Zillow (Z) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 26, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001617640
Current Fiscal Year End Date	--12-31
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		56,684,307
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		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		169,924,312

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,566	$ 1,466
Short-term investments	1,745	1,896
Accounts receivable, net of allowance for doubtful accounts	90	72
Mortgage loans held for sale	73	41
Prepaid expenses and other current assets	155	126
Restricted cash	2	2
Total current assets	3,631	3,603
Contract cost assets	23	23
Property and equipment, net	309	271
Right of use assets	108	126
Goodwill	2,374	2,374
Intangible assets, net	153	154
Other assets	20	12
Total assets	6,618	6,563
Current liabilities:
Accounts payable	21	20
Accrued expenses and other current liabilities	118	90
Accrued compensation and benefits	50	48
Borrowings under credit facilities	66	37
Deferred revenue	49	44
Lease liabilities, current portion	29	31
Total current liabilities	333	270
Lease liabilities, net of current portion	126	139
Convertible senior notes	1,663	1,660
Other long-term liabilities	10	12
Total liabilities	2,132	2,081
Commitments and contingencies (Note 13)
Shareholders’ equity:
Preferred stock, $0.0001 par value; authorized — 30,000,000 shares; no shares issued and outstanding	0	0
Additional paid-in capital	6,174	6,109
Accumulated other comprehensive loss	(19)	(15)
Accumulated deficit	(1,669)	(1,612)
Total shareholders’ equity	4,486	4,482
Total liabilities and shareholders’ equity	6,618	6,563
Class A common stock
Shareholders’ equity:
Common stock/capital stock	0	0
Class B Common Stock
Shareholders’ equity:
Common stock/capital stock	0	0
Class C capital stock
Shareholders’ equity:
Common stock/capital stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	56,684,307	57,494,698
Common stock, outstanding (in shares)	56,684,307	57,494,698
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)	169,820,864	170,555,565
Common stock, outstanding (in shares)	169,820,864	170,555,565

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 506	$ 504	$ 975	$ 1,040
Cost of revenue	104	97	196	189
Gross profit	402	407	779	851
Operating expenses:
Sales and marketing	173	163	329	337
Technology and development	140	119	277	227
General and administrative	153	120	276	232
Impairment and restructuring costs	2	0	8	14
Acquisition-related costs	1	0	1	0
Total operating expenses	469	402	891	810
Income (loss) from continuing operations	(67)	5	(112)	41
Other income	42	5	74	7
Interest expense	(9)	(9)	(18)	(17)
Income (loss) from continuing operations before income taxes	(34)	1	(56)	31
Income tax benefit (expense)	(1)	9	(1)	4
Net income (loss) from continuing operations	(35)	10	(57)	35
Net loss from discontinued operations, net of income taxes	0	(2)	0	(11)
Net income (loss)	$ (35)	$ 8	$ (57)	$ 24
Net income (loss) from continuing operations per share:
Basic (USD per share)	$ (0.15)	$ 0.04	$ (0.24)	$ 0.14
Diluted (usd per share)	(0.15)	0.04	(0.24)	0.13
Net income (loss) per share:
Basic (usd per share)	(0.15)	0.03	(0.24)	0.10
Diluted (usd per share)	$ (0.15)	$ 0.03	$ (0.24)	$ 0.09
Weighted-average shares outstanding:
Basic (in shares)	233,629	243,942	234,023	246,229
Diluted (in shares)	233,629	245,163	234,023	248,544

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (35)	$ 8	$ (57)	$ 24
Other comprehensive loss:
Unrealized losses on investments	(16)	(12)	(4)	(20)
Total other comprehensive loss	(16)	(12)	(4)	(20)
Comprehensive income (loss)	$ (51)	$ (4)	$ (61)	$ 4

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Cumulative-effect adjustment from adoption of guidance on accounting for convertible instruments and contracts in an entity’s own equity	Class A Common Stock, Class B Common Stock and Class C Capital Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative-effect adjustment from adoption of guidance on accounting for convertible instruments and contracts in an entity’s own equity	Accumulated Deficit	Accumulated Deficit Cumulative-effect adjustment from adoption of guidance on accounting for convertible instruments and contracts in an entity’s own equity	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2021	$ 5,341	$ (336)	$ 0	$ 7,001	$ (492)	$ (1,667)	$ 156	$ 7
Beginning Balance (in shares) at Dec. 31, 2021			250,630
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, Stock Options Exercised	42			42
Issuance of common and capital stock upon exercise of stock options (in shares)			995
Vesting of restricted stock units (in shares)			1,811
Share-based compensation expense	213			213
Repurchases of Class A common stock and Class C capital stock	(597)			(597)
Repurchases of Class A common stock and class c capital stock (in shares)			(12,295)
Net income (loss)	24					24
Other Comprehensive Income (Loss), Net of Tax	(20)							(20)
Ending Balance at Jun. 30, 2022	4,667		$ 0	6,167		(1,487)		(13)
Ending Balance (in shares) at Jun. 30, 2022			241,141
Beginning Balance at Mar. 31, 2022	4,802		$ 0	6,298		(1,495)		(1)
Beginning Balance (in shares) at Mar. 31, 2022			246,268
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, Stock Options Exercised	6			6
Issuance of common and capital stock upon exercise of stock options (in shares)			188
Vesting of restricted stock units (in shares)			1,122
Share-based compensation expense	112			112
Repurchases of Class A common stock and Class C capital stock	(249)			(249)
Repurchases of Class A common stock and class c capital stock (in shares)			(6,437)
Net income (loss)	8					8
Other Comprehensive Income (Loss), Net of Tax	(12)							(12)
Ending Balance at Jun. 30, 2022	4,667		$ 0	6,167		(1,487)		(13)
Ending Balance (in shares) at Jun. 30, 2022			241,141
Beginning Balance at Dec. 31, 2022	4,482		$ 0	6,109		(1,612)		(15)
Beginning Balance (in shares) at Dec. 31, 2022			234,268
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, Stock Options Exercised	$ 30			30
Issuance of common and capital stock upon exercise of stock options (in shares)	823		823
Vesting of restricted stock units (in shares)			2,921
Share-based compensation expense	$ 271			271
Repurchases of Class A common stock and Class C capital stock	(236)			(236)
Repurchases of Class A common stock and class c capital stock (in shares)			(5,289)
Net income (loss)	(57)					(57)
Other Comprehensive Income (Loss), Net of Tax	(4)							(4)
Ending Balance at Jun. 30, 2023	4,486		$ 0	6,174		(1,669)		(19)
Ending Balance (in shares) at Jun. 30, 2023			232,723
Beginning Balance at Mar. 31, 2023	4,520		$ 0	6,157		(1,634)		(3)
Beginning Balance (in shares) at Mar. 31, 2023			233,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, Stock Options Exercised	17			17
Issuance of common and capital stock upon exercise of stock options (in shares)			450
Vesting of restricted stock units (in shares)			1,556
Share-based compensation expense	150			150
Repurchases of Class A common stock and Class C capital stock	(150)			(150)
Repurchases of Class A common stock and class c capital stock (in shares)			(3,277)
Net income (loss)	(35)					(35)
Other Comprehensive Income (Loss), Net of Tax	(16)							(16)
Ending Balance at Jun. 30, 2023	$ 4,486		$ 0	$ 6,174		$ (1,669)		$ (19)
Ending Balance (in shares) at Jun. 30, 2023			232,723

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income (loss)	$ (57)	$ 24
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	85	87
Share-based compensation	233	193
Amortization of right of use assets	12	11
Amortization of contract cost assets	11	16
Amortization of debt discount and debt issuance costs	3	24
Loss on extinguishment of debt	0	21
Amortization of Debt Discount	(20)	(11)
Other adjustments to reconcile net income (loss) to net cash provided by operating activities	1	11
Changes in operating assets and liabilities:
Accounts receivable	(19)	81
Mortgage loans held for sale	(32)	46
Inventory	0	3,881
Prepaid expenses and other assets	(30)	4
Contract cost assets	(11)	(8)
Lease liabilities	(15)	(8)
Accounts payable	0	(1)
Accrued expenses and other current liabilities	27	(69)
Accrued compensation and benefits	2	(47)
Deferred revenue	5	1
Other long-term liabilities	(2)	(1)
Net cash provided by operating activities	193	4,255
Investing activities
Proceeds from maturities of investments	806	160
Purchases of investments	(638)	(1,023)
Purchases of property and equipment	(66)	(60)
Purchases of intangible assets	(18)	(11)
Net cash provided by (used in) investing activities	84	(934)
Financing activities
Repayments of borrowings on credit facilities	0	(2,205)
Net borrowings (repayments) on warehouse line of credit and repurchase agreements	29	(58)
Repurchases of Class A common stock and Class C capital stock	(236)	(597)
Settlement of long-term debt	0	(1,158)
Proceeds from exercise of stock options	30	42
Net cash used in financing activities	(177)	(3,976)
Net increase (decrease) in cash, cash equivalents and restricted cash during period	100	(655)
Cash, cash equivalents and restricted cash at beginning of period	1,468	2,838
Cash, cash equivalents and restricted cash at end of period	1,568	2,183
Noncash transactions:
Capitalized share-based compensation	38	20
Write-off of fully depreciated property and equipment	16	33
Write-off of fully amortized intangible assets	2	196
Recognition of operating right of use assets and lease liabilities	0	14
Settlement of beneficial interests in securitizations	$ 0	$ 79

