{ "docId": "019dd923-5efe-75c0-8dff-369f1805e3fc", "docSlug": "02156e9b8b18e145", "documentTitle": "2024 02 Investor Strategy", "authorId": "Zillow", "authorName": "Zillow Group", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.777, "pageNumber": 31, "pageCount": 31, "prevPage": 30, "nextPage": null, "slideType": "appendix_disclosure", "function": "summarize", "density": "overcrowded", "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "paragraph", "bullet_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5efe-75c0-8dff-369f1805e3fc/31", "deckHref": "/decks/019dd923-5efe-75c0-8dff-369f1805e3fc", "deckJsonHref": "/decks/019dd923-5efe-75c0-8dff-369f1805e3fc.json", "deckAnchorHref": "/decks/019dd923-5efe-75c0-8dff-369f1805e3fc#slide-31", "components": [ { "bbox": null, "kind": "callout", "text": "Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including various cash-flow metrics, net income (loss), and our other GAAP results.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-8810-7350-b9fb-1e27cf55c8c3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.32, "w": 0.88, "x": 0.07, "y": 0.54 }, "kind": "list", "text": "Do not reflect changes in, or cash requirements for, our working capital needs;\nDo not consider the potentially dilutive impact of share-based compensation;\nAlthough depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments;\nDo not reflect impairment and restructuring costs;\nDo not reflect acquisition-related costs;\nDo not reflect the gain on extinguishment of debt;\nDo not reflect interest expense or other income, net;\nDo not reflect income taxes; and\nOther companies, including companies in our own industry, may calculate these non-GAAP measures differently from the way we do, limiting their usefulness as comparative measures.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ccf8ce0a-203d-4182-b65d-87f57e8252ea", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "Adjusted EBITDA margin", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-8810-7350-b9fb-219898dd8c35", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.05, "y": 0.87 }, "kind": "paragraph", "text": "Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including various cash-flow metrics, net income (loss), and our other GAAP results.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "075194a5-0202-4222-a87f-5e1b9933f2fa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "We have not provided a quantitative reconciliation of forecasted GAAP net income (loss) as a percentage of revenue to forecasted Adjusted EBITDA margin within this communication because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1d376294-3bff-4fbd-bb2d-6306fda9239e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "paragraph", "text": "This presentation includes forecasted Adjusted EBITDA margin, which is a non-GAAP financial measure. 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