Zillow Group, Inc.

Hello, and welcome to Zillow Group's fourth quarter and fiscal year 2025 financial results call.

We ask that you hold all questions until the completion of the formal report. remarks at which time you'll be given instructions for the question and answer session.

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. We undertake no obligation to update these statements as a result of new information or future events, except as required by law. please review the cautionary statement and additional information in our earnings release, which can be found on our investor relations website. This call is being broadcast on the internet and is available on our investor relations website. A recording of the call will be available later today. During the call, we will discuss GAAP and non-GAAP measures, including adjusted EBITDA, which we refer to as EBITDA, and adjusted free cash flow, which we refer to as free cash flow. We encourage you to read our updated investor presentation, shareholder letter, and earnings release, all of 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. We'll open the call with remarks followed by live Q&A. And with that, I will now turn the call over to Jeremy Waxman.