious on sort of how much cushion is in there and sort of your market assumptions you're embedding in your outlook for sale in resi in particular?

那我想——我想住宅（resi）今年開局有點偏弱。很明顯，問題就變成是：你們指引中對下半年信心的依據是什麼。市場在本季一開始就明顯走弱。所以我想了解一下，你們的預期裡有多少緩衝空間，以及你們在展望中、特別是對住宅待售（for sale in resi）所嵌入的市場假設是什麼？

And then secondarily, as we think about more mortgage really performing well here, picking up the slack. The critique there is obviously around the lower margin profile and that sort of thing. Can you speak to that and just maybe how do you think investors should sort of ascribe credit to that segment given the potential you see margin-wise over the longer term?

第二個問題是，當我們看到房貸業務表現很好、在這裡補上缺口時，外界的批評顯然集中在較低的毛利率結構之類的議題。你能談談這點嗎？以及投資人應該如何看待這個部門、並在你們看到的長期毛利潛力下，給予它相應的評價？

Yes. Thanks, Brad. I'll take those. So in terms of what we're looking for in the back half of the year and how we've thought about it, we're planning for the housing market to continue to be effectively flat. You're right that it started off slower than I think folks anticipated.

好的，謝謝你，Brad。我來回答。就我們對下半年的觀察與思考方式而言，我們的規劃是假設房市將持續基本持平。你說得對，年初的走勢比我想大家原先預期的還要更慢。

We're not planning for that to get any better. And against that backdrop, we're expecting mid-single-digit growth in residential.

我們並沒有規劃它會變得更好。在這樣的背景下，我們預期住宅業務將有中個位數的成長。

We're expecting for sale growth to be faster than residential given mortgages are outperforming our expectations thus far. And the enhanced markets playbook, it's clearly working regardless of housing market conditions. So that gives us confidence on the for-sale category overall, regardless of what housing does. And then rentals I talked about before, but that continues to be a real bright spot for us and one of the most compelling growth opportunities we have.

我們預期待售（for sale）成長會快於住宅整體，因為房貸業務目前的表現超出我們的預期。而「強化市場（enhanced markets）」作戰手冊顯然正在奏效，且不受房市狀況影響。這讓我們對整體待售類別更有信心，不論房市怎麼走。至於租賃我前面提過，這仍然是我們非常亮眼的成長點，也是我們最具吸引力的成長機會之一。

So when we put that all together, total revenue continues to be on track for mid-teens growth. Given the consistent diversification of the business and all of those structural growth drivers are well intact. And then with respect to the mortgages margin question, we are making great progress on growing the mortgage business, but we're not yet at scale. Margins are improving. We are seeing better loan officer productivity.

把這些因素綜合起來，總營收仍然有望維持中十位數（mid-teens）的成長，因為業務持續多元化，而且所有這些結構性成長動能都依然完好。至於房貸毛利的問題，我們在擴大房貸業務方面進展很好，但目前還沒有達到規模。毛利正在改善。我們看到貸款專員的生產力提升。

We are seeing better processor productivity even last year, we improved on officer productivity by 11% despite growing loan up or account by about 40%. So that just gives you a sense. That will take time.

我們也看到處理人員（processor）的生產力提升。甚至在去年，我們在貸款量或帳戶成長約 40% 的同時，專員生產力仍提升了 11%。這讓你大概了解情況。這需要時間。

But when we look at the mortgage opportunity overall, we see a far bigger opportunity for us than being a top 25 lender. So we're a top 25 lender in the country today. We're proud of that and the progress we've made. But our goal is to be 1 of the biggest purchase mortgage originators in the country. And as we build that scale, the margin dollars potential is really compelling because we don't spend the same amount of money on customer acquisition cost.

