[情報] US:Z 財報

1. 標題：US:Z 財報
2. 來源：富圖牛牛
3. 網址：ibit.ly/tYuZ
4. 內文：

以下分為幾個部分
財報前消息/財報/財報後新聞(兩篇)

懶人包:虧損、退出部分業務、裁員

分析師:The other companies are making improvements, and Zillow's not.
They're still losing lots of money.

OPEN股價聞訊表示大喜
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財報前消息

Zillow Group Inc (NASDAQ:Z) shares are trading lower possibly on continued
downward momentum after KeyBanc analysts said they believe the company's
earnings may be at risk due to its $1.17 billion home inventory, finding that66% of these homes are listed below their purchase price.

Zillow集團公司(納斯達克股票代碼：Z)股價走低可能是由於持續的下跌勢頭，此前
KeyBanc分析師表示，他們認為該公司的收益可能面臨風險，因為其11.7億美元的房屋庫存發現，其中66%的房屋掛牌價格低於收購價。

Just weeks after Zillow announced it would be pausing its iBuying of U.S.
houses, Bloomberg reported Zillow has actually sold 7,000 homes from its
inventory...

就在Zillow宣佈暫停iBuying購買美國房屋幾周後，彭博社(Bloomberg)報道稱，Zillow實際上已經從庫存中售出了7000套房屋。

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財報

The company reported the following Q3 financial results:

該公司公佈了以下第三季度財務業績：

-- Consolidated Q3 revenue of $1.7 billion.

-- IMT segment revenue growth of 16% year over year to $480 million, and
Premier Agent revenue growth of 20% year over year to $359 million, both
within the company's Q3 outlook ranges.

-- Homes segment revenue of $1.2 billion, below the company's Q3 outlook of
$1.45 billion at the midpoint of the range, due primarily to renovation
and resale capacity constraints.

-- Mortgages segment revenue growth of 30% year over year to $70 million,
exceeding the high end of the company's outlook range.

-- Consolidated GAAP net loss of $328 million in Q3. Segment income (loss)
before income taxes of $130 million, $(422) million and $(6) million for
the IMT, Homes and Mortgages segments, respectively.

-- Consolidated Adjusted EBITDA loss of $169 million with Adjusted EBITDA
for the IMT and Mortgages segments exceeding the high end of the
company's Q3 outlook. Adjusted EBITDA by segment of $207 million, $(381)
million and $5 million for the IMT, Homes and Mortgages segments,
respectively.

-- The company ended the third quarter with cash and investments of $3.2
billion.

-第三季度綜合收入為17億美元。

-IMT部門收入同比增長16%，達到4.8億美元，以及高級代理收入同比增長20%，
達到3.59億美元，兩者均為在該公司第三季度的展望範圍內。

-房屋部門收入為12億美元，低於該公司第三季度的預期14.5億美元，位於區間中點，
主要原因是翻修和轉售能力的限制。

-抵押貸款部門收入同比增長30%，達到7000萬美元，超過該公司展望區間的高端。

-第三季度綜合GAAP淨虧損3.28億美元。分部收入(虧損)所得税前分別為1.3億美元、
4.22億美元和600萬美元分別是IMT、住房和抵押貸款部門。

--合併調整後EBITDA虧損1.69億美元，
調整後EBITDA對於IMT和抵押貸款部門超過公司第三季度展望。
調整後的EBITDA按部門劃分為2.07億美元，(381美元)100萬美元和500萬美元用於IMT
、住房和抵押貸款部門。
-該公司第三季度末的現金和投資為3.2美元十億美元。

Included in the company's third-quarter financial results is a write-down of
inventory of approximately $304 million within the Homes segment as a result
of purchasing homes in Q3 at higher prices than the company's current
estimates of future selling prices. The company further expects an additional$240 million to $265 million of losses to be recognized in Q4 primarily on
homes it expects to purchase in Q4. Additionally, Homes segment Q3 revenue isbelow the company's previously provided outlook range due to resale capacity
constraints that pushed a number of closings into Q4 that were previously
expected to close in Q3.

