Zillow Group, Inc. (ZG) 2026 Q2 法說會逐字稿

Hello, and welcome to Zillow Group's Second Quarter 2026 Financial Results Call. (Operator Instructions) Also, as a reminder, this conference 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 年第二季財務業績電話會議。（接線員指示）另外提醒您，本次會議今日將進行錄音。如您有任何異議，請此時中斷連線。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; as well as COO and CFO, Jeremy Hofmann. During today's call, we will make forward-looking statements about our future performance and operating plans based on current expectations and assumptions.

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，以及營運長兼財務長 Jeremy Hofmann。在今天的電話會議中，我們將基於目前的預期與假設，就未來表現與營運計畫發表前瞻性陳述。

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

這些陳述受風險與不確定性影響，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。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義務。

Please review the cautionary statement and additional information in our earnings release, which can be found on our Investor Relations website. This call is being broadcast on the Internet and is available on our Investor Relations website.

請查閱我們財報新聞稿中的警示聲明與其他資訊，可於我們的投資人關係網站找到。本次電話會議將於網際網路上直播，並可於我們的投資人關係網站收聽。

A recording of the call will be available later today. During the call, we will discuss GAAP and non-GAAP measures, including adjusted net income, diluted adjusted net income per share, adjusted EBITDA, which we refer to as EBITDA and adjusted free cash flow, which we refer to as free cash flow.

本次電話會議的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，包括調整後淨利、稀釋後調整後每股淨利、調整後 EBITDA（我們稱為 EBITDA），以及調整後自由現金流（我們稱為自由現金流）。

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，內容包含我們 GAAP 與非 GAAP 結果的重要資訊，包括歷史非 GAAP 財務衡量指標的調節表。我們將先進行開場致詞，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. Q2 was another quarter of strong results that demonstrate our consistent execution and the durability of our strategy. Zillow is the operating system for modern real estate, AI native at the core of the transaction, empowering both consumers and professionals from end to end.

各位下午好，感謝各位加入我們。第二季再次交出強勁成果，展現我們一貫的執行力與策略的韌性。Zillow 是現代房地產的作業系統，以 AI 原生為交易核心，端到端賦能消費者與專業人士。

We've earned consumers' trust for many years now by consistently showing up for them at every stage of the housing journey. That's why our brand and engagement are so strong. We have more than twice as many daily active app users as our next closest competitor and 80% of our traffic comes directly to our apps and sites.

多年來，我們在住房旅程的每個階段都持續陪伴消費者，因此贏得了他們的信任。這也是我們品牌力與互動度如此強勁的原因。我們的 App 每日活躍用戶數是最接近競爭對手的兩倍以上，且 80% 的流量直接來自我們的 App 與網站。

According to Comscore, which tracks growth trends across the residential real estate category, Zillow's average monthly unique visitors in Q2 outperformed the category, which saw a decline overall amid the rise in mortgage rates. Zillow is the only large company in the category to consistently expand its reach with the real estate audience over the past seven quarters.

根據追蹤住宅房地產類別成長趨勢的 Comscore，第二季 Zillow 的月均獨立訪客數表現優於整體類別；在房貸利率上升之際，該類別整體呈現下滑。在過去七個季度中，Zillow 是該類別唯一一家大型公司能持續擴大在房地產受眾中的觸及。

In Q2, we delivered total revenue growth of 18%, above our outlook range. We once again outperformed the broader housing market, and even more so when looking at the purchase mortgage market, which was flat this quarter compared with a year ago. EBITDA was above our expectations, and we reported $118 million in adjusted net income. We are on track toward our full year goals.

第二季我們實現總營收成長 18%，高於我們的展望區間。我們再次優於整體住房市場；若觀察購屋房貸市場，本季相較去年同期持平，我們的表現更為突出。EBITDA 高於我們預期，並報告調整後淨利 1.18 億美元。我們正按計畫朝全年目標邁進。

In For Sale, revenue grew 14% year-over-year in Q2 to $549 million with 7% growth in residential revenue and 75% growth in mortgages revenue. In Rentals, Q2 revenue was up 31% year-over-year, driven by 42% growth in multifamily revenue. Our consistently strong quarterly results, brand equity and direct relationship with our users come from two decades of keeping the consumer as our North Star.

在「出售」業務方面，第二季營收年增 14% 至 5.49 億美元，其中住宅營收成長 7%，房貸營收成長 75%。在「租賃」業務方面，第二季營收年增 31%，主要由多戶住宅（multifamily）營收成長 42% 所帶動。我們一貫強勁的季度表現、品牌資產以及與用戶的直接關係，源自二十年來始終以消費者為北極星。

In For Sale, we've built a platform where our interests align with the interest of buyers, sellers and agents. Buyers want access to all available inventory. Sellers want to sell quickly and for the most money. Agents want tools that help them serve their clients and win business. Zillow delivers on what matters most to consumers and their agents, which is why we continue to grow our audience and revenue.

在「出售」業務方面，我們打造了一個平台，使我們的利益與買方、賣方及房仲的利益一致。買方希望取得所有可售庫存的資訊。賣方希望快速且以最高價格售出。房仲希望擁有能協助其服務客戶並贏得業務的工具。Zillow 提供消費者及其房仲最重視的價值，因此我們持續擴大受眾與營收。

For buyers, we've been investing in the depth of the experience, helping with each step from the first question to keys in hand. Buyers spend months on this decision because buying a home is an exhaustive and complex process that's not the same as other consumer purchases online.

對買方而言，我們持續投資於體驗的深度，協助他們從第一個問題到拿到鑰匙的每一步。買方會花上數月做出這個決定，因為買房是一個耗時且複雜的流程，與其他線上消費購買並不相同。

This is the largest financial decision most people make, and they make it only a few times in their entire lives. It requires hours of deep research. In fact, the average buyer who ends up transacting with a Preferred agent partner visits Zillow nearly 100 times, totaling 15 full hours of time using Zillow before they even reach out to connect with an agent.

這是大多數人一生中做出的最大財務決策，而且一生只會做幾次。它需要長時間的深入研究。事實上，最終透過「Preferred」房仲合作夥伴完成交易的平均買方，在聯繫房仲之前，幾乎會造訪 Zillow 近 100 次，累計使用 Zillow 的時間達 15 個完整小時。

The deeper buyers engage on Zillow, the more that they teach us about their needs and wants, which means Zillow gets more useful at every step of the journey, recommending the right home at the right moment, while also connecting consumers with a great local agent and financing options. Providing end-to-end support ultimately drives transactions through Zillow and helps people get home.

買方在 Zillow 上互動越深入，就越能讓我們了解他們的需求與偏好，這表示 Zillow 在旅程的每一步都會變得更有用：在正確的時點推薦合適的房屋，同時也把消費者與優秀的在地房仲及融資選項連結起來。提供端到端的支援，最終能推動交易透過 Zillow 完成，並幫助人們找到家。

Zillow AI mode is starting to show us what's possible when consumers can engage differently from traditional search. We're seeing them share more about their needs in AI mode than they ever entered into the typical residential search query, not just what they're looking for in a home, but their time frame, their financial picture, the need to sell their current home, whether they need a fence backyard for their pets and other special circumstances that go into their decision.

Zillow AI 模式正開始讓我們看見：當消費者能以不同於傳統搜尋的方式互動時，將會有什麼可能性。我們看到他們在 AI 模式中分享的需求資訊，遠多於以往在典型住宅搜尋查詢中輸入的內容；不僅是對房屋的期待，還包括時間表、財務狀況、是否需要先出售現有住房、是否需要有圍籬的後院給寵物，以及其他影響其決策的特殊情況。

This is unique personalized context we haven't had access to before, and it comes with engagement we can measure. AI mode is in early stages, but these are the signals we want to continue to see as we iterate. Consumers who use AI mode spend more than 3 times as long on Zillow, view more than twice as many homes, run nearly 3 times as many searches and contact an agent at nearly 3 times the rate of consumers who don't use AI mode.

這是我們過去無法取得的獨特個人化情境資訊，而且伴隨著可衡量的互動。AI 模式仍在早期階段，但這些正是我們在迭代過程中希望持續看到的訊號。使用 AI 模式的消費者在 Zillow 上停留時間超過未使用者的 3 倍、瀏覽房源數超過 2 倍、進行的搜尋次數接近 3 倍，且聯繫房仲的比率也接近 3 倍。

The same pattern holds in Rentals, where AI mode renters request a tour at nearly 3 times the rate and submit an application at nearly twice the rate. Context from repeated engagement compounds into a proprietary data advantage that is difficult to replicate and differentiates us from horizontal LLMs and other real estate companies. Here is one real-life scenario.

在租賃業務中也呈現相同模式：使用 AI 模式的租客提出看房（tour）申請的比率接近 3 倍，提交申請（application）的比率接近 2 倍。來自反覆互動的情境資訊會累積成為難以複製的專有數據優勢，使我們有別於通用型 LLM 與其他房地產公司。以下是一個真實案例。

A recent buyer came to Zillow looking for her next home, open to renting or buying, and 11 weeks later, she closed on a home purchase. Over the course of more than 200 AI mode prompts, she researched neighborhoods across multiple ZIP codes, compared properties and ran affordability scenarios across both renting and buying.

近期有一位買方來到 Zillow 尋找她的下一個家，對租或買都持開放態度；11 週後，她完成了購屋交割。在超過 200 次 AI 模式提示（prompts）的過程中，她研究了跨多個郵遞區號的社區、比較房產，並針對租與買兩種選項進行負擔能力情境分析。

At one point, she was looking at a rental listing and asked AI mode what it will cost to buy instead. The kind of questions she could explore instantly without starting a new search. She submitted our form to contact the Zillow Preferred agent partner and meanwhile, kept using AI mode to progressively narrow her search until she spent an hour of one night stress testing a single home with questions like what trade-off should I consider when looking at this home?

有一次，她在查看一則出租房源時，詢問 AI 模式如果改成購買會花多少成本。這類問題她可以即時探索，而不必重新開始一次新的搜尋。她提交了我們的表單以聯繫 Zillow Preferred 房仲合作夥伴；同時，她持續使用 AI 模式逐步縮小搜尋範圍，直到某天晚上花了一個小時，透過「在看這間房時我應該考量哪些取捨？」之類的問題，對單一房屋進行壓力測試。

That's what Zillow AI mode enables. It's the deliberation partner that can get a buyer from looking to connecting with an agent. It helps the buyer do the homework that makes the eventual agent conversation efficient, so the agent gets a buyer who is ready to act. We are actively expanding what AI mode can do, adding skills and evaluations that serve buyers, sellers, renters and homeowners.

這正是 Zillow AI 模式所能實現的。它是一位「深度推理／討論」夥伴，能協助買方從瀏覽走向與房仲經紀人建立聯繫。它幫助買方先做好功課，讓後續與經紀人的對話更有效率，讓經紀人面對的是已準備好採取行動的買方。我們正積極擴展 AI 模式的能力，新增可服務買方、賣方、租客與屋主的技能與評估。

The opportunity in front of us is to deepen our engagement with our already broad audience across every stage in ways that weren't possible before. Zillow AI mode is now live for about 20% of signed-in users, and we are scaling deliberately as we refine the experience. AI mode captures the journey as it unfolds, our new personalized moving hub organizes it.

我們眼前的機會，是在每個階段以過去不可能的方式，深化與我們既有且廣泛受眾的互動。Zillow AI 模式目前已對約 20% 的登入用戶上線，我們會在持續優化體驗的同時，有節奏地擴大規模。AI 模式會在旅程展開時捕捉其脈絡，而我們全新的個人化搬家中樞則負責加以整理。

We launched the hub earlier this summer, and it guides buyers through every milestone from setting a budget to closing. This is the first time buyers have had a single organized place for their entire move on Zillow, which means we can identify high-intent buyers and service products that meet their needs. It's a good example of what becomes possible when a buyer's workflows are connected in Zillow's end-to-end infrastructure.

我們在今年夏初推出該中樞，它會引導買方走過從設定預算到交割的每個里程碑。這是買方首次在 Zillow 上擁有一個可將整個搬家流程集中且有條理管理的單一場所，這也意味著我們能辨識高意向買方，並提供符合其需求的服務型產品。這很好地示範了：當買方的工作流程在 Zillow 的端到端基礎設施中被串接起來時，將能實現哪些可能。

We're also differentiating Zillow Home Loans with the integration of pre-approval directly into the home search. Shopping with a Zillow Home Loans verified pre-approval lets buyers see in real time whether each listing fits their verified budget, accounting for taxes, HOA fees and current interest rates, not just the list price. It makes the shopping experience more grounded and more actionable, and it's a clear signal of serious buyer intent.