但當我們看整體房貸機會時，我們看到的機會遠大於只做成全美前 25 大放款機構。我們今天確實是全美前 25 大放款機構，我們為此感到自豪，也為我們取得的進展感到自豪。但我們的目標是成為全美最大的購屋房貸承作（purchase mortgage originators）機構之一。隨著我們建立規模，毛利金額（margin dollars）的潛力非常吸引人，因為我們不需要在客戶取得成本（customer acquisition cost）上花同樣多的錢。

And we think mortgage origination is purpose built for AI applications over time, too. So that's how we're thinking about it. It's still a nascent business. But one that we see big revenue potential for and big margin dollars potential for, not to mention the consumer benefits we see when integrating mortgage with great real stations.

而且我們也認為，隨著時間推進，房貸承作非常適合導入 AI 應用。因此我們是這樣看待的。這仍是一個新興（nascent）的業務，但我們看到很大的營收潛力與很大的毛利金額潛力；更不用說，當把房貸與優質的房地產體驗整合時，我們也看到對消費者的好處。

Nick Jones, BNP Paribas.

Nick Jones，BNP Paribas。

Great. I guess a follow-up on rentals. I'm just curious, is that business continues to kind of growing nicely here. Is there kind of a threshold where kind of the product velocity and the rental side may start looking at kind of what you've done in residential. It seems like you're seeing a lot of success there.

很好。我想追問一下租賃。這項業務目前持續成長得不錯。我想知道，是否存在某個門檻，當產品迭代速度與租賃端的發展到了一定程度後，你們可能會開始在租賃上採取類似你們在住宅端所做的作法？看起來你們在那邊取得了很多成功。

Some of the products you're rolling out are being well received. And as you kind of approach this $1 billion revenue threshold, let your posture on the segment start to change. So that's kind of the first question.

你們推出的一些產品反應很好。當你們逐步接近 10 億美元營收門檻時，你們在這個部門的姿態是否會開始改變？這是第一個問題。

And then the second question, more broadly as you kind of build this end-to-end stack, are you getting more visibility into the consumer behavior than you would have had historically since I get your assets getting more us into their psychology, whether they're looking at pre-approvals. And I think you gave a stat you guys some that 65% of the renters also look at maybe buying a home. So I guess ostensibly, you're getting better and better data as to maybe how the macro environment is starting to look. So just curious if that's the right way to think about it.

第二個問題更宏觀一些：當你們打造端到端（end-to-end）的技術堆疊時，相較於過去，你們是否能更清楚地掌握消費者行為？因為我理解你們的資產讓你們更深入了解他們的心理，例如他們是否在看預先核准（pre-approvals）。而且我記得你們提過一個數據，大約 65% 的租客也會看是否要買房。所以我想，表面上看，你們取得的資料會越來越好，能用來判斷宏觀環境可能正在呈現什麼樣貌。想確認這樣理解是否正確。

Maybe I'll take the first, and you can pay it in a second. I think on rentals, I mean, no, I don't think you should expect our posture to change. We're excited about the march we're making towards the $1 billion target we put out there. And as we've said for some time now, we don't think that's the end. The reason for that is just look at the strategy and the penetration of the strategy.

我先回答第一個，第二個你再補充。我認為在租賃方面，不，我不覺得你應該預期我們的姿態會改變。我們對朝著先前提出的 10 億美元目標邁進感到興奮。而且如同我們一段時間以來所說的，我們不認為那就是終點。原因很簡單：看看這個策略以及策略的滲透率。

We are mid 70,000 buildings out of the 140,000, 150,000 buildings that are out there in multifamily, and we are very high ROI advertiser source for them against all of their advertising sources. So our ability to see packages get upgraded as they bring more of their portfolios on to our high ROI provides a long runway for multifamily rentals growth. And then remember, our strategy is twofold. It's multifamily plus single-family and long tail, which is combined 2.7 million rental listings provide becoming a one-stop shop for all renters.

