Zillow Group, Inc.

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  • Nov. 3, 2015, 5:31 PM
    • Zillow's (Z, ZG) Q3 EPS of $0.07 beat a -$0.03 consensus, and revenue of $176.8M slightly beat a $176.5M consensus. However, the company has guided on its earnings call for Q4 revenue of $165M-$170M, below a $179.1M consensus. Q4 adjusted EBITDA is expected to total $20M-$25M, down from Q3's $29.5M.
    • Zillow notes Q4 guidance doesn't include revenue from Market Leader, whose sale was closed at the end of September. Some Q4 analyst estimates might not have been adjusted to account for the sale.
    • The online real estate leader does expect 2016 revenue growth to exceed 2015's rate. For the first 9 months of 2015, Zillow's pro forma revenue (adjusts for the Trulia deal) is up 22% Y/Y.
    • Top-line performance: Marketplace revenue rose 22% Y/Y in Q3 to $153.2M, while display revenue (ads, hurt by weak industry demand) fell 23% to $30.4M. The display decline is attributed to "continued strategic efforts to reduce display advertising on the company's mobile applications and websites to further promote our Marketplace products."
    • Metrics: Agent advertisers fell to 96,965 at the end of Q3 from 101,297 at the end of Q2. Zillow previously stated it's now de-emphasizing agent count, and instead focusing on growing revenue via high-ARPA agents. Monthly unique users averaged 142.1M, up slightly from Q2's 141M.
    • Z -7.5% after hours to $27.30. ZG -9.3% to $28.10.
    • Q3 results, PR
    • Update (6:39PM ET): Zillow tells Seeking Alpha it had found only a small number of Q4 analyst estimates had accounted for the Market Leader sale. Both Z and ZG remain down over 7%.
    | Nov. 3, 2015, 5:31 PM | 18 Comments
  • Nov. 3, 2015, 4:33 PM
    • Zillow (NASDAQ:Z): Q3 EPS of $0.07
    • Revenue of $176.77M (+99.4% Y/Y)
    • Shares +6.44%.
    | Nov. 3, 2015, 4:33 PM
  • Aug. 4, 2015, 5:34 PM
    • Low expectations have helped Zillow (NASDAQ:Z) jump to $79.80 following its Q2 beat. Shares were down 30% YTD going into earnings.
    • On its earnings call, the company has reiterated 2015 revenue guidance of $690M (above a $666.5M consensus). Adjusted EBITDA guidance has been hiked by $5M to $85M-$90M. Q3 revenue guidance is nonetheless at $175M-$177M, below a $180.9M consensus.
    • Pro forma revenue growth (accounts for the Trulia merger) was 20% in Q2, a slowdown from Q1's 35%. Marketplace revenue rose 29% to $145.5M, while display revenue (hurt by a weak display ad market, ask LinkedIn and Yelp) fell 15% to $25.8M.
    • With Marketplace, real estate revenue rose 37% to $122.6M, mortgage revenue rose 44% to $10.4M, and Market Leader (real estate CRM software) fell 21% to $12.5M. Zillow reiterates it's "conducting a strategic review" for Market Leader.
    • Advertisers/ARPA: The company had 101,297 agent advertisers at the end of Q2, down 2,118 Q/Q. On the other hand, average monthly revenue per advertiser (ARPA) rose to $375 from $354 in Q1 and $318 a year ago. Zillow notes it "strategically ended several of Trulia's short-term discounted products and changed the sales team's incentives to focus on net revenue rather than the number of advertisers." The company adds it's focusing on "high ARPA agents who provide a superior consumer experience."
    • GAAP sales/marketing spend equaled 51.3% of revenue, R&D 30%, and G&A 26%. Gross margin was 90%. Average monthly unique users totaled 141M. Zillow claims a 72% share of U.S. mobile exclusive real estate visitors (per comScore).
    • Q2 results, PR
    • Update (7:25PM ET): Zillow is now up 14.5% AH.
    | Aug. 4, 2015, 5:34 PM | 7 Comments
  • Aug. 4, 2015, 4:32 PM
    • Zillow (NASDAQ:Z): Q2 EPS of -$0.01 beats by $0.25.
    • Revenue of $171.27M (+117.7% Y/Y) beats by $2.58M.
    • Shares +2.5%.
    | Aug. 4, 2015, 4:32 PM | 21 Comments
  • Jul. 9, 2015, 4:42 PM
    • Chad Cohen, Zillow's (NASDAQ:Z) CFO since 2011, is resigning to "pursue other business interests," effective Aug. 7. The company has begun a search for a new CFO.
    • Shares have fallen to $82.00 AH. The fact Zillow didn't use its announcement to reaffirm guidance (as if often done when a C-suite change is announced ahead of earnings) could be weighing.
    | Jul. 9, 2015, 4:42 PM | 9 Comments
  • May 12, 2015, 5:44 PM
    • After coming off a halt, Zillow (NASDAQ:Z) is up 1.8% AH in the wake of its Q1 report. In spite of a Q1 revenue miss, the company is reiterating full-year revenue and adjusted EBITDA guidance of $690M and $80M-$85M (provided on April 14).
