Connecticut is taking an unusual step to confront a growing national problem: flood maps that lag reality. The state has launched a public climate-risk mapping tool where residents can see the estimated flood exposure of their property — along with wildfire, wind and other climate risks. The tool, which is accessible through the insurance department’s website, is powered by the same type of private risk-modeling firm that insurers turn to for setting rates.Severe flooding in western Connecticut in 2024, in ...

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Zillow Group (NasdaqGS:Z) FY Conference February 26, 2026 12:00 PM ET Company ParticipantsJeremy Hofmann - CFOConference Call ParticipantsNikhil Devnani - Senior Analyst of US Emerging InternetNikhil Devnani.....Bernstein's TMT Conference.Jeremy HofmannThanks for having me.Nikhil DevnaniAbsolutely.Jeremy HofmannYeah.Nikhil DevnaniI'm sure many of you in the room already know Zillow. It is one of the leading online portals to search, discover, and now increasingly transact when you're in the home buying proc ...

Core Insights - Ease of use has become the primary factor for real estate agents when selecting new technology, surpassing cost and time savings [2][3] - Nearly half of the agents now use AI tools daily, indicating a significant shift in the industry's workflow dynamics [4][5] Technology Adoption - Agents typically manage their workflows across two to four different tools weekly, despite the availability of innovative solutions that could streamline their processes [2] - AI tools like ChatGPT, Gemini, and Claude are increasingly integrated into agents' daily routines, with team agents using them more frequently than independent agents [4][5] Cognitive Load and Workflow Management - The fragmentation of workflows across multiple platforms leads to a drain on mental energy, which could otherwise be directed towards client service [3] - Tools that simplify tasks and reduce cognitive load are essential for agents to focus on building relationships and providing strategic guidance [3][6] Zillow Pro Platform - Zillow Pro is set to launch as a unified platform that integrates essential tools for agents, enhancing their efficiency and effectiveness [7][8] - The platform aims to reduce the mental load associated with managing disparate systems, allowing agents to concentrate on client service and transaction closure [8] Financial Literacy and Client Engagement - Many agents report that new clients often overestimate their home affordability, highlighting a gap in financial literacy that agents need to address [8][14] - Zillow Home Loans' verified pre-approval and the Buyability tool are designed to empower consumers by providing clearer insights into their financial capabilities [9][14] Relationship Building - Relationships remain the most significant driver of business for agents, with most new leads coming from their existing network [14] - Agents utilize comparable home data to set listing prices, with a majority relying on price history and market statistics to inform their decisions [14]

Core Viewpoint - Zillow's stock is currently trading at depressed levels, with mixed signals regarding its future performance and valuation Financial Performance - In the fourth quarter, Zillow reported revenue of approximately $654 million, slightly exceeding Wall Street expectations, while adjusted earnings per share (EPS) of 39 cents missed consensus by one cent [2] - Management has guided first-quarter revenue to a range of $700 million to $710 million, surpassing estimates of around $690 million, indicating ongoing top-line growth despite investor concerns about margins and profitability [2] Valuation Concerns - Legal costs and the emergence of new competitors are currently weighing on Zillow's stock valuation, creating near-term uncertainty [3] - There is potential for Zillow to benefit from normalized legal spending and a recovery in the housing market in the long term [3] Technical Indicators - The Relative Strength Index (RSI) is at 16.12, indicating that the stock is in oversold territory, which may suggest a potential reversal if buying interest increases [4] - The Moving Average Convergence Divergence (MACD) is below its signal line, reinforcing the bearish sentiment surrounding the stock [4] - The combination of an oversold RSI and bearish MACD indicates mixed momentum, suggesting that traders should remain cautious [4] Stock Performance - As of the latest publication, Zillow's shares were down 0.32% at $43.56, with a week-to-date decline of approximately 19.6% [5] - The stock is trading near its 52-week low of $43.22, with key resistance identified at $45.00 and key support at $43.00 [5]

