Zillow (Z) 10-K 10 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 04, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36853
Entity Registrant Name	ZILLOW GROUP, INC.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	47-1645716
Entity Address, Address Line One	1301 Second Avenue
Entity Address, Address Line Two	Floor 31
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	206
Local Phone Number	470-7000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 27,432,567,930
Documents Incorporated by Reference	The information required by Part III of this Report, to the extent not set forth herein, is incorporated in this Report by reference to the Registrant’s definitive proxy statement relating to the 2022 annual meeting of shareholders. The definitive proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the 2021 fiscal year.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001617640
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	ZG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		61,521,484
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		6,217,447
Class C Capital Stock
Entity Information [Line Items]
Title of 12(b) Security	Class C Capital Stock, par value $0.0001 per share
Trading Symbol	Z
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		182,933,088

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Seattle, Washington
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 2,611,499	$ 1,703,130
Short-term investments	513,922	2,218,108
Accounts receivable, net of allowance for doubtful accounts of $3,758 and $3,427 at December 31, 2021 and 2020, respectively	154,937	69,940
Mortgage loans held for sale	106,753	330,758
Inventory	3,912,662	491,293
Prepaid expenses and other current assets	153,555	75,846
Restricted cash	226,651	75,805
Total current assets	7,679,979	4,964,880
Contract cost assets	35,465	50,719
Beneficial interests in securitizations	75,103	0
Property and equipment, net	214,555	196,152
Right of use assets	129,932	187,960
Goodwill	2,373,792	1,984,907
Intangible assets, net	180,072	94,767
Other assets	6,556	7,175
Total assets	10,695,454	7,486,560
Current liabilities:
Accounts payable	17,230	18,974
Accrued expenses and other current liabilities	161,459	94,487
Accrued compensation and benefits	108,464	47,666
Borrowings under credit facilities	2,311,556	670,209
Deferred revenue	51,484	48,995
Lease liabilities, current portion	23,503	28,310
Securitization term loans	1,208,753	0
Total current liabilities	3,882,449	908,641
Lease liabilities, net of current portion	147,967	207,723
Convertible senior notes	1,319,224	1,613,523
Other long-term liabilities	4,503	14,857
Total liabilities	5,354,143	2,744,744
Commitments and contingencies (Note 18)
Shareholders’ equity:
Preferred stock, $0.0001 par value; 30,000,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	7,001,084	5,880,883
Accumulated other comprehensive income	7,234	164
Accumulated deficit	(1,667,032)	(1,139,255)
Total shareholders’ equity	5,341,311	4,741,816
Total liabilities and shareholders’ equity	10,695,454	7,486,560
Class A Common Stock
Shareholders’ equity:
Common stock/capital stock	6	6
Class B Common Stock
Shareholders’ equity:
Common stock/capital stock	1	1
Class C Capital Stock
Shareholders’ equity:
Common stock/capital stock	$ 18	$ 17

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 3,758	$ 3,427
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	30,000,000	30,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,245,000,000	1,245,000,000
Common stock, issued (in shares)	61,513,634	61,101,303
Common stock, outstanding (in shares)	61,513,634	61,101,303
Class B Common Stock
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	6,217,447	6,217,447
Common stock, outstanding (in shares)	6,217,447	6,217,447
Class C Capital Stock
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	182,898,987	173,207,170
Common stock, outstanding (in shares)	182,898,987	173,207,170

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Revenue	$ 8,147,376	$ 3,339,817	$ 2,742,837
Cost of revenue (exclusive of amortization)
Cost of revenue	6,394,177	1,866,392	1,544,099
Gross profit	1,753,199	1,473,425	1,198,738
Operating expenses:
Sales and marketing	1,076,235	691,119	728,631
Technology and development	474,396	390,172	350,923
General and administrative	448,773	356,722	366,019
Impairment and restructuring costs	72,173	76,800	0
Acquisition-related costs	8,615	0	0
Integration costs	680	0	650
Total operating expenses	2,080,872	1,514,813	1,446,223
Loss from operations	(327,673)	(41,388)	(247,485)
Gain (loss) on extinguishment of debt	(17,119)	1,448	0
Other income	10,188	25,529	39,658
Interest expense	(191,910)	(155,227)	(101,792)
Loss before income taxes	(526,514)	(169,638)	(309,619)
Income tax benefit (expense)	(1,263)	7,523	4,258
Net loss	$ (527,777)	$ (162,115)	$ (305,361)
Net loss per share - basic (usd per share)	$ (2.11)	$ (0.72)	$ (1.48)
Net loss per share - diluted (usd per share)	$ (2.11)	$ (0.72)	$ (1.48)
Weighted-average shares outstanding - basic (in shares)	249,937	223,848	206,380
Weighted-average shares outstanding - diluted (in shares)	249,937	223,848	206,380
Homes
Revenue:
Revenue	$ 6,015,778	$ 1,715,375	$ 1,365,250
Cost of revenue (exclusive of amortization)
Cost of revenue	6,106,944	1,634,755	1,324,464
IMT
Revenue:
Revenue	1,885,782	1,450,232	1,276,896
Cost of revenue (exclusive of amortization)
Cost of revenue	203,449	193,097	193,885
Mortgages
Revenue:
Revenue	245,816	174,210	100,691
Cost of revenue (exclusive of amortization)
Cost of revenue	$ 83,784	$ 38,540	$ 25,750

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (527,777)	$ (162,115)	$ (305,361)
Other comprehensive income (loss):
Unrealized gains (losses) on investments	7,078	(731)	1,434
Reclassification adjustment for net investment (gains) losses included in net loss	0	372	(57)
Net unrealized gains (losses) on investments	7,078	(359)	1,377
Currency translation adjustments	(8)	183	(132)
Total other comprehensive income (loss)	7,070	(176)	1,245
Comprehensive loss	$ (520,707)	$ (162,291)	$ (304,116)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock, Class B Common Stock and Class C Capital Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2018	$ 3,267,179	$ 21	$ 3,939,842	$ (671,779)	$ (905)
Beginning Balance (in shares) at Dec. 31, 2018		203,904,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common and capital stock upon exercise of stock options	65,465		65,465
Issuance of common and capital stock upon exercise of stock options (in shares)		2,918,053
Vesting of restricted stock units (in shares)		2,244,631
Restricted stock units withheld for tax liability	(3)		(3)
Restricted stock units withheld for tax liability (in shares)		(94)
Share-based compensation expense	210,849		210,849
Capped Call Confirmations	(159,677)		(159,677)
Equity component of issuance of convertible senior notes maturing in 2025, net of issuance costs	355,724		355,724
Net loss	(305,361)			(305,361)
Other comprehensive loss	1,245				1,245
Ending Balance at Dec. 31, 2019	3,435,421	$ 21	4,412,200	(977,140)	340
Ending Balance (in shares) at Dec. 31, 2019		209,066,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common and capital stock upon exercise of stock options	444,029	$ 1	444,028
Issuance of common and capital stock upon exercise of stock options (in shares)		13,744,571
Vesting of restricted stock units (in shares)		3,013,365
Restricted stock units withheld for tax liability	(4)		(4)
Restricted stock units withheld for tax liability (in shares)		(55)
Share-based compensation expense	214,107		214,107
Capped Call Confirmations			0
Issuance of Class C capital stock in connection with equity offering, net of issuance costs	411,523	$ 1	411,522
Issuance of Class C capital stock in connection with equity offering, net of issuance costs (in shares)		8,800,000
Equity component of issuance of convertible senior notes maturing in 2025, net of issuance costs	154,813		154,813
Settlement of convertible senior notes	244,218	$ 1	244,217
Settlement of convertible senior notes (in shares)		6,219,049
Unwind of Capped Call Transactions		(317,865)
Net loss	(162,115)			(162,115)
Other comprehensive loss	(176)				(176)
Ending Balance at Dec. 31, 2020	4,741,816	$ 24	5,880,883	(1,139,255)	164
Ending Balance (in shares) at Dec. 31, 2020		240,525,920
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common and capital stock upon exercise of stock options	$ 127,222	$ 0	127,222
Issuance of common and capital stock upon exercise of stock options (in shares)	3,304,241	3,304,241
Vesting of restricted stock units (in shares)		2,982,148
Restricted stock units withheld for tax liability	$ (129)		(129)
Restricted stock units withheld for tax liability (in shares)		(678)
Share-based compensation expense	347,564		347,564
Issuance of Class C capital stock in connection with equity offering, net of issuance costs	544,558	$ 1	544,557
Issuance of Class C capital stock in connection with equity offering, net of issuance costs (in shares)		3,163,502
Settlement of convertible senior notes	403,295	$ 1	403,294
Settlement of convertible senior notes (in shares)		6,264,954
Unwind of Capped Call Transactions		(665,557)
Repurchases of Class C capital stock	(302,308)	$ (1)	(302,307)
Repurchase of Class C Capital stock (in shares)		(4,944,462)
Net loss	(527,777)			(527,777)
Other comprehensive loss	7,070				7,070
Ending Balance at Dec. 31, 2021	$ 5,341,311	$ 25	$ 7,001,084	$ (1,667,032)	$ 7,234
Ending Balance (in shares) at Dec. 31, 2021		250,630,068

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net loss	$ (527,777)	$ (162,115)	$ (305,361)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	129,780	110,031	87,467
Share-based compensation	311,686	197,550	198,902
Amortization of right of use assets	22,705	24,338	23,142
Amortization of contract cost assets	41,577	36,494	35,323
Amortization of debt discount and debt issuance costs	104,437	102,401	52,097
Gain (loss) on extinguishment of debt	17,119	(1,448)	0
Impairment and restructuring costs	56,828	76,800	0
Inventory valuation adjustment	407,921	0	0
Deferred income taxes	(2,746)	(7,523)	(4,258)
Other adjustments to reconcile net loss to cash provided by (used in) operating activities	15,249	4,761	3,602
Changes in operating assets and liabilities:
Accounts receivable	(82,312)	(5,585)	(3,694)
Mortgage loans held for sale	223,990	(294,251)	(1,098)
Inventory	(3,826,713)	345,277	(673,798)
Prepaid expenses and other assets	(81,614)	(15,957)	(978)
Contract cost assets	(26,323)	(42,004)	(34,713)
Lease liabilities	(29,276)	(2,149)	(18,940)
Accounts payable	4,699	12,972	(496)
Accrued expenses and other current liabilities	61,462	15,321	19,573
Accrued compensation and benefits	13,203	9,861	6,417
Deferred revenue	789	9,248	5,667
Other long-term liabilities	(11,378)	10,175	(1,028)
Net cash provided by (used in) operating activities	(3,176,694)	424,197	(612,174)
Investing activities
Proceeds from maturities of investments	2,206,344	2,230,705	1,126,058
Proceeds from sales of investments	0	116,394	0
Purchases of investments	(516,346)	(3,287,071)	(1,495,477)
Purchases of property and equipment	(73,305)	(84,940)	(67,044)
Purchases of intangible assets	(31,094)	(23,577)	(19,591)
Proceeds from sale of equity investment	0	10,000	0
Cash paid for acquisition, net	(497,320)	0	0
Net cash provided by (used in) investing activities	1,088,279	(1,038,489)	(456,054)
Financing activities
Proceeds from issuance of convertible senior notes, net of issuance costs	0	553,282	1,157,675
Premiums paid for capped call confirmations	0	0	(159,677)
Proceeds from issuance of Class C capital stock, net of issuance costs	544,557	411,522	0
Proceeds from issuance of term loan, net of issuance costs	1,138,227	0	0
Proceeds from borrowings on credit facilities	3,618,299	348,684	688,489
Repayments of borrowings on credit facilities	(1,779,869)	(679,042)	(113,665)
Net borrowings (repayments) on warehouse lines of credit and repurchase agreements	(197,083)	278,616	(2,590)
Repurchases of Class C capital stock	(302,297)	0	0
Settlement of convertible senior notes	(1,297)	(194,768)
Proceeds from exercise of stock options	127,222	444,028	65,465
Value of equity awards withheld for tax liability	(129)	(4)	(3)
Net cash provided by financing activities	3,147,630	1,162,318	1,635,694
Net increase in cash, cash equivalents and restricted cash during period	1,059,215	548,026	567,466
Cash, cash equivalents and restricted cash at beginning of period	1,778,935	1,230,909	663,443
Cash, cash equivalents and restricted cash at end of period	2,838,150	1,778,935	1,230,909
Supplemental disclosures of cash flow information
Cash paid for interest	108,928	50,755	42,156
Noncash transactions:
Beneficial interests in securitizations	63,289	0	0
Write-off of fully amortized intangible assets	57,995	62,622	9,999
Write-off of fully depreciated property and equipment	48,626	115,086	36,159
Capitalized share-based compensation	30,372	16,557	11,947
Property and equipment purchased on account	$ 1,357	$ 335	$ 8,775

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization and Description of Business	Organization and Description of Business Zillow Group, Inc. is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow and its affiliates help high-intent movers find and win their home through digital solutions, first class partners and easier buying, selling, financing and renting experiences. We help customers find and win their home with referrals to trusted Zillow Premier Agent and Premier Broker partners and our portfolio of Zillow-branded and affiliated transaction-oriented services. Zillow Offers has purchased and sold homes directly in markets across the country. Beginning in the fourth quarter of 2021, Zillow Offers operations are being wound down with expected completion in the second half of 2022. Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Other customer brands include Zillow Rentals, Trulia, StreetEasy, Zillow Closing Services, HotPads and Out East. In addition, Zillow Group provides a comprehensive suite of marketing software and technology solutions which include Mortech, dotloop, Bridge Interactive, New Home Feed and ShowingTime.com, Inc. (“ShowingTime”). Zillow, Inc. was incorporated as a Washington corporation in December 2004, and we launched the initial version of our website, Zillow.com, in February 2006. Zillow Group, Inc. was incorporated as a Washington corporation in July 2014 in connection with our acquisition of Trulia, Inc. (“Trulia”), and upon the closing of the Trulia acquisition in February 2015, each of Zillow, Inc. and Trulia became wholly owned subsidiaries of Zillow Group, Inc. Certain Significant Risks and Uncertainties We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: disruptions in operations (including in our ability to complete the disposition of homes currently in inventory), and relationships with customers, suppliers, vendors, broker partners, contractors, employees, lenders and consumers given our decision to wind down Zillow Offers operations; unanticipated developments that may prevent, delay or increase the costs associated with our wind down activities; our access to and the availability of financing on terms acceptable to us to finance the purchase of homes through Zillow Offers during the wind down of Zillow Offers operations; public health crises, like the COVID-19 pandemic (including variants) and the availability, widespread distribution, use and efficacy of vaccines; rates of revenue growth; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; our ability to manage advertising inventory or pricing; engagement and usage of our products; our investment of resources to pursue strategies and develop products and services that may not prove effective; competition and innovation in our markets; the stability of the residential real estate market and the impact of changes to federal monetary policy including interest rate changes; changes in technology, products, markets or services by us or our competitors; addition or loss of significant customers; our ability to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future businesses; actual or anticipated changes to our products and services; changes in government regulation affecting our business; outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; management of our growth; our ability to attract and retain qualified employees and key personnel; protection of customers’ information and other privacy concerns; protection of our brand and intellectual property; and intellectual property infringement and other claims, among other things.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include Zillow Group, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”). Reclassifications Certain reclassifications have been made in the consolidated statements of operations to conform data for prior periods to the current format. Beginning with the year ended December 31, 2021, we presented a gross profit subtotal in our consolidated statements of operations, which requires certain depreciation expense and amortization expense to be included within cost of revenue. We believe the presentation of gross profit is preferable as it facilitates investors’ ability to model across our segments and enhances comparability with our public company peers. To effect the presentation of gross profit, we present the amortization expense for certain intangible assets and data acquisition costs within cost of revenue and have reclassified certain amounts in prior periods in the consolidated statements of operations from technology and development expenses to cost of revenue. Additionally, we reclassified the amortization expense for trade names and trademarks and customer relationship intangible assets from technology and development expenses to sales and marketing expenses. This change has no impact on income (loss) from operations or net income (loss). Amounts previously reported in the consolidated statements of operations for the periods presented were revised herein as shown below (in thousands): Year Ended Year Ended As Reported As Revised Effect of Change As Reported As Revised Effect of Change Cost of revenue: Homes $ 1,621,040 $ 1,634,755 $ 13,715 $ 1,315,345 $ 1,324,464 $ 9,119 IMT 104,091 193,097 89,006 98,522 193,885 95,363 Mortgages 31,264 38,540 7,276 18,154 25,750 7,596 Total cost of revenue 1,756,395 1,866,392 109,997 1,432,021 1,544,099 112,078 Operating expenses: Sales and marketing 672,816 691,119 18,303 714,128 728,631 14,503 Technology and development 518,072 390,172 (127,900) 477,347 350,923 (126,424) General and administrative 357,122 356,722 (400) 366,176 366,019 (157) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the accounting for certain revenue offerings, the net realizable value of inventory, restructuring costs, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations and the recoverability of goodwill, among others. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. The COVID-19 pandemic as well as our plans to wind down Zillow Offers operations have introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others. Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, investments, accounts receivable and mortgage loans held for sale. We place cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of our investments. Credit risk with respect to accounts receivable is dispersed due to the large number of customers. There were no customers that comprised 10% or more of our total accounts receivable as of December 31, 2021 and 2020. Further, our credit risk on accounts receivable is mitigated by the relatively short payment terms that we offer. Collateral is not required for accounts receivable. We maintain an allowance for doubtful accounts such that receivables are stated at net realizable value. Similarly, our credit risk on mortgage loans held for sale is dispersed due to a large number of customers and is mitigated by the fact that we typically sell mortgages on the secondary market within a relatively short period of time after the loan is originated. Cash and Cash Equivalents Cash includes demand deposits with banks or financial institutions. Cash equivalents include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Our cash equivalents include only investments with original maturities of three months or less. We regularly maintain cash in excess of federally insured limits at financial institutions. Short-term Investments Our investments consist of fixed income securities, which include U.S. government agency securities, corporate notes and bonds, commercial paper, treasury bills, municipal securities and certificates of deposit, and are classified as available-for-sale securities. The investments are available to support current operations and are classified as short-term investments measured at fair value. Our investment policy only allows for purchases of investment-grade securities and provides guidelines on concentrations to ensure minimum risk of loss. We evaluate whether unrealized losses on available-for-sale debt securities are the result of credit worthiness of the securities held or other non-credit related factors. If an unrealized loss is the result of credit quality factors, we recognize an allowance reflective of our current estimate of credit losses expected to be incurred over the life of the financial instrument on a specific identification basis upon initial recognition and at each reporting period. If a reduction in value is a result of other factors, we continue to classify the losses as a reduction of comprehensive income (loss) unless either we intend to sell the security or it is more likely than not we will be required to sell the security. We did not identify any unrealized loss positions in our available-for-sale securities that were the result of credit losses as of December 31, 2021 or 2020. Additionally, we have the ability to hold to maturity and more likely than not will not be required to sell the securities before a recovery of the amortized cost basis has occurred. Restricted Cash Restricted cash consists of cash received from the resale of homes through Zillow Offers which is held in restricted accounts associated with our credit facilities and securitizations (see Note 13) and amounts held in escrow related to funding home purchases in our mortgage origination business. Mortgage Loans Held for Sale Mortgage loans held for sale include residential mortgages originated for sale in the secondary market in connection with Zillow Home Loans. We have elected the fair value option for all mortgage loans held for sale as election of this option allows for a better offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. Mortgage loans held for sale are initially recorded at fair value based on either sale commitments or current market quotes and are adjusted for subsequent changes in fair value until the loans are sold. Net origination costs and fees associated with mortgage loans are recognized as incurred. We sell substantially all of the mortgages we originate and the related servicing rights to third-party purchasers. Interest income is earned from the date a mortgage loan is originated until the loan is sold and is classified within other income in the consolidated statements of operations. Substantially all of the mortgage loans originated are sold within a short period of time in the secondary mortgage market on a servicing released, nonrecourse basis, which limits exposure to nonperformance by loan buyer counterparties. However, we remain liable for certain limited representations and warranties related to loan sales, such as non-compliance with defined loan origination or documentation standards, including misstatement in the loan documents, early payoff or default on early payments. Mortgage investors could seek to have us buy back loans or compensate them for losses incurred on mortgages we have sold based on claims that we breached our limited representations and warranties. We record a reserve for probable losses in connection with the sale of mortgage loans. Loan Commitments and Related Derivatives We are party to interest rate lock commitments (“IRLCs”), which are extended to borrowers who have applied for loan funding and meet defined credit and underwriting criteria in connection with our Zillow Home Loans mortgage origination business. IRLCs are accounted for as derivative instruments recorded at fair value with gains and losses recognized in revenue in the consolidated statements of operations. We manage our interest rate risk related to IRLCs and mortgage loans held for sale through the use of derivative instruments, generally forward contracts on mortgage-backed securities (“MBSs”), which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and mandatory loan commitments, which are an obligation by an investor to buy loans at a specified price within a specified time period. We do not enter into or hold derivatives for trading or speculative purposes, and our derivatives are not designated as hedging instruments. Changes in the fair value of our derivative financial instruments are recognized in revenue in our consolidated statements of operations, and the fair values are reflected in other assets or other liabilities, as applicable. Refer to Note 3 to our consolidated financial statements for additional information regarding IRLCs and related derivatives. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs are substantially offset by corresponding gains or losses on forward contracts on MBSs and mandatory loan commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 90 days. Inventory Inventory is comprised of homes acquired through Zillow Offers and is stated at the lower of cost or net realizable value. Homes are removed from inventory on a specific identification basis when they are resold. Stated cost includes consideration paid to acquire and update each home including associated allocated overhead costs and holding costs incurred during the renovation period. Work-in-progress inventory includes homes undergoing updates and finished goods inventory includes homes ready for resale. Unallocated overhead costs are expensed as incurred and included in cost of revenue in the consolidated statements of operations. For our Homes segment, selling costs, such as real estate agent commissions, escrow and title fees and staging costs, as well as holding costs incurred during the period that homes are listed for sale, including utilities, taxes and maintenance, are expensed as incurred and classified within sales and marketing expenses in the consolidated statements of operations. Each quarter we review the value of homes held in inventory for indicators that net realizable value is lower than cost. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized in cost of revenue and the value of the corresponding asset is reduced. Refer to Note 5 to our consolidated financial statements for additional information regarding inventory. Contract Balances Accounts receivable represent our unconditional right to consideration. Accounts receivable are generally due within 30 days and are recorded net of the allowance for doubtful accounts. We have an allowance for doubtful accounts for our accounts receivable balances, which represents our estimate of expected credit losses over the contractual life of the accounts receivable. To evaluate the adequacy of our allowance for doubtful accounts each reporting period, we analyze the accounts receivable balances with similar risk characteristics on a collective basis, considering factors such as the aging of receivable balances, payment terms, geographic location, historical loss experience, current information and future expectations. Changes to the allowance for doubtful accounts are adjusted through credit loss expense, which is included in general and administrative expenses in the consolidated statements of operations. Contract assets represent amounts for which we have recognized revenue for contracts that have not yet been invoiced to our customers. Contract assets are primarily related to our Premier Agent Flex and rentals pay per lease offerings, whereby we estimate variable consideration based on the expected number of real estate transactions to be closed for Premier Agent Flex and qualified leases to be secured for rentals pay per lease and recognize revenue when we satisfy our performance obligations under the corresponding contracts. Contract assets are recorded within prepaid expenses and other current assets in our consolidated balance sheets. Contract liabilities consist of deferred revenue, which relates to payments received in advance of performance under a revenue contract. Deferred revenue is primarily related to prepaid advertising fees received or billed in advance of satisfying our performance obligations and prepaid but unrecognized subscription revenue. Deferred revenue is recognized when or as we satisfy our obligations under contracts with customers. Contract Cost Assets We capitalize certain incremental costs of obtaining contracts with customers which we expect to recover. These costs relate to commissions paid to sales personnel, primarily for our Premier Agent and Premier Broker programs. As a practical expedient, we recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. Capitalized commission costs are recorded as contract cost assets in our consolidated balance sheets. Contract cost assets are amortized to expense on a straight-line basis over a period that is consistent with the transfer to the customer of the products or services to which the asset relates, generally the estimated life of the customer relationship. Amortization expense related to contract cost assets is included in sales and marketing expenses in our consolidated statements of operations. In determining the estimated life of our customer relationships, we consider quantitative and qualitative data, including, but not limited to, historical customer data, recent changes or expected changes in product or service offerings and changes in how we monetize our products and services. The amortization period for capitalized contract costs related to our Premier Agent and Premier Broker programs are approximately three years. We monitor our contract cost assets for impairment and recognize an impairment loss in the consolidated statements of operations to the extent the carrying amount of the asset recognized exceeds the amount of consideration that we expect to receive in the future and that we have received but have not recognized in revenue less the costs that relate directly to providing those goods or services that have not yet been recognized as expenses. Refer to Note 7 of our consolidated financial statements for more information regarding contract cost assets. Beneficial Interests in Securitizations As the sponsor of certain securitization transactions for the Zillow Offers business, Zillow Group is required to retain at least a 5% interest in the credit risk of the asset-backed securities issued. The interests are presented as beneficial interests in securitizations in our consolidated balance sheet as of December 31, 2021. These investments are classified as available-for-sale debt securities and are measured at fair value on a recurring basis with unrealized gains and losses reported within our consolidated statements of other comprehensive loss. The beneficial interests in securitizations accrete interest income over their expected lives using the effective yield method which reflects a portion of the overall fair value adjustment recorded each period on the investments. We reevaluate the cash flow estimates over the lives of the beneficial interests on a quarterly basis to determine if a change to the accretable yield is required on a prospective basis. Property and Equipment Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. The useful lives are as follows: Computer equipment 2 to 3 years Office equipment, furniture and fixtures 5 to 7 years Leasehold improvements Shorter of expected useful life or lease term Maintenance and repair costs are charged to expense as incurred. Major improvements, which extend the useful life of the related asset, are capitalized. Upon disposal of a fixed asset, we record a gain or loss based on the difference between the proceeds received and the net book value of the disposed asset. We remove fully depreciated property and equipment from the cost and accumulated depreciation amounts disclosed. Website and Software Development Costs The costs incurred in the preliminary stages of website and software development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental and deemed by management to be significant, are capitalized in property and equipment and amortized on a straight-line basis over their estimated useful lives. Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the website or software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful lives. Amortization expense related to capitalized website and software development costs is included in cost of revenue in our consolidated statements of operations. Capitalized development activities placed in service are amortized over the expected useful lives of those releases, currently estimated at one Construction-in-progress primarily consists of website development costs that are capitalizable, but for which the associated applications have not been placed in service. Leases Our lease portfolio is primarily composed of operating leases for our office space. We determine whether a contract is or contains a lease at inception of the contract. Our operating leases are included in right of use assets and lease liabilities on our consolidated balance sheets. We do not have any material financing leases. We have lease agreements that include both lease components (e.g., fixed rent) and non-lease components (e.g., common area maintenance). For such leases, we account for the lease and non-lease components as a single component. For leases with an initial term of 12 months or less, we recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Right of use assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments. Right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of the total lease payments not yet paid, including lease incentives not yet received, with the right of use assets further adjusted for any prepaid or accrued lease payments, lease incentives received and/or initial direct costs incurred. Certain lease arrangements also include variable payments for costs such as common-area maintenance, utilities, taxes or other operating costs, which are based on a percentage of actual expenses incurred or a fluctuating rate which is unknown at the inception of the contract. These variable lease payments are excluded from the measurement of the right of use assets and lease liabilities. Our leases have remaining lease terms ranging from less than one year to eleven years, some of which include options to extend the lease term for up to an additional ten years. For example, our largest leases, which include our corporate headquarters in Seattle, Washington and office space in New York, New York and San Francisco, California, include options to renew the existing leases for either one or two periods of five years. When determining if a renewal option is reasonably certain of being exercised at lease commencement, we consider several factors, including but not limited to, contract-based, asset-based and entity-based factors. We reassess the term of existing leases if there is a significant event or change in circumstances within our control that affects whether we are reasonably certain to exercise an option to extend a lease. Examples of such events or changes include construction of significant leasehold improvements or other modifications or customizations to the underlying asset, relevant business decisions or subleases. As of December 31, 2021, we have concluded that our renewal options are not reasonably certain of being exercised, therefore, renewals are not included in the right of use assets and lease liabilities. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. We apply a portfolio approach for determining the incremental borrowing rate based on the applicable lease terms and the current economic environment. We recognize lease expense for operating leases on a straight-line basis over the lease term. Variable lease payments are generally recognized when incurred. These expenses are included in general and administrative expenses in the consolidated statements of operations. From time to time, we may enter into sublease agreements with third parties. Our subleases generally do not relieve us of our primary obligations under the corresponding head lease. As a result, we account for the head lease based on the original assessment at lease inception. We determine if the sublease arrangement is either a sales-type, direct financing, or operating lease at inception of the sublease. If the total remaining lease cost on the head lease for the term of the sublease is greater than the anticipated sublease income, the right of use asset is assessed for impairment. Our subleases are generally operating leases and we recognize sublease income on a straight-line basis over the sublease term. Recoverability of Goodwill Goodwill represents the excess of the cost of an acquired business over the fair value of the assets acquired at the date of acquisition, and is not amortized. We assess the impairment of goodwill on an annual basis, in our fourth quarter, or whenever events or changes in circumstances indicate that goodwill may be impaired. In our evaluation of goodwill, we typically first perform a qualitative assessment to determine whether the carrying value of each reporting unit is greater than its fair value. If it is more likely than not that the carrying value of a reporting unit is greater than its fair value, we perform a quantitative assessment and an impairment charge is recorded in our statements of operations for the excess of carrying value of the reporting unit over its fair value. During the years ended December 31, 2021, 2020 and 2019, we did not record any impairments related to goodwill. Refer to Note 10 for additional information related to goodwill. Intangible Assets We purchase and license data content from multiple data providers. This data content consists of United States county data about home details and other information relating to the purchase price of homes, both current and historical, as well as imagery, mapping and parcel data that is displayed on our mobile applications and websites. In some instances, we retain perpetual rights to this information after our contract with a vendor ends; in other instances, the information and data are licensed only during the fixed term of the agreement. Additionally, certain data license agreements provide for uneven payment amounts throughout the contract term. We capitalize payments made to third parties for data licenses that we expect to recover through generation of revenue and margins. For data license contracts that include uneven payment amounts, we capitalize the payments as they are made as an intangible asset and the total contract value is typically amortized on a straight-line basis over the term of the contract, which is equivalent to the estimated useful life of the asset. The amortization period for the capitalized purchased content is based on our best estimate of the useful life of the asset, which is approximately six years. Under certain other data agreements, the underlying data is obtained on a subscription basis with consistent monthly or quarterly recurring payment terms over the contractual period. Upon the expiration of such arrangements, we no longer have the right to access the related data, and therefore, the costs incurred under such contracts are not capitalized and are expensed as payments are made. We also capitalize costs related to the license of certain internal-use software from third parties, including certain licenses of software in cloud computing arrangements. Additionally, we capitalize costs incurred during the application development stage related to the development of internal-use software and enterprise cloud computing services. We expense costs as incurred related to the planning and post-implementation phases of development. Capitalized internal-use software costs are amortized on a straight-line basis over the estimated useful life of the asset, which is currently one Intangibles-in-progress consist of purchased content and software that are capitalizable but have not been placed in service. We also have intangible assets for developed technology, customer relationships, and trade names and trademarks which we recorded in connection with acquisitions. Purchased intangible assets with a determinable economic life are carried at cost less accumulated amortization. These intangible assets are amortized over the estimated useful life of the asset on a straight-line basis. For each of the intangible assets described above, we have removed fully amortized assets from the cost and accumulated amortization amounts disclosed. Recoverability of Intangible Assets with Definite Lives and Other Long-Lived Assets We evaluate intangible assets and other long-lived assets for impairment whenever events or circumstances indicate that they may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset group to future undiscounted net cash flows expected to be generated. We group assets for purposes of such review at the lowest level for which identifiable cash flows of the asset group are largely independent of the cash flows of the other groups of assets and liabilities. If this comparison indicates impairment, the amount of impairment to be recognized is calculated as the difference between the carrying value and the fair value of the asset group. Prior to April 2020, our Trulia trade names and trademarks intangible asset had not been amortized, and we assessed the asset for impairment on an annual basis, in our fourth quarter, or whenever events or changes in circumstances indicated that the asset may be impaired. On an interim basis, we considered if there were any events and circumstances that could affect the significant inputs used to determine the fair value of the intangible asset, including, but not limited to, costs that could have a negative effect on future expected earnings and cash flows, changes in certain key performance metrics, and changes in management, key personnel, strategy or customers. In our evaluation of our trade names and trademarks intangible asset, we typically performed a qualitative assessment to determine whether the fair value of the intangible asset was more likely than not impaired. If so, we performed a quantitative assessment and an impairment charge was recorded in our statements of operations for the excess of the carrying value of the intangible asset over its fair value. Business Combinations We recognize identifiable assets acquired and liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions for the purchase price allocation process to value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that we identify adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. We recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Revenue Recognition We recognize revenue when or as we satisfy our performance obligations by transferring control of the promised products or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those products or services. As a practical expedient, we do not adjust the promised amount of consideration for the effects of a significant financing component as the period between our transfer of a promised product or service to a customer and when the customer pays for that product or service is one year or less. We do not disclose the transaction price related to remaining performance obligations for (i) contracts with an original expected duration of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for performance completed to date. The remaining duration over which we satisfy our performance obligations is generally less than one year. Homes Segment Zillow Offers Revenue. Zillow Offers revenue is derived from the resale of homes. We recognize revenue at the time of the closing of the home sale when title to and possession of the property are transferred to the buyer. The amount of revenue recognized for each home sale is equal to the full sales price of the home net of resale concessions and credits to the buyer and does not reflect real estate agent commissions, closing or other costs associated with the transaction. Other Revenue. Other Homes revenue is primarily generated through Zillow Closing Services, which offers title and escrow services to home buyers and sellers, including title search procedures for title insurance policies, escrow and other closing services. Title insurance, which is recorded net of amounts remitted to third-party underwriters, and title and escrow closing fees, are recognized as revenue upon closing of the underlying real estate transaction. IMT Segment Premier Agent Revenue. Premier Agent revenue is derived from our Premier Agent and Premier Broker programs. Our Premier Agent and Premier Broker programs offer a suite of marketing and business tech

