Company Quick10K Filing
Zillow Group
Price29.53 EPS-1
Shares207 P/E-30
MCap6,113 P/FCF-9
Net Debt-920 EBIT-208
TEV5,193 TEV/EBIT-25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-07
10-Q 2016-09-30 Filed 2016-11-02
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10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-12
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-09
8-K 2020-06-02
8-K 2020-05-15
8-K 2020-05-12
8-K 2020-05-07
8-K 2020-04-06
8-K 2020-03-23
8-K 2020-03-23
8-K 2020-03-17
8-K 2020-02-19
8-K 2019-11-18
8-K 2019-11-07
8-K 2019-10-04
8-K 2019-09-04
8-K 2019-09-04
8-K 2019-09-03
8-K 2019-08-07
8-K 2019-06-04
8-K 2019-05-09
8-K 2019-05-03
8-K 2019-04-23
8-K 2019-02-21
8-K 2018-11-13
8-K 2018-11-06
8-K 2018-10-31
8-K 2018-10-16
8-K 2018-08-03
8-K 2018-08-02
8-K 2018-06-28
8-K 2018-06-28
8-K 2018-06-25
8-K 2018-05-31
8-K 2018-05-03
8-K 2018-04-12
8-K 2018-02-08

Z 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1. Organization and Description of Business
Note 2. Summary of Significant Accounting Policies
Note 3. Fair Value Measurements
Note 4. Cash and Cash Equivalents, Short - Term Investments and Restricted Cash
Note 5. Accounts Receivable, Net
Note 6. Inventory
Note 7. Contract Cost Assets
Note 8. Property and Equipment, Net
Note 9. Equity Investment
Note 10. Intangible Assets, Net
Note 11. Deferred Revenue
Note 12. Debt
Note 13. Income Taxes
Note 14. Shareholders' Equity
Note 15. Share - Based Awards
Note 16. Net Loss per Share
Note 17. Commitments and Contingencies
Note 18. Employee Benefit Plan
Note 19. Segment Information and Revenue
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.2 q22020form10-qex102.htm
EX-10.3 q22020form10-qex103.htm
EX-31.1 q22020form10-qex311.htm
EX-31.2 q22020form10-qex312.htm
EX-32.1 q22020form10-qex321.htm
EX-32.2 q22020form10-qex322.htm

Zillow Group Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02013201520172020
Assets, Equity
0.80.60.40.20.0-0.22013201520172020
Rev, G Profit, Net Income
1.30.90.50.2-0.2-0.62013201520172020
Ops, Inv, Fin

z-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________
FORM 10-Q
_____________________________________________________
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-36853
 
_____________________________________________________
ZILLOW GROUP, INC.
(Exact name of registrant as specified in its charter)
_____________________________________________________
Washington47-1645716
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
            
1301 Second Avenue, Floor 31,
Seattle, Washington 98101
(Address of principal executive offices) (Zip Code)
(206) 470-7000
@ZillowGroup
(Registrant’s telephone number, including area code)
 _____________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareZGThe Nasdaq Global Select Market
Class C Capital Stock, par value $0.0001 per shareZThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of July 30, 2020, 60,002,842 shares of Class A common stock, 6,217,447 shares of Class B common stock, and 160,765,729 shares of Class C capital stock were outstanding.



Table of Contents
ZILLOW GROUP, INC.
Quarterly Report on Form 10-Q
For the Three Months Ended June 30, 2020
TABLE OF CONTENTS
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
 
i

Table of Contents
As used in this Quarterly Report on Form 10-Q, the terms “Zillow Group,” “the Company,” “we,” “us” and “our” refer to Zillow Group, Inc., unless the context indicates otherwise.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including Part I, Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operations), contains forward-looking statements based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include all statements that are not historical facts and generally may be identified by terms such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” or the negative or plural of these words or similar expressions.
These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those risks, uncertainties and assumptions described in Part I, Item 1A (Risk Factors) in our Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II, Item 1A (Risk Factors) in this Quarterly Report on Form 10-Q, including, but not limited to:
the impact of the novel coronavirus (“COVID-19”) pandemic and any associated economic downturn on our future financial position, operations and financial performance;
the magnitude, duration and severity of the COVID-19 pandemic;
the impact of actions taken by governments, businesses, and individuals in response to the COVID-19 pandemic;
the current and future health and stability of the economy and residential housing market, including any extended slowdown in the real estate markets as a result of COVID-19;
changes in laws or regulations applicable to our business, employees, products or services, including current and future laws, regulations and orders that limit our ability to operate in light of COVID-19;
changes in general economic and financial conditions that reduce demand for our products and services, lower our profit margins or reduce our access to credit;
actual or anticipated fluctuations in our financial condition and results of operations;
changes in projected operational and financial results;
addition or loss of significant customers;
actual or anticipated changes in our growth rate relative to that of our competitors;
acquisitions, strategic partnerships, joint ventures, capital-raising activities, or other corporate transactions or commitments by us or our competitors;
actual or anticipated changes in technology, products, markets or services by us or our competitors;
ability to obtain or maintain licenses and permits to support our current and future businesses;
actual or anticipated changes to our products and services;
ability to maintain or establish relationships with listings and data providers;
fluctuations in the valuation of companies perceived by investors to be comparable to us;
the impact of pending or future litigation; and
issuance of new or updated research or reports by securities analysts.
Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements, and we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations.
1