我們也透過將預先核准（pre-approval）直接整合進找房流程，來強化 Zillow Home Loans 的差異化。使用 Zillow Home Loans 的已驗證預先核准來看房，買方可即時看到每個物件是否符合其已驗證的預算，並將稅費、HOA 管理費與當前利率納入計算，而不僅僅是標價。這讓看房體驗更貼近現實、更可付諸行動，也清楚傳達買方的高度認真意向。

We continue to deliver double-digit adoption of Zillow Home Loans in the integrated experience, thanks to a strong value proposition, convenience and competitive lending terms when compared with other industry-leading mortgage originators. Zillow Home Loans is now a top 25 purchase lender in the country.

憑藉強勁的價值主張、便利性，以及相較其他業界領先房貸承作機構更具競爭力的放款條件，我們在整合式體驗中持續實現 Zillow Home Loans 的兩位數採用率成長。Zillow Home Loans 現已成為全美前 25 大購屋貸款機構。

The average loan officer with Zillow Home Loans originates roughly twice the industry average of purchase loans per month. And because buyers are already on Zillow, our customer acquisition costs are a fraction of what traditional mortgage lenders pay, a structural advantage that we expect to grow as we scale. Integrating our Residential and Zillow Home Loans offerings is delivering a better buying experience.

Zillow Home Loans 的平均貸款專員，每月承作的購屋貸款量約為業界平均的兩倍。此外，由於買方本來就已在 Zillow 上，我們的客戶取得成本僅為傳統房貸機構所支付成本的一小部分；這是一項結構性優勢，我們預期會隨著規模擴大而持續增強。整合我們的 Residential 與 Zillow Home Loans 產品，正在帶來更好的購屋體驗。

We've been expanding this integrated experience through our preferred partners, and it now accounts for 61% of our connections across Zillow. Our investment in the buyer experience is also what makes our seller solutions so powerful because listing on Zillow means reaching a broad, deeply engaged audience.

我們也透過首選合作夥伴擴展這種整合式體驗，目前它已占 Zillow 全站連結（connections）的 61%。我們對買方體驗的投入，也正是讓賣方解決方案如此強大的原因，因為在 Zillow 上刊登房源意味著能觸及廣泛且高度投入的受眾。

We continue to expand our suite of products designed to provide differentiated ways to market homes and achieve better outcomes. Zillow Preview is one more way we're working with the industry to serve the needs of consumers and agents. Zillow Preview is a new product designed to help sellers who want to build demand and momentum before a home hits the active market.

我們持續擴充產品組合，提供差異化的房屋行銷方式並帶來更佳成果。Zillow Preview 是我們與產業合作、服務消費者與經紀人需求的另一種方式。Zillow Preview 是一項新產品，專為希望在房屋正式進入活躍市場前就先建立需求與動能的賣方所設計。

Preview gives sellers premarket exposure on the most visited real estate platform in America, so they can see useful real-time early demand signals, views, saves, tour requests from Zillow's full buyer audience. Meanwhile, buyers get public no-cost access to pre-market inventory right in their regular Zillow search.

Preview 讓賣方能在全美造訪量最高的不動產平台上獲得上市前曝光，因此可即時看到有用的早期需求訊號，包括來自 Zillow 全體買方受眾的瀏覽、收藏與看房（tour）申請。同時，買方也能在日常的 Zillow 搜尋中，公開且免費地取得上市前庫存資訊。

And agents get a differentiated listing pitch that puts their clients' interest first and reaches buyers early on an open marketplace. We now have more than 100 brokerage partnerships enabling Zillow Preview, and we are actively onboarding agents in those companies in addition to new brokerages.

而經紀人則能以差異化的委託上市提案，將客戶利益置於優先，並在開放的市場中更早觸及買方。目前已有超過 100 家房仲經紀公司合作夥伴啟用 Zillow Preview；除持續導入這些公司旗下經紀人外，我們也正積極拓展新的經紀公司合作。

Later this summer, Preview listings will also be syndicated to Realtor.com, the second most visited real estate platform in the country. And as MLSs give sellers, agents and brokers more options and more flexibility in how long they can premarket a listing, we welcome those changes because they boost the value proposition of Zillow Preview.

在今年夏末，Preview 房源也將同步刊登至 Realtor.com（全美第二大造訪量的不動產平台）。此外，隨著 MLS 讓賣方、經紀人與仲介公司在房源可預先行銷的期間長度上擁有更多選項與彈性，我們樂見這些改變，因為它們提升了 Zillow Preview 的價值主張。

After Preview builds initial momentum and a listing goes active, sellers and their agents can choose our Zillow Showcase product to maximize impact. Showcase is now on about 5% of all new listings and agents who use Showcase on the majority of their listings win 35% more listings than peers who don't.

當 Preview 建立起初期動能、房源轉為正式上架後，賣方與其經紀人可選擇我們的 Zillow Showcase 產品以最大化影響力。Showcase 目前已應用於約 5% 的所有新上架房源；而在多數房源上使用 Showcase 的經紀人，相較未使用的同業，能多贏得 35% 的委託案源。

Our proprietary rich media, which includes 3D home tours and interactive floor plans is now on 11% of new For Sale listings on Zillow. In our top 10 markets, 30% of new For Sale listings on Zillow have 3D home tours and more than 10% have Showcase. These markets are an early signal of what the future looks like.

我們的專有豐富媒體內容（包含 3D 看屋導覽與互動式平面圖）目前已覆蓋 Zillow 上 11% 的新「待售」房源。在我們前 10 大市場中，Zillow 上新「待售」房源有 30% 配有 3D 看屋導覽，且超過 10% 使用 Showcase。這些市場是未來樣貌的早期訊號。

Later this year, we expect to launch instant floor plans, allowing photographers, sellers and agents to capture a 3D floor plan right from their smartphone. We expect removing friction and lowering the cost will continue to expand the use of rich media, making it the future standard on every listing and providing a better buyer experience to drive engagement.

在今年稍晚，我們預計推出即時平面圖（instant floor plans），讓攝影師、賣方與經紀人可直接用智慧型手機拍攝並生成 3D 平面圖。我們預期，降低摩擦並降低成本將持續擴大豐富媒體的使用，使其成為每個房源的未來標準，並提供更好的買方體驗以帶動互動。

Together, our Preview and Showcase products give sellers and their agents robust tools to launch a listing and market it actively. Agents who use both are putting Showcase on nearly half of all Preview listings when the listing goes live. Our two-sided platform connects buyers and sellers with the industry professionals who help them get home. But Zillow's value to agent goes far beyond a connection.

我們的 Preview 與 Showcase 產品相輔相成，為賣方與其經紀人提供強大的工具，以啟動房源並積極行銷。同時使用兩者的經紀人，在房源正式上線時，幾乎會在接近一半的 Preview 房源上加掛 Showcase。我們的雙邊平台將買方與賣方，與協助他們實現安居的產業專業人士連結起來。但 Zillow 對經紀人的價值遠不止於一次連結。

Zillow powers many of the most successful agents in the industry. The tools and infrastructure we provide function as the operating system for the modern real estate transaction. Follow Up Boss is the CRM of choice for the majority of the highest volume real estate teams in the country. It had 138,000 monthly active users in Q2, up 21% year-over-year.

Zillow 正在賦能產業中許多最成功的經紀人。我們提供的工具與基礎設施，扮演現代不動產交易的作業系統。Follow Up Boss 是全美多數最高成交量不動產團隊首選的 CRM。其在第二季的月活躍用戶數達 138,000 人，年增 21%。

Smart messages, AI-generated text and e-mail drafts based on a buyer's Zillow activity and prior conversations get more than 4 times the reply rate of manual outreach because it encourages the agent to follow up when it's top of mind for the consumer.

智慧訊息、AI 生成的文字與電子郵件草稿（基於買方在 Zillow 上的活動與先前對話）所帶來的回覆率，超過人工外聯的 4 倍以上，因為它會促使經紀人在消費者最在意、最有感的時點進行跟進。

Any agent, whether they advertise on Zillow or not, can access exclusive tools and Follow Up Boss through Zillow Pro, a premium membership we launched nationwide last month. A Zillow Pro membership gives agents a single connected system to manage all of their clients, including those who originate outside the Zillow ecosystem.

任何經紀人，不論是否在 Zillow 投放廣告，都可透過 Zillow Pro 使用獨家工具與 Follow Up Boss；Zillow Pro 是我們上個月在全美推出的高級會員方案。Zillow Pro 會員可讓經紀人以單一、互相連結的系統管理所有客戶，包括那些來源於 Zillow 生態系之外的客戶。

With a Zillow Pro membership, agents can invite any contact in their Follow Up Boss database, a past client, a referral, a potential buyer they met at an open house, anyone to collaborate with them on Zillow using a feature called My Agent. Once the client accepts the invitation, their trusted agent is right by their side throughout the Zillow experience, easy messaging, tour booking, guidance at every step.

透過 Zillow Pro 會員，經紀人可邀請 Follow Up Boss 資料庫中的任何聯絡人——過往客戶、轉介紹、在開放看屋（open house）認識的潛在買方等任何人——使用一項名為 My Agent 的功能，在 Zillow 上與其協作。一旦客戶接受邀請，他們信任的經紀人就會在整個 Zillow 體驗中隨侍在側：可輕鬆傳訊、預約看房，並在每一步提供指引。

And the agent gains real-time visibility into what their client is actively looking for on Zillow, so they can show up to assist and foster the relationship into a transaction. Buyers with a My Agent relationship are 80% more likely to meet with their agent face-to-face and 50% more likely to progress through key home search stages compared with similar buyers without a My Agent relationship.

同時，經紀人也能即時掌握客戶在 Zillow 上正在積極尋找的內容，因而能適時提供協助，並將關係推進為一筆交易。相較於沒有 My Agent 關係的類似買方，具有 My Agent 關係的買方與經紀人面對面會面的機率高出 80%，且在關鍵找房階段的推進機率高出 50%。

Our early data shows that Zillow Pro agents who use My Agent are handling more transactions than similar agents who don't have a Zillow Pro membership. Zillow Pro also gives listing agents a meaningful edge through a new feature called Likely to List, which uses predictive AI signals from the unique context across our platform, including from AI mode to flag contacts in an agent's Follow Up Boss database whose homes are showing pre-listing activity, giving agents a reason to reconnect with past clients who may be ready to sell before they've raised their hand anywhere else.

我們的早期數據顯示，使用 My Agent 的 Zillow Pro 經紀人，處理的交易量高於未加入 Zillow Pro 的類似經紀人。Zillow Pro 也透過一項名為 Likely to List 的新功能，為委託上市經紀人帶來顯著優勢；該功能運用來自我們平台獨特情境的預測式 AI 訊號（包含 AI 模式的訊號），標記經紀人 Follow Up Boss 資料庫中那些房屋出現上市前活動跡象的聯絡人，讓經紀人有理由在對方尚未在其他地方表態之前，就重新聯繫可能已準備出售的過往客戶。

Likely to List turns the CRM into an active opportunity engine. 70% of actual U.S. buyers and sellers are already on Zillow. That creates an opportunity for agents to reconnect with past clients they've already built relationships with. When agents can see those signals and act on them, they can give consumers a more responsive, more personal experience.

「Likely to List」將 CRM 轉變為主動的商機引擎。70% 的美國實際買家與賣家已在 Zillow 上。這為房仲提供了機會，得以重新連結那些他們已建立關係的過往客戶。當房仲能看見這些訊號並採取行動時，就能為消費者提供更即時、更個人化的體驗。

The quality of service we're enabling for agents exemplifies the shift we've made to our agent partnership offerings. Over the years, we have deliberately evolved from a top-of-funnel model where agents paid for leads to a success-based model built around efficiently aggregating demand to connect high-intent consumers with high-performing agents.

我們為房仲所賦能的服務品質，體現了我們在房仲合作夥伴方案上所做的轉型。多年來，我們刻意從漏斗頂端模式（房仲付費購買名單）演進為以成功為基礎的模式，核心在於高效率地彙聚需求，將高意圖消費者與高績效房仲連結起來。

Zillow Preferred agent partners pay when they close, which means Zillow wins when the agent and their client win. Zillow Preferred is optimized for outcomes, not just activity, which is why it's generating 23% more revenue per connection than our legacy advertising model did and one reason why our For Sale revenue is growing faster than industry growth.

Zillow Preferred 房仲合作夥伴在成交時才付費，這意味著當房仲與其客戶成功時，Zillow 也同樣受益。Zillow Preferred 以結果為最佳化目標，而不僅是活動量；因此，其每次連結所產生的營收比我們過去的傳統廣告模式高出 23%，這也是我們「出售（For Sale）」營收成長快於產業成長的原因之一。

Zillow is the only residential real estate company that is removing friction by integrating the end-to-end transaction experience at scale, improving outcomes for buyers, for sellers, for agents, for loan officers and for Zillow. We are making progress toward our $1 billion incremental revenue opportunity in For Sale. Since the beginning of 2025, we have added an incremental $287 million of For Sale revenue, nearly one third of our goal.