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require. We apply the following methods and assumptions in estimating our fair value measurements: Cash equivalents — The fair value measurement of money market funds is based on quoted market prices in active markets (Level 1). The fair value measurement of other cash equivalents is based on observable market-based inputs principally derived from or corroborated by observable market data (Level 2). Short-term investments — The fair value measurement of our short-term investments is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means (Level 2). Restricted cash — The carrying value of restricted cash approximates fair value due to the short period of time amounts are borrowed on our credit facilities, home sales proceeds are held in restricted accounts associated with our credit facilities and securitizations, and amounts are held in escrow (Level 1). Mortgage loans held for sale — The fair value of mortgage loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics (Level 2). Forward contracts — The fair value of mandatory loan sales commitments and derivative instruments such as forward sales of mortgage-backed securities that are utilized as economic hedging instruments is calculated by reference to quoted prices for similar assets (Level 2). Interest rate lock commitments — The fair value of IRLCs is calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. Expired commitments are excluded from the fair value measurement. Since not all IRLCs will become closed loans, we adjust our fair value measurements for the estimated amount of IRLCs that will not close. This adjustment is effected through the pull-through rate, which represents the probability that an interest rate lock commitment will ultimately result in a closed loan. For IRLCs that are cancelled or expire, any recorded gain or loss is reversed at the end of the commitment period (Level 3). The pull-through rate is based on estimated changes in market conditions, loan stage and historical borrower behavior. Pull-through rates are directly related to the fair value of IRLCs as an increase in the pull-through rate, in isolation, would result in an increase in the fair value measurement. Conversely, a decrease in the pull-through rate, in isolation, would result in a decrease in the fair value measurement. Changes in the fair value of IRLCs are included within Mortgages revenue in our consolidated statements of operations. The following table presents the range and weighted average pull-through rates used in determining the fair value of IRLCs as of the dates presented: December 31, 2021 December 31, 2020 Range 42% - 100% 47% - 100% Weighted average 85% 75% Beneficial interests in securitizations — The fair value of beneficial interests in securitizations is calculated using a discounted cash flow methodology. We rely on significant unobservable valuation inputs as the investments do not trade in active markets with readily observable prices and there is limited observable market data for reference. The primary unobservable inputs include the assumptions related to the expected timing and amount of prepayments and the discount rate of approximately 8% applied to the projected cash flows. An increase in the amount of prepayments, in isolation, would result in an increase in the fair value measurement (Level 3). An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement (Level 3). As of December 31, 2021, we have included the expected full prepayment of both beneficial interests by the fourth quarter of 2022 due to the planned wind down of Zillow Offers operations. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands): December 31, 2021 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 2,132,389 $ 2,132,389 $ — $ — Short-term investments: U.S. government agency securities 470,851 — 470,851 — Corporate bonds 33,080 — 33,080 — Commercial paper 9,991 — 9,991 — Beneficial interests in securitizations 75,103 — — 75,103 Mortgage origination-related: Mortgage loans held for sale 106,753 — 106,753 — IRLCs 4,626 — — 4,626 Forward contracts - other current assets 212 — 212 — Forward contracts - other current liabilities (222) — (222) — Total $ 2,832,783 $ 2,132,389 $ 620,665 $ 79,729 December 31, 2020 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 1,486,384 $ 1,486,384 $ — $ — Municipal securities 3,228 — 3,228 — Short-term investments: Treasury bills 1,163,813 — 1,163,813 — U.S. government agency securities 1,037,577 — 1,037,577 — Municipal securities 16,220 — 16,220 — Certificates of deposit 498 — 498 — Mortgage origination-related: Mortgage loans held for sale 330,758 — 330,758 — IRLCs 12,342 — — 12,342 Forward contracts - other current liabilities (2,608) — (2,608) — Total $ 4,048,212 $ 1,486,384 $ 2,549,486 $ 12,342 For the year ended December 31, 2021, the change in the balance of beneficial interests in securitizations was due to increases related to our new securitization transactions and unrealized gains of $8.9 million. The following table presents the changes in our IRLCs for the periods presented (in thousands): Year Ended Year Ended Balance, beginning of the period $ 12,342 $ 937 Issuances 69,958 63,662 Transfers (78,898) (60,648) Fair value changes recognized in earnings 1,224 8,391 Balance, end of period $ 4,626 $ 12,342 (1) The beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020. At December 31, 2021, the notional amounts of the hedging instruments related to our mortgage loans held for sale were $305.0 million and $387.8 million for our IRLCs and forward contracts, respectively. At December 31, 2020, the notional amounts of the hedging instruments related to our mortgage loans held for sale were $378.1 million and $652.1 million for our IRLCs and forward contracts, respectively. We do not have the right to offset our forward contract derivative positions. See Note 13 for the carrying amount and estimated fair value of our securitization term loans and convertible senior notes.

Cash and Cash Equivalents, Inve

Cash and Cash Equivalents, Investments and Restricted Cash	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents, Investments and Restricted Cash	Cash and Cash Equivalents, Investments and Restricted Cash The following tables present the amortized cost, gross unrealized gains and losses and estimated fair market value of our cash and cash equivalents, investments, including beneficial interests in securitizations, and restricted cash as of the dates presented (in thousands): December 31, 2021 Amortized Gross Gross Estimated Cash $ 479,110 $ — $ — $ 479,110 Cash equivalents: Money market funds 2,132,389 — — 2,132,389 Short-term investments: U.S. government agency securities 472,570 — (1,719) 470,851 Corporate bonds 33,172 3 (95) 33,080 Commercial paper 9,991 — — 9,991 Restricted cash 226,651 — — 226,651 Beneficial interests in securitizations 66,167 8,936 — 75,103 Total $ 3,420,050 $ 8,939 $ (1,814) $ 3,427,175 December 31, 2020 Amortized Gross Gross Estimated Cash $ 213,518 $ — $ — $ 213,518 Cash equivalents: Money market funds 1,486,384 — — 1,486,384 Municipal securities 3,229 — (1) 3,228 Short-term investments: Treasury bills 1,163,748 65 — 1,163,813 U.S. government agency securities 1,037,572 57 (52) 1,037,577 Municipal securities 16,226 — (6) 16,220 Certificates of deposit 498 — — 498 Restricted cash 75,805 — — 75,805 Total $ 3,996,980 $ 122 $ (59) $ 3,997,043 The following table presents available-for-sale investments by contractual maturity date as of December 31, 2021 (in thousands): Amortized Cost Estimated Fair Due in one year or less $ 180,857 $ 180,549 Due after one year 401,043 408,476 Total $ 581,900 $ 589,025 All short-term investments as of December 31, 2020 had a contractual maturity date of one year or less.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory	Inventory The following table presents the components of inventory, net of applicable lower of cost or net realizable value adjustments, as of the dates presented (in thousands): December 31, 2021 2020 Finished goods $ 2,727,421 $ 339,372 Work-in-process 1,185,241 151,921 Inventory $ 3,912,662 $ 491,293 We recorded a write-down for homes in inventory as of December 31, 2021 of $211.0 million with a corresponding increase to cost of revenue in our consolidated statement of operations for the year ended December 31, 2021. Prior to the year ended December 31, 2021 we did not record any material write-downs to inventory. Refer to Note 22 for a discussion of lower of cost or net realizable value adjustments recorded during the year ended December 31, 2021.

Contract Balances

Contract Balances	12 Months Ended
	Dec. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Contract Balances	Contract Balances Contract assets were $77.9 million and $20.8 million as of December 31, 2021 and December 31, 2020, respectively. The following table presents the changes in the allowance for doubtful accounts for the periods presented (in thousands): Year Ended 2021 2020 2019 Allowance for doubtful accounts: Balance, beginning of period $ 3,427 $ 4,522 $ 4,838 Additions charged to expense 1,073 2,650 2,772 Less: write-offs, net of recoveries and other adjustments (742) (3,745) (3,088) Balance, end of period $ 3,758 $ 3,427 $ 4,522 For the years ended December 31, 2021 and 2020, we recognized revenue of $48.4 million and $37.1 million, respectively, that was included in the deferred revenue balance at the beginning of the related period. As of December 31, 2021 and 2020, we had $35.5 million and $50.7 million, respectively, of contract cost assets. For the years ended December 31, 2021 and 2020, we did not record any material impairment losses to our contract cost assets. We recorded amortization expense related to contract cost assets of $41.6 million, $36.5 million and $35.3 million during the years ended December 31, 2021, 2020 and 2019, respectively.

Contract Cost Assets

Contract Cost Assets	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract Cost Assets	Contract Balances Contract assets were $77.9 million and $20.8 million as of December 31, 2021 and December 31, 2020, respectively. The following table presents the changes in the allowance for doubtful accounts for the periods presented (in thousands): Year Ended 2021 2020 2019 Allowance for doubtful accounts: Balance, beginning of period $ 3,427 $ 4,522 $ 4,838 Additions charged to expense 1,073 2,650 2,772 Less: write-offs, net of recoveries and other adjustments (742) (3,745) (3,088) Balance, end of period $ 3,758 $ 3,427 $ 4,522 For the years ended December 31, 2021 and 2020, we recognized revenue of $48.4 million and $37.1 million, respectively, that was included in the deferred revenue balance at the beginning of the related period. As of December 31, 2021 and 2020, we had $35.5 million and $50.7 million, respectively, of contract cost assets. For the years ended December 31, 2021 and 2020, we did not record any material impairment losses to our contract cost assets. We recorded amortization expense related to contract cost assets of $41.6 million, $36.5 million and $35.3 million during the years ended December 31, 2021, 2020 and 2019, respectively.

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net The following table presents the detail of property and equipment as of the dates presented (in thousands): December 31, 2021 2020 Website development costs $ 175,230 $ 95,466 Leasehold improvements 107,017 110,280 Office equipment, furniture and fixtures 25,151 39,607 Computer equipment 19,122 20,433 Construction-in-progress 7,129 44,151 Property and equipment 333,649 309,937 Less: accumulated amortization and depreciation (119,094) (113,785) Property and equipment, net $ 214,555 $ 196,152 We recorded depreciation expense related to property and equipment (other than website development costs) of $31.1 million, $34.1 million and $24.9 million, respectively, during the years ended December 31, 2021, 2020 and 2019. We capitalized $85.6 million, $54.8 million and $42.3 million, respectively, in website development costs during the years ended December 31, 2021, 2020 and 2019. Amortization expense for website development costs included in cost of revenue was $36.9 million, $24.8 million and $17.0 million, respectively, for the years ended December 31, 2021, 2020 and 2019.

Acquisition

Acquisition	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Acquisition	Acquisition Acquisition of ShowingTime.com, Inc. On September 30, 2021, Zillow Group acquired ShowingTime in exchange for approximately $511.8 million in cash, subject to certain adjustments. Our acquisition of ShowingTime has been accounted for as a business combination, and assets acquired and liabilities assumed were recorded at their preliminary estimated fair values as of September 30, 2021. Goodwill, which represents the expected synergies from combining the acquired assets and the operations of the acquirer, as well as intangible assets that do not qualify for separate recognition, is measured as of the acquisition date as the excess of consideration transferred, which is also measured at fair value, and the net of the fair values of the assets acquired and the liabilities assumed as of the acquisition date. The total preliminary purchase price has been allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the acquisition date. The total preliminary purchase price was allocated as follows (in thousands): Cash and cash equivalents $ 14,453 Identifiable intangible assets 111,100 Goodwill 388,885 Other acquired assets 6,006 Deferred tax liability (3,920) Other assumed liabilities (4,751) Total preliminary estimated purchase price $ 511,773 The preliminary estimated fair value of identifiable intangible assets acquired and associated useful lives consisted of the following (in thousands): Preliminary Estimated Fair Value Estimated Weighted-Average Useful Life (in years) Customer relationships $ 54,500 8 Developed technology 47,600 4 Trade names and trademarks 9,000 10 Total $ 111,100 We used an income approach to measure the fair value of the customer relationships based on the excess earnings method, whereby the fair value is estimated based upon the present value of cash flows that the applicable asset is expected to generate. We used an income approach to measure the fair value of the developed technology and the trade names and trademarks based on the relief-from-royalty method. These fair value measurements were based on Level 3 inputs under the fair value hierarchy. Our estimates and assumptions related to the purchase price allocation are preliminary and subject to change during the measurement period (up to one year from the acquisition date) as we finalize the amounts of intangible assets, goodwill and deferred taxes recorded in connection with the acquisition. Acquisition-related costs incurred, which primarily included legal, accounting and other external costs directly related to the acquisition, are included within Acquisition-related costs within our consolidated statements of operations and were expensed as incurred. On an unaudited pro forma basis, consolidated revenue would have been approximately 1% higher for the year ended December 31, 2021 and approximately 2% higher for the year ended December 31, 2020 if the acquisition would have been consummated as of January 1, 2020. Unaudited pro forma earnings information has not been presented as the effects were not material to our consolidated financial statements.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The following table presents goodwill by reportable segment as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 IMT $ 2,175,301 $ 1,786,416 Mortgages 198,491 198,491 Total $ 2,373,792 $ 1,984,907 There is no goodwill attributable to the Homes segment. The goodwill recorded in connection with the acquisition of ShowingTime, which includes intangible assets that do not qualify for separate recognition, is not deductible for tax purposes and is included within the IMT segment. The following tables present the detail of intangible assets as of the dates presented (in thousands): December 31, 2021 Cost Accumulated Net Customer relationships $ 138,500 $ (83,915) $ 54,585 Developed technology 133,664 (86,291) 47,373 Software 58,733 (19,542) 39,191 Trade names and trademarks 45,500 (9,181) 36,319 Intangibles-in-progress 1,516 — 1,516 Purchased content 3,941 (2,853) 1,088 Total $ 381,854 $ (201,782) $ 180,072 December 31, 2020 Cost Accumulated Net Trade names and trademarks $ 36,500 $ (3,822) $ 32,678 Software 28,515 (11,483) 17,032 Developed technology 86,064 (70,270) 15,794 Customer relationships 87,600 (73,301) 14,299 Intangibles-in-progress 11,863 — 11,863 Purchased content 47,930 (44,829) 3,101 Total $ 298,472 $ (203,705) $ 94,767 Amortization expense recorded for intangible assets for the years ended December 31, 2021, 2020 and 2019 was $61.3 million, $50.5 million and $44.9 million, respectively. Amortization expense for trade names and trademarks and customer relationships intangible assets is included in sales and marketing expenses. Amortization expense for all other intangible assets is included in cost of revenue. Estimated future amortization expense for intangible assets, including amortization related to future commitments (see Note 18), as of December 31, 2021 is as follows (in thousands): 2022 $ 60,793 2023 38,882 2024 30,116 2025 21,337 2026 12,605 Thereafter 34,971 Total future amortization expense $ 198,704

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities The following table presents the detail of accrued expenses and other current liabilities as of the dates presented (in thousands): December 31, 2021 2020 Accrued marketing and advertising $ 27,126 $ 16,239 Taxes payable 17,841 6,131 Accrued interest expense 8,264 5,916 Accrued estimated legal liabilities and legal fees 7,467 6,316 Merger consideration payable to former stockholders of certain acquired entities 6,590 6,117 Accrued restructuring costs 3,776 — Accrued escrow payable 174 9,788 Other accrued expenses and other current liabilities 90,221 43,980 Total accrued expenses and other current liabilities $ 161,459 $ 94,487

