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Zillow Group, Inc. (ZG) Reports In-Line Q4 EPS, Beats on Revenues, Offers Guidance

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February 8, 2018 4:08 PM EST

Zillow Group, Inc. (NASDAQ: ZG) reported Q4 EPS of $0.19, in-line with the analyst estimate of $0.19. Revenue for the quarter came in at $282.3 million versus the consensus estimate of $277.52 million.

Fourth Quarter 2017 Financial Highlights

  • Revenue increased 24% to a record $282.3 million from $227.6 million in the fourth quarter of 2016.
    • Marketplace Revenue increased 26% to $265.6 million from $210.6 million in the fourth quarter of 2016.• Premier Agent Revenue increased 21% to $199.5 million from $164.3 million in the fourth quarter of 2016.• Other Real Estate Revenue1 increased 60% to $47.6 million from $29.8 million in the fourth quarter of 2016.• Mortgages Revenue increased 12% to $18.5 million from $16.5 million in the fourth quarter of 2016.
    • Display Revenue decreased 1% to $16.7 million from $17.0 million in the fourth quarter of 2016, consistent with the company’s strategy to deemphasize display advertising in the user experience and instead focus on growth in marketplace revenue.
  • GAAP net loss was $77.2 million in the fourth quarter of 2017, or (27)% of Revenue, which includes the impact of a $174.0 million non-cash impairment charge recorded in connection with Trulia’s trade names and trademarks indefinite-lived intangible asset, compared to GAAP net loss of $23.5 million in the fourth quarter of 2016, or (10)% of Revenue.
  • Adjusted EBITDA was $70.9 million in the fourth quarter of 2017, or 25% of Revenue, which was an increase from $54.7 million in the fourth quarter of 2016, or 24% of Revenue.
  • 1 Other Real Estate Revenue primarily includes revenue generated by Zillow Group Rentals and New Construction, as well as revenue from the sale of various other advertising and business software solutions.

Business Outlook - First Quarter and Full Year 2018

The following table presents Zillow Group’s business outlook for the periods presented:

Three Months Ending Year Ending
Zillow Group Outlook as of February 8, 2018 March 31, 2018 December 31, 2018
(in millions)
Revenue $291to$296 $1,302to$1,317
Premier Agent revenue $206to$208 $900to$910
Mortgages revenue $21to$22 $95to$96
Rentals revenue (1) $30to$31 $144to$146
Other revenue (1) $34to$35 $163to$165
Operating expenses $302to$307 $1,240to$1,255
Net income (loss) $(18.3)to$(13.3) $38to$53
Adjusted EBITDA (2) $42to$47 $300to$315
Depreciation and amortization $27to$29 $118to$123
Share-based compensation expense $26to$28 $122to$127
Capital expenditures *** $93to$98
Weighted average shares outstanding — basic 190.0to192.0 193.0to195.0
Weighted average shares outstanding — diluted 197.5to199.5 200.5to202.5

For earnings history and earnings-related data on Zillow Group, Inc. (ZG) click here.


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