該公司第三季度的財務業績包括減記房屋部門約3.04億美元的庫存，這是因為第三季度以高於公司目前對未來銷售價格的估計購買房屋的結果。該公司進一步預計，第四季度將額外確認2.4億至2.65億美元的虧損，主要是由於預計將在第四季度購買的房屋。

此外，由於轉售能力的限制，房屋部門第三季度的收入低於該公司之前提供的預期範圍，這將一些之前預計在第三季度完成的交易推到了第四季度。

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財報後新聞1

'We've determined the unpredictability in forecasting home prices far exceedswhat we anticipated and continuing to scale Zillow Offers would result in toomuch earnings and balance-sheet volatility,' CEO tells investors

首席執行長對投資者説，我們已經確定，預測房價的不可預測性遠遠超出了我們的預期，繼續擴大Zillow的報價將導致過多的收益和資產負債表的波動

Zillow Group Inc. is calling it quits on the home-flipping business, while
disclosing losses of more than $550 million on homes purchased in the second
half of this year for which the company admits it paid too much.

Zillow集團(Zillow Group Inc.)宣佈退出房屋轉售業務，同時披露今年下半年購買房屋的虧損超過5.5億美元，該公司承認支付了過高的價格。

The real-estate giant on Tuesday blamed a faulty algorithmic model for
ditching its iBuying business of buying and selling homes quickly, and said
it will lay off about a quarter of its staff. The surprising exit, announced
with pedestrian quarterly profits, thrashed shares in another rough trading
session Tuesday, a day after an analyst said two-thirds of the homes it
bought are underwater.

這家房地產巨頭週二指責算法模型有問題，導致其放棄快速買賣房屋的iBuying業務，並表示將裁員約四分之一。這一出人意料的退出是以平淡無奇的季度利潤宣佈的，在週二的另一個艱難的交易日中，股價遭受重創。一天前，一名分析師表示，該公司購買的房屋中有三分之二處於水下。

"We've determined the unpredictability in forecasting home prices far exceedswhat we anticipated and continuing to scale Zillow Offers would result in toomuch earnings and balance-sheet volatility," Zillow Group (ZG)(ZG) co-founderand Chief Executive Rich Barton said in a statement.

Zillow集團(Zillow Group)聯合創始人兼首席執行長巴頓(Rich Barton)在一份聲明中説，我們已經確定，預測房價的不可預測性遠遠超出了我們的預期，繼續擴大Zillow的報價將導致太多的收益和資產負債表的波動。

The dissolving of the flipping business will take several quarters and
include a reduction of Zillow's workforce by approximately 25%, Barton said.
Zillow disclosed that it wrote down $304 million in losses due to houses
purchased for too high a price in the third quarter, and expects losses of
$240 million to $265 million in the fourth quarter for the same reason,
pushing total losses on those houses to more than $550 billion.

巴頓説，解散翻轉業務需要幾個季度的時間，其中包括將Zillow的員工裁員約25%。
Zillow披露，由於價格過高，該公司在第三季度減記了3.04億美元的損失，預計第四季度將因為同樣的原因虧損2.4億至2.65億美元，使這些房屋的總虧損超過5500億美元。

During the third quarter, Zillow said it bought 9,680 homes and sold 3,032 ofthem. It marked a significant jump from the record 3,805 homes it purchased
in the second quarter, of which 2,086 were sold.

Zillow表示，第三季度購買了9680套住房，售出了3032套。這標誌着與第二季度創紀錄的3,805套住房相比，這一數字大幅躍升，其中2,086套已售出。

Shares fell 3% in extended trading following Zillow's (ZG) announcement of a
net loss of $328.2 million, or $1.29 a share, compared with net income of
$39.6 million in the year-ago quarter. Revenue rose 164% to $1.74 billion
from a year ago. Analysts surveyed by FactSet had expected net income of 16
cents a share on revenue of $2 billion.

在Zillow宣佈淨虧損3.282億美元(合每股1.29美元)後，股價在盤後交易中下跌了3%，而去年同期的淨收益為3960萬美元。營收較上年同期增長164%至17.4億美元。FactSet調查的分析師此前預計營收為20億美元，每股淨收益為16美分。

Zillow Group's stock is down 34% in 2021; it declined 10.3% in regular
session trading Tuesday, to close at $87.20. The broader S&P 500 index has
gained 23% this year.