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases The components of our operating lease expense were as follows for the periods presented (in thousands): Year Ended 2021 2020 2019 Operating lease cost $ 37,915 $ 40,292 $ 35,837 Variable lease cost 13,418 10,323 11,231 Total lease cost $ 51,333 $ 50,615 $ 47,068 We have subleases related to certain of our operating leases. We recognize sublease income on a straight-line basis over the sublease term, which is recorded as a reduction to our operating lease cost. For the year ended December 31, 2021, we recognized $6.9 million of sublease income. Sublease income was not material for the years ended December 31, 2020 and 2019. Total lease costs associated with short-term leases were not material for the years ended December 31, 2021, 2020 and 2019. Other information related to operating leases was as follows for the periods presented (in thousands, except for years and percentages): Year Ended 2021 (1) 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives of $433, $18,626 and $— for the years ended December 31, 2021, 2020 and 2019, respectively $ 43,170 $ 17,676 $ 31,816 Right of use assets obtained in exchange for new operating lease obligations $ (35,719) $ 145 $ 128,354 Weighted average remaining lease term for operating leases 7.00 years 8.00 years 8.50 years Weighted average discount rate for operating leases 7.2 % 6.5 % 6.5 % (1) During the year ended December 31, 2021, we modified our existing office space lease for our corporate headquarters in Seattle, Washington, whereby the renewal options for certain existing office space which we had previously included in the measurement of the lease liability and right of use asset were removed and we will partially terminate our lease early for certain existing office space, resulting in a reduction of the lease liability and right of use asset of approximately $43.5 million and $42.4 million, respectively. The lease term for certain other existing leased office space in Seattle was extended such that it now expires in 2032 and retains the two five The following table presents the scheduled maturities of our operating lease liabilities by year as of December 31, 2021 (in thousands): 2022 $ 35,340 2023 40,118 2024 36,470 2025 22,698 2026 22,759 Thereafter 94,085 Total lease payments 251,470 Less: Imputed interest (80,000) Present value of lease liabilities $ 171,470 Operating lease liabilities included in the table above do not include sublease income. As of December 31, 2021, we expect to receive sublease income of approximately $41.7 million from 2022 through 2030.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in thousands): December 31, 2021 2020 Homes segment Credit facilities: Goldman Sachs Bank USA $ 548,345 $ 145,825 Citibank, N.A. 770,306 87,103 Credit Suisse AG, Cayman Islands 834,906 128,238 Securitizations: 2021-1 variable funding line 16,846 — 2021-1 term loan 471,975 — 2021-2 variable funding line 29,193 — 2021-2 term loan 736,778 — Total Homes segment debt 3,408,349 361,166 Mortgages segment Repurchase agreements: Credit Suisse AG, Cayman Islands 76,392 149,913 Citibank, N.A. 16,912 90,227 Warehouse line of credit: Comerica Bank 18,656 68,903 Total Mortgages segment debt 111,960 309,043 Convertible senior notes 1.375% convertible senior notes due 2026 368,773 347,566 2.75% convertible senior notes due 2025 443,505 414,888 0.75% convertible senior notes due 2024 506,946 524,273 1.50% convertible senior notes due 2023 — 326,796 Total convertible senior notes 1,319,224 1,613,523 Total debt $ 4,839,533 $ 2,283,732 Homes Segment Variable Interest Entities In the first half of 2021, certain wholly owned subsidiaries of Zillow Group amended and restated the Homes segment credit agreements in order to facilitate a titling trust structure. In March 2021, Zillow Group, through Zillow Offers, began buying and selling homes through a titling trust. The titling trust facilitates the allocation of beneficial ownership of properties to special purpose entities (each, an “SPE”), which SPEs are then party to agreements to finance the properties. Zillow Group initially formed these SPEs to purchase and sell residential properties through Zillow Offers, and subsequent to the creation of the titling trust, these SPEs hold beneficial interests in homes purchased by the titling trust, which the SPEs subsequently finance. Each SPE is a wholly owned subsidiary of Zillow Group and a separate legal entity, and neither the assets nor credit of any such SPE are available to satisfy the debts and other obligations of any affiliate or other entity outside of these SPEs. The financings executed by the SPEs are secured by the assets and equity of one or more SPEs. These SPEs and titling trust are variable interest entities and Zillow Group is the primary beneficiary as it has the power to control the activities that most significantly impact the SPEs’ and titling trust’s economic performance and the obligation to absorb losses of the SPEs and titling trust or the right to receive benefits that could potentially be significant to the SPEs and titling trust. The SPEs and titling trust are consolidated within Zillow Group’s consolidated financial statements. As of December 31, 2021 and 2020, the total assets of the SPEs and titling trust were $4.2 billion and $551.2 million, respectively, of which $3.9 billion and $491.3 million are inventory, respectively, $224.8 million and $53.0 million are restricted cash, respectively, and $78.1 million and $3.9 million are accounts receivable, respectively. As of December 31, 2021 and 2020, the total liabilities of the SPEs and titling trust were $3.5 billion and $372.5 million, respectively, of which $3.4 billion and $361.2 million are credit facility and securitization-related borrowings, respectively, and $55.3 million and $10.8 million are accrued expenses, respectively. Credit Facilities To provide capital for Zillow Offers, we utilize revolving credit facilities that are classified as current liabilities in our consolidated balance sheets. We classify these credit facilities as current liabilities as amounts drawn to purchase homes are typically due as homes are sold, which we expect to be within one year, if not replaced by new real estate inventory of equal or greater value. The following table summarizes certain details related to our credit facilities as of December 31, 2021 (in thousands, except interest rates): Lender Final Maturity Date Maximum Borrowing Capacity Weighted Average Interest Rate Goldman Sachs Bank USA April 21, 2023 $ 750,000 2.90 % Citibank, N.A. May 2, 2022 1,000,000 2.84 % Credit Suisse AG, Cayman Islands December 31, 2022 1,500,000 2.92 % Total $ 3,250,000 On April 14, 2021, certain wholly owned subsidiaries of Zillow Group amended the credit agreement with Goldman Sachs Bank USA (“Goldman Sachs”) previously maturing on April 20, 2022 to extend the final maturity date to April 21, 2023. The credit agreement with Goldman Sachs was further amended on July 29, 2021 to increase the total maximum borrowing capacity from $500.0 million to $750.0 million, and on September 27, 2021 to temporarily increase the total maximum borrowing capacity from $750.0 million to $1.25 billion through December 27, 2021. On June 11, 2021, certain wholly owned subsidiaries of Zillow Group amended the credit agreement with Citibank, N.A. (“Citibank”) previously maturing on November 30, 2021 to extend the final maturity date to December 9, 2023. The credit agreement with Citibank was further amended on August 24, 2021 to increase the total maximum borrowing capacity from $500.0 million to $1.0 billion, and further amended on November 30, 2021 such that it now matures on May 2, 2022 and no further advances may be made under the credit agreement. In addition, after January 18, 2022, no further eligible properties can be added to the borrowing base. On January 6, 2021, certain wholly owned subsidiaries of Zillow Group amended the Credit Suisse AG, Cayman Islands (“Credit Suisse”) credit agreement previously maturing on July 31, 2021 such that it now matures on December 31, 2022. The credit agreement with Credit Suisse was further amended on September 17, 2021 to increase the total maximum borrowing capacity from $500.0 million to $1.5 billion. Undrawn amounts available under the Goldman Sachs and Credit Suisse credit facilities included in the table above are not committed, meaning the applicable lender is not committed to, but may in its discretion, advance loan funds in excess of the outstanding borrowings. The final maturity dates are inclusive of extensions which are subject to agreement by the respective lender. Outstanding amounts drawn under each credit facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default. Further, each SPE is required to repay any resulting shortfall if the value of the eligible properties beneficially owned by such SPE falls below a certain percentage of the principal amount outstanding under the applicable credit facility. Continued inclusion of properties in each credit facility is subject to various eligibility criteria. For example, aging criteria limit the inclusion in the borrowing base of properties owned longer than a specified number of days, and properties owned for longer than one year are generally ineligible. The stated interest rate on our credit facilities is one-month LIBOR plus an applicable margin, and in certain cases include a LIBOR floor, as defined in the respective credit agreements. Our credit facilities include customary representations and warranties, provisions regarding events of default and covenants. The terms of these credit facilities and related financing documents require Zillow Group and certain of its subsidiaries, as applicable, to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth and leverage ratios. As of December 31, 2021, Zillow Group was in compliance with all financial covenants and no event of default had occurred. Except for certain limited circumstances, the credit facilities are non-recourse to Zillow Group. Our credit facilities require that we establish, maintain and in certain circumstances that Zillow Group fund specified reserve accounts. These reserve accounts include, but are not limited to, interest reserves, insurance reserves, tax reserves, renovation cost reserves and reserves for specially permitted liens. Securitization Transactions On August 11, 2021, we closed the 2021-1 securitization transaction (“2021-1”), and on October 1, 2021, we closed the 2021-2 securitization transaction (“2021-2”) for Zillow Offers. To effect the transactions, SPEs of the Company (the “Borrowers”) entered into non-revolving term loans with third-party lenders. The 2021-1 and 2021-2 term loans each consist of a single componentized promissory note evidencing a monthly-pay loan with initial principal balances of $480.0 million and $749.0 million, respectively, each having two fixed rate components and a single principal-only component. The term loans are each secured by a beneficial interest in a revolving pool of single-family homes that are owned by our titling trust. The term loans were immediately sold by the third-party lenders to a subsidiary of the Company (the “Depositor”) and then sold to a Real Estate Mortgage Investment Conduit (“REMIC”) trust in exchange for revolving notes which are secured by the term loans. The principal amount of each class of notes corresponds to the corresponding principal amount of the term loans’ components with an additional class that holds the residual REMIC interests. Upon receipt of the 2021-1 and 2021-2 notes, the Depositor sold $450.0 million and $700.0 million, respectively, of principal of the notes to third-party investors for gross proceeds of $450.0 million and $700.0 million, respectively. Total debt issuance costs associated with the 2021-1 and 2021-2 term loans were $6.6 million and $5.7 million, respectively. Zillow Group retained $30.0 million and $49.0 million in principal amounts of non-interest-bearing notes as the sponsor of the 2021 -1 and 2021-2 transactions, respectively. Proceeds received by the Depositor from the sale of the notes were used as consideration to purchase the term loans from the third-party lenders. The retained notes are presented as beneficial interests in securitizations in our consolidated balance sheet as of December 31, 2021. The Depositor entity is a variable interest entity for which Zillow Group is the primary beneficiary, as it has the power to control the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses of the Depositor or the right to receive benefits that could potentially be significant to the Depositor. We have evaluated our interests in the REMIC trusts, including our interest in the retained notes, and have concluded that we do not have a variable interest in the REMIC trusts and therefore do not consolidate the entities. In conjunction with the securitizations, we entered into variable funding lines with Credit Suisse AG, Cayman Islands which bear interest at one-month LIBOR plus an applicable margin and have uncommitted maximum borrowing capacities. The variable funding lines are classified as current liabilities in our consolidated balance sheet. The following table summarizes certain details related to our variable funding lines as of December 31, 2021 (in thousands, except interest rates): Securitization Maturity Date Carrying Value Maximum Borrowing Capacity Weighted Average Interest Rate 2021-1 variable funding line February 9, 2024 $ 16,846 $ 65,000 2.84 % 2021-2 variable funding line October 9, 2024 29,193 75,000 2.84 % Total $ 46,039 $ 140,000 The term loans and variable funding lines (together the “Borrower Loans”) are required to be repaid on their respective maturity dates, or earlier if accelerated due to an event of default. The term loans have scheduled reinvestment periods during which additional homes may be financed as existing homes are sold and are classified as current liabilities in our consolidated balance sheet to reflect the expected full prepayment of the term loans during 2022 due to the wind down of Zillow Offers operations. Voluntary prepayments of the term loans within the first year are subject to prepayment fees. The Borrowers are required to repay any resulting shortfall if the value of the eligible properties held in the collateral pool falls below a certain percentage of the principal amount outstanding under the Borrower Loans. Continued inclusion of properties in the collateral pool is subject to various eligibility criteria. For example, aging criteria limit the inclusion in the borrowing base of properties owned longer than a specified number of days, and properties owned for longer than one year are generally ineligible. In addition, continued ability to operate the Borrower Loans requires a certain minimum amount of proceeds to be generated monthly from resale of properties in the collateral pool. The Borrower Loans include customary representations and warranties, provisions regarding events of default and covenants. The Borrower Loans require Zillow Group and certain of its subsidiaries, as applicable, to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth and leverage ratios. As of December 31, 2021, Zillow Group was in compliance with all financial covenants and no event of default had occurred. Except for certain limited circumstances, the Borrower Loans are non-recourse to Zillow Group. The two fixed rate components of the 2021-1 term loan have stated interest rates of 2.3425% and 3.3524%, respectively, and principal amounts of $370.5 million and $79.5 million, respectively, as of December 31, 2021. The principal-only component of the 2021-1 term loan has a principal amount of $30.0 million as of December 31, 2021. The two fixed rate components of the 2021-2 term loan have stated interest rates of 2.4294% and 3.5860%, respectively, and principal amounts of $576.8 million and $123.2 million, respectively, as of December 31, 2021. The principal-only component of the 2021-2 term loan has a principal amount of $49.0 million as of December 31, 2021. The following tables summarize certain additional details related to our term loans as of the dates presented or for the periods ended (in thousands, except interest rates): December 31, 2021 Securitization Maturity Date Aggregate Principal Amount Weighted Average Effective Interest Rate (1) First Interest Payment Date Reinvestment Period Unamortized Debt Discount and Debt Issuance Costs Fair Value (2) 2021-1 term loan February 9, 2024 $ 480,000 9.03 % September 9, 2021 24 months $ 8,025 $ 479,985 2021-2 term loan October 9, 2024 749,000 6.44 % November 9, 2021 30 months 12,222 746,977 Total $ 1,229,000 $ 20,247 $ 1,226,962 (1) The weighted average effective interest rate is calculated using the outstanding principal amounts and effective interest rates for the two fixed rate components and the single principal-only component of each of the term loans. Debt discount and debt issuance costs have been allocated to the components of each term loan and will be amortized using the effective interest method with the amortization classified as a component of interest expense. (2) The estimated fair value of each term loan is calculated using a discounted cash flow methodology. The fair value is classified as Level 3 due to reliance on significant unobservable valuation inputs. Year Ended Securitization Contractual Coupon Interest Amortization of Debt Discount Amortization of Debt Issuance Costs Interest Expense 2021-1 term loan $ 4,443 $ 1,816 $ 2,202 $ 8,461 2021-2 term loan 4,608 2,141 1,079 7,828 Total $ 9,051 $ 3,957 $ 3,281 $ 16,289 Mortgages Segment To provide capital for Zillow Home Loans, we utilize master repurchase agreements and a warehouse line of credit which are classified as current liabilities in our consolidated balance sheets. The repurchase agreements and warehouse line of credit provide short-term financing between the issuance of a mortgage loan and when Zillow Home Loans sells the loan to an investor or directly to an agency. The following table summarizes certain details related to our repurchase agreements and warehouse line of credit (in thousands, except interest rates): Lender Maturity Date Maximum Borrowing Capacity Weighted Average Interest Rate Credit Suisse AG, Cayman Islands March 18, 2022 $ 300,000 2.50 % Citibank, N.A. June 10, 2022 100,000 1.85 % Comerica Bank June 25, 2022 60,000 2.50 % Total $ 460,000 Master Repurchase Agreements On March 19, 2021, Zillow Home Loans amended its Credit Suisse AG, Cayman Islands (“Credit Suisse”) master repurchase agreement to increase the uncommitted total maximum borrowing capacity to $300.0 million with a maturity date of March 18, 2022. On June 11, 2021, Zillow Home Loans amended its Citibank, N.A. (“Citibank”) master repurchase agreement previously maturing on October 26, 2021 such that it now matures on June 10, 2022. The repurchase agreement with Citibank includes a committed amount of $25.0 million. In accordance with the master repurchase agreements, Credit Suisse and Citibank (together the “Lenders”) have agreed to pay Zillow Home Loans a negotiated purchase price for eligible loans, and Zillow Home Loans has simultaneously agreed to repurchase such loans from the Lenders under a specified timeframe at an agreed upon price that includes interest. The master repurchase agreements contain margin call provisions that provide the Lenders with certain rights in the event of a decline in the market value of the assets purchased under the master repurchase agreements. As of December 31, 2021 and 2020, $87.0 million and $240.1 million, respectively, in mortgage loans held for sale were pledged as collateral under the master repurchase agreements. Warehouse Line of Credit On February 4, 2021, Zillow Home Loans amended its Comerica Bank warehouse line of credit to increase the total maximum borrowing capacity to $100.0 million with a maturity date of June 26, 2021. On June 26, 2021, Zillow Home Loans again amended its Comerica Bank warehouse line of credit such that it now matures on June 25, 2022 and provides an uncommitted total maximum borrowing capacity of $60.0 million. Borrowings on the repurchase agreements and warehouse line of credit bear interest at one-month LIBOR plus an applicable margin, and in certain cases include a LIBOR floor, as defined in the governing agreements, and are secured by residential mortgage loans held for sale. The repurchase agreements and warehouse line of credit include customary representations and warranties, covenants and provisions regarding events of default. As of December 31, 2021, Zillow Home Loans was in compliance with all financial covenants and no event of default had occurred. The repurchase agreements and warehouse line of credit are recourse to Zillow Home Loans, and have no recourse to Zillow Group or any of its other subsidiaries. Convertible Senior Notes The following tables summarize certain details related to our outstanding convertible senior notes as of the dates presented or for the periods ended (in thousands, except interest rates): December 31, 2021 December 31, 2020 Maturity Date Aggregate Principal Amount Stated Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Unamortized Debt Discount and Debt Issuance Costs Fair Value Unamortized Debt Discount and Debt Issuance Costs Fair Value September 1, 2026 $ 498,800 1.375 % 8.10 % March 1, 2020 March 1; September 1 $ 130,027 $ 781,191 $ 152,434 $ 1,508,675 May 15, 2025 564,998 2.75 % 10.32 % November 15, 2020 May 15; November 15 121,493 724,610 150,112 1,168,855 September 1, 2024 608,382 0.75 % 7.68 % March 1, 2020 March 1; September 1 101,436 945,547 148,727 2,023,280 July 1, 2023 — 1.50 % 6.99 % January 1, 2019 January 1; July 1 — — 46,954 633,039 Total $ 1,672,180 $ 352,956 $ 2,451,348 $ 498,227 $ 5,333,849 Year Ended Year Ended Year Ended Maturity Date Contractual Coupon Interest Amortization of Debt Discount Amortization of Debt Issuance Costs Interest Expense Contractual Coupon Interest Amortization of Debt Discount Amortization of Debt Issuance Costs Interest Expense Contractual Coupon Interest Amortization of Debt Discount Amortization of Debt Issuance Costs Interest Expense September 1, 2026 $ 6,862 $ 21,523 $ 527 $ 28,912 $ 6,876 $ 19,893 $ 486 $ 27,255 $ 2,139 $ 5,869 $ 144 $ 8,152 May 15, 2025 15,536 27,168 1,450 44,154 9,689 15,585 832 26,106 — — — — September 1, 2024 4,663 32,589 1,116 38,368 5,034 32,618 1,117 38,769 1,539 9,482 325 11,346 July 1, 2023 2,819 7,958 778 11,555 5,606 15,142 1,479 22,227 5,606 14,047 1,374 21,027 December 1, 2021 — — — — 6,350 13,820 1,429 21,599 9,200 18,899 1,957 30,056 December 15, 2020 — — — — 234 — — 234 265 — — 265 Total $ 29,880 $ 89,238 $ 3,871 $ 122,989 $ 33,789 $ 97,058 $ 5,343 $ 136,190 $ 18,749 $ 48,297 $ 3,800 $ 70,846 The convertible notes are senior unsecured obligations and are classified as long-term debt in our consolidated balance sheets based on their contractual maturity dates. Interest on the convertible notes is paid semi-annually in arrears. The estimated fair value of the convertible senior notes was determined through consideration of quoted market prices. The fair value is classified as Level 3 due to the limited trading activity for each of the convertible senior notes. Convertible Senior Notes due in 2025 On May 15, 2020, we issued $500.0 million aggregate principal amount of 2.75% Convertible Senior Notes due 2025 (the “Initial 2025 Notes”) and on May 19, 2020 we issued $65.0 million aggregate principal amount of 2.75% Convertible Senior Notes due 2025 (the “Additional Notes” and, together with the Initial 2025 Notes, the “2025 Notes”). The Additional Notes were sold pursuant to the underwriters’ option to purchase additional 2025 Notes granted in connection with the offering of the Initial 2025 Notes. The net proceeds from the issuance of the 2025 Notes were approximately $553.3 million, after deducting underwriting discounts and commissions and offering expenses paid by Zillow Group. Convertible Senior Notes due in 2024 and 2026 On September 9, 2019, we issued $600.0 million aggregate principal amount of Convertible Senior Notes due 2024 (the “Initial 2024 Notes”) and $500.0 million aggregate principal amount of Convertible Senior Notes due 2026 (the “2026 Notes”) in a private offering to qualified institutional buyers. The net proceeds from the issuance of the Initial 2024 Notes were approximately $592.2 million and the net proceeds from the issuance of the 2026 Notes were approximately $493.5 million, in each case after deducting fees and expenses paid by Zillow Group. We used approximately $75.2 million of the net proceeds from the issuance of the Initial 2024 Notes and approximately $75.4 million of the net proceeds from the issuance of the 2026 Notes to pay the cost of the capped call transactions entered into in connection with the issuances, described below. On October 9, 2019, we issued $73.0 million aggregate principal amount of 0.75% Convertible Senior Notes due 2024 (the “Additional Notes” and, together with the Initial 2024 Notes, the “2024 Notes”). The Additional Notes were sold pursuant to the initial purchasers’ partial exercise of their option to purchase such notes, granted in connection with the offering of the Initial 2024 Notes. The Additional Notes have the same terms, and were issued under the same indenture, as the Initial 2024 Notes. The net proceeds from the offering of the Additional Notes were approximately $72.0 million, after deducting fees and expenses paid by Zillow Group. We used approximately $9.1 million of the net proceeds from the issuance of the Additional Notes to pay the cost of the capped call transactions entered into in connection with the issuance of the Additional Notes, described below. Convertible Senior Notes due in 2023 On July 3, 2018, we issued $373.8 million aggregate principal amount of Convertible Senior Notes due 2023 (the “2023 Notes”), which includes $48.8 million principal amount of 2023 Notes sold pursuant to the underwriters’ option to purchase additional 2023 Notes. The net proceeds from the issuance of the 2023 Notes were approximately $364.0 million, after deducting fees and expenses paid by Zillow Group. We used approximately $29.4 million of the net proceeds from the issuance of the 2023 Notes to pay the cost of capped call transactions entered into in connection with the issuances, described below. Convertible Senior Notes due in 2021 On December 12, 2016, we issued $460.0 million aggregate principal amount of 2.00% Convertible Senior Notes due 2021 (the “2021 Notes”), which includes the exercise of the $60.0 million over-allotment option, to the initial purchaser of the 2021 Notes in a private offering to qualified institutional buyers. The net proceeds from the issuance of the 2021 Notes were approximately $447.8 million, after deducting fees and expenses paid by Zillow Group. In addition, we used approximately $36.6 million of the net proceeds from the issuance of the 2021 Notes to pay the cost of the capped call transactions with the initial purchaser of the 2021 Notes and two additional financial institutions, described below. The Notes are convertible into cash, shares of Class C capital stock or a combination thereof, at our election, and may be settled as described below. They will mature on their respective maturity date, unless earlier repurchased, redeemed or converted in accordance with their terms. The following table summarizes the conversion and redemption options with respect to the Notes: Maturity Date Early Conversion Date Conversion Rate Conversion Price Optional Redemption Date September 1, 2026 March 1, 2026 22.9830 $ 43.51 September 5, 2023 May 15, 2025 November 15, 2024 14.8810 67.20 May 22, 2023 September 1, 2024 March 1, 2024 22.9830 43.51 September 5, 2022 Prior to the close of business on the business day immediately preceding the applicable Early Conversion Date, the Notes will be convertible at the option of the holders only under certain conditions. On or after the applicable Early Conversion Date, until the close of business on the second scheduled trading day immediately preceding the applicable Maturity Date, holders may convert the Notes at their option at the applicable Conversion Rate then in effect, irrespective of these conditions. The Company will settle conversions of the Notes by paying or delivering, as the case may be, cash, shares of its Class C capital stock, or a combination of cash and shares of its Class C capital stock, at its election. The applicable Conversion Rate for each series of Notes will initially be the conversion rate of shares of Class C capital stock per $1,000 principal amount of the Notes (equivalent to an initial Conversion Price per share of Class C capital stock). The applicable Conversion Rate and the corresponding initial Conversion Price will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. The Company may redeem for cash all or part of the respective series of Notes, at its option, on or after the applicable Optional Redemption Date, under certain circumstances, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (as defined in the indentures governing the Notes). We may not redeem a series of Notes prior to the applicable Optional Redemption Date. We may redeem for cash all or any portion of a series of Notes, at our option, in whole or in part on or after the applicable Optional Redemption Date if the last reported sale price per share of our Class C capital stock has been at least 130% of the Conversion Price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. The conversion option does not meet the criteria for separate accounting as a derivative as it is indexed to our own stock. For more than 20 trading days during the 30 consecutive trading days ended December 31, 2021, the last reported sale price of our Class C capital stock exceeded 130% of the conversion price of the 2024 Notes and 2026 Notes, but did not exceed 130% of the conversion price of the 2025 Notes. Accordingly, the 2024 Notes and 2026 Notes are convertible at the option of the holders from January 1, 2022 through March 31, 2022 unless earlier repurchased or redeemed. Each series of the Notes were convertible for all quarterly periods in the year ended December 31, 2021. If the Company undergoes a fundamental change (as defined in the indentures governing the Notes), holders may require the Company to repurchase for cash all or part of a series of Notes, as applicable, at a repurchase price equal to 100% of the principal amount of the notes to be purchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date (as defined in the indentures governing the Notes). In addition, if certain fundamental changes occur, the Company may be required, in certain circumstances, to increase the conversion rate for any of the Notes converted in connection with such fundamental changes by a specified number of shares of its Class C capital stock. Certain events are also considered “Events of Default,” which may result in the acceleration of the maturity of the Notes, as described in the indentures governing the Notes. There are no financial covenants associated with the Notes. In accounting for the issuance of the Notes, the Company separated the Notes into liability and equity components. The carrying amount of the liability component for each of the Notes was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the Notes. The difference between the principal amounts of the Notes and their liability components represents their respective debt discounts, which are recorded as a direct deduction from the related debt liability in the consolidated balance sheets and amortized to interest expense using the effective interest method over the term of the Notes. The equity components of the Notes, net of issuance costs, are included in additional paid-in capital in the consolidated balance sheets and are not remeasured as long as they continue to meet the conditions for equity classification. The carrying values of the equity components of the 2026 Notes, 2025 Notes and 2024 Notes, net of issuance costs, are $171.8 million, $154.8 million and $165.9 million, respectively, as of December 31, 2021 . On May 26, 2021, we submitted notice to the trustee to exercise our right to redeem the remaining $372.8 million in aggregate principal amount of the 2023 Notes on July 6, 2021 (the “Redemption Date”). Holders of the 2023 Notes had the option to convert their 2023 Notes in whole or in part into shares of Class C capital stock prior to the Redemption Date at a conversion rate of 12.7592 shares of Class C capital stock per $1,000 principal amount of the 2023 Notes, equal to a conversion price of $78.37 per share. Holders of the 2023 Notes elected to convert $371.5 million of aggregate principal amount prior to the Redemption Date. We satisfied these conversions through the issuance of approximately 4.7 million shares of Class C capital stock and an immaterial amount of cash in lieu of fractional shares. The remaining $1.3 million of aggregate principal amount was redeemed on July 6, 2021 for $1.3 million in cash, plus accrued and unpaid interest. Settlement of the 2023 Notes was accounted for as a debt extinguishment. The 2023 Notes would have otherwise matured on July 1, 2023. Each outstanding series of the Notes was convertible during the three months ended December 31, 2021, at the option of the holders. During the year ended December 31, 2021, holders of the 2024 Notes and 2026 Notes elected to convert $64.6 million and $1.2 million aggregate principal amount of the 2024 Notes and 2026 Notes, respectively. In May 2020, we used a portion of the net proceeds from the issuance of the 2025 Notes to repurchase $194.7 million aggregate principal of the 2021 Notes in privately negotiated transactions. On November 4, 2020, we submitted notice to the trustee to exercise our right to redeem the remaining $265.3 million in aggregate principal amount of the 2021 Notes on December 18, 2020 (the “Redemption Date”). Holders of the 2021 Notes elected to convert $265.2 million of aggregate principal amount prior to the Redemption Date. The remaining $0.1 million of aggregate principal amount was redeemed on December 18, 2020 for $0.1 million in

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to income taxes in the United States (federal and state), Canada, and Serbia. We recorded income tax expense of $1.3 million for the year ended December 31, 2021. The income tax expense is comprised of $4.5 million of tax expense related to state and foreign income taxes, partially offset by a $3.2 million income tax benefit from a decrease in the valuation allowance associated with our September 2021 acquisition of ShowingTime. We recorded an income tax benefit of $7.5 million for the year ended December 31, 2020. The income tax benefit was primarily a result of a $9.7 million income tax benefit related to the $71.5 million non-cash impairment we recorded during the year ended December 31, 2020 related to the Trulia trade names and trademarks intangible asset. This income tax benefit was partially offset by an immaterial amount of current state and foreign income tax expense recorded for the year ended December 31, 2020. For additional information about the non-cash impairment, see Note 10 of our consolidated financial statements. We recorded an income tax benefit of $4.3 million for the year ended December 31, 2019. The majority of the income tax benefit is a result of federal and state interest expense limitation carryforwards that are indefinite-lived deferred tax assets that can be offset against our indefinite-lived deferred tax liabilities. In addition, net operating losses generated after December 31, 2017 also can be offset against the indefinite-lived deferred tax liabilities. These items contributed to a release of the valuation allowance and the recognition of an income tax benefit for the year ended December 31, 2019. The following table summarizes the components of our income tax expense (benefit) for the periods presented (in thousands): Year Ended 2021 2020 2019 Current income tax expense: State $ 3,851 $ 588 $ 304 Foreign 143 257 99 Total current income tax expense 3,994 845 403 Deferred income tax benefit: Federal (2,577) (7,388) (1,631) State (302) (1,095) (2,856) Foreign 148 115 (174) Total deferred income tax benefit (2,731) (8,368) (4,661) Total income tax expense (benefit) $ 1,263 $ (7,523) $ (4,258) The following table presents a reconciliation of the federal statutory rate and our effective tax rate for the periods presented: Year Ended 2021 2020 2019 Tax expense at federal statutory rate (21.0) % (21.0) % (21.0) % State income taxes, net of federal tax benefit (5.8) (11.2) (3.0) Share-based compensation (17.0) (52.5) (0.9) Section 162(m) of Internal Revenue Code 1.7 2.3 1.1 Research and development credits (8.5) (10.6) (7.2) Other 0.9 (0.5) 1.0 Valuation allowance 49.9 89.1 28.6 Effective tax rate 0.2 % (4.4) % (1.4) % Deferred federal, state and foreign income taxes reflect the net tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and such amounts for tax purposes. The following table presents the significant components of our deferred tax assets and liabilities as of the dates presented (in thousands): December 31, 2021 2020 Deferred tax assets: Federal and state net operating loss carryforwards $ 524,109 $ 400,509 Research and development credits 133,173 88,823 Inventory 68,840 15,115 Share-based compensation 66,345 43,065 Interest expense limitation 58,155 30,921 Lease liability 41,402 57,606 Accruals and reserves 12,782 3,988 Depreciation and amortization 1,496 1,035 Other deferred tax assets 1,100 4,736 Total deferred tax assets 907,402 645,798 Deferred tax liabilities: Debt discount on convertible senior notes (60,448) (80,280) Website and software development costs (43,814) (32,021) Right of use assets (32,027) (45,857) Intangible assets (21,697) (12,968) Goodwill (4,631) (3,267) Total deferred tax liabilities (162,617) (174,393) Net deferred tax assets before valuation allowance 744,785 471,405 Less: valuation allowance (745,732) (471,901) Net deferred tax liabilities $ (947) $ (496) Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing and amount of which are uncertain. We have provided a full valuation allowance against the net deferred tax assets as of December 31, 2021 and 2020 because, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50%) that some or all of the deferred tax assets will not be realized. The valuation allowance increased by $273.8 million and $125.0 million, respectively, during the years ended December 31, 2021 and 2020. We have accumulated federal tax losses of approximately $2.1 billion and $1.7 billion, as of December 31, 2021 and 2020, respectively, which are available to reduce future taxable income. We have accumulated state tax losses of approximately $72.7 million and $53.2 million (tax effected) as of December 31, 2021 and 2020, respectively. Additionally, we have net research and development credit carryforwards of $133.2 million and $88.8 million as of December 31, 2021 and 2020, respectively, which are available to reduce future tax liabilities. The tax loss and research and development credit carryforwards begin to expire in 2025. Under Sections 382 and 383 of the Internal Revenue Code, if a corporation undergoes an ownership change, the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes, such as research tax credits, to offset its post-change income or income tax liability may be limited. In connection with our August 2013 public offering of our Class A common stock, we experienced an ownership change that triggered Sections 382 and 383, which may limit our ability to utilize net operating loss and tax credit carryforwards. In connection with our February 2015 acquisition of Trulia, Trulia experienced an ownership change that triggered Section 382 and 383, which may limit Zillow Group’s ability to utilize Trulia’s net operating loss and tax credit carryforwards. Our material income tax jurisdiction is the United States (federal). With limited exceptions for state taxing authorities, which are not material to the financial statements, all tax years for which the Company has filed a tax return remain subject to examination due to the existence of net operating loss carryforwards. Changes for unrecognized tax benefits for the periods presented are as follows (in thousands): Balance at January 1, 2019 $ 28,625 Gross increases—current period tax positions 9,021 Gross increases—prior period tax positions 1,786 Balance at December 31, 2019 $ 39,432 Gross increases—current period tax positions 9,334 Gross increases—prior period tax positions 328 Balance at December 31, 2020 $ 49,094 Gross increases—current period tax positions 16,627 Gross increases—prior period tax positions 9,257 Balance at December 31, 2021 $ 74,978 At December 31, 2021, the total amount of unrecognized tax benefits of $75.0 million is recorded as a reduction to our deferred tax asset when available. We do not anticipate that the amount of existing unrecognized tax benefits will significantly increase or decrease within the next 12 months. Accrued interest and penalties related to unrecognized tax benefits are recorded as income tax expense and are not material.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Stock Our board of directors has the authority to fix and determine and to amend the number of shares of any series of preferred stock that is wholly unissued or to be established and to fix and determine and to amend the designation, preferences, voting powers and limitations and the relative, participating, optional or other rights, of any series of shares of preferred stock that is wholly unissued or to be established, subject in each case to certain approval rights of holders of our outstanding Class B common stock. There was no preferred stock issued and outstanding as of December 31, 2021 or December 31, 2020. Common and Capital Stock Our Class A common stock has no preferences or privileges and is not redeemable. Holders of Class A common stock are entitled to one vote for each share. Our Class B common stock has no preferences or privileges and is not redeemable. At any time after the date of issuance, each share of Class B common stock, at the option of the holder, may be converted into one share of Class A common stock, or automatically converted into Class A common stock upon the affirmative vote by or written consent of holders of a majority of the shares of the Class B common stock. During the years ended December 31, 2021, 2020 and 2019, no shares of Class B common stock were converted into Class A common stock at the option of the holders. Holders of Class B common stock are entitled to 10 votes for each share. Our Class C capital stock has no preferences or privileges, is not redeemable and, except in limited circumstances, is non-voting. Equity Distribution Agreement On February 17, 2021, we entered into an equity distribution agreement with certain sales agents and/or principals (the “Managers”), pursuant to which we may offer and sell from time to time, through the Managers, shares of our Class C capital stock, having an aggregate gross sales price of up to $1.0 billion, in such share amounts as we may specify by notice to the Managers, in accordance with the terms and conditions set forth in the equity distribution agreement. The following table summarizes the activity pursuant to the equity distribution agreement for the period presented (in thousands, except share and per share amounts): Year Ended Shares of Class C capital stock issued 3,163,502 Weighted-average issuance price per share $ 174.0511 Gross proceeds (1) $ 550,611 (1) Net proceeds were $544.6 million after deducting $6.1 million of commissions and other offering expenses incurred. Stock Repurchase Program On December 2, 2021, Zillow Group’s Board of Directors authorized the repurchase of up to $750.0 million of its Class A common stock, Class C capital stock or a combination thereof (the “Stock Repurchase Program”). Repurchases may be made in open-market transactions or privately negotiated transactions, or in such other manner as deemed appropriate by management, and may be made from time to time as determined by management depending on market conditions, share price, trading volume, cash needs and other business factors, in each case as permitted by securities laws and other legal requirements. We reserve the right to terminate or suspend the Stock Repurchase Program at any time, and it does not have an expiration date. Costs incurred to repurchase stock under the Stock Repurchase Program are recorded as a reduction to the Class C capital stock account at the par value of the shares reacquired, then to additional paid-in capital. As of December 31, 2021, $447.8 million remained available for future repurchases pursuant to the Stock Repurchase Program. The following table summarizes, on a settlement date basis, our Class C capital stock repurchase activity under the Stock Repurchase Program for the period presented (in thousands, except share and per share amounts): Year Ended Shares of Class C capital stock repurchased 4,944,462 Weighted-average price per share $ 61.1186 Total purchase price $ 302,199 Equity Offering

