Zillow (Z) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 24, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 36
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	2024
Document Fiscal Period Focus	Q1
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		55,205,739
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		174,762,944

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Amortized Cost	$ 1,439	$ 1,492
Short-term investments	1,478	1,318
Accounts receivable, net	100	96
Mortgage loans held for sale	132	100
Prepaid expenses and other current assets	170	140
Restricted cash	3	3
Total current assets	3,322	3,149
Contract cost assets	23	23
Property and equipment, net	343	328
Right of use assets	66	73
Goodwill	2,817	2,817
Intangible assets, net	232	241
Other assets	20	21
Total assets	6,823	6,652
Current liabilities:
Accounts payable	34	28
Accrued expenses and other current liabilities	104	107
Accrued compensation and benefits	47	47
Borrowings under credit facilities	123	93
Deferred revenue	58	52
Lease liabilities, current portion	27	37
Convertible senior notes, current portion	608	607
Total current liabilities	1,001	971
Lease liabilities, net of current portion	92	95
Convertible senior notes, net of current portion	1,001	1,000
Other long-term liabilities	64	60
Total liabilities	2,158	2,126
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock, $0.0001 par value; authorized — 30,000,000 shares; no shares issued and outstanding	0	0
Additional paid-in capital	6,469	6,301
Accumulated other comprehensive loss	(11)	(5)
Accumulated deficit	(1,793)	(1,770)
Total shareholders’ equity	4,665	4,526
Total liabilities and shareholders’ equity	6,823	6,652
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	Mar. 31, 2024	Dec. 31, 2023
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)	55,205,739	55,282,702
Common stock, outstanding (in shares)	55,205,739	55,282,702
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)	174,752,848	171,853,566
Common stock, outstanding (in shares)	174,752,848	171,853,566

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 529	$ 469
Cost of revenue	123	92
Gross profit	406	377
Operating expenses:
Sales and marketing	166	156
Technology and development	147	137
General and administrative	132	123
Impairment costs	6	6
Total operating expenses	451	422
Loss from operations	(45)	(45)
Other income, net	33	32
Interest expense	(9)	(9)
Loss before income taxes	(21)	(22)
Income tax expense	(2)	0
Net loss	$ (23)	$ (22)
Net loss per share - basic (usd per share)	$ (0.10)	$ (0.09)
Net loss per share - diluted (usd per share)	$ (0.10)	$ (0.09)
Weighted-average shares outstanding - basic (in shares)	234,695	234,425
Weighted-average shares outstanding - diluted (in shares)	234,695	234,425

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (23)	$ (22)
Other comprehensive income (loss):
Net unrealized gains (losses) on investments	(6)	12
Total other comprehensive income (loss)	(6)	12
Comprehensive loss	$ (29)	$ (10)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Class A Common Stock, Class B Common Stock and Class C Capital Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
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]
Issuance of Class C capital stock upon exercise of stock options	13		13
Issuance of Class C capital stock upon exercise of stock options (in shares)		373
Vesting of restricted stock units (in shares)		1,365
Share-based compensation expense	121		121
Repurchases of Class A common stock and Class C capital stock	(86)		(86)
Repurchases of Class A common stock and class C capital stock (in shares)		(2,012)
Net loss	(22)			(22)
Other comprehensive loss	12				12
Ending balance at Mar. 31, 2023	4,520	$ 0	6,157	(1,634)	(3)
Ending balance (in shares) at Mar. 31, 2023		233,994
Beginning balance at Dec. 31, 2023	4,526	$ 0	6,301	(1,770)	(5)
Beginning balance (in shares) at Dec. 31, 2023		233,354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class C capital stock upon exercise of stock options	$ 50		50
Issuance of Class C capital stock upon exercise of stock options (in shares)	1,309	1,309
Vesting of restricted stock units (in shares)		1,724
Share-based compensation expense	$ 127		127
Repurchases of Class A common stock and Class C capital stock	(9)		(9)
Repurchases of Class A common stock and class C capital stock (in shares)		(211)
Net loss	(23)			(23)
Other comprehensive loss	(6)				(6)
Ending balance at Mar. 31, 2024	$ 4,665	$ 0	$ 6,469	$ (1,793)	$ (11)
Ending balance (in shares) at Mar. 31, 2024		236,176

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (23)	$ (22)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	56	40
Share-based compensation	108	103
Amortization of right of use assets	3	6
Amortization of contract cost assets	5	6
Amortization of debt issuance costs	2	1
Impairment costs	6	6
Accretion of bond discount	(8)	(10)