Zillow Group的股票在2021年下跌了34%，在週二的常規交易中下跌了10.3%，收於87.20美元。更廣泛的標準普爾500指數今年已經上漲了23%。

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財報後新聞2

Real-estate firm Zillow Group Inc. is exiting from the home-flipping
business, saying Tuesday that its algorithmic+ model to buy and sell homes
rapidly doesn't work as planned.

房地產公司Zillow Group Inc.正在退出賣房業務，該公司週二表示，其快速買賣房屋的算法+模式沒有按計劃奏效。

The firm's termination of its tech-enabled home-flipping business, known as
"iBuying," follows Zillow's announcement about two weeks ago that it was
halting all new home purchases for the rest of the year. At the time, Zillow
pointed to labor and supply shortages for its inability to renovate and flip
houses fast enough.

大約兩週前，Zillow宣佈將在今年剩餘時間內停止所有新房購買，隨後該公司終止了名為iBuying的科技房屋轉售業務。當時，Zillow指出勞動力和供應短缺是因為它無法足夠快地翻新和翻轉房屋。

In a statement Tuesday, Chief Executive Rich Barton said Zillow had failed topredict the pace of home-price appreciation accurately, marking an end to a
venture the company once said could generate $20 billion a year. Instead, thecompany said it now plans to cut 25% of its workforce.

Zillow首席執行長巴頓(Rich Barton)週二在一份聲明中説，Zillow未能準確預測房價上漲的速度，這標誌着該公司曾表示每年可產生200億美元收入的風險投資畫上了句號。相反，該公司表示，現在計劃裁員25%。

"We've determined the unpredictability in forecasting home prices far exceedswhat we anticipated and continuing to scale Zillow Offers would result in toomuch earnings and balance-sheet volatility," Mr. Barton said.

巴頓説：“我們已經確定，預測房價的不可預測性遠遠超出了我們的預期，繼續擴大
Zillow的報價將導致太多的收益和資產負債表的波動。”

Zillow and other tech-powered house flippers, known as iBuyers, purchase
homes, renovate them and then try to sell them quickly, making money on
transaction fees and home-price appreciation. Zillow used an algorithm to
make home price estimates, called the "Zestimate," and determine what it
would pay home sellers.

Zillow和其他被稱為iBuyers的科技房屋翻轉公司購買房屋，翻新，然後試圖快速出售，從交易費和房價升值中賺錢。Zillow使用一種名為“Zestimate”的算法來估計房價，並
確定它將向房屋賣家支付多少。

Ultralow mortgage-interest rates and a need for more space to work from home
have driven robust home-buying demand in the past year and a half. Prices
have climbed sharply in almost every corner of the U.S.

在過去的一年半里，超低的抵押貸款利率和對更多在家工作空間的需求推動了強勁的購房需求。美國幾乎每個角落的房價都大幅攀升。

"It feels like this would be a hard time to lose money buying and selling
houses," said Benjamin Keys, professor of real estate at the Wharton School
of the University of Pennsylvania. "This is a time frame where prices have
gone up in a lot of places, dramatically."

賓夕法尼亞大學(University Of Pennsylvania)沃頓商學院(Wharton School Of The
University Of Pennsylvania)房地產教授本傑明·凱斯(Benjamin Keys)表示：
“現在買賣房屋感覺很難賠錢。”
“這是一個時間框架，很多地方的價格都大幅上漲。”

In recent months, sky-high prices have forced out some buyers, and the markethas showed signs of cooling off, as many economists expected. The median
existing-home sales price rose 13.3% in September from a year earlier --
still unusually robust, though down from 23.6% year-over-year price growth inMay, according to the National Association of Realtors.

近幾個月來，天價迫使一些買家退出，正如許多經濟學家預期的那樣，市場出現了降温的跡象。全美房地產經紀人協會(National Association Of Realtors)的數據顯示，9月份現房銷售價格中值同比上漲13.3%，仍異常強勁，但低於5月份23.6%的同比漲幅。

Even this gradual tapering in price growth flummoxed Zillow's algorithm,
leading the company to pull the plug on the venture.