Share-Based Awards

Share-Based Awards	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Awards	Share-Based Awards Zillow Group, Inc. 2020 Incentive Plan On June 9, 2020, the Zillow Group, Inc. 2020 Incentive Plan (the “2020 Plan”) became effective, which replaces the Zillow Group, Inc. Amended and Restated 2011 Incentive Plan (the “2011 Plan”), which became effective July 19, 2011. Subject to adjustment from time to time as provided in the 2020 Plan, a total of 12,400,000 shares of Class C capital stock are authorized for issuance under the 2020 Plan. In addition, shares previously available for new grants under the 2011 Plan as of June 9, 2020 and shares subject to outstanding awards under the 2011 Plan as of June 9, 2020 that on or after that date cease to be subject to such awards (other than by reason of exercise or settlement of the awards in vested or nonforfeitable shares) are also available for issuance under the 2020 Plan. The number of shares authorized under the 2020 Plan will be increased on the first day of each calendar year, beginning January 1, 2021 and ending on and including January 1, 2030, by an amount equal to the lesser of (a) 5% of our outstanding Class A common stock, Class B common stock and Class C capital stock on a fully diluted basis as of the end of the immediately preceding calendar year and (b) a number of shares determined by our board of directors. Shares issued under the 2020 plan may be issued from authorized and unissued shares of Class C capital stock. The 2020 Plan is administered by the compensation committee of the board of directors. Under the terms of the 2020 Plan, the compensation committee may grant equity awards, including incentive or nonqualified stock options, restricted stock, restricted stock units, restricted units, stock appreciation rights, performance shares or performance units to employees, directors and consultants of Zillow Group and its subsidiaries. The board of directors has also authorized certain senior executive officers to grant equity awards under the 2020 Plan, within limits prescribed by our board of directors. Options under the 2020 Plan are granted with an exercise price per share not less than 100% of the fair market value of our Class C capital stock on the grant date, with the exception of substituted option awards granted in connection with acquisitions, and are exercisable at such times and under such conditions as determined by the compensation committee. Any portion of an option that is not vested and exercisable on the date of a participant’s termination of service expires on such date. Employees generally forfeit their rights to exercise vested options three months following their termination of employment or 12 months following termination by reason of death, disability or retirement. Options granted under the 2020 Plan expire no later than ten years from the grant date and typically vest either 25% after 12 months and quarterly thereafter over the next three years or quarterly over a period of four years. Restricted stock units granted under the 2020 Plan typically vest either 25% after 12 months and quarterly thereafter over the next three years or quarterly over a period of four years. Generally, any portion of a restricted stock unit that is not vested on the date of a participant’s termination of service expires on such date. Zillow Group, Inc. Amended and Restated 2011 Incentive Plan Options and restricted stock units that remain outstanding under the 2011 Plan have vesting and exercisability terms consistent with those described above for awards granted under the 2020 Plan. Zillow Group, Inc. 2019 Equity Inducement Plan On August 8, 2019, the 2019 Equity Inducement Plan (“Inducement Plan”) became effective. Subject to adjustment from time to time as provided in the Inducement Plan, 10,000,000 shares of Class C capital stock are available for issuance under the Inducement Plan. Shares issued under the Inducement Plan shall be drawn from authorized and unissued shares of Class C capital stock. The purpose of the Inducement Plan is to attract, retain and motivate certain new employees of the Company and its subsidiaries by providing them the opportunity to acquire a proprietary interest in the Company and to align their interests and efforts to the long-term interests of the Company’s shareholders. Each award under the Inducement Plan is intended to qualify as an employment inducement award pursuant to Listing Rule 5635(c) of the corporate governance rules of the NASDAQ Stock Market. The Inducement Plan is administered by the compensation committee of the board of directors. Under the terms of the Inducement Plan, the compensation committee may grant equity awards, including nonqualified stock options, restricted stock or restricted stock units or restricted units to new employees of the Company and its subsidiaries. Options under the Inducement Plan are granted with an exercise price per share not less than 100% of the fair market value of our Class C capital stock on the date of grant, with the exception of substituted option awards granted in connection with acquisitions, and are exercisable at such times and under such conditions as determined by the compensation committee. Any portion of an option that is not vested and exercisable on the date of a participant’s termination of service expires on such date. Employees generally forfeit their rights to exercise vested options 3 months following their termination of employment or 12 months following termination by reason of death, disability or retirement. Options granted under the Inducement Plan expire ten years from the grant date and vest 25% after 12 months and quarterly thereafter over the next three years. Restricted stock units granted under the Inducement Plan vest 25% after 12 months and quarterly thereafter over the next three years. Any portion of a restricted stock unit that is not vested on the date of a participant’s termination of service expires on such date. Option Awards The following table summarizes option award activity for the year ended December 31, 2021: Number Weighted- Weighted- Aggregate Outstanding at January 1, 2021 20,051,051 $ 42.68 7.22 $ 1,751,105 Granted 10,290,760 121.71 Exercised (3,304,241) 38.50 Forfeited or cancelled (1,291,637) 81.37 Outstanding at December 31, 2021 25,745,933 72.86 7.48 354,479 Vested and exercisable at December 31, 2021 12,281,927 52.50 6.25 247,163 The fair value of options granted is estimated at the date of grant using the Black-Scholes-Merton option-pricing model, assuming no dividends and with the following assumptions for the periods presented: Year Ended 2021 2020 2019 Expected volatility 52% – 58% 45% – 52% 45% – 47% Expected dividend yield — — — Risk-free interest rate 0.57% – 1.15% 0.22% – 0.93% 1.60% – 2.53% Weighted-average expected life 4.50 – 5.75 years 4.50 – 5.50 years 4.75 – 5.25 years Weighted-average fair value of options granted $54.55 $22.50 $16.52 As of December 31, 2021, there was a total of $518.2 million in unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.6 years. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $309.8 million, $564.3 million and $51.1 million, respectively. The fair value of options vested for the years ended December 31, 2021, 2020 and 2019 was $172.5 million, $85.2 million and $100.1 million, respectively. Restricted Stock Units The following table summarizes activity for restricted stock units for the year ended December 31, 2021: Restricted Weighted- Unvested outstanding at January 1, 2021 7,316,557 $ 48.14 Granted 2,744,325 96.48 Vested (2,982,148) 51.02 Forfeited (1,004,635) 60.59 Unvested outstanding at December 31, 2021 6,074,099 66.51 The total fair value of vested restricted stock units was $152.1 million, $124.8 million and $89.9 million, respectively, for the years ended December 31, 2021, 2020 and 2019. The fair value of the outstanding restricted stock units is based on the market value of our Class C capital stock on the date of grant and will be recorded as share-based compensation expense over the vesting period. As of December 31, 2021, there was $374.1 million of total unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.5 years. Share-Based Compensation Expense The following table presents the effects of share-based compensation expense in our consolidated statements of operations during the periods presented (in thousands): Year Ended 2021 2020 2019 Cost of revenue $ 10,968 $ 6,685 $ 4,972 Sales and marketing 48,131 33,110 25,126 Technology and development 117,614 80,876 68,927 General and administrative 134,973 76,879 99,877 Impairment and restructuring costs 5,506 — — Total $ 317,192 $ 197,550 $ 198,902 On February 21, 2019, Zillow Group announced the appointment of Richard N. Barton as Zillow Group’s Chief Executive Officer, effective February 21, 2019. Mr. Barton succeeded Spencer Rascoff, who had served as Zillow Group’s Chief Executive Officer since 2010. In connection with Mr. Rascoff’s resignation as Chief Executive Officer, Zillow Group entered into an Executive Departure Agreement and Release (the “Agreement”) with Mr. Rascoff. Pursuant to the Agreement, Mr. Rascoff remained a full-time employee of Zillow Group until March 22, 2019 (the “Departure Date”) to provide transition services until such date. Pursuant to the Agreement, Mr. Rascoff received, among other things, accelerated vesting of outstanding stock options held by Mr. Rascoff as of the Departure Date by an additional eighteen months from the Departure Date. Options not vested as of the Departure Date, taking into account the foregoing vesting acceleration, were terminated. Each of Mr. Rascoff’s vested stock options outstanding as of the Departure Date remained exercisable until, except for any later date contemplated by the following provision, the earlier of (x) the third anniversary of the Departure Date and (y) the latest day upon which the option would have expired by its original terms under any circumstances (the “Option Expiration Outside Date”); provided, however, that the options would remain exercisable for so long as Mr. Rascoff continued to serve on Zillow Group’s board of directors (but not later than any applicable Option Expiration Outside Date), and if Mr. Rascoff ceased to serve on Zillow Group’s board of directors on or after the third anniversary of the Departure Date, each option would remain exercisable until the earlier of (i) ninety days from the final date of Mr. Rascoff’s service on Zillow Group’s board of directors and (ii) the applicable Option Expiration Outside Date. Mr. Rascoff resigned from the board of directors, effective as of April 7, 2020. The change in the exercise period of the options as well as the vesting acceleration pursuant to the Agreement were accounted for as equity modifications, and we recorded $26.4 million of share-based compensation expense associated with the modifications in the year ended December 31, 2019. We measured the modification charge by calculating the incremental fair value of the modified award compared to the fair value of the original award immediately prior to the modification. The value of the modified awards as of the modification date was estimated using the Black-Scholes-Merton option-pricing model, assuming no dividends, expected volatility of 46%-47%, a risk-free interest rate of 2.47%-2.49% and a weighted-average expected life of 3.84-5.25 years.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of shares (including Class A common stock, Class B common stock and Class C capital stock) outstanding during the period. In the calculation of basic net loss per share, undistributed earnings are allocated assuming all earnings during the period were distributed. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares (including Class A common stock, Class B common stock and Class C capital stock) outstanding during the period and potentially dilutive Class A common stock and Class C capital stock equivalents, except in cases where the effect of the Class A common stock or Class C capital stock equivalent would be antidilutive. Potential Class A common stock and Class C capital stock equivalents consist of Class A common stock and Class C capital stock issuable upon exercise of stock options and Class A common stock and Class C capital stock underlying unvested restricted stock units using the treasury stock method. Potential Class A common stock equivalents also include Class A common stock issuable upon conversion of the convertible senior notes due in 2020 using the if-converted method through the date of their last conversion in December 2020. Prior to the second half of 2020, we intended to settle the principal amount of our outstanding convertible senior notes in cash and therefore used the treasury stock method to calculate any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. Effective July 1, 2020, we can no longer assume cash settlement of the principal amount of these outstanding convertible notes, therefore share settlement is now presumed. On a prospective basis we have applied the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted net income per share, if applicable. The following table presents the maximum number of shares and conversion price per share of Class C capital stock for each of the Notes based on the aggregate principal amount outstanding as of December 31, 2021 (in thousands, except per share amounts): Maturity Date Shares Conversion Price per Share September 1, 2026 11,464 $ 43.51 May 15, 2025 8,408 67.20 September 1, 2024 13,983 43.51 For the periods presented, the following Class A common stock and Class C capital stock equivalents were excluded from the calculations of diluted net loss per share because their effect would have been antidilutive (in thousands): Year Ended 2021 2020 2019 Weighted-average Class A common stock and Class C capital stock option awards outstanding 17,996 25,913 19,183 Weighted-average Class A common stock and Class C capital stock restricted stock units outstanding 6,530 8,198 6,765 Class A common stock issuable upon conversion of the convertible notes maturing in 2020 — 338 404 Class C capital stock issuable upon conversion of the convertible notes maturing in 2021, 2023, 2024, 2025 and 2026 36,540 24,182 439 Total Class A common stock and Class C capital stock equivalents 61,066 58,631 26,791 In the event of liquidation, dissolution, distribution of assets or winding-up of the Company, the holders of all classes of common and capital stock have equal rights to receive all the assets of the Company after the rights of the holders of preferred stock have been satisfied. We have not presented net loss per share under the two-class method for our Class A common stock, Class B common stock and Class C capital stock because it would be the same for each class due to equal dividend and liquidation rights for each class.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Interest Rate Lock Commitments We have entered into IRLCs with prospective borrowers under our mortgage origination business whereby we commit to lend a certain loan amount under specific terms and at a specific interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. For additional information regarding our IRLCs, see Note 3 to our consolidated financial statements. Lease Commitments We have entered into various non-cancelable operating lease agreements for certain of our office space and equipment with original lease periods expiring between 2022 and 2032. For additional information regarding our lease agreements, see Note 12 to our consolidated financial statements. Purchase Commitments Purchase commitments primarily include various non-cancelable agreements to purchase content related to our mobile applications and websites and certain cloud computing services. The amounts due for non-cancelable purchase commitments as of December 31, 2021 are as follows (in thousands): Purchase Obligations 2022 $ 73,663 2023 55,287 2024 6,708 2025 3,080 2026 1,969 Total future purchase commitments $ 140,707 Escrow Balances In conducting our title and escrow operations through Zillow Closing Services, we routinely hold customers’ assets in escrow, pending completion of real estate transactions, and are responsible for the proper disposition of these balances for our customers. Certain of these amounts are maintained in segregated bank accounts and have not been included in the accompanying consolidated balance sheets, consistent with GAAP and industry practice. These balances amounted to $55.0 million at December 31, 2021 and were not material as of December 31, 2020. Letters of Credit As of December 31, 2021 and 2020, we have outstanding letters of credit of approximately $16.9 million, which secure our lease obligations in connection with certain of our office space operating leases. Surety Bonds In the course of business, we are required to provide financial commitments in the form of surety bonds to third parties as a guarantee of our performance on and our compliance with certain obligations. If we were to fail to perform or comply with these obligations, any draws upon surety bonds issued on our behalf would then trigger our payment obligation to the surety bond issuer. We have outstanding surety bonds issued for our benefit of approximately $12.4 million and $10.1 million as of December 31, 2021 and 2020, respectively. Legal Proceedings We are involved in a number of legal proceedings concerning matters arising in connection with the conduct of our business activities, some of which are at preliminary stages and some of which seek an indeterminate amount of damages. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made if accruals are not appropriate. For certain cases described below, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in preliminary stages; (ii) specific damages have not been sought; (iii) damages sought are, in our view, unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories presented. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material effect on our financial position, results of operations or cash flow. For the matters discussed below, we have not recorded any material accruals as of December 31, 2021 or 2020. In August and September 2017, two purported class action lawsuits were filed against us and certain of our executive officers, alleging, among other things, violations of federal securities laws on behalf of a class of those who purchased our common stock between February 12, 2016 and August 8, 2017. One of those purported class actions, captioned Vargosko v. Zillow Group, Inc. et al , was brought in the U.S. District Court for the Central District of California. The other purported class action lawsuit, captioned Shotwell v. Zillow Group, Inc. et al , was brought in the U.S. District Court for the Western District of Washington. The complaints allege, among other things, that during the period between February 12, 2016 and August 8, 2017, we issued materially false and misleading statements regarding our business practices. The complaints seek to recover, among other things, alleged damages sustained by the purported class members as a result of the alleged misconduct. In November 2017, an amended complaint was filed against us and certain of our executive officers in the Shotwell v. Zillow Group purported class action lawsuit, extending the beginning of the class period to November 17, 2014. In January 2018, the Vargosko v. Zillow Group purported class action lawsuit was transferred to the U.S. District Court for the Western District of Washington and consolidated with the Shotwell v. Zillow Group purported class action lawsuit. In February 2018, the plaintiffs filed a consolidated amended complaint, and in April 2018, we filed our motion to dismiss the consolidated amended complaint. In October 2018, our motion to dismiss was granted without prejudice, and in November 2018, the plaintiffs filed a second consolidated amended complaint, which we moved to dismiss in December 2018. On April 19, 2019, our motion to dismiss the second consolidated amended complaint was denied. On October 11, 2019, plaintiffs filed a motion for class certification which was granted by the court on October 28, 2020. On February 17, 2021, the Ninth Circuit Court of Appeals denied our petition for review of that decision. We have denied the allegations of wrongdoing and intend to vigorously defend the claims in this lawsuit. We do not believe that there is a reasonable possibility that a material loss will be incurred related to this lawsuit. In October and November 2017 and January and February 2018, four shareholder derivative lawsuits were filed in the U.S. District Court for the Western District of Washington and the Superior Court of the State of Washington, King County, against certain of our executive officers and directors seeking unspecified damages on behalf of the Company and certain other relief, such as reform to corporate governance practices. The plaintiffs in the derivative suits (in which the Company is a nominal defendant) allege, among other things, that the defendants breached their fiduciary duties in connection with oversight of the Company’s public statements and legal compliance, and as a result of the breach of such fiduciary duties, the Company was damaged, and defendants were unjustly enriched. Certain of the plaintiffs also allege, among other things, violations of Section 14(a) of the Securities Exchange Act of 1934 and waste of corporate assets. On February 5, 2018, the U.S. District Court for the Western District of Washington consolidated the two federal shareholder derivative lawsuits pending in that court. On February 16, 2018, the Superior Court of the State of Washington, King County, consolidated the two shareholder derivative lawsuits pending in that court. All four of the shareholder derivative lawsuits were stayed until our motion to dismiss the second consolidated amended complaint in the securities class action lawsuit discussed above was denied in April 2019. On July 8, 2019, the plaintiffs in the consolidated federal derivative lawsuit filed a consolidated shareholder derivative complaint, which we moved to dismiss on August 22, 2019. On February 28, 2020, our motion to dismiss the consolidated federal shareholder derivative complaint was denied. On February 16, 2021, the court in the consolidated state derivative matter stayed the action. On March 5, 2021, a new shareholder derivative lawsuit was filed in the U.S. District Court for the Western District of Washington against certain of our executive officers and directors seeking unspecified damages on behalf of the Company and certain other relief, such as reform to corporate governance practices, alleging, among other things, violations of federal securities laws. The U.S. District Court for the Western District of Washington formally consolidated the new lawsuit with the other consolidated federal shareholder derivative lawsuit pending in that court on June 15, 2021. The defendants intend to deny the allegations of wrongdoing and vigorously defend the claims in this consolidated lawsuit. We do not believe that there is a reasonable possibility that a material loss will be incurred related to these derivative matters. On September 17, 2019, International Business Machines Corporation (“IBM”) filed a complaint against us in the U.S. District Court for the Central District of California, alleging, among other things, that the Company has infringed and continues to willfully infringe seven patents held by IBM and seeks unspecified damages, including a request that the amount of compensatory damages be trebled, injunctive relief and costs and reasonable attorneys’ fees. On November 8, 2019, we filed a motion to transfer venue and/or to dismiss the complaint. On December 2, 2019, IBM filed an amended complaint, and on December 16, 2019 we filed a renewed motion to transfer venue and/or to dismiss the complaint. The Company’s motion to transfer venue to the U.S. District Court for the Western District of Washington was granted on May 28, 2020. On August 12, 2020, IBM filed its answer to our counterclaims. On September 18, 2020, we filed four Inter Partes Review (“IPR”) petitions before the U.S. Patent and Trial Appeal Board (“PTAB”) seeking the Board’s review of the patentability with respect to three of the patents asserted by IBM in the lawsuit. On March 15, 2021, the PTAB instituted IPR proceedings with respect to two of the three patents for which we filed petitions. On March 22, 2021, the PTAB denied institution with respect to the last of the three patents. On January 22, 2021, the court partially stayed the action with respect to all patents for which we filed an IPR and set forth a motion schedule. On March 8, 2021, IBM filed its second amended complaint. On March 25, 2021, we filed an amended motion for judgment on the pleadings. On July 15, 2021, the court rendered an order in connection with the motion for judgment on the pleadings finding in our favor on two of the four patents on which we filed our motion. On August 31, 2021, the court granted judgment with respect to the two patents for which it previously denied judgment on the pleadings, and vacated the stay with respect to one of the three patents for which Zillow filed an IPR, which was denied by the PTAB. On September 23, 2021, IBM filed a notice of appeal with the United States Court of Appeals for the Federal Circuit with respect to the August 31, 2021 judgment entered. We deny the allegations of any wrongdoing and intend to vigorously defend the claims in the lawsuit. There is a reasonable possibility that a loss may be incurred related to this matter; however, the possible loss or range of loss is not estimable. On July 21, 2020, IBM filed a second action against us in the U.S. District Court for the Western District of Washington, alleging, among other things that the Company has infringed and continues to willfully infringe five patents held by IBM and seeks unspecified damages. On September 14, 2020, we filed a motion to dismiss the complaint filed in the action, to which IBM responded by the filing of an amended complaint on November 5, 2020. On December 18, 2020, we filed a motion to dismiss IBM’s first amended complaint. On December 23, 2020, the Court issued a written order staying this case in full. On July 23, 2021, we filed an IPR with the PTAB with respect to one patent included in the second lawsuit. On October 6, 2021, the stay of this action was lifted, except for proceedings relating to the one patent for which we filed an IPR. On December 1, 2021, the Court dismissed the fourth claim asserted by IBM in its amended complaint. On December 16, 2021 Zillow filed a motion to dismiss the remaining claims alleged in IBM’s amended complaint. We deny the allegations of any wrongdoing and intend to vigorously defend the claims in the lawsuit. There is a reasonable possibility that a loss may be incurred related to this matter; however, the possible loss or range of loss is not estimable. On November 16, 2021, November 19, 2021 and January 6, 2022, three purported class action lawsuits were filed against us and certain of our executive officers, alleging, among other things, violations of federal securities laws on behalf of a class of those who purchased our stock between August 7, 2020 and November 2, 2021. The three purported class action lawsuits, captioned Barua v. Zillow Group, Inc. et al., Silverberg v. Zillow Group, et al. and Hillier v. Zillow Group, Inc. et al. were brought in the U.S. District Court for the Western District of Washington. The complaints allege, among other things, that we issued materially false and misleading statements regarding our Zillow Offers business. The complaints seek to recover, among other things, alleged damages sustained by the purported class members as a result of the alleged misconduct. We intend to deny the allegations of wrongdoing and intend to vigorously defend the claims in these lawsuits. We do not believe that a loss related to these lawsuits is probable. In addition to the matters discussed above, from time to time, we are involved in litigation and claims that arise in the ordinary course of business. Although we cannot be certain of the outcome of any such litigation or claims, nor the amount of damages and exposure that we could incur, we currently believe that the final disposition of such matters will not have a material effect on our business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. Indemnifications In the ordinary course of business, we enter into contractual arrangements under which we agree to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements and out of intellectual property infringement claims made by third parties. In addition, we have agreements that indemnify certain issuers of surety bonds against losses that they may incur as a result of executing surety bonds on our behalf. For our indemnification arrangements, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. Further, our obligations under these agreements may be limited in terms of time and/or amount, and in some instances, we may have recourse against third parties for certain payments. In addition, we have indemnification agreements with certain of our directors and executive officers that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations may vary.

Self-Insurance

Self-Insurance	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
Self-Insurance	Self-InsuranceWe are self-insured for medical benefits and dental benefits for all qualifying Zillow Group employees. The medical plan carries a stop-loss policy which provides protection when cumulative medical claims exceed 125% of expected claims for the plan year with a limit of $1.0 million and from individual claims during the plan year exceeding $500,000. We record estimates of the total costs of claims incurred based on an analysis of historical data and independent estimates. Our liability for self-insured claims is included within accrued compensation and benefits in our consolidated balance sheets and was $7.3 million and $4.2 million, respectively, as of December 31, 2021 and 2020.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanWe have a defined contribution 401(k) retirement plan covering Zillow Group employees who have met certain eligibility requirements (the “Zillow Group 401(k) Plan”). Eligible employees may contribute pre-tax compensation up to a maximum amount allowable under the Internal Revenue Service limitations. Employee contributions and earnings thereon vest immediately. We currently match up to 4% of employee contributions under the Zillow Group 401(k) Plan. The total expense related to the Zillow Group 401(k) Plan was $32.3 million, $25.6 million and $20.8 million, respectively, for the years ended December 31, 2021, 2020 and 2019.

Segment Information and Revenue

Segment Information and Revenue	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information and Revenue	Segment Information and Revenue We have three operating and reportable segments, which have been identified based on the way in which our chief operating decision-maker manages our business, makes operating decisions and evaluates operating performance. The chief executive officer acts as the chief operating decision-maker and reviews financial and operational information for the Homes, IMT and Mortgages segments. The Homes segment includes the financial results from Zillow Group’s purchase and sale of homes directly through Zillow Offers and the financial results from title and escrow services through Zillow Closing Services. On November 2, 2021, the Board of Directors of the Company made the determination to wind down Zillow Offers operations. The IMT segment includes the financial results for the Premier Agent, rentals and new construction marketplaces, dotloop and display, as well as revenue from the sale of various other marketing and business products and services to real estate professionals. Beginning in the fourth quarter of 2021, the IMT segment also includes the financial results of ShowingTime. The Mortgages segment primarily includes the financial results for mortgage originations and the sale of mortgages on the secondary market through Zillow Home Loans and advertising sold to mortgage lenders and other mortgage professionals. Revenue and costs are directly attributed to our segments when possible. However, due to the integrated structure of our business, certain costs incurred by one segment may benefit the other segments. These costs primarily include headcount-related expenses, general and administrative expenses including executive, finance, accounting, legal, human resources, recruiting and facilities costs, product development and data acquisition costs, costs related to operating our mobile applications, and websites and marketing and advertising costs. These costs are allocated to each segment based on the estimated benefit each segment receives from such expenditures. The chief executive officer reviews information about our revenue categories as well as statement of operations data inclusive of income (loss) before income taxes by segment. This information is included in the following tables for the periods presented (in thousands) and prior period amounts have been recast to conform to the current format (see Note 2 for additional details regarding the reclassifications): Year Ended Year Ended Year Ended Homes IMT Mortgages Homes IMT Mortgages Homes IMT Mortgages Revenue: Zillow Offers $ 5,982,357 $ — $ — $ 1,710,535 $ — $ — $ 1,365,250 $ — $ — Premier Agent — 1,395,723 — — 1,046,954 — — 923,876 — Other 33,421 490,059 — 4,840 403,278 — — 353,020 — Mortgages — — 245,816 — — 174,210 — — 100,691 Total revenue 6,015,778 1,885,782 245,816 1,715,375 1,450,232 174,210 1,365,250 1,276,896 100,691 Cost of revenue (1) 6,106,944 203,449 83,784 1,634,755 193,097 38,540 1,324,464 193,885 25,750 Gross profit (loss) (91,166) 1,682,333 162,032 80,620 1,257,135 135,670 40,786 1,083,011 74,941 Operating expenses (1): Sales and marketing 414,797 552,592 108,846 190,818 440,517 59,784 171,571 503,473 53,587 Technology and development 124,513 317,663 32,220 106,218 260,277 23,677 69,962 255,964 24,997 General and administrative 118,790 258,161 71,822 87,034 224,757 44,931 81,383 243,514 41,122 Impairment and restructuring costs 71,247 — 926 — 73,900 2,900 — — — Acquisition-related costs — 8,615 — — — — — — — Integration costs — 680 — — — — — — 650 Total operating expenses 729,347 1,137,711 213,814 384,070 999,451 131,292 322,916 1,002,951 120,356 Income (loss) from operations (820,513) 544,622 (51,782) (303,450) 257,684 4,378 (282,130) 80,060 (45,415) Segment other income 2,878 — 5,019 — 5,300 2,369 — — 1,409 Segment interest expense (63,829) (32) (5,060) (16,804) — (2,233) (29,990) — (956) Income (loss) before income taxes (2) $ (881,464) $ 544,590 $ (51,823) $ (320,254) $ 262,984 $ 4,514 $ (312,120) $ 80,060 $ (44,962) (1) The following table presents depreciation and amortization expense and share-based compensation expense for each of our segments for the periods presented (in thousands): Year Ended Year Ended Year Ended Homes IMT Mortgages Homes IMT Mortgages Homes IMT Mortgages Depreciation and amortization expense $ 22,393 $ 99,026 $ 8,361 $ 13,315 $ 89,862 $ 6,854 $ 8,414 $ 73,369 $ 5,684 Share-based compensation expense $ 76,879 $ 200,963 $ 33,844 $ 48,166 $ 134,691 $ 14,693 $ 32,390 $ 150,434 $ 16,078 (2) The following table presents the reconciliation of total segment loss before income taxes to consolidated loss before income taxes for the periods presented (in thousands): Year Ended 2021 2020 2019 Total segment loss before income taxes $ (388,697) $ (52,756) $ (277,022) Corporate interest expense (122,989) (136,190) (70,846) Corporate other income 2,291 17,860 38,249 Gain (loss) on extinguishment of debt (17,119) 1,448 — Consolidated loss before income taxes $ (526,514) $ (169,638) $ (309,619) Certain corporate items are not directly attributable to any of our segments, including the gain (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.