Zillow 是唯一一家透過大規模整合端到端交易體驗來消除摩擦的住宅房地產公司，為買方、賣方、房仲、貸款專員以及 Zillow 改善成果。我們正朝著「出售（For Sale）」領域 10 億美元的增量營收機會持續推進。自 2025 年初以來，我們已新增 2.87 億美元的「出售（For Sale）」增量營收，接近目標的三分之一。

Now turning to rentals. Nearly every buyer starts out as a renter. And for millions of people, renting isn't a stepping stone, it's where they are for the long term. In recent years, 3 times as many movers have been looking to rent than to buy or sell. Many consumers are looking at buying or renting options at the same time, and Zillow is uniquely positioned to help them with both.

接著談租賃。幾乎每位買家一開始都是租客。而對數百萬人而言，租屋不是過渡，而是長期的居住方式。近年來，尋求搬遷的人中，想租屋的人數是想買或想賣的 3 倍。許多消費者同時在評估購買或租賃選項，而 Zillow 具備獨特優勢，能同時協助他們處理兩者。

The same thesis that drives For Sale is behind our rental strategy, a streamlined operating system that modernizes the transaction experience on top of the largest and most varied inventory from single-family homes to large apartment communities.

驅動「出售（For Sale）」的同一套核心論點，也支撐著我們的租賃策略：以精簡的作業系統為基礎，在涵蓋最龐大且最多元的房源（從獨棟住宅到大型公寓社區）之上，現代化整個交易體驗。

In Q2, we had 2.8 million average monthly active rental listings and reached an all-time high of 79,000 multifamily properties. Rentals revenue was up 31% year-over-year in Q2 with multifamily revenue up 42%, growth that reflects the compounding value of what we've built on both sides of the marketplace.

在第二季，我們的租賃房源平均每月活躍刊登數達 280 萬筆，並創下 79,000 個多戶型（multifamily）物件的歷史新高。第二季租賃營收年增 31%，其中多戶型營收年增 42%；這樣的成長反映了我們在市場兩端所建立能力的複利價值。

Property managers tell us Zillow delivers the highest return on marketing investment in our category compared not just with other rental platforms, but with other digital marketing options available to them, including search and social media. They keep renewing and upgrading their presence on Zillow as a result, and we see a significant opportunity to capture more of the marketing dollars currently being spent elsewhere.

物業管理公司告訴我們，相較於同類別不僅是其他租賃平台，甚至包括他們可用的其他數位行銷選項（如搜尋與社群媒體），Zillow 能帶來最高的行銷投資報酬率。因此，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，可吸納目前花在其他地方的更多行銷預算。

We're also bringing Zillow's inventory and booking infrastructure to other platforms potential renters may be on. This summer, Zillow Rentals became the only real estate platform in Google's Gemini connected apps ecosystem. If a renter asked Gemini to find them available apartments, Zillow powers what happens next, the real-time availability, the tour scheduling, the booking confirmation.

我們也正把 Zillow 的房源與預約基礎設施帶到其他潛在租客可能使用的平台上。今年夏天，Zillow Rentals 成為 Google Gemini 連結應用程式生態系中唯一的房地產平台。若租客請 Gemini 幫他們找可租公寓，接下來的流程由 Zillow 驅動：即時可租狀態、看房行程安排、預訂確認。

Wherever consumers begin their move, we're helping them complete it with our partners and our real estate operating system. Rentals is one of our most compelling growth opportunities with a clear path to $1 billion and beyond in annual rentals revenue.

無論消費者從哪裡開始搬家規劃，我們都透過合作夥伴與我們的房地產作業系統，協助他們完成整個流程。租賃是我們最具吸引力的成長機會之一，且有清晰路徑可達到每年 10 億美元以上的租賃營收。

Before I turn it over to our COO and CFO, Jeremy Hofmann, I want to put our results in context. Zillow has consistently outperformed industry total transaction volume for three long years, while the housing market has basically stood still.

在我把時間交給我們的營運長兼財務長 Jeremy Hofmann 之前，我想先把我們的成果放在更大的脈絡中。在房市基本停滯的情況下，Zillow 已連續三年大幅跑贏產業整體交易量。

We have grown revenue by mid-teens or better each year even as industry growth has been essentially flat. We keep reaching more of the real estate audience, while others in our category don't. It's been a noisy year, but it has not changed what we see in our business.

即使產業成長幾乎持平，我們每年仍能維持中十位數（mid-teens）或更高的營收成長。我們持續觸及更多房地產受眾，而同類別的其他業者並未做到。今年雜音很多，但並未改變我們對自身業務的觀察。

Zillow has continued to execute and our results show it. We consistently perform well because Zillow supports the needs of both sides of the marketplace. We've rapidly built the modern real estate operating system professionals rely on every day to run their businesses and consumers trust and return to Zillow throughout a month-long journey no matter where that journey began.

Zillow 持續落實執行，而成果也證明了這一點。我們之所以能穩定表現出色，是因為 Zillow 同時支援市場兩端的需求。我們快速打造出專業人士每天仰賴以經營業務的現代房地產作業系統；消費者也信任並在長達一個月的旅程中反覆回到 Zillow，不論旅程從何處開始。

Our direct brand and audience engagement put us in a position of strength as we drive forward and expand our business. To position Zillow for the path ahead, yesterday, we restructured parts of our organization and eliminated some roles. We made this decision to ensure we can move faster and operate more efficiently, including a more sustainable cost structure.

我們直接的品牌力與受眾互動，使我們在推進並擴展業務時具備優勢。為了讓 Zillow 更好地迎接未來道路，昨天我們重組了部分組織並裁撤了一些職位。我們做出此決定，是為了確保能更快行動並更有效率地運作，包括建立更可持續的成本結構。

We're grateful to every person who is leaving for their contributions through the years. Today, we also announced changes to our executive leadership team. We have appointed Jeremy Hofmann to an expanded role as Chief Operating Officer and Chief Financial Officer. Jeremy has been one of the key architects of Zillow's current business strategy, a driving force in the vision and execution of the housing super app.

我們感謝每一位即將離開的同仁多年來的貢獻。今天，我們也宣布了高階管理團隊的變動。我們任命 Jeremy Hofmann 擔任擴大職責的營運長（COO）兼財務長（CFO）。Jeremy 一直是 Zillow 現行商業策略的關鍵設計者之一，也是推動「住房超級 App」願景與落地執行的重要力量。

His deep command of our strategy and financial architecture, combined with the strength of the teams he has developed over nine years here, positioned Zillow to move with greater coordination and speed. Jun Choo, who has served as Chief Operating Officer since 2024, is stepping down to focus on his health and will serve in an advisory capacity through the end of the year.

他對我們策略與財務架構的深刻掌握，加上他在此九年間所建立團隊的實力，使 Zillow 能以更高的協同與速度推進。自 2024 年起擔任營運長的 Jun Choo 將卸任以專注健康，並將以顧問身分服務至年底。

Jun has been an invaluable part of Zillow's growth over the decade-plus tenure he's had here and his contributions to the operational foundation of this company are immeasurable. We wish him all the best. We are also welcoming Sandi Knight to serve in a new role as Chief Legal and Policy Officer.

Jun 在這十多年任期中一直是 Zillow 成長不可或缺的一部分，他對公司營運基礎所做的貢獻難以估量。我們祝福他一切順利。我們也歡迎 Sandi Knight 加入，擔任新設職位：法務與政策長（Chief Legal and Policy Officer）。

Sandi joins us from Google, where she served as Vice President of Litigation and Discovery. She brings more than 20 years of experience in complex litigation and operational leadership across technology and financial services, including at Google, PayPal and Morgan Stanley. Her appointment reflects our continued investment in building the leadership team that Zillow needs to support our future growth.

Sandi 來自 Google，先前擔任訴訟與證據開示副總裁（Vice President of Litigation and Discovery）。她在科技與金融服務領域的複雜訴訟與營運領導方面擁有超過 20 年經驗，曾任職於 Google、PayPal 與 Morgan Stanley。她的任命反映了我們持續投資打造 Zillow 所需的領導團隊，以支援未來成長。

The strength of our team and the strategy we're executing gives us every confidence in what comes next. The Zillow experience gets people from curiosity to closing, the dreaming and decision-making, the tour for renters and buyers, the application or pre-approval, the financing, the agent relationship, the offer and the lease or close increasingly run through Zillow.

我們團隊的實力與正在執行的策略，讓我們對接下來的發展充滿信心。Zillow 的體驗能帶人們從好奇走到成交：從想像與決策、租客與買家的看房、申請或預先核准、融資、與房仲的關係建立、出價，以及租約簽訂或交割，這些流程正日益透過 Zillow 完成。

We support the whole transaction and our ability to do so compounds as more of the transaction uses our infrastructure. Our focus is on serving consumers, and helping professionals grow their businesses because that's what drives our results. We are on track toward our full year goals.

我們支援整個交易流程，而隨著更多環節使用我們的基礎設施，我們的能力也會產生複利效應。我們的重點是服務消費者，並協助專業人士成長其業務，因為這正是驅動我們成果的關鍵。我們正按計畫達成全年目標。

We are in control of our own path, and we are building toward a future where getting home through the integrated experience on Zillow is the standard for renters, for buyers, for sellers and for the industry professionals who guide them through it. With that, I'll turn the call over to Jeremy.

我們掌握自己的路徑，並正打造一個未來：透過 Zillow 的整合式體驗「找到家」將成為租客、買家、賣家，以及引導他們完成流程的產業專業人士的標準做法。接下來，我把電話會議交給 Jeremy。

Thanks, Jeremy, and good afternoon, everyone. We delivered excellent results in Q2 and are well positioned to continue delivering strong performance as we execute on our strategy in 2026 and beyond. In Q2, we generated revenue of $772 million, up 18% year-over-year and EBITDA of $176 million, resulting in an EBITDA margin of 23%. Both revenue and EBITDA are above the high end of our outlook range.

謝謝你，Jeremy，各位下午好。我們在第二季交出優異成果，並已做好準備，隨著我們在 2026 年及更長遠期間持續執行策略，繼續展現強勁表現。第二季我們創造營收 7.72 億美元，年增 18%，EBITDA 為 1.76 億美元，EBITDA 利潤率為 23%。營收與 EBITDA 皆高於我們展望區間的上緣。

We reported a net loss of $4 million and adjusted net income of $118 million.

我們報告淨虧損400萬美元，調整後淨利為1.18億美元。

Share-based compensation expense was down 24% year-over-year during the quarter. Diluted adjusted net income per share was $0.52 compared to $0.40 in Q2 a year ago. Year-to-date, we have generated $223 million of free cash flow, a 19% increase compared with the same period a year ago. Now let me take you through the details of the quarter. Our For Sale revenue grew 14% year-over-year in Q2 to $549 million.

本季以股份為基礎的薪酬費用較去年同期下降24%。稀釋後調整每股淨利為0.52美元，去年第二季為0.40美元。年初至今，我們已產生2.23億美元的自由現金流，較去年同期增加19%。現在讓我帶各位了解本季的細節。我們的「待售（For Sale）」營收在第二季年增14%，達5.49億美元。

Within the For Sale revenue category, residential revenue of $465 million was up 7% year-over-year, above our outlook. The majority of the increase in residential revenue was due to growth in Zillow Preferred, primarily driven by the expansion of connections in the fully integrated experience.

在「待售（For Sale）」營收類別中，住宅營收為4.65億美元，年增7%，高於我們的展望。住宅營收增加的主要原因是 Zillow Preferred 的成長，主要由於在完全整合式體驗中擴大連結（connections）所帶動。

Zillow Showcase, new construction and our suite of agent software tools were also contributors to residential revenue growth. These increases were partially offset by a decrease in market-based pricing revenue as we continue to shift more connections to preferred. Within the For Sale revenue category, mortgages revenue accelerated to 75% year-over-year growth in Q2 to $84 million, above our outlook.

Zillow Showcase、新建案以及我們的一系列房仲軟體工具也對住宅營收成長有所貢獻。由於我們持續將更多連結轉向 Preferred，市場定價（market-based pricing）營收下降，部分抵銷了上述增幅。在「待售（For Sale）」營收類別中，房貸營收在第二季加速成長至年增75%，達8,400萬美元，高於我們的展望。

Purchase loan origination volume, which was the main driver of our mortgages revenue growth, grew 95% year-over-year in Q2, as we saw continued growth from expanding our share of connections to our preferred program and better-than-expected conversion rates from customers in our pipeline.

作為房貸營收成長主要驅動因素的購屋貸款承作量（purchase loan origination volume），在第二季年增95%；這反映我們持續透過 Preferred 計畫擴大連結占比所帶來的成長，以及來自我們管線客戶的轉換率優於預期。

With double-digit customer adoption rates, our results continue to demonstrate that Zillow Home Loans has an attractive value proposition for buyers. Our 14% year-over-year For Sale revenue growth in Q2 outperformed the estimated flat industry purchase mortgage origination volume.

