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Exhibit 99.2


Reported Consolidated Results

ZILLOW GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
December 31,
20222021
Assets
Current assets:
Cash and cash equivalents$1,466 $2,315 
Short-term investments1,896 514 
Accounts receivable, net
72 77 
Mortgage loans held for sale41 107 
Prepaid expenses and other current assets126 140 
Restricted cash2 1 
Current assets of discontinued operations— 4,526 
Total current assets3,603 7,680 
Contract cost assets23 35 
Property and equipment, net271 215 
Right of use assets126 130 
Goodwill2,374 2,374 
Intangible assets, net154 176 
Other assets12 3 
Noncurrent assets of discontinued operations— 82 
Total assets$6,563 $10,695 
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable$20 $11 
Accrued expenses and other current liabilities90 89 
Accrued compensation and benefits48 61 
Borrowings under credit facilities37 113 
Deferred revenue44 51 
Lease liabilities, current portion31 24 
Current liabilities of discontinued operations— 3,533 
Total current liabilities270 3,882 
Lease liabilities, net of current portion139 148 
Convertible senior notes1,660 1,319 
Other long-term liabilities12 5 
Total liabilities2,081 5,354 
Shareholders’ equity:
Class A common stock
— — 
Class B common stock
— — 
Class C capital stock
— — 
Additional paid-in capital6,109 7,001 
Accumulated other comprehensive income (loss) (15)7 
Accumulated deficit(1,612)(1,667)
Total shareholders’ equity4,482 5,341 
Total liabilities and shareholders’ equity$6,563 $10,695 



ZILLOW GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share data, which are presented in thousands, and per share data)
 Three Months Ended
December 31,		Year Ended December 31,
 2022202120222021
Revenue$435 $535 $1,958 $2,132 
Cost of revenue (1)89 95 367 323 
Gross profit346 440 1,591 1,809 
Operating expenses:
Sales and marketing (1)162 183 664 715 
Technology and development (1)129 102 498 421 
General and administrative (1)128 111 498 414 
Restructuring costs (1)10 10 24 10 
Acquisition-related costs— 1 — 9 
Integration costs— 1 — 1 
Total operating expenses429 408 1,684 1,570 
Income (loss) from continuing operations(83)32 (93)239 
Loss on extinguishment of debt— — — (17)
Other income, net24 2 43 7 
Interest expense(9)(29)(35)(128)
Income (loss) from continuing operations before income taxes(68)5 (85)101 
Income tax benefit (expense)(4)1 (3)1 
Net income (loss) from continuing operations(72)6 (88)102 
Net loss from discontinued operations, net of income taxes— (267)(13)(630)
Net loss$(72)$(261)$(101)$(528)
Net income (loss) from continuing operations per share
Basic$(0.31)$0.02 $(0.36)$0.41 
Diluted$(0.31)$0.02 $(0.36)$0.39 
Net loss per share:
Basic$(0.31)$(1.03)$(0.42)$(2.11)
Diluted$(0.31)$(1.00)$(0.42)$(2.02)
Weighted-average shares outstanding:
Basic236,246 254,013 242,163 249,937 
Diluted236,246 261,181 242,163 261,826 
(1) Includes share-based compensation expense as follows:
Cost of revenue$4 $2 $16 $9 
Sales and marketing17 11 63 42 
Technology and development42 25 165 103 
General and administrative47 34 189 122 
Restructuring costs— 1 2 1 
Share-based compensation - continuing operations$110 $73 $435 $277 
Other Financial Data:
Income (loss) from continuing operations before income taxes:
IMT segment$(22)$138 $160 $545 
Mortgages segment(51)(26)(167)(52)
Homes segment(13)(79)(93)(254)
Corporate items (2)18 (28)15 (138)
Total income (loss) from continuing operations before income taxes$(68)$5 $(85)$101 
Adjusted EBITDA (3):
IMT segment$113 $221 $672 $854 
Mortgages segment(32)(14)(92)(9)
Homes segment(8)(53)(66)(191)
Total Adjusted EBITDA$73 $154 $514 $654 
(2) Certain corporate items are not directly attributable to any of our segments, including the loss on extinguishment of debt, interest income earned on our short-term investments included in other income, net and interest costs on our convertible senior notes included in interest expense.
(3) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See Exhibit 99.1 for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net loss on a consolidated basis and income (loss) from continuing operations before income taxes for each segment, the most directly comparable GAAP financial measures, for each of the periods presented. Adjusted EBITDA on a consolidated basis and for each segment excludes the impact of discontinued operations.


