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Zillow Group Reports Fourth-Quarter and Full-Year 2023 Financial Results

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SEATTLE, Feb. 13, 2024 /PRNewswire/ — Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months and year ended December 31, 2023.

Complete financial results and outlook for the first quarter of 2024 can be found in our shareholder letter on the Investor Relations section of Zillow Group’s website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx.

“We reported great revenue numbers across the whole of our increasingly diversified and growing business. This is evidence of the progress we’re making to transform the way people buy, sell, finance and rent homes by continually adding more functionality, software and services to Zillow’s housing super app,” said Zillow co-founder and CEO Rich Barton. “Our progress in crafting an integrated customer experience in our early markets has given us the confidence to press on the accelerator and expand this experience to more markets in 2024. We have the leading real estate audience and a brand that is a household name, and we have barely scratched the surface on a real estate market with $2 trillion of total transaction value.”

Recent highlights include:

Zillow Group’s fourth-quarter results exceeded the company’s outlook for revenue and Adjusted EBITDA.Q4 revenue was $474 million, up 9% year over year and above the midpoint of the company’s outlook range by $31 million. Full-year revenue was $1.9 billion, down 1% year over year.Residential revenue was up 3% year over year in Q4 to $349 million, outperforming both the residential real estate industry total transaction value decline of 4% and the company’s outlook.Rentals revenue of $93 million increased 37% year over year, primarily driven by multifamily revenue growing 52% year over year in Q4.Mortgages revenue of $22 million increased 22% year over year, due primarily to a 105% year-over-year increase in purchase loan origination volume to $487 million in Q4.On a GAAP basis, net loss was $73 million in Q4, or 15% of revenue, compared to $72 million in Q4 2022, or 17% of revenue, and was $158 million for the full year 2023.Q4 Adjusted EBITDA was $69 million, or 15% of total revenue, $19 million above the midpoint of the company’s outlook range, driven primarily by higher-than-expected Rentals and Residential revenue. Excluding a one-time partial lease termination expense, Q4 Adjusted EBITDA would have been $83 million, or 18% of total revenue, up from 17% in Q4 of 2022. Adjusted EBITDA for the full year 2023 was $391 million.Cash and investments at the end of Q4 were $2.8 billion, down from $3.3 billion at the end of Q3.Traffic to Zillow Group’s mobile apps and sites in Q4 was 194 million average monthly unique users, down 2% year over year. Visits during Q4 were 2.2 billion, up 1% year over year.

Fourth-Quarter and Full-Year 2023 Financial Highlights

The following table sets forth Zillow Group’s financial highlights for the periods presented (in millions, except percentages, unaudited):

Three Months Ended
December 31,

2022 to 2023
% Change

Year Ended
December 31,

2022 to 2023
% Change

2023

2022

2023

2022

Revenue:

Residential

$         349

$         340

3 %

$      1,452

$      1,522

(5) %

Rentals

93

68

37 %

357

274

30 %

Mortgages

22

18

22 %

96

119

(19) %

Other

10

9

11 %

40

43

(7) %

Total revenue

$         474

$         435

9 %

$      1,945

$      1,958

(1) %

Other Financial Data:

Gross profit

$         359

$         346

$      1,524

$      1,591

Net loss

$          (73)

$          (72)

$        (158)

$        (101)

Adjusted EBITDA (1)

$           69

$           73

$         391

$         514

Percentage of Revenue:

Gross profit

76 %

80 %

78 %

81 %

Net loss

(15) %

(17) %

(8) %

(5) %

Adjusted EBITDA (1)

15 %

17 %

20 %

26 %

 

(1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted

accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a 

reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net loss for each of the periods

presented.

 

Conference Call and Webcast Information

The company will host a live conference call to discuss these results today at 2 p.m. Pacific Time (5 p.m. Eastern Time). A shareholder letter, investor presentation, and link to both the live webcast and recorded replay of the call may be accessed in the Quarterly Results section of Zillow Group’s Investor Relations website. Participants must register for the live call in advance at: https://www.netroadshow.com/events/login?show=9c320773&confId=59522 to receive emailed instructions. This pre-registration process is designed to reduce delays due to operator congestion when accessing the live call.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding the future performance and operation of our business, our business strategies and ability to translate such strategies into financial performance, the current and future health and stability of the residential housing market and economy, volatility of mortgage interest rates, and our expectations regarding future shifts in behavior by consumers. Statements containing words such as “may,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “predict,” “will,” “projections,” “continue,” “estimate,” “outlook,” “guidance,” “would,” “could,” “strive,” or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of February 13, 2024, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group’s actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control.

