[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents Zillow Group's financial position, operational performance, and cash flow activities for the periods ended June 30, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=1&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows a decrease in total assets and liabilities compared to December 31, 2024, primarily driven by changes in current assets and the settlement of convertible senior notes | Metric | Dec 31, 2024 (in millions) | June 30, 2025 (in millions) | Change (in millions) | | :-------------------------------- | :-------------------------- | :-------------------------- | :------------------- | | Total assets | $5,829 | $5,416 | $(413) | | Total liabilities | $981 | $670 | $(311) | | Total shareholders' equity | $4,848 | $4,746 | $(102) | - Current assets decreased from **$2,334 million** to **$1,821 million**, largely due to a reduction in cash and cash equivalents and short-term investments, partially offset by increases in accounts receivable and mortgage loans held for sale[2](index=2&type=chunk) - Current liabilities significantly decreased from **$831 million** to **$546 million**, primarily due to the settlement of **$418 million** in convertible senior notes, partially offset by an increase in borrowings under credit facilities[2](index=2&type=chunk) [Condensed Consolidated Statements of Operations](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Zillow Group reported improved financial performance for both the three and six months ended June 30, 2025, with significant revenue growth and a shift from net loss to net income, alongside an increase in Adjusted EBITDA Three Months Ended June 30 | Metric | 2025 (in millions) | 2024 (in millions) | YoY Change | | :-------------------------- | :----------------- | :----------------- | :--------- | | Revenue | $655 | $572 | +14.5% | | Gross profit | $489 | $442 | +10.6% | | Loss from operations | $(11) | $(38) | Improved | | Net income (loss) | $2 | $(17) | Turned profitable | | Basic EPS | $0.01 | $(0.07) | Improved | | Adjusted EBITDA | $155 | $134 | +15.7% | Six Months Ended June 30 | Metric | 2025 (in millions) | 2024 (in millions) | YoY Change | | :-------------------------- | :----------------- | :----------------- | :--------- | | Revenue | $1,253 | $1,101 | +13.8% | | Gross profit | $948 | $848 | +11.8% | | Loss from operations | $(20) | $(83) | Improved | | Net income (loss) | $10 | $(40) | Turned profitable | | Basic EPS | $0.04 | $(0.17) | Improved | | Adjusted EBITDA | $308 | $259 | +18.9% | - Total share-based compensation decreased for both the three-month (**$99M in 2025 vs $113M in 2024**) and six-month (**$196M in 2025 vs $221M in 2024**) periods[3](index=3&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, Zillow Group saw a significant increase in cash provided by operating activities and a shift from net cash used in investing activities to net cash provided, while financing activities resulted in a larger net cash outflow Six Months Ended June 30 | Cash Flow Activity | 2025 (in millions) | 2024 (in millions) | YoY Change | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Net cash provided by operating activities | $191 | $135 | +41.5% | | Net cash provided by (used in) investing activities | $25 | $(207) | Shift to inflow | | Net cash used in financing activities | $(709) | $(240) | Increased outflow | | Net decrease in cash, cash equivalents and restricted cash | $(493) | $(312) | Larger decrease | | Cash, cash equivalents and restricted cash at end of period | $592 | $1,183 | -49.9% | - The increased cash outflow from financing activities was primarily driven by higher repurchases of Class A common stock and Class C capital stock (**$400M in 2025 vs $301M in 2024**) and the settlement of convertible senior notes (**$419M in 2025 vs $89M in 2024**)[5](index=5&type=chunk) - Investing activities improved significantly, moving from a net outflow of **$207 million in 2024** to a net inflow of **$25 million in 2025**, largely due to higher proceeds from maturities and sales of investments and lower purchases of investments[5](index=5&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) This section provides a reconciliation of non-GAAP