Financial Data and Key Metrics Changes - The meeting confirmed the reelection of four directors and the ratification of Deloitte and Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025 [21][22]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting [11]. Market Data and Key Metrics Changes - No specific market data or key metrics were provided during the meeting [11]. Company Strategy and Development Direction and Industry Competition - The company continues to focus on maintaining strong governance with the reelection of its board members and the appointment of its auditors, indicating a commitment to transparency and accountability [20][21]. Management's Comments on Operating Environment and Future Outlook - Management expressed appreciation for shareholder support but did not provide specific comments on the operating environment or future outlook during the meeting [25]. Other Important Information - The meeting was conducted virtually, and all necessary logistics were followed to ensure proper governance and shareholder participation [5][6][19]. Q&A Session Summary - There were no questions submitted during the Q&A session, and the meeting concluded without any additional inquiries [24].

Core Insights - The uncertainty in the U.S. real estate market is at its highest level since 2023, primarily due to rising mortgage rates, which have deterred potential homebuyers [1][3] Group 1: Market Sentiment - 60% of respondents in a Bank of America survey are uncertain if now is a good time to buy a home, an increase from 57% last year and 48% in 2023 [3] - 52% of potential homebuyers believe the current market is better than a year ago, indicating some optimism despite overall uncertainty [3] Group 2: Market Activity - The spring home buying season has started slowly, contrasting sharply with the first quarter, where mortgage applications surged by 80% due to increased housing inventory and declining long-term bond yields [3] - Despite having more choices and improved affordability compared to April last year, home sales have decreased year-over-year, attributed to macro-level uncertainties affecting household confidence [3] Group 3: Future Expectations - Three-quarters of respondents expect home prices and interest rates to decline, leading them to postpone their home purchases [3] - The current mortgage rate range of 6% to 7% is perceived as the new normal, with many consumers waiting for better conditions to enter the market [4]

Core Insights - Zillow Group is recognized as the leading housing portal in the United States and is expanding its ecosystem around housing transactions [3]. Company Performance - Zillow achieved approximately 15% revenue growth in the previous year and anticipates low to mid-teens revenue growth for the current year [5]. - The growth is attributed to the development of a housing super app ecosystem [5]. Market Context - There are significant uncertainties in the macroeconomic environment affecting the housing market, which will be discussed further [5].

Financial Data and Key Metrics Changes - Zillow reported approximately 15% revenue growth last year and anticipates low to mid-teens revenue growth this year, despite a tepid housing market [4][27]. - The company expects to achieve a total revenue of over $2 billion last year, with a goal to reach $5 billion in the future [79]. Business Line Data and Key Metrics Changes - Zillow's strategy includes the rollout of enhanced markets, aiming to have 35% of connections in these markets by the end of the year, with a long-term goal of over 75% [12][26]. - Zillow Home Loans is becoming an increasingly significant part of the strategy, with double-digit adoption rates in enhanced markets [31][37]. Market Data and Key Metrics Changes - The housing market remains largely flat, with existing home sales around 4 million, compared to a typical range of 5 to 6 million [53][56]. - The company notes a supply-demand imbalance in the housing market, primarily driven by a lack of new construction and sellers being trapped in low mortgage rates [54][55]. Company Strategy and Development Direction - Zillow is focused on creating a housing super app to streamline the home buying and selling process, integrating various services such as financing and agent partnerships [7][17]. - The company aims to enhance the customer experience by providing a one-stop shop for all housing transaction needs, including title, escrow, and insurance [19]. Management's Comments on Operating Environment and Future Outlook - Management acknowledges the affordability problem in the housing market, attributing it to a lack of supply rather than just high mortgage rates [54][55]. - The company expects to continue growing through its strategy, gaining market share even in a challenging housing environment [57][58]. Other Important Information - Zillow's Showcase product is gaining traction, with expectations to reach 5-10% of new listings, potentially generating $150 to $300 million in incremental revenue [48][49]. - The company has no plans for international expansion, focusing solely on the U.S. market [88]. Q&A Session Summary Question: What differentiates Zillow from competitors like Rocket and Redfin? - Zillow's integrated transaction strategy is validated by competitors' moves, indicating a market shift towards offering comprehensive services [41][42]. Question: How does Zillow view the rental market and its growth potential? - Zillow is the largest source of rental listings in the U.S., with a target of reaching $1 billion in rental revenue, driven by multifamily growth [63][69]. Question: What has been the impact of commission rate changes in the industry? - Zillow's strategy allows it to work with top-performing agents, who have not seen significant impacts from commission rate changes, potentially benefiting from increased differentiation [94][96]. Question: How does Zillow plan to achieve its financial targets? - The company outlines a path to $5 billion in revenue through organic growth in residential mortgage, rentals, and macro recovery [79][80].