Factors that may contribute to such differences include, but are not limited to: the current and future health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, labor shortages and supply chain issues; our ability to manage advertising and product inventory and pricing and maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile applications and websites; our ability to comply with current and future multiple listing service (“MLS”) rules and requirements; our ability to navigate industry changes, including as a result of certain or future class action lawsuits or government investigations, which may include lawsuits or investigations in which we are not a party; our ability to continue to innovate and compete successfully against our existing or future competitors to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans, our mortgage origination business, including the ability to obtain or maintain sufficient financing to fund its origination of mortgages, meet customers’ financing needs with its product offerings, continue to grow the origination business and resell originated mortgages on the secondary market; the duration and impact of natural disasters, geopolitical events, and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services, or general economic conditions; our ability to maintain adequate security measures or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; the impact of pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations in which we are not a party; our ability to attract, engage, and retain a highly skilled, remote workforce; acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of generative artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay debt, settle conversions of our convertible senior notes, or repurchase our convertible senior notes upon a fundamental change; our ability to raise additional capital or refinance on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices.

The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s publicly available filings with the SEC. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances.

About Zillow Group, Inc.

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences.

Zillow Group’s affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; ShowingTime+SM; Spruce® and Follow Up Boss®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate.

Please visit https://investors.zillowgroup.com, www.zillowgroup.com/news, and www.twitter.com/zillowgroup, where Zillow Group discloses information about the company, its financial information and its business that may be deemed material.

The Zillow Group logo is available at https://zillowgroup.mediaroom.com/logos-photos.

(ZFIN)

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We have provided a reconciliation below of Adjusted EBITDA to net loss, the most directly comparable U.S. generally accepted accounting principles (“GAAP”) financial measure.

Adjusted EBITDA is a key metric used by our management and board of directors to measure operating performance and trends and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;Adjusted EBITDA does not reflect the results of discontinued operations;Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation;Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments;Adjusted EBITDA does not reflect impairment and restructuring costs;Adjusted EBITDA does not reflect acquisition-related costs;Adjusted EBITDA does not reflect the gain on extinguishment of debt;Adjusted EBITDA does not reflect interest expense or other income, net;Adjusted EBITDA does not reflect income taxes; andOther companies, including companies in our own industry, may calculate Adjusted EBITDA differently from the way we do, limiting its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net loss and our other GAAP results.

Adjusted EBITDA

The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net loss for each of the periods presented (in millions, unaudited):

Three Months Ended
December 31,

Year Ended
December 31,

2023

2022

2023

2022

Reconciliation of Adjusted EBITDA to Net Loss:

Net loss

$        (73)

$         (72)

$       (158)

$       (101)

Loss from discontinued operations, net of income taxes

—

—

—

13

Income taxes

3

4

4

3

Other income, net

(43)

(24)

(151)

(43)

Depreciation and amortization 

53

36

187

150

Share-based compensation 

109

110

451

433

Impairment and restructuring costs

10

10

19

24

Acquisition-related costs

2

—

4

—

Gain on extinguishment of debt

(1)

—

(1)

—

Interest expense

9

9

36

35

Adjusted EBITDA

$         69

$         73

$       391

$       514

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SOURCE Zillow Group, Inc.

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Gusto Unveils New Tools to Help Small Businesses Start, Run, and Grow From Day One

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October 22, 2026

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Fall Showcase 2026 introduces LLC formation and a business bank account,1 AI connectors, expanded compliance and payroll tools, new benefits and HR support, and the company’s biggest-ever updates for accountants

SAN FRANCISCO, Oct. 22, 2026 /PRNewswire/ — Gusto, the small business platform for payroll, benefits, and HR, today announced new products and features at its Fall Showcase, designed to help small business owners start, run, and grow.

