Group 1: Earnings Expectations for Akamai Technologies - Wall Street anticipates a year-over-year decline in earnings for Akamai Technologies, with expected earnings of $1.58 per share, reflecting a -3.7% change, while revenues are projected to be $1.01 billion, up 2.2% from the previous year [3][12] - The earnings report is scheduled for May 8, 2025, and the stock may rise if results exceed expectations, but could decline if they fall short [2][14] - The consensus EPS estimate has been revised 0.14% higher in the last 30 days, indicating a slight bullish sentiment among analysts [4][10] Group 2: Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +0.07% for Akamai Technologies, suggesting a likelihood of beating the consensus EPS estimate [11][10] - Historical performance indicates that Akamai has beaten consensus EPS estimates three out of the last four quarters, with a notable surprise of +9.21% in the last reported quarter [12][13] Group 3: Comparison with Industry Peers - Zillow, another player in the Zacks Internet - Services industry, is expected to report earnings of $0.43 per share, a +19.4% year-over-year change, with revenues of $588.55 million, up 11.3% [17] - Zillow's consensus EPS estimate has remained unchanged, but it has a negative Earnings ESP of -8.67% and a Zacks Rank of 4 (Sell), making it difficult to predict an earnings beat [18]

Company Overview - Zillow Group (ZG) is expected to report earnings for the quarter ended March 2025 on May 7, 2025, with a consensus EPS estimate of $0.43, reflecting a year-over-year increase of 19.4% [3] - Revenues are anticipated to reach $588.55 million, which is an 11.3% increase from the same quarter last year [3] Earnings Expectations - The actual stock price movement will depend on how the reported results compare to these estimates, with a potential for the stock to rise if results exceed expectations, or fall if they miss [2] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4] Earnings Surprise Prediction - The Zacks Earnings ESP (Expected Surprise Prediction) model indicates that Zillow's Most Accurate Estimate is lower than the consensus estimate, resulting in an Earnings ESP of -8.67%, suggesting a bearish outlook from analysts [10] - Zillow currently holds a Zacks Rank of 4 (Sell), complicating predictions of an earnings beat [11] Historical Performance - In the last reported quarter, Zillow was expected to post earnings of $0.29 per share but delivered $0.27, resulting in a surprise of -6.90% [12] - Over the past four quarters, Zillow has beaten consensus EPS estimates two times [13] Industry Context - In comparison, loanDepot (LDI), another player in the Zacks Financial - Mortgage & Related Services industry, is expected to report a loss of $0.07 per share for the same quarter, which represents a year-over-year change of +66.7% [17] - loanDepot's revenues are projected to be $275.8 million, up 23.8% from the previous year [17]

Financial Data and Key Metrics Changes - Q1 2025 revenue reached $732 million, a 12% year-over-year increase, marking the 56th consecutive quarter of double-digit revenue growth [5][63] - Adjusted EBITDA for Q1 2025 was $66 million, representing a 429% increase compared to Q1 2024, with a profit margin of 9% [5][63] - Company net new bookings were $56 million in Q1 2025, up 6% sequentially from Q4 2024 [6][71] Business Line Data and Key Metrics Changes - CoStar revenue grew 6% year-over-year to $265 million in Q1 2025, with annualized net new bookings increasing by 68% year-over-year [7][64] - Apartments.com revenue increased by 11% year-over-year to $282 million, with significant growth in quality interactions and new community additions [19][65] - LoopNet revenue grew 5% in Q1 2025, with expectations for revenue growth to accelerate throughout the year [67] Market Data and Key Metrics Changes - The commercial real estate environment remains challenging, with a historic high vacancy rate of about 16% and real asking rents at a 30-year low [9][10] - In retail, vacancy rates are beginning to fall, indicating signs of improvement in the market [11] - The international business achieved over $5 million in annual recurring revenue (ARR) in Q1 2025, representing 56% year-over-year growth [6] Company Strategy and Development Direction - The company is focused on integrating its various brands and enhancing product offerings to create a comprehensive solution for clients [15][16] - A new marketing strategy for LoopNet aims to increase the number of paid properties on the platform, enhancing consumer choice [13] - The company plans to expand its sales force by 23% in 2025 to capitalize on market opportunities [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to double-digit growth as market conditions improve over the next few years [12] - The company anticipates slight headwinds from government contract cancellations but maintains a revenue growth outlook of 6% to 7% for the full year [64][73] - The integration of Matterport is expected to enhance the company's offerings and contribute to future growth [55][69] Other Important Information - The company repurchased 240,000 shares for $18.5 million in Q1 2025 and plans to repurchase a total of $150 million in shares throughout the year [72] - The company has made a nonbinding offer to acquire Domain Group, which could significantly enhance its market position in Australia [72][54] Q&A Session Summary Question: Comments on the delayed market listing exemption and Zillow's reaction - Management noted overwhelmingly negative feedback from agents regarding Zillow's new rules, indicating a potential opportunity for the company [76][77] Question: Nonresidential EBITDA margin in Q1 and outlook for residential spending - The commercial margin was reported at 43% for Q1, with no changes to the residential spending outlook [78][80]

