Technology

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

Published

2 years ago

February 13, 2024

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

37 %

357

274

30 %

Mortgages

22 %

119

(19) %

Other

11 %

(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

—

Income taxes

Other income, net

(43)

(24)

(151)

(43)

Depreciation and amortization

187

150

Share-based compensation

109

110

451

433

Impairment and restructuring costs

Acquisition-related costs

—

Gain on extinguishment of debt

(1)

—

(1)

—

Interest expense

Adjusted EBITDA

$ 69

$ 73

$ 391

$ 514

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SOURCE Zillow Group, Inc.

Technology

Meridian Singapore Immigration Launches New Website to Simplify the PR Application Journey for Foreigners in Singapore

Published

6 hours ago

April 30, 2026

New online platform provides clear, structured guidance for Employment Pass and S Pass holders navigating Singapore’s residency and Permanent Residency pathways

SINGAPORE, April 30, 2026 /PRNewswire/ — Meridian Singapore Immigration Pte. Ltd. has officially launched its new website at meridianimmigration.sg, a resource built specifically for foreigners living and working in Singapore who are exploring Permanent Residency or long-term residency options.

The platform arrives at a time when Singapore’s expatriate and foreign professional community is growing rapidly, yet many EP and S Pass holders report struggling to find clear, reliable information on the PR application process. Singapore’s immigration framework is among the most structured in Southeast Asia, with eligibility criteria, documentation requirements, and submission windows that change frequently. For individuals navigating this process without professional guidance, the stakes are high and the margin for error is narrow.

Meridian’s website was built to address that gap directly. The platform offers detailed explanations of available immigration pathways, structured consultation options, and educational resources developed by the firm’s team of immigration specialists. Rather than presenting a services catalogue, the site walks users through the considerations relevant to their specific situation, whether they hold an Employment Pass, S Pass, or are planning for their family’s long-term residency in Singapore.

“We built this platform because we saw how overwhelming and confusing the immigration process can be for people who genuinely want to build their lives here,” said a spokesperson for Meridian Singapore Immigration. “Our goal is to be the trusted partner that walks them through every step with clarity and integrity.”

Singapore’s continued attractiveness as a regional hub for multinational corporations, financial institutions, and technology firms means the pipeline of foreigners seeking long-term residency options remains substantial. At the same time, the ICA’s PR application framework has grown more nuanced, with factors such as economic contributions, family ties, and community integration weighed during assessment. Applicants who proceed without a clear understanding of these criteria often submit applications that are either premature or structurally incomplete.

Meridian’s approach centres on preparation and transparency, helping applicants understand where they stand before they apply and what supporting documentation strengthens their case.

Meridian Singapore Immigration Pte. Ltd. is a professional immigration consultancy dedicated to guiding individuals and families through Singapore’s immigration process. Specialising in Permanent Residency (PR) applications, residency pathways, and compliance support, Meridian offers clear, structured solutions tailored to each client’s unique circumstances. Founded on the values of Guidance, Integrity, and Success, Meridian is committed to making immigration simple, transparent, and accessible for everyone. For more information, visit meridianimmigration.sg or contact info@meridianimmigration.sg / +65 8873 1113.

View original content:https://www.prnewswire.com/apac/news-releases/meridian-singapore-immigration-launches-new-website-to-simplify-the-pr-application-journey-for-foreigners-in-singapore-302757392.html

SOURCE Meridian Singapore Immigration Pte. Ltd.

Technology

Socomec, Daitron team up to meet Japan’s growing power demands

Published

6 hours ago

April 30, 2026

TOKYO, April 30, 2026 /PRNewswire/ — Socomec, a century-old electrical group specialising in mission-critical energy, and Japan’s Daitron, an electronics components distributor, have signed a partnership to deliver power conversion solutions and service backup power and electrical-switching systems across Japan.

The deal combines Socomec’s equipment with Daitron’s on-the-ground engineering team, which has more than 74 years of experience in the Japanese market. The two companies will handle everything from project delivery to ongoing maintenance and spare parts.

The partnership covers three product areas: uninterruptible power supplies (UPS), which keep facilities running during outages; power conversion systems, which ensure the availability and continuity of high-quality energy; and static transfer switches, which automatically reroute power loads between sources without interruption.

Beyond equipment sales, the agreement includes training, spare parts, long-term service contracts and a full range of expert services covering prevention, measurement and analysis, consultancy, deployment and optimisation. Socomec will provide product and technical training to Daitron’s team, while Daitron handles installation, servicing and day-to-day client support in Japan.

The target market spans data centres, semiconductor plants, industrial facilities, hospitals and green buildings, all areas where even brief power interruptions can prove costly. Data center demand in particular is surging, driven by the rapid expansion of artificial intelligence infrastructure, with colocation and enterprise facilities among the primary targets.

“Daitron knows the Japanese market inside and out. They have the people, the relationships, and the hands-on experience, and we bring the technology to match,” said Socomec Asia-Pacific CEO O’Niel Dissanayake. “It’s a natural fit, and together we can offer something neither company could deliver alone.”

