Zillow Group, Inc.
Feb 11, 2016
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Zillow Group Reports Fourth Quarter and Full Year 2015 results

SEATTLE, Feb. 11, 2016 (GLOBE NEWSWIRE) -- Zillow® Group, Inc. (NASDAQ:Z) (NASDAQ:ZG), which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and Web, today announced its consolidated financial results for the quarter and full year ended December 31, 2015.

"Last year was a strategically exciting one for Zillow Group," said Zillow Group CEO Spencer Rascoff. "Through our acquisition of Trulia, we formed the largest real estate media company in the world and have now established the foundation for our long-term growth and category leadership. This year we'll be focused on the strategic priorities of growing our audience, growing our agent advertiser business, growing our emerging marketplaces and continuing to maintain our extraordinary company culture which attracts, retains and motivates extraordinary people to do their best work. I couldn't be more excited about what we plan to accomplish in 2016."

Fourth Quarter 2015 Financial Highlights

Throughout this release, financial results are presented on both a reported and pro forma basis. Reported results were prepared in accordance with generally accepted accounting principles (GAAP) unless otherwise noted. Pro forma results exclude items described in the reconciliation tables below and assume the February 2015 acquisition of Trulia occurred on January 1, 2014, the beginning of the comparable prior year reporting period. The pro forma results are presented in order to provide additional insights into the underlying trends in the business. Revenue and Adjusted EBITDA for the three months ended December 31, 2015 are presented in this release on an as-reported basis. All share and per share amounts have been retroactively adjusted to give effect to the August 2015 Class C capital stock split.

Full Year 2015 Financial Highlights

Operating and Business Highlights

1 Based on internal tracking and comScore Media Metrix Real Estate Category Ranking by Unique Visitors, December 2015, US Data.

Quarterly Conference Call

A quarterly conference call to discuss Zillow Group's fourth quarter and full year 2015 financial results and business outlook will occur today at 2 p.m. Pacific Time (5 p.m. Eastern Time) and will be webcast live. The live webcast of the conference call will be available on the investor relations section of Zillow Group's website at http://investors.zillowgroup.com. For those without access to the Internet, the call may be accessed toll-free via phone at 877-643-7152 with conference ID# 19021080. Callers outside the United States may dial 443-863-7921 with conference ID# 19021080. Questions submitted via Zillow Group's Twitter account (www.twitter.com/zillowgroup) using the hashtag #ZEarnings will be considered during the Q&A portion of the call, in addition to questions submitted by those dialed in. Following completion of the call, a recorded replay of the webcast will be available on the investor relations section of Zillow Group's website at http://investors.zillowgroup.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our business outlook, strategic priorities, and operational plans for 2016. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "continue," "business outlook," "estimate," "outlook," or similar expressions constitute forward-looking statements. Differences in Zillow Group's actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group's control. Factors that may contribute to such differences include, but are not limited to, Zillow Group's ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; Zillow Group's ability to maintain and effectively manage an adequate rate of growth; Zillow Group's ability to maintain or establish relationships with listings and data providers; the impact of the real estate industry on Zillow Group's business; Zillow Group's ability to innovate and provide products and services that are attractive to its users and advertisers; Zillow Group's ability to increase awareness of the Zillow Group brands; Zillow Group's ability to attract consumers to Zillow Group's mobile applications and websites; Zillow Group's ability to compete successfully against existing or future competitors; the reliable performance of Zillow Group's network infrastructure and content delivery processes; and Zillow Group's ability to protect its intellectual property. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors" described in Zillow Group's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015 filed with the Securities and Exchange Commission, or SEC, and in Zillow Group's other filings with the SEC. Except as may be required by law, Zillow Group does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to certain pro forma financial results, Adjusted EBITDA and non-GAAP net income (loss) per share, all of which are non-GAAP financial measures. We have provided a reconciliation of pro forma Adjusted EBITDA to pro forma net loss, Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure, and a reconciliation of net income (loss), adjusted, to net loss, as reported on a GAAP basis, and the calculations of non-GAAP net income (loss) per share - basic and diluted and pro forma weighted-average shares outstanding - basic and diluted, within this earnings release.