即使是價格增長的逐步放緩也讓Zillow的算法陷入混亂，導致該公司終止了這一合資企業。

Zillow's class C share price was down 10% on Tuesday, falling before the
company announced after the market closed that it would end home flipping.
Shares continued to slide in after-hours trading.

Zillow的C類股價週二下跌10%，在該公司收盤後宣佈將停止拋售房屋之前下跌。股價在盤後交易中繼續下滑。

The move represents a big hit to Zillow's top line. Home-flipping was the
company's largest source of revenue, but it has never turned a profit.

這一舉措對Zillow的營收來説是一個巨大的打擊。房屋轉售是該公司最大的收入來源，但它從未盈利。

Zillow, which released earnings Tuesday, said its home-flipping business,
Zillow Offers, lost $381 million last quarter, as measured by adjusted
earnings before interest, taxes, depreciation and amortization. That resultedin a combined adjusted Ebitda loss of $169 million across all of Zillow.

Zillow週二公佈了財報，該公司表示，以調整後的利息、税項、折舊和攤銷前利潤
(EBITDA)衡量，其翻轉房屋業務Zillow Offers上季度虧損3.81億美元。這導致整個
Zillow地區調整後的EBITDA合計虧損1.69億美元。

Zillow has an inventory of about 9,800 homes across the United States that itis currently shopping to investors. Additionally, there are another 8,200
homes in contract it has agreed to buy. The company expects to lose somewherebetween 5% and 7% on these homes, the company said.

Zillow在美國各地有大約9800套房屋的庫存，目前正在向投資者購物。此外，它還同意購買另外8200套住房。該公司表示，預計這些房屋的損失在5%至7%之間。

Starting in the summer, competitors such as OpenDoor and Offerpad began to
pull back from home purchases in one of the biggest home-flipping markets,
Phoenix, as the red-hot pandemic market began to cool.

從今年夏天開始，隨着炙手可熱的流行病市場開始降温，OpenDoor和Offerpad等競爭對手開始減少在最大的炒房市場之一鳳凰城(Phoenix)的購房。

But Zillow accelerated, according to an analysis of sales records by
real-estate tech researcher Mike DelPrete, scholar-in-residence at the
University of Colorado, Boulder. Zillow also paid significantly more than
those competitors for each home it purchased, buying homes priced $65,000
above the median on average, according to Mr. DelPrete's analysis.

但根據科羅拉多大學博爾德分校(University of Colorado，Boulder)駐校學者邁克·德
爾普雷特(Mike DelPrete)對銷售記錄的分析，Zillow加速了速度。根據德爾普雷特的分析，Zillow購買的每套住房的價格也明顯高於競爭對手，購買價格平均比中位數高出6.5萬美元。

By October, the company had listed 250 Phoenix homes at a median-price
discount of 6.2% below what it had paid for them. Mr. DelPrete called
Zillow's price blunder a catastrophic failure.

截至10月份，該公司已以低於其購買價格6.2%的中值價格掛牌出售250套鳳凰城的住宅。德爾普雷特稱Zillow的價格失誤是災難性的失敗。

A wider look at Zillow's national performance by analysts at KeyBanc Capital
Markets found it had listed 66% of homes at prices below what it had paid forthem, with an average discount of 4.5%.

KeyBanc資本市場(KeyBanc Capital Markets)的分析師對Zillow在全國範圍內的表現進行了更廣泛的研究，發現66%的房屋掛牌價格低於其支付的價格，平均折扣為4.5%。

"The fact that Zillow can't make it work shouldn't be the final death knell
for iBuying," Mr. DelPrete said. "The other companies are making
improvements, and Zillow's not. They're still losing lots of money."

德爾普雷特説，“Zillow不能成功的事實不應該成為iBuying的最後喪鐘。”“其他公司
都在改進，而Zillow沒有。他們仍在大量虧損。”

Zillow said it expects that the wind-down of its home-flipping outfit will
take several quarters.

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富途牛牛的翻譯 看來也是機器翻譯...我改一下

如何判斷這是整體性風險? 可以看看我昨天貼的,有Z和OPEN經營方式的比較. 我反而覺得現在的市況是零和遊戲.

沒有哦...精力有限QQ