在客戶採用率達雙位數的情況下，我們的成果持續證明 Zillow Home Loans 對買方具有吸引力的價值主張。我們第二季「待售（For Sale）」營收年增14%，優於業界估計近乎持平的購屋房貸承作量。

Our For Sale revenue growth also outperformed the 6% real estate total transaction value growth, despite the 600 basis point headwind from the purchase mortgage industry. We call out mortgage industry growth because a majority of Zillow buyers purchased their home with a mortgage.

儘管購屋房貸產業帶來600個基點的不利因素，我們的「待售（For Sale）」營收成長仍優於房地產總交易價值（total transaction value）6%的成長。我們特別指出房貸產業成長，是因為多數 Zillow 買家是以房貸購屋。

Affordability challenges continue to have a larger impact on mortgage buyers than cash buyers. Turning to Rentals. Q2 revenue was $209 million, growing 31% year-over-year. This was primarily driven by our multifamily revenue, which was up 42% year-over-year in Q2. Our value proposition continues to attract new multifamily property managers with total properties growing to 79,000 in Q2, up 23% from a year ago.

可負擔性挑戰對房貸買家的影響仍大於現金買家。接著談租賃（Rentals）。第二季營收為2.09億美元，年增31%。這主要由我們的多戶住宅（multifamily）營收所帶動，該項在第二季年增42%。我們的價值主張持續吸引新的多戶住宅物業管理公司，第二季總物件數成長至79,000件，較去年同期增加23%。

Additionally, our superior ROI is winning more wallet share as we attract new properties and existing property managers upgrade their subscription packages with us. Q2 EBITDA expenses were $596 million, which exclude the $10 million of FTC Matter litigation expenses.

此外，憑藉更優異的投資報酬率（ROI），我們在吸引新物件的同時，也促使既有物業管理公司向我們升級其訂閱方案，因而取得更多錢包份額（wallet share）。第二季 EBITDA 費用為5.96億美元，不包含1,000萬美元的 FTC Matter 訴訟費用。

We reported $36 million of restructuring costs in Q2 related to cost management actions we announced yesterday that are also not included in EBITDA expenses. I will discuss these cost management actions in more detail shortly. We ended the quarter with cash and investments of $682 million, down from $783 million at the end of Q1.

我們在第二季認列3,600萬美元的重組成本，與我們昨日宣布的成本管理措施相關，且同樣未納入 EBITDA 費用。我稍後將更詳細說明這些成本管理措施。本季末我們的現金與投資為6.82億美元，較第一季末的7.83億美元下降。

We repurchased $200 million of our stock during Q2 as we continue to demonstrate our conviction in the long-term value of the business and our commitment to returning capital when the opportunity is compelling. Year-to-date, we have repurchased $826 million in shares. Our total outstanding shares declined to $225 million at the end of Q2 from $240 million at the beginning of 2026.

我們在第二季回購2億美元自家股票，持續展現我們對公司長期價值的信念，以及在機會具吸引力時回饋資本的承諾。年初至今，我們已回購8.26億美元的股份。截至第二季末，我們的流通在外總股數降至2.25億股，較2026年初的2.40億股下降。

As of the end of June, we have approximately $1.1 billion remaining for future share purchases under our existing authorizations. Combining our $682 million of cash and investments with our $500 million undrawn line of credit, we have total liquidity of approximately $1.2 billion.

截至6月底，依據現有授權，我們仍有約11億美元可用於未來股票回購。將6.82億美元的現金與投資，加上5億美元尚未動用的信用額度（line of credit），我們的總流動性約為12億美元。

This strong liquidity position gives us flexibility on our financial priorities to invest in driving growth, maintain an adequate risk-based capital reserve, support flexibility for potential M&A and continue to be opportunistic with share buybacks.

這樣強勁的流動性部位，讓我們在財務優先事項上更具彈性：投資以推動成長、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，並持續在股票回購上把握機會。

Next, I want to take some time to discuss how our preferred monetization model is working, why we have decided to accelerate the transition of our connections to preferred and the near-term implications for revenue across both our residential and mortgages categories included in our For Sale revenue.

接下來，我想花一些時間討論我們的 Preferred 變現模式如何運作、為何我們決定加速將連結轉移至 Preferred，以及這對我們「待售（For Sale）」營收中住宅與房貸兩個類別在短期內的營收意涵。

First and foremost, the preferred monetization model enables us to better serve customers by offering them our integrated transaction experience, which drives more For Sale revenue per connection than our legacy advertising model. As a result, we are accelerating to more than 75% of our connections in Preferred by the end of 2026, up from 44% at the end of 2025 and 21% at the end of 2024.

首先也是最重要的是，Preferred 變現模式讓我們能透過提供整合式交易體驗更好地服務客戶；相較於我們的傳統廣告模式，這能帶來每個連結更高的「待售（For Sale）」營收。因此，我們正加速推進，目標在2026年底讓超過75%的連結納入 Preferred；相較之下，2025年底為44%，2024年底為21%。

We expect that nearly all connections will be serviced by Preferred partners over time. The Preferred agent partner base is made up of some of the most productive agents in the country and is a group of people who are highly motivated to serve Zillow's customers well.

我們預期隨著時間推進，幾乎所有連結都將由 Preferred 合作夥伴提供服務。Preferred 房仲合作夥伴的基礎由全國最具生產力的一些房仲組成，他們高度有動機把 Zillow 的客戶服務好。

By partnering closely with this talented group of real estate agents, we are able to build technology and services that allow them to be more productive, win more business and convert our shared customers better. And the results for Zillow have been excellent.

透過與這群才華洋溢的房地產經紀人緊密合作，我們能打造技術與服務，讓他們更具生產力、贏得更多業務，並更有效地轉換我們的共同客戶。而 Zillow 的成果非常出色。

The increase in our revenue per connection generated from our integrated experience demonstrates our execution. This is calculated as a combination of total preferred revenue, revenue from preferred agent partners using Follow Up Boss and Showcase and revenue generated from the integrated transactions where consumers choose to use Zillow Home Loans.

我們整合式體驗所帶來的每連結營收提升，展現了我們的執行力。此指標的計算方式為：Preferred 總營收、使用 Follow Up Boss 與 Showcase 的 Preferred 房仲合作夥伴所帶來的營收，以及在整合式交易中消費者選擇使用 Zillow Home Loans 所產生的營收之合計。

We compare that combination of revenue to revenue from our legacy advertising model and revenue generated from agents in that model who use Follow Up Boss and Showcase. In 2025, we generated 23% higher revenue per connection compared to our legacy advertising model.

我們將上述合計營收與傳統廣告模式的營收，以及在該模式下使用 Follow Up Boss 與 Showcase 的房仲所產生的營收進行比較。在2025年，我們的每連結營收較傳統廣告模式高出23%。

By the end of 2026, we expect to accelerate to 35% more revenue per connection, driven by improved conversion across our Preferred agent partner base and greater adoption of Zillow products and services from consumers.

到2026年底，我們預期將加速達到每連結營收高出35%；這將由 Preferred 房仲合作夥伴基礎的轉換率提升，以及消費者對 Zillow 產品與服務更高的採用率所驅動。

Seeing these results gives us a lot of confidence to move faster to the future and move more connections to Preferred, so we can serve our customers and partners better, while generating more revenue and revenue per connection along the way. Another critical data point for us has been the steady improvement in Zillow Home Loans profitability.

看到這些成果，讓我們更有信心加快邁向未來、將更多連結轉至 Preferred；如此我們能更好地服務客戶與合作夥伴，同時在過程中創造更多營收與更高的每連結營收。對我們而言，另一個關鍵數據點是 Zillow Home Loans 獲利能力的穩步改善。

Across fixed and variable costs, our per mortgage unit economics are positive today. And in the future, we believe Zillow Home Loans economics will generate profits similar to profits we earn from Preferred agent partner referral fees. We believe this acceleration is clearly the right decision for our go-forward business, but there are three important nuances for investors to understand as we progress.

在固定與變動成本層面，我們目前每筆房貸的單位經濟效益（unit economics）已為正。未來，我們相信 Zillow Home Loans 的經濟效益將產生與我們從 Preferred 房仲合作夥伴推薦費（referral fees）所獲得的利潤相近的獲利。我們認為這項加速對我們未來的業務方向顯然是正確決策，但在推進過程中，投資人需要理解三個重要的細微差異。

One is a shift in revenue from residential to mortgages within For Sale. The second is the timing of revenue recognition associated with Zillow Home Loans originations and the value we realize over the life of a connection. And the third is a different seasonal pattern in Preferred revenue than our legacy advertising model. First is the shift in revenue from residential to mortgages within our For Sale category.

第一，是「待售（For Sale）」內部營收從住宅轉向房貸的移轉。第二，是與 Zillow Home Loans 放款承作相關的營收認列時點，以及我們在一段連結生命週期中所實現的價值。第三，是 Preferred 營收的季節性型態與我們傳統廣告模式不同。首先談「待售（For Sale）」類別中營收從住宅轉向房貸的移轉。

Under the legacy advertising model, both agent advertising and lender co-marketing revenue was earned and recognized in the residential revenue category as connections were delivered. Once we earn that revenue, the customer's transaction moved off platform.

在傳統廣告模式下，房仲廣告與貸方聯合行銷（lender co-marketing）營收，會在連結交付時於住宅營收類別中賺取並認列。一旦我們賺取該營收，客戶的交易就會離開平台。

With the integrated transaction model, customers choose to stay on our platform past the agent connection where they can work with an agent using Zillow's suite of agent products and choose their own service providers, including Zillow Home Loans. As this happens, an increasing share of For Sale revenue is recognized in mortgages.

在整合式交易模式下，客戶會選擇在房仲連結之後仍留在我們的平台上；他們可使用 Zillow 的一系列房仲產品與房仲合作，並自行選擇服務供應商，包括 Zillow Home Loans。隨著此情況發生，「待售（For Sale）」營收中將有愈來愈高的占比在房貸類別中認列。

Because of the transition to Preferred, there has been a consistent shift from residential revenue to mortgages revenue. In 2025, this was a 300 basis point impact to residential revenue. In the first half of 2026, this was a 500 basis point impact to residential revenue, as we accelerated more connections into Preferred.

由於轉向 Preferred，我們的營收結構持續從住宅營收轉移至房貸營收。在 2025 年，這對住宅營收造成了 300 個基點的影響。在 2026 年上半年，隨著我們加速將更多連線導入 Preferred，這對住宅營收造成了 500 個基點的影響。

We expect this impact to accelerate in the second half of 2026 and continue in the first half of 2027 before moderating in the second half of 2027. Second, this transition to preferred results in a difference in the timing of revenue recognition and the value we realize over the life of a connection.

我們預期此影響將在 2026 年下半年加速，並延續至 2027 年上半年，之後在 2027 年下半年趨於緩和。第二，這次轉向 Preferred 會導致營收認列時點，以及我們在一條連線生命週期內所實現價值的差異。

This difference is because Zillow Home Loans revenue is generally recognized near the time a loan is originated, which is 6 to 12 months after a connection is delivered. This difference has created a consistent 200 basis point headwind to For Sale revenue as we have moved more and more connections into Preferred. We expect this headwind to moderate throughout 2027.

之所以有此差異，是因為 Zillow Home Loans 的營收通常在貸款發放（origination）前後認列，而這通常是在連線交付後 6 到 12 個月。隨著我們將越來越多連線導入 Preferred，這項差異持續對 For Sale 營收造成 200 個基點的不利影響。我們預期這項逆風將在 2027 年逐步緩和。

Third of the three factors important to understand is the different seasonal pattern in Preferred revenue compared to our legacy advertising model. Because of seasonality, historically, our connection volumes have declined in the range of 20% to 25% sequentially from Q3 to Q4 and then increased in Q1 compared to Q4.

第三個需要理解的重要因素，是 Preferred 營收的季節性型態與我們傳統廣告模式不同。由於季節性因素，歷史上我們的連線量通常在 Q3 到 Q4 之間按季下滑約 20% 到 25%，然後在 Q1 相較 Q4 回升。

Zillow Preferred revenue follows this seasonality trend more closely versus our legacy advertising model. Because we are planning to accelerate to more than 75% of our connections in Preferred by the end of the year, we expect the seasonality impact to result in a 200 to 300 basis point headwind to our year-over-year For Sale revenue growth in Q4.

