Zillow Group, Inc. (Z) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.014 Hello, and welcome to Zillow Group's fourth quarter and fiscal year 2025 financial results 00:00:05.014 -- 00:00:05.858 call. 00:00:05.858 -- 00:00:10.972 We ask that you hold all questions until the completion of the formal report. 00:00:59.870 -- 00:01:05.681 remarks at which time you'll be given instructions for the question and answer session. 00:01:25.604 -- 00:01:30.473 We will make forward-looking statements about our future performance and operating plans 00:01:30.473 -- 00:01:33.318 based on current expectations and assumptions. 00:01:33.318 -- 00:01:37.766 These statements are subject to risks and uncertainties, and we encourage you to consider 00:01:37.766 -- 00:01:42.595 the risk factors described in our SEC filings for additional information. 00:01:42.595 -- 00:01:46.843 We undertake no obligation to update these statements as a result of new information 00:01:46.843 -- 00:01:49.769 or future events, except as required by law. 00:01:49.769 -- 00:01:54.260 please review the cautionary statement and additional information in our earnings release, 00:01:54.260 -- 00:01:57.507 which can be found on our investor relations website. 00:01:57.507 -- 00:02:01.416 This call is being broadcast on the internet and is available on our investor relations 00:02:01.416 -- 00:02:05.294 website. A recording of the call will be available later today. 00:02:05.294 -- 00:02:10.300 During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, 00:02:10.300 -- 00:02:15.326 which we refer to as EBITDA, and adjusted free cash flow, which we refer to as 00:02:15.326 -- 00:02:20.351 free cash flow. We encourage you to read our updated investor presentation, shareholder 00:02:20.351 -- 00:02:24.977 letter, and earnings re...