Core Viewpoint - Zillow's shares have experienced a significant decline, dropping 45% over the past year and falling 17% on a single day following earnings results [1] Company Summary - Zillow's stock performance has been negatively impacted, particularly in the context of the real estate services sector [1]

Core Viewpoint - Zillow's shares have experienced a significant decline, dropping 45% over the past year and falling 17% on a single day following earnings reports [1] Company Summary - Zillow's stock performance has been notably poor, with a 45% decrease in value over the last year [1] - The company saw a sharp decline of 17% in its share price on Wednesday, which is attributed to the earnings report and broader trends in the real estate services sector [1]

Group 1 - Zillow is currently facing multiple lawsuits from both competitors and consumers, which target various aspects of its business [1]

Core Viewpoint - The company faces challenges due to elevated legal costs and competitive pressures, leading to a cautious outlook despite potential upside from a housing market recovery [1][2][8] Margin Outlook And Earnings Power - Excluding legal expenses, the company could show significant improvement in incremental margins, with estimates of around 50% incremental margins in 2025 [2][3] - Including legal costs, incremental margins are expected to remain in the 30%-40% range for the third consecutive year [3] - By 2027, as legal costs decline, adjusted EBITDA margins could normalize to approximately 60%, reflecting a return to stronger profitability [4] Revenue Growth And Housing Market Catalyst - Revenue growth is projected to slow from 16% in 2026 to 11% in 2027, but stronger performance could enhance adjusted EBITDA due to fixed-cost leverage [5] - A recovery in the housing market is seen as a significant revenue catalyst, although it is expected to occur gradually rather than sharply [5] Private Listing Networks And Competitive Risks - Management believes private listing networks account for less than 1% of total listings and currently do not materially impact the business [6] - Despite the immaterial immediate revenue impact, structural uncertainties may affect the stock's valuation multiple [6] Quarterly Results And Guidance Shortfall - The fourth-quarter adjusted EBITDA was 2% below estimates due to weaker margins, and first-quarter guidance was 5% below projections primarily due to higher costs [7] - Full-year 2026 estimates were only reduced by 1%, indicating improved expectations for the second half of 2026 [7] Overall Market Sentiment - The company is experiencing improving operating leverage and potential housing recovery as upside drivers, but legal costs and competitive dynamics warrant a cautious approach [8] - At the time of publication, Zillow shares were down 18.11% at $44.80, marking a new 52-week low [8]

Core Viewpoint - The company faces multiple challenges impacting its near-term outlook, leading to a cautious stance from analysts despite potential upside from a housing market recovery [1][8]. Margin Outlook And Earnings Power - Excluding legal expenses, the company could show significant improvement in incremental margins, with a potential upside risk from a housing market recovery [2] - Incremental margins are projected at approximately 50% in 2025 without legal costs, while including these costs, margins are expected to be in the 30%-40% range for the third consecutive year [3] - By 2027, as legal costs decline, adjusted EBITDA margins could normalize to around 60%, restoring the company's profitability profile prior to its iBuying expansion [4] Revenue Growth And Housing Market Catalyst - Revenue growth is expected to slow from 16% in 2026 to 11% in 2027, but stronger performance could lead to higher adjusted EBITDA due to fixed-cost leverage [5] - A return to mid-cycle levels in the housing market is seen as a significant revenue catalyst, although any recovery is anticipated to be gradual rather than sharp [5] Private Listing Networks And Competitive Risks - Management believes private listing networks account for less than 1% of total listings and currently do not materially impact the business [6] - Despite the immaterial immediate revenue impact, structural uncertainty from these networks could affect the stock's valuation multiple [6] Quarterly Results And Guidance Shortfall - The fourth-quarter adjusted EBITDA was 2% below estimates due to weaker margins, and first-quarter guidance was 5% below projections primarily due to higher costs, including legal expenses [7] - Full-year 2026 estimates were only reduced by 1%, reflecting improved expectations for the second half of 2026 [7] Overall Outlook - Improving operating leverage and a housing recovery are seen as potential upside drivers, but legal costs and evolving competitive dynamics warrant a cautious approach [8]