financial measures, including adjusted net income and earnings per share, to their most directly comparable GAAP measures [Non-GAAP Net Income per Share](index=4&type=section&id=Non-GAAP%20Net%20Income%20per%20Share) Zillow Group's non-GAAP net income and non-GAAP net income per share showed an increase for both the three and six months ended June 30, 2025, after adjusting for share-based compensation, impairment costs, loss on extinguishment of debt, and income taxes Non-GAAP Net Income and EPS (Three Months Ended June 30) | Metric | 2025 (in millions/share) | 2024 (in millions/share) | YoY Change | | :-------------------------- | :----------------------- | :----------------------- | :--------- | | Net income, adjusted | $101 | $99 | +2.0% | | Non-GAAP Basic EPS | $0.42 | $0.42 | 0% | | Non-GAAP Diluted EPS | $0.40 | $0.39 | +2.6% | Non-GAAP Net Income and EPS (Six Months Ended June 30) | Metric | 2025 (in millions/share) | 2024 (in millions/share) | YoY Change | | :-------------------------- | :----------------------- | :----------------------- | :--------- | | Net income, adjusted | $206 | $192 | +7.3% | | Non-GAAP Basic EPS | $0.85 | $0.82 | +3.7% | | Non-GAAP Diluted EPS | $0.81 | $0.75 | +8.0% | - Non-GAAP net income per share is presented as supplemental information to facilitate investors' operating performance comparisons, as it excludes certain non-cash and non-recurring items[6](index=6&type=chunk) [Key Business Metrics](index=5&type=section&id=Key%20Business%20Metrics) This section highlights key operational metrics, including platform engagement, For Sale revenue per total transaction value, and loan origination volume [Platform Engagement Metrics](index=5&type=section&id=Platform%20Engagement%20Metrics) Zillow Group's platform engagement metrics, including visits and average monthly unique users, showed consistent growth for both the three and six months ended June 30, 2025, indicating increased user interaction Platform Engagement (Three Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :--------- | | Visits | 2,590 | 2,495 | +4% | | Average monthly unique users | 243 | 231 | +5% | Platform Engagement (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :--------- | | Visits | 4,944 | 4,811 | +3% | | Average monthly unique users | 235 | 224 | +5% | [For Sale Revenue per Total Transaction Value](index=5&type=section&id=For%20Sale%20Revenue%20per%20Total%20Transaction%20Value) For the twelve months ended June 30, 2025, Zillow Group experienced growth in both For Sale revenue and Total Transaction Value (TTV), leading to an increase in For Sale revenue per TTV For Sale Revenue and TTV (Twelve Months Ended June 30) | Metric | 2025 | 2024 | % Change | | :--------------------------------------- | :--- | :--- | :--------- | | For Sale revenue (in millions) | $1,812 | $1,624 | +12% | | Total Transaction Value (TTV) (in trillions) | $1.8 | $1.6 | +6% | | For Sale revenue per TTV (in basis points) | 10.3 | 9.8 | +5% | - TTV is calculated based on the number of existing residential homes sold and their average sales price, as estimated by Zillow Group[9](index=9&type=chunk) [Loan Origination Volume](index=5&type=section&id=Loan%20Origination%20Volume) Zillow Home Loans demonstrated strong growth in loan origination volume for both purchase and refinance loans during the three and six months ended June 30, 2025, compared to the prior year Loan Origination Volume (Three Months Ended June 30) | Loan Type | 2025 (in millions) | 2024 (in millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :--------- | | Purchase loan origination volume | $1,116 | $756 | +48% | | Refinance loan origination volume | $10 | $3 | +233% | | Total loan origination volume | $1,126 | $759 | +48% | Loan Origination Volume (Six Months Ended June 30) | Loan Type | 2025 (in millions) | 2024 (in millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :--------- | | Purchase loan origination volume | $1,907 | $1,357 | +41% | | Refinance loan origination volume | $15 | $8 | +88% | | Total loan origination volume | $1,922 | $1,365 | +41% |

