Zillow Group announced its consolidated financial results for the quarter and full year ended December 31, 2015.
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Revenue increased 7% to $169.4 million from pro forma revenue of $158.5 million in the fourth quarter of 2014.
Excluding Market Leader Revenue, pro forma revenue increased 18% to $169.4 million from pro forma Revenue of $143.8 million in the fourth quarter of 2014.
GAAP net loss was $25.7 million in the fourth quarter of 2015, which includes the impact of $8.1 million in legal costs related to our litigation with News Corp.
Pro forma net loss was $25.1 million in the fourth quarter of 2015 compared to pro forma net loss of $11.3 million in the same period last year. Pro forma net loss for the fourth quarter of 2015 includes the impact of $8.1 million in legal costs related to our litigation with News Corp.
Adjusted EBITDA was $20.4 million in the fourth quarter of 2015, or 12% of Revenue, which was a decrease from pro forma Adjusted EBITDA of $34.8 million in the fourth quarter of 2014, or 22% of pro forma Revenue.
Adjusted EBITDA in the fourth quarter of 2015 includes the impact of $8.1 million in legal costs related to our litigation with News Corp.
Basic and diluted GAAP net loss per share was $0.14 in the fourth quarter of 2015 compared to basic and diluted GAAP net loss per share of $0.09 in the same period last year.
Pro forma basic and diluted net loss per share was $0.14 in the fourth quarter of 2015 compared to pro forma basic and diluted net loss per share of $0.06 in the same period last year.
Basic and diluted non-GAAP net loss per share was $0.01 in the fourth quarter of 2015, compared to basic non-GAAP net income per share of $0.09 and diluted non-GAAP net income per share of $0.08 in the same period last year.
For the fourth quarter of 2015, non-GAAP net loss per share excludes share-based compensation expense, acquisition-related costs, restructuring costs and income taxes.
Full year 2015 financial highlights
Full year 2015 Revenue was $644.7 million on an as-reported basis. Pro forma Revenue increased 18% to $679.9 million from pro forma revenue of $577.8 million in 2014. Excluding Market Leader Revenue, pro forma Revenue increased 24% to $642.9 million from pro forma Revenue of $516.4 million in 2014.
GAAP net loss was $148.9 million in 2015, which includes the impact of $35.6 million of restructuring costs and $16.6 million of acquisition-related costs, primarily due to the company's February 2015 acquisition of Trulia and the related restructuring plan.
GAAP net loss in 2015 also includes $27.1 million in legal costs related to our litigation with News Corp. and $4.4 million for the loss recorded in connection with the sale of Market Leader.
Pro forma net loss was $91.1 million in 2015 compared to pro forma net loss of $83.3 million in the same period last year. Pro forma net loss for 2015 includes $27.1 million in legal costs related to our litigation with News Corp.
Pro forma Adjusted EBITDA was $95.4 million in 2015, or 14% of pro forma Revenue, which was an increase from pro forma Adjusted EBITDA of $71.2 million in 2014, or 12% of pro forma Revenue. Pro forma Adjusted EBITDA in 2015 includes the impact of $27.1 million in legal costs related to our litigation with News Corp.
Basic and diluted GAAP net loss per share was $0.88 in 2015 compared to basic and diluted GAAP net loss per share of $0.36 in the same period last year.
Pro forma basic and diluted net loss per share was $0.52 in 2015 compared to pro forma basic and diluted net loss per share of $0.49 in the same period last year.
Basic non-GAAP net income per share of $0.05 and diluted non-GAAP net income per share of $0.07 in 2015, compared to basic non-GAAP net income per share of $0.13 and diluted non-GAAP net income per share of $0.12 in the same period last year.
For full year 2015, non-GAAP net income per share excludes share-based compensation expense, acquisition-related costs, restructuring costs, loss on divestiture of business, and income taxes. ■
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