相較於我們傳統廣告模式，Zillow Preferred 的營收更貼近這種季節性趨勢。由於我們計畫在年底前將超過 75% 的連線加速導入 Preferred，我們預期季節性影響將使 Q4 的 For Sale 營收年增率面臨 200 到 300 個基點的逆風。

We expect this seasonality trend to reverse in Q1 2027. We have included an accompanying chart in this quarter's shareholder letter to illustrate the quarter-by-quarter impacts of these factors. The most important takeaway is that the integrated transaction strategy is working, and we are accelerating the transition to Preferred going forward. We see better outcomes for customers and partners.

我們預期這項季節性趨勢將在 2027 年 Q1 反轉。我們在本季股東信中附上一張圖表，用以說明這些因素對各季的影響。最重要的重點是，整合式交易策略正在奏效，而我們未來將加速轉向 Preferred。我們看到客戶與合作夥伴獲得更好的成果。

We see more total revenue and revenue per connection for Zillow, and we are growing EBITDA per connection with a path to more profits as Zillow Home Loan scales. And of course, despite the moving pieces through this transition, for-sale revenue has grown 13% year-to-date compared to a purchase mortgage market that is roughly flat.

我們看到 Zillow 的總營收與每條連線的營收更高，且隨著 Zillow Home Loan 規模擴大，我們的每條連線 EBITDA 也在成長，並具備通往更高獲利的路徑。當然，儘管在這次轉型過程中有許多變動因素，年初至今 For Sale 營收仍成長 13%，而購屋房貸市場大致持平。

Now I'll provide some additional details on our cost management actions. Yesterday, we announced a restructuring, which included eliminating approximately 7% of employees as we continue to scale our integrated strategy and drive efficiencies.

接下來我將提供一些關於我們成本管理措施的補充細節。昨天，我們宣布進行重組，其中包括裁減約 7% 的員工，以便在持續擴大整合策略的同時提升效率。

As a result, we expect to generate approximately $75 million of annualized EBITDA cost savings from Q2 run rates and an aggregate of $140 million when including reductions from previously planned headcount growth. We recorded $36 million of restructuring costs in Q2, and we expect to record an additional $23 million to $28 million of restructuring costs in Q3 associated with these actions.

因此，我們預期以 Q2 的執行水準（run rate）計算，可產生約 7,500 萬美元的年化 EBITDA 成本節省；若再加上原先規劃的人力擴編縮減，合計可達 1.4 億美元。我們在 Q2 認列了 3,600 萬美元的重組費用，並預期在 Q3 另行認列 2,300 萬至 2,800 萬美元、與這些措施相關的重組費用。

Turning to our outlook for Q3 2026. We expect total revenue of $745 million to $760 million, implying year-over-year growth of approximately 11% at the midpoint of our outlook range. We expect For Sale revenue growth to be between 5% to 7%, which includes an assumption of 200 basis points to 300 basis points headwind from the difference in timing of revenue recognition in Zillow Home Loans and the value we realize over the life of the connection.

接著談我們對 2026 年 Q3 的展望。我們預期總營收為 7.45 億至 7.60 億美元，按展望區間中點計算，年增約 11%。我們預期 For Sale 營收成長介於 5% 至 7%，其中包含一項假設：由於 Zillow Home Loans 的營收認列時點差異，以及我們在連線生命週期內所實現的價值差異，將帶來 200 至 300 個基點的逆風。

Within For Sale, we expect residential revenue to be flat year-over-year, which includes an assumption of 600 basis points to 700 basis points shifting from our residential revenue category to our mortgages revenue category over time. For mortgages revenue, we continue to see a strong pipeline, which we expect puts us on track for growth of over 50% year-over-year.

在 For Sale 之內，我們預期住宅營收將與去年同期持平，其中包含一項假設：隨時間推移，將有 600 至 700 個基點從住宅營收類別轉移至房貸營收類別。至於房貸營收，我們持續看到強勁的案源（pipeline），我們預期這將使我們維持超過 50% 的年增成長軌道。

Our revenue outlook includes our expectation for a decline in year-over-year purchase industry mortgage originations, down from our prior expectation of flat. We see continued pressure on affordability having a larger impact on mortgage buyers than the overall market as interest rates have continued to rise since their lows in early March.

我們的營收展望也納入我們對產業購屋房貸核貸量（purchase industry mortgage originations）年增下滑的預期，這與先前預期持平相比有所下修。由於利率自 3 月初低點以來持續上升，我們看到可負擔性壓力持續存在，且對房貸買方的影響大於整體市場。

In Rentals, we expect Q3 revenue growth in the high 20% range year-over-year. In Q3, we expect EBITDA expenses of $560 million to $565 million and EBITDA of $180 million to $200 million, implying 25% EBITDA margins at the midpoint. Turning to our full year outlook for 2026. We continue to expect to deliver mid-teens total revenue growth with a range of $2.92 billion to $2.96 billion. We continue to expect approximately 30% growth in Rentals revenue.

在 Rentals 方面，我們預期 Q3 營收年增率落在接近 20% 後段（high 20%）的區間。在 Q3，我們預期 EBITDA 費用為 5.60 億至 5.65 億美元，EBITDA 為 1.80 億至 2.00 億美元，按中點計算意味著 25% 的 EBITDA 利潤率。接著談我們對 2026 全年的展望。我們仍預期總營收將達到約 10% 中段（mid-teens）的成長，區間為 29.2 億至 29.6 億美元。我們仍預期 Rentals 營收約成長 30%。

For the rest of 2026 and the full year, we are assuming the purchase mortgage originations market will be down low to mid-single digits from our prior view of flat. In Q4, we are planning to further accelerate our transition to our Preferred monetization model. We expect to end the year with more than 75% of our connections going to Preferred partners.

對於 2026 年剩餘期間及全年，我們假設購屋房貸核貸市場將較先前「持平」的看法下修，轉為下滑低至中個位數百分比。在 Q4，我們計畫進一步加速轉向 Preferred 變現模式。我們預期年底時，超過 75% 的連線將導向 Preferred 合作夥伴。

We expect the combination of seasonality and the timing of revenue recognition in Zillow Home Loans and the value of the life of the connection to translate to 400 basis points to 600 basis points of headwind to For Sale revenue. Within For Sale, we expect residential revenue to be in line with purchase mortgage industry growth, which includes an assumption of 700 basis points to 800 basis points shifting from our residential revenue category to our mortgages revenue category over time.

我們預期季節性因素，加上 Zillow Home Loans 的營收認列時點與連線生命週期價值的影響，將使 For Sale 營收面臨 400 至 600 個基點的逆風。在 For Sale 之內，我們預期住宅營收將與購屋房貸產業成長一致，其中包含一項假設：隨時間推移，將有 700 至 800 個基點從住宅營收類別轉移至房貸營收類別。

Additionally, we expect higher mortgage rates to have an impact on conversion rates for Zillow Home Loans in Q4. Now turning to EBITDA. For the full year 2026, we expect continued EBITDA margin expansion, translating to EBITDA of $730 million to $760 million.

此外，我們預期較高的房貸利率將在 Q4 影響 Zillow Home Loans 的轉換率。現在轉向 EBITDA。對於 2026 全年，我們預期 EBITDA 利潤率將持續擴張，對應 EBITDA 為 7.30 億至 7.60 億美元。

Of note, our full year outlook implies year-over-year EBITDA cost growth in Q4 to be in the mid-single digits, which sets us up well to deliver year-over-year margin expansion in Q4 and in 2027. Last, we continue to expect full year share-based compensation expense to be down more than 15% year-over-year.

值得注意的是，我們的全年展望意味著 Q4 的 EBITDA 成本年增將落在中個位數百分比，這讓我們能在 Q4 以及 2027 年實現年對年利潤率擴張。最後，我們仍預期全年以股份為基礎的薪酬費用將較去年同期下降超過 15%。

To close, we are buoyed by the continued strength in our business and excited to accelerate our integrated transaction strategy. We are on track to hit our 2026 and mid-cycle targets, underpinned by a strong growth strategy and a disciplined cost structure that allows us to grow profits faster than revenue. With that, operator, we will open the line for questions.

總結來說，我們對業務持續展現的強勁動能感到振奮，也很期待加速推進我們的整合式交易策略。在強勁的成長策略與嚴謹的成本結構支撐下，我們正按計畫達成 2026 年與中期目標，並使獲利成長速度快於營收成長。接下來，接線員，我們將開放提問。

(Operator Instructions)

（接線員指示）

Ryan McKeveny, Zelman.

Ryan McKeveny，Zelman。

Great. I'll start with a couple higher-level strategy one’s for you guys. So on the leadership changes and particularly Jeremy H. taking on both CFO and COO, I guess, does this signal any broader strategy change, any change in the go-to-market approach across the various businesses?

很好。我先從幾個較高層次的策略問題開始。關於領導層變動，特別是 Jeremy H. 同時擔任 CFO 與 COO，我想請問，這是否代表更廣泛的策略改變，或是在各項業務的市場推進（go-to-market）方式上有任何調整？

And Jeremy H., I'm sure you can give some color on that, but maybe also Jeremy Wacksman, can you maybe add some color as to why Jeremy H. is the right person for the COO role in addition to CFO as opposed to having those positions separated?

另外，Jeremy H.，我相信你可以補充一些背景說明；但也想請 Jeremy Wacksman 你談談，為什麼 Jeremy H. 除了 CFO 之外也適合擔任 COO，而不是將這兩個職位分開？

Yes, Ryan, this is Jeremy Wacksman. I'll take that one. No change in strategy. This is really about strengthening the leadership team and setting us up for the road ahead. I mean I think as you heard from the prepared remarks and you see in the results.

是的，Ryan，我是 Jeremy Wacksman。我來回答這題。策略沒有改變。這主要是為了強化領導團隊，並讓我們為未來的道路做好準備。我的意思是，我想你從事先準備的發言以及你在結果中所看到的就能感受到。

Our business is growing. We're scaling the housing super app. We're navigating an increasingly complex environment. And we're doing so in a way that builds consumer trust. And having Jeremy, who is one of our most capable operationally focused leaders who over the past nine years has really been at the heart of developing our strategy and building a lot of the cross-company operations to execute it, having him put strategy and operations closer together is a huge boon for the company.

我們的業務正在成長。我們正在擴展住房超級 App。我們正在應對日益複雜的環境。而且我們以建立消費者信任的方式來做到這一點。而 Jeremy 作為我們最有能力、且以營運為導向的領導者之一，在過去九年裡確實一直處於制定我們策略、並建立大量跨公司營運以落實該策略的核心位置；讓他把策略與營運更緊密地結合在一起，對公司而言是巨大的助益。

We obviously wish Jun all the best as he steps back to focus on his health. He's been a valued part of Zillow's past 11 years. But this is really about setting us up for the future, and we're tremendously excited about having Jeremy take on this expanded role.

我們當然祝福 Jun 在退一步、專注於健康之際一切順利。他在 Zillow 過去 11 年一直是非常重要的一員。但這其實是為了讓我們為未來做好準備，而我們也非常興奮能讓 Jeremy 承擔這個擴大的職責。

Ryan, I'll just chime in. Thanks for the congrats. I mean I'm really excited to step into the expanded role. I've been -- Jeremy said it, but I've been intimately involved with the strategy, the operations and the financials for nine years now, and I've worked really closely with the leadership team throughout. So I'm expecting a seamless transition and obviously looking for ways to ensure we can keep moving faster and that the organization is set up well to deliver on the growth and profits we see into the future.

Ryan，我也補充一下。謝謝你的祝賀。我的意思是，我真的很興奮能接下這個擴大的職務。我一直——Jeremy 提到了，但我在過去九年裡一直深度參與策略、營運與財務，並且全程與領導團隊密切合作。所以我預期會是無縫交接，當然也會尋找方法，確保我們能持續加速前進，並讓組織架構能妥善支撐我們所看到的未來成長與獲利。

That's great. And maybe along similar lines on kind of moving fast and efficiency. So on the elimination of roles, any additional color you can share on kind of why now? Also anything on the type of roles impacted? Like obviously, you've got strong growth in rentals, purchase share is really expanding.

很好。也許沿著類似的脈絡，談談加速與效率。關於裁撤職位，你們能否再多分享一些為什麼是現在？另外，受影響的職位類型是哪些？畢竟你們在租賃業務成長強勁，購屋端的市占也在快速擴大。

A lot going on, obviously, on the For Sale side of things and with Preferred. So it seems as though the strategy across the board is really pushing forward. So just curious why now for that action?

顯然在待售（For Sale）端以及 Preferred 方面也有很多進展。所以看起來整體策略都在持續推進。因此想請教，為什麼現在要採取這個行動？

I can take that one as well. To start, we don't expect any impact to our growth bets as part of these actions. So you're right, the strategy is working well. We are accelerating in a variety of places and don't expect the restructuring to have any impact there.