    • The Market Leader real estate CRM software unit (acquired by Trulia in 2013) was a weak spot in Q1: Its sales fell 11% Y/Y to $13.6M. Display ad sales were also light, rising only 5% on a pro forma basis (i.e. counting both Zillow and Trulia's full numbers) to $25.6M. Yelp, LinkedIn, and others have reported soft Q1 display ad sales, while often blaming industry adoption of programmatic (automated) ad-buying platforms that have depressed prices.
    • Core real estate services revenue was stronger, rising 54% to $113.4M. Mortgage services revenue rose 33% to $10M.
    • Business metrics: Zillow had 103,415 Premier Agent advertisers at the end of Q1 - that figure includes Trulia agents. Premier Agent ARPA was $354; it was $359 for Zillow proper in Q4. Following the end of the ListHub deal, Zillow says it now receives 100% of real estate listings directly. March unique visitors totaled nearly 140M, and close to 2/3 of Zillow brand usage now occurs on mobile.
    • Pro forma adjusted EBITDA more than doubled Y/Y to $24.5M. $12.5M worth of acquisition costs were recorded, as were $25.1M worth of restructuring costs - Zillow/Trulia announced job cuts after their merger closed in February.
    • Q1 results, PR
    | May 12, 2015, 5:44 PM | 4 Comments
  • May 12, 2015, 4:32 PM
    • Zillow (NASDAQ:Z): Q1 EPS of $0.05 beats by $0.17.
    • Revenue of $127.7M (+92.8% Y/Y) misses by $7.97M.
    • Shares are halted.
    | May 12, 2015, 4:32 PM | 32 Comments
  • May 12, 2015, 4:05 PM
    • Zillow (NASDAQ:Z) has been halted ahead of this afternoon's Q1 report.
    | May 12, 2015, 4:05 PM
  • May 11, 2015, 5:35 PM
  • Apr. 14, 2015, 9:13 AM
    • Zillow (NASDAQ:Z) guides on this morning's CC (webcast) for 2015 revenue of $690M, below a $753M consensus.
    • Shares are halted. Barclays downgraded on April 6, and Cowen cut its target on March 31.
    • Yesterday: Zillow higher after scheduling CC
    | Apr. 14, 2015, 9:13 AM | 3 Comments
  • Feb. 13, 2015, 5:52 PM
    • More specific metrics from Zillow's (NASDAQ:Z) Q4 report: Average monthly unique users of nearly 77M (up 41%); mobile visits (nearly two-thirds of Zillow's visits) were up 57%.
    • Premier Agent advertising revenue hit an annualized run rate of more than $268M vs. prior year's $157M. Zillow netted 1,428 new Premier Agent advertisers at average revenue of $359, up from prior year's $271.
    • For the full year, revenues were up 65% to record $325.9M (Marketplace Revenue up 73% to $267.2M; Display Revenue up 37% to $58.7M).
    • There's no conference call to discuss earnings, but Zillow is holding a call to discuss the Trulia acquisition Wed., Feb. 18 at 9 a.m. ET, the day after it expects to close the deal.
    • Shares now significantly higher after hours, +5.2%.
    | Feb. 13, 2015, 5:52 PM | 4 Comments
  • Feb. 13, 2015, 5:20 PM
    • Zillow (NASDAQ:Z) is now up 1.2% in late trading after beating on the top line with record revenue, and despite an EPS miss.
    • The company also says it expects to close its acquisition of Trulia (NYSE:TRLA) as soon as Tuesday, now that the FTC has wrapped its look at the deal.
    • Revenues of $92.3M (up 58%) were made up of: Display Revenue of $14.1M (up 17%); Marketplace Revenue of $78.2M (up 69%).
    • Marketplace Revenue comprised Real Estate Revenue of $70.8M (up 73%) and Mortgages Revenue of $7.4M (up 38%).
    • Adjusted EBITDA of $20M (22% of revenue) missed expectations of $22.15M.
    • Previously: Zillow and Trulia soar; FTC staff reportedly backs deal (Jan. 23 2015)
    | Feb. 13, 2015, 5:20 PM | 3 Comments
  • Feb. 13, 2015, 5:12 PM
    • Zillow (NASDAQ:Z): Q4 EPS of $0.24 misses by $0.04.
    • Revenue of $92.3M (+58.3% Y/Y) beats by $2.29M.
    • Shares +2.35% AH.
    | Feb. 13, 2015, 5:12 PM | 2 Comments
  • Feb. 10, 2015, 5:35 PM
  • Nov. 5, 2014, 5:51 PM
    • Zillow (NASDAQ:Z) guides on its Q3 CC (webcast) for Q4 revenue of $89M-$90M, below a $91M consensus.
    • Q3 real estate revenue +86% Y/Y to $65.6M; mortgages revenue +24% to $7.1M; display (ad) revenue +30% to $16M.
    • Premier Agent net adds totaled 4,059, raising the total base to 60.877. Average revenue per advertiser rose to $349 from $264 a year ago.
    • Excluding acquisition-related costs, total GAAP costs/expenses rose 56% Y/Y to $91.7M.
    • As one would expect, all-stock merger partner Trulia (NYSE:TRLA) is following Zillow lower. Both companies also sold off following Trulia's Q3 report.
    • Q3 results, PR
    | Nov. 5, 2014, 5:51 PM | 3 Comments
Company Description
Zillow Group Inc operates the real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products to help people find vital information about homes and connect with local professionals.