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Zillow Group, Inc. Message Board

surbiton99 20 posts  |  Last Activity: Jul 28, 2015 8:33 AM Member since: Aug 10, 2011
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  • Reply to

    Lucky number 13?

    by whereintheworldisvalerie Jul 27, 2015 12:33 PM
    surbiton99 surbiton99 Jul 28, 2015 8:33 AM Flag

    Another concern is the $93.2M Goodwill & $27.7M Intangible Asset valuations on the last Quarterly Balance Sheet. This represents 20% of the Total Zillow Assets of $621.5M, and what is the potential risk of Impairment Charges in respect of these assets?

  • Reply to

    Surbiton99

    by rjzamski Jul 26, 2015 10:03 AM
    surbiton99 surbiton99 Jul 26, 2015 5:09 PM Flag

    They show Depreciation as a 'specific' line item, but NOT Share Based Compensation which is a 'none cash' item of $34.085M in 2014. In addition there was a 4th Quarter Impairment Charge of $3.529M; Amortization of Bond Premium charge of $3.505M; which adds up to $41.119M of the $43.315M shown on that line on the Yahoo cash flow statement for 2014. I may be wrong but that's all I could see in the Zillow detailed breakout without spending more than 5 minutes analyzing. Hope that makes sense

  • surbiton99 surbiton99 Jul 25, 2015 1:41 PM Flag

    Maybe Zillow will start charging Homeowners a fee to correct or delete the inaccurate Zestimates they impose on homes and refuse to correct. That would be a new source of revenue that even Don Corleone would admire.

  • Excellent 10 point Analysis published today by Citron Research explaining "why Zillow stock price cracks $40 within a year". Well worth a read as it highlights Zillow self promotion and failings. Look at Citron website

  • Reply to

    I LOVE the DotLoop acquisition...

    by bullrunbullrun Jul 22, 2015 5:08 PM
    surbiton99 surbiton99 Jul 23, 2015 4:40 PM Flag

    I agree with your comment that DotLoop is probably making very little money and was burning its way through the $14M PE Funding it has raised, so selling out to Zillow at a substantial premium for the business was an easy decision for the Investors in DotLoop.

    If youI look at Zillows track record at integrating acquisitions then it isn't great, just ask David Vivero who was CEO of RentJuice, and he lasted less than 6 months after Zillow acquired his business and received $7m in respect of Restricted Stock that vested on his departure. Michael Smith the founder and CEO of StreetEasy didn't last long after the Zillow takeover and at least 6 other StreetEasy executives left in the first 18 months. So the DotLoop guys better understand that they most likely won't be at Zillow long enough to get a long service watch!!

    My guess is Zillow wants the Data that Dotloop processes, especially in non-disclosure states where sales price isn't available for their BS Zestimates. It will be interesting how State Attorney Generals and Real Estate Commissions react if data leaks from DotLoop into Zillow. Would you trust Zillow to properly protect secure data?

  • Reply to

    Zillow Group Is Less Dependent on Ad Revenue

    by rjzamski Jul 21, 2015 4:21 PM
    surbiton99 surbiton99 Jul 21, 2015 7:19 PM Flag

    But surely the Display Ad Revenue is far more profitable than Market Place Revenue? Zillow is nothing more than an old fashioned Boiler Room Sales scam with 100's of Call Center staff cold calling Realtors trying to sign them up as Premier Agents but the incremental revenue hardly covers the cost of recruiting and supporting all the extra sales staff. Zillow is an unprofitable business and will continue to be unprofitable when a handful of Executives receive Stock Based Compensation of more than 10% of Revenues.

  • Reply to

    a dividend?

    by retailbaloon Jul 21, 2015 5:27 PM
    surbiton99 surbiton99 Jul 21, 2015 7:14 PM Flag

    Just smoke & mirrors to create confusion masking lousy financial results in 2 weeks time

  • Reply to

    This Board has been destroyed by Trolls

    by surbiton99 Jul 14, 2015 3:08 PM
    surbiton99 surbiton99 Jul 15, 2015 9:36 AM Flag

    Thanks Ron - much appreciated. The Goodwill on Zillows Balance Sheet is its single biggest business risk. Even more so as Zillow has stated that they don't know what to do with the Market Leader business that Trulia acquired 2 years ago and transferred $250M of Goodwill to Zillow.