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Organization and Description of Business	Organization and Description of Business Zillow Group is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Our portfolio of affiliates, subsidiaries and brands includes Zillow, Zillow Premier Agent, Zillow Home Loans (our affiliate lender), Zillow Rentals, Trulia, StreetEasy, HotPads and Out East. In addition, Zillow Group provides a comprehensive suite of marketing software and technology solutions for the real estate industry, including Mortech, New Home Feed and ShowingTime+, which includes ShowingTime, Bridge Interactive and dotloop. In the fourth quarter of 2021, we began to wind down the operations of Zillow Offers, our iBuying business which purchased and sold homes directly in markets across the country. The wind down was completed in the third quarter of 2022, and we have presented the financial results of Zillow Offers as discontinued operations in our condensed consolidated statements of operations for the three and six months ended June 30, 2022. No assets or liabilities were classified as discontinued operations as of December 31, 2022. See Note 3 for additional information. 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: current and future health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, labor shortages and supply chain issues; our ability to manage advertising inventory and pricing and maintain relationships with our real estate partners; our compliance with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive for customers and real estate partners or that do not allow us to compete successfully; our ability to operate and grow Zillow Home Loans, our mortgage origination business, including the ability to obtain or maintain sufficient financing and resell originated mortgages on the secondary market; the duration and impact of natural disasters and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services or general economic conditions; outcomes of legal proceedings; our ability to attract and

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include Zillow Group, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in Zillow Group, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 15, 2023. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2023 and our results of operations, comprehensive income (loss), and shareholders’ equity for the three and six month periods ended June 30, 2023 and 2022, and cash flows for the six month periods ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, for any interim period, or for any other future year. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. Unless indicated otherwise, the information in the Notes to Condensed Consolidated Financial Statements relates to our continuing operations and does not include the results of discontinued operations. There were no significant changes to the significant accounting policies disclosed in Note 2 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, except for the updates noted below. Such updates were made due to our determination that we have a single operating and reportable segment, as well as certain changes to how we disaggregate our revenue into categories, beginning in the first quarter of 2023. Recoverability of Goodwill Goodwill is measured as the excess of consideration transferred for an acquired business over the net of the acquisition date fair values of the assets acquired and the liabilities assumed, and is not amortized. We assess the impairment of goodwill at the reporting unit level 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 initially perform a qualitative assessment to determine whether the existence of events or circumstances indicates that it is more likely than not that 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 if the carrying value of the reporting unit exceeds its fair value. Beginning in 2023, our chief operating decision maker, who is our chief executive officer, manages our business, makes operating decisions and evaluates operating performance on the basis of the company as a whole, instead of on a segment basis as he did prior to 2023. This aligns to our ongoing growth strategy and our intent to provide integrated customer solutions for all tasks and services related to facilitating real estate transactions. This resulted in revisions to the nature and substance of information regularly provided to and used by the chief operating decision maker. Accordingly, we have realigned our operating structure, resulting in a single operating and reportable segment. In line with this, the nature and substance of the information regularly provided to our segment manager similarly changed, and we determined that we have only one reporting unit. Because the segment change impacted the structure of our reporting units, we performed a qualitative goodwill impairment assessment immediately before and immediately after the change in reporting units. Based on those assessments, we determined it was more likely than not that the fair value of our current and legacy reporting units exceeded their respective carrying values. Therefore, we concluded that it was not necessary to perform a quantitative impairment test. 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 generally 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 or (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. We disaggregate our revenue into the following categories: Residential, Rentals, Mortgages and Other, described below. Residential. Residential revenue includes revenue generated by our Premier Agent and new construction marketplaces, as well as revenue from the sale of advertising and business technology solutions for real estate professionals through StreetEasy for-sale product offerings and ShowingTime+. Our Premier Agent program offers a suite of marketing and 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 Agent partners receive access to a dashboard portal on our mobile application and website that provides individualized program performance analytics, our customer relationship management tool that captures detailed information about each contact made with a Premier Agent partner through our mobile and web platforms and our account management tools. The marketing and business technology products and services promised to Premier Agent partners are delivered over time, as the customer simultaneously receives and consumes the benefit of the performance obligations. Premier Agent advertising products, which include the delivery of validated customer 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 Agent partners. 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 Agent partners in each zip code using a market-based pricing method in consideration of the total amount spent by Premier Agent partners 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 partners’ share of voice. A Premier Agent partners’ 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 Agent partners in that zip code, and determines the proportion of consumer connections a Premier Agent partner 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 partner in that zip code decreases or increases accordingly. We primarily recognize revenue related to the Premier Agent 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 partner 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 partner 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 partner 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 advertising services in certain markets. Flex is available to select partners alongside our legacy market-based pricing model. With the Flex model, Premier Agent partners 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, generally within two years. 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. We 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 contract asset for our estimate of the consideration to which we will be entitled when the right to the consideration is conditional. When the right to consideration becomes unconditional, upon the close of a real estate transaction, we reclassify amounts to accounts receivable. 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. StreetEasy for-sale revenue primarily consists of our pay for performance pricing model available in the New York City market for which agents and brokers are provided with leads at no initial cost and pay a performance referral fee only when a real estate purchase transaction is closed with one of the leads. Under the StreetEasy pricing model, the transaction price represents variable consideration, as the amount to which we expect to be entitled varies based on the number of leads that convert into real estate transactions and the value of those transactions. We estimate variable consideration based on the expected number of closed transactions 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 transactions closed is subsequently resolved. We record a corresponding contract asset for the estimate of variable consideration for StreetEasy Experts when the right to the consideration is conditional. When the right to consideration becomes unconditional upon the close of a real estate transaction, we reclassify amounts to accounts receivable. Our dotloop real estate transaction management software-as-a-service solution is primarily billed in advance on a monthly basis and revenue is recognized ratably over the contract period which aligns to our satisfaction of performance obligations. 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. Rentals. Rentals revenue includes the sale of advertising and a suite of tools to rental professionals, landlords and other market participants under the Zillow and StreetEasy brands. Rentals revenue includes revenue generated by advertising sold to property managers, landlords and other rental professionals on a cost per lead, lease, listing or impression basis or for a fixed fee for certain advertising packages. 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, Zillow Lease Connect, 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. We record a corresponding contract asset for the estimate of variable consideration for Zillow Lease Connect when the right to the consideration is conditional. When the right to consideration becomes unconditional upon the execution of a lease, we reclassify amounts to accounts receivable. 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 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. Mortgages. 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 reflects origination fees on purchase or refinance mortgages and the corresponding sale, or expected future sale, of a loan. When an interest rate lock commitment (“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. Other. Other revenue includes revenue generated from display products, which consist 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. 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, 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, the presentation of discontinued and continuing operations, 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 health of the residential housing market and interest rate environment have introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others. Recently Issued Accounting Standards Not Yet Adopted In June 2022, the Financial Accounting Standards Board issued guidance to improve existing measurement and disclosure requirements for equity securities that are subject to a contractual sale restriction. This guidance is effective for interim and annual periods beginning after December 15, 2023 on a prospective basis, with early adoption permitted. We expect to adopt this guidance on January 1, 2024. We have not yet determined the impact the adoption of this guidance will have on our financial position, results of operations and cash flows.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations Zillow Offers Wind Down In November 2021, the Board of Directors of Zillow Group (the “Board”) 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 going forward. The wind down of Zillow Offers was completed in the third quarter of 2022, at which time Zillow Offers met the criteria for discontinued operations. Accordingly, we have presented the results of operations, excluding allocation of any general corporate expenses, of Zillow Offers as discontinued operations in our condensed consolidated statements of operations for the three and six months ended June 30, 2022. No assets or liabilities were classified as discontinued operations as of December 31, 2022. The following table presents the major classes of line items of the discontinued operations included in the condensed consolidated statements of operations for the periods presented (in millions): Three Months Ended Six Months Ended Revenue $ 505 $ 4,226 Cost of revenue 469 3,999 Gross profit 36 227 Operating expenses: Sales and marketing 19 152 Technology and development — 6 General and administrative 3 10 Restructuring costs 1 25 Total operating expenses 23 193 Income from discontinued operations 13 34 Loss on extinguishment of debt (7) (21) Other income 7 13 Interest expense — (36) Income (loss) from discontinued operations before income taxes 13 (10) Income tax expense (15) (1) Net loss from discontinued operations $ (2) $ (11) Net loss from discontinued operations per share: Basic $ (0.01) $ (0.04) Diluted $ (0.01) $ (0.04) The following table presents significant non-cash items and capital expenditures of the discontinued operations for the six months ended June 30, 2022 (in millions): Amortization of debt discount and debt issuance costs $ 21 Loss on debt extinguishment 21 Share-based compensation 15 Inventory valuation adjustment 9 Depreciation and amortization 7 Settlement of beneficial interests in securitizations (79) Restructuring Restructuring charges attributable to continuing operations relate to employee termination costs and certain indirect costs that do not qualify as discontinued operations. Restructuring costs totaled $2 million for the three and six month periods ended June 30, 2023 and primarily pertained to employee termination costs that did not relate to the Zillow Offers wind down.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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 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 IRLC 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 revenue in our condensed 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: June 30, 2023 December 31, 2022 Range 48% - 99% 47% - 100% Weighted-average 83% 87% 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 millions): June 30, 2023 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 1,394 $ 1,394 $ — $ — Commercial paper 115 115 Short-term investments: U.S. government treasury securities 1,529 — 1,529 — Corporate bonds 160 — 160 — Commercial paper 42 — 42 — U.S. government agency securities 14 — 14 — Mortgage origination-related: Mortgage loans held for sale 73 — 73 — IRLCs - other current assets 1 — — 1 Forward contracts - other current assets 1 — 1 — Total $ 3,329 $ 1,394 $ 1,934 $ 1 December 31, 2022 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 1,338 $ 1,338 $ — $ — Short-term investments: U.S. government treasury securities 1,716 — 1,716 — Corporate bonds 161 — 161 — Commercial paper 10 — 10 — U.S. government agency securities 9 — 9 — Mortgage origination-related: Mortgage loans held for sale 41 — 41 — Forward contracts - other current assets 1 — 1 — Total $ 3,276 $ 1,338 $ 1,938 $ — At June 30, 2023, the notional amounts of the economic hedging instruments related to our mortgage loans held for sale were $118 million and $155 million for our IRLCs and forward contracts, respectively. At December 31, 2022, the notional amounts of the economic hedging instruments related to our mortgage loans held for sale were $62 million and $90 million for our IRLCs and forward contracts, respectively. We do not have the right to offset our forward contract derivative positions. See Note 8 for the carrying amounts and estimated fair values of our convertible senior notes.