ZILLOW GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Year Ended December 31,
 20222021
Operating activities
Net loss$(101)$(528)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization157 130 
Share-based compensation451 312 
Amortization of right of use assets23 23 
Amortization of contract cost assets30 42 
Amortization of debt discount and debt issuance costs26 104 
Loss on extinguishment of debt21 17 
Impairment and restructuring costs— 57 
Inventory valuation adjustment9 408 
Other adjustments to reconcile net loss to net cash provided by (used in) operating activities(3)12 
Changes in operating assets and liabilities:
Accounts receivable82 (82)
Mortgage loans held for sale66 224 
Inventory3,904 (3,827)
Prepaid expenses and other assets6 (82)
Contract cost assets(18)(26)
Lease liabilities(21)(29)
Accounts payable3 5 
Accrued expenses and other current liabilities(71)61 
Accrued compensation and benefits(60)13 
Deferred revenue(7)1 
Other long-term liabilities7 (12)
Net cash provided by (used in) operating activities4,504 (3,177)
Investing activities
Proceeds from maturities of investments802 2,206 
Purchases of investments(2,191)(516)
Purchases of property and equipment(115)(74)
Purchases of intangible assets(25)(31)
Cash paid for acquisitions, net(4)(497)
Net cash provided by (used in) investing activities(1,533)1,088 
Financing activities
Proceeds from issuance of Class C capital stock, net of issuance costs— 545 
Proceeds from issuance of term loan, net of issuance costs— 1,138 
Proceeds from borrowings on credit facilities— 3,618 
Repayments of borrowings on credit facilities(2,206)(1,780)
Net repayments on warehouse line of credit and repurchase agreements(76)(197)
Repurchases of Class A common stock and Class C capital stock(947)(302)
Settlement of long-term debt(1,158)(1)
Proceeds from exercise of stock options46 127 
Net cash provided by (used in) financing activities(4,341)3,148 
Net increase (decrease) in cash, cash equivalents and restricted cash during period(1,370)1,059 
Cash, cash equivalents and restricted cash at beginning of period2,838 1,779 
Cash, cash equivalents and restricted cash at end of period$1,468 $2,838 
Supplemental disclosures of cash flow information
Cash paid for interest$50 $109 
Cash paid for taxes6 — 
Noncash transactions:
Write-off of fully amortized intangible assets$203 $58 
Write-off of fully depreciated property and equipment53 49 
Capitalized share-based compensation51 30 
Issuance (settlement) of beneficial interests in securitizations(79)63 



Non-GAAP Net Income per Share
Our presentation of non-GAAP net income per share excludes the impact of the results of discontinued operations, share-based compensation, restructuring costs, acquisition-related costs, the loss on extinguishment of debt and income taxes. This measure is not a key metric used by our management and board of directors to measure operating performance or otherwise manage the business. However, we provide non-GAAP net income per share as supplemental information to investors, as we believe the exclusion of the results of discontinued operations, share-based compensation, restructuring costs, acquisition-related costs, the loss on extinguishment of debt and income taxes facilitates investors’ operating performance comparisons on a period-to-period basis. You should not consider non-GAAP net income per share in isolation or as a substitute for analysis of our results as reported under GAAP.

The following table sets forth a reconciliation of non-GAAP net income, adjusted, to net loss, as reported on a GAAP basis, and the calculation of non-GAAP net income per share - basic and diluted, for each of the periods presented (in millions, except share data, which are presented in thousands, and per share data, unaudited):
Three Months Ended
December 31,		Year Ended December 31,
 2022202120222021
Net loss, as reported$(72)$(261)$(101)$(528)
Net loss from discontinued operations, net of income taxes— 267 13 630 
Share-based compensation110 72 433 276 
Restructuring costs10 10 24 10 
Acquisition-related costs— 1 — 9 
Loss on extinguishment of debt — — — 17 
Income tax expense (benefit)4 (1)3 (1)
Net income, adjusted$52 $88 $372 $413 
Non-GAAP net income per share:
Basic$0.22 $0.35 $1.54 $1.65 
Diluted$0.21 $0.34 $1.43 $1.58 
Weighted-average shares outstanding:
Basic236,246 254,013 242,163 249,937 
Diluted262,391 261,181 269,106 261,826 
Diluted non-GAAP net income per share - for the periods presented is calculated using diluted weighted-average shares outstanding, which includes potential shares of Class A common stock and Class C capital stock for the periods in which their effect would have been dilutive. The potential shares of Class A common stock and Class C capital stock were excluded from the calculation of non-GAAP net income per share for certain periods presented if their effect would have been antidilutive. The following table reconciles the denominators used in the basic and diluted non-GAAP net income per share calculations (in thousands, unaudited):
Three Months Ended
December 31,		Year Ended December 31,
 2022202120222021
Denominator for basic calculation236,246 254,013 242,163 249,937 
Effect of dilutive securities:
     Option awards457 5,515 1,118 9,304 
     Unvested restricted stock units242 1,653 379 2,585 
Convertible senior notes due in 2024 and 202625,446 — 25,446 — 
          Denominator for dilutive calculation262,391 261,181 269,106 261,826 