這題我也可以回答。首先，我們不預期這些行動會對我們的成長押注造成任何影響。所以你說得對，策略運作得很好。我們在多個面向都在加速，也不預期重組會對那些部分造成影響。

We really restructured parts of the organization and eliminated roles because we saw opportunities to move faster, and we saw opportunities for continued cost discipline. That's what the changes were about. Let's ensure that we have a disciplined cost structure. Let's get leaner as an organization and let's look to move faster and operate with more efficiency, but not get in the way of any of the growth bets.

我們之所以重組組織的部分部門並裁撤職位，是因為我們看到了可以更快推進的機會，也看到了持續維持成本紀律的空間。這些變動就是為了這些目的。我們要確保有一個具成本紀律的結構。讓組織更精實、追求更快的速度與更高的營運效率，但不影響任何成長押注。

Dan Kurnos, StoneX.

Dan Kurnos，StoneX。

Great. Again, I want to also echo, appreciate the thorough covering of all of the details and all of the moving pieces here. Of course, if you guys don't have enough on your plate internally, you have a whole bunch of noise outside. So I'll ask the two sort of requisite questions. One, we had a whole bunch of noise from Google and I want to just see if you guys are seeing any impact from that?

很好。再次強調，我也想呼應一下，感謝你們把所有細節與各個變動環節都講得很完整。當然，如果你們內部的事情還不夠多，外部還有一堆雜音。所以我會問兩個算是必問的問題。第一，關於 Google 那邊有很多雜音，我想確認你們是否看到任何影響？

And then two, on the legal front, you guys have had a few things settled. You've got a court date coming out of the FTC later this month. So there's a lot coming in here. You've had a couple of things dismissed. So just how are you thinking about the overall legal picture and any kind of strategic thoughts?

第二，在法律層面，你們已經和解了幾件事。本月稍晚還有一個來自 FTC 的開庭日期。所以這裡有很多事情正在發生。你們也有幾件案子被駁回。那你們如何看待整體法律情勢，以及是否有任何策略上的想法？

Yes. Thanks, Dan. On Google, I assume you mean their local service advertising product that they've expanded into real estate.

是的。謝謝你，Dan。關於 Google，我猜你指的是他們的在地服務廣告產品（local service advertising），並且已擴展到房地產領域。

Yes.

是的。

I mean the short answer is we're not seeing any impact. I mean they ran it as a test for a while. In the markets they ran as a test, we saw no impact to our traffic or metrics, and we've seen no impact as they've expanded it. I think the big reason for why we don't see impact, you heard it a bunch in our prepared remarks, the brand commands a direct audience because it's a differentiated experience, right? 80% of our traffic comes directly to us, single-digit share of traffic comes from things like paid search.

我的意思是，簡短的答案是我們沒有看到任何影響。他們先以測試方式跑了一段時間。在他們測試的市場中，我們沒有看到對我們流量或指標的任何影響，而在他們擴大推行後，我們也沒有看到影響。我認為我們之所以沒有感受到影響的主要原因，你在我們事先準備的發言中也聽到很多次：品牌因為差異化體驗而擁有直接受眾，對吧？我們 80% 的流量是直接來到我們這裡，來自付費搜尋等渠道的流量占比只有個位數。

So we're just not ripe to feel impact for changes in that channel. And then the reason that traffic comes direct to us is we provide this full stack infrastructure real estate transaction and buyers and sellers and renters are choosing our products and services and that's what they reengage with, tell their friends about, install the apps on their phone and use for.

所以我們並不容易因為該渠道的變化而受到影響。而流量之所以會直接來到我們這裡，是因為我們提供涵蓋全流程的房地產交易基礎設施；買方、賣方與租客選擇我們的產品與服務，這也是他們會再次回來使用、推薦給朋友、在手機上安裝 App 並持續使用的原因。

I mean the comment I made earlier, a buyer who hires a preferred agent, they're on Zillow more than 100x, right? And they're coming back to us of their own volition and because we offer products and services that no one else does. So there's always going to be changes in the category.

我的意思是，我先前提到的例子：一位買家如果聘用一位 Preferred 代理人，他在 Zillow 上的使用次數會超過 100 倍，對吧？他們是出於自身意願回到我們這裡，因為我們提供其他人沒有的產品與服務。所以這個類別永遠都會有變化。

There's always going to be changes in the platform, but the unique and differentiated strategy and product offering is why we've been so successful to date, and it's why we expect to continue to be successful. And that's some of the answer to your second question on legal cases, those aren't impacting our business either, and you can see that in our Q2 results.

平台也永遠都會有變化，但我們獨特且差異化的策略與產品供給，是我們迄今能如此成功的原因，也是我們預期能持續成功的原因。而這也部分回答了你第二個關於法律案件的問題：那些也沒有影響我們的業務，你可以從我們第二季的結果看出來。

And the reason for that is because we are focused on delivering the products and services that renters, buyers and sellers want and that industry professionals want who serve them. And when you put the consumer as your North Star, and that's how you build products and make decisions, you see that play out in favorable results. I think the sort of most recent case that was challenging our For Sale business is a good example.

原因在於，我們專注於提供租客、買方與賣方想要的產品與服務，也提供產業專業人士（為他們服務的人）想要的產品與服務。當你把消費者作為北極星，並以此來打造產品與做決策，你會看到這反映在有利的成果上。我認為最近那起挑戰我們待售（For Sale）業務的案件，就是一個很好的例子。

We're very thoughtful about how we build our product experiences and all the allegations against our product experience were loudly dismissed in a court ruling to show that. And so you've heard from us for a while now, these things are things we'll have to knock out and deal with, but they're not going to impact the business or the team or our operations. And I think you see that in our continued results.

我們在打造產品體驗時非常審慎，而針對我們產品體驗的所有指控，都在法院裁定中被明確駁回，這也證明了這一點。所以你也聽我們說了一段時間，這些事情我們必須逐一處理與應對，但它們不會影響業務、團隊或我們的營運。我想你也能從我們持續的業績表現中看到。

Brad Erickson, RBC Capital Markets.

Brad Erickson，RBC Capital Markets。

Guys, can you hear me?

各位聽得到我嗎？

Yes. We got you, Brad.

聽得到。我們聽得到你，Brad。

Cool. Sorry. Yes. So two for me, one easy one and then one not as easy one. The easy one is Rentals growth. The guidance looks like maybe tracking like the mid-20s in back half. Just you're lapping the Redfin deal here. Talk about what is allowing you to kind of sustain those higher growth levels? And then second, just on this whole revenue and timing shift, et cetera. I recognize there's higher monetization per transaction.

很好。抱歉。是的。我有兩個問題，一個簡單的，另一個沒那麼簡單。簡單的那個是租賃業務成長。指引看起來下半年可能會落在 20% 中段左右。你們正在與 Redfin 交易的比較基期上。談談是什麼讓你們能夠維持這樣較高的成長水準？第二個問題是，關於這整個營收與認列時點的轉移等等。我理解每筆交易的變現能力更高。

But can you talk about kind of the like-for-like profit comparison? Because like, for example, the co-marketing revenue you used to get on MVP represents essentially getting paid for leads for third-party mortgages, whereas it seems like you need ZHL to close here in order to capture that higher revenue per transaction. So in that sense, it kind of sounds dilutive, but can you unpack that or correct that, if you can?

但你能否談談在同口徑（like-for-like）下的獲利比較？因為例如你們過去在 MVP 上取得的共同推廣（co-marketing）收入，本質上等於是為第三方房貸的潛在客戶（leads）收費；而現在看起來你們需要 ZHL 在這裡完成結案，才能取得每筆交易更高的收入。所以從這個角度看，聽起來有點稀釋（dilutive），但你能否拆解說明或更正這個看法？如果可以的話。

Yes. Brad, maybe I'll take rentals and Hof, maybe you can take modeling and revenue and margin composition. You're right. We're really pleased with our rentals growth, Brad. And even as we're lapping the Redfin partnership, you're still seeing really strong growth rates now and into the future.

是的。Brad，也許我來回答租賃與 Hof 的部分，Hof，你可以回答建模以及營收與毛利結構。你說得對。Brad，我們對租賃業務的成長非常滿意。即使我們正在消化與 Redfin 合作的比較基期，你仍然可以看到目前以及未來都非常強勁的成長率。

And the reason for that is the strategy is differentiated. The platform that we are building, we are really the only place to assemble the most inventory that you can find, 2.8 million average monthly listings in Q2. And yes, that's the big multifamily apartment buildings and the advertisers, a record 79,000 of those choosing the advertiser audience, but they come because we solve that renter experience because we have the single family, we have the long tail.

原因在於我們的策略具備差異化。我們正在打造的平台，基本上是唯一能夠彙整你所能找到的最多房源的地方，第二季平均每月刊登量達 280 萬筆。是的，這包含大型多戶公寓大樓以及廣告主——選擇廣告主受眾的數量創新高，達 79,000 家——但他們之所以來，是因為我們解決了租客體驗：我們有獨棟住宅，我們也涵蓋長尾供給。

We have this integrated transaction platform where you can have a portable application, custom leases and make your payments happen. So the all-in-one experience with the most inventory is why the audience is here. We have the biggest audience. That's the ROI, right? That's what an advertiser wants, and that's why you're seeing the advertising growth. It's why they also tell us we're their highest ROI channel.

我們有一個整合式交易平台，你可以使用可攜式申請、客製化租約，並完成付款。因此，具備最多房源的一站式體驗，就是受眾聚集在這裡的原因。我們擁有最大的受眾。這就是投資報酬率（ROI），對吧？這正是廣告主想要的，因此你才會看到廣告成長。這也是為什麼他們也告訴我們，我們是他們 ROI 最高的渠道。

They are regularly telling us we're not just their highest ROI source among other apartment-focused sites, but we're their highest ROI across search and social as well. And so you're seeing more budgets come to our platform because we deliver great ROI for them, because we have this unique offering that delivers high-intent customers.

他們經常告訴我們，我們不僅是在其他以公寓為主的平台中 ROI 最高的來源，甚至在搜尋與社群等所有渠道中也是 ROI 最高的。因此，你會看到更多預算流向我們的平台，因為我們為他們帶來很好的 ROI，因為我們有這個能帶來高意圖客戶的獨特產品組合。

So that's been working for a while now, and Redfin was a great booster shot to that strategy, the same way the Realtor.com deal was, but that growth was happening before, and it's happening now. And it's also why we're so confident in the $1 billion-plus revenue target that's in front of us.

所以這套策略已經運作一段時間了，而 Redfin 就像是對這個策略的一劑強心針，Realtor.com 的合作也是同樣道理；但在那之前成長就已經在發生，現在也仍在發生。這也是為什麼我們對眼前「超過 10 億美元」的營收目標如此有信心。

Yes. And then, Brad, I'll take your next one. I think we're moving towards this Preferred integrated transaction strategy more aggressively because the growth opportunity is far beyond what we saw as possible in the ad model. And you're seeing that in the revenue per connection uplift in 2025 and 2026 that I highlighted. We grew revenue per connection in the experience 23% in 2025.

是的。接著，Brad，我來回答你的下一題。我認為我們正更積極地推進這個 Preferred 的整合式交易策略，因為成長機會遠遠超過我們在廣告模式下所認為可能達到的程度。你可以從我提到的 2025 與 2026 年「每次連結（connection）營收」提升看出來。我們在 2025 年把該體驗中的每次連結營收提高了 23%。

We expect it to grow 35% in 2026. And the SAM is just expanding pretty substantially because of this move. We have the ability to better grow transactions, better grow adjacent services, better grow our suite of software and our listing marketing tools by doing this. And all of that opportunity is driven by really building these great products and services for consumers and agents.

我們預期 2026 年將成長 35%。而且因為這個轉變，可服務市場（SAM）正在相當顯著地擴大。透過這樣做，我們能更好地成長交易量、更好地成長相鄰服務、更好地成長我們的軟體套件與刊登行銷工具。而所有這些機會，都是由我們為消費者與經紀人打造優秀產品與服務所驅動。

And that Preferred agent base is such a critical input because they are the folks that work closest with our shared customers. So that's why we're doing it. We're seeing the results work through. There's obviously a number of moving pieces that I walked through in the prepared remarks, and we have plenty of time as a team to walk you all through the modeling components, but we feel really good about pressing the gas.

而 Preferred 的經紀人基礎是一個非常關鍵的投入，因為他們是與我們共同客戶合作最緊密的那群人。所以這就是我們這麼做的原因。我們看到成果正在逐步顯現。我在事先準備的發言中已經走過不少變動因素；我們也有充足時間以團隊方式帶大家走過建模的各個組成，但我們對於加速推進感覺非常好。

With respect to the margin trade-off, what I'd say there is earlier in the enhanced markets rollout, we were definitely investing in ZHL, which put pressure on margins versus the lender co-marketing dollars that we got in that legacy ad model. Now ZHL unit economics are across both variable and fixed are profitable.

