Exhibit 99.2


Reported Consolidated Results

ZILLOW GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
September 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$1,973 $2,315 
Short-term investments1,516 514 
Accounts receivable, net
78 77 
Mortgage loans held for sale49 107 
Prepaid expenses and other current assets153 140 
Restricted cash2 1 
Current assets of discontinued operations— 4,526 
Total current assets3,771 7,680 
Contract cost assets25 35 
Property and equipment, net261 215 
Right of use assets127 130 
Goodwill2,374 2,374 
Intangible assets, net149 176 
Other assets11 3 
Noncurrent assets of discontinued operations— 82 
Total assets$6,718 $10,695 
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable$19 $11 
Accrued expenses and other current liabilities112 89 
Accrued compensation and benefits56 61 
Borrowings under credit facilities45 113 
Deferred revenue50 51 
Lease liabilities, current portion30 24 
Current liabilities of discontinued operations— 3,533 
Total current liabilities312 3,882 
Lease liabilities, net of current portion141 148 
Convertible senior notes1,659 1,319 
Other long-term liabilities11 5 
Total liabilities2,123 5,354 
Shareholders’ equity:
Class A common stock
— — 
Class B common stock
— — 
Class C capital stock
— — 
Additional paid-in capital6,154 7,001 
Accumulated other comprehensive income (loss)(19)7 
Accumulated deficit(1,540)(1,667)
Total shareholders’ equity4,595 5,341 
Total liabilities and shareholders’ equity$6,718 $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
September 30,		Nine Months Ended
September 30,
 2022202120222021
Revenue$483 $550 $1,523 $1,597 
Cost of revenue (1)89 82 278 228 
Gross profit394 468 1,245 1,369 
Operating expenses:
Sales and marketing (1) 165 205 502 532 
Technology and development (1)142 101 369 319 
General and administrative (1)138 104 370 303 
Restructuring costs (1)— — 14 — 
Acquisition-related costs— 3 — 8 
Total operating expenses445 413 1,255 1,162 
Income (loss) from continuing operations(51)55 (10)207 
Loss on extinguishment of debt— (15)— (17)
Other income, net12 2 19 5 
Interest expense(9)(29)(26)(99)
Income (loss) from continuing operations before income taxes(48)13 (17)96 
Income tax benefit (expense)(3)5 1 — 
Net income (loss) from continuing operations(51)18 (16)96 
Net loss from discontinued operations, net of income taxes(2)(347)(13)(363)
Net loss$(53)$(329)$(29)$(267)
Net income (loss) from continuing operations per share:
Basic$(0.21)$0.07 $(0.07)$0.39 
Diluted$(0.21)$0.07 $(0.07)$0.37 
Net loss per share:
Basic$(0.22)$(1.29)$(0.12)$(1.07)
Diluted$(0.22)$(1.24)$(0.12)$(1.02)
Weighted-average shares outstanding:
Basic240,080 254,074 244,157 248,564 
Diluted240,080 265,112 244,157 262,043 
(1) Includes share-based compensation expense as follows:
Cost of revenue$5 $2 $12 $7 
Sales and marketing21 11 46 31 
Technology and development57 25 123 78 
General and administrative64 32 142 88 
Restructuring costs— — 2 — 
Share-based compensation - continuing operations$147 $70 $325 $204 
Other Financial Data:
Income (loss) from continuing operations before income taxes:
IMT segment$5 $130 $182 $407 
Mortgages segment(51)(6)(116)(26)
Homes segment(8)(69)(80)(175)
Corporate items (2)6 (42)(3)(110)
Total income (loss) from continuing operations before income taxes$(48)$13 $(17)$96 
Adjusted EBITDA (3):
IMT segment$164 $206 $559 $633 
Mortgages segment(27)5 (60)5 
Homes segment(7)(55)(58)(138)
Total Adjusted EBITDA$130 $156 $441 $500 
(2) Certain corporate items are not directly attributable to any of our segments, including loss on extinguishment of debt, interest income earned on our short-term investments included in other income 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)
 Nine Months Ended
September 30,
 20222021
Operating activities
Net loss$(29)$(267)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization121 88 
Share-based compensation341 231 
Amortization of right of use assets17 18 
Amortization of contract cost assets23 32 
Amortization of debt discount and debt issuance costs24 72 
Loss on extinguishment of debt21 17 
Inventory valuation adjustment9 304 
Other adjustments to reconcile net loss to cash provided by (used in) operating activities (9)10 
Changes in operating assets and liabilities:
Accounts receivable76 (89)
Mortgage loans held for sale58 110 
Inventory3,904 (3,570)
Prepaid expenses and other assets(13)(70)
Contract cost assets(13)(22)
Lease liabilities(15)(21)
Accounts payable1 17 
Accrued expenses and other current liabilities(49)163 
Accrued compensation and benefits(52)11 
Deferred revenue(1)4 
Other long-term liabilities6 — 
Net cash provided by (used in) operating activities4,420 (2,962)
Investing activities
Proceeds from maturities of investments455 1,696 
Purchases of investments(1,474)(509)
Purchases of property and equipment(87)(45)
Purchases of intangible assets(17)(24)
Cash paid for acquisition, net— (497)
Net cash provided by (used in) investing activities(1,123)621 
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— 443 
Proceeds from borrowings on credit facilities— 2,639 
Repayments of borrowings on credit facilities(2,205)(535)
Net repayments on warehouse line of credit and repurchase agreements(68)(101)
Repurchases of Class A common stock and Class C capital stock(773)— 
Settlement of long-term debt(1,158)(1)
Proceeds from exercise of stock options44 98 
Net cash provided by (used in) financing activities(4,160)3,088 
Net increase (decrease) in cash, cash equivalents and restricted cash during period(863)747 
Cash, cash equivalents and restricted cash at beginning of period2,838 1,779 
Cash, cash equivalents and restricted cash at end of period$1,975 $2,526 
Supplemental disclosures of cash flow information
Cash paid for interest$42 $58 
Cash paid for taxes5 — 
Noncash transactions:
Write-off of fully amortized intangible assets$200 $55 
Write-off of fully depreciated property and equipment48 38 
Capitalized share-based compensation33 19 
Recognition (derecognition) of operating right of use assets and lease liabilities14 (12)
Property and equipment purchased on account2 2 
Issuance (settlement) of beneficial interests in securitizations(79)25 


