Investor Presentaiton

Calculation of Adjusted EBITDA margin by segment - Q1'20, FY'19, & FY'18 Homes Q1'20 Calculation of Adjusted EBITDA Margin Adjusted EBITDA Revenue Adjusted EBITDA margin $(74,995) $769,873 -10% IMT Mortgages (in thousands, unaudited) $85,717 $330,666 26% $ (5,603) Consolidated $25,282 -22% $5,119 $1,125,821 0% IMT Mortgages Consolidated (in thousands, unaudited) $(241,326) $1,365,250 -18% $303,863 $1,276,896 24% $(23,653) $100,691 -23% $38,884 $2,742,837 1% Homes FY19 Calculation of Adjusted EBITDA Margin Adjusted EBITDA Revenue Adjusted EBITDA margin Homes FY18 Calculation of Adjusted EBITDA Margin Adjusted EBITDA Revenue Adjusted EBITDA margin IMT Mortgages (in thousands, unaudited) $(48,460) $52,365 -93% $240,025 $1,201,143 20% Consolidated $9,267 $80,046 12% $200,832 $1,333,554 15% 1.We use income (loss) before income taxes as our profitability measure in making operating decisions and assessing the performance of our segments, therefore, net loss and income tax benefit are calculated and presented only on a consolidated basis within our financial statements. ZILLOW GROUP 26

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