Major Arizona brokerage inks agreement to align with Zillow's consumer-first listing access standardsSEATTLE, April 24, 2025 /PRNewswire/ -- West USA Realty, the Southwest's largest regional real estate brand, is joining Zillow in its pro-consumer commitment to listing transparency and ensuring the largest possible audience of buyers can see its listings. Zillow recently introduced new listing access standards designed to give consumers and agents equitable and timely access to real estate information, cont ...

Financial Data and Key Metrics Changes - In Q4 2024, Zillow reported total revenue of $554 million, a 17% increase year-over-year, exceeding the outlook range [12][41] - For the full year 2024, revenue grew 15% year-over-year to $2.2 billion, outperforming the housing market growth of 6% [13][51] - The company achieved an EBITDA margin expansion of 200 basis points, reaching 22% for the full year 2024 [52][61] Business Line Data and Key Metrics Changes - For Sale revenue in Q4 increased by 15% year-over-year to $428 million, with residential revenue growing 11% to $387 million and mortgages revenue surging 86% to $41 million [43][45] - Rentals revenue grew 25% year-over-year in Q4 to $116 million, driven primarily by a 41% increase in multifamily revenue [46][47] - The number of multifamily properties listed on Zillow increased to 50,000, up from 37,000 at the end of 2023 [37][46] Market Data and Key Metrics Changes - The broader residential real estate industry grew 13% year-over-year in Q4, while Zillow's revenue growth outperformed the market by approximately 1,000 basis points [41][110] - Zillow's active rental listings reached 1.9 million, a 15% increase year-over-year, solidifying its position as the leading consumer rentals audience [34][47] Company Strategy and Development Direction - Zillow is focused on executing its housing super app strategy, aiming for sustainable, profitable growth and a target of $5 billion in revenue with a 45% EBITDA margin in a normalized housing market [14][67] - The company plans to expand its Enhanced Market experience from 21% of connections to over 35% by the end of 2025, with a long-term goal of 75% [30][59] - Zillow aims to increase its share of customer transactions in the For Sale category, currently at a single-digit percentage, by enhancing user experience and integrating services [18][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive GAAP net income for the full year 2025, driven by revenue growth and disciplined cost management [94][64] - The company anticipates a subdued housing market in 2025, expecting industry growth in the low to mid-single digits [59][60] - Management highlighted the importance of AI in enhancing operational efficiency and improving customer service [99][100] Other Important Information - Zillow's cash and investments at the end of Q4 were $1.9 billion, down from $2.2 billion, primarily due to the settlement of convertible debt [49] - The company has repurchased nearly $2 billion of shares since 2021, indicating a strong capital management strategy [68] Q&A Session Summary Question: Enhanced Markets and Strategic Rationale with Redfin - Management discussed the path to achieving 75% of connections in Enhanced Markets, emphasizing the importance of scaling partnerships and integration with loan officers [76][77] - The partnership with Redfin involves a $100 million upfront payment and aims to enhance the rental marketplace by providing greater access to multifamily listings [81][84] Question: 2025 Outlook for GAAP Net Income - Management confirmed the target for GAAP profitability in 2025, focusing on outperforming the housing market and maintaining a flat fixed cost base [93][94] Question: Cost Structure and Headcount Levels - Management expressed confidence in keeping headcount growth modest while leveraging fixed costs to expand margins [120][121] Question: Agent Behavior and Adoption of New Solutions - Management reported strong support from agent partners for new solutions, indicating a positive environment for accelerating the rollout of Enhanced Markets [126]

