Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $581 million, representing a 17% year-over-year increase, exceeding revenue outlook by $28 million [15][33] - Residential revenue grew 12% year-over-year to $405 million, outperforming the broader residential real estate industry by approximately 1,500 basis points [33][34] - EBITDA for Q3 was $127 million, resulting in a 22% EBITDA margin, with a net loss of $20 million, representing 3% of revenue [34][39] Business Line Data and Key Metrics Changes - Rentals revenue increased by 24% year-over-year to $123 million, driven by a 38% growth in multifamily rentals revenue [36][30] - Mortgages revenue accelerated to $39 million, up 63% year-over-year, with purchase loan origination volume growing 80% year-over-year to $812 million [37][39] - The number of multifamily properties on Zillow's platform reached 47,000, up from 44,000 at the end of Q2, marking a 34% year-over-year increase [36] Market Data and Key Metrics Changes - Zillow reported 233 million average monthly unique users across its ecosystem of apps and sites, with 116 million average monthly unique visitors according to Comscore [16] - Enhanced markets have expanded to 43, surpassing the goal of 40 by the end of the year, with expectations to deepen penetration and expand into more markets [18][20] Company Strategy and Development Direction - The company aims to capture a more meaningful share of the $30 billion total addressable market in residential real estate while continuing to deliver value to customers and shareholders [32][51] - Zillow is focused on integrating services and enhancing its partner network to increase customer transaction share to 6% by the end of 2025 [17][22] - The company is investing in technology solutions to create a seamless experience for movers, agents, and loan officers, positioning itself as a housing super app [14][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and ability to deliver sustainable, profitable growth despite challenges in the housing market [7][34] - The outlook for Q4 includes expected total company revenue between $525 million and $540 million, with residential revenue projected to be between $364 million and $374 million [43][44] - Management noted that while there is pent-up demand to move, affordability remains a challenge, impacting the housing market [43] Other Important Information - The company ended Q3 with $2.2 billion in cash and investments, down from $2.6 billion at the end of Q2, primarily due to the maturity and settlement of convertible debt [39][41] - Zillow has repurchased approximately $2 billion of stock since the end of 2021, with a focus on driving share price appreciation [42] Q&A Session Summary Question: Insights on real-time touring and agent transitions - Management noted that real-time touring converts to transactions at about three times the rate of other types of connections, with over 25% of connections expected to come from real-time touring by year-end [54][55] Question: Impact of regulatory changes on conversion rates - Management indicated that the buyer's agreement is seen as a helpful educational tool for buyers, with no concrete data yet on its impact on market share [60][61] Question: Drivers of residential revenue outperformance - Key drivers include continued conversion improvements, growth from Zillow Showcase, and strong performance from the new construction marketplace [64][66] Question: Stock-based compensation management - Management plans to leverage stock-based compensation as fixed costs remain stable, which will contribute to greater GAAP profitability over time [72] Question: Demand and pricing for Zillow Showcase - Early results show Zillow Showcase capturing nearly 1.5% of new listings, with a medium-term target of 5% to 10% of total active listings [76][77] Question: Market share growth in enhanced markets - Revenue per total transaction value in the oldest enhanced markets has doubled since the beginning of 2023, providing confidence for continued expansion [80]

Financial Performance - Revenue for the three months ended September 30, 2024, was $581 million, an increase of 17.1% compared to $496 million for the same period in 2023[16]. - Gross profit for the three months ended September 30, 2024, was $441 million, up 14.3% from $386 million in the prior year[16]. - Total operating expenses for the three months ended September 30, 2024, were $486 million, a rise of 10.7% from $439 million in the same quarter of 2023[16]. - Net loss for the three months ended September 30, 2024, was $20 million, compared to a net loss of $28 million for the same period in 2023, reflecting a 28.6% improvement[16]. - Comprehensive loss for the nine months ended September 30, 2024, was $51 million, compared to a loss of $91 million for the same period in 2023[18]. - Adjusted EBITDA for the three months ended September 30, 2024, was $127 million, a 19% increase from $107 million in the same period of 2023[149]. - Net loss for the nine months ended September 30, 2024, was $(60) million, compared to $(85) million for the same period in 