至於毛利率的取捨，我想說的是：在強化市場（enhanced markets）推行的早期，我們確實在投資 ZHL，這相較於舊有廣告模式下我們拿到的放貸機構共同行銷（co-marketing）費用，對毛利率造成了壓力。現在，ZHL 的單位經濟（unit economics）在變動與固定成本兩方面都已經是獲利的。

And we see a path to dollars per loan at the same level as Preferred agent referral fees. So the atomic dollar opportunity feels quite large to us and the growth opportunity feels quite large. And then obviously, we've been growing EBITDA overall through that investment in ZHL, and we've been able to drive margins off fixed cost leverage.

而且我們看到每筆貸款的美元貢獻（dollars per loan）有機會達到與 Preferred 經紀人推薦費相同的水準。因此，單筆（atomic）美元機會對我們而言相當可觀，成長機會也相當大。另外很明顯地，我們在投資 ZHL 的同時，整體 EBITDA 仍在成長，並且我們也能透過固定成本槓桿來帶動毛利率提升。

We expect to continue to do that, and ZHL is now at a spot where it can grow profitably. And the last thing I think I'd say is just to keep in mind, the mid-cycle targets of 45% EBITDA margins and 25% net income, both contemplate all that we're doing right now and both have a healthy mix of ZHL included in those targets because we do see a really substantial growth and profit opportunity as we get that business to scale.

我們預期會持續這麼做，而 ZHL 現在也已經來到可以在獲利狀態下成長的位置。最後我想提醒的是：中期目標的 45% EBITDA 毛利率與 25% 淨利率，都已經把我們目前正在做的一切納入考量，而且這些目標中也包含相當健康比例的 ZHL，因為我們確實看到，當這項業務達到規模後，將有非常可觀的成長與獲利機會。

Ron Josey, Citi.

Ron Josey，花旗。

Hopefully, you can hear me okay.

希望你們聽得到我，音訊還可以。

Yes, we got you, Ron.

是的，我們聽得到你，Ron。

Perfect. Okay. Wonderful. Two questions. First on just Preferred. I think we're understood getting to 75% by end of '26 and the benefits of accelerating it. We're already at 61%, I believe, if I read that correctly. And so walk us through just the impact again to seasonality and revenues.

太好了。好的。很棒。兩個問題。第一個是關於 Preferred。我想我們理解到在 26 年底達到 75% 以及加速推進的好處。如果我沒看錯的話，我們現在已經到 61% 了。所以請再帶我們走一遍，這對季節性與營收的影響是什麼。

And when do you think -- is it -- do we start '27 just on a clean slate and be a lot easier to sort of maybe not have compares, but at least going forward. I just want to make sure -- there's a lot of moving pieces here. So I just wanted to walk through seasonality, and we're already starting from a pretty high bar to begin with at 61%. That's point one.

以及你認為——是不是——我們在 27 年開始就能算是「重新歸零」，之後會容易很多，或許不是沒有比較基期，但至少往前看會更清楚。我只是想確認——這裡有很多變動因素。所以我想再走一遍季節性；而且我們一開始的基準就已經很高了，因為目前是 61%。這是第一點。

And then on Zillow Showcase, we're at 5% of all new listings. We're seeing the benefits here for agents. Just talk to us about the adoption rate here going forward. I would have thought maybe we would have seen greater penetration.

第二個是關於 Zillow Showcase，我們目前占所有新刊登量的 5%。我們看到這對經紀人帶來的好處。請談談接下來的採用率。我原本以為滲透率可能會更高一些。

Yes, Ron, I'll take the first one and then, Jeremy, maybe you take the second one. There are -- yes, there are definitely moving pieces with this move towards preferred. So let me talk you through those. And obviously, we will have plenty more time. And I think the shareholder letter does a nice job of laying it out, too.

是的，Ron，我先回答第一個，然後 Jeremy 也許你回答第二個。是的，朝向 Preferred 的這個轉變確實有一些變動因素。所以我來帶你走過這些。而且很明顯地，我們之後也還有很多時間可以再深入。我認為股東信也把這點說得很清楚。

But the three key nuances to understand. First is the legacy ad model monetize both agents and lenders in our residential category, okay? In the Preferred model, some of that revenue shifts from residential to our mortgages category with ZHL revenue. So that's why we've been pointing you all to For Sale as the right place to look at the business because that's how we manage the business.

但有三個關鍵細節需要理解。第一，舊有的廣告模式在我們的住宅（residential）類別中，同時向經紀人與放貸機構變現，好嗎？在 Preferred 模式下，其中一部分營收會從住宅類別轉移到我們的房貸（mortgages）類別，成為 ZHL 的營收。所以我們才一直提醒大家，觀察業務時應該看 For Sale（出售）這個口徑，因為這就是我們管理業務的方式。

So For Sale revenue growth as a result. That shift was 300 basis points of shift in 2025 out of residential that shows up in mortgages over time. And then 500 basis points of shift in the first half of 2026 out of residential that will show up in mortgages over time. As we continue to accelerate, Q3, we expect 600 to 700 basis points of shift and then in Q4, 700 to 800 basis points of shift.

因此，For Sale 的營收成長會受到這個轉移影響。這個轉移在 2025 年是從住宅移出 300 個基點，並會隨時間在房貸類別中反映出來。而在 2026 年上半年，從住宅移出 500 個基點，並會隨時間在房貸類別中反映出來。隨著我們持續加速，第三季我們預期會有 600 到 700 個基點的轉移，第四季則是 700 到 800 個基點的轉移。

So that's pretty substantial as we're accelerating. And I'd point you to looking at year-over-year rather than sequential. In this time last year, we were at 27% of connections in Preferred, and now we're at 61%. We'll be at 75%-plus by the end of this year, we were at 44% last year.

所以在我們加速的情況下，這個幅度相當可觀。我會建議你看年對年（year-over-year），而不是季對季（sequential）。去年這個時候，我們在 Preferred 的連結占比是 27%，現在是 61%。我們在今年底會到 75% 以上；去年年底是 44%。

So the magnitude has just continued to accelerate. That moderates in the second half of 2027 as we lap the transition this year. So that's the first component that's moving is the shift from residential revenue to mortgages revenue underneath For Sale. The second is a lag in when that revenue is recognized in ZHL and because we realize the value of a connection over time in Preferred versus upfront in the legacy ad model.

所以其幅度一直在持續加速。當我們在今年跨過這個轉換的比較基期後，這種情況會在 2027 年下半年趨於緩和。所以第一個正在變動的組成部分，是 For Sale 之下從住宅收入轉向房貸收入的轉移。第二個是 ZHL 中該收入被認列的時間存在落後，因為在 Preferred 模式下，我們是隨時間實現連結的價值，而不是像傳統廣告模式那樣一次性預先認列。

So it takes 6 to 12 months after a connection for a loan to actually be originated, whereas in the legacy ad model, we got paid upfront. So there's a lag there. That's been a consistent one and a consistent headwind For Sale of about 200 basis points. That gets a little bit worse as we accelerate in Q3 and Q4 to the tune of 200 basis points to 300 basis points of headwind.

因此，從建立連結到實際核貸放款，通常需要 6 到 12 個月；而在傳統廣告模式下，我們是預先收款。所以這裡存在一個時間落後。這一直都是一致存在的因素，並且對 For Sale 造成約 200 個基點的持續逆風。隨著我們在第三季與第四季加速推進，這個逆風會略為加劇，約為 200 個基點到 300 個基點的逆風。

But we'll get through that, and that starts to moderate as we get to the end of this shift from the legacy ad model to Preferred. So first is the shift from residential to mortgage. Second is the lag when that revenue shows up. The third is a different seasonal pattern because connections are typically 20% to 25% lower in Q4 than Q3. And the Preferred model just more tracks that seasonality, that trend reverses in Q1.

但我們會度過這段期間，當我們接近從傳統廣告模式轉向 Preferred 的這一輪轉移尾聲時，這種影響也會開始趨於緩和。所以第一是從住宅轉向房貸。第二是收入入帳出現的時間落後。第三是季節性型態不同，因為第四季的連結數通常比第三季低 20% 到 25%。而 Preferred 模式更貼近這種季節性；這個趨勢會在第一季反轉。

So that is just a seasonal pattern that will reverse by Q1, but will create a headwind in Q4 as well. When we step back, like I said earlier, we really like what we're seeing from the experience, what we're seeing from revenue per connection, what we're seeing from Zillow Home Loans and what we're seeing from our partner satisfaction.

所以這只是季節性型態，到了第一季就會反轉，但也會在第四季造成逆風。退一步看，正如我先前所說，我們非常喜歡我們從體驗、每個連結的收入、Zillow Home Loans，以及合作夥伴滿意度所看到的表現。

So we're very happy to do it, but there are obviously some moving pieces, and we're going to walk you all through those. But at the end of the day, it feels like real offense for us to continue to push forward in this experience given all the addressable market we get to go after in a different way than we were before.

所以我們非常樂意這麼做，但顯然其中有一些變動因素，我們會帶大家逐一梳理。但歸根結底，考量到我們能以不同於以往的方式去攻佔的可觸及市場規模，持續推進這項體驗對我們而言更像是真正的進攻。

Yes. And then on Showcase, 5% of all new listings is a great initial milestone for us, and we think it's doing great. It was only 2.5% a year ago. We're going to continue to drive adoption given the reception, and you've seen us consistently test ways to drive further adoption across both teams and brokerages. The stat, I think I gave in my prepared remarks, in our top 10 markets, we're at north of 10% share of new listings.

是的。另外在 Showcase 方面，所有新上架物件中有 5% 採用，對我們來說是一個很棒的初期里程碑，我們也認為表現非常好。一年前只有 2.5%。鑑於市場反應，我們會持續推動採用率，你也看到我們持續測試各種方式，在團隊與房仲經紀公司兩端推動更高的採用。我想我在事先準備的發言中提到的數據是，在我們前 10 大市場，新上架物件的市占率已超過 10%。

And more importantly, we have our media components, both Showcase and non-Showcase on 30% of new listings. So the flywheel is really starting to spin with this listing content. And you're continuing to see through all of this scale, the benefit for the listing agent is still there, right? Agents who are using it are winning 35% more listings than those who aren't.

更重要的是，我們的媒體組件（包含 Showcase 與非 Showcase）已覆蓋 30% 的新上架物件。因此，這個以房源內容為核心的飛輪真的開始轉動了。而且你會持續看到，即使在這樣的規模之下，對上架代理人而言的效益仍然存在，對吧？使用它的代理人，贏得的委託上架量比未使用者多 35%。

And that was true in the early days of the product, and that's true in this kind of early majority period of the adoption curve. So we're nowhere near done. We've always talked about we think this can become the standard listing experience. And this 5% up from 2.5% a year ago is a great mile marker for us on our road to that.

這在產品早期就成立，而在採用曲線的「早期大眾」階段也同樣成立。所以我們離完成還差得遠。我們一直在談，我們認為這可以成為標準的上架體驗。而這個從一年前 2.5% 提升到 5% 的成果，是我們朝那個目標前進路上的一個很棒里程碑。

That's great. Appreciate it.

太好了。感謝。

Nick Jones, BNP Paribas.

Nick Jones，法國巴黎銀行（BNP Paribas）。

Great. I guess can you kind of speak to your feature and like product velocity? You're introducing a lot of new AI features for both the consumer, for agents and Follow Up Boss. How are you balancing kind of product and feature velocity versus the cost associated with deploying AI models to kind of make sure you're keeping your internal costs on plan?

很好。我想請你談談你們的功能與產品迭代速度。你們為消費者、代理人以及 Follow Up Boss 推出了很多新的 AI 功能。你們如何在產品/功能迭代速度與部署 AI 模型的相關成本之間取得平衡，以確保內部成本仍符合計畫？

Yes. Maybe, Hof, why don't I start on product road map velocity and you can talk about costs. We're shipping faster now than we have in a long time, I think, is the short way to answer that. And you're seeing that in the product road maps and announcements we've given this year. You saw our summer launch.

是的。也許，Hof，我先談產品路線圖的迭代速度，你再談成本。簡單說，我們現在的出貨速度比很長一段時間以來都更快。你可以從我們今年發布的產品路線圖與公告中看到。你也看到了我們的夏季發布。

You're seeing that in our AI mode progress, which is now live with 20% of new users. And it is one of those things where as our teams are able to make better use of these tools, we're able to ship code, more code at the same quality. We're checking in 30% to 40% more, and we're not seeing any degradation.

你也看到我們 AI mode 的進展，目前已對 20% 的新用戶上線。而這其中的一點是，隨著團隊能更好地運用這些工具，我們能以相同品質交付更多程式碼。我們的提交量增加了 30% 到 40%，而且沒有看到任何品質下降。

In fact, we're seeing the same quality as we measure -- kind of as we measure how that quality plays out. And that's a really good indication that the teams are getting faster. The teams are getting more efficient. So you see it in the products we announced and the features we announced, but you also see it in the workflows and the software that our agents and our loan officers are using.

