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8-K - 8-K - ZILLOW INCd675143d8k.htm

Exhibit 99.1

 

LOGO

 

Contacts:   
Raymond Jones    Dawn Lyon
Investor Relations    Public Relations
206-470-7137    206-757-2785
ir@zillow.com    press@zillow.com

ZILLOW, INC. REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2013 RESULTS

 

    Record Quarterly Revenue of $58.3 million, up 70% over fourth quarter 2012.

 

    Record Quarterly Net Income of $2.7 million, resulting in basic and diluted EPS of $0.07 and $0.06, respectively.

 

    Record Quarterly Adjusted EBITDA of $15.2 million, representing 26% of revenue.

 

    Quarterly traffic grew 57% year-over-year to 54.4 million average monthly unique users on mobile and Web. In January 2014, Zillow traffic reached a new peak with nearly 70 million unique users.

SEATTLE – February 12, 2014 – Zillow, Inc. (NASDAQ:Z), the leading real estate and home-related marketplace, today announced financial results for the quarter and full year ended December 31, 2013.

“This was a breakaway year for Zillow in which we repeatedly delivered record revenue, traffic, and mobile usage as we significantly grew our market share as the category leader. And we’ve had an incredibly strong start to 2014 with another traffic record of nearly 70 million unique users in January,” said Spencer Rascoff, Zillow CEO. “We’re looking ahead to 2014 with significant investments in growing our audience, growing our Premier Agent business and turning up the volume in mortgages and our other emerging marketplaces.

“We’ve also taken a critical step forward with StreetEasy in New York, re-launching the service today as completely free, with a better user experience. We’ve taken a page from the Zillow playbook, empowering consumers with free data and tools to grow StreetEasy’s audience and extend its leadership in the largest real estate market in the country.”

Fourth Quarter 2013 Financial Highlights

 

  Revenue increased 70% to a record $58.3 million from $34.3 million in the fourth quarter of 2012.

 

    Marketplace Revenue increased 71% to a record $45.9 million from $26.8 million in the fourth quarter of 2012.


    Real Estate Revenue grew 71% to $40.5 million from $23.7 million in the fourth quarter of 2012.

 

    Mortgages Revenue grew 69% to $5.3 million from $3.2 million in the fourth quarter of 2012.

 

    Display Revenue increased 67% to $12.5 million from $7.5 million in the fourth quarter of 2012.

 

  GAAP net income was a record $2.7 million in the fourth quarter of 2013, compared to GAAP net income of $0.5 million in the fourth quarter of 2012.

 

  Basic and diluted GAAP earnings per share were $0.07 and $0.06, respectively, in the fourth quarter of 2013 compared to basic and diluted GAAP earnings per share of $0.02 in the same period last year. Basic and diluted non-GAAP net income per share were $0.20 and $0.19, respectively, in the fourth quarter of 2013 compared to basic and diluted non-GAAP net income per share of $0.08 in the same period last year, which excludes share-based compensation expense and income taxes.

 

  Adjusted EBITDA was a record $15.2 million in the fourth quarter of 2013, or 26% of revenue, which was an increase from $6.8 million in the fourth quarter of 2012, or 20% of revenue.

Full Year 2013 Financial Highlights

 

  Revenue increased 69% to a record $197.5 million from $116.9 million in 2012.

 

    Marketplace Revenue increased 78% to a record $154.2 million from $86.7 million in 2012.

 

    Real Estate Revenue grew 74% to $132.4 million from $75.9 million in 2012.

 

    Mortgages Revenue grew 103% to $21.8 million from $10.8 million in 2012.

 

    Display Revenue increased 44% to $43.3 million from $30.2 million in 2012.

 

  Due primarily to planned increases in advertising expenses, GAAP net loss was $12.5 million in 2013, compared to GAAP net income of $5.9 million in 2012. Included in our 2013 GAAP earnings is a one-time tax benefit of $4.1 million related to the August 2013 acquisition of StreetEasy, Inc.

 

  Basic and diluted GAAP loss per share was $0.35 in 2013, compared to basic and diluted GAAP earnings per share of $0.20 and $0.18, respectively, in 2012. Basic and diluted non-GAAP net income per share were $0.19 and $0.17, respectively, in 2013, compared to basic and diluted non-GAAP net income per share of $0.42 and $0.38, respectively, in 2012.

 

  Adjusted EBITDA was a record $29.7 million in 2013, or 15% of revenue, which compares to $25.2 million in 2012, or 22% of revenue.