2023, reflecting a 29% improvement[149]. Cash and Assets - Cash and cash equivalents decreased to $1,072 million as of September 30, 2024, from $1,492 million at the end of 2023, a decline of 28.1%[15]. - Total assets as of September 30, 2024, were $6,159 million, down from $6,652 million at the end of 2023, representing a decrease of 7.4%[15]. - Total liabilities decreased to $1,503 million as of September 30, 2024, from $2,126 million at the end of 2023, a reduction of 29.3%[15]. - Total shareholders' equity increased to $4,656 million as of September 30, 2024, up from $4,529 million at the end of September 2023[21]. - Cash, cash equivalents, and restricted cash at the end of the period were $1,075 million, down from $1,849 million at the end of the previous year[27]. - As of September 30, 2024, total assets measured at fair value amounted to $2,172 million, a decrease from $2,818 million in December 2023[52]. Debt and Financing - As of September 30, 2024, total debt for Zillow Group was $1,063 million, down from $1,700 million on December 31, 2023, representing a decrease of approximately 37.4%[71]. - The carrying value of convertible senior notes decreased from $1,607 million on December 31, 2023, to $915 million as of September 30, 2024, indicating a reduction of approximately 43%[71]. - The company repurchased $88 million in aggregate principal amount of the 2025 Notes for $89 million in cash during the nine months ended September 30, 2024, resulting in a loss on extinguishment of debt of $1 million[80]. - The company has authorized the repurchase of up to $2.5 billion of Class A common stock and Class C capital stock, with $381 million remaining available for future repurchases as of September 30, 2024[85][86]. - The company expects to redeem the remaining $499 million in aggregate principal amount of the 2026 Notes on December 18, 2024[81]. Revenue Breakdown - Residential revenue increased by $43 million, or 12%, to $405 million, driven by higher residential revenue per visit and an increase in the number of visits[122]. - Rentals revenue increased by $24 million, or 24%, to $123 million, driven by a 20% increase in average monthly rentals unique visitors to 36 million[143]. - Mortgages revenue increased by $15 million, or 63%, to $39 million, attributed to an increase in mortgage originations revenue[143]. - Total loan origination volume increased by 79% to $819 million for the three months ended September 30, 2024, compared to $457 million in the same period in 2023[138]. Operational Highlights - The company continues to focus on innovation and market expansion, aiming to enhance customer engagement and partnerships in the real estate sector[8]. - Zillow Group's mortgage origination business, Zillow Home Loans, is a key focus for growth and requires sufficient financing to operate effectively[32]. - The company is committed to enhancing its marketing software and technology solutions for the real estate industry[31]. - The health of the housing market is influenced by low inventory, mortgage interest rate volatility, and inflationary conditions[114]. Employee and Market Metrics - Zillow Group had 6,835 employees as of September 30, 2024, compared to 6,263 employees as of December 31, 2023[113]. - Average monthly unique users increased by 1% to 233 million for the three months ended September 30, 2024, from 230 million in the same period in 2023[136]. - The number of visits to mobile applications and websites increased by 3% to 2,440 million for the three months ended September 30, 2024, from 2,366 million in the same period in 2023[130]. Acquisitions - Zillow Group acquired Follow Up Boss for $399 million in cash, with contingent consideration of up to $100 million based on performance metrics[43]. - The total preliminary purchase price for Follow Up Boss was allocated as follows: $4 million in cash, $402 million in goodwill, and $86 million in intangible assets[59]. - The total preliminary purchase price for the acquisition of Aryeo was $35 million, including cash and stock[63]. Legal and Regulatory Matters - The company is involved in ongoing legal proceedings, including a patent infringement case filed by IBM, with no material accruals recorded as of September 30, 2024[96]. - The company is subject to various risks, including economic conditions, interest rates, and regulatory changes, which may impact future performance[32].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ _____________________________________________________ FORM 10-Q _____________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36853 ZIL ...

Exhibit 99.2 Reported Consolidated Results | --- | --- | --- | --- | --- | |--------------------------------------------------------------|-------|----------------------|-------|---------------------| | Assets | | September 30, 2024 | | December 31, 2023 | | Current assets: | | | | | | Cash and cash equivalents | $ | 1,072 | $ | 1,492 | | Short-term investments | | 1,101 | | 1,318 | | Accounts receivable, net | | 117 | | 96 | | Mortgage loans held for sale | | 164 | | 100 | | Prepaid expenses and other curr ...