Table of Contents
WHERE YOU CAN FIND MORE INFORMATION
Our filings with the Securities and Exchange Commission, or SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, are available on our website at www.zillowgroup.com, free of charge, as soon as reasonably practicable after the electronic filing of these reports with the SEC. The information contained on our website is not a part of this quarterly report on Form 10-Q or any other document we file with the SEC.
Investors and others should note that Zillow Group announces material financial information to its investors using its press releases, SEC filings and public conference calls and webcasts. Zillow Group intends to also use the following channels as a means of disclosing information about Zillow Group, its services and other matters and for complying with its disclosure obligations under Regulation FD:
Zillow Group Investor Relations Webpage (http://investors.zillowgroup.com)
Zillow Group Investor Relations Blog (http://www.zillowgroup.com/ir-blog)
Zillow Group Twitter Account (https://twitter.com/zillowgroup)
The information Zillow Group posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following Zillow Group’s press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this quarterly report on Form 10-Q or any other document we file with the SEC, and the inclusion of our website addresses and Twitter account are as inactive textual references only.
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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data, unaudited)
June 30, 2020December 31, 2019
Assets
Current assets:
Cash and cash equivalents$2,045,474  $1,141,263  
Short-term investments
1,491,167  1,280,989  
Accounts receivable, net of allowance for doubtful accounts of $2,282 and $4,522 at June 30, 2020 and December 31, 2019, respectively
66,878  67,005  
Mortgage loans held for sale75,021  36,507  
Inventory135,401  836,627  
Prepaid expenses and other current assets56,373  58,117  
Restricted cash33,620  89,646  
Total current assets3,903,934  3,510,154  
Contract cost assets47,747  45,209  
Property and equipment, net195,747  170,489  
Right of use assets199,422  212,153  
Goodwill1,984,907  1,984,907  
Intangible assets, net106,990  190,567  
Other assets11,041  18,494  
Total assets$6,449,788  $6,131,973  
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable$14,307  $8,343  
Accrued expenses and other current liabilities74,646  85,442  
Accrued compensation and benefits34,520  37,805  
Borrowings under credit facilities187,032  721,951  
Deferred revenue44,514  39,747  
Lease liabilities, current portion22,789  17,592  
Convertible senior notes, current portion9,637  9,637  
Total current liabilities387,445  920,517  
Lease liabilities, net of current portion214,752  220,445  
Convertible senior notes, net of current portion1,810,341  1,543,402  
Deferred tax liabilities and other long-term liabilities14,192  12,188  
Total liabilities2,426,730  2,696,552  
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred stock, $0.0001 par value; 30,000,000 shares authorized; no shares issued and outstanding
    
Class A common stock, $0.0001 par value; 1,245,000,000 shares authorized; 59,850,004 and 58,739,989 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
6  6  
Class B common stock, $0.0001 par value; 15,000,000 shares authorized; 6,217,447 shares issued and outstanding
1  1  
Class C capital stock, $0.0001 par value; 600,000,000 shares authorized; 159,974,485 and 144,109,419 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
16  14  
Additional paid-in capital5,246,371  4,412,200  
Accumulated other comprehensive income1,525  340  
Accumulated deficit(1,224,861) (977,140) 
Total shareholders’ equity4,023,058  3,435,421  
Total liabilities and shareholders’ equity$6,449,788  $6,131,973  
See accompanying notes to the condensed consolidated financial statements.
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ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)