Cash and Cash Equivalents, Inve

Cash and Cash Equivalents, Investments and Restricted Cash	6 Months Ended
	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents, Investments and Restricted Cash	Cash and Cash Equivalents, Investments and Restricted Cash The following table presents the amortized cost and estimated fair market value of our cash and cash equivalents, investments, and restricted cash as of the dates presented (in millions): June 30, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Cash $ 57 $ 57 $ 128 $ 128 Cash equivalents: Money market funds 1,394 1,394 1,338 1,338 Commercial paper 115 115 — — Short-term investments: U.S. government treasury securities (1) 1,547 1,529 1,731 1,716 Corporate bonds 160 160 162 161 Commercial paper 42 42 10 10 U.S. government agency securities 14 14 9 9 Restricted cash 2 2 2 2 Total $ 3,331 $ 3,313 $ 3,380 $ 3,364 (1) The estimated fair market value includes $18 million and $15 million of gross unrealized losses as of June 30, 2023 and December 31, 2022, respectively. The following table presents available-for-sale investments by contractual maturity date as of June 30, 2023 (in millions): Amortized Cost Estimated Fair Due in one year or less $ 718 $ 714 Due after one year 1,045 1,031 Total $ 1,763 $ 1,745

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2023
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 millions): June 30, 2023 December 31, 2022 Website development costs $ 378 $ 291 Leasehold improvements 90 90 Office equipment, furniture and fixtures 23 24 Computer equipment 18 18 Construction-in-progress 1 7 Property and equipment 510 430 Less: accumulated amortization and depreciation (201) (159) Property and equipment, net $ 309 $ 271 We recorded depreciation expense related to property and equipment (other than website development costs) of $6 million for each of the three months ended June 30, 2023 and 2022, and $12 million and $13 million for the six months ended June 30, 2023 and 2022, respectively.

Intangible Assets, net

Intangible Assets, net	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net The following tables present the detail of intangible assets as of the dates presented (in millions): June 30, 2023 Cost Accumulated Amortization Net Software $ 72 $ (21) $ 51 Customer relationships 58 (14) 44 Trade names and trademarks 45 (17) 28 Developed technology 49 (22) 27 Purchased content 11 (8) 3 Total $ 235 $ (82) $ 153 December 31, 2022 Cost Accumulated Amortization Net Customer relationships $ 59 $ (10) $ 49 Software 54 (15) 39 Developed technology 49 (15) 34 Trade names and trademarks 45 (15) 30 Purchased content 8 (6) 2 Total $ 215 $ (61) $ 154 Amortization expense recorded for intangible assets was $12 million and $17 million for the three months ended June 30, 2023 and 2022, respectively, and $24 million and $36 million for the six months ended June 30, 2023 and 2022, 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.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in millions): June 30, 2023 December 31, 2022 Credit facilities Master repurchase agreements: Atlas Securitized Products, L.P. (1) $ 19 $ 23 JPMorgan Chase Bank, N.A. 8 — Citibank, N.A. — 3 Warehouse line of credit: Comerica Bank 39 11 Total credit facilities 66 37 Convertible senior notes 1.375% convertible senior notes due 2026 496 495 2.75% convertible senior notes due 2025 561 560 0.75% convertible senior notes due 2024 606 605 Total convertible senior notes 1,663 1,660 Total debt $ 1,729 $ 1,697 (1) Agreement was reassigned from Credit Suisse AG, Cayman Islands (“Credit Suisse”) on May 25, 2023. See Credit Facilities section below for further information. Credit Facilities To provide capital for Zillow Home Loans, we utilize master repurchase agreements and a warehouse line of credit. The following table summarizes certain details related to our outstanding master repurchase agreements and warehouse line of credit as of June 30, 2023 (in millions, except interest rates): Lender Maturity Date Maximum Borrowing Capacity Weighted-Average Interest Rate Atlas Securitized Products, L.P. March 11, 2024 $ 50 7.07 % JPMorgan Chase Bank, N.A. May 30, 2024 100 6.75 % Comerica Bank December 29, 2023 50 7.05 % Total $ 200 On May 25, 2023, the Zillow Home Loans master repurchase agreement with Credit Suisse was reassigned to Atlas Securitized Products, L.P. (“Atlas”). No other material changes were made to the master repurchase agreement in connection with the reassignment. On June 1, 2023, Zillow Home Loans entered into a master repurchase agreement with JPMorgan Chase Bank, N.A. (“JPMC”). The master repurchase agreement provides a total maximum borrowing capacity of $100 million, $25 million of which is committed, until May 30, 2024. On June 9, 2023, the Zillow Home Loans master repurchase agreement with Citibank N.A., which had a maximum borrowing capacity of $100 million, expired and was not renewed. On June 24, 2023, Zillow Home Loans amended its warehouse line of credit with Comerica Bank to extend the maturity date to December 29, 2023. In accordance with this amendment, Zillow Home Loans will not be permitted to draw additional amounts on the warehouse line of credit after September 30, 2023. In accordance with the master repurchase agreements, Atlas and JPMC (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. At both June 30, 2023 and December 31, 2022, $28 million in mortgage loans held for sale were pledged as collateral under the master repurchase agreements. Borrowings on the repurchase agreements and warehouse line of credit bear interest either at a floating rate based on Secured Overnight Financing Rate plus an applicable margin, as defined by the governing agreements, or Bloomberg Short-Term Bank Yield Index Rate plus an applicable margin, as defined by the governing agreements. The repurchase agreements and warehouse line of credit include customary representations and warranties, covenants and provisions regarding events of default. As of June 30, 2023, 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. For additional details related to our repurchase agreements and warehouse line of credit, see Note 13 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Convertible Senior Notes Effective January 1, 2022, we adopted 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. Refer to Note 2 in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for additional information regarding the adoption of this guidance. The following tables summarize certain details related to our outstanding convertible senior notes as of the dates presented or for the periods ended (in millions, except interest rates): June 30, 2023 December 31, 2022 Maturity Date Aggregate Principal Amount Stated Interest Rate Effective Interest Rate Semi-Annual Interest Payment Dates Unamortized Debt Issuance Costs Fair Value Unamortized Debt Issuance Costs Fair Value September 1, 2026 $ 499 1.375 % 1.57 % March 1; September 1 $ 3 $ 647 $ 4 $ 504 May 15, 2025 565 2.75 % 3.20 % May 15; November 15 4 601 5 531 September 1, 2024 608 0.75 % 1.02 % March 1; September 1 2 774 3 629 Total $ 1,672 $ 9 $ 2,022 $ 12 $ 1,664 Three Months Ended Three Months Ended Maturity Date Contractual Coupon Interest Amortization of Debt Issuance Costs Interest Expense Contractual Coupon Interest Amortization of Debt Issuance Costs Interest Expense September 1, 2026 $ 2 $ 1 $ 3 $ 1 $ — $ 1 May 15, 2025 4 1 5 4 1 5 September 1, 2024 1 — 1 2 — 2 Total $ 7 $ 2 $ 9 $ 7 $ 1 $ 8 Six Months Ended Six Months Ended Maturity Date Contractual Coupon Interest Amortization of Debt Issuance Costs Interest Expense Contractual Coupon Interest Amortization of Debt Issuance Costs Interest Expense September 1, 2026 $ 4 $ 1 $ 5 $ 3 $ — $ 3 May 15, 2025 8 1 9 8 1 9 September 1, 2024 2 1 3 3 1 4 Total $ 14 $ 3 $ 17 $ 14 $ 2 $ 16 The convertible notes are senior unsecured obligations. The convertible senior notes maturing in 2026 (“2026 Notes”), 2025 (“2025 Notes”) and 2024 (“2024 Notes”) (together, the “Notes”) are classified as long-term debt in our condensed 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 is classified as Level 2 and was determined through consideration of quoted market prices in markets that are not active. 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 The following table summarizes certain details related to the capped call confirmations with respect to 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 % There were no conversions of the Notes during the three and six months ended June 30, 2023 or 2022. The last reported sale price of our Class C capital stock did not exceed 130% of the conversion price of each series of the Notes for more than 20 trading days during the 30 consecutive trading days ended June 30, 2023. Accordingly, each series of the Notes is not redeemable or convertible at the option of the holders from July 1 through September 30, 2023. For additional details related to our convertible senior notes, see Note 13 in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	ncome TaxesWe are primarily subject to income taxes in the United States (federal and state), as well as certain foreign jurisdictions. As of June 30, 2023 and December 31, 2022, we have provided a valuation allowance against our net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized. We have accumulated federal tax losses of approximately $1.8 billion as of December 31, 2022, which are available to reduce future taxable income. We have accumulated state tax losses of approximately $63 million (tax effected) as of December 31, 2022.Our income tax expense or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account for the relevant period. We update our estimate of the annual effective tax rate on a quarterly basis and make year-to-date adjustments to the tax provision or benefit, as applicable. We recorded income tax expense of $1 million for the three and six months ended June 30, 2023, primarily related to state income taxes. We recorded an income tax benefit of $9 million for the three months ended June 30, 2022 and an income tax benefit of $4 million for the six months ended June 30, 2022, primarily related to state income taxes.