Market Overview - The stock market has rebounded from post-tariff volatility, while the real estate market has not shown signs of recovery [1] - Persistently high-interest rates are maintaining high mortgage rates, negatively impacting buyer affordability and sellers' willingness to switch homes [1] Analyst Background - Gary Alexander has extensive experience covering technology companies on Wall Street and working in Silicon Valley, along with advising seed-round startups [1] - He has been a contributor on Seeking Alpha since 2017 and has been quoted in various web publications [1]

Core Insights - Atossa Therapeutics has reported promising results from the Phase 2 Endocrine Optimization Pilot sub-study, demonstrating the bioactivity of low-dose (Z)-endoxifen in treating stage II/III ER+/HER2- breast cancer [1][4] Group 1: Study Results - No participants achieved a pathologic complete response (pCR), with residual cancer burden (RCB) classes indicating moderate to extensive disease [3] - The study showed a median Ki-67 suppression from 10.5% at baseline to 5% by Week 3, with 65% of patients achieving Ki-67 ≤ 10% [6] - Median functional tumor volume decreased by 77.7% from baseline to surgery, with the longest tumor diameter reduced by 36.8% [6] Group 2: Drug Profile - (Z)-endoxifen is a potent Selective Estrogen Receptor Modulator (SERM) that can inhibit and potentially degrade estrogen receptors, showing activity in resistant tumors [5] - The drug targets PKCβ1, an oncogenic signaling protein, at clinically achievable blood levels, and offers comparable or superior bone protection compared to tamoxifen [5] Group 3: Future Directions - Atossa is enrolling participants in an additional I-SPY2 cohort testing (Z)-endoxifen at a 40 mg daily dose, with top-line data expected in 2026 [4] - The company is focused on developing (Z)-endoxifen for metastatic breast cancer, supported by a growing intellectual property portfolio [8]

Group 1 - Investors in Zillow Group, Inc. should monitor stock movements due to high implied volatility in the options market, particularly the Jun 20, 2025 $30.00 Call option [1] - Implied volatility indicates market expectations for significant price movement, suggesting potential upcoming events that could lead to a rally or sell-off [2] - Zillow currently holds a Zacks Rank 4 (Sell) in the Internet-Services industry, with no analysts increasing estimates for the current quarter and one analyst revising estimates downward, resulting in a consensus estimate decrease from 59 cents to 58 cents per share [3] Group 2 - The high implied volatility surrounding Zillow may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4]

Core Viewpoint - The Zacks Internet-Services Industry is currently performing well, with Trivago (TRVG) and Upwork Software (UPWK) being highlighted as strong buy opportunities due to positive earnings estimate revisions and attractive stock prices [1][2]. Group 1: Trivago (TRVG) - Trivago is a hotel and accommodation search platform trading under $5 per share, making it an appealing penny stock [3]. - The company has made strategic moves, including acquiring a 30% stake in AI-driven hotel rate aggregator Holisto, which could position it as an attractive acquisition target for larger travel companies [4]. - Trivago's total sales are projected to increase by 18% in fiscal 2025 and by another 11% in fiscal 2026, reaching $655.77 million [4]. - The Zacks Consensus Estimate for Trivago's sales in fiscal 2025 is $590.98 million, with year-over-year growth estimates of 18.34% [5]. - Earnings per share (EPS) estimates for Trivago have increased, with expectations of $0.10 for this year and $0.20 for fiscal 2026 [6]. Group 2: Upwork (UPWK) - Upwork's stock has increased by 30% in the last month, currently trading around $16 per share, and has a forward earnings multiple of 14.4X, which is below industry and S&P 500 averages [7]. - The company has benefited from AI-powered solutions, significantly improving client engagement and leading to record quarterly revenue and net income [8]. - Upwork's EPS estimates for fiscal 2025 and fiscal 2026 have risen by 9% and 10% respectively, with projected earnings of $1.14 for fiscal 2025 and $1.33 for fiscal 2026 [9][10].