Restructuring and Zillow Offers

Restructuring and Zillow Offers Wind Down	12 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Zillow Offers Wind Down	Restructuring and Zillow Offers Wind Down On November 2, 2021, the Board of Directors of Zillow Group made the determination to wind down Zillow Offers operations. This decision was made in light of home pricing unpredictability, capacity constraints and other operational challenges faced by Zillow Offers that were exacerbated by an unprecedented housing market, a global pandemic and a difficult labor and supply chain environment, all of which led us to conclude that, despite its initial promise in earlier quarters, Zillow Offers was unlikely to be a sufficiently stable line of business to meet our goals and needs going forward. We expect to continue to renovate and sell properties currently in inventory through 2022. The wind down is expected to be complete during the second half of 2022 and result in approximately a 25% reduction of the Company’s workforce. Charges incurred during the year ended December 31, 2021 primarily related to the wind down of Zillow Offers operations and are primarily recorded to our Homes segment. Certain additional immaterial actions have been recorded to our Mortgages segment. We expect future charges to primarily relate to the wind down of Zillow Offers operations and to be recorded to our Homes segment. We plan to fund the cash costs through existing cash and investment balances. The following table presents a summary of Zillow Offers wind down-related charges incurred for the period presented and our estimate of the total costs we expect to incur over the wind down period (in thousands): Year Ended Statement of Operations Classification Homes Segment Mortgages Segment Total Recognized Total Expected Inventory write-down Cost of revenue $ 407,921 $ — $ 407,921 N/A Other charges: Employee termination costs Impairment and restructuring costs 59,914 926 60,840 $99,000 - $112,000 Contract termination costs Impairment and restructuring costs 9,960 — 9,960 $11,000 - $18,000 Financing-related charges Interest expense 6,227 — 6,227 $40,000 - $48,000 Accelerated depreciation and amortization Cost of revenue 4,885 — 4,885 $24,000 - $25,000 Asset write-offs Impairment and restructuring costs 1,373 — 1,373 $1,000 - $2,000 Total other charges 82,359 926 83,285 $175,000 - $205,000 Total $ 490,280 $ 926 $ 491,206 The following table presents the accrual activity for exit and disposal costs for the year ended December 31, 2021, primarily related to cash severance employee termination costs and contract termination costs (in thousands): Employee Termination Costs Contract Termination Costs Total Balance, beginning of period $ — $ — $ — Additions charged to expense 54,339 9,024 63,363 Cash payments (9,160) (5,248) (14,408) Balance, end of period $ 45,179 $ 3,776 $ 48,955 Inventory write-downs In determining the value of our inventory, we consider indicators that net realizable value may be lower than cost at the portfolio level, market level, and in certain circumstances by structure type (single family residence, condo, etc.) by reviewing economic analyses, recent trends in home price appreciation and changes to resale strategy. Factors we analyze include gross margin on homes closed in recent months, projected gross margin on homes under contract to sell, historical list price to resale price variances, and trends in gross margin, selling prices and average selling concessions or other costs of selling homes. During the year ended December 31, 2021, we identified that a large portion of homes we purchased primarily in the second half of 2021 had a cost exceeding net realizable value as a result of unintentionally purchasing homes at higher prices than the Company’s current estimates of future selling prices after selling costs. As a result, we recorded a write-down to inventory totaling $407.9 million with a corresponding increase to cost of revenue in our consolidated statement of operations for the year ended December 31, 2021. See Note 5 for additional information on inventory. Employee Termination Costs At December 31, 2021, accrued employee termination costs of $45.2 million related to one-time termination benefits and $1.0 million related to other severance and employee costs, primarily pertaining to ongoing employee benefit arrangements, were recorded within accrued compensation and benefits in our consolidated balance sheet. Asset Write-offs Asset write-offs of $1.4 million for the year ended December 31, 2021 primarily related to the write-off of intangibles-in-progress, as these capitalized costs are no longer expected to be placed into service. Accelerated Depreciation and Amortization We have adjusted the useful life of certain assets impacted by the wind down of Zillow Offers operations to end on the expected cease use date. This adjustment resulted in the accelerated recognition of depreciation and amortization primarily related to internal use software and website development costs. Contract Termination Costs At December 31, 2021, $3.8 million of contract termination costs are included in accrued expenses and other current liabilities in our consolidated balance sheet. These costs relate to contract termination penalties and costs that will continue to be incurred under contracts without further economic benefit. Financing-Related Charges Financing-related charges incurred for the year ended December 31, 2021 relate to the accelerated recognition of certain deferred debt issuance costs and debt discounts pertaining to Zillow Offers credit facilities and securitization transactions. In addition to the accelerated recognition of deferred balances, our total expected financing-related charges include expected prepayment penalties primarily associated with winding down the term loans supporting our securitization transactions prior to their respective maturity dates.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventAmendment of Credit Facility AgreementOn January 3, 2022, certain wholly owned subsidiaries of Zillow Group amended the credit agreement with Credit Suisse AG, Cayman Islands (“Credit Suisse”) that provides capital for Zillow Offers such that Credit Suisse will waive one half of any prepayment fees that may apply under the existing contract and no further advances may be made under the credit agreement. In addition, after January 31, 2022, no further eligible properties may be added to the borrowing base. When outstanding amounts drawn under the credit agreement fall below specified levels, cash available for distribution must first be applied to the repayment of outstanding principal amounts, and in any event beginning on March 31, 2022, cash available for distribution must be applied to the repayment of outstanding principal amounts until all outstanding amounts are repaid.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include Zillow Group, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”).
Reclassification	Reclassifications Certain reclassifications have been made in the consolidated statements of operations to conform data for prior periods to the current format. Beginning with the year ended December 31, 2021, we presented a gross profit subtotal in our consolidated statements of operations, which requires certain depreciation expense and amortization expense to be included within cost of revenue. We believe the presentation of gross profit is preferable as it facilitates investors’ ability to model across our segments and enhances comparability with our public company peers. To effect the presentation of gross profit, we present the amortization expense for certain intangible assets and data acquisition costs within cost of revenue and have reclassified certain amounts in prior periods in the consolidated statements of operations from technology and development expenses to cost of revenue. Additionally, we reclassified the amortization expense for trade names and trademarks and customer relationship intangible assets from technology and development expenses to sales and marketing expenses. This change has no impact on income (loss) from operations or net income (loss).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the accounting for certain revenue offerings, the net realizable value of inventory, restructuring costs, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations and the recoverability of goodwill, among others. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. The COVID-19 pandemic as well as our plans to wind down Zillow Offers operations have introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, investments, accounts receivable and mortgage loans held for sale. We place cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of our investments. Credit risk with respect to accounts receivable is dispersed due to the large number of customers. There were no customers that comprised 10% or more of our total accounts receivable as of December 31, 2021 and 2020. Further, our credit risk on accounts receivable is mitigated by the relatively short payment terms that we offer. Collateral is not required for accounts receivable. We maintain an allowance for doubtful accounts such that receivables are stated at net realizable value.
Cash and Cash Equivalents/Restricted Cash	Cash and Cash Equivalents Cash includes demand deposits with banks or financial institutions. Cash equivalents include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Our cash equivalents include only investments with original maturities of three months or less. We regularly maintain cash in excess of federally insured limits at financial institutions.
Short-term Investments	Short-term InvestmentsOur investments consist of fixed income securities, which include U.S. government agency securities, corporate notes and bonds, commercial paper, treasury bills, municipal securities and certificates of deposit, and are classified as available-for-sale securities. The investments are available to support current operations and are classified as short-term investments measured at fair value. Our investment policy only allows for purchases of investment-grade securities and provides guidelines on concentrations to ensure minimum risk of loss. We evaluate whether unrealized losses on available-for-sale debt securities are the result of credit worthiness of the securities held or other non-credit related factors. If an unrealized loss is the result of credit quality factors, we recognize an allowance reflective of our current estimate of credit losses expected to be incurred over the life of the financial instrument on a specific identification basis upon initial recognition and at each reporting period. If a reduction in value is a result of other factors, we continue to classify the losses as a reduction of comprehensive income (loss) unless either we intend to sell the security or it is more likely than not we will be required to sell the security.
Mortgage Loans Held for Sale	Mortgage Loans Held for Sale Mortgage loans held for sale include residential mortgages originated for sale in the secondary market in connection with Zillow Home Loans. We have elected the fair value option for all mortgage loans held for sale as election of this option allows for a better offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. Mortgage loans held for sale are initially recorded at fair value based on either sale commitments or current market quotes and are adjusted for subsequent changes in fair value until the loans are sold. Net origination costs and fees associated with mortgage loans are recognized as incurred. We sell substantially all of the mortgages we originate and the related servicing rights to third-party purchasers. Interest income is earned from the date a mortgage loan is originated until the loan is sold and is classified within other income in the consolidated statements of operations. Substantially all of the mortgage loans originated are sold within a short period of time in the secondary mortgage market on a servicing released, nonrecourse basis, which limits exposure to nonperformance by loan buyer counterparties. However, we remain liable for certain limited representations and warranties related to loan sales, such as non-compliance with defined loan origination or documentation standards, including misstatement in the loan documents, early payoff or default on early payments. Mortgage investors could seek to have us buy back loans or compensate them for losses incurred on mortgages we have sold based on claims that we breached our limited representations and warranties. We record a reserve for probable losses in connection with the sale of mortgage loans.
Loan Commitments and Related Derivatives	Loan Commitments and Related Derivatives We are party to interest rate lock commitments (“IRLCs”), which are extended to borrowers who have applied for loan funding and meet defined credit and underwriting criteria in connection with our Zillow Home Loans mortgage origination business. IRLCs are accounted for as derivative instruments recorded at fair value with gains and losses recognized in revenue in the consolidated statements of operations. We manage our interest rate risk related to IRLCs and mortgage loans held for sale through the use of derivative instruments, generally forward contracts on mortgage-backed securities (“MBSs”), which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and mandatory loan commitments, which are an obligation by an investor to buy loans at a specified price within a specified time period. We do not enter into or hold derivatives for trading or speculative purposes, and our derivatives are not designated as hedging instruments. Changes in the fair value of our derivative financial instruments are recognized in revenue in our consolidated statements of operations, and the fair values are reflected in other assets or other liabilities, as applicable. Refer to Note 3 to our consolidated financial statements for additional information regarding IRLCs and related derivatives. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs are substantially offset by corresponding gains or losses on forward contracts on MBSs and mandatory loan commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 90 days.
Inventory	Inventory Inventory is comprised of homes acquired through Zillow Offers and is stated at the lower of cost or net realizable value. Homes are removed from inventory on a specific identification basis when they are resold. Stated cost includes consideration paid to acquire and update each home including associated allocated overhead costs and holding costs incurred during the renovation period. Work-in-progress inventory includes homes undergoing updates and finished goods inventory includes homes ready for resale. Unallocated overhead costs are expensed as incurred and included in cost of revenue in the consolidated statements of operations. For our Homes segment, selling costs, such as real estate agent commissions, escrow and title fees and staging costs, as well as holding costs incurred during the period that homes are listed for sale, including utilities, taxes and maintenance, are expensed as incurred and classified within sales and marketing expenses in the consolidated statements of operations. Each quarter we review the value of homes held in inventory for indicators that net realizable value is lower than cost. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized in cost of revenue and the value of the corresponding asset is reduced. Refer to Note 5 to our consolidated financial statements for additional information regarding inventory.
Contract Balances/Contract Cost Assets/Beneficial Interests in Securitizations/Revenue Recognition	Contract Balances Accounts receivable represent our unconditional right to consideration. Accounts receivable are generally due within 30 days and are recorded net of the allowance for doubtful accounts. We have an allowance for doubtful accounts for our accounts receivable balances, which represents our estimate of expected credit losses over the contractual life of the accounts receivable. To evaluate the adequacy of our allowance for doubtful accounts each reporting period, we analyze the accounts receivable balances with similar risk characteristics on a collective basis, considering factors such as the aging of receivable balances, payment terms, geographic location, historical loss experience, current information and future expectations. Changes to the allowance for doubtful accounts are adjusted through credit loss expense, which is included in general and administrative expenses in the consolidated statements of operations. Contract assets represent amounts for which we have recognized revenue for contracts that have not yet been invoiced to our customers. Contract assets are primarily related to our Premier Agent Flex and rentals pay per lease offerings, whereby we estimate variable consideration based on the expected number of real estate transactions to be closed for Premier Agent Flex and qualified leases to be secured for rentals pay per lease and recognize revenue when we satisfy our performance obligations under the corresponding contracts. Contract assets are recorded within prepaid expenses and other current assets in our consolidated balance sheets. Contract liabilities consist of deferred revenue, which relates to payments received in advance of performance under a revenue contract. Deferred revenue is primarily related to prepaid advertising fees received or billed in advance of satisfying our performance obligations and prepaid but unrecognized subscription revenue. Deferred revenue is recognized when or as we satisfy our obligations under contracts with customers. Contract Cost Assets We capitalize certain incremental costs of obtaining contracts with customers which we expect to recover. These costs relate to commissions paid to sales personnel, primarily for our Premier Agent and Premier Broker programs. As a practical expedient, we recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. Capitalized commission costs are recorded as contract cost assets in our consolidated balance sheets. Contract cost assets are amortized to expense on a straight-line basis over a period that is consistent with the transfer to the customer of the products or services to which the asset relates, generally the estimated life of the customer relationship. Amortization expense related to contract cost assets is included in sales and marketing expenses in our consolidated statements of operations. In determining the estimated life of our customer relationships, we consider quantitative and qualitative data, including, but not limited to, historical customer data, recent changes or expected changes in product or service offerings and changes in how we monetize our products and services. The amortization period for capitalized contract costs related to our Premier Agent and Premier Broker programs are approximately three years. We monitor our contract cost assets for impairment and recognize an impairment loss in the consolidated statements of operations to the extent the carrying amount of the asset recognized exceeds the amount of consideration that we expect to receive in the future and that we have received but have not recognized in revenue less the costs that relate directly to providing those goods or services that have not yet been recognized as expenses. Refer to Note 7 of our consolidated financial statements for more information regarding contract cost assets. Revenue Recognition We recognize revenue when or as we satisfy our performance obligations by transferring control of the promised products or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those products or services. As a practical expedient, we do not adjust the promised amount of consideration for the effects of a significant financing component as the period between our transfer of a promised product or service to a customer and when the customer pays for that product or service is one year or less. We do not disclose the transaction price related to remaining performance obligations for (i) contracts with an original expected duration of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for performance completed to date. The remaining duration over which we satisfy our performance obligations is generally less than one year. Homes Segment Zillow Offers Revenue. Zillow Offers revenue is derived from the resale of homes. We recognize revenue at the time of the closing of the home sale when title to and possession of the property are transferred to the buyer. The amount of revenue recognized for each home sale is equal to the full sales price of the home net of resale concessions and credits to the buyer and does not reflect real estate agent commissions, closing or other costs associated with the transaction. Other Revenue. Other Homes revenue is primarily generated through Zillow Closing Services, which offers title and escrow services to home buyers and sellers, including title search procedures for title insurance policies, escrow and other closing services. Title insurance, which is recorded net of amounts remitted to third-party underwriters, and title and escrow closing fees, are recognized as revenue upon closing of the underlying real estate transaction. IMT Segment Premier Agent Revenue. Premier Agent revenue is derived from our Premier Agent and Premier Broker programs. Our Premier Agent and Premier Broker programs offer a suite of marketing and business technology products and services to help real estate agents and brokers achieve their advertising goals while growing and managing their businesses and brands. All Premier Agents and Premier Brokers receive access to a dashboard portal on our mobile application and website that provides individualized program performance analytics, our customer relationship management, or CRM, tool that captures detailed information about each contact made with a Premier Agent or Premier Broker through our mobile and web platforms and our account management tools. The marketing and business technology products and services promised to Premier Agents and Premier Brokers are delivered over time, as the customer simultaneously receives and consumes the benefit of the performance obligations. Premier Agent and Premier Broker advertising products, which include the delivery of validated consumer connections, or leads, are primarily offered on a share of voice basis. Payment is received prior to the delivery of connections. Connections are delivered when consumer contact information is provided to Premier Agents and Premier Brokers. We do not promise any minimum or maximum number of connections to customers, but instead control when and how many connections to deliver based on a customer’s share of voice. We determine the number of connections to deliver to Premier Agents and Premier Brokers in each zip code using a market-based pricing method in consideration of the total amount spent by Premier Agents and Premier Brokers to purchase connections in the zip code during the month. This results in the delivery of connections over time in proportion to each Premier Agent’s and Premier Broker’s share of voice. A Premier Agent’s or Premier Broker’s share of voice in a zip code is determined by their proportional monthly prepaid spend in that zip code as a percentage of the total monthly prepaid spend of all Premier Agents and Premier Brokers in that zip code, and determines the proportion of consumer connections a Premier Agent or Premier Broker receives. The number of connections delivered for a given spend level is dynamic - as demand for advertising in a zip code increases or decreases, the number of connections delivered to a Premier Agent or Premier Broker in that zip code decreases or increases accordingly. We primarily recognize revenue related to the Premier Agent and Premier Broker products and services based on the monthly prepaid spend recognized on a straight-line basis during the monthly billing period over which the products and services are provided. This methodology best depicts how we satisfy our performance obligations to customers, as we continuously transfer control of the performance obligations to the customer over time. Given a Premier Agent or Premier Broker typically prepays their monthly spend and the monthly spend is refunded on a pro-rata basis upon cancellation of the contract by a customer, we have determined that Premier Agent and Premier Broker contracts are effectively daily contracts, and each performance obligation is satisfied over time as each day lapses. We have not allocated the transaction price to each performance obligation within our Premier Agent and Premier Broker arrangements, as the amounts recognized would be the same irrespective of any allocation. We also offer a pay for performance pricing model called “Flex” for Premier Agent and Premier Broker advertising services in certain markets. Flex is available to select partners alongside our legacy market-based pricing model. With the Flex model, Premier Agents and Premier Brokers are provided with validated leads at no initial cost and pay a performance advertising fee only when a real estate transaction is closed with one of the leads. With this pricing model, the transaction price represents variable consideration, as the amount to which we expect to be entitled varies based on the number of validated leads that convert into real estate transactions and the value of those transactions. Beginning in the third quarter of 2020, we believe we have sufficient historical data available and therefore estimate variable consideration and record revenue as performance obligations, or validated leads, are transferred. We do not believe that a significant reversal in the amount of cumulative revenue recognized will occur once the uncertainty related to the number of transactions closed is subsequently resolved. We record a corresponding contract asset for the estimate of variable consideration for Flex when the right to the consideration is conditional. When the right to consideration becomes unconditional, we reclassify amounts to accounts receivable. Contract assets are included within prepaid expenses and other current assets within our consolidated balance sheets. Refer to Note 6 of our consolidated financial statements for further details regarding our contract assets. Prior to the third quarter of 2020, we recognized revenue for validated leads when we received payment for a real estate transaction closed with a Flex lead. Other Revenue. Other IMT revenue primarily includes revenue generated by rentals, new construction, display and ShowingTime, as well as revenue from the sale of various other marketing and business products and services to real estate professionals. Rentals revenue includes the sale of advertising and a suite of tools to rental professionals, landlords and other market participants. Rentals revenue primarily includes revenue generated by advertising sold to property managers, landlords and other rental professionals on a cost per lead, click, lease, listing or impression basis or for a fixed fee for certain advertising packages. Rentals revenue also includes revenue generated from our rental applications product, through which potential renters can submit applications to multiple properties for a flat service fee. We recognize revenue as leads, clicks and impressions are provided to rental professionals, or as rental listings are published on our mobile applications and websites, which is the amount for which we have the right to invoice. We recognize revenue related to our fixed fee rentals product on a straight-line basis over the contract term as the performance obligations, rental listings on our mobile applications and websites, are satisfied over time based on time elapsed. The number of leases generated through our rentals pay per lease product during the period is accounted for as variable consideration, and we estimate the amount of variable consideration based on the expected number of qualified leases secured during the period. We do not believe that a significant reversal in the amount of cumulative revenue recognized will occur once the uncertainty related to the number of leases secured is subsequently resolved. Rentals revenue also includes revenue generated from our rental applications product through which potential renters can submit applications to multiple rental properties over a 30-day period for a flat service fee. We recognize revenue for the rental applications product on a straight-line basis during the contractual period over which the customer has the right to access and submit the rental application. Our new construction marketing solutions allow home builders to showcase their available inventory to home shoppers. New construction revenue primarily includes revenue generated by advertising sold to builders on a cost per residential community basis whereby we recognize revenue on a straight-line basis during the contractual period over which the communities are advertised on our mobile applications and websites. New construction revenue also includes revenue generated on a cost per impression basis whereby we recognize revenue as impressions are delivered to users interacting with our mobile applications and websites, which is the amount for which we have the right to invoice. Consideration for new construction products is billed in arrears. Display revenue primarily consists of graphical mobile and web advertising sold on a cost per thousand impressions or cost per click basis to advertisers promoting their brands on our mobile applications and websites. We recognize display revenue as clicks occur or as impressions are delivered to users interacting with our mobile applications or websites, which is the amount for which we have the right to invoice. ShowingTime revenue is primarily generated by Appointment Center, a software-as-a-service and call center solution allowing real estate agents, brokerages and multiple listing services to efficiently schedule real estate viewing appointments on behalf of their customers. Appointment Center revenue is primarily billed in advance on a monthly basis and recognized ratably over the contract period which aligns to our satisfaction of performance obligations. Mortgages Segment Mortgages Revenue. Mortgages revenue primarily includes revenue generated by Zillow Home Loans, our affiliated mortgage lender, and marketing products sold to mortgage professionals on a cost per lead basis, including our Custom Quote and Connect services. Mortgage origination revenue recorded within our Mortgages segment reflects origination fees on purchase or refinance mortgages and the corresponding sale, or expected future sale, of a loan. When an IRLC is made to a customer, we record the expected gain on sale of the mortgage, plus the estimated earnings from the expected sale of the associated servicing rights, adjusted for a pull-through percentage (which is defined as the likelihood that an interest rate lock commitment will be originated), as revenue. Revenue from loan origination fees is recognized at the time the related purchase or refinance transactions are completed, usually upon the close of escrow and when we fund the purchase or refinance mortgage loans. Once funded, mortgage loans held for sale are recorded at fair value based on either sale commitments or current market quotes and are adjusted for subsequent changes in fair value until the loan is sold. Origination costs associated with originating mortgage loans are recognized as incurred. We sell substantially all of the mortgages we originate and the related servicing rights to third-party purchasers. Mortgage loans are sold with limited recourse provisions, which can result in repurchases of loans previously sold to investors or payments to reimburse investors for loan losses. Based on historical experience, discussions with our mortgage purchasers, analysis of the volume of mortgages we originated and current housing and credit market conditions, we estimate and record a loss reserve for mortgage loans held in our portfolio and mortgage loans held for sale, as well as known and projected mortgage loan repurchase requests. These have historically not been significant to our financial statements. Zillow Group operates Custom Quote and Connect through its wholly owned subsidiary, Zillow Group Marketplace, Inc., a licensed mortgage broker. For our Connect and Custom Quote cost per lead marketing products, participating qualified mortgage professionals typically make a prepayment to gain access to consumers interested in connecting with mortgage professionals. Mortgage professionals who exhaust their initial prepayment prepay additional funds to continue to participate in the marketplace. In Zillow Group’s Connect platform, consumers answer a series of questions to find a local lender, and mortgage professionals receive consumer contact information, or leads, when the consumer chooses to share their information with a lender. Consumers who request rates for mortgage loans in Custom Quotes are presented with customized quotes from participating mortgage professionals. For our cost per lead mortgages products, we recognize revenue when a user contacts a mortgage professional through our mortgages platform, which is the amount for which we have the right to invoice. There were no customers that generated 10% or more of our total revenue in the years ended December 31, 2021, 2020 or 2019. Cost of Revenue. Our cost of revenue consists of expenses related to operating our mobile applications and websites, including associated headcount-related expenses, such as salaries, benefits, bonuses and share-based compensation expense, as well as revenue-sharing costs related to our commercial business relationships, depreciation expense and costs associated with hosting our mobile applications and websites. Cost of revenue also includes amortization costs related to capitalized website and development activities, amortization of software, amortization of certain intangible assets and other costs to obtain data used to populate our mobile applications and websites, and amortization of certain intangible assets recorded in connection with acquisitions, including developed technology. For our Homes segment, cost of revenue also consists of the consideration paid to acquire and make certain repairs and updates to each home, including associated overhead costs, as well as inventory valuation adjustments. For our IMT and Mortgages segments, cost of revenue also includes credit card fees and ad serving costs paid to third parties. For our Mortgages segment, cost of revenue also consists of direct costs to originate loans, including underwriting and processing costs. Sales and Marketing. Sales and marketing expenses consist of advertising costs and other sales expenses related to promotional and marketing activities, headcount-related expenses, including salaries, commissions, benefits, bonuses and share-based compensation expense for sales, sales support, customer support, including the customer connections team, marketing and public relations employees, depreciation expense, and amortization of certain intangible assets recorded in connection with acquisitions, including trade names and trademarks and customer relationships. For our Homes segment, sales and marketing expenses also consist of selling costs, such as real estate agent commissions, escrow and title fees, and staging costs, as well as holding costs incurred during the period that homes are listed for sale, including utilities, taxes and maintenance. Sales and marketing expenses for the Homes segment include $62.3 million and $11.3 million in holding costs for the years ended December 31, 2021 and 2020, respectively. During the year ended December 31, 2020, Homes segment sales and marketing expenses also include certain expenses attributable to our efforts to pause home buying in response to the COVID-19 pandemic. For our Mortgages segment, sales and marketing expenses include headcount-related expenses for loan officers and specialists supporting Zillow Home Loans.
Beneficial Interests in Securitizations	Beneficial Interests in Securitizations As the sponsor of certain securitization transactions for the Zillow Offers business, Zillow Group is required to retain at least a 5% interest in the credit risk of the asset-backed securities issued. The interests are presented as beneficial interests in securitizations in our consolidated balance sheet as of December 31, 2021. These investments are classified as available-for-sale debt securities and are measured at fair value on a recurring basis with unrealized gains and losses reported within our consolidated statements of other comprehensive loss. The beneficial interests in securitizations accrete interest income over their expected lives using the effective yield method which reflects a portion of the overall fair value adjustment recorded each period on the investments. We reevaluate the cash flow estimates over the lives of the beneficial interests on a quarterly basis to determine if a change to the accretable yield is required on a prospective basis.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. The useful lives are as follows: Computer equipment 2 to 3 years Office equipment, furniture and fixtures 5 to 7 years Leasehold improvements Shorter of expected useful life or lease term Maintenance and repair costs are charged to expense as incurred. Major improvements, which extend the useful life of the related asset, are capitalized. Upon disposal of a fixed asset, we record a gain or loss based on the difference between the proceeds received and the net book value of the disposed asset. We remove fully depreciated property and equipment from the cost and accumulated depreciation amounts disclosed.
Website and Software Development Costs	Website and Software Development Costs The costs incurred in the preliminary stages of website and software development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental and deemed by management to be significant, are capitalized in property and equipment and amortized on a straight-line basis over their estimated useful lives. Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the website or software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful lives. Amortization expense related to capitalized website and software development costs is included in cost of revenue in our consolidated statements of operations. one
Leases	Leases Our lease portfolio is primarily composed of operating leases for our office space. We determine whether a contract is or contains a lease at inception of the contract. Our operating leases are included in right of use assets and lease liabilities on our consolidated balance sheets. We do not have any material financing leases. We have lease agreements that include both lease components (e.g., fixed rent) and non-lease components (e.g., common area maintenance). For such leases, we account for the lease and non-lease components as a single component. For leases with an initial term of 12 months or less, we recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Right of use assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments. Right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of the total lease payments not yet paid, including lease incentives not yet received, with the right of use assets further adjusted for any prepaid or accrued lease payments, lease incentives received and/or initial direct costs incurred. Certain lease arrangements also include variable payments for costs such as common-area maintenance, utilities, taxes or other operating costs, which are based on a percentage of actual expenses incurred or a fluctuating rate which is unknown at the inception of the contract. These variable lease payments are excluded from the measurement of the right of use assets and lease liabilities. Our leases have remaining lease terms ranging from less than one year to eleven years, some of which include options to extend the lease term for up to an additional ten years. For example, our largest leases, which include our corporate headquarters in Seattle, Washington and office space in New York, New York and San Francisco, California, include options to renew the existing leases for either one or two periods of five years. When determining if a renewal option is reasonably certain of being exercised at lease commencement, we consider several factors, including but not limited to, contract-based, asset-based and entity-based factors. We reassess the term of existing leases if there is a significant event or change in circumstances within our control that affects whether we are reasonably certain to exercise an option to extend a lease. Examples of such events or changes include construction of significant leasehold improvements or other modifications or customizations to the underlying asset, relevant business decisions or subleases. As of December 31, 2021, we have concluded that our renewal options are not reasonably certain of being exercised, therefore, renewals are not included in the right of use assets and lease liabilities. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. We apply a portfolio approach for determining the incremental borrowing rate based on the applicable lease terms and the current economic environment. We recognize lease expense for operating leases on a straight-line basis over the lease term. Variable lease payments are generally recognized when incurred. These expenses are included in general and administrative expenses in the consolidated statements of operations. From time to time, we may enter into sublease agreements with third parties. Our subleases generally do not relieve us of our primary obligations under the corresponding head lease. As a result, we account for the head lease based on the original assessment at lease inception. We determine if the sublease arrangement is either a sales-type, direct financing, or operating lease at inception of the sublease. If the total remaining lease cost on the head lease for the term of the sublease is greater than the anticipated sublease income, the right of use asset is assessed for impairment. Our subleases are generally operating leases and we recognize sublease income on a straight-line basis over the sublease term. Recoverability of Goodwill Goodwill represents the excess of the cost of an acquired business over the fair value of the assets acquired at the date of acquisition, and is not amortized. We assess the impairment of goodwill on an annual basis, in our fourth quarter, or whenever events or changes in circumstances indicate that goodwill may be impaired. In our evaluation of goodwill, we typically first perform a qualitative assessment to determine whether the carrying value of each reporting unit is greater than its fair value. If it is more likely than not that the carrying value of a reporting unit is greater than its fair value, we perform a quantitative assessment and an impairment charge is recorded in our statements of operations for the excess of carrying value of the reporting unit over its fair value. During the years ended December 31, 2021, 2020 and 2019, we did not record any impairments related to goodwill. Refer to Note 10 for additional information related to goodwill.
Intangible Assets/Recoverability of Intangible Assets with Definite Lives and Other Long-Lived Assets	Intangible Assets We purchase and license data content from multiple data providers. This data content consists of United States county data about home details and other information relating to the purchase price of homes, both current and historical, as well as imagery, mapping and parcel data that is displayed on our mobile applications and websites. In some instances, we retain perpetual rights to this information after our contract with a vendor ends; in other instances, the information and data are licensed only during the fixed term of the agreement. Additionally, certain data license agreements provide for uneven payment amounts throughout the contract term. We capitalize payments made to third parties for data licenses that we expect to recover through generation of revenue and margins. For data license contracts that include uneven payment amounts, we capitalize the payments as they are made as an intangible asset and the total contract value is typically amortized on a straight-line basis over the term of the contract, which is equivalent to the estimated useful life of the asset. The amortization period for the capitalized purchased content is based on our best estimate of the useful life of the asset, which is approximately six years. Under certain other data agreements, the underlying data is obtained on a subscription basis with consistent monthly or quarterly recurring payment terms over the contractual period. Upon the expiration of such arrangements, we no longer have the right to access the related data, and therefore, the costs incurred under such contracts are not capitalized and are expensed as payments are made. We also capitalize costs related to the license of certain internal-use software from third parties, including certain licenses of software in cloud computing arrangements. Additionally, we capitalize costs incurred during the application development stage related to the development of internal-use software and enterprise cloud computing services. We expense costs as incurred related to the planning and post-implementation phases of development. Capitalized internal-use software costs are amortized on a straight-line basis over the estimated useful life of the asset, which is currently one Intangibles-in-progress consist of purchased content and software that are capitalizable but have not been placed in service. We also have intangible assets for developed technology, customer relationships, and trade names and trademarks which we recorded in connection with acquisitions. Purchased intangible assets with a determinable economic life are carried at cost less accumulated amortization. These intangible assets are amortized over the estimated useful life of the asset on a straight-line basis. For each of the intangible assets described above, we have removed fully amortized assets from the cost and accumulated amortization amounts disclosed. Recoverability of Intangible Assets with Definite Lives and Other Long-Lived Assets We evaluate intangible assets and other long-lived assets for impairment whenever events or circumstances indicate that they may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset group to future undiscounted net cash flows expected to be generated. We group assets for purposes of such review at the lowest level for which identifiable cash flows of the asset group are largely independent of the cash flows of the other groups of assets and liabilities. If this comparison indicates impairment, the amount of impairment to be recognized is calculated as the difference between the carrying value and the fair value of the asset group.
Business Combinations	Business Combinations We recognize identifiable assets acquired and liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions for the purchase price allocation process to value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that we identify adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. We recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.
Technology and Development	Technology and Development. Technology and development expenses consist of headcount-related expenses, including salaries, benefits, bonuses and share-based compensation expense for individuals engaged in the design, development and testing of our products, mobile applications and websites and the tools and applications that support our products. Technology and development expenses also include equipment and maintenance costs and depreciation expense.
Share-Based Compensation	Share-Based Compensation. We measure compensation expense for all share-based awards at fair value on the date of grant and recognize compensation expense over the service period on a straight-line basis for awards expected to vest. We use the Black-Scholes-Merton option-pricing model to determine the fair value for option awards. In valuing our option awards, we make assumptions about risk-free interest rates, dividend yields, volatility and weighted-average expected lives. We account for forfeitures as they occur. Risk-free interest rates are derived from U.S. Treasury securities as of the option award grant date. Expected dividend yield is based on our historical cash dividend payments, which have been zero to date. The expected volatility for our Class A common stock and Class C capital stock is estimated using our historical volatility. The weighted-average expected life of the option awards is estimated based on our historical exercise data.
Income Taxes	Income Taxes We use the asset and liability approach for accounting and reporting income taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax bases of assets and liabilities at the applicable enacted tax rates. A valuation allowance against deferred tax assets would be established if, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50%) that some or all of the deferred tax assets are not expected to be realized. We establish reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit, new tax legislation or the change of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. Interest and penalties related to unrecognized tax benefits are recorded as income tax expense.
Recently Adopted Accounting Standards/Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance which is intended to simplify the accounting for income taxes. It removes certain exceptions to the general principles and clarifies and amends existing guidance to improve consistent application. This guidance is effective for interim and annual periods beginning after December 15, 2020, and early adoption is permitted. We adopted this guidance on January 1, 2021. The method of adoption for this guidance varies based on the amendment, however, the relevant amendments have been applied on a prospective basis. The adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards Not Yet Adopted In October 2021, the FASB issued guidance which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. We currently recognize contract assets and contract liabilities at the acquisition date based on fair value estimates, which historically has resulted in a reduction to unearned revenue on the balance sheet, and therefore, a reduction to revenue that would have otherwise been recorded as an independent entity. The guidance is effective for interim and annual periods beginning after December 15, 2022 on a prospective basis, with early adoption permitted. We expect to adopt the guidance on January 1, 2023. We are currently evaluating the potential impact of the guidance on our financial position, results of operations and cash flows. In August 2020, the FASB issued guidance which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, the guidance removes the liability and equity separation models for convertible instruments. Instead, entities will account for convertible debt instruments wholly as debt unless convertible instruments contain features that require bifurcation as a derivative or that result in substantial premiums accounted for as paid-in capital. The guidance also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a retrospective or modified retrospective basis. We adopted this guidance on January 1, 2022 using the modified retrospective approach. Upon adoption, we expect to recognize a decrease to additional paid-in capital of $492.5 million, an increase to long-term debt and a cumulative-effect adjustment to accumulated deficit. Additionally, we expect total remaining interest expense over the contractual terms of our convertible senior notes to decrease after adoption of this guidance.
Fair Value Measurements	Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require. We apply the following methods and assumptions in estimating our fair value measurements: Cash equivalents — The fair value measurement of money market funds is based on quoted market prices in active markets (Level 1). The fair value measurement of other cash equivalents is based on observable market-based inputs principally derived from or corroborated by observable market data (Level 2). Short-term investments — The fair value measurement of our short-term investments is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means (Level 2). Restricted cash — The carrying value of restricted cash approximates fair value due to the short period of time amounts are borrowed on our credit facilities, home sales proceeds are held in restricted accounts associated with our credit facilities and securitizations, and amounts are held in escrow (Level 1). Mortgage loans held for sale — The fair value of mortgage loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics (Level 2). Forward contracts — The fair value of mandatory loan sales commitments and derivative instruments such as forward sales of mortgage-backed securities that are utilized as economic hedging instruments is calculated by reference to quoted prices for similar assets (Level 2). Interest rate lock commitments — The fair value of IRLCs is calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. Expired commitments are excluded from the fair value measurement. Since not all IRLCs will become closed loans, we adjust our fair value measurements for the estimated amount of IRLCs that will not close. This adjustment is effected through the pull-through rate, which represents the probability that an interest rate lock commitment will ultimately result in a closed loan. For IRLCs that are cancelled or expire, any recorded gain or loss is reversed at the end of the commitment period (Level 3). The pull-through rate is based on estimated changes in market conditions, loan stage and historical borrower behavior. Pull-through rates are directly related to the fair value of IRLCs as an increase in the pull-through rate, in isolation, would result in an increase in the fair value measurement. Conversely, a decrease in the pull-through rate, in isolation, would result in a decrease in the fair value measurement. Changes in the fair value of IRLCs are included within Mortgages revenue in our consolidated statements of operations. The following table presents the range and weighted average pull-through rates used in determining the fair value of IRLCs as of the dates presented: December 31, 2021 December 31, 2020 Range 42% - 100% 47% - 100% Weighted average 85% 75%
Segment Reporting	We have three operating and reportable segments, which have been identified based on the way in which our chief operating decision-maker manages our business, makes operating decisions and evaluates operating performance. The chief executive officer acts as the chief operating decision-maker and reviews financial and operational information for the Homes, IMT and Mortgages segments. The Homes segment includes the financial results from Zillow Group’s purchase and sale of homes directly through Zillow Offers and the financial results from title and escrow services through Zillow Closing Services. On November 2, 2021, the Board of Directors of the Company made the determination to wind down Zillow Offers operations. The IMT segment includes the financial results for the Premier Agent, rentals and new construction marketplaces, dotloop and display, as well as revenue from the sale of various other marketing and business products and services to real estate professionals. Beginning in the fourth quarter of 2021, the IMT segment also includes the financial results of ShowingTime. The Mortgages segment primarily includes the financial results for mortgage originations and the sale of mortgages on the secondary market through Zillow Home Loans and advertising sold to mortgage lenders and other mortgage professionals. Revenue and costs are directly attributed to our segments when possible. However, due to the integrated structure of our business, certain costs incurred by one segment may benefit the other segments. These costs primarily include headcount-related expenses, general and administrative expenses including executive, finance, accounting, legal, human resources, recruiting and facilities costs, product development and data acquisition costs, costs related to operating our mobile applications, and websites and marketing and advertising costs. These costs are allocated to each segment based on the estimated benefit each segment receives from such expenditures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	Amounts previously reported in the consolidated statements of operations for the periods presented were revised herein as shown below (in thousands): Year Ended Year Ended As Reported As Revised Effect of Change As Reported As Revised Effect of Change Cost of revenue: Homes $ 1,621,040 $ 1,634,755 $ 13,715 $ 1,315,345 $ 1,324,464 $ 9,119 IMT 104,091 193,097 89,006 98,522 193,885 95,363 Mortgages 31,264 38,540 7,276 18,154 25,750 7,596 Total cost of revenue 1,756,395 1,866,392 109,997 1,432,021 1,544,099 112,078 Operating expenses: Sales and marketing 672,816 691,119 18,303 714,128 728,631 14,503 Technology and development 518,072 390,172 (127,900) 477,347 350,923 (126,424) General and administrative 357,122 356,722 (400) 366,176 366,019 (157)
Useful Lives	Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. The useful lives are as follows: Computer equipment 2 to 3 years Office equipment, furniture and fixtures 5 to 7 years Leasehold improvements Shorter of expected useful life or lease term

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs and Valuation Techniques	The following table presents the range and weighted average pull-through rates used in determining the fair value of IRLCs as of the dates presented: December 31, 2021 December 31, 2020 Range 42% - 100% 47% - 100% Weighted average 85% 75%
Summary of Balances of Cash Equivalents and Investments	The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands): December 31, 2021 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 2,132,389 $ 2,132,389 $ — $ — Short-term investments: U.S. government agency securities 470,851 — 470,851 — Corporate bonds 33,080 — 33,080 — Commercial paper 9,991 — 9,991 — Beneficial interests in securitizations 75,103 — — 75,103 Mortgage origination-related: Mortgage loans held for sale 106,753 — 106,753 — IRLCs 4,626 — — 4,626 Forward contracts - other current assets 212 — 212 — Forward contracts - other current liabilities (222) — (222) — Total $ 2,832,783 $ 2,132,389 $ 620,665 $ 79,729 December 31, 2020 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 1,486,384 $ 1,486,384 $ — $ — Municipal securities 3,228 — 3,228 — Short-term investments: Treasury bills 1,163,813 — 1,163,813 — U.S. government agency securities 1,037,577 — 1,037,577 — Municipal securities 16,220 — 16,220 — Certificates of deposit 498 — 498 — Mortgage origination-related: Mortgage loans held for sale 330,758 — 330,758 — IRLCs 12,342 — — 12,342 Forward contracts - other current liabilities (2,608) — (2,608) — Total $ 4,048,212 $ 1,486,384 $ 2,549,486 $ 12,342
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents the changes in our IRLCs for the periods presented (in thousands): Year Ended Year Ended Balance, beginning of the period $ 12,342 $ 937 Issuances 69,958 63,662 Transfers (78,898) (60,648) Fair value changes recognized in earnings 1,224 8,391 Balance, end of period $ 4,626 $ 12,342 (1) The beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020.