Every day, Gusto helps more than half a million small businesses pay their teams, stay compliant, and offer benefits. The announcements take aim at what owners face: serving customers, managing finances, keeping up with compliance, competing for talent, and making sense of AI, often all at once.

“Small business owners wear every hat, and they shouldn’t have to carry every burden too,” said Chris Cosgrove, Chief Product Officer at Gusto. “Our goal is to make the hard things easier, starting on day one.”

Start: Help before the first hire

Owners can now form an LLC, open a business bank account,1 and see where their money stands in Gusto, before they hire anyone. Because it all lives in the same place they’ll later hire, pay, and grow, there’s no need to start over down the road.

“Starting a business has typically meant figuring it out alone, and every one of those steps is a place where a good idea can stall,” said Cosgrove. “Our bet is simple: if it’s easier to get started, more people will, and more of them will succeed.”

Run: Less risk, less busywork

Growth for a small business means more complexity and behind-the-scenes work. Gusto’s new features help owners stay compliant, automate payroll and contractor payments, and put AI to work on time-consuming tasks.

Gusto Business Compliance handles obligations that trip up owners, especially when they hire in a new state, including state tax registration, annual report filing, and government mail monitoring.Multi-location payroll runs one payroll for hourly employees who work across state or city lines, calculating and filing taxes for each work location.Intelligent payroll automations gather hours, flag anomalies, anything unusual, and turn payroll into a quick review and sign-off.More control over pay, with same-day pay for off-cycle bonuses and corrections for eligible businesses, custom semi-monthly schedules, and printed, mailed paychecks with delivery tracking.Contractor tools that let owners hire and pay U.S. and international contractors on one platform. With invoice ingestion, Gusto reads an uploaded invoice and prefills the paysheet for review and approval.Project tracking lets owners tag hours to projects, clients, and tasks and see the true labor cost of every job.

Owners can now connect Gusto to Claude, ChatGPT, and other AI tools to ask questions about payroll and teams, prep payroll, and generate reports. Owners have full transparency and control over the output, with the ability to approve every change before it’s final. Developers and power users can also connect through Gusto’s MCP server or install the Gusto CLI in one command, so an agent can prepare what it can before each payroll and send a prioritized list of decisions that need the owner’s approval.

“Owners shouldn’t have to learn a new tool to put AI to work. Gusto works where they already do,” said Cosgrove. “AI does the prep, and the owner stays in control of every decision.”

Grow: Benefits, guidance, and HR support

Great benefits help business owners hire and keep great people, but most don’t have an HR department to lean on. Gusto is putting that expertise inside its platform, so owners can invest in their teams for the long term.

Gus, the AI Benefits Assistant gives personalized, real-time guidance on benefits and builds a ready-to-submit package covering medical, dental, vision, and more. A licensed advisor reviews it before anything is finalized.Gusto 401(k), built into Gusto helps business owners manage retirement plans directly on Gusto, without switching platforms.Health Reimbursement Arrangements (HRAs) give employees the flexibility to choose health coverage that works for them, while employers maintain complete control over costs by setting a monthly allowance. Employers can seamlessly manage reimbursements alongside payroll in Gusto.Voluntary Life & Disability benefits provide employee-paid coverage added through automatic payroll deductions, at no additional direct cost to the business.Guided benefits renewal provides cost-optimized options, side-by-side comparisons, and direct access to a licensed benefits advisor.New HR resources let owners build an employee handbook and generate documents like performance improvement plans and termination letters. Owners also get proactive alerts when employment laws change, written answers from a human HR expert, and instant answers from Gus.Gusto HR Partners gives you access to an experienced, fractional HR professional without the cost of a full-time hire.Gusto Professional Employer Organization (PEO) helps take on much of the day-to-day HR, payroll, benefits, and compliance work for small business owners.

Gusto, built for accountants that support small businesses

Today, more than two-thirds of small businesses on Gusto have the support of a Gusto accounting partner. These firms play a vital role in advising and supporting small businesses. That’s why Gusto has announced its biggest-ever updates for accountants, including:

A redesigned Gusto Pro dashboard with AI-assisted workflows.A Multi-Client MCP that lets firms work across selected clients in a single AI conversation.An expanded Partner Program with Marketing and Partner Development Funds.Solo Advisory Tools, helping firms advise solopreneur clients with calculators for S-corp election and reasonable compensation estimates.

