Company name:
Zillow Inc
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IPO SHARE PRICE:$20.00
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IPO DATE:20 July 2011
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TICKER:Z
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MAIN STOCK EXCHANGE:NASDAQ
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CURRENT HQ LOCATION:1301 Second Avenue Floor 31 Seattle Washington 98101
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FISCAL YEAR END:December 31
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INCORPORATION JURISDICTION:WA
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ORGANIZED AS THE FOLLOWING LEGAL TYPE:Corporation
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Investor Relations Webpage:Coming soon!
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TAX RATE:USA federal corporate nominal income tax rate is 21%
Short Description
Zillow Inc
Owner of the largest US website by number of unique users and visitors for buying, selling, and renting homes - zillow.com. Zillow was founded in 2006 as result of a major push to open access to MLS (multiple listing service) data controlled by National Association of Realtors (NAR).
Untill November 2, 2021 Zillow had three main business lines: IMT - operator of zillow.com, Homes - house-flipping (iBuyer) business called Zillow Offers, Mortgages - mortgage originations. On November 2, 2021 Zillow exited house-flipping business with large losses.
Business model: IMT business called Premier Agent charges realtors a fee for posting home selling ads on zillow.com. In short, it's a play on real-estate related advertising paid for by realtors who want to increase traffic to properties they try to sell or rent.
Competitors: Realtor.com, Redfin, regional RE MLS websites.
Balance Sheet
(USD in thousand)
24.4%
4.8%
36.6%
Selected Year:
31-Dec
2021
2021
Current Assets
Most valuable part of Current Assets is Cash and Marketable Securities which should be watched carefully; at the same time high and growing level of Accounts Receivables is very dangerous sign
71.8%
36.6% —
Inventory
24.4% —
Cash and cash equivalents
4.8% —
Short-term passive investments
2.1% —
Restricted cash and cash equivalents
1.4% —
Accounts Receivable
1.4% —
Prepaid expenses and other current assets
1.0% —
Mortgage loans held for sale
Liquidity
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The most liquid asset, however, most companies don't keep much of it and invest excess cash into marketable securities such as Government bonds - in the US - Treasuries
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$651,058 | $1,141,263 | $1,703,130 | $2,611,499 | ||||||||
| Short-term passive investments | 903,867 | 1,280,989 | 2,218,108 | 513,922 | ||||||||
| Restricted cash and cash equivalents | 12,385 | 89,646 | 75,805 | 226,651 | ||||||||
| Accounts Receivable | 66,083 | 67,005 | 69,940 | 154,937 | ||||||||
| Inventory | 162,829 | 836,627 | 491,293 | 3,912,662 | ||||||||
| Mortgage loans held for sale | 35,409 | 36,507 | 330,758 | 106,753 | ||||||||
| Prepaid expenses and other current assets | 61,067 | 58,117 | 75,846 | 153,555 | ||||||||
| Total current assets | $1,892,698 | $3,510,154 | $4,964,880 | $7,679,979 |
22.2%
Selected Year:
31-Dec
2021
2021
Non-Current Assets
Non-current assets characterize company's business: high Property, Plant, and Equipment means that company is in capital-intensive industry which typically is very cyclical (earnings fluctuate a lot); watch out for high level of Goodwill and other non-intangibles which is bad sign as they typically worth very low relative to their value shown on the balance sheet
28.2%
22.2% —
Goodwill
2.0% —
Property and equipment net
1.7% —
Intangible assets
1.2% —
Right-of-use assets
0.7% —
Beneficial interest in securitization
0.3% —
Contract cost assets
0.1% —
Other assets non-current
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| Long-term restricted cash | - | - | - | - | ||||||||
| Long-term passive investments | - | - | - | - | ||||||||
| Beneficial interest in securitization | - | - | - | 75,103 | ||||||||
| Property and equipment net | 135,172 | 170,489 | 196,152 | 214,555 | ||||||||
| Right-of-use assets | - | 212,153 | 187,960 | 129,932 | ||||||||
| Contract cost assets | 45,819 | 45,209 | 50,719 | 35,465 | ||||||||
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Intangible assets
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215,904 | 190,567 | 94,767 | 180,072 | ||||||||
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Goodwill
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1,984,907 | 1,984,907 | 1,984,907 | 2,373,792 | ||||||||
