Zillow Group Renews its Agreement with RE/MAX
Nov 12 15
Zillow Group announced it has renewed its agreement with RE/MAX. The newly expanded agreement features a integration of two of the Zillow Tech Connect programs, Leads and Reviews. Now, RE/MAX agents will be able to receive Zillow Group leads through their customer relationship management program, LeadStreet, and will be able to feature their reviews from Zillow on their personal agent websites. In addition, agents will have extended RE/MAX branding with attribution on all listings across Zillow and Trulia and agents will be clearly labeled as the listing agents on the buyers agent list on their listings. Zillow Group will also offer specially designed training and education regarding these new resources to RE/MAX agents. This agreement will help RE/MAX agents work more effectively and receive even more value from Zillow and Trulia. All 59,000 RE/MAX agents in the U.S. will have the opportunity for their listings to appear on Zillow and Trulia, as well as on Zillows and Trulias popular suite of mobile apps. Listings will also appear across Zillow Groups extended network, which includes Yahoo! Homes, MSN Real Estate, AOL Real Estate, HGTV and Leju. In addition, the new agreement allows RE/MAX listings to feature unique brokerage branding, including a logo and link back to the brokerage website.
Zillow Group, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2015
Nov 3 15
Zillow Group, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported revenue of $176,765,000 against $88,646,000 a year ago. Loss from operations was $27,678,000 against $16,242,000 a year ago. Loss before income taxes was $28,902,000 against $15,977,000 a year ago. Net loss was $26,049,000 or $0.15 per basic and diluted share against $15,977,000 or $0.13 per basic and diluted share a year ago. Adjusted EBITDA was $29,477,000 against $14,631,000 a year ago. This outperformance was driven primarily by integration-related cost synergies, lower than expected advertising spend and savings on various expenses reserved for risk-related contingencies that were included in outlook for the quarter. Net income, adjusted was $11,522,000 or $0.07 per diluted share against $5,857,000 or $0.04 per diluted share a year ago. Total pro forma revenue was $176,765,000 against $155,790,000 a year ago. Pro forma net loss was $21,393,000 against $18,616,000 a year ago. Pro forma adjusted EBITDA was $29,477,000 against $19,511,000 a year ago.
For the nine months, the company reported revenue of $475,307,000 against $233,564,000 a year ago. Loss from operations was $123,192,000 against $33,481,000 a year ago. Loss before income taxes was $126,007,000 against $32,713,000 a year ago. Net loss was $123,154,000 or $0.74 per basic and diluted share against $32,713,000 or $0.27 per basic and diluted share a year ago. Adjusted EBITDA was $67,170,000 against $29,788,000 a year ago. Net cash provided by operating activities was $38,588,000 against $33,357,000 a year ago. Purchases of property and equipment were $42,391,000 against $24,279,000 a year ago. Purchases of intangible assets were $11,114,000 against $3,170,000 a year ago. Net income, adjusted was $13,177,000 or $0.09 per diluted share against $4,847,000 or $0.04 per diluted share a year ago. Total pro forma revenue was $510,565,000 against $419,283,000 a year ago. Pro forma net loss was $65,978,000 against $72,070,000 a year ago. Pro forma adjusted EBITDA was $75,017,000 against $36,448,000 a year ago.
For the full year of 2015, the company now expects $675 million to $680 million in revenue, which is in line with last quarter's guidance, excluding market leader in the fourth quarter. And $95 million to $100 million in EBITDA, which is an increase over last quarter's guidance of $85 million to $90 million. Pro forma 2015 revenue is expected to be approximately $675 million to $680 million. The company now expects full year pro forma depreciation and amortization to be approximately $82 million versus prior outlook of $90 million. The reduction was largely driven by lower amortization of web development costs.
For the fourth quarter of 2015, revenue is expected to be in the range of $165 million to $170 million. EBITDA is expected to be in the range of $20 million to $25 million, which results in a 13% EBITDA margin at the midpoint of the range.