Share Repurchase Authorizations

Share Repurchase Authorizations	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Share Repurchase Authorizations	hare Repurchase Authorizations Prior to July 31, 2023, the Board authorized the repurchase of up to $1.8 billion of our Class A common stock, Class C capital stock, outstanding convertible senior notes or a combination thereof (together the “Repurchase Authorizations”). For additional information on these authorizations, see Note 13 to our Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Repurchases of stock under the Repurchase Authorizations 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. As of June 30, 2023, $264 million remained available for future repurchases pursuant to the Repurchase Authorizations. On July 31, 2023, the Board authorized the repurchase of up to an additional $750 million of our Class A common stock, Class C capital stock, convertible senior notes or a combination thereof, which increases the amount available for future repurchases to $1.0 billion under our total Repurchase Authorizations of $2.5 billion. The following table summarizes, on a settlement date basis, our Class A common stock and Class C capital stock repurchase activity under the Repurchase Authorizations for the periods presented (in millions, except share data, which are presented in thousands, and per share amounts): Three Months Ended Three Months Ended Class A common stock Class C capital stock Class A common stock Class C capital stock Shares repurchased 496 2,781 1,165 5,272 Weighted-average price per share $ 45.18 $ 45.86 $ 38.31 $ 38.91 Total purchase price $ 23 $ 127 $ 44 $ 205 Six Months Ended Six Months Ended Class A common stock Class C capital stock Class A common stock Class C capital stock Shares repurchased 810 4,479 2,577 9,718 Weighted-average price per share $ 44.12 $ 44.76 $ 49.30 $ 48.40 Total purchase price $ 36 $ 200 $ 127 $ 470

Share-Based Awards

Share-Based Awards	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Awards	Share-Based Awards In addition to the option awards and restricted stock units typically granted under the Zillow Group, Inc. 2020 Incentive Plan (the “2020 Plan”) which vest quarterly over four years, during the first quarter of 2023, the Compensation Committee of the Board approved option and restricted stock unit awards granted under the 2020 Plan in connection with the 2022 annual review cycle that vest quarterly over three years. The exercisability terms of these equity awards are otherwise consistent with the terms of the option awards and restricted stock units typically granted under the 2020 Plan. For additional information regarding our share-based awards, see Note 16 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Option Awards The following table summarizes option award activity for the six months ended June 30, 2023: Number Weighted- Weighted- Aggregate Outstanding at January 1, 2023 28,598 $ 44.90 7.08 $ 15 Granted 6,287 42.16 Exercised (823) 37.60 Forfeited or cancelled (671) 49.94 Outstanding at June 30, 2023 33,391 44.46 7.21 276 Vested and exercisable at June 30, 2023 18,805 44.88 5.94 160 The following assumptions were used to determine the fair value of all option awards granted for the periods presented: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected volatility 61% 60% 55% - 61% 55% - 60% Risk-free interest rate 3.75% 2.97% 3.75% - 4.04% 1.94% - 2.97% Weighted-average expected life 5.25 years 5.00 years 5.25 - 6.50 years 4.50 - 6.00 years Weighted-average fair value of options granted $25.81 $17.82 $23.76 $24.60 As of June 30, 2023, there was a total of $426 million in unrecognized compensation cost related to unvested option awards. Restricted Stock Units The following table summarizes activity for restricted stock units for the six months ended June 30, 2023: Restricted Weighted-Average Grant Date Fair Value Unvested outstanding at January 1, 2023 10,930 $ 46.85 Granted 7,331 42.49 Vested (2,921) 47.16 Forfeited (512) 46.21 Unvested outstanding at June 30, 2023 14,828 44.66 As of June 30, 2023, there was a total of $604 million in unrecognized compensation cost related to unvested restricted stock units. Share-Based Compensation Expense The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of revenue $ 4 $ 4 $ 8 $ 7 Sales and marketing 19 14 35 25 Technology and development 42 38 81 66 General and administrative 65 43 109 78 Share-based compensation - continuing operations 130 99 233 176 Share-based compensation - discontinued operations — 3 — 17 Total share-based compensation $ 130 $ 102 $ 233 $ 193

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share For the periods presented, the following table reconciles the denominators used in the basic and diluted net income (loss) and net income (loss) from continuing operations per share calculations (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Denominator for basic calculation 233,629 243,942 234,023 246,229 Effect of dilutive securities: Option awards — 964 — 1,757 Unvested restricted stock units — 257 — 558 Denominator for dilutive calculation 233,629 245,163 234,023 248,544 For the periods presented, the following Class A common stock and Class C capital stock equivalents were excluded from the calculations of diluted net income (loss) and net income (loss) from continuing operations per share because their effect would have been antidilutive (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Weighted-average Class A common stock and Class C capital stock option awards outstanding 22,315 207 20,045 2,650 Weighted-average Class A common stock and Class C capital stock restricted stock units outstanding 15,366 7,357 13,746 5,284 Class C capital stock issuable upon conversion of the Notes 33,855 33,855 33,855 33,855 Total Class A common stock and Class C capital stock equivalents 71,536 41,419 67,646 41,789

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments During the three and six months ended June 30, 2023, there were no material changes to the commitments disclosed in Note 18 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. 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 June 30, 2023 or December 31, 2022. 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. On October 21, 2022, the parties jointly filed a notice of settlement with the U.S. District Court for the Western District of Washington to inform the court that the parties have reached an agreement to settle this action. On March 31, 2023, the plaintiffs filed a motion seeking preliminary approval of the parties’ proposed settlement, which motion was granted by the court on April 3, 2023. The terms of the parties’ proposed settlement agreement are contained in the settlement documents filed with the court on March 31, 2023. The court has set August 8, 2023 as the hearing date for final approval of the settlement. The full amount of the settlement payment has been paid by our insurance carriers under the applicable insurance policy and pursuant to the terms of the proposed settlement, and is currently being held in escrow by plaintiff’s counsel pending final approval of the settlement. 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 (the “Federal Suit”). On February 16, 2018, the Superior Court of the State of Washington, King County, consolidated the two shareholder derivative lawsuits pending in that court (the “State Suit”). The Federal Suit and State Suit 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 Federal Suit filed a consolidated shareholder derivative complaint, which we moved to dismiss on August 22, 2019. On February 28, 2020, our motion to dismiss the Federal Suit was denied. On February 16, 2021, the court in the State Suit 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 Suit pending in that court on June 15, 2021. On November 14, 2022, the parties jointly filed a stipulation with the U.S. District Court for the Western District of Washington informing the court that, among other things, they have agreed in principle to all material terms of a settlement. On April 20, 2023, the plaintiffs filed a motion seeking preliminary approval of the parties’ proposed settlement, which motion was granted by the court on April 25, 2023. The terms of the parties’ proposed settlement agreement are contained in the settlement documents filed with the court on April 20, 2023 and found on Zillow’s Investor Relations page at https://investors.zillowgroup.com/investors/resources/investor-faqs/default.aspx. The court has set August 29, 2023 as the hearing date for final approval of the settlement. The full amount of plaintiffs’ attorneys’ fees and costs associated with the settlement is expected to be paid by our insurance carriers under the applicable insurance policy and pursuant to the terms of the proposed settlement. 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. Our 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 ruled that the parties will proceed with respect to the two patents for which it previously denied judgment, and vacated the stay with respect to one of the three patents for which Zillow filed an IPR, which stay was later reinstated by stipulation of the parties on May 18, 2022. 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, which judgment was affirmed by the Federal Circuit on October 17, 2022. On March 3, 2022, the PTAB ruled on Zillow’s two remaining IPRs finding that Zillow was able to prove certain claims unpatentable, and others it was not. On October 28, 2022, the court found one of the two patents upon which the parties were proceeding in this action as invalid, and dismissed IBM’s claim relating to that patent. Following the court’s ruling, on October 28, 2022, the parties filed a joint stipulation with the court seeking a stay of this action, which was granted by the court on November 1, 2022. On November 25, 2022, Zillow filed a motion to join an IPR petition within Ebates Performance Mktg., Inc. d/b/a Rakuten Rewards v. Int ’ l Bus. Machs. Corp. , IPR2022-00646 concerning the final remaining patent in this action, which the court granted on April 20, 2023. 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. On March 9, 2022, the Court granted Zillow’s motion to dismiss in full, dismissing IBM’s claims related to all the patents asserted by IBM in this action, except for the one patent for which an IPR was still pending. On March 10, 2022, the PTAB rendered its decision denying Zillow’s IPR on the one remaining patent, for which this case continues to remain stayed. On August 1, 2022, IBM filed an appeal of the Court’s ruling with respect to two of the dismissed patents. Zillow’s responsive brief was filed on September 30, 2022, and IBM’s reply brief was filed on November 4, 2022. 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 and were consolidated on February 16, 2022. On May 12, 2022, the plaintiffs filed their amended consolidated complaint which alleges, 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 moved to dismiss the amended consolidated complaint on July 11, 2022, plaintiffs filed their opposition to the motion to dismiss on September 2, 2022, and we filed a reply in support of the motion to dismiss on October 11, 2022. On December 7, 2022, the court rendered its decision granting defendants’ motion to dismiss, in part, and denying the motion, in part. On January 23, 2023, the defendants filed their answer to the consolidated complaint. We intend to deny the allegations of wrongdoing and intend to vigorously defend the claims in this consolidated lawsuit. We do not believe that a loss related to this consolidated lawsuit is probable. On March 10, 2022, May 5, 2022 and July 20, 2022 shareholder derivative suits were filed in the U.S. District Court for the Western District of Washington and on July 25, 2022, a shareholder derivative suit was filed in the Superior Court of the State of Washington, King County (the “2022 State Suit”), against us and 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 (including the Company as a nominal defendant) allege, among other things, that the defendants breached their fiduciary duties by failing to maintain an effective system of internal controls, which purportedly caused the losses the Company incurred when it decided to wind down Zillow Offers operations. Plaintiffs also allege, among other things, violations of Section 14(a) and Section 20(a) of the Securities Exchange Act of 1934, insider trading and waste of corporate assets. On June 1, 2022 and September 14, 2022, the U.S. District Court for the Western District of Washington issued orders consolidating the three federal derivative suits and staying the consolidated action until further order of the court. On September 15, 2022, the Superior Court of the State of Washington entered a temporary stay in the 2022 State Suit. Upon the filing of the defendants’ answer in the related securities class action lawsuit on January 23, 2023, the stay in the 2022 State Suit was lifted. A partial stay was then reentered in the 2022 State Suit on June 26, 2023. The defendants intend to deny the allegations of wrongdoing and 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. For additional information regarding our indemnifications, see Note 18 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Revenue and Contract Balances