    Considering on Day 1 of the Trulia integration Zillow laid off the ML Sales team it is hardly a surprise to anyone that Revenues have plummeted and probably destroyed much of the Market Leader business valuation. Watch out for a BIG write off soon as any announcement is made. My guess is there will be a smaller Goodwill write off in the Q2 Earnings in respect of the disposal of Active Rain to Ben McKinney hurried thru in a week to close before Zillows Quarter End on June 30th

  • Reply to

    Amazed by Morgan Stanley Overweight Recommendation

    by rjzamski Jul 15, 2015 6:28 AM
    surbiton99 surbiton99 Jul 15, 2015 9:27 AM Flag

    Morgan Stanley were Zillows 4th largest shareholder with 3.7 million shares on March 31. It will be interesting how many shares they are holding when they file Form 13F for June 30, as they had disposed of 8.1% during the first quarter of 2015, and the recent downward spiral in Z stock price isn't helping MS if they are in sell mode. We all know about 'Chinese Walls' but one has to ask the question if MS was sitting on a hefty loss on their Zillow investment which a plug from one of their Analysts sure would help mitigate .

  • Any meaningful threads on here are buried by a mountain of irrelevant spam comments. One can only assume that's the objective of Trolls, like dolf.nacht and a few others. The big question is "are they paid to post these spam comments"? If so, by whom?

  • Reply to

    How Bad will Zillow 2nd Quarter Earnings Be?

    by surbiton99 Jul 2, 2015 6:36 PM
    surbiton99 surbiton99 Jul 9, 2015 9:38 PM Flag

    The announcement that CFO Chad Cohen is departing " to pursue other business interests" seems to indicate that Zillow 2nd Quarter Forecasts have been missed previous guidance and as a consequence Cohen had to go. Looks like my 2nd July Zestimate on Zillows performance is more accurate than the nonsense Zestimate they impose on my home. How long before questions about CEO Spencer Rascoffs failings in running a tight ship are asked? Growth is stalling despite $100m TV AD campaign, costs are spiraling out of control, and his failure to have a strategy for the Trulia Market Leader business is disastrous. Just my 2 cents.

  • Reply to

    Guggenheim Positive Rating On Zillow

    by rjzamski Jul 4, 2015 11:20 AM
    surbiton99 surbiton99 Jul 4, 2015 1:36 PM Flag

    Good question, especially since Guggennheim have a very small position in Zillow with only 4,631 shares according to the March 31 filing after disposing of 10,256 shares in the 1st quarter of 2015. It will be interesting to see the SEC Form 13F Filing for June 30 to see if they have increased their position in Zillow and decided to give it a pump. OR, maybe they are bidding to participate in some future funding requirement that Zillow might be planning.

  • After the shambolic 1st Quarter pre-announcement that the Trulia integration was behind program there has been a void of real news about Zillows 2nd Quarter performance. Seems they have been in panic mode with wall to wall TV Ads to revive flagging audience numbers, and now that $Z no longer provides MUU's it will be interesting to see if the Growth rate has 'stalled'. My gut feel is that Trulia audience has fallen off a cliff edge as employees are laid off and morale slumps.

    The 'fire sale' on June 30 of Active Rain to Ben Kinney without any financial details being made public raises the question of how much the Goodwill Impairment Charge will be on this disposal. The same will apply when Market leader is eventually disposed as again no further updates on that fiasco since the 'emergency announcement' a few weeks before Q1 earnings. My Zestimate is that it does not look good !!!

  • I just read the announcement from Zillow on the proposed sale of Active Rain but didn't see any mention of the terms of sale. Most likely a nominal purchase price which could result in a substantial Goodwill Impairment Charge in Zillows 2nd Quarter Earnings. Active Rain was acquired 3 years ago by Market Leader which itself was acquired by Trulia 18 monthas ago. Trulia was acquired by Zillow 3 months ago and there was a $2.5Bn Goodwill Charge on the 'closing balance sheet'. A chunk of that will relate to Goodwill carried for Active Rain and that will have to be accounted for in this Quarter if the transaction closes on June 30 as declared. No word yet on what to do with the rest of Market leader which Zillow has already said they don't know what to do with, but which cost Trulia $355M only 18 months ago.

    "Zillow Group, which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and Web, today announced the pending sale of ActiveRain®, a social networking, blogging, and training platform for the real estate industry, to the Ben Kinney family of companies. The sale is expected to close June 30, 2015.