 

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Operating and Business Highlights

 

  Zillow’s audience continues to grow substantially, extending the company’s leadership over other category players. Average monthly unique users during the fourth quarter of 2013 were 54.4 million, up 57% year-over-year. In January 2014, Zillow marked another significant traffic milestone with a record of nearly 70 million unique users on mobile and the Web, an addition of 24 million monthly unique users year-over-year.

 

  Zillow continued to gain market share in 2013. According to comScore, Zillow is now approximately double the size of the company’s two closest competitors on combined Web and mobile traffic in comScore’s Real Estate category1. On desktop, comScore shows Zillow.com tripling its category lead over its closest competitor from January through December 20132.

 

  Visits to Zillow via a mobile device nearly doubled year-over-year in the fourth quarter of 2013, and in January 2014, nearly 400 million homes were viewed on Zillow on a mobile device – that’s 148 homes per second. Additionally, two-thirds of Zillow visits now occur on a mobile device.

 

  Premier Agent subscribers increased by 3,565 in the fourth quarter of 2013, and totaled 48,314 on December 31, 2013, up 64% year-over-year. Average monthly revenue per subscriber in the fourth quarter of 2013 was $271, which was an increase compared to $267 in the same period last year.

 

  Zillow Mortgage Marketplace continued to grow during the fourth quarter with 4.4 million loan requests submitted by consumers. For 2013, there were more than 20 million loan requests submitted through Zillow Mortgage Marketplace, up 71% over 2012. The number of loan requests submitted in 2013 was nearly four times the number of loan requests submitted in 2011.

 

  As announced separately today, StreetEasy, which Zillow acquired in August 2013, has officially re-launched, offering free access to all of StreetEasy’s proprietary market data and New York-tailored shopping tools with a redesigned consumer experience.

 

  During the quarter, Zillow expanded its distribution network, becoming the exclusive provider of for-sale and for-rent listings to AOL Real Estate. Including its own website, Zillow now powers listings across four of the top real estate websites in the U.S., including Yahoo! Homes and HGTV’s FrontDoor.

 

  In January 2014, Zillow introduced another valuable product for rental professionals with the launch of the Postlets app on iOS. Specifically for landlords, property managers and real estate agents, the Postlets app enables rental professionals to easily distribute their rental listings to more than 20 of the top real estate and rental sites on the Web and mobile and easily share them on social media sites.

 

1  Of the 77.1 million total unique visitors across both Mobile and PC in comScore’s Real Estate category for December 2013, 42% of the unique visitors went to Zillow.com, which is twice the share of those who went to Trulia.com and over twice the share of those who went to Realtor.com. Source: comScore Media Metrix Multiplatform Total Digital Population on the Real Estate Category, December 2013, US Data.
2  Source: comScore Media Metrix Key Measures on the Real Estate Category, December 2013, US Data.

 

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  Also during the quarter, the company launched Zillow Tech Connect, allowing third-party technology companies to partner with Zillow to offer brokers and agents greater flexibility in choosing and utilizing their preferred CRM system, at no additional cost. Now, more than 15,000 brokers and agents using Zillow Tech Connect partners’ software will be able to directly access and manage contacts, giving them more flexibility when choosing a CRM system. Zillow Tech Connect now includes 11 different CRM providers.

 

  Last month, Zillow hosted United States Secretary of Housing and Urban Development Shawn Donovan in Zillow’s Seattle headquarters for an important conversation on equality in housing in America. Zillow Chief Economist Stan Humphries moderated the live-streamed town hall meeting, which was also attended by representatives of the National Urban League, other officials and members of the media.

Opportunities to Participate in Zillow Earnings Report Discussion

 

  As part of the reporting of fourth quarter and full year results, Zillow is working with TheStreet to broaden the reach of social media questions and discussion surrounding today’s earnings announcement. After results become public, TheStreet will release an interview with Zillow CEO Spencer Rascoff. Immediately following the conference call, TheStreet will moderate a Twitter conversation with Rascoff, using the hashtag #ZEarnings, also leveraging @TheStreet handle.

 

 

  Additionally, for the fourth quarter in a row, Zillow executives will consider questions submitted via Twitter and Facebook during its fourth quarter earnings call, with the hashtag #ZEarnings, in addition to questions submitted by those dialed in.

