Investor Presentation February 2022
Zillow Adjusted EBITDA Margin (excluding Zillow Offers impact) Reconciliation
(in $thousands, except %)
Reconciliation of Adjusted EBITDA to Income (Loss) Before Income Taxes:
Net loss (1)
Income taxes
Income (loss) before income taxes
Other income
Depreciation and amortization
Share-based compensation
Acquisition-related costs
Loss on extinguishment of debt
Impairment and restructuring costs
Interest expense
Adjusted EBITDA
Consolidated Adjusted EBITDA
Adjustments to arrive at Zillow Adjusted EBITDA (excluding Zillow Offers impact)
Homes Adjusted EBITDA
Customer Transaction revenue attributable to Zillow Offers (3)
Zillow Adjusted EBITDA (excluding Customer Transaction revenue attributable to Zillow Offers)
Zillow Customer Transaction revenue
Other IMT, Marketplace, and Mortech revenue
Adjusted Zillow revenue (excluding Zillow Offers impact)
Zillow Adjusted EBITDA Margin (excluding Zillow Offers impact)
Homes
IMT
Year Ended
December 31, 2021
Mortgages
Corporate Items (2)
Consolidated
$
N/A
N/A
(881,464)
$
N/A
N/A
544,590 $
N/A
N/A
(51,823) $
N/A
N/A
(137,817) $
$
(527,777)
1,263
(526,514)
(2,878)
(5,019)
(2,291)
(10,188)
22,393
99,026
8,361
129,780
76,879
200,963
33,844
311,686
8,615
8,615
17,119
17,119
71,247
63,829
$
(649,994)
$
32
853,226
926
5,060
72,173
122,989
191,910
$
(8,651)
$
$
194,581
$
194,581
$
649,994
(33,642)
$
810,933
$
1,491,663
608,689
$
2,100,352
39%
(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 (expense) are calculated and presented only on a consolidated basis within our financial statements.
(2) Certain corporate items are not directly attributable to any of our segments, including the gain (loss) on extinguishment of debt, interest income earned on our short-term investments included in other income and interest costs on our convertible senior notes included in interest expense.
(3) The calculation of Zillow Adjusted EBITDA (excluding Customer Transactions attributable to Zillow Offers) excludes costs savings that would be achieved from removing the Customer Transaction revenue attributable to Zillow Offers because the company is unable, without making unreasonable efforts, to
calculate these cost savings with confidence. Please see the following "Use of Operating Metrics" slide for the definition of and more information about Customer Transactions.
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