Segment Results of Operations
The following tables present our segment results for the periods presented (in millions, unaudited):
 Three Months Ended December 31, 2022Three Months Ended December 31, 2021
IMTMortgagesHomesIMTMortgagesHomes
Revenue:
Premier Agent$283 $— $— $354 $— $— 
Rentals68 — — 60 — — 
Other66 — — 70 — — 
Mortgages— 18 — — 51 — 
Total revenue417 18 — 484 51 — 
Cost of revenue72 14 3 62 22 11 
Gross profit (loss)345 4 (3)422 29 (11)
Operating expenses:
Sales and marketing142 18 2 139 28 16 
Technology and development115 13 1 74 8 20 
General and administrative101 22 5 69 19 23 
Restructuring costs6 2 2 — 1 9 
Acquisition-related costs— — — 1 — — 
Integration costs— — — 1 — — 
Total operating expenses364 55 10 284 56 68 
Income (loss) from continuing operations(19)(51)(13)138 (27)(79)
Segment other income (expense), net(3)1 — — 2 — 
Segment interest expense — (1)— — (1)— 
Income (loss) from continuing operations before income taxes (1)$(22)$(51)$(13)$138 $(26)$(79)


 Year Ended December 31, 2022Year Ended December 31, 2021
IMTMortgagesHomesIMTMortgagesHomes
Revenue:
Premier Agent$1,291 $— $— $1,396 $— $— 
Rentals274 — — 264 — — 
Other274 — — 226 — — 
Mortgages— 119 — — 246 — 
Total revenue1,839 119 — 1,886 246 — 
Cost of revenue275 68 24 203 84 36 
Gross profit (loss)1,564 51 (24)1,683 162 (36)
Operating expenses:
Sales and marketing572 79 13 552 109 54 
Technology and development438 50 10 318 32 71 
General and administrative375 85 38 258 72 84 
Restructuring costs12 4 8 — 1 9 
Acquisition-related costs— — — 9 — — 
Integration costs— — — 1 — — 
Total operating expenses1,397 218 69 1,138 214 218 
Income (loss) from continuing operations167 (167)(93)545 (52)(254)
Segment other income (expense), net(7)3 — — 5 — 
Segment interest expense — (3)— — (5)— 
Income (loss) from continuing operations before income taxes (1)$160 $(167)$(93)$545 $(52)$(254)
(1) The following table presents the reconciliation of total segment income (loss) from continuing operations before income taxes to consolidated income (loss) from continuing operations before income taxes for the periods presented (in millions, unaudited):
Three Months Ended
December 31,		Year Ended December 31,
2022202120222021
Total segment income (loss) from continuing operations before income taxes$(86)$33 $(100)$239 
Corporate interest expense(8)(28)(32)(123)
Corporate other income26 — 47 2 
Loss on extinguishment of debt— — — (17)
Consolidated income (loss) from continuing operations before income taxes$(68)$5 $(85)$101 
Certain corporate items are not directly attributable to any of our segments, including the loss on extinguishment of debt, interest income earned on our short-term investments included in other income, net and interest costs on our convertible senior notes included in interest expense.



Key Metrics
The following table presents our visits and average monthly unique users for each of the periods presented (in millions, except percentages):
 Three Months Ended
December 31,		2021 to 2022
% Change
 20222021
  
Visits (1)2,179 2,284 (5)%
Average monthly unique users (2)198 198 — %
(1)Visits includes visits to the Zillow, Trulia and StreetEasy mobile apps and websites. We measure Zillow and StreetEasy visits with Google Analytics and Trulia visits with Adobe Analytics.
(2)Zillow, StreetEasy and HotPads measure unique users with Google Analytics, and Trulia measures unique users with Adobe Analytics.

The following table presents loan origination volume by purpose and in total for Zillow Home Loans for the periods presented (in millions, except percentages):
Three Months Ended
December 31,		2021 to 2022
% Change
20222021
Purchase loan origination volume$237 $331 (28)%
Refinance loan origination volume5 559 (99)%
Total loan origination volume$242 $890 (73)%

Selected Historical Data

Beginning in the first quarter of 2023, we plan to report our financial results as a single reportable segment and will report revenue categories of Residential, Rentals, Mortgages and Other. The following tables set forth historical revenue from continuing operations by these revenue categories for each of the periods presented (in millions, unaudited):


Three Months EndedYear Ended December 31, 2022
 March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Residential$418 $392 $372 $340 $1,522 
Rentals61 71 74 68 274 
Mortgages46 29 26 18 119 
Other111211943
Total revenue$536 $504 $483 $435 $1,958 
 Three Months EndedYear Ended December 31, 2021
 March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Residential$373 $390 $398 $411 $1,572 
Rentals64 73 67 60 264 
Mortgages68 57 70 51 246 
Other913151350
Total revenue$514 $533 $550 $535 $2,132