Zillow Inc
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IPO SHARE PRICE:$20.00
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IPO DATE:July 20, 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:https://investors.zillowgroup.com
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TAX RATE:USA federal corporate nominal income tax rate is 21%
Short Description
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.
Income Statement
2021
Homes
IMT Revenue
Mortgages
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Homes | 769,873 | 454,252 | 187,105 | 304,145 | 704,152 | 777,145 | 1,186,158 | 3,348,323 | 6,015,778 | 13,393,292 | ||||||||||||||||||||
IMT Revenue | 330,666 | 280,339 | 415,389 | 423,838 | 446,328 | 476,090 | 480,195 | 483,169 | 1,885,782 | 1,932,676 | ||||||||||||||||||||
Mortgages | 25,282 | 33,761 | 54,198 | 60,969 | 67,960 | 56,745 | 70,290 | 50,821 | 245,816 | 203,284 | ||||||||||||||||||||
Total Revenue | $1,125,821 | $768,352 | $656,692 | $788,952 | $1,218,440 | $1,309,980 | $1,736,643 | $3,882,313 | $8,147,376 | $15,529,252 |
2021
Homes excluding Amortization
Sales and marketing
General and administrative
Product technology and development
Impairment and restructuring costs
IMT
Mortgages
Acquisition-related costs
Integration costs
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Cost of revenue
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Cost of revenue excluding amortization
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Homes excluding Amortization
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732,199 | 434,900 | 183,056 | 281,040 | 640,618 | 707,522 | 1,422,899 | 3,331,920 | 6,106,944 | 13,327,680 | ||||||||||||||||||||
IMT
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24,318 | 45,354 | 49,992 | 47,698 | 28,016 | 43,444 | 51,371 | 61,597 | 203,449 | 246,388 | ||||||||||||||||||||
Mortgages
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5,155 | 7,229 | 10,725 | 14,000 | 18,396 | 20,619 | 21,790 | 21,695 | 83,784 | 86,780 | ||||||||||||||||||||
Total cost of revenue
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761,672 | 487,483 | 243,773 | 342,738 | 687,030 | 771,585 | 1,496,060 | 3,415,212 | 6,394,177 | 13,660,848 | ||||||||||||||||||||
Gross profit
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- | $280,869 | $412,919 | $446,214 | - | $538,395 | $240,583 | $467,101 | $1,753,199 | $1,868,404 | ||||||||||||||||||||
Product technology and development
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134,918 | 97,507 | 94,774 | 97,410 | 148,856 | 128,463 | 111,491 | 114,141 | 474,396 | 456,564 | ||||||||||||||||||||
Sales and marketing
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204,648 | 160,667 | 155,894 | 166,114 | 193,593 | 229,434 | 294,354 | 354,492 | 1,076,235 | 1,417,968 | ||||||||||||||||||||
General and administrative
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92,285 | 85,380 | 85,804 | 93,338 | 100,551 | 115,102 | 113,130 | 120,087 | 448,773 | 480,348 | ||||||||||||||||||||
Acquisition-related costs
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- | - | - | - | 817 | 3,671 | 3,235 | 892 | 8,615 | 3,568 | ||||||||||||||||||||
Integration costs
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- | - | - | - | - | - | - | 680 | 680 | 2,720 | ||||||||||||||||||||
Gain or loss on sale of business
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Impairment
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76,800 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Impairment and restructuring costs
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- | - | - | 76,800 | - | - | - | 72,173 | 72,173 | 288,692 | ||||||||||||||||||||
Restructuring
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Total operating expenses
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- | 343,554 | 336,472 | 356,862 | - | 476,670 | 522,210 | 662,465 | 2,080,872 | 2,649,860 | ||||||||||||||||||||
Total expenses
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1,270,323 | 831,037 | 580,245 | 699,600 | 1,130,847 | - | - | - | - | - |
2021
Operating Income
2021
Other expense or income
(Gain) loss on early repayment of debt
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Other expense or income | 9,593 | 10,115 | 3,018 | 2,803 | 2,439 | 1,587 | 1,964 | 4,198 | 10,188 | 16,792 | ||||||||||||||||||||
Other income | 9,593 | 10,115 | 3,018 | 2,803 | - | - | - | - | - | - | ||||||||||||||||||||
Gain on early repayment of notes | - | - | - | 1,448 | - | - | - | - | - | - | ||||||||||||||||||||
Gain on early partial repayment of notes | - | 6,391 | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Loss on early repayment of debt | - | - | - | - | (1,403) | - | - | - | - | - | ||||||||||||||||||||
(Gain) loss on early repayment of debt | - | 6,391 | - | (4,943) | - | (931) | (14,785) | - | (17,119) | - | ||||||||||||||||||||
Total non-operating income (expense) | 9,593 | 16,506 | 3,018 | 2,803 | 1,036 | 656 | (12,821) | 4,198 | (6,931) | 16,792 |
2021
EBIT
2021
Income tax expense or benefit
Interest expense
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Interest expense
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(37,592) | (37,590) | (39,470) | (40,575) | (39,555) | (39,430) | (44,737) | (68,188) | (191,910) | (272,752) | ||||||||||||||||||||
Income before income taxes
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(172,501) | (83,769) | 39,995 | 46,637 | 49,074 | 22,951 | (339,185) | (259,354) | (526,514) | (1,037,416) | ||||||||||||||||||||
Income tax expense or benefit TEST - ODD
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9,228 | (679) | (425) | (601) | 2,890 | (13,310) | 11,011 | (1,854) | (1,263) | (7,416) |
2021
Net income (loss)
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Class A | 59,476,313 | 60,002,842 | 60,567,704 | 61,115,068 | 61,335,992 | 61,349,554 | 61,373,807 | 61,521,484 | 61,521,484 | 61,521,484 | ||||||||||||||||||||
Class B | 6,217,447 | 6,217,447 | 6,217,447 | 6,217,447 | 6,217,447 | 6,217,447 | 6,217,447 | 6,217,447 | 6,217,447 | 6,217,447 | ||||||||||||||||||||
Class C | 147,230,433 | 160,765,729 | 165,887,630 | 173,327,109 | 180,104,154 | 185,989,162 | 187,212,368 | 182,933,088 | 182,933,088 | 182,933,088 |
2021