Exhibit 99.2 Reported Consolidated Results | --- | --- | --- | --- | --- | |--------------------------------------------------------------|-------|----------------------|-------|---------------------| | Assets | | September 30, 2024 | | December 31, 2023 | | Current assets: | | | | | | Cash and cash equivalents | $ | 1,072 | $ | 1,492 | | Short-term investments | | 1,101 | | 1,318 | | Accounts receivable, net | | 117 | | 96 | | Mortgage loans held for sale | | 164 | | 100 | | Prepaid expenses and other curr ...

Reported Consolidated Results ZILLOW GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited) Exhibit 99.2 ZILLOW GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | (in millions, except share data, which are presented in thousands, and per share data, unaudited) | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Three Months Ended | | | | Six Months Ended | | | | | | June 30, | | | June 30, | | | | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenue | ...

Reported Consolidated Results ZILLOW GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited) The following table sets forth a reconciliation of non-GAAP net income, adjusted, to net loss, as reported on a GAAP basis, and the calculation of non-GAAP net income per share - basic and diluted, for each of the periods presented (in millions, except share data, which are presented in thousands, and per share data, unaudited): ZILLOW GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ FORM 10-Q _____________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36853 ZILLOW GROUP, INC. (Exact name of registrant as specified in i ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) This section presents Zillow Group's unaudited condensed consolidated financial statements for Q2 2024, showing $572 million revenue and a $17 million net loss [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were $6.63 billion, a slight decrease from year-end 2023, with current liabilities rising due to reclassified convertible notes Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$6,628** | **$6,652** | | Total Current Assets | $3,129 | $3,149 | | Goodwill | $2,818 | $2,817 | | **Total Liabilities** | **$2,127** | **$2,126** | | Total Current Liabilities | $1,478 | $971 | | Convertible senior notes, net | $1,522 | $1,607 | | **Total Shareholders' Equity** | **$4,501** | **$4,526** | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2024, Zillow reported a 13% year-over-year revenue increase to $572 million, narrowing its net loss to $17 million Statement of Operations Summary (in millions, except per share data) | Metric | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$572** | **$506** | **$1,101** | **$975** | | Gross Profit | $442 | $402 | $848 | $779 | | Loss from Operations | ($38) | ($67) | ($83) | ($112) | | **Net Loss** | **($17)** | **($35)** | **($40)** | **($57)** | | Net Loss Per Share | ($0.07) | ($0.15) | ($0.17) | ($0.24) | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2024, net cash provided by operating activities decreased to $135 million, while investing and financing activities used significant cash Six Months Ended June 30, Cash Flow Summary (in millions) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $135 | $193 | | Net cash provided by (used in) investing activities | ($207) | $84 | | Net cash used in financing activities | ($240) | ($177) | | **Net (decrease) increase in cash** | **($312)** | **$100** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, recent acquisitions, debt structure, and ongoing legal contingencies, including the Follow Up Boss acquisition and convertible notes - Acquired Follow Up Boss for **$399 million** in cash and up to **$100 million** in contingent consideration, adding **$402 million** in goodwill[60](index=60&type=chunk)[61](index=61&type=chunk) - As of June 30, 2024, the company had **$1.526 billion** in aggregate principal of convertible senior notes outstanding, with maturities in 2024, 2025, and 2026[75](index=75&type=chunk) - In Q2 2024, the company repurchased **6.9 million shares** of its Class A and Class C stock for a total of **$292 million**[84](index=84&type=chunk) - The company is involved in ongoing legal proceedings, including patent litigation with IBM and a consolidated securities class action lawsuit, but does not believe a loss is probable for these cases[92](index=92&type=chunk)[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Zillow's Q2 2024 performance, noting a 13% revenue increase to $572 million and a 21% rise in Adjusted EBITDA [Financial and Business Overview](index=31&type=section&id=Financial%20and%20Business%20Overview) Zillow's Q2 2024 revenue grew 13% to $572 million, driven by strong performance across Residential, Rentals, and Mortgages segments, outpacing the broader housing market Revenue by Category - Q2 2024 vs Q2 2023 (in millions) | Category | Q2 2024 | Q2 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Residential | $409 | $380 | $29 | 8% | | Rentals | $117 | $91 | $26 | 29% | | Mortgages | $34 | $24 | $10 | 42% | | Other | $12 | $11 | $1 | 9% | | **Total Revenue** | **$572** | **$506** | **$66** | **13%** | - The company's financial performance outpaced the broader housing market, where total transaction value increased **3%** in Q2 2024 year-over-year[110](index=110&type=chunk) [Key Metrics](index=32&type=section&id=Key%20Metrics) In Q2 2024, Zillow's total visits increased 4% to 2.5 billion, while loan origination volume surged 123% to $759 million, primarily from purchase loans Key Metrics (Q2 2024 vs Q2 2023) | Metric | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | Visits (in millions) | 2,495 | 2,391 | 4% | | Average monthly unique users (in millions) | 231 | 232 | 0% | Loan Origination Volume (in millions) | Loan Type | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | Purchase | $756 | $336 | 125% | | Refinance | $3 | $4 | (25)% | | **Total** | **$759** | **$340** | **123%** | [Results of Operations](index=34&type=section&id=Results%20of%20Operations) For Q2 2024, gross profit increased 10% to $442 million, while Adjusted EBITDA grew 21% to $134 million, despite rising sales and marketing expenses Adjusted EBITDA Reconciliation (in millions) | Line Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net loss | $(17) | $(35) | | *Adjustments...* | | | | Share-based compensation | $113 | $130 | | Depreciation and amortization | $59 | $45 | | **Adjusted EBITDA** | **$134** | **$111** | - Cost of revenue increased **25%** in Q2 2024, primarily due to higher depreciation and amortization from website development costs and increased mortgage loan processing costs[148](index=148&type=chunk) - Sales and marketing expenses increased **18%** in Q2 2024, driven by higher headcount-related costs and increased marketing investment in the rentals marketplace[154](index=154&type=chunk) - General and administrative expenses decreased **14%** in Q2 2024, mainly because the prior-year period included **$17 million** in share-based compensation expense for departing executives[160](index=160&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, Zillow maintained a strong liquidity position with $2.6 billion in cash and investments, utilizing capital for share repurchases and mortgage originations - The company holds **$2.6 billion** in cash, cash equivalents, investments, and restricted cash as of June 30, 2024[169](index=169&type=chunk) - During H1 2024, the company repurchased **7.1 million shares** of its stock for an aggregate price of **$301 million**[183](index=183&type=chunk) - In Q2 2024, the company repurchased **$88 million** principal amount of its 2025 Convertible Notes for **$89 million** in cash[182](index=182&type=chunk) - Zillow Home Loans utilizes master repurchase agreements with a total capacity of **$250 million** to fund mortgage originations, with **$182 million** outstanding as of June 30, 2024[184](index=184&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies interest rate and inflation as primary market risks, impacting investment yields, debt costs, operating expenses, and consumer demand - Interest rate risk impacts the company's investment portfolio and its mortgage origination business (Zillow Home Loans), which uses floating-rate debt, managed via forward sales of MBSs[193](index=193&type=chunk)[196](index=196&type=chunk) - Inflationary pressures have adversely impacted revenue by affecting consumer demand for advertising and mortgage services due to high mortgage rates, also increasing operating costs, particularly for labor and marketing[198](index=198&type=chunk)[199](index=199&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2024, Zillow's CEO and CFO concluded that disclosure controls and procedures are effective, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2024[202](index=202&type=chunk) - No material changes to internal control over financial reporting were identified during the second quarter of 2024[203](index=203&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing patent and securities lawsuits, not expected to materially impact its financial position - The company is defending against patent infringement claims from IBM; some claims have been dismissed or found unpatentable, while one remains subject to a pending appeal[92](index=92&type=chunk)[93](index=93&type=chunk) - A consolidated federal securities class action lawsuit alleges false and misleading statements regarding the Zillow Offers business; the company's motion to dismiss was partially granted and partially denied, and the case is ongoing[95](index=95&type=chunk) - Shareholder derivative suits related to the Zillow Offers wind-down have been filed and are currently stayed pending the outcome of the related securities suit[96](index=96&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - There have been no material changes to the risk factors affecting the business from those set forth in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023[207](index=207&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2024, Zillow repurchased 