Complete financial results and 2020 outlook for the first quarter and full year can be found in our shareholder letter and in the investor relations section of Zillow Group's website.
CEO and Zillow Co-Founder Rich Barton, said:
"In all, I'd characterize 2019 as tumultuously remarkable. We're in the midst of a multi-year expansion to rewire real estate transactions and streamline how our customers buy, sell, rent and borrow that dramatically expands our market opportunity and profit potential. Our team's strong execution delivered record Q4 and full year results that beat our outlook on every measure.
"Our Premier Agent business is solid, and we have started 2020 with some of the best retention rates we've seen in recent history."
Recent highlights include:
Fourth Quarter and Full Year 2019 Financial Highlights
The following table sets forth Zillow Group's financial highlights for the periods presented (in thousands, unaudited):
Three Months Ended |
2018 to 2019 |
Year Ended |
2018 to 2019 |
||||||||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||||||||||
Revenue: |
|||||||||||||||||||
Homes segment |
$ |
603,228 |
$ |
41,347 |
1,359% |
$ |
1,365,250 |
$ |
52,365 |
2,507% |
|||||||||
IMT segment: |
|||||||||||||||||||
Premier Agent |
233,482 |
221,012 |
6% |
923,876 |
898,332 |
3% |
|||||||||||||
Rentals |
39,235 |
34,917 |
12% |
164,173 |
134,587 |
22% |
|||||||||||||
Other (1) |
46,948 |
44,779 |
5% |
188,847 |
168,224 |
12% |
|||||||||||||
Total IMT segment revenue |
319,665 |
300,708 |
6% |
1,276,896 |
1,201,143 |
6% |
|||||||||||||
Mortgages segment |
21,054 |
23,280 |
(10)% |
100,691 |
80,046 |
26% |
|||||||||||||
Total revenue |
$ |
943,947 |
$ |
365,335 |
158% |
$ |
2,742,837 |
$ |
1,333,554 |
106% |
|||||||||
Other Financial Data: |
|||||||||||||||||||
Segment income (loss) before income taxes: |
|||||||||||||||||||
Homes segment |
$ |
(107,923) |
$ |
(28,812) |
$ |
(312,120) |
$ |
(59,691) |
|||||||||||
IMT segment |
$ |
36,221 |
$ |
(57,454) |
$ |
80,060 |
$ |
(57,638) |
|||||||||||
Mortgages segment |
$ |
(12,654) |
$ |
(13,086) |
$ |
(44,962) |
$ |
(13,711) |
|||||||||||
Net loss |
$ |
(101,210) |
$ |
(97,682) |
$ |
(305,361) |
$ |
(119,858) |
|||||||||||
Adjusted EBITDA (2): |
|||||||||||||||||||
Homes segment |
$ |
(82,525) |
$ |
(23,186) |
$ |
(241,326) |
$ |
(48,460) |
|||||||||||
IMT segment |
87,659 |
58,261 |
303,863 |
240,025 |
|||||||||||||||
Mortgages segment |
(8,311) |
(2,718) |
(23,653) |
9,267 |
|||||||||||||||
Total Adjusted EBITDA |
$ |
(3,177) |
$ |
32,357 |
$ |
38,884 |
$ |
200,832 |
|||||||||||
Percentage of Revenue: |
|||||||||||||||||||
Segment income (loss) before income taxes: |
|||||||||||||||||||
Homes segment |
(18) |
% |
(70) |
% |
(23) |
% |
(114) |
% |
|||||||||||
IMT segment |
11 |
% |
(19) |
% |
6 |
% |
(5) |
% |
|||||||||||
Mortgages segment |
(60) |
% |
(56) |
% |
(45) |
% |
(17) |
% |
|||||||||||
Net loss |
(11) |
% |
(27) |
% |
(11) |
% |
(9) |
% |
|||||||||||
Adjusted EBITDA: |
|||||||||||||||||||
Homes segment |
(14) |
% |
(56) |
% |
(18) |
% |
(93) |
% |
|||||||||||
IMT segment |
27 |
% |
19 |
% |
24 |
% |
20 |
% |
|||||||||||
Mortgages segment |
(39) |
% |
(12) |
% |
(23) |
% |
12 |
% |
|||||||||||
Total Adjusted EBITDA |
— |
% |
9 |
% |
1 |
% |
15 |
% |
(1) Other revenue primarily includes revenue generated by new construction and display, as well as revenue from the sale of various other marketing and business products and services to real estate professionals.
(2) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net loss on a consolidated basis and income (loss) before income taxes for each segment, for each of the periods presented.
SOURCE Zillow Group, Inc.