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
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net loss, as reported
$(53)$(329)$(29)$(267)
Net loss from discontinued operations, net of income taxes2 347 13 363 
Share-based compensation147 70 323 204 
Restructuring costs— — 14 — 
Acquisition-related costs— 3 — 8 
Loss on extinguishment of debt— 15 — 17 
Income taxes3 (5)(1)— 
Net income, adjusted$99 $101 $320 $325 
Non-GAAP net income per share:
Basic$0.41 $0.40 $1.31 $1.31 
Diluted$0.38 $0.38 $1.22 $1.24 
Weighted-average shares outstanding:
Basic240,080 254,074 244,157 248,564 
Diluted266,211 265,112 271,369 262,043 
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
September 30,		Nine Months Ended
September 30,
 2022202120222021
Denominator for basic calculation240,080 254,074 244,157 248,564 
Effect of dilutive securities:
     Option awards523 8,874 1,341 10,581 
     Unvested restricted stock units162 2,164 425 2,898 
Convertible senior notes due in 2024 and 202625,446 — 25,446 — 
          Denominator for dilutive calculation266,211 265,112 271,369 262,043 




Segment Results of Operations
The following tables present our segment results for the periods presented (in millions, unaudited):
 Three Months Ended
September 30, 2022		Three Months Ended
September 30, 2021
IMTMortgagesHomesIMTMortgagesHomes
Revenue:
Premier Agent$312 $— $— $359 $— $— 
Rentals74 — — 67 — — 
Other71 — — 54 — — 
Mortgages— 26 — — 70 — 
Total revenue457 26 — 480 70 — 
Cost of revenue67 17 5 51 22 9 
Gross profit390 9 (5)429 48 (9)
Operating expenses:
Sales and marketing145 20 — 159 29 17 
Technology and development126 16 — 75 7 19 
General and administrative110 25 3 62 18 24 
Acquisition-related costs— — — 3 — — 
Total operating expenses381 61 3 299 54 60 
Income (loss) from continuing operations9 (52)(8)130 (6)(69)
Segment other income (expense)(4)1 — — 1 — 
Segment interest expense — — — — (1)— 
Income (loss) from continuing operations before income taxes (1)$5 $(51)$(8)$130 $(6)$(69)


 Nine Months Ended
September 30, 2022		Nine Months Ended
September 30, 2021
IMTMortgagesHomesIMTMortgagesHomes
Revenue:
Premier Agent$1,008 $— $— $1,042 $— $— 
Rentals206 — — 204 — — 
Other208 — — 156 — — 
Mortgages— 101 — — 195 — 
Total revenue1,422 101 — 1,402 195 — 
Cost of revenue203 54 21 141 62 25 
Gross profit1,219 47 (21)1,261 133 (25)
Operating expenses:
Sales and marketing430 61 11 413 81 38 
Technology and development323 37 9 244 24 51 
General and administrative274 63 33 189 53 61 
Restructuring costs6 2 6 — — — 
Acquisition-related costs— — — 8 — — 
Total operating expenses1,033 163 59 854 158 150 
Income (loss) from continuing operations186 (116)(80)407 (25)(175)
Segment other income (expense)(4)2 — — 3 — 
Segment interest expense — (2)— — (4)— 
Income (loss) from continuing operations before income taxes (1)$182 $(116)$(80)$407 $(26)$(175)
(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):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Total segment income (loss) from continuing operations before income taxes$(54)$55 $(14)$206 
Corporate interest expense(9)(28)(24)(95)
Corporate other income15 1 21 2 
Loss on extinguishment of debt— (15)— (17)
Consolidated income (loss) from continuing operations before income taxes$(48)$13 $(17)$96 
Certain corporate items are not directly attributable to any of our segments, including loss on extinguishment of debt, interest income earned on our short-term investments included in other income 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):
 Three Months Ended
September 30,		2021 to 2022
% Change
 20222021
Visits (1)2,767 2,662 4 %
Average monthly unique users (2)236 227 4 %
(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):
Three Months Ended
September 30,		2021 to 2022
% Change
20222021
Purchase loan origination volume$240 $359 (33)%
Refinance loan origination volume31 754 (96)%
Total loan origination volume$271 $1,113 (76)%