The pro forma financial results included in this press release, although helpful in illustrating the financial characteristics of Zillow Group under one set of assumptions, are not true historical financial results. They are provided for informational purposes and do not attempt to represent Zillow Group's actual financial condition if the February 2015 acquisition of Trulia had been completed on the applicable dates of the financial statements presented herein or predict or suggest future results.

Adjusted EBITDA is a key metric used by our management and board of directors to measure operating performance and trends, and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net loss and our other GAAP results.

Our presentation of non-GAAP net income (loss) per share excludes the impact of share-based compensation expense, acquisition-related costs, impairment of certain acquired intangible assets, restructuring costs, the loss on divestiture of business and income taxes. This measure is not a key metric used by our management and board of directors to measure operating performance or otherwise manage the business. However, we provide non-GAAP net income (loss) per share as supplemental information to investors, as we believe the exclusion of share-based compensation expense, acquisition-related costs, impairment of certain acquired intangible assets, restructuring costs, the loss on divestiture of business and income taxes facilitates investors' operating performance comparisons on a period-to-period basis. You should not consider these metrics in isolation or as substitutes for analysis of our results as reported under GAAP.

About Zillow Group

Zillow Group (NASDAQ:Z) (NASDAQ:ZG) houses a portfolio of the largest real estate and home-related brands on the Web and mobile. The company's brands focus on all stages of the home lifecycle: renting, buying, selling, financing and home improvement. Zillow Group is committed to empowering consumers with unparalleled data, inspiration and knowledge around homes, and connecting them with the right local professionals to help. The Zillow Group portfolio of consumer brands includes real estate and rental marketplaces Zillow®, Trulia®, StreetEasy® and HotPads®. In addition, Zillow Group works with tens of thousands of real estate agents, lenders and rental professionals, helping maximize business opportunities and connect to millions of consumers. The company operates a number of business brands for real estate, rental and mortgage professionals, including Mortech®, Diverse Solutions®, dotloop® and Retsly®. The company is headquartered in Seattle.

Please visit http://investors.zillowgroup.com, www.zillowgroup.com/ir-blog, and www.twitter.com/zillowgroup, where Zillow Group discloses information about the company, its financial information, and its business which may be deemed material.

The Zillow Group logo is available at http://zillowgroup.mediaroom.com/logos-photos

Zillow, Mortech, Diverse Solutions, StreetEasy, Retsly and HotPads are registered trademarks of Zillow, Inc. Trulia is a registered trademark of Trulia, LLC. dotloop is a registered trademark of DotLoop, LLC.

(ZFIN)

Pro Forma Financial Information

The following pro forma financial information gives effect to the February 2015 acquisition of Trulia as if it were consummated on January 1, 2014, the beginning of the comparable prior reporting period (except Revenue and Adjusted EBITDA for the three months ended December 31, 2015, which are presented on an as-reported basis) (in thousands, unaudited):

    
 Three Months Ended Year Ended
 December 31, December 31,
 2015 (1) 2014 (2) 2015 (3) 2014 (4)
         
Pro forma revenue$  169,370  $  158,547  $  679,935  $  577,830 
Pro forma net loss$  (25,077) $  (11,266) $  (91,055) $  (83,336)
Pro forma net loss per share — basic and diluted$  (0.14) $  (0.06) $  (0.52) $  (0.49)
Pro forma weighted-average shares outstanding — basic and diluted   178,020     173,580     176,434     171,807 
_________               
                
Other Financial Data:               
Pro forma Adjusted EBITDA (5)$  20,394  $  34,778  $  95,411  $  71,226 
                

(1) The three months ended December 31, 2015 includes pro forma adjustments for $0.4 million to eliminate restructuring costs associated with the acquisition of Trulia reflected in the historical financial statements and $0.2 million to eliminate direct and incremental acquisition-related costs reflected in the historical financial statements.