Cash and Cash Equivalents, In_2

Cash and Cash Equivalents, Investments and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Market Value of Cash and Cash Equivalents and Available-for-Sale Investments	The following tables present the amortized cost, gross unrealized gains and losses and estimated fair market value of our cash and cash equivalents, investments, including beneficial interests in securitizations, and restricted cash as of the dates presented (in thousands): December 31, 2021 Amortized Gross Gross Estimated Cash $ 479,110 $ — $ — $ 479,110 Cash equivalents: Money market funds 2,132,389 — — 2,132,389 Short-term investments: U.S. government agency securities 472,570 — (1,719) 470,851 Corporate bonds 33,172 3 (95) 33,080 Commercial paper 9,991 — — 9,991 Restricted cash 226,651 — — 226,651 Beneficial interests in securitizations 66,167 8,936 — 75,103 Total $ 3,420,050 $ 8,939 $ (1,814) $ 3,427,175 December 31, 2020 Amortized Gross Gross Estimated Cash $ 213,518 $ — $ — $ 213,518 Cash equivalents: Money market funds 1,486,384 — — 1,486,384 Municipal securities 3,229 — (1) 3,228 Short-term investments: Treasury bills 1,163,748 65 — 1,163,813 U.S. government agency securities 1,037,572 57 (52) 1,037,577 Municipal securities 16,226 — (6) 16,220 Certificates of deposit 498 — — 498 Restricted cash 75,805 — — 75,805 Total $ 3,996,980 $ 122 $ (59) $ 3,997,043

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Components of Net Inventory	The following table presents the components of inventory, net of applicable lower of cost or net realizable value adjustments, as of the dates presented (in thousands): December 31, 2021 2020 Finished goods $ 2,727,421 $ 339,372 Work-in-process 1,185,241 151,921 Inventory $ 3,912,662 $ 491,293

Contract Balances (Tables)

Contract Balances (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Allowance for Doubtful Accounts	The following table presents the changes in the allowance for doubtful accounts for the periods presented (in thousands): Year Ended 2021 2020 2019 Allowance for doubtful accounts: Balance, beginning of period $ 3,427 $ 4,522 $ 4,838 Additions charged to expense 1,073 2,650 2,772 Less: write-offs, net of recoveries and other adjustments (742) (3,745) (3,088) Balance, end of period $ 3,758 $ 3,427 $ 4,522

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Detail of Property and Equipment	The following table presents the detail of property and equipment as of the dates presented (in thousands): December 31, 2021 2020 Website development costs $ 175,230 $ 95,466 Leasehold improvements 107,017 110,280 Office equipment, furniture and fixtures 25,151 39,607 Computer equipment 19,122 20,433 Construction-in-progress 7,129 44,151 Property and equipment 333,649 309,937 Less: accumulated amortization and depreciation (119,094) (113,785) Property and equipment, net $ 214,555 $ 196,152

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Purchase Price Allocation	The total preliminary purchase price was allocated as follows (in thousands): Cash and cash equivalents $ 14,453 Identifiable intangible assets 111,100 Goodwill 388,885 Other acquired assets 6,006 Deferred tax liability (3,920) Other assumed liabilities (4,751) Total preliminary estimated purchase price $ 511,773
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	The preliminary estimated fair value of identifiable intangible assets acquired and associated useful lives consisted of the following (in thousands): Preliminary Estimated Fair Value Estimated Weighted-Average Useful Life (in years) Customer relationships $ 54,500 8 Developed technology 47,600 4 Trade names and trademarks 9,000 10 Total $ 111,100

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Allocated to Reportable Segments	The following table presents goodwill by reportable segment as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 IMT $ 2,175,301 $ 1,786,416 Mortgages 198,491 198,491 Total $ 2,373,792 $ 1,984,907
Intangible Assets	The following tables present the detail of intangible assets as of the dates presented (in thousands): December 31, 2021 Cost Accumulated Net Customer relationships $ 138,500 $ (83,915) $ 54,585 Developed technology 133,664 (86,291) 47,373 Software 58,733 (19,542) 39,191 Trade names and trademarks 45,500 (9,181) 36,319 Intangibles-in-progress 1,516 — 1,516 Purchased content 3,941 (2,853) 1,088 Total $ 381,854 $ (201,782) $ 180,072 December 31, 2020 Cost Accumulated Net Trade names and trademarks $ 36,500 $ (3,822) $ 32,678 Software 28,515 (11,483) 17,032 Developed technology 86,064 (70,270) 15,794 Customer relationships 87,600 (73,301) 14,299 Intangibles-in-progress 11,863 — 11,863 Purchased content 47,930 (44,829) 3,101 Total $ 298,472 $ (203,705) $ 94,767
Estimated Future Amortization Expense for Intangible Assets	Estimated future amortization expense for intangible assets, including amortization related to future commitments (see Note 18), as of December 31, 2021 is as follows (in thousands): 2022 $ 60,793 2023 38,882 2024 30,116 2025 21,337 2026 12,605 Thereafter 34,971 Total future amortization expense $ 198,704

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Summary of accrued expenses and other current liabilities	The following table presents the detail of accrued expenses and other current liabilities as of the dates presented (in thousands): December 31, 2021 2020 Accrued marketing and advertising $ 27,126 $ 16,239 Taxes payable 17,841 6,131 Accrued interest expense 8,264 5,916 Accrued estimated legal liabilities and legal fees 7,467 6,316 Merger consideration payable to former stockholders of certain acquired entities 6,590 6,117 Accrued restructuring costs 3,776 — Accrued escrow payable 174 9,788 Other accrued expenses and other current liabilities 90,221 43,980 Total accrued expenses and other current liabilities $ 161,459 $ 94,487

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Components of Lease Expense	The components of our operating lease expense were as follows for the periods presented (in thousands): Year Ended 2021 2020 2019 Operating lease cost $ 37,915 $ 40,292 $ 35,837 Variable lease cost 13,418 10,323 11,231 Total lease cost $ 51,333 $ 50,615 $ 47,068 Other information related to operating leases was as follows for the periods presented (in thousands, except for years and percentages): Year Ended 2021 (1) 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives of $433, $18,626 and $— for the years ended December 31, 2021, 2020 and 2019, respectively $ 43,170 $ 17,676 $ 31,816 Right of use assets obtained in exchange for new operating lease obligations $ (35,719) $ 145 $ 128,354 Weighted average remaining lease term for operating leases 7.00 years 8.00 years 8.50 years Weighted average discount rate for operating leases 7.2 % 6.5 % 6.5 % (1) During the year ended December 31, 2021, we modified our existing office space lease for our corporate headquarters in Seattle, Washington, whereby the renewal options for certain existing office space which we had previously included in the measurement of the lease liability and right of use asset were removed and we will partially terminate our lease early for certain existing office space, resulting in a reduction of the lease liability and right of use asset of approximately $43.5 million and $42.4 million, respectively. The lease term for certain other existing leased office space in Seattle was extended such that it now expires in 2032 and retains the two five
Schedule of Maturities for Operating Lease Liabilities	The following table presents the scheduled maturities of our operating lease liabilities by year as of December 31, 2021 (in thousands): 2022 $ 35,340 2023 40,118 2024 36,470 2025 22,698 2026 22,759 Thereafter 94,085 Total lease payments 251,470 Less: Imputed interest (80,000) Present value of lease liabilities $ 171,470

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Carrying Value of Debt	The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in thousands): December 31, 2021 2020 Homes segment Credit facilities: Goldman Sachs Bank USA $ 548,345 $ 145,825 Citibank, N.A. 770,306 87,103 Credit Suisse AG, Cayman Islands 834,906 128,238 Securitizations: 2021-1 variable funding line 16,846 — 2021-1 term loan 471,975 — 2021-2 variable funding line 29,193 — 2021-2 term loan 736,778 — Total Homes segment debt 3,408,349 361,166 Mortgages segment Repurchase agreements: Credit Suisse AG, Cayman Islands 76,392 149,913 Citibank, N.A. 16,912 90,227 Warehouse line of credit: Comerica Bank 18,656 68,903 Total Mortgages segment debt 111,960 309,043 Convertible senior notes 1.375% convertible senior notes due 2026 368,773 347,566 2.75% convertible senior notes due 2025 443,505 414,888 0.75% convertible senior notes due 2024 506,946 524,273 1.50% convertible senior notes due 2023 — 326,796 Total convertible senior notes 1,319,224 1,613,523 Total debt $ 4,839,533 $ 2,283,732
Schedule of Revolving Credit Facilities and Lines of Credit	The following table summarizes certain details related to our credit facilities as of December 31, 2021 (in thousands, except interest rates): Lender Final Maturity Date Maximum Borrowing Capacity Weighted Average Interest Rate Goldman Sachs Bank USA April 21, 2023 $ 750,000 2.90 % Citibank, N.A. May 2, 2022 1,000,000 2.84 % Credit Suisse AG, Cayman Islands December 31, 2022 1,500,000 2.92 % Total $ 3,250,000 Lender Maturity Date Maximum Borrowing Capacity Weighted Average Interest Rate Credit Suisse AG, Cayman Islands March 18, 2022 $ 300,000 2.50 % Citibank, N.A. June 10, 2022 100,000 1.85 % Comerica Bank June 25, 2022 60,000 2.50 % Total $ 460,000
Schedule of Long-term Debt Instruments	The following table summarizes certain details related to our variable funding lines as of December 31, 2021 (in thousands, except interest rates): Securitization Maturity Date Carrying Value Maximum Borrowing Capacity Weighted Average Interest Rate 2021-1 variable funding line February 9, 2024 $ 16,846 $ 65,000 2.84 % 2021-2 variable funding line October 9, 2024 29,193 75,000 2.84 % Total $ 46,039 $ 140,000 The following tables summarize certain additional details related to our term loans as of the dates presented or for the periods ended (in thousands, except interest rates): December 31, 2021 Securitization Maturity Date Aggregate Principal Amount Weighted Average Effective Interest Rate (1) First Interest Payment Date Reinvestment Period Unamortized Debt Discount and Debt Issuance Costs Fair Value (2) 2021-1 term loan February 9, 2024 $ 480,000 9.03 % September 9, 2021 24 months $ 8,025 $ 479,985 2021-2 term loan October 9, 2024 749,000 6.44 % November 9, 2021 30 months 12,222 746,977 Total $ 1,229,000 $ 20,247 $ 1,226,962 (1) The weighted average effective interest rate is calculated using the outstanding principal amounts and effective interest rates for the two fixed rate components and the single principal-only component of each of the term loans. Debt discount and debt issuance costs have been allocated to the components of each term loan and will be amortized using the effective interest method with the amortization classified as a component of interest expense. (2) The estimated fair value of each term loan is calculated using a discounted cash flow methodology. The fair value is classified as Level 3 due to reliance on significant unobservable valuation inputs. Year Ended Securitization Contractual Coupon Interest Amortization of Debt Discount Amortization of Debt Issuance Costs Interest Expense 2021-1 term loan $ 4,443 $ 1,816 $ 2,202 $ 8,461 2021-2 term loan 4,608 2,141 1,079 7,828 Total $ 9,051 $ 3,957 $ 3,281 $ 16,289
Schedule of Components of Convertible Senior Notes	The following tables summarize certain details related to our outstanding convertible senior notes as of the dates presented or for the periods ended (in thousands, except interest rates): December 31, 2021 December 31, 2020 Maturity Date Aggregate Principal Amount Stated Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Unamortized Debt Discount and Debt Issuance Costs Fair Value Unamortized Debt Discount and Debt Issuance Costs Fair Value September 1, 2026 $ 498,800 1.375 % 8.10 % March 1, 2020 March 1; September 1 $ 130,027 $ 781,191 $ 152,434 $ 1,508,675 May 15, 2025 564,998 2.75 % 10.32 % November 15, 2020 May 15; November 15 121,493 724,610 150,112 1,168,855 September 1, 2024 608,382 0.75 % 7.68 % March 1, 2020 March 1; September 1 101,436 945,547 148,727 2,023,280 July 1, 2023 — 1.50 % 6.99 % January 1, 2019 January 1; July 1 — — 46,954 633,039 Total $ 1,672,180 $ 352,956 $ 2,451,348 $ 498,227 $ 5,333,849 Year Ended Year Ended Year Ended Maturity Date Contractual Coupon Interest Amortization of Debt Discount Amortization of Debt Issuance Costs Interest Expense Contractual Coupon Interest Amortization of Debt Discount Amortization of Debt Issuance Costs Interest Expense Contractual Coupon Interest Amortization of Debt Discount Amortization of Debt Issuance Costs Interest Expense September 1, 2026 $ 6,862 $ 21,523 $ 527 $ 28,912 $ 6,876 $ 19,893 $ 486 $ 27,255 $ 2,139 $ 5,869 $ 144 $ 8,152 May 15, 2025 15,536 27,168 1,450 44,154 9,689 15,585 832 26,106 — — — — September 1, 2024 4,663 32,589 1,116 38,368 5,034 32,618 1,117 38,769 1,539 9,482 325 11,346 July 1, 2023 2,819 7,958 778 11,555 5,606 15,142 1,479 22,227 5,606 14,047 1,374 21,027 December 1, 2021 — — — — 6,350 13,820 1,429 21,599 9,200 18,899 1,957 30,056 December 15, 2020 — — — — 234 — — 234 265 — — 265 Total $ 29,880 $ 89,238 $ 3,871 $ 122,989 $ 33,789 $ 97,058 $ 5,343 $ 136,190 $ 18,749 $ 48,297 $ 3,800 $ 70,846 The following table summarizes the conversion and redemption options with respect to the Notes: Maturity Date Early Conversion Date Conversion Rate Conversion Price Optional Redemption Date September 1, 2026 March 1, 2026 22.9830 $ 43.51 September 5, 2023 May 15, 2025 November 15, 2024 14.8810 67.20 May 22, 2023 September 1, 2024 March 1, 2024 22.9830 43.51 September 5, 2022 Year Ended Year Ended 2023 Notes 2024 Notes 2026 Notes Total 2021 Notes Aggregate principal amount settled $ 373,750 $ 64,618 $ 1,200 $ 439,568 $ 460,000 Cash paid 1,297 — — 1,297 194,761 Shares of Class C capital stock issued 4,752,232 1,485,114 27,579 6,264,925 5,819,561 Total fair value of consideration transferred (1) $ 571,897 $ 200,478 $ 4,204 $ 776,579 $ 782,506 (Gain) loss on extinguishment of debt: Consideration allocated to the liability component (2) $ 349,241 $ 53,115 $ 883 $ 403,239 $ 429,210 Carrying value of the liability component, net of unamortized debt discount and debt issuance costs 334,245 51,032 843 386,120 430,658 (Gain) loss on extinguishment of debt $ 14,996 $ 2,083 $ 40 $ 17,119 $ (1,448) Consideration allocated to the equity component $ 222,656 $ 147,363 $ 3,321 $ 373,340 $ 353,296 (1) For convertible senior notes converted by note holders, the total fair value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the conversion date and an immaterial amount of cash paid in lieu of fractional shares. For convertible senior notes redeemed, the total fair value of consideration transferred comprises cash transferred to note holders to settle the related notes. For convertible senior notes repurchased in the year ended December 31, 2020, the total value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the date of transfer as well as cash transferred to note holders to settle the related notes. (2) Consideration allocated to the liability component is based on the fair value of the liability component immediately prior to settlement, which was calculated using a discounted cash flow analysis with a market interest rate of a similar liability that does not have an associated convertible feature. The following table summarizes certain details related to the capped call confirmations with respect to certain of the convertible senior notes: Maturity Date Initial Cap Price Cap Price Premium September 1, 2026 $ 80.5750 150 % September 1, 2024 72.5175 125 % July 1, 2023 105.45 85 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Components of Income Tax (Benefit) Expense	The following table summarizes the components of our income tax expense (benefit) for the periods presented (in thousands): Year Ended 2021 2020 2019 Current income tax expense: State $ 3,851 $ 588 $ 304 Foreign 143 257 99 Total current income tax expense 3,994 845 403 Deferred income tax benefit: Federal (2,577) (7,388) (1,631) State (302) (1,095) (2,856) Foreign 148 115 (174) Total deferred income tax benefit (2,731) (8,368) (4,661) Total income tax expense (benefit) $ 1,263 $ (7,523) $ (4,258)
Reconciliation of Federal Statutory Rate and Effective Tax Rate	The following table presents a reconciliation of the federal statutory rate and our effective tax rate for the periods presented: Year Ended 2021 2020 2019 Tax expense at federal statutory rate (21.0) % (21.0) % (21.0) % State income taxes, net of federal tax benefit (5.8) (11.2) (3.0) Share-based compensation (17.0) (52.5) (0.9) Section 162(m) of Internal Revenue Code 1.7 2.3 1.1 Research and development credits (8.5) (10.6) (7.2) Other 0.9 (0.5) 1.0 Valuation allowance 49.9 89.1 28.6 Effective tax rate 0.2 % (4.4) % (1.4) %
Deferred Tax Assets and Liabilities	The following table presents the significant components of our deferred tax assets and liabilities as of the dates presented (in thousands): December 31, 2021 2020 Deferred tax assets: Federal and state net operating loss carryforwards $ 524,109 $ 400,509 Research and development credits 133,173 88,823 Inventory 68,840 15,115 Share-based compensation 66,345 43,065 Interest expense limitation 58,155 30,921 Lease liability 41,402 57,606 Accruals and reserves 12,782 3,988 Depreciation and amortization 1,496 1,035 Other deferred tax assets 1,100 4,736 Total deferred tax assets 907,402 645,798 Deferred tax liabilities: Debt discount on convertible senior notes (60,448) (80,280) Website and software development costs (43,814) (32,021) Right of use assets (32,027) (45,857) Intangible assets (21,697) (12,968) Goodwill (4,631) (3,267) Total deferred tax liabilities (162,617) (174,393) Net deferred tax assets before valuation allowance 744,785 471,405 Less: valuation allowance (745,732) (471,901) Net deferred tax liabilities $ (947) $ (496)
Changes in Unrecognized Tax Benefits	Changes for unrecognized tax benefits for the periods presented are as follows (in thousands): Balance at January 1, 2019 $ 28,625 Gross increases—current period tax positions 9,021 Gross increases—prior period tax positions 1,786 Balance at December 31, 2019 $ 39,432 Gross increases—current period tax positions 9,334 Gross increases—prior period tax positions 328 Balance at December 31, 2020 $ 49,094 Gross increases—current period tax positions 16,627 Gross increases—prior period tax positions 9,257 Balance at December 31, 2021 $ 74,978

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure	The following table summarizes the activity pursuant to the equity distribution agreement for the period presented (in thousands, except share and per share amounts): Year Ended Shares of Class C capital stock issued 3,163,502 Weighted-average issuance price per share $ 174.0511 Gross proceeds (1) $ 550,611 (1) Net proceeds were $544.6 million after deducting $6.1 million of commissions and other offering expenses incurred.
Schedule of Repurchase Agreements	The following table summarizes, on a settlement date basis, our Class C capital stock repurchase activity under the Stock Repurchase Program for the period presented (in thousands, except share and per share amounts): Year Ended Shares of Class C capital stock repurchased 4,944,462 Weighted-average price per share $ 61.1186 Total purchase price $ 302,199

Share-Based Awards (Tables)

Share-Based Awards (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Option Award Activity	The following table summarizes option award activity for the year ended December 31, 2021: Number Weighted- Weighted- Aggregate Outstanding at January 1, 2021 20,051,051 $ 42.68 7.22 $ 1,751,105 Granted 10,290,760 121.71 Exercised (3,304,241) 38.50 Forfeited or cancelled (1,291,637) 81.37 Outstanding at December 31, 2021 25,745,933 72.86 7.48 354,479 Vested and exercisable at December 31, 2021 12,281,927 52.50 6.25 247,163
Fair Value of Options Granted, Estimated at Date of Grant Using Black Scholes Merton Option Pricing Model	The fair value of options granted is estimated at the date of grant using the Black-Scholes-Merton option-pricing model, assuming no dividends and with the following assumptions for the periods presented: Year Ended 2021 2020 2019 Expected volatility 52% – 58% 45% – 52% 45% – 47% Expected dividend yield — — — Risk-free interest rate 0.57% – 1.15% 0.22% – 0.93% 1.60% – 2.53% Weighted-average expected life 4.50 – 5.75 years 4.50 – 5.50 years 4.75 – 5.25 years Weighted-average fair value of options granted $54.55 $22.50 $16.52
Summary of Restricted Stock Units Activity	The following table summarizes activity for restricted stock units for the year ended December 31, 2021: Restricted Weighted- Unvested outstanding at January 1, 2021 7,316,557 $ 48.14 Granted 2,744,325 96.48 Vested (2,982,148) 51.02 Forfeited (1,004,635) 60.59 Unvested outstanding at December 31, 2021 6,074,099 66.51
Effects of Share Based Compensation in Consolidated Statements of Operations	The following table presents the effects of share-based compensation expense in our consolidated statements of operations during the periods presented (in thousands): Year Ended 2021 2020 2019 Cost of revenue $ 10,968 $ 6,685 $ 4,972 Sales and marketing 48,131 33,110 25,126 Technology and development 117,614 80,876 68,927 General and administrative 134,973 76,879 99,877 Impairment and restructuring costs 5,506 — — Total $ 317,192 $ 197,550 $ 198,902

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the maximum number of shares and conversion price per share of Class C capital stock for each of the Notes based on the aggregate principal amount outstanding as of December 31, 2021 (in thousands, except per share amounts): Maturity Date Shares Conversion Price per Share September 1, 2026 11,464 $ 43.51 May 15, 2025 8,408 67.20 September 1, 2024 13,983 43.51 For the periods presented, the following Class A common stock and Class C capital stock equivalents were excluded from the calculations of diluted net loss per share because their effect would have been antidilutive (in thousands): Year Ended 2021 2020 2019 Weighted-average Class A common stock and Class C capital stock option awards outstanding 17,996 25,913 19,183 Weighted-average Class A common stock and Class C capital stock restricted stock units outstanding 6,530 8,198 6,765 Class A common stock issuable upon conversion of the convertible notes maturing in 2020 — 338 404 Class C capital stock issuable upon conversion of the convertible notes maturing in 2021, 2023, 2024, 2025 and 2026 36,540 24,182 439 Total Class A common stock and Class C capital stock equivalents 61,066 58,631 26,791

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments for Content Related to Mobile Applications and Websites	The amounts due for non-cancelable purchase commitments as of December 31, 2021 are as follows (in thousands): Purchase Obligations 2022 $ 73,663 2023 55,287 2024 6,708 2025 3,080 2026 1,969 Total future purchase commitments $ 140,707

Segment Information and Reven_2

Segment Information and Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Revenue Categories	This information is included in the following tables for the periods presented (in thousands) and prior period amounts have been recast to conform to the current format (see Note 2 for additional details regarding the reclassifications): Year Ended Year Ended Year Ended Homes IMT Mortgages Homes IMT Mortgages Homes IMT Mortgages Revenue: Zillow Offers $ 5,982,357 $ — $ — $ 1,710,535 $ — $ — $ 1,365,250 $ — $ — Premier Agent — 1,395,723 — — 1,046,954 — — 923,876 — Other 33,421 490,059 — 4,840 403,278 — — 353,020 — Mortgages — — 245,816 — — 174,210 — — 100,691 Total revenue 6,015,778 1,885,782 245,816 1,715,375 1,450,232 174,210 1,365,250 1,276,896 100,691 Cost of revenue (1) 6,106,944 203,449 83,784 1,634,755 193,097 38,540 1,324,464 193,885 25,750 Gross profit (loss) (91,166) 1,682,333 162,032 80,620 1,257,135 135,670 40,786 1,083,011 74,941 Operating expenses (1): Sales and marketing 414,797 552,592 108,846 190,818 440,517 59,784 171,571 503,473 53,587 Technology and development 124,513 317,663 32,220 106,218 260,277 23,677 69,962 255,964 24,997 General and administrative 118,790 258,161 71,822 87,034 224,757 44,931 81,383 243,514 41,122 Impairment and restructuring costs 71,247 — 926 — 73,900 2,900 — — — Acquisition-related costs — 8,615 — — — — — — — Integration costs — 680 — — — — — — 650 Total operating expenses 729,347 1,137,711 213,814 384,070 999,451 131,292 322,916 1,002,951 120,356 Income (loss) from operations (820,513) 544,622 (51,782) (303,450) 257,684 4,378 (282,130) 80,060 (45,415) Segment other income 2,878 — 5,019 — 5,300 2,369 — — 1,409 Segment interest expense (63,829) (32) (5,060) (16,804) — (2,233) (29,990) — (956) Income (loss) before income taxes (2) $ (881,464) $ 544,590 $ (51,823) $ (320,254) $ 262,984 $ 4,514 $ (312,120) $ 80,060 $ (44,962) (1) The following table presents depreciation and amortization expense and share-based compensation expense for each of our segments for the periods presented (in thousands): Year Ended Year Ended Year Ended Homes IMT Mortgages Homes IMT Mortgages Homes IMT Mortgages Depreciation and amortization expense $ 22,393 $ 99,026 $ 8,361 $ 13,315 $ 89,862 $ 6,854 $ 8,414 $ 73,369 $ 5,684 Share-based compensation expense $ 76,879 $ 200,963 $ 33,844 $ 48,166 $ 134,691 $ 14,693 $ 32,390 $ 150,434 $ 16,078
Reconciliation of Segment Gross Profit and Loss	The following table presents the reconciliation of total segment loss before income taxes to consolidated loss before income taxes for the periods presented (in thousands): Year Ended 2021 2020 2019 Total segment loss before income taxes $ (388,697) $ (52,756) $ (277,022) Corporate interest expense (122,989) (136,190) (70,846) Corporate other income 2,291 17,860 38,249 Gain (loss) on extinguishment of debt (17,119) 1,448 — Consolidated loss before income taxes $ (526,514) $ (169,638) $ (309,619)

Restructuring and Zillow Offe_2

Restructuring and Zillow Offers Wind Down (Tables)	12 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table presents a summary of Zillow Offers wind down-related charges incurred for the period presented and our estimate of the total costs we expect to incur over the wind down period (in thousands): Year Ended Statement of Operations Classification Homes Segment Mortgages Segment Total Recognized Total Expected Inventory write-down Cost of revenue $ 407,921 $ — $ 407,921 N/A Other charges: Employee termination costs Impairment and restructuring costs 59,914 926 60,840 $99,000 - $112,000 Contract termination costs Impairment and restructuring costs 9,960 — 9,960 $11,000 - $18,000 Financing-related charges Interest expense 6,227 — 6,227 $40,000 - $48,000 Accelerated depreciation and amortization Cost of revenue 4,885 — 4,885 $24,000 - $25,000 Asset write-offs Impairment and restructuring costs 1,373 — 1,373 $1,000 - $2,000 Total other charges 82,359 926 83,285 $175,000 - $205,000 Total $ 490,280 $ 926 $ 491,206
Schedule of Restructuring Reserve by Type of Cost	The following table presents the accrual activity for exit and disposal costs for the year ended December 31, 2021, primarily related to cash severance employee termination costs and contract termination costs (in thousands): Employee Termination Costs Contract Termination Costs Total Balance, beginning of period $ — $ — $ — Additions charged to expense 54,339 9,024 63,363 Cash payments (9,160) (5,248) (14,408) Balance, end of period $ 45,179 $ 3,776 $ 48,955

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue	$ 6,394,177	$ 1,866,392	$ 1,544,099
Operating expenses:
Sales and marketing	1,076,235	691,119	728,631
Technology and development	474,396	390,172	350,923
General and administrative	448,773	356,722	366,019
As Reported
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue		1,756,395	1,432,021
Operating expenses:
Sales and marketing		672,816	714,128
Technology and development		518,072	477,347
General and administrative		357,122	366,176
Effect of Change
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue		109,997	112,078
Operating expenses:
Sales and marketing		18,303	14,503
Technology and development		(127,900)	(126,424)
General and administrative		(400)	(157)
Homes
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue	6,106,944	1,634,755	1,324,464
Homes | As Reported
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue		1,621,040	1,315,345
Homes | Effect of Change
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue		13,715	9,119
IMT
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue	203,449	193,097	193,885
IMT | As Reported
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue		104,091	98,522
IMT | Effect of Change
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue		89,006	95,363
Mortgages
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue	$ 83,784	38,540	25,750
Mortgages | As Reported
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue		31,264	18,154
Mortgages | Effect of Change
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]
Cost of revenue		$ 7,276	$ 7,596

