Business
Zillow Group Reports Third Quarter 2020 Financial Results
SEATTLE, Nov. 5, 2020 /PRNewswire/ -- Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG), which is transforming the way people buy, sell, rent and finance homes,
About this update from Zillow Group, Inc.
[{"type":"text","content":"SEATTLE, Nov. 5, 2020 /PRNewswire/ -- Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months ended September 30, 2020.\n\n \n \n \n \n \n \n\n \nComplete financial results and outlook for the fourth quarter of 2020 can be found in the company's shareholder letter on the investor relations section of Zillow Group's website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx.\n\"Zillow's strong third quarter results reflect impressive execution during a time of challenge and opportunity,\" said Zillow Group co-founder and CEO Rich Barton. \"Many of us are re-evaluating where we live and how we live, which has kicked off a Great Reshuffling, and we need safe, digital ways to get to a better place. Given the duration of this pandemic, the concrete is setting on new digital solutions for life and work. This is driving record demand for housing and record engagement with Zillow's leading digital real estate brands. When combined with level-headed cost decisions, the result has been profitable growth.\"\nThird quarter 2020 highlights include:\nTotal consolidated revenue of $657 million and revenue for all three segments exceeded the high end of the company's revenue outlook for the third quarter. Segment income (loss) before income taxes was $140 million, $(76) million and $11 million for the IMT, Homes, and Mortgages segments, respectively, and consolidated GAAP net income was $40 million. Adjusted EBITDA exceeded the high end of the company's outlook for all three segments, resulting in consolidated Adjusted EBITDA of $152 million. Traffic to Zillow Group's mobile apps and websites reached a record 236 million average monthly unique users, an increase of 21% year over year, driving 2.8 billion visits during the quarter, an increase of 32% year over year. The company exited the quarter with the highest cash and investments balance in its history, growing cash and investments to $3.8 billion from $3.5 billion at the end of Q2 2020.Third Quarter 2020 Financial Highlights\nThe following table sets forth Zillow Group's financial highlights for the periods presented (in thousands, unaudited):\nThree Months EndedSeptember 30,\n2019 to 2020% Change\nNine Months EndedSeptemb...