(2) The three months ended December 31, 2014 includes pro forma adjustments for $15.4 million to eliminate direct and incremental acquisition-related costs reflected in the historical financial statements, $7.3 million to eliminate share-based compensation expense attributable to substituted equity awards and $4.7 million to record additional amortization expense for acquired intangible assets.

(3) The year ended December 31, 2015 includes pro forma adjustments for $49.3 million to eliminate direct and incremental acquisition-related costs reflected in the historical financial statements, $37.3 million to eliminate share-based compensation expense attributable to substituted equity awards and to record additional share-based compensation expense attributable to substituted equity awards, $35.7 million to eliminate restructuring costs associated with the acquisition of Trulia reflected in the historical financial statements and $2.4 million to record additional amortization expense for acquired intangible assets.  

(4) The year ended December 31, 2014 includes pro forma adjustments for $39.5 million to eliminate direct and incremental acquisition-related costs reflected in the historical financial statements, $18.7 million to record additional amortization expense for acquired intangible assets, $10.7 million to eliminate share-based compensation expense attributable to substituted equity awards, $6.2 million to eliminate Trulia's historical amortization of capitalized website development costs and $2.7 million to record additional rent expense. 

(5) See below for a reconciliation of pro forma Adjusted EBITDA to pro forma net loss. 

The basic and diluted pro forma net loss per share is based on the weighted-average number of shares of Zillow Group common stock and Class C capital stock outstanding for the period presented and adjusted for the number of shares of Class A common stock issued in connection with the February 2015 acquisition of Trulia, assuming for the purposes of the unaudited pro forma condensed combined statements of operations that the closing date of the acquisition was January 1, 2014. The calculation of the number of shares used in the computation of pro forma basic and diluted net loss per share is as follows (in thousands, unaudited):

        
 Three Months Ended Year Ended
  December 31, December 31,
 2015 2014 2015 2014
        
Weighted-average shares outstanding — basic and diluted (1)126,240 121,800 124,654 120,027
Class A common stock issued in connection with the acquisition of Trulia51,780 51,780 51,780 51,780
Pro forma weighted-average shares outstanding — basic and diluted178,020 173,580 176,434 171,807
        
(1) Amounts exclude shares of Zillow Group Class A common stock issued in connection with the acquisition of Trulia.
        

The following table presents a reconciliation of pro forma Adjusted EBITDA to pro forma net loss for each of the periods presented (other than Adjusted EBITDA for the three months ended December 31, 2015, which is presented on an as-reported basis) (in thousands, unaudited):

   Three Months Ended Year Ended
  December 31, December 31,
   2015   2014    2015   2014 
Reconciliation of Pro Forma Adjusted EBITDA to Pro Forma Net Loss:        
Pro forma net loss $  (25,077) $  (11,266) $  (91,055) $  (83,336)
Pro forma other (income) expense (416)  514   (1,534)  (654)
Pro forma depreciation and amortization expense 21,355   22,141   81,220   76,837 
Impairment of certain acquired intangible assets   -   3,259     -   3,259 
Pro forma share-based compensation expense 24,312   18,478   99,784   68,361 
Pro forma acquisition-related costs 198     -   955     - 
Loss on divestiture of business  225     -     4,368     - 
Pro forma interest expense  1,589   1,588   6,318   6,332 
Pro forma income tax provision (benefit) (1,792)  64   (4,645)  427 
  Pro forma Adjusted EBITDA$  20,394  $  34,778  $  95,411  $  71,226 
          

The following table presents our pro forma revenue by type for each of the periods presented (other than revenue for the three months ended December 31, 2015, which is presented on an as-reported basis) (in thousands, unaudited):