在多戶住宅（multifamily）領域，市場上大約有 14 萬到 15 萬棟建築，我們目前覆蓋的是 7 萬多棟、約中 7 萬（mid 70,000）棟；而且相較於他們所有的廣告來源，我們對他們而言是 ROI 非常高的廣告來源。因此，當他們把更多資產組合（portfolios）帶到我們這個高 ROI 平台上時，我們就能看到方案（packages）升級；這為多戶租賃的成長提供了很長的跑道。再提醒一下，我們的策略是雙軌：多戶住宅加上獨棟住宅與長尾（single-family and long tail），合計 270 萬筆租賃房源，讓我們成為所有租客的一站式平台。

And so all of our property management tools for the semi Pro and long-tail professionals start to contribute more to the platform provide more digital tools and services and integrate those across the segments. And we see tremendous growth coming from there as well.

因此，我們針對半專業（semi Pro）與長尾專業人士的各項物業管理工具，也會開始對平台貢獻更多，提供更多數位工具與服務，並在各個細分領域之間加以整合。我們也看到那裡將帶來非常可觀的成長。

And then I think your second question, correct me if I'm wrong, was more about can we see more of the context of the real estate transaction and for sale. And yes, I mean that's kind of been our strategy really for the last decade now as we've gone down funnel and become a transaction platform.

至於你的第二個問題，如果我理解沒錯，是在問我們是否能看到更多房地產交易、特別是待售交易的脈絡。是的，我的意思是，這其實就是我們過去十年左右的策略：我們一路往漏斗下游延伸，並成為一個交易平台。

When you are the software platform for a buyer not just to look for what listings are for sale, but to actually get preapproved book tours, virtually tour, hire your agent, message with your agent, bring your co-shopper into the messaging platform, start to write offers and then close on the transaction.

當你成為買方所使用的軟體平台，不只是用來查看有哪些房源在出售，而是能實際完成預先核准、預約看房、進行線上虛擬看房、聘請你的房仲、與房仲傳訊、把共同看房者加入訊息平台、開始撰寫出價，並最終完成交易交割。

You're using Zillow tools. And then on the agent side, it's the context you're asking about isn't just on the consumer side, it's on the professional side, right? -- follow a boss, this CRM for top teams is seeing all that data about those buyers and sellers to help those agents be more responsive and being the operating system for everything the agent does from buyer management and project management and coordination to tour management and scheduling to listing marketing with premium showcase.

你是在使用 Zillow 的工具。而在房仲端，你所問的「情境」不只存在於消費者端，也存在於專業端，對吧？——Follow Up Boss 這套給頂尖團隊使用的 CRM，能看到所有關於那些買方與賣方的資料，協助房仲更即時回應，並成為房仲所做一切的作業系統：從買方管理、專案管理與協調，到帶看管理與排程，再到透過 premium showcase 進行房源行銷。

So that platform provides I think, really unparalleled context in the real estate category, and that's what helps us build a better platform overall for this one-stop shop that we keep talking about, and we're increasingly delivering. But it also helps us build the most capable AI platform so that as we all begin to expect AI-enabled services in our verticals, you will expect the Zillow 1 to be the 1 that understands you the best that helps supercharge the professionals the best and that helps provide the most friction-free and delightful experience.

因此，我認為這個平台在房地產類別中提供了真正無與倫比的情境脈絡，而這正是幫助我們打造更好的整體平台、也就是我們一直在談、且正愈來愈多交付的一站式服務平台的關鍵。但它也幫助我們打造最有能力的 AI 平台，讓當我們都開始期待在各自垂直領域出現 AI 賦能的服務時，你會期待 Zillow 是最了解你、最能為專業人士增能、並提供最無摩擦且令人愉悅體驗的那一個。

Yes. And maybe just to layer on top of that, Nick. Jeremy said it well, but think about the consumer problem to solve, the consumer wants to see as much inventory as possible as a buyer or a renter and they are often the same person. So having that inventory all in one place for sale homes, apartments, new homes and existing homes and the most of it is solving the consumer problem. It's giving us great context.