    "Ben Kinney taking on the ownership of ActiveRain is a positive step forward in the stewardship of this important and influential community of real estate professionals," said Spencer Rascoff, Zillow Group chief executive officer. "As part of Ben's organization, ActiveRain will be a major focus, benefiting from Ben's leadership and oversight, helping ActiveRain continue to flourish within the agent community. We look forward to watching ActiveRain grow and evolve."

  • Reply to

    Zillow In my Opinion Is A Fraud

    by rjzamski Jun 19, 2015 8:14 AM
    surbiton99 surbiton99 Jun 19, 2015 9:45 AM Flag

    You make very valid observations about the failings in Zillow Zestimates and it begs the question, " What motivates Zillow to refuse ALL homeowner requests to correct inaccurate Zestimates when brought to Zillows attention?". This question is key when 17% of Zestimates are more than 25% inaccurate according to analysis compiled by Reality Consulting and accepted by CEO Spencer Rascoff in a Bloomberg TV interview.

    When Zillow proclaims itself as the leading online Real Estate website with 70% of traffic, then inaccuracies on that scale need to be investigated and, the FTC need to introduce regulation to protect homeowners from the misery & potential financial losses caused by erroneous Zestimates. As a minimum there needs to be a DoNotZestimate Opt Out in the same way as Phone Users can Opt Out of unwanted spam calls by registering with DoNotCall.

  • surbiton99 surbiton99 Jun 3, 2015 12:50 PM Flag

    I too have a beef with Zillows nonsense inaccurate Zestimates and their refusal to correct or delete erroneous Zestimates when brought to their attention. When the CEO, Spencer Rascoff, states in an email that "thanks to the First Amendment he can post any home value he likes" then there is a serious issue with Zillow that needs attention from elected representatives. They need to make sure that they catch up with technology and introduce some form of Regulation to protect homeowners from Zillows BS. The easiest form of Regulation would be a DoNotZestimate opt out in the same way as Phone Users can opt out of unwanted spam calls by registering with DoNotCall.

  • surbiton99 surbiton99 May 30, 2015 11:13 AM Flag

    Interesting to see that Zillow User numbers have declined in May which is peak home buying season. No wonder they stopped releasing monthly unique user information as they already saw the pattern of declining user growth, and most likely anticipated that numbers would drop back depite spending $100m a year on advertising.

  • surbiton99 surbiton99 May 14, 2015 5:35 PM Flag

    The Zillow Form 10 Q Filing has some interesting details about Market Leader business performance for the 1st Quarter and projection for the full year. Revenues for Q1 were only $6M, and forecast to be $40M for 2015, down from $62M in 2014. Hardly a surprise when Zillow doesn't seem to know what to do with Market leader as it is still 'conducting a strategic review'. How long does it take to undertake a Strategic Review of what was a $62M revenue business?

    An interesting comment regarding Goodwill Impairment in the 10Q states that Zillow assesses Goodwill for Impairment Charges in the 4th quarter - look out for a BIG write off on Market Leader Goodwill when results are released in February 2016

  • surbiton99 surbiton99 May 6, 2015 10:15 AM Flag

    You have to understand that Zilow executives have priorities far more important that Investors. Firstly, they have their own interests to look after as they trample over Homeowners imposing nonsense inaccurate Zestimates; 2nd they need to make themselves even richer as they give themselves low cost stock options like confetti, and then pretend the $30M cost doesn't really exist by reporting EBITDA numbers rather than on a GAAP basis like 'proper' companies do. Also they have been busy with the Zillows Got Talent contest held last night compared by Raymond James, Investors Relations VP, dressed like a Pimp instead of looking after the interests of investors like yourself. Don't believe me look on Twitter under hashtag ZillowLife

  • surbiton99 surbiton99 May 3, 2015 12:36 PM Flag

    Equally, what good is a housing information website when 17% of 106 million Zestimates are more than 25% inaccurate according to analysis undertaken by Clareity Consulting. What's even worst is Zillows refusal to correct or delete these substantially erronepus Zestimates when requested to do so by Homeowners.

    When a $5Bn Nasdaq company behaves in such a dictatorial way then the time has come for some form of Regulation to be imposed to protect Homeowners from Zillows nonsense Zestimate 'gimmick'. As a minimum there needs to be a DoNotZestimate opt out in the same way as Phone Users can opt out of unwanted spam calls by registering with DoNotCall.

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