Core Viewpoint - Zillow Group (ZG) is expected to report quarterly earnings of $0.44 per share, reflecting a year-over-year increase of 12.8%, with revenues projected at $646.56 million, a 13% increase compared to the previous year [1]. Group 1: Earnings and Revenue Estimates - Analysts have not revised the consensus EPS estimate for the quarter in the last 30 days, indicating stability in their forecasts [2]. - The importance of earnings estimate revisions is highlighted as a significant predictor of investor actions and stock price performance [3]. - Consensus estimates for Zillow's revenue segments include: - 'Revenue- Mortgages' at $44.39 million, a year-over-year increase of 30.6% [5]. - 'Revenue- Residential' estimated at $429.91 million, reflecting a 5.1% increase from the previous year [5]. - 'Revenue- Other' projected at $13.79 million, indicating a 14.9% year-over-year change [5]. - 'Revenue- Rentals' expected to reach $159.51 million, a 36.3% increase from the year-ago quarter [6]. Group 2: User Engagement Metrics - Analysts predict 'Mobile Applications and Websites - Average Monthly Unique Users' to be 243.97 million, up from 231.00 million year-over-year [6]. - 'Mobile Applications and Websites - Visits' are projected to reach 2.51 billion, slightly up from 2.50 billion in the same quarter last year [7]. Group 3: Stock Performance - Zillow shares have increased by 14.1% over the past month, outperforming the Zacks S&P 500 composite, which saw a 1% increase [7]. - Zillow holds a Zacks Rank 3 (Hold), suggesting it is expected to closely follow overall market performance in the near term [7].

Group 1 - Onity Group reported quarterly earnings of $1.87 per share, missing the Zacks Consensus Estimate of $2.08 per share, and down from $4.07 per share a year ago, representing an earnings surprise of -10.10% [1] - The company posted revenues of $246.6 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 6.5%, and showing a slight increase from year-ago revenues of $246.4 million [2] - Over the last four quarters, Onity has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Group 2 - The stock has gained approximately 22.2% since the beginning of the year, outperforming the S&P 500's gain of 7.6% [3] - The current consensus EPS estimate for the coming quarter is $2.41 on revenues of $271.3 million, and for the current fiscal year, it is $10.47 on revenues of $1.07 billion [7] - The Zacks Industry Rank for Financial - Mortgage & Related Services is currently in the bottom 9% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Core Viewpoint - Atossa Therapeutics has received positive feedback from the FDA regarding its proposed dose optimization trial for (Z)-endoxifen, aimed at treating ER+/HER2- metastatic breast cancer, which is a significant milestone for the company [1][2][3] FDA Feedback and Clinical Development - The FDA's constructive responses affirm key elements of Atossa's clinical development plan, eliminating the need for a virtual pre-IND meeting and facilitating a potential IND submission by Q4 2025 [2][3] - The FDA supports Atossa's dose optimization strategy and agrees with the existing clinical and nonclinical data, allowing the initiation of Part A (monotherapy) of the proposed study [7] Strategic Momentum and Future Plans - Atossa is positioned to maintain strategic momentum and meet regulatory milestones, aiming to deliver (Z)-endoxifen to patients and enhance shareholder value [5] - The company plans to announce details regarding the target patient population, combination therapies, and overall trial design for the upcoming dose-ranging study in the coming weeks [7] Project Optimus and Dose Exploration - The FDA's Project Optimus initiative emphasizes data-driven dose exploration to maximize benefits and minimize toxicity, which aligns with Atossa's upcoming clinical study plans [6] - Atossa will explore multiple dose levels in its study to define the optimal dose for combination therapy while ensuring a balance between efficacy and patient safety [6] (Z)-Endoxifen Overview - (Z)-endoxifen is a potent Selective Estrogen Receptor Modulator (SERM) that inhibits and potentially degrades estrogen receptors, showing activity in tumors resistant to other therapies [8] - The compound is being developed in a proprietary oral formulation that is enteric-coated to ensure optimal bioavailability and therapeutic integrity [9] Clinical Trials and Intellectual Property - Atossa is prioritizing (Z)-endoxifen for metastatic breast cancer, currently evaluating it in three Phase 2 trials [10] - The program is supported by a growing global intellectual property portfolio, including recently issued U.S. patents and pending applications worldwide [10]