| Other assets non-current | - | 18,494 | 7,175 | 6,556 | ||||||||
| Other non-current assets | 16,616 | 18,494 | - | - | ||||||||
| Total non-current assets | 2,398,418 | 2,621,819 | 2,521,680 | 3,015,475 |
| Total assets | $4,291,116 | $6,131,973 | $7,486,560 | $10,695,454 |
21.6%
11.3%
12.3%
65.5%
Selected Year:
31-Dec
2021
2021
Current Liabilities
Current Liabilities represent company's short-term dues to others. The most important part to watch for is short-term debt and accounts payables
36.3%
21.6% —
Borrowings under Revolving Credit Facility
11.3% —
Securitization Term Loans
1.5% —
Accrued expenses and other current liabilities
1.0% —
Accrued employee compensation and benefits
0.5% —
Current portion of deferred revenue
0.2% —
Current portion of Leases
0.2% —
Accounts payable
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| Accounts payable | $7,471 | $8,343 | $18,974 | $17,230 | ||||||||
| Accrued employee compensation and benefits | 31,388 | 37,805 | 47,666 | 108,464 | ||||||||
| Accrued expenses and other current liabilities | 63,101 | 85,442 | 94,487 | 161,459 | ||||||||
| Current portion of deferred revenue | 34,080 | 39,747 | 48,995 | 51,484 | ||||||||
| Deferred rent | 1,740 | - | - | - | ||||||||
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Borrowings under Revolving Credit Facility
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149,718 | 721,951 | 670,209 | 2,311,556 | ||||||||
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Borrowings under Warehouse credit facility
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- | - | - | - | ||||||||
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Securitization Term Loans
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- | - | - | 1,208,753 | ||||||||
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Senior convertible notes
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- | 9,637 | - | - | ||||||||
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Current portion of Leases
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- | 17,592 | 28,310 | 23,503 | ||||||||
| Total current liabilities | $287,498 | $920,517 | $908,641 | $3,882,449 |
Selected Year:
31-Dec
2021
2021
Non-Current Liabilities
The most critical items are revolving credit facility, term loans, and then notes - any forms of debt; in addition, pay attention to items like pension liabilites and leases- hidden debt
13.8%
12.3% —
Senior convertible notes
1.4% —
Leases
0.0% —
Other non-current liabilities
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| Deferred tax liabilities and other liabilities | 17,474 | 12,188 | 14,857 | - | ||||||||
| Deferred rent | 19,945 | - | - | - | ||||||||
| Senior convertible notes | - | 1,543,402 | 1,613,523 | 1,319,224 | ||||||||
| Long-term debt | 699,020 | 1,543,402 | 1,613,523 | - | ||||||||
| Leases | - | 220,445 | 207,723 | 147,967 | ||||||||
| Other non-current liabilities | - | - | 14,857 | 4,503 | ||||||||
| Total long-term liabilities | $736,439 | $1,776,035 | $1,836,103 | $1,471,694 |
| Total Liabilities | $1,023,937 | $2,696,552 | $2,744,744 | $5,354,143 |
Selected Year:
31-Dec
2021
2021
Equity
It's residue that is owned by shareholders after satisfying all of the liabilities with all of the assets; the larger the amount, the better the business is
49.9%
65.5% —
Additional paid-in capital
0.1% —
Accumulated other comprehensive income
0.0% —
Class C
0.0% —
Common stock Class A
0.0% —
Common stock Class B
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Convertible preferred stock
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- | - | - | - | ||||||||
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Preferred Stock
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- | - | - | - | ||||||||
| Common stock Class A | 6 | 6 | 6 | 6 | ||||||||
| Common stock Class B | 1 | 1 | 1 | 1 | ||||||||
| Non-voting common stock Class C | - | - | - | - | ||||||||
| Class C | 14 | 14 | 17 | 18 | ||||||||
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Accumulated deficit
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(671,779) | (977,140) | (1,139,255) | (1,667,032) | ||||||||
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Additional paid-in capital
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3,939,842 | 4,412,200 | 5,880,883 | 7,001,084 | ||||||||
| Accumulated other comprehensive income | - | 340 | 164 | 7,234 | ||||||||
| Accumulated other comprehensive (loss) income | (905) | 340 | - | - | ||||||||
| Accumulated other comprehensive loss | - | - | - | - | ||||||||
| Total Equity | $3,267,179 | $3,435,421 | $4,741,816 | $5,341,311 |
| Total Liabilities and Equity | $4,291,116 | $6,131,973 | $7,486,560 | $10,695,454 |