Revenue and Contract Balances	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Contract Balances	evenue and Contract Balances 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. Beginning in 2023, our chief executive officer, who acts as the chief operating decision maker, manages our business, makes operating decisions and evaluates operating performance on the basis of the company as a whole, instead of on a segment basis as he did prior to 2023. Accordingly, this change resulted in revisions to the nature and substance of information regularly provided to and used by the chief operating decision maker. This serves to align our reported results with our ongoing growth strategy and our intent to provide integrated customer solutions for all tasks and services related to facilitating real estate transactions. As a result, we have determined that we have a single reportable segment. Our revenues are classified into four categories: Residential, Rentals, Mortgages and Other. Certain prior period amounts have been revised to reflect these changes. The Residential revenue category primarily includes revenue for our Premier Agent and new construction marketplaces, as well as revenue from the sale of other advertising and business technology solutions for real estate professionals, including StreetEasy for-sale product offerings and ShowingTime+. Our Rentals and Mortgages revenue categories remain consistent with our historical presentation, and our Other revenue category primarily includes revenue generated from display advertising. Disaggregation of Revenue The following table presents our revenue disaggregated by category for the periods presented (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Residential $ 380 $ 392 $ 741 $ 810 Rentals 91 71 165 132 Mortgages 24 29 50 75 Other 11 12 19 23 Total revenue $ 506 $ 504 $ 975 $ 1,040 Contract Balances Contract assets represent our right to consideration in exchange for goods and services that we have transferred to the customer when that right is conditional on something other than the passage of time. Contract assets are primarily related to our Premier Agent Flex, Zillow Lease Connect and StreetEasy Experts offerings, whereby we estimate variable consideration based on the expected number of real estate transactions to be closed for Premier Agent Flex and StreetEasy Experts, and qualified leases to be secured for Zillow Lease Connect. The current portion of contract assets is recorded within prepaid expenses and other current assets and the long-term portion of contract assets is recorded within other assets in our condensed consolidated balance sheets and totaled $90 million and $71 million as of June 30, 2023 and December 31, 2022, respectively. 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. For the three months ended June 30, 2023, the opening balance of deferred revenue was $49 million, of which $46 million was recognized as revenue during the period. For the three months ended June 30, 2022, the opening balance of deferred revenue was $56 million, of which $52 million was recognized as revenue during the period.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Acquisition of Aryeo, Inc. On July 31, 2023, Zillow Group, Inc. acquired Aryeo, Inc., a software company which serves real estate photographers, for approximately $35 million in a combination of cash and our Class C capital stock, subject to certain adjustments. The purchase price will be allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the acquisition date. We are in the process of performing the procedures necessary to determine the purchase price allocation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include Zillow Group, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in Zillow Group, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 15, 2023. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2023 and our results of operations, comprehensive income (loss), and shareholders’ equity for the three and six month periods ended June 30, 2023 and 2022, and cash flows for the six month periods ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, for any interim period, or for any other future year. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. Unless indicated otherwise, the information in the Notes to Condensed Consolidated Financial Statements relates to our continuing operations and does not include the results of discontinued operations. There were no significant changes to the significant accounting policies disclosed in Note 2 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, except for the updates noted below. Such updates were made due to our determination that we have a single operating and reportable segment, as well as certain changes to how we disaggregate our revenue into categories, beginning in the first quarter of 2023.
Recoverability of Goodwill	Recoverability of Goodwill Goodwill is measured as the excess of consideration transferred for an acquired business over the net of the acquisition date fair values of the assets acquired and the liabilities assumed, and is not amortized. We assess the impairment of goodwill at the reporting unit level 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 initially perform a qualitative assessment to determine whether the existence of events or circumstances indicates that it is more likely than not that 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 if the carrying value of the reporting unit exceeds its fair value. Beginning in 2023, our chief operating decision maker, who is our chief executive officer, manages our business, makes operating decisions and evaluates operating performance on the basis of the company as a whole, instead of on a segment basis as he did prior to 2023. This aligns to our ongoing growth strategy and our intent to provide integrated customer solutions for all tasks and services related to facilitating real estate transactions. This resulted in revisions to the nature and substance of information regularly provided to and used by the chief operating decision maker. Accordingly, we have realigned our operating structure, resulting in a single operating and reportable segment. In line with this, the nature and substance of the information regularly provided to our segment manager similarly changed, and we determined that we have only one reporting unit. Because the segment change impacted the structure of our reporting units, we performed a qualitative goodwill impairment assessment immediately before and immediately after the change in reporting units. Based on those assessments, we determined it was more likely than not that the fair value of our current and legacy reporting units exceeded their respective carrying values. Therefore, we concluded that it was not necessary to perform a quantitative impairment test.
Revenue Recognition	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 generally 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 or (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. We disaggregate our revenue into the following categories: Residential, Rentals, Mortgages and Other, described below. Residential. Residential revenue includes revenue generated by our Premier Agent and new construction marketplaces, as well as revenue from the sale of advertising and business technology solutions for real estate professionals through StreetEasy for-sale product offerings and ShowingTime+. Our Premier Agent program offers a suite of marketing and 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 Agent partners receive access to a dashboard portal on our mobile application and website that provides individualized program performance analytics, our customer relationship management tool that captures detailed information about each contact made with a Premier Agent partner through our mobile and web platforms and our account management tools. The marketing and business technology products and services promised to Premier Agent partners are delivered over time, as the customer simultaneously receives and consumes the benefit of the performance obligations. Premier Agent advertising products, which include the delivery of validated customer 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 Agent partners. 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 Agent partners in each zip code using a market-based pricing method in consideration of the total amount spent by Premier Agent partners 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 partners’ share of voice. A Premier Agent partners’ 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 Agent partners in that zip code, and determines the proportion of consumer connections a Premier Agent partner 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 partner in that zip code decreases or increases accordingly. We primarily recognize revenue related to the Premier Agent 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 partner 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 partner 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 partner 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 advertising services in certain markets. Flex is available to select partners alongside our legacy market-based pricing model. With the Flex model, Premier Agent partners 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, generally within two years. 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. We 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 contract asset for our estimate of the consideration to which we will be entitled when the right to the consideration is conditional. When the right to consideration becomes unconditional, upon the close of a real estate transaction, we reclassify amounts to accounts receivable. 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. StreetEasy for-sale revenue primarily consists of our pay for performance pricing model available in the New York City market for which agents and brokers are provided with leads at no initial cost and pay a performance referral fee only when a real estate purchase transaction is closed with one of the leads. Under the StreetEasy pricing model, the transaction price represents variable consideration, as the amount to which we expect to be entitled varies based on the number of leads that convert into real estate transactions and the value of those transactions. We estimate variable consideration based on the expected number of closed transactions 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 transactions closed is subsequently resolved. We record a corresponding contract asset for the estimate of variable consideration for StreetEasy Experts when the right to the consideration is conditional. When the right to consideration becomes unconditional upon the close of a real estate transaction, we reclassify amounts to accounts receivable. Our dotloop real estate transaction management software-as-a-service solution is primarily billed in advance on a monthly basis and revenue is recognized ratably over the contract period which aligns to our satisfaction of performance obligations. 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. Rentals. Rentals revenue includes the sale of advertising and a suite of tools to rental professionals, landlords and other market participants under the Zillow and StreetEasy brands. Rentals revenue includes revenue generated by advertising sold to property managers, landlords and other rental professionals on a cost per lead, lease, listing or impression basis or for a fixed fee for certain advertising packages. 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, Zillow Lease Connect, 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. We record a corresponding contract asset for the estimate of variable consideration for Zillow Lease Connect when the right to the consideration is conditional. When the right to consideration becomes unconditional upon the execution of a lease, we reclassify amounts to accounts receivable. 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 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. Mortgages. 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 reflects origination fees on purchase or refinance mortgages and the corresponding sale, or expected future sale, of a loan. When an interest rate lock commitment (“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. Other. Other revenue includes revenue generated from display products, which consist 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.
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, 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, the presentation of discontinued and continuing operations, 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 health of the residential housing market and interest rate environment have introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In June 2022, the Financial Accounting Standards Board issued guidance to improve existing measurement and disclosure requirements for equity securities that are subject to a contractual sale restriction. This guidance is effective for interim and annual periods beginning after December 15, 2023 on a prospective basis, with early adoption permitted. We expect to adopt this guidance on January 1, 2024. We have not yet determined the impact the adoption of this guidance will have on our financial position, results of operations and cash flows.
Fair Value Measurements	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 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 IRLC 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 revenue in our condensed