Quarterly Conference Call to Include Business Outlook

Zillow management will discuss Zillow, Inc.’s fourth quarter and full year 2013 financial results, as well as the first quarter and full year 2014 business outlook, in a conference call today at 2 p.m. Pacific Time (5 p.m. Eastern Time) that will also be webcast live. The live webcast of the conference call will be available on the investor relations section of Zillow, Inc.’s website at http://investors.zillow.com/. For those without access to the Internet, the call may be accessed toll-free via phone at 877-643-7152 with conference ID# 51436144. Callers outside the United States may dial 443-863-7921 with conference ID# 51436144. Questions submitted via Zillow’s Twitter account (www.twitter.com/zillow) using the hashtag #ZEarnings, and questions posted on the Zillow Facebook page (www.facebook.com/zillow), will be considered during the Q&A portion of the call, in addition to questions submitted by those dialed in. Following completion of the call, a recorded replay of the webcast and a copy of the prepared remarks will be available on the investor relations section of Zillow, Inc.’s website. The recorded replay will be available until February 20, 2014. To listen to the telephone replay, call toll-free 855-859-2056 with conference ID# 51436144. Callers outside the United States may dial 404-537-3406 with conference ID# 51436144.

 

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our success in the future and our plans for continued investments in growing our businesses. Statements containing words such as “may,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “will,” “projections,” “business outlook,” “estimate,” or similar expressions constitute forward-looking statements. Differences in Zillow’s actual results from those anticipated in these forward-looking statements may result from actions taken by Zillow as well as from risks and uncertainties beyond Zillow’s control. Factors that may contribute to such differences include, but are not limited to, Zillow’s ability to maintain and effectively manage an adequate rate of growth; the impact of the real estate industry on Zillow’s business; Zillow’s ability to innovate and provide products and services that are attractive to its users and advertisers; Zillow’s ability to increase awareness of the Zillow brand; Zillow’s ability to maintain or establish relationships with listings and data providers; Zillow’s ability to attract consumers to Zillow’s mobile applications and websites; Zillow’s ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; Zillow’s ability to compete successfully against existing or future competitors; the reliable performance of Zillow’s network infrastructure and content delivery processes; and Zillow’s ability to protect its intellectual property. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For more information about potential factors that could affect Zillow’s business and financial results, please review the “Risk Factors” described in Zillow’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 filed with the Securities and Exchange Commission, or SEC, and in Zillow’s other filings with the SEC. Except as may be required by law, Zillow does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA as well as non-GAAP net income per share, both of which are non-GAAP financial measures. We have provided a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, and a reconciliation of net income, as adjusted, to net income (loss), as reported on a GAAP basis, and the calculation of non-GAAP net income per share - basic and diluted, within this earnings release.

Adjusted EBITDA is a key metric used by our management and board of directors to measure operating performance and trends, and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

 

    Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

 

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    Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

 

    Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation expense;

 

    Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

 

    Adjusted EBITDA does not reflect the impact of income taxes; and

 

    Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss) and our other GAAP results.

Our presentation of non-GAAP net income per share excludes the impact of share-based compensation expense 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 share-based compensation expense and income taxes facilitates investors’ operating performance comparisons on a period-to-period basis. You should not consider these metrics in isolation or as substitutes for analysis of our results as reported under GAAP.

About Zillow, Inc.

Zillow, Inc. (NASDAQ: Z) operates the leading real estate and home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. Zillow’s brands serve the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition, Zillow offers a suite of tools and services to help local real estate, mortgage, rental and home improvement professionals manage and market their businesses. Welcoming nearly 70 million monthly unique users in January 2014, the Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, StreetEasy®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech® and HotPads™. Zillow is headquartered in Seattle.

Please visit http://investors.zillow.com/, www.zillowblog.com, www.twitter.com/zillow, and www.facebook.com/zillow, where Zillow discloses information about the company, its financial information, and its business which may be deemed material.

The Zillow logo is available at http://zillow.mediaroom.com/index.php?s=191.

Zillow.com, Zillow, StreetEasy, Postlets, Mortech, Agentfolio and Diverse Solutions are registered trademarks of Zillow, Inc.

HotPads and Zillow Digs are trademarks of Zillow, Inc.

 

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comScore is a registered trademark of comScore, Inc.

Yahoo! is a registered trademark of Yahoo! Inc.

HGTV and FrontDoor are registered trademarks of Scripps Networks, LLC.

Twitter is a registered trademark of Twitter, Inc.

Facebook is a registered trademark of Facebook, Inc.

(ZFIN)

 

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ZILLOW, INC.