    
 Three Months Ended Year Ended
 December 31, December 31,
  2015   2014   2015    2014 
Pro Forma Revenue:       
Pro forma Marketplace revenue:        
     Real estate$  136,560  $  107,839   $  502,176  $  372,602 
     Mortgages 11,688   7,892   44,655   30,469 
     Market Leader 5    14,742   37,073   61,439 
Total pro forma Marketplace revenue 148,253   130,473   583,904   464,510 
Pro forma Display revenue 21,117   28,074   96,031   113,320  
         Total pro forma revenue$  169,370  $  158,547  $  679,935  $  577,830 
                

Reported Consolidated Results

ZILLOW GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 
(in thousands)
   
  December 31 , 2015 December 31, 2014
Assets    
Current assets:    
  Cash and cash equivalents $  229,138  $  125,765 
  Short-term investments    291,151     246,829 
  Accounts receivable, net     29,789      18,684 
  Prepaid expenses and other current assets   24,016     10,059 
Total current assets    574,094     401,337 
Restricted cash    3,015     - 
Long-term investments    -     83,326 
Property and equipment, net    89,639     41,600 
Goodwill    1,909,167     96,352 
Intangible assets, net    554,765     26,757 
Other assets    5,020     358 
Total assets $  3,135,700  $  649,730 
     
Liabilities and shareholders' equity   
Current liabilities:    
  Accounts payable $  3,361  $  9,358 
  Accrued expenses and other current liabilities   43,047     16,883 
  Accrued compensation and benefits   11,392     6,735 
  Deferred revenue    21,450      15,356 
  Deferred rent, current portion    1,172     864 
Total current liabilities    80,422     49,196 
Deferred rent, net of current portion   13,743     11,755 
Long-term debt    230,000     - 
Deferred tax liabilities and other long-term liabilities   132,482     - 
Total liabilities    456,647     60,951 
Shareholders' equity:    
  Class A common stock    5     3 
  Class B common stock    1     1 
  Class C capital stock    12     8 
  Additional paid-in capital    2,956,111     716,498 
  Accumulated other comprehensive loss    (471)    - 
  Accumulated deficit     (276,605)    (127,731)
Total shareholders' equity    2,679,053     588,779 
Total liabilities and shareholders' equity$  3,135,700  $  649,730 
     

 

ZILLOW GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(in thousands, except per share data)
        
 Three Months Ended Year Ended
 December 31, December 31,
  2015   2014   2015   2014 
        
Revenue$  169,370  $  92,329  $  644,677  $  325,893 
Costs and expenses:               
  Cost of revenue (exclusive of amortization) (1)(2) 15,105   8,825   61,614   29,461 
  Sales and marketing (2) 77,817   38,437   307,089   169,462 
  Technology and development (2)  55,782   27,637   198,565   84,669 
  General and administrative (2) 45,939   20,535   170,445   65,503 
  Acquisition-related costs 432   8,109    16,576   21,493 
  Restructuring costs (2) 409    -    35,551     -  
  Loss on divestiture of business 225    -    4,368     -  
Total costs and expenses  195,709   103,543   794,208   370,588 
Loss from operations    (26,339)    (11,214)    (149,531)    (44,695)
Other income   416     317     1,501     1,085 
Interest expense   (1,589)    -     (5,489)    -  
Loss before income taxes   (27,512)    (10,897)    (153,519)    (43,610)
Income tax benefit   1,792    -      4,645    -  
Net loss$  (25,720) $  (10,897) $  (148,874) $  (43,610)
Net loss per share — basic and diluted$  (0.14) $  (0.09) $  (0.88) $  (0.36)
Weighted-average shares outstanding — basic and diluted 178,020   121,800   169,767   120,027 
_________               
(1) Amortization of website development costs and intangible assets included in technology and development  $  17,885  $  8,374  $  63,189  $  29,487 
                
(2)  Includes share-based compensation expense as follows:                
  Cost of revenue$  1,254  $  564  $  4,694  $  1,844 
  Sales and marketing   4,952     2,434     25,391     7,320 
  Technology and development   6,436     3,852     26,849     11,681 
  General and administrative   11,670     3,059     48,280     13,240 
  Restructuring costs   (204)    -     14,859     - 
  Total $  24,108  $  9,909   $  120,073  $  34,085 
                
Other Financial Data:               
Adjusted EBITDA (3)$  20,394  $  19,978  $  87,564  $  49,766 
         
(3)  See above for more information regarding our presentation of Adjusted EBITDA. 
        

