Zillow Group, Inc. (NASDAQ:Z) Q1 2019 Earnings Conference Call - Final Transcript

May 09, 2019 • 05:00 pm ET


Zillow Group, Inc. (NASDAQ:Z) Q1 2019 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the Zillow Group First Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.

I would now like to turn the conference over to RJ Jones, Vice President, Investor Relations. Please go ahead.

Raymond Jones

Thank you. Good afternoon, and welcome to Zillow Group's first quarter 2019 financial results conference call. Joining me today to discuss our results are Zillow Group's Co-Founder and CEO, Rich Barton; CFO, Allen Parker; Zillow Brand, President and Co-Head of Zillow Offers, Jeremy Wacksman; and President of Media & Marketplaces, Greg Schwartz.

During the call, we will make forward-looking statements regarding future financial performance, operations and events. Although, we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. We caution you to consider the risk factors described in our SEC filings, which could cause actual results to differ materially from those in the forward-looking statements made on this call.

The date of this call is May 9, 2019 and forward-looking statements made today are based on assumptions as of this date. We undertake no obligation to update these statements as a result of new information or future events, except as required by law. This call is being broadcast on the Internet and is accessible through the Investor Relations section of Zillow Group's website. A recording of the call will be available later today.

During the call, we will discuss GAAP and non-GAAP measures. We encourage you to read our financial results, press release, which can be found on our Investor Relations website, as it contains important information about our GAAP and non-GAAP results, including reconciliation of historical non-GAAP financial measures.

In our remarks, the non-GAAP financial measure adjusted EBITDA is referred to as EBITDA, which excludes other income, depreciation and amortization expense, share-based compensation expense, acquisition-related costs, interest expense and income taxes. We have posted our quarterly shareholder letter and financial tables on our Investor Relations website. We will open the call with brief remarks, followed by live Q&A.

I will now turn the call over to Rich.

Rich Barton

Thanks, RJ, and thanks to everyone for joining today. Before we open for questions, I wanted to share a few thoughts. As I reflect on the quarter, I'm reminded of a fantastically cheesy and popular TV show from the '80s called the A-Team about a former special forces unit became mercenaries for good and we take on daring rescue missions and despite long odds with somehow pull it off. Each episode, just as the tide was turning, cigar in mouth, Colonel Hannibal Smith played by George Peppard would turn to the camera and say, I love it when a plan comes together.

Well, our daring plan to transform the real estate transaction for the super-empowered smartphone wielding uberized consumer is in fact coming together, or at least it's beginning to come together. It's still early