Connect with us

Technology

Zillow Group Reports Third-Quarter 2024 Financial Results

Published

on

SEATTLE, Nov. 6, 2024 /PRNewswire/ — Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months ended September 30, 2024.

Complete financial results for the third quarter and outlook for the fourth quarter of 2024 can be found in our shareholder letter on the Investor Relations section of Zillow Group’s website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx

“Zillow had another strong quarter, with 17% total revenue growth year over year. I’m proud of how we are executing our strategy to serve renters, buyers, sellers, agents and the broader residential real estate industry,” Zillow CEO Jeremy Wacksman said. “We continue to invest in tech solutions to build the integrated transaction experience consumers demand and deserve. These investments give Zillow an advantage as we connect high-intent movers with high-performing agents, driving adoption of our services and contributing to increased revenue.”

Recent highlights include:

Zillow Group’s third-quarter results exceeded the company’s outlook for revenue and Adjusted EBITDA.

Q3 total revenue was $581 million, up 17% year over year and above the midpoint of the company’s outlook range by $28 million. Q3 revenue outperformed the residential real estate industry total transaction value1 growth of 2%, as well as total industry purchase loan origination volume, which the company estimates declined in the low single digits in Q3.

Residential revenue was up 12% year over year in Q3 to $405 million, benefiting from continued conversion improvements as more buyers and sellers transacted with Zillow agent partners.

Rentals revenue increased 24% year over year to $123 million, primarily driven by multifamily revenue growing 38% year over year in Q3.

Mortgages revenue increased 63% year over year to $39 million, primarily due to an 80% year-over-year increase in purchase loan origination volume to $812 million in Q3.

On a GAAP basis, net loss was $20 million, or 3% of total revenue, in Q3.

Q3 Adjusted EBITDA was $127 million, or 22% of total revenue, $24 million above the midpoint of the company’s outlook range, driven primarily by higher-than-expected Residential revenue.

Cash and investments at the end of Q3 were $2.2 billion, down from $2.6 billion at the end of Q2.

Traffic to Zillow Group’s mobile apps and sites in Q3 was 233 million average monthly unique users, up 1% year over year. Visits during Q3 were 2.4 billion, up 3% year over year.

1 National Association of Realtors® existing homes sold during Q3 2024 multiplied by the average selling price per home for Q3 2024,

compared with the same period in 2023.

Third Quarter 2024 Financial Highlights

The following table sets forth Zillow Group’s financial highlights for the periods presented (in millions, except percentages, unaudited):

Three Months Ended
September 30,

2023 to 2024
% Change

Nine Months Ended
September 30,

2023 to 2024
% Change

2024

2023

2024

2023

Revenue:

Residential

$                405

$                362

12 %

$             1,207

$             1,103

9 %

Rentals

123

99

24 %

337

264

28 %

Mortgages

39

24

63 %

104

74

41 %

Other

14

11

27 %

34

30

13 %

Total revenue

$                581

$                496

17 %

$             1,682

$             1,471

14 %

Other Financial Data:

Gross profit

$                441

$                386

$             1,289

$             1,165

Net loss

$                 (20)

$                 (28)

$                 (60)

$                 (85)

Adjusted EBITDA (1)

$                127

$                107

$                386

$                322

Percentage of Revenue:

Gross profit

76 %

78 %

77 %

79 %

Net loss

(3) %

(6) %

(4) %

(6) %

Adjusted EBITDA (1)

22 %

22 %

23 %

22 %

(1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted

accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a 

reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net loss, for each of the

periods presented.

Conference Call and Webcast Information

Zillow Group will host a live webcast to discuss these results today at 2 p.m. Pacific Time (5 p.m. Eastern Time). Please register for the live event at https://zillow-q3-24-financial-results.open-exchange.net. A shareholder letter and link to both the live webcast and recorded replay of the call may be accessed in the Quarterly Results section of Zillow Group’s Investor Relations website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding the future performance and operation of our business, and our business strategies and ability to translate such strategies into financial performance. Statements containing words such as “may,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “predict,” “will,” “projections,” “continue,” “estimate,” “outlook,” “guidance,” “would,” “could,” “strive,” or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of November 6, 2024, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group’s actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control.

