The following is a summary of the Zillow Group, Inc. (Z) Q1 2024 Earnings Call Transcript:
Financial Performance:
Zillow reported Q1 2024 revenue of $529 million, indicating a 13% yearly growth.
Q1 generated Rental and Mortgages revenues of $97 million (31% up YoY) and $31 million (up 19% YoY), respectively.
The net loss for Q1 was $24 million, equivalent to 4% of revenue.
EBITDA for the quarter stood at $125 million, leading to a 24% EBITDA margin, a YoY margin increase of 200 basis points.
A severe increase was witnessed in mortgage strategy's purchase loan origination volume, over 130% YoY to $601 million.
Q1 ended with $2.9 billion of cash and assets, up from $2.8 billion as of Q4.
Zillow forecasts a mid-20% YoY growth in Q2 revenue, backed by investment in rental products and services.
Business Progress:
Zillow continues to advance its housing super app, widening market influence and intensifying penetration.
Multifamily property count rose to 40,000 properties, up from 37,000 at year-end, reflecting 30% compounded annual growth.
The focus remains on evolving digital solutions in the housing industry, emphasizing enhancing consumer experience.
Listings powered by ShowingTime are expanding to 34 new markets by end of May 2024, set to total 124.
Recent acquisition, Follow Up Boss, exhibiting good customer retention, indicating successful integration.
With evolving regulatory environment, Zillow plans on leveraging its extensive audience, productive agent collaborations, and providing outstanding technology for partner efficiency.
Zillow expects real-time touring to contribute to 20% of connections by the year end.
Despite rising mortgage rates hampering first-home buyer activity, Zillow projects this as a transient issue, and is prepared to weather the situation.
More details: Zillow-C IR
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