Zillow Group Inc (NAS:Z)
$ 56.65 0.68 (1.22%) Market Cap: 13.11 Bil Enterprise Value: 12.13 Bil PE Ratio: 0 PB Ratio: 2.78 GF Score: 73/100
Back to the Transcripts List

Q2 2024 Zillow Group Inc Earnings Call Transcript

Aug 07, 2024 / 09:00PM GMT
Release Date Price: $41.77 (-1.51%)

Key Points

Positve
  • Zillow Group Inc (Z) reported better-than-expected revenue growth across the business, with Q2 revenue at $572 million, up 13% year over year.
  • Rentals revenue grew 29% year over year to $117 million, with multifamily revenue up 44%, driven by strong growth in multifamily property count.
  • Zillow Home Loans purchase mortgage origination volume grew 125% year over year, contributing to a 42% increase in mortgage revenue.
  • The company has successfully integrated its Zillow-branded housing super app, enhancing the consumer and partner experience across multiple markets.
  • Zillow Group Inc (Z) maintained strong cost discipline, resulting in a 23% EBITDA margin for Q2, a year-over-year margin expansion of more than 100 basis points.
Negative
  • Despite the positive revenue growth, Zillow Group Inc (Z) reported a GAAP net loss of $17 million for Q2.
  • The broader residential real estate industry remains challenging, with the total purchase loan origination volume estimated to be down mid-single digits year over year in Q2.
  • The company faces ongoing challenges in the mortgage rate environment, which continues to impact the overall market.
  • Zillow Group Inc (Z) has a significant amount of outstanding convertible debt, with $1.5 billion due in the coming years.
  • The company’s Q3 outlook for residential revenue indicates a potential decline due to normal seasonality and continued strong contributions from other product offerings.
Operator

Hello, and welcome to Zillow's second-quarter 2024 earnings call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. (Operator Instructions) Brad, you may begin.

Brad Berning
Zillow Group Inc - VP, Strategic Affairs and Investor Relations

Thank you. Good afternoon, and welcome to Zillow Group's second-quarter 2024 call. Joining me today to discuss our results are Zillow Group's Co-Founder and Co-Executive Chairman, Rich Barton; newly appointed CEO, Jeremy Wacksman; and CFO, Jeremy Hofmann.

During today's call, we will make forward-looking statements about our future performance and operating plans based on our current expectations and assumptions. These statements are subject to risks and uncertainties, and we encourage you to consider the risk factors described in our SEC filings for additional information.

We undertake no obligation to update these statements as a result of new information or future events except as required by law. This call is being broadcast on the Internet and is accessible on our

Already have an account? Log in
Get the full story
Start 7-Day Free Trial
Access to All Earning Calls and Stock Analysis
30-Year Financial on one screen
All-in-one Stock Screener with unlimited filters
Customizable Stock Dashboard
Real Time Insider Trading Transactions
8,000+ Institutional investors’ 13F holdings
Powerful Excel Add-in and Google sheets Add-on
All data downloadable
Quick customer support
And much more...
30-Day 100% money back guarantee
You are not charged until the trial ends. Subscription fee may be tax deductible.
Excellent
4.6 out of 5 Trustpilot
Research Tools
All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Discussion Board
Product
Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Mobile App 中文
Education
Financial Glossary Tutorials FAQ Schedule Free Session Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation
Company
About GuruFocus Career Contact Us Advertise Site Map Term of Use Privacy Policy Referral Program Partner Program
Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey
Follow Us
download GuruFocus on Apple store download GuruFocus on Google Play
Disclaimers
GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.
© 2004-2024 GuruFocus.com, LLC. All Rights Reserved.