Zillow, Inc announced financial results for the fourth quarter ended December 31, 2014. Revenue increased 58% to a record $92.3 million from $58.3 million in the fourth quarter of 2013.
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Marketplace Revenue increased 69% to a record $78.2 million from $46.2 million in the fourth quarter of 2013.
Real Estate Revenue grew 73% to a record $70.8 million from $40.9 million in the fourth quarter of 2013. Premier Agent revenue grew 76% year over year.
Mortgages Revenue grew 38% to a record $7.4 million from $5.3 million in the fourth quarter of 2013.
Display Revenue increased 17% to $14.1 million from $12.1 million in the fourth quarter of 2013.
Basic and diluted GAAP net loss per share was $0.27 in the fourth quarter of 2014 compared to basic and diluted GAAP earnings per share of $0.07 and $0.06, respectively, in the same period last year. The fourth quarter of 2014 results include the impact of approximately $0.20 on basic and diluted GAAP net loss per share from acquisition-related costs due to the company's acquisition of Trulia, Inc.
Basic and diluted non-GAAP net income per share was $0.26 and $0.24, respectively, in the fourth quarter of 2014 compared to basic and diluted non-GAAP net income per share of $0.21 and $0.19, respectively, in the same period last year. Basic and diluted non-GAAP net income per share excludes share-based compensation expense, acquisition-related costs, impairment of certain acquired intangible assets and the 2013 income tax benefit.
GAAP net loss was $10.9 million in the fourth quarter of 2014 compared to GAAP net income of $2.7 million in the same period last year. The fourth quarter of 2014 results include the impact of $8.1 million of acquisition-related costs due to the company's acquisition of Trulia, Inc.
Adjusted EBITDA was a record $20.0 million in the fourth quarter of 2014, or 22% of revenue, which was an increase from $15.4 million in the fourth quarter of 2013, or 26% of revenue.
Full year 2014 financial highlights
Revenue increased 65% to a record $325.9 million from $197.5 million in 2013. Marketplace Revenue increased 73% to a record $267.2 million from $154.7 million in 2013.
Real Estate Revenue grew 80% to a record $239.0 million from $132.9 million in 2013.
Mortgages Revenue grew 29% to a record $28.2 million from $21.8 million in 2013.
Display Revenue increased 37% to a record $58.7 million from $42.8 million in 2013.
Basic and diluted GAAP net loss per share was $1.09 in 2014 compared to basic and diluted GAAP net loss per share of $0.35 in 2013. The 2014 results include the impact of approximately $0.54 on basic and diluted GAAP net loss per share from acquisition-related costs, primarily due to the company's acquisition of Trulia, Inc.
Basic and diluted non-GAAP net income per share was $0.38 and $0.35, respectively, in 2014 compared to basic and diluted non-GAAP net income per share of $0.20 and $0.18, respectively, in 2013.
Due primarily to planned increases in advertising expenses and acquisition-related costs due to the company's acquisition of Trulia, Inc., GAAP net loss was $43.6 million in 2014, compared to GAAP net loss of $12.5 million in 2013. The 2014 results include the impact of $21.5 million from acquisition-related costs due to the company's acquisition of Trulia, Inc.
Adjusted EBITDA was a record $49.8 million in 2014, or 15% of revenue, which compares to $30.1 million in 2013, or 15% of revenue. ■