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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