Other adjustments to reconcile net loss to net cash provided by operating activities	1	2
Changes in operating assets and liabilities:
Accounts receivable	(4)	(3)
Mortgage loans held for sale	(32)	(7)
Prepaid expenses and other assets	(30)	(27)
Contract cost assets	(5)	(6)
Lease liabilities	(13)	(8)
Accounts payable	6	0
Accrued expenses and other current liabilities	0	10
Accrued compensation and benefits	0	(3)
Deferred revenue	6	5
Other long-term liabilities	2	0
Net cash provided by operating activities	80	93
Investing activities
Proceeds from maturities of investments	139	433
Purchases of investments	(297)	(490)
Purchases of property and equipment	(39)	(31)
Purchases of intangible assets	(7)	(9)
Net cash used in investing activities	(204)	(97)
Financing activities
Net borrowings on warehouse line of credit and repurchase agreements	30	5
Repurchases of Class A common stock and Class C capital stock	(9)	(86)
Proceeds from exercise of stock options	50	13
Net cash provided by (used in) financing activities	71	(68)
Net decrease in cash, cash equivalents and restricted cash during period	(53)	(72)
Cash, cash equivalents and restricted cash at beginning of period	1,495	1,468
Cash, cash equivalents and restricted cash at end of period	1,442	1,396
Noncash transactions:
Capitalized share-based compensation	19	18
Write-off of fully depreciated property and equipment	$ 9	$ 7

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
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, dedicated partners and agents, and easier buying, selling, financing and renting experiences. Our portfolio of affiliates, subsidiaries and brands includes Zillow Premier Agent, Zillow Home Loans, our mortgage originations business and 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 ShowingTime+, Spruce and Follow Up Boss. Certain Significant Risks and Uncertainties We operate in a dynamic industry and, accordingly, can be affected by a variety of factors, which are uncertain and difficult to predict. 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 industry changes, including as a result of certain or future class action lawsuits or government investigations; our ability to manage advertising and product inventory and pricing and maintain relationships with our real estate partners; our ability to comply with current and future rules and requirements promulgated by the National Association of REALTORS®, multiple listing services, or other real estate industry groups or governing bodies, and to maintain or establish relationships with listing 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 and affiliate lender, 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, engage, and retain a highly skilled, remote workforce; protection of Zillow Group’s information and systems against security breaches or disruptions in operations; reliance on third-party services to support critical functions of our business; protection of our brand and intellectual property; and changes in laws or government regulation affecting our business, among other things.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 GAAP and applicable rules and regulations of the 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, 2023. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. 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 March 31, 2024 and our results of operations, comprehensive loss, shareholders’ equity, and cash flows for the three month periods ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, for any interim period, or for any other future year. 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, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations, including the initial and subsequent fair value measurements of assets (primarily intangible assets), liabilities and contingent consideration, 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 housing market and broader economy have introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others. Recently Adopted Accounting Standards In June 2022, the FASB 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 adopted this guidance on January 1, 2024, which did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued guidance to improve existing disclosure requirements for segment reporting, primarily through enhanced disclosures about significant segment expenses and new disclosures requirements applicable to entities with a single reportable segment. This guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, on a retrospective basis. We expect to adopt this guidance for the annual period ending December 31, 2024 and have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements. In December 2023, the FASB issued guidance to enhance the income tax rate reconciliation disclosure requirements and to provide clarity on disclosure requirements for income taxes. This guidance is effective for annual periods beginning after December 15, 