6.885 million shares for $292 million, with $381 million remaining for future repurchases Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased (thousands) | Average Price Paid Per Share | Total Purchase Price (millions) | | :--- | :--- | :--- | :--- | | **Class A Common Stock** | **981** | **$41.92** | **$41** | | April 2024 | 340 | $43.01 | $14.6 | | May 2024 | 528 | $41.34 | $21.8 | | June 2024 | 113 | $41.38 | $4.7 | | **Class C Capital Stock** | **5,904** | **$42.41** | **$251** | | April 2024 | 1,750 | $43.34 | $75.8 | | May 2024 | 3,055 | $41.89 | $127.9 | | June 2024 | 1,099 | $42.38 | $46.6 | | **Total** | **6,885** | **-** | **$292** | - As of June 30, 2024, **$381 million** remained available for future repurchases of stock and/or convertible senior notes[210](index=210&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) This section discloses that a board member and the Chief Operating Officer entered into 10b5-1 sales plans in June and February 2024, respectively - On June 10, 2024, board member Claire Cormier Thielke entered into a 10b5-1 sales plan for shares of Class C capital stock, effective September 16, 2024[213](index=213&type=chunk) - On February 16, 2024, COO Jeremy Wacksman entered into a 10b5-1 sales plan for shares of Class C capital stock, effective May 17, 2024[214](index=214&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate documents and certifications from the CEO and CFO - The exhibits filed with the report include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, as well as Inline XBRL data files[217](index=217&type=chunk)

Financial Data and Key Metrics Changes - Q1 2024 revenue reached $529 million, a 13% year-over-year increase, outperforming the residential real estate market growth of 4% [8][41] - Q1 net loss was $23 million, representing 4% of revenue, while EBITDA was $125 million, resulting in a 24% EBITDA margin, a year-over-year margin expansion of 200 basis points [41][42] - Mortgages revenue increased by 19% year-over-year to $31 million, with purchase loan origination volume growing over 130% year-over-year to $601 million [41][43] Business Line Data and Key Metrics Changes - Residential revenue was $393 million, growing 9% year-over-year, driven by improvements in connection rates and new construction business [41][42] - Rentals revenue grew 31% year-over-year to $97 million, primarily due to a 46% increase in Multifamily revenue [42][43] - The number of Multifamily properties increased to 40,000, up from 37,000 at the end of the previous quarter [9][41] Market Data and Key Metrics Changes - Zillow's audience includes over 217 million average monthly unique users, with 80% of traffic being organic [16] - Zillow Rentals is the most searched rentals marketplace, with a significant lead over competitors [36] - The company estimates it has over 50% of all rental listings in the U.S., with ongoing efforts to increase this share [38] Company Strategy and Development Direction - The company is focused on building a Housing Super App to integrate the moving process, enhancing customer experience across various services [13][21] - Zillow aims to grow its transaction share from 3% to 6% by the end of 2025, with a focus on expanding its enhanced markets [21][22] - The company is investing heavily in technology and partnerships to improve its offerings in both Rentals and Mortgages [19][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform despite a challenging housing market, citing strong execution and strategic investments [7][41] - The anticipated NAR settlement is viewed as a positive evolution for the industry, with Zillow well-positioned to benefit from the changes [14][15] - The company expects continued growth in Rentals and Mortgages, with a focus on enhancing customer experiences and expanding market reach [46][47] Other Important Information - The company has repurchased $100 million of shares year-to-date, reflecting confidence in its financial position [44] - A national marketing campaign for Rentals is set to launch, aimed at increasing brand awareness and driving growth [46][50] Q&A Session Summary Question: Confidence in second half ramp despite residential business slowdown - Management expressed confidence in the second half ramp due to contributions from enhanced markets and continued growth in Rentals and Mortgages [52][54] Question: Managing potential friction with new buyer's agreement - Management sees the new touring agreement as an educational opportunity rather than friction, aiming to improve customer understanding and conversion rates [55][56] Question: Importance of touring in increasing transaction share - Touring is considered critical for connecting high-intent customers with agents, driving higher conversion rates and overall transaction growth [59][61] Question: Multifamily growth lifecycle and its importance - Management highlighted the strategic focus on Multifamily properties as part of a two-sided marketplace, emphasizing the importance of both demand and supply sides [66][70]