Earnings on the Internet a to z
Prepared Remarks: Operator Good afternoon and welcome to the Zillow Group first-quarter conference call. Thank you.
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I would now like to turn the conference over to Brad Berning, vice president, investor relations. Please go ahead. Good afternoon and welcome to Zillow Group's first-quarter conference call.
During the call, we will make forward-looking statements about our future performance and operating plans based on current expectations and assumptions. These statements are subject to risks and uncertainties, and we encourage you to consider the risk factors described in our SEC filings for additional information.
Z earnings call for the period ending March 31, 2020.
We undertake no obligation to update these statements as a result of new information or future events, except as required by law. This call is being broadcast on the internet and is accessible in our investor relations website. A recording of the call will be available later today. We encourage you to read our shareholder letter and our earnings release, which can be found on our Investor Relations website as they contain important information about our GAAP and non-GAAP results, including reconciliations of historical non-GAAP financial measures.
Джизирак задумался: ответить на этот вопрос было непросто. Отношения между учеником и наставником считались исключительно важными и, по сути дела, были одним из краеугольных камней жизни в Диаспаре В среднем в городе что ни год появлялась тысяча новых я, Предыдущая память новорожденных была еще латентной, и в течение первых двадцати лет все вокруг было для них непривычным, новым и странным.
With that, I will turn the call over to Rich. Hi, everyone. I wonder if this is starting to feel familiar to you, too. Brad, Allen and I are, once again, broadcasting from our homes where we are based for the foreseeable future, along with thousands of Zillow Group employees, and continuing work on our mission to give people the power to unlock life's next chapter. Although what we see physically day-to-day is pretty static and repetitive, we are all navigating a world in flux.
According to MIT, about earnings on the Internet a to z the U. And they are not just working from home. They're teaching their kids, eating each meal, conducting their social lives all from home. Whether they're dreaming about an extra room for an office, a bigger yard, a less dense neighborhood, or for many of you maybe, a new second home, there's evidence that the experience has uncorked new aspirations and hopes of what home can be and needs to be.
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With earnings on the Internet a to z passing day, it becomes clear that we are not going back to the way things were. Collectively, we are turning the page. The past two months have been marked by health and economic upheaval across the globe.
Amid the jolting stories of lives, jobs and businesses lost, we are grateful to be able to share not just strong Q1 results, but evidence of the housing market's resilience and an encouraging readiness, perhaps pent-up restlessness among people who are shopping on Zillow. Since then, there's been a full rebound, and shopping activity on Zillow Group has returned to double-digit year-over-year growth, along with an upswing in request for our customers to connect with the Zillow partner agent at rates exceeding mid-March levels.
From a balance sheet perspective, the foundation we laid in the last year put us on a really solid ground. Then our swift actions to temporarily pause Zillow Offers home buying and reduce expenses by cutting marketing spend, discretionary spend and pausing most hiring helped us preserve and build cash.
During our earnings on the Internet a to z call, we reviewed our mid-quarter balance sheet with you.
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January and February were very strong months across all our businesses, and we're a great counterbalance to the pullback we experienced in March. In all, the first quarter delivered strong results as we met or beat our outlook, delivering record results across many measures, thanks to both strong execution and expense management.
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In Premier Agent, we have found meaningful success with our strategy of connecting more and higher-intent customers with our high-performing agents, which was illustrated by record performance in January and February. When our partners were most fearful in March, the hashtag better together discounts, better together as one of our core values, plus the hashtag, these discounts we provided to our Premier Agents helped these small business operators and buoyed retention rates through the most uncertain and volatile period.
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Without being naive, I'll say that better together showed our partners how much they mean to us and that they appreciate. This will pay dividends. We continue to sharpen our skills in Zillow Offers, and we demonstrated significant progress this quarter by applying early learnings and getting smarter.
Our sales velocity broke records in February and March, even as we adapted operations to comply with social distancing requirements. We did this without sacrificing unit economics as we continue to operate within the guideposts we set. We deliberately reduced our inventory through continued execution of buyer contracts, ending the first quarter with about 1, homes in inventory, a decrease of 1, homes from the end of Our decision in March to pause home acquisition for Zillow Offers was due to concerns about our ability to safely and legally conduct acquisition activities, which fed concerns of a market hole, while in crisis mode, we were very focused on inventory reduction to reduce enterprise risk.
Inventory reduction is no longer our goal. We are actively planning to unfreeze Zillow Offers home buying. Internally, we call this Project Home Solo, although our time present will be shorter than Home Solos was. We expect to begin home buying within the next few weeks. There are a number of factors we are considering that will influence the timing including: one, the health and safety of our employees, customers and partners; two, local orders and public health concerns; three, earnings without internet housing market factors; and four, confidence in our ability to price and transact.
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During our last update, I walked through a severe stress test scenario for our business that demonstrated our ability to make it through a sustained market freeze. The lens we were paring through was foggy at the time, but the fog is cleared to a large extent.
We still don't have perfect visibility, but the inputs are improving. The real estate market is predominantly open, and it's clear that we have passed peak fear. In our Q4 report in February, we talked about key priorities for the year that focused on executing growth and scaling our business.
Volume indicators in trading are: one, protect the enterprise, including protecting the health and safety of our people, customers and partners; two, reduce costs; three, accelerate technology to deliver seamless and now more virtual real estate shopping and transaction experiences, faster to the future as our team likes to say; four, enhance our relative competitive position to lead the industry to real estate 2.
Overall, I'd say we feel very good about where we are and the key advantages that give us the flexibility and solid footing to be both bold and nimble. One piece of evidence of Zillow Earnings on the Internet a to z agility is the adaptability with which our team responded to working from home starting March We recently announced most employees will have the option to continue working remotely through at least the end of the year.
We did this in order to give our employees the visibility and flexibility to make important life decisions, like did I renew my lease in the city or move closer to my family, without fear of losing their jobs. That, and we've been impressed by how productive people have been given the circumstances.
Our valuable people have been truly appreciative of this flexibility, and this policy sets us up well to potentially take advantage of a whole new way to work post-COVID. Turning to the future. We feel pretty darn good.
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