To learn more, visit Gusto’s Fall Showcase.

1 Gusto is a financial technology company, not a bank. Banking services provided by Increase Bank, Member FDIC.

About Gusto

Gusto takes the guesswork out of running a small business. From forming a company to paying a team to staying on top of compliance, Gusto simplifies payroll, benefits, HR, and money management so business owners can get back to the work that matters most. Founded in 2011, Gusto supports more than 500,000 small businesses from offices in San Francisco, New York, and Denver. Learn more about Gusto’s mission to grow the small business economy with technology and heart at gusto.com.

Media Contact:
Candice So
press@gusto.com

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SOURCE Gusto, Inc.

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Fortera and MLC Select Ste. Genevieve, Mo. for First Commercial CO₂-to-Cement Plant

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54 minutes ago

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October 22, 2026

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Fortera to launch patented sustainable cement technology, producing 300,000 tons of ReAct® cement annually using carbon captured from MLC’s lime production

STE. GENEVIEVE, Mo., Oct. 22, 2026 /CNW/ — Fortera and MLC plan to build Fortera’s first commercial low-carbon cement plant at MLC’s Ste. Genevieve site. The plant would capture CO₂ emitted by MLC’s lime production and transform it into a reactive cement that is nearly 50% captured CO₂ by weight.

Fortera’s patented sustainable cement technology will produce 300,000 tons of ReAct® cement annually

The Ste. Genevieve operation was selected due to its scale and strategic location. Situated in the Central Midwest on the Mississippi River, the site enables economical delivery across most of the U.S. and internationally. Adding domestic cement supply also reduces U.S. reliance on foreign imports, which account for 21% of consumption, according to the 2025 U.S. Geological Survey.

ReAct cement is one of the most consequential cement innovations in generations, introducing a fundamentally new way to manufacture an essential building material that meets or exceeds traditional cement’s performance.

By transforming captured CO₂ from lime production into value-added cement, this project offers an approach to reduce the carbon footprint of two critical, hard-to-abate industries. Cement accounts for 8% of the world’s greenhouse gas emissions (according to the U.S. Department of Energy), so innovations have the potential to meaningfully impact global climate change.

“The Ste. Genevieve plant marks a new era for American cement production, one where technology turns emissions into a high-quality product the market needs while creating lasting local jobs,” said Ryan Gilliam, CEO and co-founder of Fortera. “Building alongside the largest lime operation in the Americas lets us turn an existing emissions stream into hundreds of thousands of tons of cement to meet demand that already exists.”

This project is also significant for the lime industry because it provides a scalable solution to capture and re-use CO2 released by limestone during calcination, which generates roughly 60% of scope-1 emissions. The National Lime Association (NLA) aims to decarbonize the U.S. lime industry by 2050; meeting that goal requires innovation in low carbon technologies.

“While MLC has reduced our carbon footprint by 8% since 2022, and I am proud of that progress, current technologies will only take us so far. Lime producers need practical solutions to capture calcination emissions,” said Paul Hogan, CEO of MLC and current serving president of the NLA. “Fortera has developed an innovative approach that not only reduces the amount of carbon we release — it also turns it into a valuable product.”

The cement manufactured at the Ste. Genevieve plant is planned to be used across the Midwest, including by Ozinga, a fifth-generation, family-owned concrete and building materials company.

“Scaling the next generation of cement requires more than innovative technology; it requires strong partnerships across our industry,” said Marty Ozinga, CEO of Ozinga. “Fortera’s ongoing work with Ozinga represents the kind of collaboration needed to bring lower-carbon cement solutions to commercial scale while strengthening domestic manufacturing and ensuring we can continue to deliver the performance and reliability our customers expect.”

About Fortera
Fortera is revolutionizing the global construction industry. The company’s proprietary ReCarb technology integrates seamlessly with existing cement and lime facilities, allowing partners to keep their kilns, make full use of their limestone, and leverage their established distribution networks. Fortera’s breakthrough approach transforms waste CO₂ into productive feedstock, enabling plants to produce more from existing resources. The company has proven it can produce cement at cost parity with portland cement while cutting CO₂ emissions by 70%. Fortera operates a 15,000 ton per year facility in Redding, California, regularly placing product in real-world commercial projects, and is executing on a global commercial pipeline that includes the 300,000 ton per year Fortera Cement Plant in Ste. Genevieve, Missouri. For more information on how Fortera delivers proven, cost-competitive, and deployable low-carbon cement technology worldwide, visit forteraglobal.com.

