Zillow Group, Inc (Z) saw its loss narrow to $23.49 million, or $0.13 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $25.72 million, or $0.14 a share. On an adjusted basis, net profit for the quarter stood at $27.06 million, or $0.14 a share compared with a net loss of $2.13 million, or $0.01 a share in the last year period. Revenue during the quarter surged 34.39 percent to $227.61 million from $169.37 million in the previous year period. Gross margin for the quarter expanded 28 basis points over the previous year period to 91.36 percent. Operating margin for the quarter period stood at positive 1.19 percent as compared to a negative 15.55 percent for the previous year period.
Operating income for the quarter was $2.71 million, compared with an operating loss of $26.34 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $54.75 million compared with $20.39 million in the prior year period. At the same time, adjusted EBITDA margin improved 1201 basis points in the quarter to 24.05 percent from 12.04 percent in the last year period.
"Zillow Group had a fantastic year in 2016," said Zillow Group chief executive officer Spencer Rascoff. "We set records for annual revenue and site traffic, and ended on a strong note with solid fourth quarter results that were ahead of expectations. We executed on all of our strategic priorities for the year and completed the roll out of our self-serve account interface to Premier Agents nationally. In 2017, we are committed to further extending our audience leadership in the online real estate category. We expect to pass the $1 billion annual revenue mark in 2017, and we will press our advantage with continued investment across all Zillow Group’s brands and emerging marketplaces."
For financial year 2017, Zillow Group, Inc expects revenue to be in the range of $1,030 million to $1,050 million. The company forecasts net loss to be in the range of $20.20 million to $40.20 million.
For the first-quarter 2017, Zillow Group, Inc expects revenue to be in the range of $232 million to $237 million. The company forecasts net loss to be in the range of $14.10 million to $19.10 million.
Operating cash flow drops significantly
Zillow Group, Inc has generated cash of $8.64 million from operating activities during the year, down 61.85 percent or $14.01 million, when compared with the last year.
The company has spent $65.72 million cash to meet investing activities during the year as against cash inflow of $64.44 million in the last year.
Cash flow from financing activities was $71.53 million for the year, up 339.55 percent or $55.26 million, when compared with the last year.
Cash and cash equivalents stood at $243.59 million as on Dec. 31, 2016, up 6.31 percent or $14.45 million from $229.14 million on Dec. 31, 2015.
Working capital decreases marginally
Zillow Group, Inc has witnessed a decline in the working capital over the last year. It stood at $484.56 million as at Dec. 31, 2016, down 1.84 percent or $9.11 million from $493.67 million on Dec. 31, 2015. Current ratio was at 5.98 as on Dec. 31, 2016, down from 7.14 on Dec. 31, 2015.
Days sales outstanding were almost stable at 8 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding was almost stable at 10 days for the quarter, when compared with the previous year period.
Debt increases substantially
Zillow Group, Inc has witnessed an increase in total debt over the last one year. It stood at $367.40 million as on Dec. 31, 2016, up 59.74 percent or $137.40 million from $230 million on Dec. 31, 2015. ZILLOW GROUP, INC has witnessed an increase in long-term debt over the last one year. It stood at $367.40 million as on Dec. 31, 2016, up 59.74 percent or $137.40 million from $230 million on Dec. 31, 2015. Total debt was 11.66 percent of total assets as on Dec. 31, 2016, compared with 7.33 percent on Dec. 31, 2015. Debt to equity ratio was at 0.15 as on Dec. 31, 2016, up from 0.09 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