事實上，從我們衡量品質表現的方式來看，品質維持在同一水準。這是團隊變得更快的一個非常好的指標。團隊變得更有效率。所以你不只在我們宣布的產品與功能上看到，也能在我們的代理人與放款專員所使用的工作流程與軟體中看到。

And we don't expect that to slow down. I mean AI mode is a great example of that. We just launched that earlier this year. We're now at one fifth of our signed-in users, and we're still adding to the skills and evaluations to make sure that's giving great answers for more and more of the composition. We're tremendously excited about it.

而我們不預期這會放慢。AI mode 就是一個很好的例子。我們今年稍早才推出。現在已覆蓋我們已登入用戶的五分之一，而且我們仍在持續增加技能與評估機制，確保它能對更多類型的問題給出很好的答案。我們對此非常興奮。

I talked a bunch about the correlated data there that's showing our engaged users are really finding it and using it and liking it. And we can still do a far better job with it. There's still more things we want to be able to do well. There's still more parts of the service area of Zillow, we want to be able to hook up to and give you all your answers, but we're already seeing the hunger from our users to use it in more ways.

我也談了很多相關數據，顯示我們的高互動用戶確實在找到它、使用它、並且喜歡它。而我們仍然可以把它做得更好。還有更多事情是我們希望它能做得很好的。Zillow 的服務範圍還有更多部分，我們希望能串接起來，為你提供所有答案；但我們已經看到用戶渴望以更多方式使用它。

So we're tremendously excited about the progress with AI mode, with our software road map and with the pace and velocity. And I think that's why you heard Jeremy say, the restructuring changes, it is about cost management. It's about ensuring we can be leaner going forward. It is not about sacrificing our growth bets and our profile. It's really about getting to the future faster.

所以我們對 AI mode 的進展、我們的軟體路線圖，以及這樣的節奏與速度都感到非常興奮。我想這也是你聽到 Jeremy 說，這些重組調整是為了成本管理。是為了確保我們未來能更精實。並不是要犧牲我們的成長押注與成長輪廓。而是要更快抵達未來。

Yes. And then from a cost perspective, we feel quite comfortable with managing the cost structure around AI. I'll use AI mode as an example. We route queries to the right model for the right task rather than running every interaction through the highest cost model. And then we're seeing it allow people to be more productive.

是的。從成本角度來看，我們對於管理 AI 相關的成本結構相當有信心。我以 AI mode 為例。我們會把查詢導向最適合該任務的模型，而不是讓每一次互動都跑在成本最高的模型上。同時我們也看到它讓人們更有生產力。

We're seeing part of where we're really pleased with the ZHL continued improvement is coming from AI initiatives we put in place there to manufacture loans more efficiently. So really across the -- both the employee base and then also what we've been able to do for the operators across both mortgage and agents, seeing really good progress, and then we can manage costs appropriately just given the way that we've set up controls around how we scale things.

我們也看到，ZHL 持續改善中有一部分讓我們非常滿意的成果，來自我們在那裡導入的 AI 計畫，使放款製作流程更有效率。因此，無論是在員工端，或是在房貸與代理人兩端的營運人員層面，我們都看到非常好的進展；而且基於我們在擴展方式上所建立的控管機制，我們也能適當地管理成本。

Lloyd Walmsley, Mizuho Securities.

Lloyd Walmsley，瑞穗證券。

Great. I wanted to just go back to unpacking the shift from residential to mortgage a little bit more. It's been very helpful so far. But if we look at sort of the historical business model, how meaningful in that mix was the mortgage co-advertising?

很好。我想回頭再更深入拆解一下從住宅到房貸的轉變。到目前為止非常有幫助。但如果我們看一下歷史上的商業模式，在那個組合中，房貸共同廣告（co-advertising）有多重要？

And then when you look at the lift in revenue per connection, how does that sort of break down between changing economics for better or worse on the agent referral side versus changing economics on the mortgage side? Anything you can help us with?

另外，當你們看到每次連結的收入提升時，這大致上如何拆分：是來自經紀人推薦端的經濟條件變化（變好或變差），還是來自房貸端的經濟條件變化？有任何可以協助我們理解的資訊嗎？

And then I think there was reference to some other products, too. Are any of those material? So that's sort of a little more detailed broad first question. And then just second related to that would just be, you said that by year-end, you target 35% premium in terms of the revenue per referral. Where do you think that can go over the next few years in like a blue sky scenario?

然後我想也有提到一些其他產品。那些有任何是具實質影響的嗎？所以這算是第一個比較廣泛、但更細節的問題。第二個相關問題是，你們說到年底，你們的目標是每筆推薦的收入溢價達到35%。在接下來幾年、在最樂觀的情境下，你們覺得這個數字可以到哪裡？

Yes. Lloyd, I'll take the first -- take that one. So thinking about the shift, it's really preferred revenue plus Zillow Home Loans revenue that comes off of folks that work -- the consumers that choose Zillow Home Loans and work with a Preferred agent. And then there's also the folks that are Preferred agents that are using Follow Up Boss and using Showcase.

是的。Lloyd，我先回答第一個——先回答那個。談到這個轉變，主要是 Preferred 的收入加上 Zillow Home Loans 的收入，這些來自於——選擇 Zillow Home Loans 並與 Preferred 經紀人合作的消費者。另外也有一些 Preferred 經紀人在使用 Follow Up Boss 和使用 Showcase。

That's how we get to the combined revenue per connection. And we compare that against what we were getting in market-based pricing and what were those agents using Follow Up Boss and using Showcase for comparability. And we see higher and higher revenue per connection.

這就是我們如何得到合併後的每次連結收入。我們把它與過去市場定價模式下的收入做比較，並且也把那些經紀人使用 Follow Up Boss 與使用 Showcase 的情況納入，以確保可比性。我們看到每次連結收入越來越高。

That's coming from more Zillow Home Loans, more Showcase listings and more folks using Follow Up Boss as well. So that's how we do the compare, and that's where we feel like we are just opening up more and more addressable market. Zillow Home Loans is a good example.

這來自於更多的 Zillow Home Loans、更多的 Showcase 刊登，以及更多人也在使用 Follow Up Boss。所以我們就是這樣做比較的，也因此我們覺得自己正在打開越來越大的可服務市場。Zillow Home Loans 就是一個很好的例子。

We are now a top 25 lender. We feel very happy about the fact that we've been able to do that, but we're still basis points of share, and we have a lot of potential buyers on our sites and apps, and we have designs to be one of the biggest purchase lenders in the country.

我們現在已是前25大的放款機構。我們對能做到這點感到非常高興，但我們的市占仍然只是以基點計的份額；而我們在網站與App上有大量潛在買家，我們的目標是成為全美最大的購屋貸款放款機構之一。

That would not be possible in the legacy ad model, for example. The ability to continue to grow Showcase -- the ability to continue to grow Follow Up Boss, Zillow Pro, so much of that hinges on the back of that Preferred base just getting stronger and stronger. So that's why we're so excited to keep moving forward on that. And then Jeremy, anything else you want to hit?

例如，在傳統的廣告模式下，這是不可能做到的。持續成長 Showcase 的能力——持續成長 Follow Up Boss、Zillow Pro 的能力——很大一部分都取決於 Preferred 這個基礎能夠越來越強。所以我們才會對持續推進這件事感到非常興奮。然後 Jeremy，你還有什麼想補充的嗎？

No, I think that's all well said. I mean if you just zoom out to why we're doing this, Jeremy hit it earlier, it's a better customer experience, which is why it's a better and bigger business profile for us over time. This is the integrated transaction.

沒有，我覺得你說得很完整。我的意思是，如果把視角拉遠來看我們為什麼要做這件事，Jeremy 先前提到過：這能帶來更好的客戶體驗，而這也是為什麼長期來看，對我們而言會是更好、也更大的商業輪廓。這就是整合式交易（integrated transaction）。

The thing we've talked to you all about, the buyer and the seller, using Zillow, using all the transaction services, working with an agent on our platform, working with the loan on our platform, all inside the Zillow app and Zillow participating more in that transaction and driving more of those transactions, it all comes off Preferred.

我們一直跟各位談的那件事：買方與賣方使用 Zillow、使用所有交易服務、與我們平台上的經紀人合作、與我們平台上的貸款合作，全都在 Zillow App 內完成；Zillow 在這筆交易中參與得更多、推動更多交易，而這一切都建立在 Preferred 之上。

So we are so excited to have gotten to this point where we feel confident to accelerate to the end, and we see the business profile and the margin profile of mortgages to get there. We understand you have to model timing and seasonal lags here as you work through your models.

所以我們非常興奮能走到這一步，讓我們有信心加速推進到最後階段；而我們也看到了要達成這點時，房貸業務的商業輪廓與利潤輪廓。我們理解，當你們在建模時，需要把時點與季節性落後因素納入考量。

But to us, the $1 billion in incremental For Sale revenue comes from delivering this better customer experience to go get more customers and go participate more revenue with them, which all comes off of Preferred.

但對我們來說，額外增加的10億美元待售（For Sale）收入，來自於提供更好的客戶體驗，以獲得更多客戶，並在每位客戶身上參與更多收入，而這一切都建立在 Preferred 之上。

Okay. And then apologies if I'm being slow. Can you just explain how Showcase and Follow Up Boss are connected to the shift in how you're sort of handling the leads for -- in the Preferred?

好的。如果我理解得比較慢，先說聲抱歉。你能否解釋一下 Showcase 和 Follow Up Boss 如何與你們在 Preferred 中處理線索方式的轉變連結在一起？

Yes. The easiest way to describe it, Lloyd, is there's higher incidence of usage with Preferred partners. When we're closer together with them, they're using our products more often. In Preferred, for example, nearly all, if not all, of our Preferred partners are using Follow Up Boss.

可以。Lloyd，最簡單的說法是：在 Preferred 合作夥伴中，使用率更高。當我們與他們合作更緊密時，他們更常使用我們的產品。例如在 Preferred 中，幾乎所有——如果不是全部——的 Preferred 合作夥伴都在使用 Follow Up Boss。

Nikhil Devnani, Bernstein.

Nikhil Devnani，Bernstein。

I wanted to just clarify, I guess, the perspective on residential revenue growth. I think last quarter, we had talked about a framework of mid-single-digit growth. I understand that maybe some of this revenue recognition trend is accelerating. But I think even by your own math, it was about six points in Q2. So it's been around for some time as a factor.

我想澄清一下，關於住宅收入成長的看法。我記得上季我們談到的框架是中個位數成長。我理解可能有部分收入認列的趨勢正在加速。但即便按你們自己的算法，Q2 大約是6個百分點。所以這個因素已經存在一段時間了。

And so I'm wondering sort of what's changed to drive resi growth from mid-singles to now flat? And if anything else is worth calling out in terms of market share trends or conversion rates that are worth keeping top of mind.

因此我想問，到底是什麼改變，讓住宅（resi）成長從中個位數變成現在持平？另外，是否還有其他值得特別指出的地方，例如市占趨勢或轉換率，值得我們持續關注？

Yes. Thanks, Nikhil. I'll take that one as well. The two changes are, one, macro has slowed. So we thought the purchase mortgage market was going to be flat going into this year, and we planned for it that way. We actually now think it's going to be down low to mid-single digits.

是的。謝謝你，Nikhil。我也來回答這題。有兩個改變：第一，總體環境放緩了。所以我們原本預期今年購屋房貸市場會持平，並以此來規劃。但我們現在認為它會下滑低到中個位數。

So for the second half of the year, that has had an impact. And then the acceleration in the move to Preferred creates that shift dynamic that I was talking about that will just accelerate to a point that it's a 600 to 700 basis point shift out of residential in Q3, and we think 700 basis points to 800 basis points in Q4. Again, that will moderate as we get into next year, but that's really the two things that have changed.

因此在今年下半年，這已經造成影響。第二，加速轉向 Preferred 會帶來我剛才提到的那種轉移動態，並會加速到一個程度：在Q3，住宅收入會被轉出600到700個基點；而我們認為Q4會是700個基點到800個基點。同樣地，進入明年後這會趨於緩和，但這就是改變的兩件事。

This completes the allotted time for questions. I will now turn the call back over to Jeremy Wacksman for any closing remarks.

提問時間到此結束。我現在把電話交回給 Jeremy Wacksman，請他做結語。

Great. Thank you all for joining us today. We appreciate your continued support. We are really excited for what's ahead, and we look forward to speaking with you next quarter. Thanks all.

很好。感謝各位今天加入我們。我們感謝各位持續的支持。我們對未來的發展感到非常興奮，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 second quarter 2026 financial results call. This concludes today's conference call. You may now disconnect.

感謝您參加 Zillow Group 2026 年第二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。