UNAUDITED CONDENSED BALANCE SHEETS

(in thousands)

 

     December 31,  
     2013     2012  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 201,760      $ 150,040   

Short-term investments

     93,531        44,054   

Accounts receivable, net

     15,234        8,655   

Prepaid expenses and other current assets

     4,987        2,652   
  

 

 

   

 

 

 

Total current assets

     315,512        205,401   

Long-term investments

     142,435        9,389   

Property and equipment, net

     27,408        16,948   

Goodwill

     93,213        54,284   

Intangible assets, net

     29,149        21,248   

Other assets

     346        279   
  

 

 

   

 

 

 

Total assets

   $ 608,063      $ 307,549   
  

 

 

   

 

 

 

Liabilities and shareholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 4,724      $ 3,158   

Accrued expenses and other current liabilities

     11,377        6,318   

Accrued compensation and benefits

     4,440        2,514   

Deferred revenue

     12,298        8,349   

Deferred rent, current portion

     546        401   
  

 

 

   

 

 

 

Total current liabilities

     33,385        20,740   

Deferred rent, net of current portion

     6,882        6,492   

Shareholders’ equity:

    

Preferred stock

     —          —     

Class A common stock

     3        3   

Class B common stock

     1        1   

Additional paid-in capital

     651,913        351,981   

Accumulated deficit

     (84,121     (71,668
  

 

 

   

 

 

 

Total shareholders’ equity

     567,796        280,317   
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 608,063      $ 307,549   
  

 

 

   

 

 

 

 

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ZILLOW, INC.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

     Three Months Ended
December 31,
     Year Ended
December 31,
 
     2013     2012      2013     2012  

Revenue

   $ 58,348      $ 34,337       $ 197,545      $ 116,850   

Costs and expenses:

         

Cost of revenue (exclusive of amortization) (1)(2)

     5,270        3,806         18,810        14,043   

Sales and marketing (2)

     24,978        14,519         108,891        49,105   

Technology and development (2)

     14,649        9,079         48,498        26,614   

General and administrative (2)

     10,727        6,422         38,295        21,291   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total costs and expenses

     55,624        33,826         214,494        111,053   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) from operations

     2,724        511         (16,949     5,797   

Other income

     145        38         385        142   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) before income taxes

     2,869        549         (16,564     5,939   

Income tax benefit

     (154     —           4,111        —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income (loss)

   $ 2,715      $ 549       $ (12,453   $ 5,939   
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income (loss) per share — basic

   $ 0.07      $ 0.02       $ (0.35   $ 0.20   

Net income (loss) per share — diluted

   $ 0.06      $ 0.02       $ (0.35   $ 0.18   

Weighted-average shares outstanding — basic

     39,050        33,408         36,029        30,194   

Weighted-average shares outstanding — diluted

     42,116        36,292         36,029        32,709   

 

(1)    Amortization of website development costs and intangible assets included in technology and development

   $ 5,999      $ 3,603       $ 19,791      $ 11,179   

(2)    Includes share-based compensation expense as follows:

         

Cost of revenue

   $ 213      $ 109       $ 737      $ 380   

Sales and marketing

     1,094        1,084         10,969        2,433   

Technology and development

     1,607        704         4,660        1,886   

General and administrative

     2,141        359         7,070        1,912   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 5,055      $ 2,256       $ 23,436      $ 6,611   
  

 

 

   

 

 

    

 

 

   

 

 

 

Other Financial Data:

         

Adjusted EBITDA (3)

   $ 15,222      $ 6,838       $ 29,741      $ 25,181   

 

(3) See above for more information regarding our presentation of Adjusted EBITDA.

 

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ZILLOW, INC.

UNAUDITED STATEMENTS OF CASH FLOWS

(in thousands)

 

     Year Ended December 31,  
     2013     2012  

Operating activities

    

Net income (loss)

   $ (12,453   $ 5,939   

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

    

Depreciation and amortization

     23,254        12,773   

Share-based compensation expense

     23,436        6,611   

Release of valuation allowance on certain deferred tax assets

     (4,111     —     

Loss on disposal of property and equipment

     910        353   

Bad debt expense

     1,907        1,227   

Deferred rent

     400        5,469   

Amortization of bond premium

     624        751   

Changes in operating assets and liabilities:

    

Accounts receivable

     (7,571     (3,458

Prepaid expenses and other assets

     (1,543     650   

Accounts payable

     1,497        991   

Accrued expenses

     1,038        1,776   

Deferred revenue

     3,910        2,530   
  

 

 

   

 

 

 

Net cash provided by operating activities

     31,298        35,612   

Investing activities

    