Company Performance - Opendoor Technologies (OPEN) shares declined 10.28% on Tuesday, closing at $2.88 after experiencing extraordinary volatility that led to a temporary trading halt [1] - The stock faced significant selling pressure following a dramatic 95% surge on Monday, indicating a highly speculative trading environment [1][4] - Trading volume for Opendoor reached approximately 1.05 billion shares, more than seven times its average trading volume of 137.6 million shares, reflecting intense retail trader engagement [3] Market Context - The broader market remained relatively flat, with the S&P 500 edging up 0.06% and the Nasdaq Composite falling 0.39%, highlighting the stock-specific nature of Opendoor's volatility [2] - Competitors in the real estate tech sector, such as Zillow Group and Rocket Companies, experienced gains of 3.31% and 6.35% respectively, indicating more stable market behavior compared to Opendoor [2] Trading Dynamics - The trading halt triggered by extraordinary volatility underscores the extreme speculative trading dynamics driving Opendoor's stock action, primarily influenced by meme-stock momentum rather than fundamental business developments [4] - With no upcoming catalysts aside from earnings or potential corporate restructuring, Opendoor is characterized as a high-volatility play largely shaped by market sentiment [4]

Core Viewpoint - Palantir Technologies has experienced significant stock growth, with shares increasing over 2,200% since the beginning of 2023, but its high market cap of $350 billion and price-to-sales ratio over 100 suggest future returns may be weak [1][2] Company Overview: The Real Brokerage - The Real Brokerage is a cloud-based digital brokerage aimed at modernizing the residential real estate market, which has been slow to adopt digital tools and continues to operate with high commission rates [4][5] - By eliminating physical offices and adopting a software-first approach, The Real Brokerage can offer lower transaction costs to real estate agents, making it an attractive alternative to traditional brokerages [6] Growth Metrics - The Real Brokerage has seen a 61% year-over-year increase in the number of agents, reaching approximately 27,000, which has contributed to a 76% revenue increase in the first quarter of 2025, totaling $354 million [7] - Since going public, The Real Brokerage's revenue has surged over 10,000% cumulatively, positioning it as one of the fastest-growing companies globally [8] Market Conditions - Despite a slowdown in existing home sales in the U.S. due to high interest rates, The Real Brokerage is gaining market share and is expected to benefit when the market rebounds [9][10] - The current environment has seen annualized transactions drop to 4 million, down from around 6 million in a typical market, indicating potential for future growth as conditions improve [9] Technological Innovation - The Real Brokerage is leveraging AI technology, having launched Leo AI, a digital concierge for real estate agents, to streamline the home buying and selling process [12] - The company aims to develop an AI-assisted real estate portal to compete with established players like Zillow Group, indicating ambitious long-term growth plans [13] Financial Position - The Real Brokerage currently has a market cap of $823 million and is close to breakeven, generating $128 million in gross profit while growing revenue at over 50% year-over-year [14]

Final trade time, Lori. Uh, materials. Um, cheap.My analysts love it and benefits from the weaker dollar. Great to have you, Lori. Tim, great to have Lori here.Melco, I I think that trade in Macau is alive and well. Karen. Yeah.So, if rates go lower, this is great for the re for real estate trade. ZG, the the Aclass of Zillow. Dan.Yeah, I was surprised Apple rallied on that headline here. I'd be probably more excited to hear them buying perplexity, but I'd fade Apple here. ...