 

ZILLOW GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
     
  Year Ended
   December 31,
   2015   2014 
Operating activities    
Net loss $  (148,874) $  (43,610)
Adjustments to reconcile net loss to net cash provided by operating activities, net of amounts assumed in connection with acquisitions:    
  Depreciation and amortization    75,386     35,624 
  Share-based compensation expense    105,214      34,085 
  Restructuring costs    19,001     - 
  Release of valuation allowance on certain deferred tax assets   (2,853)    - 
  Loss on disposal of property and equipment    1,384     505 
  Loss on divestiture of businesses, net    3,899     - 
  Bad debt expense    3,235     2,529 
  Deferred rent    2,553     4,415 
  Amortization of bond premium    2,487     3,506 
  Impairment of certain acquired intangible assets    -     3,259 
  Changes in operating assets and liabilities:    
  Accounts receivable    (1,051)    (5,979)
  Prepaid expenses and other assets    (761)    (5,084)
  Accounts payable    (11,158)    4,634 
  Accrued expenses and other current liabilities   (18,384)    6,282 
  Accrued compensation and benefits    (4,020)    2,295 
  Deferred revenue    (2,434)    3,058 
  Other long-term liabilities    (965)    - 
Net cash provided by operating activities    22,659     45,519 
     
Investing activities    
Proceeds from maturities of investments  335,443   174,949 
Purchases of investments    (307,658)    (272,644)
Proceeds from sales of investments    8,260     - 
Decrease in restricted cash, net of amounts assumed in connection with an acquisition   3,931     - 
Purchases of property and equipment    (54,981)    (32,595)
Purchases of intangible assets    (13,127)    (11,647)
Proceeds from divestiture of businesses    23,359     - 
Cash acquired in acquisition, net    173,406     - 
Cash paid for acquisitions, net     (104,192 )    (3,500)
Net cash provided by (used in) investing activities    64,441     (145,437)
     
Financing activities    
Proceeds from exercise of stock options  24,423   23,923 
Value of equity awards withheld for tax liability    (8,150)    - 
Net cash provided by financing activities    16,273     23,923 
Net increase (decrease) in cash and cash equivalents during period    103,373     (75,995)
Cash and cash equivalents at beginning of period    125,765     201,760 
Cash and cash equivalents at end of period $  229,138  $  125,765 
     
Supplemental disclosures of cash flow information   
  Cash paid for interest $  6,325  $  -  
  Noncash transactions:    
  Value of Class A common stock issued in connection with an acquisition$  1,883,728  $  -  
  Capitalized share-based compensation $  10,319  $  6,585 
  Write-off of fully depreciated property and equipment$  26,242  $  4,749 
     

Adjusted EBITDA

The following table presents a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure, for each of the periods presented (in thousands, unaudited):

     
  Three Months Ended Year Ended
  December 31, December 31,
   2015   2014   2015   2014 
Reconciliation of Adjusted EBITDA to Net Loss:         
Net loss $  (25,720) $  (10,897) $  (148,874) $  (43,610)
Other income    (416)    (317)    (1,501)    (1,085)
Depreciation and amortization expense    21,355     9,915     75,386     35,624 
Share-based compensation expense    24,312     9,909     105,214     34,085 
Acquisition-related costs    432     8,109     16,576     21,493 
Restructuring costs    409     -     35,551     - 
Loss on divestiture of business    225     -     4,368     - 
Interest expense    1,589     -     5,489     - 
Impairment of certain acquired intangible assets   -     3,259     -     3,259 
Income tax benefit    (1,792)    -     (4,645)    - 
  Adjusted EBITDA $  20,394  $  19,978  $  87,564  $  49,766 
                 