February 2025 Zillow Investor Presentation Legal Disclosure This presentation 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 our future targets, the future performance and operation of our business, our business strategies and ability to translate such strategies into financial performance, the current and future ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ FORM 10-K _____________________________________________________ ☐ 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 its charter) _____________________________________________________ Washington 47-1645716 (State or other jurisdiction of (I.R.S. Employe ...

Financial Performance - Total revenue for 2024 was $2,236 million, an increase of 14.9% compared to $1,945 million in 2023[378]. - Residential revenue reached $1,594 million in 2024, up from $1,452 million in 2023, reflecting a growth of 9.8%[378]. - Gross profit for 2024 was $1,709 million, compared to $1,524 million in 2023, marking a 12.1% increase[378]. - Operating expenses totaled $1,906 million in 2024, an increase of 6.2% from $1,794 million in 2023[378]. - Net loss from continuing operations for 2024 was $112 million, an improvement from a net loss of $158 million in 2023[378]. - The company reported a comprehensive loss of $110 million for 2024, compared to a comprehensive loss of $148 million in 2023, indicating an improvement[381]. - Net cash provided by operating activities increased to $428 million in 2024, compared to $354 million in 2023[386]. - Cash and cash equivalents decreased to $1,082 million in 2024 from $1,492 million in 2023, a decline of 27.5%[377]. - Total assets decreased to $5,829 million in 2024 from $6,652 million in 2023, a reduction of 12.3%[377]. - Total liabilities decreased significantly to $981 million in 2024 from $2,126 million in 2023, a decrease of 53.8%[377]. - Shareholders' equity increased to $4,848 million in 2024 from $4,526 million in 2023, reflecting a growth of 7.1%[377]. Debt and Financing - As of December 31, 2024, the company had approximately $419 million in aggregate principal amount of convertible senior notes outstanding, maturing in May 2025[356]. - The company reported outstanding borrowings on master repurchase agreements of $145 million and $93 million as of December 31, 2024 and 2023, respectively[357]. - The company has a fixed rate of interest on its 2025 Notes, mitigating financial statement risk associated with changes in interest rates[356]. - The company is exposed to market risks primarily from fluctuations in interest rates, which may affect the yield on investments and fair value[354]. - As of December 31, 2024, total debt for Zillow Group was $563 million, down from $1.7 billion in 2023[510]. - The company repurchased $88 million of the 2025 Notes for $89 million in cash during the year ended December 31, 2024, resulting in a loss on extinguishment of debt of $1 million[520]. - During the year ended December 31, 2024, Zillow settled conversions of the 2024 Notes with cash payments totaling $610 million, including $608 million in principal repayments[518]. - The 2026 Notes had an aggregate principal amount of $499 million, with $498 million converted prior to the redemption date, resulting in the issuance of 4.5 million shares of Class C capital stock[521]. Market and Operational Risks - The company experienced inflationary pressures impacting costs, particularly in labor, marketing, and hosting, which may not be fully offset by price increases[360]. - The company anticipates continued impacts from high mortgage interest rates on transaction volumes and demand for its services, adversely affecting revenue[359]. - The company is navigating industry changes, including potential impacts from lawsuits and government investigations, which may affect operations[22]. - The company has implemented forward sales of mortgage-backed securities to manage interest rate risk associated with mortgage loan origination[357]. - Zillow Offers operations were wound down due to home pricing unpredictability and operational challenges, with