Zillow Group, Inc. (NASDAQ:Z) Q3 2022 Earnings Conference Call November 2, 2022 5:00 PM ET

Company Participants

Brad Berning - Vice President, Strategic Affairs & Investor Relations

Rich Barton - Co-Founder & Chief Executive Officer

Allen Parker - Chief Financial Officer, Zillow Group, Inc.

Jeremy Wacksman - Chief Operating Officer

Conference Call Participants

John Colantuoni - Jefferies

Michael Ng - Goldman Sachs

Brad Erickson - RBC

Ryan McKeveny - Zelman

Justin Patterson - KeyBanc

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 Third Quarter 2022 Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions] Please note, this event is being recorded.

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

Brad Berning

Thank you. Good afternoon, and welcome to Zillow Group’s third quarter 2022 conference call. Joining me today to discuss our results are Zillow Group’s Co-Founder and CEO, Rich Barton; CFO, Allen Parker; COO, Jeremy Wacksman.

During today’s call, we will be making forward-looking statements about our future performance and operating plans and 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. Recording the call will be available later today. During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we will 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.

In addition, please note that we will refer to our Internet, Media & Technology segment as our IMT segment. Beginning in Q3, the financial results of Zillow Offers have been presented as discontinued operations, and are therefore excluded from the discussion of the results of our continuing operations. We will now open the call with remarks followed by live Q&A.