Factors that may contribute to such differences include, but are not limited to: the current and future health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, homeowners insurance rates, labor shortages and supply chain issues; our ability to manage advertising and product inventory and pricing and maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile applications and websites; our ability to comply with current and future rules and requirements promulgated by National Association of Realtors®, multiple listing services, or other real estate industry groups or governing bodies, or decisions to repeal, amend, or not enforce such rules and requirements; our ability to navigate industry changes, including as a result of past, pending or future class action lawsuits, settlements or government investigations, which may include lawsuits, settlements or investigations in which we are not a named party, such as the National Association of Realtors® settlement agreement entered into on March 15, 2024; uncertainties related to the November 2024 elections in the United States; our ability to continue to innovate and compete to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans, our mortgage origination business, including the ability to obtain or maintain sufficient financing to fund its origination of mortgages, meet customers’ financing needs with its product offerings, continue to grow the origination business and resell originated mortgages on the secondary market; the duration and impact of natural disasters, geopolitical events, and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services, or general economic conditions; our ability to maintain adequate security measures or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; the impact of past, pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations to which we are not a party; our ability to attract, engage, and retain a highly skilled workforce; acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of generative artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay our debt, settle conversions of our convertible senior notes, or repurchase our convertible senior notes upon a fundamental change; our ability to raise additional capital or refinance our indebtedness on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; actual or perceived inaccuracies in the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices.

The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s publicly available filings with the United States Securities and Exchange Commission. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances.

About Zillow Group, Inc.

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing, and renting experiences.

Zillow Group’s affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Rentals®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+SM, Spruce® and Follow Up Boss®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2024 MFTB Holdco, Inc., a Zillow affiliate.

Please visit https://investors.zillowgroup.com, www.zillowgroup.com/news, and www.x.com/zillowgroup, where Zillow Group discloses information about the company, its financial information and its business that may be deemed material.

The Zillow Group logo is available at https://zillowgroup.mediaroom.com/logos-photos

(ZFIN)

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We have provided a reconciliation below of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have not provided a quantitative reconciliation of forecasted GAAP net income (loss) to forecasted Adjusted EBITDA within this press release because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to: income taxes that are directly impacted by unpredictable fluctuations in the market price of the company’s capital stock; depreciation and amortization from new acquisitions; impairments of assets; gains or losses on extinguishment of debt; and acquisition-related costs. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of our control. We have not provided a reconciliation of forecasted Adjusted EBITDA margin to net income (loss) margin, the most directly comparable GAAP financial measure, for the same reasons.

Adjusted EBITDA is a key metric used by our management and board of directors to measure operating performance and trends and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation;

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments;

Adjusted EBITDA does not reflect impairment and restructuring costs;

Adjusted EBITDA does not reflect acquisition-related costs;

Adjusted EBITDA does not reflect loss on extinguishment of debt;

Adjusted EBITDA does not reflect interest expense or other income, net;

Adjusted EBITDA does not reflect income taxes; and

Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently from the way we do, limiting its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash-flow metrics, net loss and our other GAAP results.

Adjusted EBITDA

The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods presented (in millions, unaudited):

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Reconciliation of Adjusted EBITDA to Net Loss:

Net loss

$             (20)

$             (28)

$             (60)

$             (85)

Income taxes

4

1

Other income, net

(34)

(34)

(101)

(108)

Depreciation and amortization

63

49

178

134

Share-based compensation

108

109

329

342

Impairment and restructuring costs

1

6

9

Acquisition-related costs

1

1

1

2

Loss on extinguishment of debt

1

Interest expense

9

9

28

27

         Adjusted EBITDA

$            127

$            107

$            386

$            322

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/zillow-group-reports-third-quarter-2024-financial-results-302297872.html

SOURCE Zillow Group, Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

MyDataRemoval Proven More Effective Than Competing Data Removal Services [updated links]

Published

on

By

Internal and external reports show MyDataRemoval to be the most effective personal data removal service. MyDataRemoval has achieved over 70% data removal within the first week and 90% within four months, outperforming industry competitors who average 26% in the first week and 35% within four months.

LAS VEGAS, Nov. 23, 2024 /PRNewswire-PRWeb/ — Recent findings from a consumer advocacy group have raised concerns about the effectiveness of people-search site removal services, revealing high rates of ineffectiveness among tested companies. Notably, MyDataRemoval was not included in this study. In response, MyDataRemoval conducted an internal audit [updated link] to evaluate its standing relative to the competition, revealing that it was already leading the industry. Building on this success, MyDataRemoval has since enhanced its methodologies and technologies for data removal. As a result, MyDataRemoval is now reaching a 90% removal rate within four months and exceeding a 70% removal rate within the first week—results that place it well above the competition.