About MLC
For over a century, critical industries have relied on Mississippi Lime Company, LLC (“MLC”) to provide the highest purity lime and calcium products, backed by the most advanced technical services and patented equipment. Lime solutions from MLC play an essential role in drinking water treatment, pollution control, agriculture, and the production of steel, glass, paper, polymers, raw materials, foods, and beverages. MLC has built its reputation on an unwavering commitment to safety, service and performance. The company’s expanding global footprint includes a diversified, reliable network of production and distribution facilities in the U.S. and U.K. MLC is an HBM Holdings company headquartered in St. Louis, Mo.

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SOURCE MLC

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DigiKey Expands its DigiKey Standard Product Portfolio

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55 minutes ago

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October 22, 2026

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New products include ESD protection gear, precision tools and more

THIEF RIVER FALLS, Minn., Oct. 22, 2026 /PRNewswire/ — DigiKey, the global distribution leader of electronic components and automation products, announced it is expanding its DigiKey Standard portfolio with essential tools and ESD-safe products designed to meet the everyday needs of engineers, technicians and makers, delivering quality, reliability and value from a name they trust.

DigiKey created the DigiKey Standard product portfolio to simplify purchasing decisions for engineers by offering a line of dependable products carefully selected and vetted by DigiKey. Selected for reliability and everyday use at an approachable price point, the trusted product line provides tools for design, prototyping, testing and production environments.

“The expansion of the DigiKey Standard product portfolio reinforces DigiKey’s commitment to providing quality, cost-effective and readily available solutions for everyday electronics work,” said Jose Gonzalez, director, new market development for DigiKey. “These new additions, ranging from ESD protection gear to precision tools, address essential needs in prototyping, assembly and repair environments.”

What new products are available in the DigiKey Standard portfolio?

Helping Hands Solder Station: Designed for electronic assembly, repair and precision applications, this soldering station has four flexible arms and alligator clip ends to hold the workpiece at optimal height.ESD Molded Mat: With molded features to organize small parts, components and tools via 20 storage areas, this large ESD silicone mat supports electronic projects, repairs and manufacturing environments.DigiKey Standard Boxes: Available in 15 sizes, DigiKey Standard boxes include a custom-fit breadboard and are ready for prototyping projects.Electrical Testers: Test equipment includes an RMS AC/DC clamp meter for troubleshooting and maintaining electrical systems and a non-contact AC voltage detector.Environmental Testers: These portable environmental testers can check air temperature and relative humidity as well as AC, DC and permanent magnetic fields.Multimeters: The product line includes an industrial digital multimeter, 2000 and 4000AR true RMS autoranging digital multimeters, and a waterproof true RMS digital multimeter with LoZ. 

For more information about the DigiKey Standard portfolio, visit DigiKey.com.

More information about DigiKey Standard

The DigiKey Standard portfolio includes 117 products, from essential tools to ESD-safe products.A total of 14 new DigiKey Standard products released this year include an ESD molded mat, the Helping Hands solder station, a variety of 15 box sizes, environmental testers and electrical testers.

About DigiKey
DigiKey, headquartered in Thief River Falls, Minn., USA, is the global leader in electronic components and automation products distribution. DigiKey offers the broadest and deepest selection of products for fast shipment worldwide, with more than 17.4 million components from over 3,000 trusted manufacturers. More than one million customers each year, including engineers, designers, builders and procurement professionals, makers and students, rely on DigiKey for innovative digital solutions, design tools and frictionless purchasing experiences that simplify every stage of their projects. Discover more about DigiKey’s electronics distribution, automation solutions and design resources at digikey.com and on Facebook, X, YouTube, Instagram and LinkedIn. 

Editorial Contact
Laura Stengrim 
DigiKey 
(218) 681-8000 ext. 14489 
laura.stengrim@digikey.com

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