Non-GAAP Net Income (Loss) per Share 
The following table presents a reconciliation of net income (loss), adjusted, to net loss, as reported on a GAAP basis, and the calculation of non-GAAP net income (loss) per share - basic and diluted, for each of the periods presented (in thousands, except per share data, unaudited):

     
  Three Months Ended Year Ended
  December 31, December 31,
   2015   2014   2015   2014 
         
Net loss, as reported $  (25,720) $  (10,897) $  (148,874) $  (43,610)
Share-based compensation expense    24,312     9,909     105,214     34,085 
Acquisition-related costs    432     8,109     16,576     21,493 
Impairment of certain acquired intangible assets    -     3,259     -     3,259 
Restructuring costs    409     -     35,551     - 
Loss on divestiture of business    225     -     4,368     - 
Income tax benefit    (1,792)    -     (4,645)    -  
  Net income (loss), adjusted $  (2,134) $  10,380  $  8,190  $  15,227 
         
Non-GAAP net income (loss) per share - basic $  (0.01) $  0.09  $  0.05  $  0.13 
Non-GAAP net income (loss) per share - diluted$  (0.01) $  0.08  $  0.07  $  0.12 
Weighted-average shares outstanding - basic    178,020     121,800     169,767     120,027 
Weighted-average shares outstanding - diluted    178,020     129,483     186,691     129,087 
                  

Revenue by Type

The following tables present our revenue by type and as a percentage of total revenue for each of the periods presented (in thousands, unaudited):

    
 Three Months Ended Year Ended
 December 31, December 31,
  2015   2014   2015   2014 
Revenue:       
Marketplace revenue:       
  Real estate$  136,560  $  70,807  $  482,092  $  239,039 
  Mortgages   11,688     7,403     44,263     28,203 
  Market Leader   5     -       29,549     -  
Total Marketplace revenue   148,253     78,210     555,904     267,242 
Display revenue   21,117     14,119     88,773     58,651 
  Total revenue$  169,370  $  92,329  $  644,677  $  325,893 
        
         
 Three Months Ended Year Ended
 December 31, December 31,
  2015   2014   2015   2014 
Percentage of Total Revenue:       
Marketplace revenue:       
  Real estate 81%  77%  75%  73%
  Mortgages 7%  8%  7%  9%
  Market Leader 0%  0%  5%  0%
Total Marketplace revenue 88%  85%  86%  82%
Display revenue 12%  15%  14%  18%
  Total revenue 100%  100%  100%  100%
                

Key Growth Drivers

The following tables set forth our key growth drivers for each of the periods presented. Zillow Group's strategy is to focus on growing revenue from high-producing agents, and not by increasing the overall number of new advertisers. Real Estate Revenue increased 27% to $136.6 million in the fourth quarter compared to pro forma Real Estate Revenue in the prior year period.  

    
 Average Monthly Unique Users for the  
 Three Months Ended December 31, 2014 to 2015
 2015 2014 % Change
 (in thousands)  
Unique Users123,658 76,713*  61%
      

Unique users source: We measure Zillow unique users with Google Analytics and Trulia unique users with Omniture analytical tools. Beginning on February 17, 2015, the reported monthly unique users reflect the effect of Zillow Group's February 17, 2015 acquisition of Trulia.

* For December 2014, the reported monthly unique user metric was estimated by Zillow based on historical trends by calculating the percentage change in monthly unique users from November 2013 to December 2013 and multiplying that percentage change by the reported November 2014 monthly unique users. Zillow transitioned to an upgraded version of the Google Analytics measurement service, Universal Analytics, in the month of December 2014 on both its mobile application and website platforms. As a result, Zillow is not able to provide an accurate count of the monthly unique users as reported by the service for December 2014.

 At December 31, 2014 to 2015 
 2015 2014 % Change
Agent Advertisers      92,366 62,305  48%


Contacts:



Raymond Jones                        

Investor Relations

206-470-7137                                                 

ir@zillow.com



Katie Curnutte

Public Relations

206-757-2701

press@zillow.com

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Source: Zillow Group, Inc.

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