MyDataRemoval will remove your data from people search sites more effectively than anyone else out there.

Over 70% of personal data removed within the first week: MyDataRemoval successfully removed over 70% of personal data from people-search websites within just one week, outperforming all other services tested by Consumer Reports.Effectiveness over time: MyDataRemoval maintained superior performance compared to other data removal services, with 80% of data removed within one month and 90% within four months.Competitor Comparison in one week: The average effectiveness for the first week across competing services was 30%, whereas MyDataRemoval removed over 70%, demonstrating a clear advantage.Competitor Comparison at four months: Competing services demonstrated significantly lower data removal rates, with some services removing only 27% of personal data within four months.

MyDataRemoval’s internal audits have demonstrated that the service is not only more effective in the initial stages of data removal but also continues to outperform over time. Its proprietary methods, commitment to ongoing audits, and dedication to continuous improvement ensure that it remains a leader in data removal.

MyDataRemoval acknowledges that while current effectiveness rates are industry-leading, there is still room for growth. The goal is to achieve over 90% removal rates across all categories and time frames. MyDataRemoval is committed to conducting monthly audits and making these results publicly available to ensure transparency and continuous improvement. You can see the most recent audit results here [updated link].

Privacy is more important than ever, and MyDataRemoval is here to help individuals reclaim theirs. Do not settle for ineffective data removal—trust the service that has been proven to deliver results. Find MyDataRemoval at www.mydataremoval.com or contact us at hello@mydataremoval.com or call (855) 700-2914 to start your journey towards a more private online presence.

Stay tuned for our monthly audit updates to see how we are continuously improving to make your personal information private once again.

Audit date: 8/9/2024

Profiles removed within 1 week: 85%Profiles removed within 1 month: 71%Profiles removed within 4 months: 73%

Audit date: 9/9/2024

Profiles removed within 1 week: 85%Profiles removed within 1 month: 78%Profiles removed within 4 months: 92%

Audit date: 10/9/2024

Profiles removed within 1 week: 59%Profiles removed within 1 month: 81%Profiles removed within 4 months: 90%

Audit date: 11/9/2024

Profiles removed within 1 week: 77%Profiles removed within 1 month: 81%Profiles removed within 4 months: 90%

Media Contact

James Wilson, MyDataRemoval, 1 8557002194, hello@mydataremoval.com, https://www.mydataremoval.com

View original content:https://www.prweb.com/releases/mydataremoval-proven-more-effective-than-competing-data-removal-services-updated-links-302313853.html

SOURCE MyDataRemoval

Continue Reading

Technology

AABE, FPL and Partners Hosted the Blacks in Energy Event and Generator Build Competition at Palm Beach Lakes Community High School

Published

on

By

Black Energy Awareness Month event in West Palm Beach.

WEST PALM BEACH, Fla., Nov. 23, 2024 /PRNewswire-PRWeb/ — In recognition of Black Energy Awareness Month, members of the American Association of Blacks in Energy (AABE), Florida Chapter, partnered with Florida Power & Light Company (FPL), and others, to host and conduct a Generator Build Competition at Palm Beach Lakes Community High School in West Palm Beach, Florida.

“It is such a joy and delight to witness the determination of these young and ambitious students who are focused-driven and eager to excel,” says Whitney Walker, Lead Community Relations Specialist with Next Era Energy/FPL.

During the event, high school students were provided with an overview of the energy industry and introduced to the field of engineering. The students met with and heard from engineers and senior managers in the industry, and took part in the generator build competition, where they learned the basics of generator theory and how electric voltage is created. Each member of the competition’s winning team received a $50 gift card.

“It is such a joy and delight to witness the determination of these young and ambitious students who are focused-driven and eager to excel,” says Whitney Walker, Lead Community Relations Specialist with Next Era Energy/FPL.

Other empowering speakers included: Dr. Michelle Saunders, Lead Project Manager – Distribution, Next Era Energy/FPL; Norman Riemer, SECME District Coordinator – Palm Beach County School District; Dion Watson, Director – Next Era Energy Resource Development – Next Era Energy/FPL; Oleg Andric, Department Chair & Professor, Electric Power Technology – Palm Beach State College, and Jasmine Govan, Community Relations Specialist, Next Era Energy/FPL.