“Japan’s data centres, chip factories and industrial plants all require power systems they can count on,” said Masaharu Kato, corporate officer of Daitron. “Socomec’s technology is exactly what these customers need, and our job is to make sure it’s installed, maintained and supported properly. That’s what we do best.”

The partnership comes as Japan faces a step change in power demand. Electricity consumption is expected to grow 5.3% over the next decade, driven by data centres and semiconductor factories, according to the country’s grid operator. Industrial energy demand alone is forecast to rise 18.3% over the same period.

That growth is creating strong demand for reliable power infrastructure. Data centres, for example, run around the clock and cannot afford downtime, making backup power and efficient energy management essential. Socomec’s systems are designed to reduce power consumption without sacrificing reliability, a balance that is becoming increasingly important as operators look to manage both costs and environmental commitments.

Both companies say project planning and bids are already underway, with a long-term goal of expanding the partnership’s reach across Japan as demand grows.

About Daitron

Daitron Co., Ltd. is a Japanese engineering and trading company founded in 1952 and headquartered in Osaka. Listed on the Tokyo Stock Exchange (TYO: 7609), Daitron sells and manufactures electronic components, semiconductor processing equipment and power supply systems. The company has more than seven decades of experience serving Japan’s electronics and manufacturing industries.

SOCOMEC: When energy matters

Founded in 1922, SOCOMEC is an independent industrial group of more than 4,800 experts spread across the world in 30 subsidiaries. Our vocation: design, manufacture and sale of electrical equipment, with a strong expertize in critical power applications. In 2025, SOCOMEC achieved a turnover of 997 million euros (not yet audited).

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/socomec-daitron-team-up-to-meet-japans-growing-power-demands-302755570.html

SOURCE Socomec

Technology

Multi-Destination Travel Surges Across Asia-Pacific This Labour Day, Trip.com Group Data Shows

Published

6 hours ago

April 30, 2026

Multi-city travel across Asia-Pacific grew 35% year-on-yearMulti-city travel outpaces single-destination growth by more than 2xSoutheast Asia sees strong double-digit growth, with Thailand up to 52% YoY

SINGAPORE, April 29, 2026 /CNW/ — Multi-city travel across Asia-Pacific grew 35% year-on-year this Labour Day period, according to data from Trip.com Group. Several Asia-Pacific markets including Japan, South Korea, parts of Southeast Asia and Mainland China celebrate Labour Day, driving strong cross-border and domestic travel flows across the region.

Over 30% of international trips now span multiple destinations, highlighting a continued shift towards more complex, itinerary-led travel. This shift reflects a growing preference to maximise time and value with multiple destinations within a single trip rather than a single location.

Multi-destination trips become a defining travel pattern

While single-destination travel continues to account for most bookings, growth is increasingly driven by more complex itineraries. Multi-destination bookings are growing at more than twice the pace of single-destination travel, reflecting stronger demand for flexibility and deeper exploration.

Travellers are increasingly structuring trips across multiple cities to maximise both time and value, with popular combinations including:

Tokyo – Osaka – Kyoto (Japan)Seoul – Busan (South Korea)Bangkok – Phuket (Thailand)

These itineraries reflect a growing preference for multi-stop journeys that blend urban experiences with leisure destinations.

Southeast Asia sees fast growth in multi-destination travel

Across Southeast Asia, demand for multi-destination travel is rising steadily, with strong growth across key markets of Thailand: 52%, Malaysia: 40%, and Singapore: 17%, according to Trip.com Group data.

Top outbound destinations across Southeast Asian markets include Japan (Tokyo, Osaka), South Korea (Seoul), China (Shanghai, Beijing), Thailand (Bangkok), Indonesia (Bali).

In other parts of Asia such as Hong Kong SAR, multi-destination travel also grew by over 50% year-on-year, highlighting growing preference for more complex itineraries over traditional single-destination trips, particularly in well-connected urban markets.

In Mainland China, domestic travel remains a strong base, while overseas journeys are increasingly shaped by multi-destination itineraries, with over 40% of outbound trips spanning multiple destinations and continuing to grow.

This suggests that travellers in this region are increasingly combining multiple cities within a single trip, supported by strong regional connectivity.

Japan’s domestic travel momentum on the rise

Japan is also seeing shifts in domestic travel behaviour, even as outbound demand continues to grow.

In Japan, domestic travel is growing rapidly, indicating rising interest in travelling within the country, accounting for one-quarter of all flight bookings, and to cities such as Tokyo, Sapporo and Okinawa.

Intra-Asia travel dominates Labour Day demand

The Labour Day holiday period continues to be driven by regional travel within Asia-Pacific, with travellers favouring destinations that offer ease of access, diverse experiences, and flexible itineraries.

The Group’s data highlights the continued strength of short-haul travel, supported by strong connectivity and shorter flight durations.

More broadly, the way people travel across Asia-Pacific is evolving. Travellers taking a more deliberate approach to how they plan their trips. While cross-border journeys are increasingly shaped by multi-city itineraries, domestic travel remains a strong and steady part of the landscape. Together, these patterns point to a more flexible and value-conscious mindset, as travellers look to make the most of both time and budget.

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.