 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Revenue:
Homes$454,252  $248,924  $1,224,125  $377,396  
IMT280,339  323,669  611,005  621,941  
Mortgages33,761  26,985  59,043  54,345  
Total revenue768,352  599,578  1,894,173  1,053,682  
Cost of revenue (exclusive of amortization) (1):
Homes 431,788  240,732  1,163,987  363,151  
IMT23,387  26,059  47,705  50,310  
Mortgages5,896  4,430  11,051  9,108  
Total cost of revenue461,071  271,221  1,222,743  422,569  
Sales and marketing155,598  187,433  360,246  349,020  
Technology and development128,857  120,330  263,775  228,100  
General and administrative85,511  82,839  177,796  178,613  
Impairment costs    76,800    
Integration costs  293    645  
Total costs and expenses831,037  662,116  2,101,360  1,178,947  
Loss from operations(62,685) (62,538) (207,187) (125,265) 
Gain on partial extinguishment of 2021 Notes6,391    6,391    
Other income10,115  9,458  19,708  18,626  
Interest expense(37,590) (18,897) (75,182) (35,363) 
Loss before income taxes(83,769) (71,977) (256,270) (142,002) 
Income tax benefit (expense)(679)   8,549  2,500  
Net loss$(84,448) $(71,977) $(247,721) $(139,502) 
Net loss per share — basic and diluted$(0.38) $(0.35) $(1.15) $(0.68) 
Weighted-average shares outstanding — basic and diluted219,467  205,754  215,070  205,137  
 ____________________
(1) Amortization of website development costs and intangible assets included in technology and development
$18,857  $14,656  $36,041  $29,056  
See accompanying notes to the condensed consolidated financial statements.

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ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands, unaudited)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net loss$(84,448) $(71,977) $(247,721) $(139,502) 
Other comprehensive income (loss):
Unrealized gains (losses) on investments(2,806) 751  796  1,895  
Reclassification adjustment for net investment (gains) losses included in net loss(62)   372    
Net unrealized gains (losses) on investments(2,868) 751  1,168  1,895  
Currency translation adjustments107  (52) 17  (94) 
Total other comprehensive income (loss)(2,761) 699  1,185  1,801  
Comprehensive loss
$(87,209) $(71,278) $(246,536) $(137,701) 
See accompanying notes to the condensed consolidated financial statements.
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ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands, except share data, unaudited)
Class A Common
Stock, Class B
Common Stock and
Class C Capital Stock
Additional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Shareholders’
Equity
SharesAmount
Balance at April 1, 2020212,913,139  $22  $4,551,866  $(1,140,413) $4,286  $3,415,761  
Issuance of common and capital stock upon exercise of stock options3,117,483  —  92,783  —  —  92,783  
Vesting of restricted stock units775,249  —  —  —  —  —  
Shares and value of restricted stock units withheld for tax liability(6) —  —  —  —  —  
Share-based compensation expense—  —  57,171  —  —  57,171  
Issuance of Class C capital stock in connection with equity offering, net of issuance costs of $10,877
8,800,000  1  411,522  —  —  411,523  
Equity component of issuance of 2025 Notes, net of issuance costs of $3,279
—  —  154,813  —  —  154,813  
Partial repurchase of 2021 Notes753,936  —  (21,784) —  —  (21,784) 
Partial unwind of capped call transactions for 2021 Notes(317,865) —  —  —  —  —  
Net loss—  —  —  (84,448) —  (84,448) 
Other comprehensive loss—  —  —  —  (2,761) (2,761) 
Balance at June 30, 2020226,041,936  $23  $5,246,371  $(1,224,861) $1,525  $4,023,058  
Class A Common
Stock, Class B
Common Stock and
Class C Capital Stock
Additional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Shareholders’
Equity
SharesAmount
Balance at April 1, 2019205,130,332  $21  $4,022,218  $(739,304) $197  $3,283,132  
Issuance of common and capital stock upon exercise of stock options814,062  —  19,433  —  —  19,433  
Vesting of restricted stock units569,260  —  —  —  —  —  
Shares and value of restricted stock units withheld for tax liability(18) —  (1) —  —  (1) 
Share-based compensation expense—  —  46,820  —  —  46,820  
Net loss—  —  —  (71,977) —  (71,977) 
Other comprehensive income—  —  —  —  699  699  
Balance at June 30, 2019206,513,636  $21  $4,088,470  $(811,281) $896  $3,278,106  

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Class A Common
Stock, Class B
Common Stock and
Class C Capital Stock
Additional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Shareholders’
Equity
SharesAmount
Balance at January 1, 2020209,066,855  $21  $4,412,200  $(977,140) $340  $3,435,421  
Issuance of common and capital stock upon exercise of stock options6,324,858  1  184,984  —  —  184,985  
Vesting of restricted stock units1,414,158  —  —  —  —  —  
Shares and value of restricted stock units withheld for tax liability(6) —    —  —    
Share-based compensation expense—  —  104,636  —  —  104,636  
Issuance of Class C capital stock in connection with equity offering, net of issuance costs of $10,877
8,800,000  1  411,522  —  —  411,523  
Equity component of issuance of 2025 Notes, net of issuance costs of $3,279
—  —  154,813  —  —  154,813