2024, and can be applied on a prospective or retrospective basis, with early adoption permitted. We expect to adopt this guidance for the annual period ending December 31, 2025 using the retrospective approach and have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments 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 that 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). Contingent consideration — In December 2023, Zillow Group acquired Follow Up Boss, a customer relationship management system for real estate professionals, for $399 million in cash, net of cash acquired, and contingent consideration of up to $100 million, payable over a three-year period upon achievement of certain performance metrics. The fair value of the contingent consideration is estimated using a Monte Carlo simulation which considers the probabilities of the achievement of certain performance metrics (Level 3). The discount rates used in our valuation of contingent consideration are based on our estimated cost of debt and are directly related to the fair value of contingent consideration. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Conversely, a decrease in the discount rate, in isolation, would result in an increase in the fair value measurement. The probabilities of achieving the relevant performance metrics used in our valuation of contingent consideration are directly related to the fair value of contingent consideration, as an increase in the probability, in isolation, would result in an increase in the fair value measurement. Conversely, a decrease in the probability, in isolation, would result in a decrease in the fair value measurement. During the three months ended March 31, 2024, there were no material changes in the unobservable inputs used in determining the fair value of contingent consideration included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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 canceled 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: March 31, 2024 December 31, 2023 Range 61% - 100% 45% - 100% Weighted-average 87% 85% We manage our interest rate risk related to IRLCs and mortgage loans held for sale through the use of derivative instruments, generally forward contracts on MBSs, which are commitments to either purchase or sell a financial instrument at a future date for a specified price, and mandatory loan commitments, which are an obligation by an investor to buy loans at a specified price within a specified time period. We do not enter into or hold derivatives for trading or speculative purposes, and our derivatives are not designated as hedging instruments. Changes in the fair value of our derivative financial instruments are recognized in revenue in our condensed consolidated statements of operations. The following table presents the notional amounts of the economic hedging instruments related to our mortgage loans held for sale as of the dates presented (in millions): March 31, 2024 December 31, 2023 IRLCs $ 247 $ 167 Forward contracts (1) $ 309 $ 218 (1) Represents net notional amounts. We do not have the right to offset our forward contract derivative positions. The following table presents the amortized cost, as applicable, and estimated fair market value of assets and liabilities measured at fair value on a recurring basis and by category as of the dates presented (in millions): March 31, 2024 December 31, 2023 Amortized Estimated Amortized Estimated Assets Cash $ 52 $ 52 $ 50 $ 50 Cash equivalents: Money market funds 1,261 1,261 1,440 1,440 U.S. government treasury securities 124 124 2 2 Commercial paper 2 2 — — Short-term investments: U.S. government treasury securities (1) 1,273 1,263 1,149 1,143 Corporate bonds 195 195 160 161 U.S. government agency securities 14 14 14 14 Commercial paper 6 6 — — Mortgage origination-related: Mortgage loans held for sale — 132 — 100 IRLCs - other current assets — 5 — 3 Restricted cash 3 3 3 3 Total assets measured at fair value on a recurring basis $ 2,930 $ 3,057 $ 2,818 $ 2,916 Liabilities Mortgage origination-related: Forward contracts - accrued expenses and other current liabilities $ — $ 1 $ — $ 1 Contingent consideration: Contingent consideration - accrued expenses and other current liabilities — 30 — 30 Contingent consideration - other long-term liabilities — 54 — 51 Total liabilities measured at fair value on a recurring basis $ — $ 85 $ — $ 82 (1) The estimated fair market value includes $10 million and $6 million of gross unrealized losses as of March 31, 2024 and December 31, 2023, respectively. The following table presents available-for-sale investments by contractual maturity date as of March 31, 2024 (in millions): Amortized Cost Estimated Fair Due in one year or less $ 732 $ 730 Due after one year 756 748 Total $ 1,488 $ 1,478 See Note 7 for the carrying amounts and estimated fair values of our convertible senior notes.