Financial Data and Key Metrics Changes - Net income from continuing operations increased by 67% to $107 million in Q3 2025 compared to the prior year, while revenues were $2 billion, up 1% despite currency headwinds [6][24] - Total segment EBITDA rose 12%, with overall margin expanding from 13% to 14.4% [6][24] - Adjusted revenues increased by 2%, and adjusted total segment EBITDA grew by 15% [7][24] - Reported EPS from continuing operations doubled to $0.14, while adjusted EPS was $0.17 compared to $0.13 a year ago [7][24] Business Line Data and Key Metrics Changes - **Dow Jones**: Revenue grew by 6% to $575 million, with digital revenue accounting for 82% of total segment revenues [25][26] - **Digital Real Estate**: Revenues increased by 5% to $406 million, with segment EBITDA up 19% [28] - **Book Publishing**: Revenue rose by 2% to $514 million, with EBITDA increasing by 3% [33] - **News Media**: Revenue decreased by 8% to $514 million, but segment EBITDA grew by 22% [34] Market Data and Key Metrics Changes - Dow Jones digital circulation revenue expanded by 14%, with total consumer subscriptions surpassing 6 million [11][25] - REA maintained a significant audience lead, with nearly four times as many average monthly visits as Domain [14] - News Corp Australia's news.com.au achieved 292 million page views per month, making it the number one digital news brand [19] Company Strategy and Development Direction - The company is focusing on three core pillars of growth: Dow Jones, digital real estate, and book publishing, following the sale of Foxtel [7][22] - Continuous exploration of structural options to maximize shareholder returns is emphasized, with a commitment to quality journalism [9][62] - The company aims to enhance its digital offerings and capitalize on the growth of AI while protecting its intellectual property [10][9] Management's Comments on Operating Environment and Future Outlook - Management believes the current political turbulence is temporary and anticipates robust growth potential in the U.S. economy [5][6] - The company is monitoring economic trends closely and expects the direct impact of tariffs to be immaterial [22] - Future growth is expected to be driven by the professional information business and digital revenue streams [35][46] Other Important Information - The sale of Foxtel resulted in a significant reduction of debt on the balance sheet and provided cash for further investments [7][8] - The company has been upgraded to investment grade by Moody's and S&P, enhancing its financial flexibility [8][53] Q&A Session Summary Question: Insights on Dow Jones investment rate for Q4 - Management indicated no significant increase in investment, focusing on both consumer and professional information business growth [38][40] Question: Impact of Factiva dispute on Q4 - A smaller impact from the Factiva dispute is expected in Q4 compared to Q3, with ongoing improvements anticipated [44][46] Question: Capital allocation strategy and M&A opportunities - The company is focused on its three core pillars for potential acquisitions and will not overpay for businesses [51][52] Question: Simplification of the company structure - Management highlighted the Foxtel deal as an example of their willingness to make significant structural decisions for shareholder benefit [57][60] Question: Dow Jones subscriber pricing strategy - The strategy to convert promotional subscribers to higher-paying plans is proceeding well, with a 7% increase in total subscriptions [65][66] Question: Churn impact from pricing changes - Management is learning about price elasticity and aims to reduce churn while maximizing revenue through dynamic pricing strategies [70][71]

Core Insights - Zillow Group, Inc. reported mixed first-quarter 2025 results, with net income missing estimates but revenue exceeding expectations, showing year-over-year growth [1][3][4] Financial Performance - Net income on a GAAP basis was $8 million (3 cents per share), recovering from a net loss of $23 million (10 cents per share) in the prior-year quarter [3] - Non-GAAP net income improved to $105 million (41 cents per share) from $93 million (36 cents) year-over-year, although it missed the Zacks Consensus Estimate by 2 cents [3] - Quarterly revenues increased to $598 million from $529 million in the previous year, surpassing the Zacks Consensus Estimate of $589 million [4] - Residential revenues rose 6% to $417 million, driven by growth in Premier Agent offerings and other services [4] - The Mortgages segment generated $41 million in revenues, up from $31 million, with a 32% increase in purchase loan origination [5] - Rental revenues surged 33% to $129 million, primarily due to a 47% growth in multifamily revenues [5] Operational Metrics - Gross profit for the quarter was $459 million, compared to $406 million in the prior-year quarter, attributed to revenue growth across all segments [6] - Operating expenses increased to $468 million from $451 million year-over-year [6] - Adjusted EBITDA rose to $153 million from $125 million, supported by higher revenues and cost discipline [6] Cash Flow and Liquidity - Cash generated from operating activities was $104 million, up from $80 million in the prior-year quarter [7] - As of March 31, 2025, the company had $914 million in cash and cash equivalents, with $37 million in other long-term liabilities [7] Future Outlook - For Q2 2025, Zillow expects total revenues between $635 million and $650 million, with adjusted EBITDA projected at $140 million to $155 million [8] - The company anticipates approximately 30% year-over-year growth in Mortgages revenues, mid-single-digit growth in residential revenues, and 35% growth in rental revenues [8] - For the full year 2025, Zillow expects low to mid-teens revenue growth and positive GAAP net income [9]