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table presents the major classes of line items of the discontinued operations included in the condensed consolidated statements of operations for the periods presented (in millions): Three Months Ended Six Months Ended Revenue $ 505 $ 4,226 Cost of revenue 469 3,999 Gross profit 36 227 Operating expenses: Sales and marketing 19 152 Technology and development — 6 General and administrative 3 10 Restructuring costs 1 25 Total operating expenses 23 193 Income from discontinued operations 13 34 Loss on extinguishment of debt (7) (21) Other income 7 13 Interest expense — (36) Income (loss) from discontinued operations before income taxes 13 (10) Income tax expense (15) (1) Net loss from discontinued operations $ (2) $ (11) Net loss from discontinued operations per share: Basic $ (0.01) $ (0.04) Diluted $ (0.01) $ (0.04) The following table presents significant non-cash items and capital expenditures of the discontinued operations for the six months ended June 30, 2022 (in millions): Amortization of debt discount and debt issuance costs $ 21 Loss on debt extinguishment 21 Share-based compensation 15 Inventory valuation adjustment 9 Depreciation and amortization 7 Settlement of beneficial interests in securitizations (79)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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: June 30, 2023 December 31, 2022 Range 48% - 99% 47% - 100% Weighted-average 83% 87%
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 millions): June 30, 2023 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 1,394 $ 1,394 $ — $ — Commercial paper 115 115 Short-term investments: U.S. government treasury securities 1,529 — 1,529 — Corporate bonds 160 — 160 — Commercial paper 42 — 42 — U.S. government agency securities 14 — 14 — Mortgage origination-related: Mortgage loans held for sale 73 — 73 — IRLCs - other current assets 1 — — 1 Forward contracts - other current assets 1 — 1 — Total $ 3,329 $ 1,394 $ 1,934 $ 1 December 31, 2022 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 1,338 $ 1,338 $ — $ — Short-term investments: U.S. government treasury securities 1,716 — 1,716 — Corporate bonds 161 — 161 — Commercial paper 10 — 10 — U.S. government agency securities 9 — 9 — Mortgage origination-related: Mortgage loans held for sale 41 — 41 — Forward contracts - other current assets 1 — 1 — Total $ 3,276 $ 1,338 $ 1,938 $ —

Cash and Cash Equivalents, In_2

Cash and Cash Equivalents, Investments and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2023
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 table presents the amortized cost and estimated fair market value of our cash and cash equivalents, investments, and restricted cash as of the dates presented (in millions): June 30, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Cash $ 57 $ 57 $ 128 $ 128 Cash equivalents: Money market funds 1,394 1,394 1,338 1,338 Commercial paper 115 115 — — Short-term investments: U.S. government treasury securities (1) 1,547 1,529 1,731 1,716 Corporate bonds 160 160 162 161 Commercial paper 42 42 10 10 U.S. government agency securities 14 14 9 9 Restricted cash 2 2 2 2 Total $ 3,331 $ 3,313 $ 3,380 $ 3,364 (1) The estimated fair market value includes $18 million and $15 million of gross unrealized losses as of June 30, 2023 and December 31, 2022, respectively.
Debt Securities, Available-for-sale	The following table presents available-for-sale investments by contractual maturity date as of June 30, 2023 (in millions): Amortized Cost Estimated Fair Due in one year or less $ 718 $ 714 Due after one year 1,045 1,031 Total $ 1,763 $ 1,745

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2023
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 millions): June 30, 2023 December 31, 2022 Website development costs $ 378 $ 291 Leasehold improvements 90 90 Office equipment, furniture and fixtures 23 24 Computer equipment 18 18 Construction-in-progress 1 7 Property and equipment 510 430 Less: accumulated amortization and depreciation (201) (159) Property and equipment, net $ 309 $ 271

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	The following tables present the detail of intangible assets as of the dates presented (in millions): June 30, 2023 Cost Accumulated Amortization Net Software $ 72 $ (21) $ 51 Customer relationships 58 (14) 44 Trade names and trademarks 45 (17) 28 Developed technology 49 (22) 27 Purchased content 11 (8) 3 Total $ 235 $ (82) $ 153 December 31, 2022 Cost Accumulated Amortization Net Customer relationships $ 59 $ (10) $ 49 Software 54 (15) 39 Developed technology 49 (15) 34 Trade names and trademarks 45 (15) 30 Purchased content 8 (6) 2 Total $ 215 $ (61) $ 154

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
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 millions): June 30, 2023 December 31, 2022 Credit facilities Master repurchase agreements: Atlas Securitized Products, L.P. (1) $ 19 $ 23 JPMorgan Chase Bank, N.A. 8 — Citibank, N.A. — 3 Warehouse line of credit: Comerica Bank 39 11 Total credit facilities 66 37 Convertible senior notes 1.375% convertible senior notes due 2026 496 495 2.75% convertible senior notes due 2025 561 560 0.75% convertible senior notes due 2024 606 605 Total convertible senior notes 1,663 1,660 Total debt $ 1,729 $ 1,697 (1) Agreement was reassigned from Credit Suisse AG, Cayman Islands (“Credit Suisse”) on May 25, 2023. See Credit Facilities section below for further information.
Schedule of Revolving Credit Facilities and Lines of Credit	The following table summarizes certain details related to our outstanding master repurchase agreements and warehouse line of credit as of June 30, 2023 (in millions, except interest rates): Lender Maturity Date Maximum Borrowing Capacity Weighted-Average Interest Rate Atlas Securitized Products, L.P. March 11, 2024 $ 50 7.07 % JPMorgan Chase Bank, N.A. May 30, 2024 100 6.75 % Comerica Bank December 29, 2023 50 7.05 % Total $ 200
Schedule 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 millions, except interest rates): June 30, 2023 December 31, 2022 Maturity Date Aggregate Principal Amount Stated Interest Rate Effective Interest Rate Semi-Annual Interest Payment Dates Unamortized Debt Issuance Costs Fair Value Unamortized Debt Issuance Costs Fair Value September 1, 2026 $ 499 1.375 % 1.57 % March 1; September 1 $ 3 $ 647 $ 4 $ 504 May 15, 2025 565 2.75 % 3.20 % May 15; November 15 4 601 5 531 September 1, 2024 608 0.75 % 1.02 % March 1; September 1 2 774 3 629 Total $ 1,672 $ 9 $ 2,022 $ 12 $ 1,664 Three Months Ended Three Months Ended Maturity Date Contractual Coupon Interest Amortization of Debt Issuance Costs Interest Expense Contractual Coupon Interest Amortization of Debt Issuance Costs Interest Expense September 1, 2026 $ 2 $ 1 $ 3 $ 1 $ — $ 1 May 15, 2025 4 1 5 4 1 5 September 1, 2024 1 — 1 2 — 2 Total $ 7 $ 2 $ 9 $ 7 $ 1 $ 8 Six Months Ended Six Months Ended Maturity Date Contractual Coupon Interest Amortization of Debt Issuance Costs Interest Expense Contractual Coupon Interest Amortization of Debt Issuance Costs Interest Expense September 1, 2026 $ 4 $ 1 $ 5 $ 3 $ — $ 3 May 15, 2025 8 1 9 8 1 9 September 1, 2024 2 1 3 3 1 4 Total $ 14 $ 3 $ 17 $ 14 $ 2 $ 16 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 The following table summarizes certain details related to the capped call confirmations with respect to 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 %

Share Repurchase Authorizatio_2

Share Repurchase Authorizations (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Class of Treasury Stock	The following table summarizes, on a settlement date basis, our Class A common stock and Class C capital stock repurchase activity under the Repurchase Authorizations for the periods presented (in millions, except share data, which are presented in thousands, and per share amounts): Three Months Ended Three Months Ended Class A common stock Class C capital stock Class A common stock Class C capital stock Shares repurchased 496 2,781 1,165 5,272 Weighted-average price per share $ 45.18 $ 45.86 $ 38.31 $ 38.91 Total purchase price $ 23 $ 127 $ 44 $ 205 Six Months Ended Six Months Ended Class A common stock Class C capital stock Class A common stock Class C capital stock Shares repurchased 810 4,479 2,577 9,718 Weighted-average price per share $ 44.12 $ 44.76 $ 49.30 $ 48.40 Total purchase price $ 36 $ 200 $ 127 $ 470

Share-Based Awards (Tables)

Share-Based Awards (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Option Award Activity	The following table summarizes option award activity for the six months ended June 30, 2023: Number Weighted- Weighted- Aggregate Outstanding at January 1, 2023 28,598 $ 44.90 7.08 $ 15 Granted 6,287 42.16 Exercised (823) 37.60 Forfeited or cancelled (671) 49.94 Outstanding at June 30, 2023 33,391 44.46 7.21 276 Vested and exercisable at June 30, 2023 18,805 44.88 5.94 160
Fair Value of Options Granted, Estimated at Date of Grant Using Black Scholes Merton Option Pricing Model	The following assumptions were used to determine the fair value of all option awards granted for the periods presented: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected volatility 61% 60% 55% - 61% 55% - 60% Risk-free interest rate 3.75% 2.97% 3.75% - 4.04% 1.94% - 2.97% Weighted-average expected life 5.25 years 5.00 years 5.25 - 6.50 years 4.50 - 6.00 years Weighted-average fair value of options granted $25.81 $17.82 $23.76 $24.60
Summary of Restricted Stock Units Activity	The following table summarizes activity for restricted stock units for the six months ended June 30, 2023: Restricted Weighted-Average Grant Date Fair Value Unvested outstanding at January 1, 2023 10,930 $ 46.85 Granted 7,331 42.49 Vested (2,921) 47.16 Forfeited (512) 46.21 Unvested outstanding at June 30, 2023 14,828 44.66
Effects of Share Based Compensation in Consolidated Statements of Operations	The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of revenue $ 4 $ 4 $ 8 $ 7 Sales and marketing 19 14 35 25 Technology and development 42 38 81 66 General and administrative 65 43 109 78 Share-based compensation - continuing operations 130 99 233 176 Share-based compensation - discontinued operations — 3 — 17 Total share-based compensation $ 130 $ 102 $ 233 $ 193

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share	For the periods presented, the following table reconciles the denominators used in the basic and diluted net income (loss) and net income (loss) from continuing operations per share calculations (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Denominator for basic calculation 233,629 243,942 234,023 246,229 Effect of dilutive securities: Option awards — 964 — 1,757 Unvested restricted stock units — 257 — 558 Denominator for dilutive calculation 233,629 245,163 234,023 248,544 For the periods presented, the following Class A common stock and Class C capital stock equivalents were excluded from the calculations of diluted net income (loss) and net income (loss) from continuing operations per share because their effect would have been antidilutive (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Weighted-average Class A common stock and Class C capital stock option awards outstanding 22,315 207 20,045 2,650 Weighted-average Class A common stock and Class C capital stock restricted stock units outstanding 15,366 7,357 13,746 5,284 Class C capital stock issuable upon conversion of the Notes 33,855 33,855 33,855 33,855 Total Class A common stock and Class C capital stock equivalents 71,536 41,419 67,646 41,789