the wind down completed in Q3 2022[474][475]. Acquisitions and Investments - Zillow Group acquired Follow Up Boss for $399 million in cash, with contingent consideration of up to $100 million based on performance metrics[483]. - The total purchase price for Follow Up Boss was allocated as follows: cash $403 million, contingent consideration $81 million, with goodwill recorded at $402 million[494]. - Zillow Group also acquired Aryeo for approximately $35 million and Spruce for approximately $19 million, with total consideration for both acquisitions being $54 million[496]. - The estimated fair value of identifiable intangible assets acquired from Follow Up Boss was $86 million, with developed technology valued at $50 million[495]. Revenue Recognition and Accounting Policies - Revenue is recognized when performance obligations are satisfied, reflecting the consideration expected in exchange for products or services[436]. - Revenue is disaggregated into categories: Residential, Rentals, Mortgages, and Other, with "For Sale revenue" including Residential and Mortgages categories[439]. - Premier Agent program revenue includes marketing and technology products, with revenue recognized on a straight-line basis during the monthly billing period[444]. - Revenue from ShowingTime+ includes multiple products, with revenue recognized ratably over the contract period, aligning with performance obligations[446]. - Rentals revenue includes advertising sold to rental professionals, recognized as leads, clicks, and impressions are provided, with a total advertising expense of $175 million for 2024[460]. - Mortgages revenue primarily comes from Zillow Home Loans and marketing products, with revenue recognized upon the completion of purchase or refinance transactions[451][452]. Taxation - The company recorded income tax expenses of $5 million, $4 million, and $3 million for the years ended December 31, 2024, 2023, and 2022, respectively[523]. - Total income tax expense for 2024 increased to $5 million from $4 million in 2023 and $3 million in 2022[524]. - The effective tax rate for 2024 was 4.0%, up from 2.8% in 2023 and 2.6% in 2022[524]. - Federal net operating losses amounted to approximately $1.3 billion in 2024, down from $1.4 billion in 2023[526]. - The valuation allowance against deferred tax assets increased by $49 million in 2024 and $22 million in 2023[525]. - Unrecognized tax benefits rose to $115 million by December 31, 2024, from $95 million in 2023[528]. Stock Repurchase and Equity - The company repurchased 1,100 thousand shares of Class A common stock at an average price of $42.26 per share in 2024[535]. - Total purchase price for stock repurchases in 2024 was $46 million for Class A and $255 million for Class C capital stock[535]. - The company has authorized up to $2.5 billion for stock repurchases, with $381 million remaining available as of December 31, 2024[534]. - The 2020 Incentive Plan allows for the issuance of up to 12 million shares of Class C capital stock, with awards typically vesting over four years[536].

| | | | Three Months Ended | | | | Year Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | December 31, | | | | December 31, | | | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenue | $ | 554 | $ | 474 | $ | 2,236 | $ | 1,945 | | Cost of revenue (1) | | 134 | | 115 | | 527 | | 421 | | Gross profit | | 420 | | 359 | | 1,709 | | 1,524 | | Operating expenses: | | | | | | | | | | Sales and marketing (1) | | 202 | | 165 | | 790 | | 658 | | Technology and development (1) | | 149 | | 141 | | 58 ...

Reported Consolidated Results ZILLOW GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited) | | | December 31, | | December 31, | | --- | --- | --- | --- | --- | | | | 2024 | | 2023 | | Assets | | | | | | Current assets: | | | | | | Cash and cash equivalents | $ | 1,082 | $ | 1,492 | | Short-term investments | | 776 | | 1,318 | | Accounts receivable, net | | 104 | | 96 | | Mortgage loans held for sale | | 159 | | 100 | | Prepaid expenses and other current assets | | 210 | | 140 | | Restr ...