Core Viewpoint - Zillow's shares have increased by approximately 2.8% over the past month, underperforming the S&P 500, raising questions about the sustainability of this trend leading up to the next earnings release [1] Estimates Movement - Estimates for Zillow have trended downward over the past month, with the consensus estimate shifting by -74.42% [2] VGM Scores - Zillow currently holds a Growth Score of B, but has a low Momentum Score of F and a Value Score of F, resulting in an overall VGM Score of D, indicating underperformance across investment strategies [3] Outlook - The downward trend in estimates suggests a negative outlook for Zillow, reflected in its Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [4] Industry Performance - Zillow is part of the Zacks Internet - Services industry, where Alphabet (GOOGL) has seen a 9% increase in shares over the past month, reporting revenues of $76.49 billion with a year-over-year growth of +13.2% [5] - Alphabet's expected earnings for the current quarter are $2.12 per share, reflecting a year-over-year change of +12.2%, with a Zacks Rank of 3 (Hold) and a VGM Score of A [6]

Core Viewpoint - Zillow Group's shares have increased by approximately 3.2% since the last earnings report, underperforming the S&P 500, raising questions about the sustainability of this trend leading up to the next earnings release [1] Estimates Movement - Estimates for Zillow have trended downward over the past month, with the consensus estimate shifting by -74.42% [2] VGM Scores - Zillow currently holds a Growth Score of B, but has a poor Momentum Score of F and a Value Score of F, placing it in the bottom 20% for the value investment strategy. The overall aggregate VGM Score for the stock is D, which is significant for investors not focused on a single strategy [3] Outlook - The downward trend in estimates indicates a negative shift, with Zillow holding a Zacks Rank of 3 (Hold). An in-line return is expected from the stock in the upcoming months [4]

CyberArk Software (CYBR) 2025 Conference Summary Industry Overview - **Industry**: Cybersecurity, specifically focusing on Identity Security and Privileged Access Management (PAM) [3][6] - **Market Trends**: Increasing attacks on both human and machine identities, with identity being recognized as the primary defense factor against adversaries [3][4][5] Core Company Insights - **Company Positioning**: CyberArk has evolved from traditional PAM to a broader identity security market, capturing significant demand due to the urgency of identity protection [3][5] - **Growth in PAM**: The core PAM market remains vibrant with substantial growth opportunities, particularly in modern use cases and among highly privileged users who are not fully secured [6][7][12] Customer Dynamics - **Customer Demand**: There is robust demand for identity security solutions, with customers increasingly seeking multi-product solutions that address high-priority areas [9][10] - **Expansion Opportunities**: CyberArk has established multi-year roadmaps with strategic customers, allowing for ongoing expansion within existing accounts [11][12] Competitive Landscape - **Emerging Competitors**: Non-traditional identity security players, such as CrowdStrike, are entering the identity space, but CyberArk differentiates itself through a preventative and deterministic approach to identity security [14][15][23] - **Consolidation of Trust**: Customers are looking for trusted vendors to reduce the number of cybersecurity vendors they engage with, emphasizing the importance of a unified identity security platform [20][21] Product Development and Innovation - **Identity Security Platform**: CyberArk is focused on creating a unified user experience across its identity security offerings, which is essential for effective deployment and management [22][19] - **Acquisition of Zillow**: The acquisition aims to enhance CyberArk's Identity Governance and Administration (IGA) capabilities, addressing the need for modern, efficient IGA solutions that integrate with existing identity security frameworks [40][41][44] Machine Identity and AI - **Machine Identity Security**: There is a growing recognition of the security importance of machine identities, with CyberArk positioned to address this need through its solutions [28][29][32] - **AI Integration**: CyberArk is actively working on incorporating AI into its solutions to enhance productivity and security, particularly in managing access to AI systems [34][36][38] Future Opportunities - **Market Potential**: There remains a significant opportunity for CyberArk to secure a large number of unsecured identities, both human and machine, as well as to expand its offerings in the evolving landscape of identity security [54][55] - **Long-term Vision**: The company is optimistic about its growth trajectory, with plans to deepen and broaden its solutions to meet the increasing demands of the market [55][56]