Revenue and Contract Balances (

Revenue and Contract Balances (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by category for the periods presented (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Residential $ 380 $ 392 $ 741 $ 810 Rentals 91 71 165 132 Mortgages 24 29 50 75 Other 11 12 19 23 Total revenue $ 506 $ 504 $ 975 $ 1,040

Discontinued Operations - Major

Discontinued Operations - Major Line Items Included in Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Net loss from discontinued operations	$ 0	$ (2)	$ 0	$ (11)
Discontinued Operations, Disposed Of By Means Other Than Sale, Wind Down | Zillow Offers Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		505		4,226
Cost of revenue		469		3,999
Gross profit		36		227
Operating expenses:
Sales and marketing		19		152
Technology and development		0		6
General and administrative		3		10
Restructuring costs		1		25
Total operating expenses		23		193
Income from discontinued operations		13		34
Loss on extinguishment of debt		(7)		(21)
Other income		7		13
Interest expense		0		(36)
Income (loss) from discontinued operations before income taxes		13		(10)
Income tax expense		(15)		(1)
Net loss from discontinued operations		$ (2)		$ (11)
Net loss from discontinued operations per share:
Basic (usd per share)		$ (0.01)		$ (0.04)
Diluted (usd per share)		$ (0.01)		$ (0.04)

Discontinued Operations - Non-C

Discontinued Operations - Non-Cash Items and Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement of beneficial interests in securitizations		$ 0	$ (79)
Discontinued Operations, Disposed Of By Means Other Than Sale, Wind Down | Zillow Offers Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amortization of debt discount and debt issuance costs			21
Loss on debt extinguishment	$ 7		21
Share-based compensation			15
Inventory valuation adjustment			9
Depreciation and amortization			$ 7

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Employee Severance - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 2,000,000	$ 0	$ 2,000,000	$ 14,000,000
Cumulative restructuring charges		$ 23,000,000		$ 23,000,000

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - IRLCs - Not Designated as Hedging Instrument	Jun. 30, 2023	Dec. 31, 2022
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value rates, IRLCs	0.48	0.47
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value rates, IRLCs	0.99	1
Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value rates, IRLCs	0.83	0.87

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Mortgage Loans Held For Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 118	$ 62
IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 155	$ 90

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 1,745
Mortgage loans held for sale	73	$ 41
Total	3,329	3,276
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Total	1,394	1,338
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	73	41
Total	1,934	1,938
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Total	1	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,394	1,338
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,394	1,338
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
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	115
Short-term investments	42	10
Commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Short-term investments	0	0
Commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	115
Short-term investments	42	10
Commercial paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Short-term investments	0	0
U.S. government treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,529	1,716
U.S. government treasury securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
U.S. government treasury securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,529	1,716
U.S. government treasury securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	160	161
Corporate bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Corporate bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	160	161
Corporate bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	14	9
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	14	9
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
IRLCs | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contracts - other current assets	1
IRLCs | Level 1 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contracts - other current assets	0
IRLCs | Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contracts - other current assets	0
IRLCs | Level 3 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contracts - other current assets	1
Forward contracts - other current assets | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contracts - other current assets	1	1
Forward contracts - other current assets | Level 1 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contracts - other current assets	0	0
Forward contracts - other current assets | Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contracts - other current assets	1	1
Forward contracts - other current assets | Level 3 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contracts - other current assets	$ 0	$ 0

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 Millions	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents	$ 1,566	$ 1,466
Short-term investments:
Amortized Cost	1,763
Estimated Fair Market Value	1,745
Restricted cash	2	2
Estimated Fair Market Value, Total	3,313	3,364
Cash, Cash Equivalents, and Short-Term Investments, Amortized Cost	3,331	3,380
U.S. government treasury securities
Short-term investments:
Amortized Cost	1,547	1,731
Estimated Fair Market Value	1,529	1,716
Corporate bonds
Short-term investments:
Amortized Cost	160	162
Estimated Fair Market Value	160	161
Commercial paper
Short-term investments:
Amortized Cost	42	10
Estimated Fair Market Value	42	10
U.S. government agency securities
Short-term investments:
Amortized Cost	14	9
Estimated Fair Market Value	14	9
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	18	15
Cash
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents	57	128
Money market funds
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents	1,394	1,338
Commercial paper
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents	$ 115	$ 0

Cash and Cash Equivalents, In_4

Cash and Cash Equivalents, Investments and Restricted Cash - Available-for-sale Investments By Contractual Maturity Date (Details) $ in Millions	Jun. 30, 2023 USD ($)
Amortized Cost
Due in one year or less	$ 718
Due after one year	1,045
Amortized Cost	1,763
Estimated Fair Market Value
Due in one year or less	714
Due after one year	1,031
Estimated Fair Market Value	$ 1,745

Property and Equipment, net - D

Property and Equipment, net - Detail of Property and Equipment (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ 510	$ 430
Less: accumulated amortization and depreciation	(201)	(159)
Property and equipment, net	309	271
Website development costs
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	378	291
Leasehold improvements
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	90	90
Office equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	23	24
Computer equipment
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	18	18
Construction-in-progress
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ 1	$ 7

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Amortization and depreciation expense related to property and equipment other than website development costs	$ 6	$ 6	$ 12	$ 13
Capitalization of website development costs	50	34	95	67
Amortization of website development costs and intangible assets included in technology and development	12	17	24	36
Technology and development | Software Development
Property, Plant and Equipment [Line Items]
Amortization of website development costs and intangible assets included in technology and development	$ 27	$ 18	$ 49	$ 31

Intangible Assets, net - Intang

Intangible Assets, net - Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost	$ 235	$ 215
Accumulated Amortization	(82)	(61)
Net	153	154
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Cost	72	54
Accumulated Amortization	(21)	(15)
Net	51	39
Software
Finite-Lived Intangible Assets [Line Items]
Cost	58	59
Accumulated Amortization	(14)	(10)
Net	44	49
Developed technology
Finite-Lived Intangible Assets [Line Items]
Cost	45	45
Accumulated Amortization	(17)	(15)
Net	28	30
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	49	49
Accumulated Amortization	(22)	(15)
Net	27	34
Purchased content
Finite-Lived Intangible Assets [Line Items]
Cost	11	8
Accumulated Amortization	(8)	(6)
Net	$ 3	$ 2

Intangible Assets, net - Additi

Intangible Assets, net - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of website development costs and intangible assets included in technology and development	$ 12,000,000	$ 17,000,000	$ 24,000,000	$ 36,000,000
Non-cash impairment charge	$ 0	$ 0	$ 0	$ 0

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Value of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 1,729	$ 1,697
Convertible senior notes
Debt Instrument [Line Items]
Total convertible senior notes	1,663	1,660
Convertible senior notes | 1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Total convertible senior notes	$ 496	495
Stated Interest Rate	1.375%
Convertible senior notes | 2.75% convertible senior notes due 2025
Debt Instrument [Line Items]
Total convertible senior notes	$ 561	560
Stated Interest Rate	2.75%
Convertible senior notes | 0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Total convertible senior notes	$ 606	605
Stated Interest Rate	0.75%
Credit facilities
Debt Instrument [Line Items]
Warehouse line of credit	$ 66	37
Atlas Securitized Products, L.P. | Credit facilities
Debt Instrument [Line Items]
Repurchase agreements	19	23
JPMorgan Chase Bank, N.A. | Credit facilities
Debt Instrument [Line Items]
Repurchase agreements	8	0
Citibank, N.A. | Credit facilities
Debt Instrument [Line Items]
Repurchase agreements	0	3
Comerica Bank | Line of Credit | Credit facilities
Debt Instrument [Line Items]
Warehouse line of credit	$ 39	$ 11

Debt - Mortgages Segment, Sched

Debt - Mortgages Segment, Schedule of Warehouse Lines of Credit (Details) - Line of Credit - Credit facilities - USD ($)	Jun. 30, 2023	Jun. 01, 2023
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 200,000,000
Atlas Securitized Products, L.P.
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 50,000,000
Weighted-Average Interest Rate	7.07%
JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 100,000,000	$ 100,000,000
Weighted-Average Interest Rate	6.75%
Comerica Bank
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 50,000,000
Weighted-Average Interest Rate	7.05%

Debt - Credit Facilities - Narr

Debt - Credit Facilities - Narrative (Detail) - Credit facilities - USD ($)	Jun. 30, 2023	Jun. 09, 2023	Jun. 01, 2023	Dec. 31, 2022
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Short-term debt	8,000,000			$ 0
JPMorgan Chase Bank, N.A. | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000		$ 100,000,000
Repurchase agreement committed amount			$ 25,000,000
Credit Suisse and Citibank, N.A
Debt Instrument [Line Items]
Short-term debt	28,000,000			28,000,000
Citibank, N.A.
Debt Instrument [Line Items]
Short-term debt	$ 0			$ 3,000,000
Citibank, N.A. | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000