Proceeds from maturities of investments

     53,000        28,434   

Purchases of investments

     (236,147     (38,397

Purchases of property and equipment

     (22,047     (15,991

Purchases of intangible assets

     (3,925     (4,073

Acquisitions, net of cash acquired of $0 in 2013 and $2,879 in 2012

     (42,708     (67,645
  

 

 

   

 

 

 

Net cash used in investing activities

     (251,827     (97,672

Financing activities

    

Proceeds from exercise of Class A common stock options

     18,350        7,448   

Proceeds from public offering, net of offering costs

     253,899        156,726   
  

 

 

   

 

 

 

Net cash provided by financing activities

     272,249        164,174   

Net increase in cash and cash equivalents during period

     51,720        102,114   

Cash and cash equivalents at beginning of period

     150,040        47,926   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 201,760      $ 150,040   
  

 

 

   

 

 

 

Supplemental disclosures of cash flow information

    

Noncash transactions:

    

Capitalized share-based compensation

   $ 3,817      $ 2,379   

Write-off of fully depreciated property and equipment

   $ 3,697      $ 2,986   

 

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Adjusted EBITDA

The following table presents a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods presented (in thousands, unaudited):

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2013     2012     2013     2012  

Reconciliation of Adjusted EBITDA to Net Income (Loss):

        

Net income (loss)

   $ 2,715      $ 549      $ (12,453   $ 5,939   

Other income

     (145     (38     (385     (142

Depreciation and amortization expense

     7,443        4,071        23,254        12,773   

Share-based compensation expense

     5,055        2,256        23,436        6,611   

Income tax (benefit) expense

     154        —          (4,111     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 15,222      $ 6,838      $ 29,741      $ 25,181   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP Net Income per Share

The following table presents a reconciliation of net income, adjusted, to net income (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 thousands, except per share data, unaudited):

 

     Three Months Ended
December 31,
     Year Ended
December 31,
 
     2013      2012      2013     2012  

Net income (loss), as reported

   $ 2,715       $ 549       $ (12,453   $ 5,939   

Share-based compensation expense

     5,055         2,256         23,436        6,611   

Income tax (benefit) / expense

     154         —           (4,111     —     
  

 

 

    

 

 

    

 

 

   

 

 

 

Net income, adjusted

   $ 7,924       $ 2,805       $ 6,872      $ 12,550   
  

 

 

    

 

 

    

 

 

   

 

 

 

Weighted-average shares outstanding - basic

     39,050         33,408         36,029        30,194   

Weighted-average shares outstanding - diluted

     42,116         36,292         39,379        32,709   

Non-GAAP net income per share - basic

   $ 0.20       $ 0.08       $ 0.19      $ 0.42   

Non-GAAP net income per share - diluted

   $ 0.19       $ 0.08       $ 0.17      $ 0.38   

 

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Revenue by Type

The following tables present our revenue by type and as a percentage of total revenue for each of the periods presented (in thousands, unaudited):

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2013     2012     2013     2012  

Revenue:

        

Marketplace revenue:

        

Real estate

   $ 40,514      $ 23,667      $ 132,396      $ 75,900   

Mortgages

     5,347        3,171        21,812        10,770   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Marketplace revenue

     45,861        26,838        154,208        86,670   

Display revenue

     12,487        7,499        43,337        30,180   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

   $ 58,348      $ 34,337      $ 197,545      $ 116,850   
  

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2013     2012     2013     2012  

Percentage of Total Revenue:

        

Marketplace revenue:

        

Real estate

     69     69     67     65

Mortgages

     9     9     11     9
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Marketplace revenue

     79     78     78     74

Display revenue

     21     22     22     26
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     100     100     100     100
  

 

 

   

 

 

   

 

 

   

 

 

 

Key Growth Drivers

The following tables set forth our key growth drivers for each of the periods presented:

 

     Average Monthly Unique Users for the
Three Months Ended December 31,
     2012 to 2013
% Change
 
     2013      2012     
     (in thousands)         

Unique Users

     54,358         34,535         57

Unique users source: We measure unique users with Google Analytics. Beginning in December 2012, the reported monthly unique users reflect the effect of Zillow’s December 14, 2012 acquisition of HotPads, Inc. Beginning in September 2013, the reported monthly unique users reflect the effect of Zillow’s August 26, 2013 acquisition of StreetEasy, Inc.

 

     At December 31,      2012 to 2013
% Change
 
     2013      2012     

Premier Agent Subscribers

     48,314         29,473         64

 

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