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)period	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2022USD ($)
Schedule of Significant Accounting Policies [Line Items]
Amortization period for capitalized contract costs	3 years
Beneficial interest, minimum interest in credit risk, percentage	5.00%
Option to extend lease	10 years
Option to extend existing lease	5 years
Impairment and restructuring costs	$ 56,828	$ 76,800	$ 0
Advertising costs	210,100	113,000	185,200
Technology and development	474,396	390,172	350,923
Additional paid-in capital	(7,001,084)	(5,880,883)
Accounting Standards Update 2020-06 Retrospective | Cumulative Effect, Period of Adoption, Adjustment | Subsequent Event
Schedule of Significant Accounting Policies [Line Items]
Additional paid-in capital				$ 492,500
Homes
Schedule of Significant Accounting Policies [Line Items]
Holding costs	62,300	11,300
Technology and development
Schedule of Significant Accounting Policies [Line Items]
Technology and development	$ 481,900	$ 383,100	$ 343,700
Purchased content
Schedule of Significant Accounting Policies [Line Items]
Useful life of capitalized purchased content asset	6 years
Minimum
Schedule of Significant Accounting Policies [Line Items]
Lessee, operating lease, remaining lease term	1 year
Number of renewal options | period	1
Maximum
Schedule of Significant Accounting Policies [Line Items]
Lessee, operating lease, remaining lease term	11 years
Number of renewal options | period	2
Computer equipment | Minimum
Schedule of Significant Accounting Policies [Line Items]
Expected useful lives	2 years
Computer equipment | Maximum
Schedule of Significant Accounting Policies [Line Items]
Expected useful lives	3 years
Office Equipment, Furniture, Fixtures | Minimum
Schedule of Significant Accounting Policies [Line Items]
Expected useful lives	5 years
Office Equipment, Furniture, Fixtures | Maximum
Schedule of Significant Accounting Policies [Line Items]
Expected useful lives	7 years
Software Development | Minimum
Schedule of Significant Accounting Policies [Line Items]
Expected useful lives	1 year
Software Development | Maximum
Schedule of Significant Accounting Policies [Line Items]
Expected useful lives	5 years

Fair Value Measurements - Range

Fair Value Measurements - Range and Weighted Average Pull-Through Rates (Details) - IRLCs - Not Designated as Hedging Instrument	Dec. 31, 2021	Dec. 31, 2020
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, measurement input	0.42	0.47
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, measurement input	1	1
Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, measurement input	0.85	0.75

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interest in securitizations, Gross Unrealized Gains	$ 8,936
Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interest securitization, measurement input	0.08
Mortgage Loans Held For Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 305,000	$ 378,100
IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 387,800	$ 652,100

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 589,025
Beneficial interests in securitizations	75,103	$ 0
Mortgage loans held for sale	106,753	330,758
Total	2,832,783	4,048,212
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interests in securitizations	0
Mortgage loans held for sale	0	0
Total	2,132,389	1,486,384
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interests in securitizations	0
Mortgage loans held for sale	106,753	330,758
Total	620,665	2,549,486
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interests in securitizations	75,103
Mortgage loans held for sale	0	0
Total	79,729	12,342
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,132,389	1,486,384
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,132,389	1,486,384
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	470,851	1,037,577
U.S. government agency securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
U.S. government agency securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	470,851	1,037,577
U.S. government agency securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		1,163,813
Treasury bills | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Treasury bills | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		1,163,813
Treasury bills | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	33,080
Corporate bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Corporate bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	33,080
Corporate bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	9,991
Commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	9,991
Commercial paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		3,228
Short-term investments		16,220
Municipal securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Short-term investments		0
Municipal securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		3,228
Short-term investments		16,220
Municipal securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Short-term investments		0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		498
Certificates of deposit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Certificates of deposit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		498
Certificates of deposit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
IRLCs | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4,626	12,342
IRLCs | Level 1 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
IRLCs | Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
IRLCs | Level 3 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4,626	12,342
Forward contracts | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	212
Derivative liability	(222)	(2,608)
Forward contracts | Level 1 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liability	0	0
Forward contracts | Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	212
Derivative liability	(222)	(2,608)
Forward contracts | Level 3 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liability	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in IRLC's (Details) - IRLCs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 12,342	$ 937
Issuances	69,958	63,662
Transfers	(78,898)	(60,648)
Fair value changes recognized in earnings	1,224	8,391
Balance, end of the period	$ 4,626	$ 12,342

Cash and Cash Equivalents, In_3

Cash and Cash Equivalents, Investments and Restricted Cash - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Market Value of Cash and Cash Equivalents and Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents	$ 2,611,499	$ 1,703,130
Short-term investments:
Amortized Cost	581,900
Gross Unrealized Gains		122
Gross Unrealized Losses		(59)
Estimated Fair Market Value	589,025
Restricted cash	226,651	75,805
Beneficial interest in securitizations, Amortized cost	66,167
Beneficial interest in securitizations, Gross Unrealized Gains	8,936
Beneficial interest in securitizations, Gross Unrealized Losses	0
Beneficial interests in securitizations	75,103	0
Amortized Cost, Total	3,420,050	3,996,980
Gross Unrealized Gains, Total	8,939
Gross Unrealized Losses, Total	(1,814)
Estimated Fair Market Value, Total	3,427,175	3,997,043
U.S. government agency securities
Short-term investments:
Amortized Cost	472,570	1,037,572
Gross Unrealized Gains	0	57
Gross Unrealized Losses	(1,719)	(52)
Estimated Fair Market Value	470,851	1,037,577
Corporate bonds
Short-term investments:
Amortized Cost	33,172
Gross Unrealized Gains	3
Gross Unrealized Losses	(95)
Estimated Fair Market Value	33,080
Commercial paper
Short-term investments:
Amortized Cost	9,991
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Market Value	9,991
Treasury bills
Short-term investments:
Amortized Cost		1,163,748
Gross Unrealized Gains		65
Gross Unrealized Losses		0
Estimated Fair Market Value		1,163,813
Municipal securities
Short-term investments:
Amortized Cost		16,226
Gross Unrealized Gains		0
Gross Unrealized Losses		(6)
Estimated Fair Market Value		16,220
Certificates of deposit
Short-term investments:
Amortized Cost		498
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Market Value		498
Cash
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents	479,110	213,518
Money market funds
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents	$ 2,132,389	1,486,384
Municipal securities
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents		3,228
Cash and cash equivalents, at cost		3,229
Cash and cash equivalents, gross unrealized losses		$ (1)

Cash and Cash Equivalents, In_4

Cash and Cash Equivalents, Investments and Restricted Cash - Available-for-sale Investments By Contractual Maturity Date (Details) $ in Thousands	Dec. 31, 2021USD ($)
Amortized Cost
Due in one year or less	$ 180,857
Due after one year	401,043
Amortized Cost	581,900
Estimated Fair Market Value
Due in one year or less	180,549
Due after one year	408,476
Total	$ 589,025

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Finished goods	$ 2,727,421	$ 339,372
Work-in-process	1,185,241	151,921
Inventory	3,912,662	491,293
Inventory valuation adjustment	407,921	0	$ 0
Cost of revenue	6,394,177	$ 1,866,392	$ 1,544,099
Revision of Prior Period, Error Correction, Adjustment
Inventory [Line Items]
Inventory valuation adjustment	211,000
Cost of revenue	$ 211,000

Contract Balances (Details)

Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Contract with customer, asset, after allowance for credit loss	$ 77.9	$ 20.8
Revenue recognized, recorded in deferred revenue as of prior period	$ 48.4	$ 37.1

Contract Balances - Summary of

Contract Balances - Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ 3,427	$ 4,522	$ 4,838
Accounts Receivable, Credit Loss Expense (Reversal)	1,073	2,650	2,772
Less: write-offs, net of recoveries and other adjustments	(742)	(3,745)	(3,088)
Balance, end of period	$ 3,758	$ 3,427	$ 4,522

Contract Cost Assets (Details)

Contract Cost Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract cost assets	$ 35,465	$ 50,719
Amortization of contract cost assets	$ 41,577	$ 36,494	$ 35,323

Property and Equipment, net - D

Property and Equipment, net - Detail of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 333,649	$ 309,937
Less: accumulated amortization and depreciation	(119,094)	(113,785)
Property and equipment, net	214,555	196,152
Website development costs
Property, Plant and Equipment [Line Items]
Property and equipment	175,230	95,466
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	107,017	110,280
Office equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	25,151	39,607
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment	19,122	20,433
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 7,129	$ 44,151

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Amortization and depreciation expense related to property and equipment other than website development costs	$ 31.1	$ 34.1	$ 24.9
Capitalization of website development costs	85.6	54.8	42.3
Technology and development
Property, Plant and Equipment [Line Items]
Amortization of website development costs and intangible assets included in technology and development	61.3	50.5	44.9
Technology and development | Software Development
Property, Plant and Equipment [Line Items]
Amortization of website development costs and intangible assets included in technology and development	$ 36.9	$ 24.8	$ 17

Acquisition - Narrative (Detail

Acquisition - Narrative (Detail) - ShowingTime.com, Inc. - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Business acquisition, purchase price	$ 511.8
Business acquisition, pro forma revenue, percentage increase (decrease)		1.00%	2.00%

Acquisition - Preliminary Purch

Acquisition - Preliminary Purchase Price (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Goodwill	$ 2,373,792		$ 1,984,907
ShowingTime.com, Inc.
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents		$ 14,453
Identifiable intangible assets		111,100
Goodwill		388,885
Other acquired assets		6,006
Deferred tax liability		(3,920)
Other assumed liabilities		(4,751)
Total preliminary estimated purchase price		$ 511,773

Acquisition - Preliminary Estim

Acquisition - Preliminary Estimated Fair Value and Useful Lives (Details) - ShowingTime.com, Inc. $ in Thousands	Sep. 30, 2021USD ($)
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value	$ 111,100
Customer relationships
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value	$ 54,500
Estimated Weighted-Average Useful Life (in years)	8 years
Technology and Development
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value	$ 47,600
Estimated Weighted-Average Useful Life (in years)	4 years
Trade names and trademarks
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value	$ 9,000
Estimated Weighted-Average Useful Life (in years)	10 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Impairment and restructuring costs	$ 56,828,000	$ 76,800,000	$ 0
Trulia | IMT
Indefinite-lived Intangible Assets [Line Items]
Impairment and restructuring costs		68,600,000
Trulia | Mortgages
Indefinite-lived Intangible Assets [Line Items]
Impairment and restructuring costs		2,900,000
Trade names and trademarks | Trulia
Indefinite-lived Intangible Assets [Line Items]
Impairment and restructuring costs	$ 0	71,500,000	0
Indefinite-lived intangible asset				$ 108,000,000
Indefinite-lived intangible assets (excluding goodwill), fair value disclosure				$ 36,500,000
Useful life of capitalized purchased content asset	10 years
Technology and development
Indefinite-lived Intangible Assets [Line Items]
Amortization of website development costs and intangible assets included in technology and development	$ 61,300,000	$ 50,500,000	$ 44,900,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Goodwill Allocated to Reportable Segments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 2,373,792,000	$ 1,984,907,000
Homes
Goodwill [Line Items]
Goodwill	0	0
IMT
Goodwill [Line Items]
Goodwill	2,175,301,000	1,786,416,000
Mortgages
Goodwill [Line Items]
Goodwill	$ 198,491,000	$ 198,491,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Cost	$ 381,854	$ 298,472
Accumulated Amortization	(201,782)	(203,705)
Net	180,072	94,767
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Cost	138,500	87,600
Accumulated Amortization	(83,915)	(73,301)
Net	54,585	14,299
Developed technology
Finite-Lived Intangible Assets [Line Items]
Cost	133,664	86,064
Accumulated Amortization	(86,291)	(70,270)
Net	47,373	15,794
Software
Finite-Lived Intangible Assets [Line Items]
Cost	58,733	28,515
Accumulated Amortization	(19,542)	(11,483)
Net	39,191	17,032
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	45,500	36,500
Accumulated Amortization	(9,181)	(3,822)
Net	36,319	32,678
Intangibles-in-progress
Finite-Lived Intangible Assets [Line Items]
Cost	1,516	11,863
Accumulated Amortization	0	0
Net	1,516	11,863
Purchased content
Finite-Lived Intangible Assets [Line Items]
Cost	3,941	47,930
Accumulated Amortization	(2,853)	(44,829)
Net	$ 1,088	$ 3,101

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 60,793
2023	38,882
2024	30,116
2025	21,337
2026	12,605
Thereafter	34,971
Total future amortization expense	$ 198,704

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	$ 161,459	$ 94,487
Accrued marketing and advertising
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	27,126	16,239
Taxes payable
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	17,841	6,131
Accrued interest expense
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	8,264	5,916
Accrued estimated legal liabilities and legal fees
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	7,467	6,316
Merger consideration payable to former stockholders of certain acquired entities
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	6,590	6,117
Accrued restructuring costs
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	3,776	0
Accrued escrow payable
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	174	9,788
Other accrued expenses and other current liabilities
Accrued Expenses and Other Current Liabilities [Line Items]
Accrued expenses and other current liabilities	$ 90,221	$ 43,980

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 37,915	$ 40,292	$ 35,837
Variable lease cost	13,418	10,323	11,231
Total lease cost	$ 51,333	$ 50,615	$ 47,068

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Sublease Income	$ 6.9	$ 0	$ 0
Sublease income to be received	41.7
Sublease income to be received, year one	41.7
Sublease income to be received, year two	41.7
Sublease income to be received, year three	41.7
Sublease income to be received, year four	41.7
Sublease income to be received, year five and thereafter	$ 41.7

Leases - Other Information Obta

Leases - Other Information Obtained (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives of $433, $18,626 and $— for the years ended December 31, 2021, 2020 and 2019, respectively	$ 43,170	$ 17,676	$ 31,816
Lease incentive	433	18,626	0
Right of use assets obtained in exchange for new operating lease obligations	$ (35,719)	$ 145	$ 128,354
Weighted average remaining lease term for operating leases	7 years	8 years	8 years 6 months
Weighted average discount rate for operating leases	7.20%	6.50%	6.50%
Decrease in operating lease liabilities	$ 29,276	$ 2,149	$ 18,940
Office Building
Lessee, Lease, Description [Line Items]
Decrease in operating lease liabilities	43,500
Decrease in right of use asset	$ 42,400
Number of renewal options | Segment	2
Lessor, operating lease, renewal term	5 years

Leases - Schedule of Maturities

Leases - Schedule of Maturities for Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 35,340
2023	40,118
2024	36,470
2025	22,698
2026	22,759
Thereafter	94,085
Total lease payments	251,470
Less: Imputed interest	(80,000)
Present value of lease liabilities	$ 171,470

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Value of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	May 19, 2020	May 15, 2020	Oct. 09, 2019
Debt Instrument [Line Items]
Total debt	$ 4,839,533	$ 2,283,732
Convertible Debt
Debt Instrument [Line Items]
Total convertible senior notes	1,319,224	1,613,523
Convertible Debt | 1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Total convertible senior notes	$ 368,773	347,566
Debt instrument, interest rate stated percentage	1.375%
Convertible Debt | 2.75% convertible senior notes due 2025
Debt Instrument [Line Items]
Total convertible senior notes	$ 443,505	414,888
Debt instrument, interest rate stated percentage	2.75%		2.75%	2.75%
Convertible Debt | 0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Total convertible senior notes	$ 506,946	524,273
Debt instrument, interest rate stated percentage	0.75%				0.75%
Convertible Debt | 1.50% convertible senior notes due 2023
Debt Instrument [Line Items]
Total convertible senior notes	$ 0	326,796
Debt instrument, interest rate stated percentage	1.50%
Homes
Debt Instrument [Line Items]
Long-term debt	$ 3,400,000	361,200
Total debt	3,408,349	361,166
Homes | Securitization | 2021-1 term loan
Debt Instrument [Line Items]
Long-term debt	471,975	0
Homes | Securitization | 2021-2 term loan
Debt Instrument [Line Items]
Long-term debt	736,778	0
Mortgages
Debt Instrument [Line Items]
Warehouse lines of credit	111,960	309,043
Goldman Sachs Bank USA | Line of Credit | Homes
Debt Instrument [Line Items]
Short-term debt	548,345	145,825
Citibank, N.A. | Mortgages
Debt Instrument [Line Items]
Short-term debt	16,912	90,227
Citibank, N.A. | Line of Credit | Homes
Debt Instrument [Line Items]
Short-term debt	770,306	87,103
Credit Suisse AG, Cayman Islands | Homes | Line of Credit | 2021-1 variable funding line
Debt Instrument [Line Items]
Long-term debt	16,846	0
Credit Suisse AG, Cayman Islands | Homes | Line of Credit | 2021-2 variable funding line
Debt Instrument [Line Items]
Long-term debt	29,193	0
Credit Suisse AG, Cayman Islands | Mortgages
Debt Instrument [Line Items]
Short-term debt	76,392	149,913
Credit Suisse AG, Cayman Islands | Line of Credit | Homes
Debt Instrument [Line Items]
Short-term debt	834,906	128,238
Comerica Bank | Line of Credit | Mortgages
Debt Instrument [Line Items]
Warehouse lines of credit	$ 18,656	$ 68,903

Debt - Home Segment, Variable I

Debt - Home Segment, Variable Interest Entities Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Assets	$ 10,695,454	$ 7,486,560
Inventory	3,912,662	491,293
Restricted cash	226,651	75,805
Accounts receivable, net	154,937	69,940
Liabilities	5,354,143	2,744,744
Accrued expenses and other current liabilities	161,459	94,487
Homes
Debt Instrument [Line Items]
Long-term debt	3,400,000	361,200
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Assets	4,200,000	551,200
Inventory	3,900,000	491,300
Restricted cash	53,000	224,800
Accounts receivable, net	78,100	3,900
Liabilities	3,500,000	372,500
Accrued expenses and other current liabilities	$ 55,300	$ 10,800

Debt - Schedule of Credit Facil

Debt - Schedule of Credit Facilities (Details) - USD ($)	Dec. 31, 2021	Sep. 27, 2021	Sep. 17, 2021	Sep. 16, 2021	Aug. 24, 2021	Aug. 23, 2021	Jul. 29, 2021	Jul. 28, 2021
Homes | Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,250,000,000
Goldman Sachs Bank USA
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,250,000,000					$ 750,000,000	$ 500,000,000
Goldman Sachs Bank USA | Homes | Final Maturity Date, April 21, 2023 | Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 750,000,000
Weighted Average Interest Rate	2.90%
Citibank, N.A.
Debt Instrument [Line Items]
Maximum Borrowing Capacity					$ 1,000,000,000	$ 500,000,000
Citibank, N.A. | Homes | Final Maturity Date, May 2, 2022 | Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,000,000,000
Weighted Average Interest Rate	2.84%
Credit Suisse AG, Cayman Islands
Debt Instrument [Line Items]
Maximum Borrowing Capacity			$ 1,500,000,000	$ 500,000,000
Credit Suisse AG, Cayman Islands | Homes | Final Maturity Date, December 31, 2022 | Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,500,000,000
Weighted Average Interest Rate	2.92%

Debt - Home Segment, Credit Fac

Debt - Home Segment, Credit Facilities Narrative (Details) - USD ($)	Sep. 27, 2021	Sep. 17, 2021	Sep. 16, 2021	Aug. 24, 2021	Aug. 23, 2021	Jul. 29, 2021	Jul. 28, 2021
Goldman Sachs Bank USA
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,250,000,000					$ 750,000,000	$ 500,000,000
Citibank, N.A.
Debt Instrument [Line Items]
Maximum Borrowing Capacity				$ 1,000,000,000	$ 500,000,000
Credit Suisse AG, Cayman Islands
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,500,000,000	$ 500,000,000

Debt - Home Segment, Securitiza

Debt - Home Segment, Securitization Transactions Narrative (Details) - USD ($)	Oct. 01, 2021	Aug. 11, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Beneficial interests in securitizations			$ 75,103,000	$ 0
2021-1 term loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 480,000,000
Beneficial interests in securitizations		30,000,000
2021-2 term loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 749,000,000
Beneficial interests in securitizations	49,000,000
2021 -1 Revolving Single-Family Homes Notes | Secured Debt
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt		450,000,000
Debt issuance costs		$ 6,600,000
2021 -2 Revolving Single-Family Homes Notes | Secured Debt
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt	700,000,000
Debt issuance costs	$ 5,700,000
2021-1, Fixed Rate Term Loan 1 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 370,500,000
Debt instrument, interest rate stated percentage			2.3425%
2021-1, Fixed Rate Term Loan 2 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 79,500,000
Debt instrument, interest rate stated percentage			3.3524%
2021-1, Single Principal Term Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 30,000,000
2021-2, Fixed Rate Term Loan 1 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 576,800,000
Debt instrument, interest rate stated percentage			2.4294%
2021-2, Fixed Rate Term Loan 2 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 123,200,000
Debt instrument, interest rate stated percentage			3.586%
2021-2, Single Principal Term Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 49,000,000

Debt - Summary of Variable Fund

Debt - Summary of Variable Funding Lines (Details) - USD ($)	Dec. 31, 2021	Sep. 17, 2021	Sep. 16, 2021	Dec. 31, 2020
Homes
Debt Instrument [Line Items]
Carrying Value	$ 3,400,000,000			$ 361,200,000
Credit Suisse AG, Cayman Islands
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,500,000,000	$ 500,000,000
Variable funding line | Credit Suisse AG, Cayman Islands | Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	140,000,000
Variable funding line | Credit Suisse AG, Cayman Islands | Line of Credit | Homes
Debt Instrument [Line Items]
Carrying Value	46,039,000
2021-1 variable funding line | Credit Suisse AG, Cayman Islands | Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 65,000,000
Weighted Average Interest Rate	2.84%
2021-1 variable funding line | Credit Suisse AG, Cayman Islands | Line of Credit | Homes
Debt Instrument [Line Items]
Carrying Value	$ 16,846,000			0
2021-2 variable funding line | Credit Suisse AG, Cayman Islands | Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 75,000,000
Weighted Average Interest Rate	2.84%
2021-2 variable funding line | Credit Suisse AG, Cayman Islands | Line of Credit | Homes
Debt Instrument [Line Items]
Carrying Value	$ 29,193,000			$ 0

Debt - Summary of Term Loan Det

Debt - Summary of Term Loan Details (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 01, 2021	Aug. 11, 2021
Debt Instrument [Line Items]
Interest Expense		$ 191,910,000	$ 155,227,000	$ 101,792,000
Secured Debt | 2021-1 term loan
Debt Instrument [Line Items]
Aggregate Principal Amount						$ 480,000,000
Weighted average effective interest rate	9.03%	9.03%
Reinvestment Period		24 months
Unamortized Debt Discount and Debt Issuance Costs	$ 8,025,000	$ 8,025,000
Fair value	479,985,000	$ 479,985,000
Contractual Coupon Interest	4,443,000
Amortization of Debt Discount	1,816,000
Amortization of Debt Issuance Costs	2,202,000
Interest Expense	$ 8,461,000
Secured Debt | 2021-2 term loan
Debt Instrument [Line Items]
Aggregate Principal Amount					$ 749,000,000
Weighted average effective interest rate	6.44%	6.44%
Reinvestment Period		30 months
Unamortized Debt Discount and Debt Issuance Costs	$ 12,222,000	$ 12,222,000
Fair value	746,977,000	746,977,000
Contractual Coupon Interest	4,608,000
Amortization of Debt Discount	2,141,000
Amortization of Debt Issuance Costs	1,079,000
Interest Expense	7,828,000
Secured Debt | 2021-1 and 2021-2 Term Loan
Debt Instrument [Line Items]
Aggregate Principal Amount					$ 1,229,000,000
Unamortized Debt Discount and Debt Issuance Costs	20,247,000	20,247,000
Fair value	1,226,962,000	$ 1,226,962,000
Contractual Coupon Interest	9,051,000
Amortization of Debt Discount	3,957,000
Amortization of Debt Issuance Costs	3,281,000
Interest Expense	$ 16,289,000

Debt - Mortgages Segment, Sched

Debt - Mortgages Segment, Schedule of Warehouse Lines of Credit (Details) - USD ($)	Dec. 31, 2021	Sep. 17, 2021	Sep. 16, 2021	Aug. 24, 2021	Aug. 23, 2021	Jun. 26, 2021	Mar. 19, 2021	Feb. 04, 2021
Credit Suisse AG, Cayman Islands
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,500,000,000	$ 500,000,000
Citibank, N.A.
Debt Instrument [Line Items]
Maximum Borrowing Capacity				$ 1,000,000,000	$ 500,000,000
Line of Credit | Mortgages
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 460,000,000
Line of Credit | Credit Suisse AG, Cayman Islands | Mortgages
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 300,000,000						$ 300,000,000
Weighted Average Interest Rate	2.50%
Line of Credit | Citibank, N.A. | Mortgages
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 100,000,000
Weighted Average Interest Rate	1.85%
Line of Credit | Comerica Bank | Mortgages
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 60,000,000					$ 60,000,000		$ 100,000,000
Weighted Average Interest Rate	2.50%

Debt - Mortgages Segment, Maste

Debt - Mortgages Segment, Master Repurchase Agreements Narrative (Detail) - USD ($)	Dec. 31, 2021	Sep. 17, 2021	Sep. 16, 2021	Jun. 11, 2021	Mar. 19, 2021	Dec. 31, 2020
Line of Credit | Mortgages
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 460,000,000
Line of Credit | Mortgages | Citibank, N.A.
Debt Instrument [Line Items]
Committed amount under repurchase agreement				$ 25,000,000
Credit Suisse AG, Cayman Islands
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,500,000,000	$ 500,000,000
Credit Suisse AG, Cayman Islands | Mortgages
Debt Instrument [Line Items]
Short-term debt	76,392,000					$ 149,913,000
Credit Suisse AG, Cayman Islands | Line of Credit | Mortgages
Debt Instrument [Line Items]
Maximum borrowing capacity	300,000,000				$ 300,000,000
Credit Suisse and Citibank, N.A | Mortgages
Debt Instrument [Line Items]
Short-term debt	$ 87,000,000					$ 240,100,000

Debt - Mortgages Segment, Wareh

Debt - Mortgages Segment, Warehouse Line of Credit Narrative (Details) - Line of Credit - Mortgages - USD ($)	Dec. 31, 2021	Jun. 26, 2021	Feb. 04, 2021
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 460,000,000
Comerica Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 60,000,000	$ 60,000,000	$ 100,000,000

Debt - Schedule of Convertible

Debt - Schedule of Convertible Senior Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 19, 2020	May 15, 2020	Oct. 09, 2019	Sep. 09, 2019	Jul. 03, 2018	Dec. 12, 2016
Debt Instrument [Line Items]
Interest Expense	$ 191,910,000	$ 155,227,000	$ 101,792,000
Convertible Debt
Debt Instrument [Line Items]
Aggregate Principal Amount	1,672,180,000
Unamortized Debt Discount and Debt Issuance Costs	352,956,000	498,227,000
Fair Value	2,451,348,000	5,333,849,000
Contractual Coupon Interest	29,880,000	33,789,000	18,749,000
Amortization of Debt Discount	89,238,000	97,058,000	48,297,000
Amortization of Debt Issuance Costs	3,871,000	5,343,000	3,800,000
Interest Expense	122,989,000	136,190,000	70,846,000
Convertible Debt | 1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 498,800,000						$ 500,000,000
Stated Interest Rate	1.375%
Effective Interest Rate	8.10%
Unamortized Debt Discount and Debt Issuance Costs	$ 130,027,000	152,434,000
Fair Value	781,191,000	1,508,675,000
Contractual Coupon Interest	6,862,000	6,876,000	2,139,000
Amortization of Debt Discount	21,523,000	19,893,000	5,869,000
Amortization of Debt Issuance Costs	527,000	486,000	144,000
Interest Expense	28,912,000	27,255,000	8,152,000
Convertible Debt | 2.75% convertible senior notes due 2025
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 564,998,000			$ 65,000,000	$ 500,000,000
Stated Interest Rate	2.75%			2.75%	2.75%
Effective Interest Rate	10.32%
Unamortized Debt Discount and Debt Issuance Costs	$ 121,493,000	150,112,000
Fair Value	724,610,000	1,168,855,000
Contractual Coupon Interest	15,536,000	9,689,000	0
Amortization of Debt Discount	27,168,000	15,585,000	0
Amortization of Debt Issuance Costs	1,450,000	832,000	0
Interest Expense	44,154,000	26,106,000	0
Convertible Debt | 0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 608,382,000					$ 73,000,000	$ 600,000,000
Stated Interest Rate	0.75%					0.75%
Effective Interest Rate	7.68%
Unamortized Debt Discount and Debt Issuance Costs	$ 101,436,000	148,727,000
Fair Value	945,547,000	2,023,280,000
Contractual Coupon Interest	4,663,000	5,034,000	1,539,000
Amortization of Debt Discount	32,589,000	32,618,000	9,482,000
Amortization of Debt Issuance Costs	1,116,000	1,117,000	325,000
Interest Expense	38,368,000	38,769,000	11,346,000
Convertible Debt | 1.50% convertible senior notes due 2023
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 0							$ 373,800,000
Stated Interest Rate	1.50%
Effective Interest Rate	6.99%
Unamortized Debt Discount and Debt Issuance Costs	$ 0	46,954,000
Fair Value	0	633,039,000
Contractual Coupon Interest	2,819,000	5,606,000	5,606,000
Amortization of Debt Discount	7,958,000	15,142,000	14,047,000
Amortization of Debt Issuance Costs	778,000	1,479,000	1,374,000
Interest Expense	11,555,000	22,227,000	21,027,000
Convertible Debt | 2.0% convertible senior notes due 2021
Debt Instrument [Line Items]
Aggregate Principal Amount									$ 460,000,000
Stated Interest Rate									2.00%
Contractual Coupon Interest	0	6,350,000	9,200,000
Amortization of Debt Discount	0	13,820,000	18,899,000
Amortization of Debt Issuance Costs	0	1,429,000	1,957,000
Interest Expense	0	21,599,000	30,056,000
Convertible Debt | 2.75% convertible senior notes due 2020
Debt Instrument [Line Items]
Contractual Coupon Interest	0	234,000	265,000
Amortization of Debt Discount	0	0	0
Amortization of Debt Issuance Costs	0	0	0
Interest Expense	$ 0	$ 234,000	$ 265,000

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes due in 2025 Narrative (Details) - USD ($)	May 19, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 15, 2020
Debt Instrument [Line Items]
Net proceeds from issuance		$ 0	$ 553,282,000	$ 1,157,675,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		1,672,180,000
2.75% convertible senior notes due 2025 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 65,000,000	$ 564,998,000			$ 500,000,000
Debt instrument, interest rate stated percentage	2.75%	2.75%			2.75%
Net proceeds from issuance	$ 553,300,000

Debt - Convertible Senior Not_2

Debt - Convertible Senior Notes due in 2024 and 2026 Narrative (Details) - USD ($)	Oct. 09, 2019	Sep. 09, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net proceeds from issuance			$ 0	$ 553,282,000	$ 1,157,675,000
Net proceeds used to purchase capped call confirmations			0	$ 0	$ 159,677,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount			1,672,180,000
0.75% convertible senior notes due 2024 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 73,000,000	$ 600,000,000	$ 608,382,000
Net proceeds from issuance	72,000,000	592,200,000
Net proceeds used to purchase capped call confirmations	$ 9,100,000	75,200,000
Debt instrument, interest rate stated percentage	0.75%		0.75%
1.375% convertible senior notes due 2026 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		500,000,000	$ 498,800,000
Net proceeds from issuance		493,500,000
Net proceeds used to purchase capped call confirmations		$ 75,400,000
Debt instrument, interest rate stated percentage			1.375%

