- Record Revenue of $39.0 million, up 71% over first quarter 2012.
- Record Marketplace Revenue of $31.0 million, up 87% over first quarter 2012.
- Record quarterly and all-time traffic, topping a record 52 million monthly unique users on mobile and Web in April 2013 (up 63% year-over-year), following a record 50 million monthly unique users in March 2013 (up 55% year-over-year).
- Premier Agent count grew 83% year-over-year, adding a record 4,557 quarterly subscribers for a total of 34,030.
- Raises full-year revenue outlook range to $178.0 – $182.0 million.
SEATTLE, May 7, 2013 (GLOBE NEWSWIRE) — Zillow, Inc. (Nasdaq:Z), the leading real estate and home-related information marketplace, today announced financial results for the quarter ended March 31, 2013.
“The first quarter was a breakout quarter for Zillow, as we reached new heights in traffic and Premier Agent subscriptions, leading to record revenue and exceeding our own expectations, as well as further extending our category leadership on mobile and Web,” said Spencer Rascoff, CEO of Zillow, Inc. “We are extremely excited about the massive market opportunity in front of us, and about growing our audience, our Premier Agent business, and our emerging marketplaces. We are stepping on the gas in a number of areas, playing the long game and making calculated investments in products, people and marketing that will allow us to create a massive, enduring brand.”
First Quarter 2013 Financial Highlights and Revenue Outlook
- Revenue increased 71% to a record $39.0 million from $22.8 million in the first quarter of 2012.
- Marketplace Revenue increased 87% to a record $31.0 million from $16.6 million in the first quarter of 2012.
- Display Revenue increased 27% to $7.9 million from $6.2 million in the first quarter of 2012.
- Zillow is raising its revenue outlook for the full year 2013. Revenue for full-year 2013 is expected to be in the range of approximately $178.0 to $182.0 million. This represents a 54% year-over-year growth rate over 2012 full year revenue of $116.9 million at the midpoint of the outlook range. Additional outlook details will be discussed in Zillow’s conference call today at 2 p.m. PDT (5 p.m. EDT).
- Due to previously announced increased investment in marketing and operating costs associated with acquisitions made at the end of 2012, as well as an increase in non-cash expenses, including share-based compensation expense and depreciation and amortization expense, GAAP net loss was $3.7 million in the first quarter of 2013, compared to GAAP net income of $1.7 million in the first quarter of 2012.
- Adjusted EBITDA was $5.1 million, or 13% of revenue, which was a decrease from $5.4 million in the first quarter of 2012, or 24% of revenue, driven primarily by increased investment in marketing and operating costs associated with acquisitions made at the end of 2012.
- Basic and diluted loss per share was $0.11, compared to basic and diluted earnings per share of $0.06 in the same period last year.
Operating and Business Highlights
- Traffic growth is accelerating, with a record 52 million monthly unique users on mobile and Web in April 2013 (up 63% year-over-year), following a record 50 million monthly unique users in March 2013 (up 55% year-over-year). Average monthly unique users during the first quarter of 2013 was a record 46.7 million (up 47% year-over-year).
- More than 241 million homes were viewed on Zillow via a mobile device in April 2013, or 93 homes per second. Today, 55% of visits to Zillow occur on a mobile device, jumping to more than 60% on weekends. Zillow operates 24 apps across seven platforms.
- Premier Agent subscribers increased by a record 4,557 in the first quarter of 2013, and totaled 34,030 on March 31, 2013, up 83% year-over-year. Average monthly revenue per subscriber in the first quarter of 2013 was $259, which declined slightly year-over-year and sequentially due primarily to the record additions of new subscribers, as new Premier Agents typically start at lower levels of impressions than longer-term subscribers. Premier Agent revenue is reported as part of Marketplace Revenue.
- Zillow added several significant distribution partnerships during the first quarter that expose Zillow to more consumers, and add value for professionals. In February, Zillow announced a partnership with HGTV’s FrontDoor and Zillow now powers FrontDoor.com’s real estate search. Also during the quarter, Google selected Zillow as a launch partner for its new predictive-search experience on Android phones, Google Now. In April, Zillow began powering real estate information and search on AOL’s Patch, a network of more than 900 community news and information sites.
- Also in February, Zillow launched its home improvement marketplace, Zillow Digs™, on the Web atwww.zillow.com/digs and on iPad®, as an important complement to the company’s existing real estate, mortgage and rental marketplaces, adding another valuable service to help consumers through every meaningful lifecycle of the home. Since the launch of Zillow Digs, Zillow has seen terrific uptake in engagement and user generated content, with more than 76,000 photos added by our community of users, and 80,000 content boards created.
- During the first quarter, Zillow Mortgage Marketplace processed a record 4.5 million loan requests, up 74% year-over year. Also during the quarter, Zillow Mortgage Marketplace was integrated into all Zillow mobile real estate apps, making it even easier for Zillow users to shop for mortgages while home shopping.
- In April, Zillow added its Twitter and Facebook accounts (www.twitter.com/zillow andwww.facebook.com/zillow) and the Zillow Blog (http://www.zillowblog.com/) as designated channels to disclose material information. Zillow also announced executives will consider questions submitted via Twitter and Facebook during its first quarter earnings call, with the hashtag #ZEarnings.
- In April, Zillow held a successful forum on the future of the housing market in Washington D.C. More than 250 attended the half-day event to hear from Zillow Chief Economist Stan Humphries; keynote speakers Sen. Johnny Isakson and Sen. Jeff Merkley; and a group of the brightest minds in housing including Realogy Chairman, CEO and President Richard Smith, PIMCO Managing Director Scott Simon, and real estate journalists Nick Timiraos of The Wall Street Journal and Diana Olick of CNBC.