Zillow Group, Inc. (NASDAQ:Z) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET

Company Participants

Bradley Berning - VP, IR

Richard Barton - Co-Founder, CEO & Director

Allen Parker - CFO

Jeremy Wacksman - COO

Conference Call Participants

John Campbell - Stephens Inc.

Ronald Josey - Citigroup

Bradley Erickson - RBC Capital Markets

Jay McCanless - Wedbush Securities

Thomas White - D.A. Davidson & Co.

Ryan McKeveny - Zelman & Associates

Operator

Good afternoon. My name is Hannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Zillow Group First Quarter 2023 Conference Call. [Operator Instructions].

I would now like to turn the conference over to Brad Berning, Vice President, Strategic Affairs and Investor Relations. Please go ahead.

Bradley Berning

Thank you. Good afternoon, and welcome to Zillow Group's First Quarter 2023 Conference Call. Joining me today to discuss our results are Zillow Group's Co-Founder and CEO, and Rich Barton; CFO, Allen Parker; and COO, Jeremy Wacksman.

During today's call, we will make forward-looking statements about our future performance and operating plans and the housing market based on current expectations and assumptions. These statements are subject to risks and uncertainties, and we encourage you to consider the risk factors described in our SEC filings for additional information. 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 on our Investor Relations website. A recording of the call will be available later today.

During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we refer to as EBITDA. We encourage you to read our shareholder letter and our earnings release, which can be found on our Investor Relations website, as they contain important information about our GAAP and non-GAAP results, including reconciliations of historical non-GAAP financial measures.

We will now open the call with remarks followed by live Q&A. And with that, I will turn the call over to Rich.

Richard Barton

Thank you, Brad. And thank you, Hanna. Good afternoon, everyone. Thanks for dialing in today. We are excited to share our first quarter results and the progress we've made on our growth strategy since we last spoke in February. As I noted during our last earnings call, 2023 is critical for Zillow, and I'm pleased with how we've started the year. Total revenue of $469 million and EBITDA of $104 million surpassed the top end of our outlook. This outperformance is due to a combination of progress that we've made since reorienting the company in early 2022, along with favorable relative tailwinds in a tough housing environment.