Debt - Convertible Senior Not_3

Debt - Convertible Senior Notes due in 2023 Narrative (Details) - USD ($)	May 26, 2021	Jul. 03, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net proceeds from issuance			$ 0	$ 553,282,000	$ 1,157,675,000
Net proceeds used to purchase capped call confirmations			0	$ 0	$ 159,677,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount			1,672,180,000
1.50% convertible senior notes due 2023 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 373,800,000	$ 0
Net proceeds from issuance		364,000,000
Net proceeds used to purchase capped call confirmations		29,400,000
Debt conversion, converted instrument, rate	1.27592%
1.50% convertible senior notes due 2023, over-allotment option | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 48,800,000

Debt - Convertible Senior Not_4

Debt - Convertible Senior Notes due in 2021 Narrative (Details)	Dec. 18, 2021USD ($)shares	Dec. 01, 2021USD ($)shares	Jul. 06, 2021USD ($)shares	Dec. 18, 2020USD ($)	May 19, 2020USD ($)	Oct. 09, 2019USD ($)	Sep. 09, 2019USD ($)	Jul. 03, 2018USD ($)	Dec. 12, 2016USD ($)	Jul. 31, 2021shares	May 31, 2020USD ($)	Dec. 31, 2021USD ($)day$ / sharesshares	Dec. 31, 2020USD ($)dayshares	Dec. 31, 2019USD ($)	Dec. 17, 2021USD ($)	May 26, 2021USD ($)$ / shares	Nov. 04, 2020USD ($)	May 15, 2020USD ($)
Debt Instrument [Line Items]
Net proceeds from issuance												$ 0	$ 553,282,000	$ 1,157,675,000
Net proceeds used to purchase capped call confirmations												0	0	$ 159,677,000
Capped call confirmations, portion unwound, value received	$ 14,800,000	$ 43,000,000
Class C Capital Stock
Debt Instrument [Line Items]
Settlement of convertible senior notes (in shares) | shares										4,700,000
Capped call confirmations, portion unwound, shares received (in shares) | shares	317,865	665,532
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount												1,672,180,000
Aggregate principal amount settled												$ 439,568,000
Shares of Class C capital stock issued | shares												6,264,925
2.0% convertible senior notes due 2021 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount									$ 460,000,000
Debt instrument, interest rate stated percentage									2.00%
Net proceeds from issuance									$ 447,800,000
Net proceeds used to purchase capped call confirmations									36,600,000
Aggregate principal amount settled													$ 460,000,000
Shares of Class C capital stock issued | shares													5,819,561
Repayments of convertible debt				$ 100,000							$ 194,700,000
Repurchased amount																	$ 265,300,000
2.0% convertible senior notes due 2021 | Convertible Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Repurchased amount															$ 265,200,000
2.0% convertible senior notes due 2021 | Convertible Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Repurchased amount	$ 100,000
2.0% convertible senior notes due 2021, over-allotment option | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount									$ 60,000,000
Convertible Senior Notes Due 2024, 2025, 2026 | Convertible Debt
Debt Instrument [Line Items]
Repurchase price percentage of principal amount												100.00%
Debt instrument, convertible threshold percentage												130.00%
Debt instrument, convertible threshold trading days | day												20	20
Debt instrument, threshold consecutive trading days | day												30	30
1.375% convertible senior notes due 2026 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount							$ 500,000,000					$ 498,800,000
Debt instrument, interest rate stated percentage												1.375%
Net proceeds from issuance							493,500,000
Net proceeds used to purchase capped call confirmations							75,400,000
Equity component of issuance of senior notes												$ 171,800,000
Conversion price per share (usd per share) | $ / shares												$ 43.51
Aggregate principal amount settled												$ 1,200,000
Shares of Class C capital stock issued | shares												27,579
2.75% convertible senior notes due 2025 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 65,000,000							$ 564,998,000						$ 500,000,000
Debt instrument, interest rate stated percentage					2.75%							2.75%						2.75%
Net proceeds from issuance					$ 553,300,000
Equity component of issuance of senior notes												$ 154,800,000
Conversion price per share (usd per share) | $ / shares												$ 67.20
0.75% convertible senior notes due 2024 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount						$ 73,000,000	600,000,000					$ 608,382,000
Debt instrument, interest rate stated percentage						0.75%						0.75%
Net proceeds from issuance						$ 72,000,000	592,200,000
Net proceeds used to purchase capped call confirmations						$ 9,100,000	$ 75,200,000
Equity component of issuance of senior notes												$ 165,900,000
Conversion price per share (usd per share) | $ / shares												$ 43.51
Aggregate principal amount settled												$ 64,618,000
Shares of Class C capital stock issued | shares												1,485,114
1.50% convertible senior notes due 2023 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount								$ 373,800,000				$ 0
Debt instrument, interest rate stated percentage												1.50%
Net proceeds from issuance								364,000,000
Net proceeds used to purchase capped call confirmations								$ 29,400,000
Debt instrument, notice for redemption of convertible debt, amount																$ 372,800,000
Conversion price per share (usd per share) | $ / shares																$ 78.37
Aggregate principal amount settled												$ 373,750,000
Shares of Class C capital stock issued | shares												4,752,232
Repayments of convertible debt			$ 1,300,000
1.50% convertible senior notes due 2023 | Convertible Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Aggregate principal amount settled												$ 371,500,000
1.50% convertible senior notes due 2023 | Convertible Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Shares of Class C capital stock issued | shares			1,300,000

Debt - Summary of Conversion an

Debt - Summary of Conversion and Redemption (Details) - Convertible Debt	12 Months Ended
	Dec. 31, 2021$ / shares
1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Conversion Rate	0.0229830
Conversion price per share (usd per share)	$ 43.51
2.75% convertible senior notes due 2025
Debt Instrument [Line Items]
Conversion Rate	0.0148810
Conversion price per share (usd per share)	$ 67.20
0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Conversion Rate	0.0229830
Conversion price per share (usd per share)	$ 43.51

Debt - Summary of Convertible D

Debt - Summary of Convertible Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Cash paid	$ 1,297	$ 194,768
(Gain) loss on extinguishment of debt:
(Gain) loss on extinguishment of debt	(17,119)	1,448	$ 0
Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount settled	439,568
Cash paid	$ 1,297
Shares of Class C capital stock issued	6,264,925
Total fair value of consideration transferred	$ 776,579
(Gain) loss on extinguishment of debt:
Consideration allocated to liability component	403,239
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs	386,120
(Gain) loss on extinguishment of debt	17,119
Consideration allocated to the equity component	373,340
1.50% convertible senior notes due 2023 | Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount settled	373,750
Cash paid	$ 1,297
Shares of Class C capital stock issued	4,752,232
Total fair value of consideration transferred	$ 571,897
(Gain) loss on extinguishment of debt:
Consideration allocated to liability component	349,241
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs	334,245
(Gain) loss on extinguishment of debt	14,996
Consideration allocated to the equity component	222,656
0.75% convertible senior notes due 2024 | Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount settled	64,618
Cash paid	$ 0
Shares of Class C capital stock issued	1,485,114
Total fair value of consideration transferred	$ 200,478
(Gain) loss on extinguishment of debt:
Consideration allocated to liability component	53,115
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs	51,032
(Gain) loss on extinguishment of debt	2,083
Consideration allocated to the equity component	147,363
1.375% convertible senior notes due 2026 | Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount settled	1,200
Cash paid	$ 0
Shares of Class C capital stock issued	27,579
Total fair value of consideration transferred	$ 4,204
(Gain) loss on extinguishment of debt:
Consideration allocated to liability component	883
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs	843
(Gain) loss on extinguishment of debt	40
Consideration allocated to the equity component	$ 3,321
2021 Notes | Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount settled		460,000
Cash paid		$ 194,761
Shares of Class C capital stock issued		5,819,561
Total fair value of consideration transferred		$ 782,506
(Gain) loss on extinguishment of debt:
Consideration allocated to liability component		429,210
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs		430,658
(Gain) loss on extinguishment of debt		(1,448)
Consideration allocated to the equity component		$ 353,296

Debt - Capped Call Confirmation

Debt - Capped Call Confirmations (Details) - Convertible Debt	12 Months Ended
	Dec. 31, 2021$ / shares
1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Initial Cap Price (usd per share)	$ 80.5750
Cap Price Premium	150.00%
0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Initial Cap Price (usd per share)	$ 72.5175
Cap Price Premium	125.00%
1.50% convertible senior notes due 2023
Debt Instrument [Line Items]
Initial Cap Price (usd per share)	$ 105.45
Cap Price Premium	85.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Income Tax [Line Items]
Income tax benefit (expense)	$ (1,263,000)	$ 7,523,000	$ 4,258,000
Effective income tax rate reconciliation, state and local income taxes, amount	4,500,000
Income tax reconciliation change in deferred tax assets valuation allowance	273,800,000	125,000,000
Impairment and restructuring costs	56,828,000	76,800,000	0
Unrecognized tax benefits	74,978,000	49,094,000	39,432,000	$ 28,625,000
Research And Development
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards	133,200,000	88,800,000
Federal
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards	2,100,000,000	1,700,000,000
State
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards	72,700,000	53,200,000
Trulia
Schedule Of Income Tax [Line Items]
Income tax benefit (expense)		9,700,000
Trulia | Trade names and trademarks
Schedule Of Income Tax [Line Items]
Impairment and restructuring costs	0	$ 71,500,000	$ 0
ShowingTime.com, Inc.
Schedule Of Income Tax [Line Items]
Income tax reconciliation change in deferred tax assets valuation allowance	$ (3,200,000)

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income tax expense:
State	$ 3,851	$ 588	$ 304
Foreign	143	257	99
Total current income tax expense	3,994	845	403
Deferred income tax benefit:
Federal	(2,577)	(7,388)	(1,631)
State	(302)	(1,095)	(2,856)
Foreign	148	115	(174)
Total deferred income tax benefit	(2,731)	(8,368)	(4,661)
Total income tax expense (benefit)	$ 1,263	$ (7,523)	$ (4,258)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Statutory Rate and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Tax expense at federal statutory rate	(21.00%)	(21.00%)	(21.00%)
State income taxes, net of federal tax benefit	(5.80%)	(11.20%)	(3.00%)
Share-based compensation	(17.00%)	(52.50%)	(0.90%)
Section 162(m) of Internal Revenue Code	1.70%	2.30%	1.10%
Research and development credits	(8.50%)	(10.60%)	(7.20%)
Other	0.90%	(0.50%)	1.00%
Valuation allowance	49.90%	89.10%	28.60%
Effective tax rate	0.20%	(4.40%)	(1.40%)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Federal and state net operating loss carryforwards	$ 524,109	$ 400,509
Research and development credits	133,173	88,823
Inventory	68,840	15,115
Share-based compensation	66,345	43,065
Interest expense limitation	58,155	30,921
Lease liability	41,402	57,606
Accruals and reserves	12,782	3,988
Depreciation and amortization	1,496	1,035
Other deferred tax assets	1,100	4,736
Total deferred tax assets	907,402	645,798
Deferred tax liabilities:
Debt discount on convertible senior notes	(60,448)	(80,280)
Website and software development costs	(43,814)	(32,021)
Right of use assets	(32,027)	(45,857)
Intangible assets	(21,697)	(12,968)
Goodwill	(4,631)	(3,267)
Total deferred tax liabilities	(162,617)	(174,393)
Net deferred tax assets before valuation allowance	744,785	471,405
Less: valuation allowance	(745,732)	(471,901)
Net deferred tax liabilities	$ (947)	$ (496)

Income Taxes - Changes in Unrec

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 49,094	$ 39,432	$ 28,625
Gross increases—current period tax positions	16,627	9,334	9,021
Gross increases—prior period tax positions	9,257	328	1,786
Unrecognized tax benefits, ending balance	$ 74,978	$ 49,094	$ 39,432

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	Feb. 17, 2021USD ($)	May 19, 2020shares	May 19, 2020USD ($)shares	May 15, 2020$ / sharesshares	Dec. 31, 2021USD ($)Voteshares	Dec. 31, 2020shares	Dec. 31, 2019shares	Dec. 02, 2021USD ($)
Class of Stock [Line Items]
Preferred stock, issued (in shares)					0	0
Preferred stock, outstanding (in shares)					0	0
Stock repurchase program, authorized amount | $								$ 750,000,000
Stock repurchase program, remaining authorized repurchase amount | $					$ 447,800,000
Class A Common Stock
Class of Stock [Line Items]
Common stock holders voting right | Vote					1
Conversion of common stock conversion ratio					1
Common stock issued (in shares)					0	0	0
Class B Common Stock
Class of Stock [Line Items]
Common stock holders voting right | Vote					10
Common stock converted (in shares)					0	0	0
Class C Capital Stock
Class of Stock [Line Items]
Common stock holders voting right | Vote					0
Shares issued and sold (in shares)				8,000,000
Class C Capital Stock | Equity Distribution Agreement
Class of Stock [Line Items]
Sale of stock, maximum consideration on transaction | $	$ 1,000,000,000
Shares issued and sold (in shares)					3,163,502
Net proceeds from public offering | $					$ 544,600,000
Class C Capital Stock | Over-Allotment Option
Class of Stock [Line Items]
Shares issued and sold (in shares)		800,000
Class C Capital Stock | Public Stock Offering
Class of Stock [Line Items]
Shares issued and sold (in shares)			8,800,000
Sale of stock, price per share (usd per share) | $ / shares				$ 48
Net proceeds from public offering | $			$ 411,500,000

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Equity Distribution (Details) - Class C Capital Stock - USD ($) $ / shares in Units, $ in Thousands	May 15, 2020	Dec. 31, 2021
Class of Stock [Line Items]
Shares issued and sold (in shares)	8,000,000
Equity Distribution Agreement
Class of Stock [Line Items]
Shares issued and sold (in shares)		3,163,502
Weighted-average issuance price per share (usd per share)		$ 174.0511
Gross proceeds		$ 550,611
Net proceeds from public offering		544,600
Payments for commissions		$ 6,100

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Stock Repurchase Program (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Equity [Abstract]
Treasury stock, shares, acquired (in shares) | shares	4,944,462
Treasury stock acquired, average cost per share (in USD per share) | $ / shares	$ 61.1186
Total purchase price | $	$ 302,199

Share-Based Awards - Additional

Share-Based Awards - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 09, 2020	Aug. 08, 2019	Feb. 21, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost expected recognition period				2 years 7 months 6 days
Share-based compensation				$ 317,192	$ 197,550	$ 198,902
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting period from departure date			18 months
Exercisable period from final date			90 days
Share-based compensation						26,400
Minimum | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			46.00%
Risk-free interest rate			2.47%
Weighted-average expected life			3 years 10 months 2 days
Maximum | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			47.00%
Risk-free interest rate			2.49%
Weighted-average expected life			5 years 3 months
Zillow Group, Inc. 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	12,400,000
Increase in number of shares of common and capital stock available for issuance, percentage	5.00%
Exercise price per share fixed	100.00%
2019 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		10,000,000
Exercise price per share fixed		100.00%
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized cost of unvested share-based compensation awards				518,200
Total intrinsic value of shares				309,800	564,300	51,100
Fair value of options				$ 172,500	$ 85,200	$ 100,100
Option Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility				52.00%	45.00%	45.00%
Risk-free interest rate				0.57%	0.22%	1.60%
Weighted-average expected life				4 years 6 months	4 years 6 months	4 years 9 months
Option Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility				58.00%	52.00%	47.00%
Risk-free interest rate				1.15%	0.93%	2.53%
Weighted-average expected life				5 years 9 months	5 years 6 months	5 years 3 months
Option Awards | Zillow Group, Inc. 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment, award maximum exercisable period				12 months
Expiration period				10 years
Vesting percentage				25.00%
Option Awards | Zillow Group, Inc. 2020 Incentive Plan | Vesting, Option One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				12 months
Option Awards | Zillow Group, Inc. 2020 Incentive Plan | Vesting, Option Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Option Awards | Zillow Group, Inc. 2020 Incentive Plan | Vesting, Option Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Option Awards | 2019 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment, award maximum exercisable period				12 months
Expiration period				10 years
Vesting percentage				25.00%
Share based compensation arrangement by share based payment, award minimum exercisable period				3 months
Option Awards | 2019 Equity Inducement Plan | Vesting, Option One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				12 months
Option Awards | 2019 Equity Inducement Plan | Vesting, Option Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost expected recognition period				2 years 6 months
Total fair value of awards vested				$ 152,100	$ 124,800	$ 89,900
Total unrecognized compensation cost				$ 374,100
Restricted Stock Units | Zillow Group, Inc. 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Restricted Stock Units | Zillow Group, Inc. 2020 Incentive Plan | Vesting, Option One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				12 months
Restricted Stock Units | Zillow Group, Inc. 2020 Incentive Plan | Vesting, Option Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Restricted Stock Units | Zillow Group, Inc. 2020 Incentive Plan | Vesting, Option Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Restricted Stock Units | 2019 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Restricted Stock Units | 2019 Equity Inducement Plan | Vesting, Option One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				12 months
Restricted Stock Units | 2019 Equity Inducement Plan | Vesting, Option Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years

Share-Based Awards - Summary of

Share-Based Awards - Summary of Option Award (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares Subject to Existing Options
Beginning Balance (in shares)	20,051,051
Granted (in shares)	10,290,760
Exercised (in shares)	(3,304,241)
Forfeited or cancelled (in shares)	(1,291,637)
Ending Balance (in shares)	25,745,933	20,051,051
Vested and exercisable ending balance (in shares)	12,281,927
Weighted- Average Exercise Price Per Share
Beginning Balance (usd per share)	$ 42.68
Granted (usd per share)	121.71
Exercised (usd per share)	38.50
Forfeited or cancelled (usd per share)	81.37
Ending Balance (usd per share)	72.86	$ 42.68
Vested and exercisable (usd per share)	$ 52.50
Weighted- Average Remaining Contractual Life (Years)
Weighted-Average Remaining Contractual Life, Outstanding	7 years 5 months 23 days	7 years 2 months 19 days
Weighted-Average Remaining Contractual Life, Vested and exercisable	6 years 3 months
Aggregate Intrinsic Value (in thousands)
Aggregate Intrinsic Value, Outstanding	$ 354,479	$ 1,751,105
Aggregate Intrinsic Value Vested, and exercisable	$ 247,163

Share-Based Awards - Fair Value

Share-Based Awards - Fair Value of Options Granted, Estimated at Date of Grant Using Black Scholes Merton Option Pricing Model (Detail) - Option Awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Weighted-average fair value of options granted (usd per share)	$ 54.55	$ 22.50	$ 16.52
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	52.00%	45.00%	45.00%
Risk-free interest rate	0.57%	0.22%	1.60%
Weighted-average expected life	4 years 6 months	4 years 6 months	4 years 9 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	58.00%	52.00%	47.00%
Risk-free interest rate	1.15%	0.93%	2.53%
Weighted-average expected life	5 years 9 months	5 years 6 months	5 years 3 months

Share-Based Awards - Summary _2

Share-Based Awards - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Restricted Stock Units
Beginning balance (in shares) | shares	7,316,557
Granted (in shares) | shares	2,744,325
Vested (in shares) | shares	(2,982,148)
Forfeited (in shares) | shares	(1,004,635)
Ending balance (in shares) | shares	6,074,099
Weighted- Average Grant- Date Fair Value
Unvested outstanding, beginning balance (usd per share) | $ / shares	$ 48.14
Granted (usd per share) | $ / shares	96.48
Vested (usd per share) | $ / shares	51.02
Forfeited or cancelled (usd per share) | $ / shares	60.59
Unvested outstanding, ending balance (usd per share) | $ / shares	$ 66.51

Share-Based Awards - Effects of

Share-Based Awards - Effects of Share Based Compensation in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 317,192	$ 197,550	$ 198,902
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	10,968	6,685	4,972
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	48,131	33,110	25,126
Technology and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	117,614	80,876	68,927
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	134,973	76,879	99,877
Impairment and restructuring costs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 5,506	$ 0	$ 0

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class A Common Stock and Class C Capital Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class A common stock and Class C capital stock equivalents (in shares)	61,066	58,631	26,791
Class A Common Stock and Class C Capital Stock | Weighted average | Option Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class A common stock and Class C capital stock equivalents (in shares)	17,996	25,913	19,183
Class A Common Stock and Class C Capital Stock | Weighted average | Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class A common stock and Class C capital stock equivalents (in shares)	6,530	8,198	6,765
1.375% convertible senior notes due 2026 | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion Spread (in shares)	11,464
Conversion price per share (usd per share)	$ 43.51
2.75% convertible senior notes due 2025 | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion Spread (in shares)	8,408
Conversion price per share (usd per share)	$ 67.20
0.75% convertible senior notes due 2024 | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion Spread (in shares)	13,983
Conversion price per share (usd per share)	$ 43.51
Class A common stock issuable upon conversion of the convertible notes maturing in 2020 | Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class A common stock and Class C capital stock equivalents (in shares)	0	338	404
Class C capital stock issuable upon conversion of the convertible notes maturing in 2021, 2023, 2024, 2025 and 2026 | Class C Capital Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class A common stock and Class C capital stock equivalents (in shares)	36,540	24,182	439

Commitments and Contingencies -

Commitments and Contingencies - Purchase Commitments for Content Related to Mobile Applications and Websites (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 73,663
2023	55,287
2024	6,708
2025	3,080
2026	1,969
Total future purchase commitments	$ 140,707

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Aug. 31, 2021patent	Jul. 15, 2021patent	Dec. 31, 2021USD ($)	Nov. 16, 2021claim	Jul. 23, 2021patent	Mar. 15, 2021patent	Dec. 31, 2020USD ($)	Sep. 18, 2020patent	Sep. 18, 2020petition	Jul. 21, 2020patent	Sep. 17, 2019patent	Feb. 28, 2018claim	Feb. 16, 2018claim	Feb. 05, 2018claim	Sep. 30, 2017claim
Other Commitments [Line Items]
Escrow deposit | $			$ 55				$ 0
Outstanding letters of credit | $			16.9				16.9
Outstanding surety bonds | $			$ 12.4				$ 10.1
Number of patents infringed | patent						2		3		5	7
Number of petitions filed					1			4	4
Loss contingency, patents found not infringed, number | patent	2	2
Loss contingency, patents vacated | patent	1
Class Action Lawsuits
Other Commitments [Line Items]
Number of pending claims | claim															2
Shareholder Derivative Lawsuits
Other Commitments [Line Items]
Number of pending claims | claim				3								4	2	2

Self-Insurance - Additional Inf

Self-Insurance - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Percentage of cumulative medical claim under self insurance plan (percent exceeded)	125.00%
Limit of medical claim under self insurance plan (limit)	$ 1,000,000
Minimum amount of individual claim under self insurance plan	500,000
Liability for self-insured claims included in accrued compensation and benefits	$ 7,300,000	$ 4,200,000

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - Zillow Merger - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan Disclosure [Line Items]
Company's contribution based on employee contribution (up to)	4.00%
Company's expense related to its defined contribution 401(k) retirement plans	$ 32.3	$ 25.6	$ 20.8

Segment Information and Reven_3

Segment Information and Revenue - Revenue Categories (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Revenue	$ 8,147,376	$ 3,339,817	$ 2,742,837
Cost of revenue	6,394,177	1,866,392	1,544,099
Gross profit	1,753,199	1,473,425	1,198,738
Operating expenses:
Sales and marketing	1,076,235	691,119	728,631
Technology and development	474,396	390,172	350,923
General and administrative	448,773	356,722	366,019
Impairment and restructuring costs	72,173	76,800	0
Acquisition-related costs	8,615	0	0
Integration costs	680	0	650
Total operating expenses	2,080,872	1,514,813	1,446,223
Loss from operations	(327,673)	(41,388)	(247,485)
Other income	10,188	25,529	39,658
Interest expense	(191,910)	(155,227)	(101,792)
Loss before income taxes	(526,514)	(169,638)	(309,619)
Operating Segments
Operating expenses:
Loss before income taxes	(388,697)	(52,756)	(277,022)
Homes
Revenue:
Revenue	6,015,778	1,715,375	1,365,250
Cost of revenue	6,106,944	1,634,755	1,324,464
Homes | Operating Segments
Revenue:
Revenue	6,015,778	1,715,375	1,365,250
Cost of revenue	6,106,944	1,634,755	1,324,464
Gross profit	(91,166)	80,620	40,786
Operating expenses:
Sales and marketing	414,797	190,818	171,571
Technology and development	124,513	106,218	69,962
General and administrative	118,790	87,034	81,383
Impairment and restructuring costs	71,247	0	0
Acquisition-related costs	0	0	0
Integration costs	0	0	0
Total operating expenses	729,347	384,070	322,916
Loss from operations	(820,513)	(303,450)	(282,130)
Other income	2,878	0	0
Interest expense	(63,829)	(16,804)	(29,990)
Loss before income taxes	(881,464)	(320,254)	(312,120)
Homes | Zillow Offers | Operating Segments
Revenue:
Revenue	5,982,357	1,710,535	1,365,250
Homes | Premier Agent | Operating Segments
Revenue:
Revenue	0	0	0
Homes | Other | Operating Segments
Revenue:
Revenue	33,421	4,840	0
Homes | Mortgages | Operating Segments
Revenue:
Revenue	0	0	0
IMT
Revenue:
Revenue	1,885,782	1,450,232	1,276,896
Cost of revenue	203,449	193,097	193,885
IMT | Operating Segments
Revenue:
Revenue	1,885,782	1,450,232	1,276,896
Cost of revenue	203,449	193,097	193,885
Gross profit	1,682,333	1,257,135	1,083,011
Operating expenses:
Sales and marketing	552,592	440,517	503,473
Technology and development	317,663	260,277	255,964
General and administrative	258,161	224,757	243,514
Impairment and restructuring costs	0	73,900	0
Acquisition-related costs	8,615	0	0
Integration costs	680	0	0
Total operating expenses	1,137,711	999,451	1,002,951
Loss from operations	544,622	257,684	80,060
Other income	0	5,300	0
Interest expense	(32)	0	0
Loss before income taxes	544,590	262,984	80,060
IMT | Zillow Offers | Operating Segments
Revenue:
Revenue	0	0	0
IMT | Premier Agent | Operating Segments
Revenue:
Revenue	1,395,723	1,046,954	923,876
IMT | Other | Operating Segments
Revenue:
Revenue	490,059	403,278	353,020
IMT | Mortgages | Operating Segments
Revenue:
Revenue	0	0	0
Mortgages
Revenue:
Revenue	245,816	174,210	100,691
Cost of revenue	83,784	38,540	25,750
Mortgages | Operating Segments
Revenue:
Revenue	245,816	174,210	100,691
Cost of revenue	83,784	38,540	25,750
Gross profit	162,032	135,670	74,941
Operating expenses:
Sales and marketing	108,846	59,784	53,587
Technology and development	32,220	23,677	24,997
General and administrative	71,822	44,931	41,122
Impairment and restructuring costs	926	2,900	0
Acquisition-related costs	0	0	0
Integration costs	0	0	650
Total operating expenses	213,814	131,292	120,356
Loss from operations	(51,782)	4,378	(45,415)
Other income	5,019	2,369	1,409
Interest expense	(5,060)	(2,233)	(956)
Loss before income taxes	(51,823)	4,514	(44,962)
Mortgages | Zillow Offers | Operating Segments
Revenue:
Revenue	0	0	0
Mortgages | Premier Agent | Operating Segments
Revenue:
Revenue	0	0	0
Mortgages | Other | Operating Segments
Revenue:
Revenue	0	0	0
Mortgages | Mortgages | Operating Segments
Revenue:
Revenue	$ 245,816	$ 174,210	$ 100,691

Segment Information and Reven_4

Segment Information and Revenue - Depreciation and Amortization Expense and Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	$ 129,780	$ 110,031	$ 87,467
Share-based compensation	311,686	197,550	198,902
Homes
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	22,393	13,315	8,414
Share-based compensation	76,879	48,166	32,390
IMT
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	99,026	89,862	73,369
Share-based compensation	200,963	134,691	150,434
Mortgages
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	8,361	6,854	5,684
Share-based compensation	$ 33,844	$ 14,693	$ 16,078

Segment Information and Reven_5

Segment Information and Revenue - Reconciliation of Segment Gross Profit and Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Loss before income taxes	$ (526,514)	$ (169,638)	$ (309,619)
Corporate interest expense	(191,910)	(155,227)	(101,792)
Corporate other income	10,188	25,529	39,658
Gain (loss) on extinguishment of debt	(17,119)	1,448	0
Consolidated loss before income taxes	(526,514)	(169,638)	(309,619)
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Loss before income taxes	(388,697)	(52,756)	(277,022)
Consolidated loss before income taxes	(388,697)	(52,756)	(277,022)
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Corporate interest expense	(122,989)	(136,190)	(70,846)
Corporate other income	$ 2,291	$ 17,860	$ 38,249

Restructuring and Zillow Offe_3

Restructuring and Zillow Offers Wind Down - Narrative (Details) - USD ($) $ in Thousands	Nov. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Inventory valuation adjustment		$ 407,921	$ 0	$ 0
Restructuring reserve		48,955	0
Impairment of intangible assets (excluding goodwill)		1,400
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		45,200
Total other charges
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		1,000
Contract Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		$ 3,776	$ 0
Disposal Group, Disposed of By Means Other Than Sale, Wind-Down | Zillow Offers Operations
Restructuring Cost and Reserve [Line Items]
Expected reduction in workforce, percentage	25.00%

Restructuring and Zillow Offe_4

Restructuring and Zillow Offers Wind Down - Charges Incurred and Expected (Details) - Disposal Group, Disposed of By Means Other Than Sale, Wind-Down - Zillow Offers Operations $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 491,206
Inventory write-down
Restructuring Cost and Reserve [Line Items]
Restructuring charges	407,921
Total other charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	83,285
Employee Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	60,840
Contract Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9,960
Financing-related charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6,227
Accelerated depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,885
Asset write-offs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,373
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	175,000
Minimum | Employee Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	99,000
Minimum | Contract Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	11,000
Minimum | Financing-related charges
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	40,000
Minimum | Accelerated depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	24,000
Minimum | Asset write-offs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1,000
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	205,000
Maximum | Employee Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	112,000
Maximum | Contract Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	18,000
Maximum | Financing-related charges
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	48,000
Maximum | Accelerated depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	25,000
Maximum | Asset write-offs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	2,000
Homes
Restructuring Cost and Reserve [Line Items]
Restructuring charges	490,280
Homes | Inventory write-down
Restructuring Cost and Reserve [Line Items]
Restructuring charges	407,921
Homes | Total other charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	82,359
Homes | Employee Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	59,914
Homes | Contract Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9,960
Homes | Financing-related charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6,227
Homes | Accelerated depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,885
Homes | Asset write-offs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,373
Mortgages
Restructuring Cost and Reserve [Line Items]
Restructuring charges	926
Mortgages | Inventory write-down
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Mortgages | Total other charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	926
Mortgages | Employee Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	926
Mortgages | Contract Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Mortgages | Financing-related charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Mortgages | Accelerated depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Mortgages | Asset write-offs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0

Restructuring and Zillow Offe_5

Restructuring and Zillow Offers Wind Down - Restructuring Reserve (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 0
Additions charged to expense	63,363
Cash payments	(14,408)
Balance, end of period	48,955
Employee Termination Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Additions charged to expense	54,339
Cash payments	(9,160)
Balance, end of period	45,179
Contract Termination Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Additions charged to expense	9,024
Cash payments	(5,248)
Balance, end of period	$ 3,776