是的。而且也許再補充一層，Nick。Jeremy 已經說得很好，但想想要解決的消費者問題：消費者作為買方或租客，想看到盡可能多的供給，而他們往往是同一個人。因此，把所有庫存集中在一個地方——待售住宅、公寓、新屋與既有住宅，而且涵蓋最多的供給——就是在解決消費者問題，也為我們提供了很好的情境脈絡。

And then yes, we're building relationships with these consumers over multiple transactions. And if we do a good job on the rentals front, why shouldn't we earn the right for the for-sale business if and when that person becomes a buyer. That's all part of the strategy, but it starts at the fundamental solve the consumer need, and we think we're doing that quite well.

然後沒錯，我們會在多次交易中與這些消費者建立關係。如果我們在租賃端做得好，當那個人日後成為買方時，我們為什麼不應該贏得承接買賣業務的權利呢？這都是策略的一部分，但起點是從根本上滿足消費者需求，而我們認為我們做得相當好。

John Colantuoni, Jefferies.

John Colantuoni，Jefferies。

Okay. Great. First one, I wanted to ask about resi revenue growth. I was just hoping you could help reconcile the slowdown that you're looking for in the second quarter. relative to your expectation for the housing market to sort of bounce along the bottom again.

好的。第一個問題，我想問住宅（resi）營收成長。我希望你能幫忙釐清一下：你們對第二季所預期的放緩，與你們對房市「再次在底部震盪」的看法之間，該如何對照理解。

I'm just curious if there's anything transitory there and maybe you're expecting a pickup in the second half. And then second, just talk a little bit about early responses from agents and sellers regarding the Zillow preview product, and why you think you've got the right of pros relative to some alternatives that have been launched.

我想知道其中是否有任何短期因素，以及你們是否預期下半年會回升。第二個問題，請談談房仲與賣方對 Zillow preview 產品的早期回應，以及為什麼你們認為相較於已推出的一些替代方案，你們擁有正確的優勢。

So Jeremy, I can take the first one and then maybe take the second one. Yes. I think on -- John, for Q2, the market started out slower than we -- folks anticipated. Weather and rates throughout the first quarter was worse than I think than full turn anticipating. And that impacts sentiment that impacts agent sentiment when there is some excitement around the real estate industry, albeit muted heading into the year.

Jeremy，我可以先回答第一個，然後也許再回答第二個。是的。我想就——John，針對第二季，市場開局比我們——大家原先預期的更慢。第一季期間的天氣與利率情況比我想、也比多數人原先預期的更糟。這會影響情緒，也會影響房仲情緒；即使年初進入今年時，房地產產業仍有一些（雖然偏溫和的）興奮感。

And the transactions don't end up occurring, but as a result, I'd say the agent sentiment heading into the spring selling season impacts NBP. And as a result, we've seen this now a number of years in a row, but MVP lags a bit because of that agent sentiment.

但交易最終沒有發生，因此我會說，進入春季銷售旺季前的房仲情緒會影響 NBP。結果就是，我們已經連續好幾年看到這種情況：因為房仲情緒的關係，MVP 會稍微落後一些。

So you're seeing that play through in the numbers from Q1 to Q2. And we're just not anticipating or planning for any recovery in transaction volume throughout the course of the year. So you're not seeing that come through in preferred either. But I would really point to just agent sentiment and how that impacts how they think about market-based pricing and what they're willing to buy being the biggest factor there. When we look at the enhanced market strategy, it's clearly working quite well.

所以你會看到這在數字上從第一季延續到第二季。而我們並不預期、也不規劃今年交易量在全年會有任何復甦。因此你也不會看到這反映在 preferred 上。但我會把最大的因素歸因於房仲情緒，以及它如何影響他們對市場定價（market-based pricing）的看法與他們願意購買的程度。當我們看強化市場（enhanced market）策略時，它顯然運作得非常好。

And you can see that in the consistent revenue performance. You can see it also in the mortgages growth as well. So that's what we're most focused on versus the quarterly fluctuations, and that structural driver feels well intact, but the on the margin move is really around NBP sentiment.

