Zillow Group, Inc. (Z) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.961 Hello and welcome to Zillow Group's second quarter financial results call. 00:00:04.961 -- 00:00:09.109 We ask that you please hold all questions until the completion of the formal remarks, 00:00:09.109 -- 00:00:13.137 at which time you will be given instructions for the question and answer session. 00:00:13.137 -- 00:00:15.882 Also, as a reminder, this conference is being recorded today. 00:00:15.882 -- 00:00:19.670 If you have any objections, please disconnect at this time. 00:00:19.670 -- 00:00:21.800 Brad, you may begin. 00:00:21.800 -- 00:00:26.386 Thank you, good afternoon, and welcome to Zillow Group's quarterly earnings call. 00:00:26.386 -- 00:00:31.612 Joining me today to discuss our results are Zillow Group's CEO, Jeremy Waxman, and CFO, 00:00:31.612 -- 00:00:35.857 Jeremy Hoffman. During today's call, we will make forward-looking statements about our 00:00:35.857 -- 00:00:40.983 future performance and operating plans based on current expectations and assumptions. 00:00:40.983 -- 00:00:45.649 These statements are subject to risks and uncertainties, and we encourage you to consider 00:00:45.649 -- 00:00:50.234 the risk factors described in our SEC filings for additional information. 00:00:50.234 -- 00:00:55.040 We undertake no obligation to update these statements as a result of new information 00:00:55.040 -- 00:00:57.764 or future events except as required by law. 00:00:57.764 -- 00:01:02.410 This call is being broadcast on the Internet and is accessible on our Investor Relations 00:01:02.410 -- 00:01:06.255 website. A recording of the call will be available later today. 00:01:06.255 -- 00:01:10.881 During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, 00:01:10.881 -- 00:01:15.790 which...