This event was made possible by the generous support and involvement of the American Association of Blacks in Energy (AABE) – Florida Chapter, Florida Power & Light Company, NextEra Energy, Inc., the University of Florida – SECME of Palm Beach County School District, Palm Beach State College and Palm Beach Lakes Community High School.

About AABE

Established in 1977, the American Association of Blacks in Energy (AABE) is an association founded and dedicated to ensuring the input of African Americans and other minorities into the discussions and developments of energy policies regulations. The national membership includes more than 1,600 professionals representing every sector of the energy industry. There are 40 chapters located in states, metropolitan areas and college campuses around the country. AABE utilizes the expertise of their members to analyze energy policy and serve as a resource for community leaders, consumers, policymakers and regulators on the impact that these policies have on underrepresented communities.

The members of AABE are committed to building the pipeline of African Americans in leadership positions in the energy industry. Through scholarship programs, students who plan to major in science, mathematics, engineering and technology have the opportunity to receive scholarships on the local, regional and national level. The AABE members have the opportunity for professional development at chapter meetings, regional and national conferences. For more information about the association, visit www.aabe.org.

Media Contact

Bernadette Morris, Sonshine Communications, 1 3059488063 201, bmorris@sonshine.com

View original content to download multimedia:https://www.prweb.com/releases/aabe-fpl-and-partners-hosted-the-blacks-in-energy-event-and-generator-build-competition-at-palm-beach-lakes-community-high-school-302314611.html

SOURCE AABE

Continue Reading

Technology

Siemon Introduces Bundled Fiber Trunks for Faster, More Efficient Network Deployments

Published

on

By

The Siemon Company, a global leader in network infrastructure solutions, is proud to announce the launch of its new Bundled Fiber Trunks. Designed to streamline fiber optic network installations and reduce deployment time, Siemon Bundled Fiber Trunks offer a cost-effective and reliable option for a variety of projects.

WATERTOWN, Conn., Nov. 23, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, is proud to announce the launch of its new Bundled Fiber Trunks. Designed to streamline fiber optic network installations and reduce deployment time, Siemon Bundled Fiber Trunks offer a cost-effective and reliable option for a variety of projects.

Siemon Bundled Fiber Trunks are a game-changer for network installations. By simplifying the process and reducing installation time, we’re empowering our customers to achieve their project goals more efficiently and effectively.

Siemon Bundled Fiber Trunks combine high-performance fiber cables into a single, easy-to-manage bundle, optimizing pathway fill and significantly accelerating installation. With up to a 50% faster deployment rate, this innovative solution helps businesses and organizations reduce project costs and time-to-market.

“Siemon Bundled Fiber Trunks are a game-changer for network installations,” said Tony Walker, Siemon Fiber Product Marketing Manager. “By simplifying the process and reducing installation time, we’re empowering our customers to achieve their project goals more efficiently and effectively.”

Key features of Siemon Bundled Fiber Trunks include:

Streamlined installation: Reduced pathway fill and faster deploymentExceptional performance: Equivalent to single-jacket fiberDurability: Robust construction for reliable performanceVersatility: Available in a wide range of configurations

For more information about Siemon Bundled Fiber Trunks and other Siemon products, please visit www.siemon.com.

About Siemon

Established in 1903, Siemon is an industry leader specializing in the design and manufacture of high-quality, high-performance IT infrastructure solutions and services for Data Centers, LANs, and Intelligent Buildings. Headquartered in Connecticut, USA, with global sales, technical, and logistics expertise spanning 150 countries, Siemon offers the most comprehensive suites of copper and optical fiber cabling systems, racks, cable management, and Intelligent Infrastructure Management solutions. With more than 400 patents specific to structured cabling, Siemon Labs invests heavily in R&D and the development of Industry Standards, underlining the company’s long-standing commitment to its customers and the industry. Through an ongoing commitment to waste and energy reduction, Siemon’s environmental sustainability benchmarks are unparalleled in the industry.

Contact Information

Brian Baum

brian_baum@siemon.com

Media Contact

Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com

View original content:https://www.prweb.com/releases/siemon-introduces-bundled-fiber-trunks-for-faster-more-efficient-network-deployments-302313831.html

SOURCE Siemon

Continue Reading

Trending