你可以從穩定的營收表現看出來；也可以從房貸業務的成長看出來。因此，相較於季度間的波動，這才是我們最關注的重點；這個結構性驅動因素看起來仍然非常完整，而邊際上的變動主要就是圍繞 NBP 情緒。

And then your second question on preview. I mean, preview, the response to preview, I think kind of proves that it's something that's broadly desired by most of the market, and that's just because public is better than private. The vast majority of sellers want to sell their home for the most money and sell it fastest and using the public market and making it available to a broad pool of buyers is how you do that. That's why we gave out some consumer sentiment stats.

至於你第二個關於 preview 的問題。我的意思是，preview 的回應，我認為某種程度上證明了這是市場上大多數人普遍想要的東西，原因很簡單：公開市場比私下市場更好。絕大多數賣方都希望以最高價格、最快速度賣掉房子，而使用公開市場、讓房源對廣泛的買方群體可得，就是達成這點的方法。這也是為什麼我們分享了一些消費者情緒的統計數據。

Most sellers are going to use agents who can help them maximize price. And the only benefit of private is it benefit the brokerage that hides listings for their own games. So it's not surprising, you're seeing such strong support from brokers and agents even in just the first 2 months, and we're excited to continue to grow and expand it.

大多數賣方會選擇能幫他們把價格最大化的房仲。而「私下」唯一的好處，是讓把房源藏起來、為了自身盤算的房仲公司受益。因此，即使才剛過去 2 個月，你就看到來自經紀商與房仲如此強力的支持，這並不令人意外；我們也很期待持續成長並擴大推廣。

Nikhil Devnani, Bernstein.

Nikhil Devnani，Bernstein。

I wanted to just follow up on John's question there around the revenue guidance. So if I think about 2026, is there an expectation on your part that residential improves from mid-single digits in the back half? Or is mid-teens achievable even if that becomes the run rate for residential for the rest of the year?

我想就 John 那個關於營收指引的問題再追問一下。所以如果我看 2026 年，你們是否預期住宅業務在下半年會從中個位數成長改善？或者即使住宅在今年剩餘時間都維持那樣的運行水準（run rate），中十位數（mid-teens）的成長仍然可達成？

Yes, I can take that one. So I'll say this Nikhil. Housing market has been effectively flat. We're not planning for that to get better. It may, but we're not planning for it.

好的，這題我來回答。我會這麼說，Nikhil：房市基本上是持平。我們並沒有把它會變好納入規劃。它可能會變好，但我們沒有把它當作計畫前提。

So against that backdrop, what informs the mid-teens guide is we expect mid-single-digit growth in residential. We expect more sales to grow faster than residential because of the enhanced markets working so well and mortgage growing so nicely. And then total revenue continues to be on track mid-teens growth because you include rentals as well. So they all layer on top of each other.

在這樣的背景下，中十位數的指引來自於：我們預期住宅業務是中個位數成長。我們預期「更多銷售」（more sales）的成長會快於住宅，因為強化市場運作得非常好、房貸也成長得很不錯。然後總營收仍可維持中十位數成長，因為還包含租賃業務。這些因素會一層一層疊加起來。

We're not planning for any macro changes versus what we saw in the first quarter. And despite that, well intact for mid-teens revenue growth for the year.

我們並沒有規劃任何相較第一季所見的總體環境變化。即便如此，今年中十位數的營收成長仍然非常穩固。

This completes me a lot of time for questions. I will now turn the call back over to Jeremy Wacksman for closing remarks. Thank you.

這結束了我的提問時間。我現在把電話會議交回給 Jeremy Wacksman 做結語。謝謝。

Great. Thanks, everyone, for joining us today and for staying a few minutes longer. We really appreciate your continued support. We are tremendously excited for what's ahead, and we look forward to speaking with you next quarter. Thanks all.

太好了。謝謝各位今天加入我們，也謝謝大家多留了幾分鐘。我們非常感謝你們持續的支持。我們對未來的發展感到非常振奮，也期待在下個季度再與各位交流。謝謝大家。

Thank you for joining Zillow Group's first quarter 2026 financial results call. This concludes today's conference call. You may now disconnect.

感謝您參加 Zillow Group 2026 年第一季財務業績電話會議。今天的電話會議到此結束。您現在可以掛線。