Debt - Schedule of Convertible

Debt - Schedule of Convertible Senior Notes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Interest Expense	$ 9,000,000	$ 9,000,000	$ 18,000,000	$ 17,000,000
Convertible senior notes
Debt Instrument [Line Items]
Aggregate Principal Amount	1,672,000,000		1,672,000,000
Unamortized Debt Issuance Costs	9,000,000		9,000,000		$ 12,000,000
Fair Value	2,022,000,000		2,022,000,000		1,664,000,000
Contractual Coupon Interest	7,000,000	7,000,000	14,000,000	14,000,000
Amortization of Debt Issuance Costs	2,000,000	1,000,000	3,000,000	2,000,000
Interest Expense	9,000,000	8,000,000	17,000,000	16,000,000
Convertible senior notes | 2026 Notes
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 499,000,000		$ 499,000,000
Stated Interest Rate	1.375%		1.375%
Effective Interest Rate	1.57%		1.57%
Unamortized Debt Issuance Costs	$ 3,000,000		$ 3,000,000		4,000,000
Fair Value	647,000,000		647,000,000		504,000,000
Contractual Coupon Interest	2,000,000	1,000,000	4,000,000	3,000,000
Amortization of Debt Issuance Costs	1,000,000	0	1,000,000	0
Interest Expense	3,000,000	1,000,000	5,000,000	3,000,000
Convertible senior notes | 2.75% convertible senior notes due 2025
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 565,000,000		$ 565,000,000
Stated Interest Rate	2.75%		2.75%
Effective Interest Rate	3.20%		3.20%
Unamortized Debt Issuance Costs	$ 4,000,000		$ 4,000,000		5,000,000
Fair Value	601,000,000		601,000,000		531,000,000
Contractual Coupon Interest	4,000,000	4,000,000	8,000,000	8,000,000
Amortization of Debt Issuance Costs	1,000,000	1,000,000	1,000,000	1,000,000
Interest Expense	5,000,000	5,000,000	9,000,000	9,000,000
Convertible senior notes | 0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 608,000,000		$ 608,000,000
Stated Interest Rate	0.75%		0.75%
Effective Interest Rate	1.02%		1.02%
Unamortized Debt Issuance Costs	$ 2,000,000		$ 2,000,000		3,000,000
Fair Value	774,000,000		774,000,000		$ 629,000,000
Contractual Coupon Interest	1,000,000	2,000,000	2,000,000	3,000,000
Amortization of Debt Issuance Costs	0	0	1,000,000	1,000,000
Interest Expense	$ 1,000,000	$ 2,000,000	$ 3,000,000	$ 4,000,000

Debt - Summary of Conversion an

Debt - Summary of Conversion and Redemption (Details) - Convertible senior notes	6 Months Ended
	Jun. 30, 2023 $ / 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 - Capped Call Confirmation

Debt - Capped Call Confirmations (Details) - Convertible senior notes	6 Months Ended
	Jun. 30, 2023 $ / shares
2026 Notes
Debt Instrument [Line Items]
Initial cap price (usd per share)	$ 80.5750
Cap Price Premium	150%
0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Initial cap price (usd per share)	$ 72.5175
Cap Price Premium	125%
2023 Notes
Debt Instrument [Line Items]
Initial cap price (usd per share)	$ 105.45
Cap Price Premium	85%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes Narrative (Details) - Convertible Senior Notes due 2023, 2024, 2025 and 2026 - Convertible senior notes	6 Months Ended
	Jun. 30, 2023 day
Debt Instrument [Line Items]
Debt instrument, convertible threshold percentage	130%
Debt instrument, convertible threshold trading days	20
Debt instrument, threshold consecutive trading days	30

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule Of Income Tax [Line Items]
Income tax expense (benefit)	$ 1	$ (9)	$ 1	$ (4)
Federal
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards					$ 1,800
State
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards					$ 63

Share Repurchase Authorizatio_3

Share Repurchase Authorizations - Additional Information (Detail) - USD ($) $ in Millions	Jul. 31, 2023	Jul. 30, 2023	Jun. 30, 2023
Class of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount			$ 264
Subsequent Event
Class of Stock [Line Items]
Stock repurchase program, authorized amount	$ 2,500	$ 1,800
Stock repurchase program, remaining authorized repurchase amount	1,000
Stock repurchase program, additional authorized amount	$ 750

Share Repurchase Authorizatio_4

Share Repurchase Authorizations - Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class A common stock
Class of Stock [Line Items]
Shares repurchased (in shares)	496	1,165	810	2,577
Weighted-average price per share (in USD per share)	$ 45.18	$ 38.31	$ 44.12	$ 49.30
Total purchase price	$ 23	$ 44	$ 36	$ 127
Class C capital stock
Class of Stock [Line Items]
Shares repurchased (in shares)	2,781	5,272	4,479	9,718
Weighted-average price per share (in USD per share)	$ 45.86	$ 38.91	$ 44.76	$ 48.40
Total purchase price	$ 127	$ 205	$ 200	$ 470

Share-Based Awards - Additional

Share-Based Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	4 years
Option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized cost of unvested share-based compensation awards		$ 426
Unvested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost		$ 604

Share-Based Awards - Summary of

Share-Based Awards - Summary of Option Award (Detail) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares Subject to Existing Options (in thousands)
Beginning Balance (in shares) | shares	28,598
Granted (in shares) | shares	6,287
Exercised (in shares) | shares	(823)
Forfeited or cancelled (in shares) | shares	(671)
Ending Balance (in shares) | shares	33,391	28,598
Vested and exercisable (in shares) | shares	18,805
Weighted- Average Exercise Price Per Share
Beginning Balance (usd per share) | $ / shares	$ 44.90
Granted (usd per share) | $ / shares	42.16
Exercised (usd per share) | $ / shares	37.60
Forfeited or cancelled (usd per share) | $ / shares	49.94
Ending Balance (usd per share) | $ / shares	44.46	$ 44.90
Vested and exercisable (usd per share) | $ / shares	$ 44.88
Weighted- Average Remaining Contractual Life (Years)
Weighted-Average Remaining Contractual Life, Outstanding	7 years 2 months 15 days	7 years 29 days
Weighted-Average Remaining Contractual Life, Vested and exercisable	5 years 11 months 8 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding | $	$ 276	$ 15
Aggregate Intrinsic Value, Vested and exercisable | $	$ 160

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	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	61%	60%
Weighted-average fair value of options granted (usd per share)	$ 25.81	$ 17.82	$ 23.76	$ 24.60
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			55%	55%
Risk-free interest rate	3.75%	2.97%	3.75%	1.94%
Weighted-average expected life	5 years 3 months	5 years	5 years 3 months	4 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			61%	60%
Risk-free interest rate			4.04%	2.97%
Weighted-average expected life			6 years 6 months	6 years

Share-Based Awards - Summary _2

Share-Based Awards - Summary of Restricted Stock Units Activity (Detail) - Unvested restricted stock units shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock Units (in thousands)
Beginning balance (in shares) | shares	10,930
Granted (in shares) | shares	7,331
Vested (in shares) | shares	(2,921)
Forfeited (in shares) | shares	(512)
Ending balance (in shares) | shares	14,828
Weighted-Average Grant Date Fair Value
Unvested outstanding, beginning balance (usd per share) | $ / shares	$ 46.85
Granted (usd per share) | $ / shares	42.49
Vested (usd per share) | $ / shares	47.16
Forfeited (usd per share) | $ / shares	46.21
Unvested outstanding, ending balance (usd per share) | $ / shares	$ 44.66

Share-Based Awards - Effects of

Share-Based Awards - Effects of Share Based Compensation in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 130	$ 102	$ 233	$ 193
Share-based compensation - continuing operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	130	99	233	176
Share-based compensation - discontinued operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	0	3	0	17
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	4	4	8	7
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	19	14	35	25
Technology and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	42	38	81	66
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 65	$ 43	$ 109	$ 78

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Denominators Used in Basic and Diluted Per Share Calculations (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Denominator for basic calculation (in shares)	233,629	243,942	234,023	246,229
Denominator for dilutive calculation (in shares)	233,629	245,163	234,023	248,544
Option awards
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities, share-based payment arrangements (in shares)	0	964	0	1,757
Unvested restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities, share-based payment arrangements (in shares)	0	257	0	558

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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)	71,536	41,419	67,646	41,789
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)	22,315	207	20,045	2,650
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)	15,366	7,357	13,746	5,284
Common Class C | Class C capital stock issuable upon conversion of the Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class A common stock and Class C capital stock equivalents (in shares)	33,855	33,855	33,855	33,855

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)

Oct. 28, 2022 patent

Sep. 14, 2022 claim

Aug. 31, 2022 patent

Aug. 01, 2022 patent

Jul. 15, 2022 patent

Mar. 02, 2022 patent

Jan. 06, 2022 claim

Jul. 23, 2021 patent

Mar. 22, 2021 patent

Mar. 15, 2021 patent

Sep. 18, 2020 patent petition

Jul. 21, 2020 patent

Sep. 17, 2019 patent

Feb. 28, 2018 claim

Feb. 16, 2018 claim

Feb. 05, 2018 claim

Sep. 30, 2017 claim

Other Commitments [Line Items]

Number of patents infringed

3

2

3

5

7

Number of petitions filed

1

4

Number of patents in favor

2

Number of petitions previously denied

2

Number of patents vacated

1

Number of remaining inter parties review

2

Loss contingency, number of patents invalid

1

Loss contingency, number of appeals filed on dismissed patents

2

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

3

4

2

2

Revenue and Contract Balances -

Revenue and Contract Balances - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 506	$ 504	$ 975	$ 1,040
Residential
Disaggregation of Revenue [Line Items]
Total revenue	380	392	741	810
Rentals
Disaggregation of Revenue [Line Items]
Total revenue	91	71	165	132
Mortgages
Disaggregation of Revenue [Line Items]
Total revenue	24	29	50	75
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 11	$ 12	$ 19	$ 23

Revenue and Contract Balances_2

Revenue and Contract Balances - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract asset	$ 90		$ 90			$ 71
Revenue recognized, recorded in deferred revenue as of prior period	46	$ 52	42	$ 49
Deferred revenue	$ 49	$ 52	$ 49	$ 52	$ 49	$ 44	$ 56	$ 51

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Jul. 31, 2023 USD ($)
Arveo, Inc. | Subsequent Event
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 35