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Website development costs $ 497 $ 452 Leasehold improvements 47 48 Computer equipment 19 19 Office equipment, furniture and fixtures 18 20 Property and equipment 581 539 Less: accumulated amortization and depreciation (238) (211) Property and equipment, net $ 343 $ 328 We recorded depreciation expense related to property and equipment (other than website development costs) of $4 million and $6 million for the three months ended March 31, 2024 and 2023, respectively. We capitalized website development costs of $52 million and $45 million for the three months ended March 31, 2024 and 2023, respectively. Amortization expense for website development costs included in cost of revenue was $33 million and $22 million for the three months ended March 31, 2024 and 2023, respectively.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Acquisition of Follow Up Boss On December 8, 2023, Zillow Group acquired Follow Up Boss, a customer relationship management system for real estate professionals, for $399 million in cash, net of cash acquired, and contingent consideration of up to $100 million in cash, payable over a three-year period upon achievement of certain performance metrics. See Note 3 for additional information regarding the preliminary fair value of contingent consideration. The acquisition is consistent with our strategy to invest in a more integrated software experience for our customers. The acquisition of Follow Up Boss has been accounted for as a business combination, and assets acquired and liabilities assumed were generally recorded at their preliminary estimated fair values, in accordance with the applicable accounting guidance. Goodwill represents the expected synergies from combining the acquired assets and the operations of the acquirer as well as intangible assets that do not qualify for separate recognition. Goodwill recorded in connection with the acquisition is deductible for tax purposes. The total preliminary purchase price has been allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their preliminarily estimated fair values at the acquisition date, as follows (in millions): Preliminary purchase price: Cash $ 403 Contingent consideration 81 Total preliminary purchase price $ 484 Identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 4 Goodwill 401 Intangible assets 86 Other assets 1 Deferred revenue (7) Other liabilities (1) Total preliminary purchase price $ 484 The preliminary estimated fair value of the identifiable intangible assets acquired and associated useful lives consisted of the following (in millions): Preliminary Estimated Fair Value Estimated Weighted-Average Useful Life (in years) Developed technology $ 50 4 Customer relationships 34 7 Trade names and trademarks 2 7 Total $ 86 Estimated fair values of the identifiable intangible assets acquired were determined by management, based in part on a preliminary valuation performed by an independent third-party valuation specialist. We used an income approach to measure the fair value of the customer relationships intangible asset acquired based on the excess earnings method, whereby the fair value is estimated based upon the present value of cash flows that the applicable asset is expected to generate. We used an income approach to measure the fair value of the developed technology and trade names and trademarks based on the relief-from-royalty method. These fair value measurements were based on Level 3 inputs under the fair value hierarchy. The purchase price allocation for the Follow Up Boss acquisition is preliminary and subject to change during the measurement period up to one year from the acquisition date. We made an initial allocation of the purchase price at the date of the acquisition based upon information available and our understanding of the estimates used to determine the preliminary fair value of acquired assets, assumed liabilities and contingent consideration. We are in the process of specifically identifying the amounts assigned to certain tangible assets acquired and liabilities assumed and contingent consideration. As of March 31, 2024, the measurement period (not to extend beyond one year) is open for the Follow Up Boss acquisition; therefore, assets acquired, liabilities assumed, and contingent consideration are subject to adjustment until the end of the measurement period. Acquisition-related costs incurred, which primarily included legal, accounting and other external costs directly related to the acquisition, are included within acquisition-related costs in our consolidated statements of operations and were expensed as incurred. Unaudited pro forma revenue and earnings information has not been presented as the effects were not material to our condensed consolidated financial statements. Acquisitions of Aryeo and Spruce On July 31, 2023, Zillow Group acquired Aryeo, a software company that serves real estate photographers, in exchange for approximately $15 million in cash, net of cash acquired, and 380,259 shares of our Class C capital stock with a value of $20 million, for total consideration of $35 million, net of cash acquired. On September 11, 2023, Zillow Group acquired substantially all of the assets and liabilities of Spruce, a tech-enabled title and escrow platform, in exchange for approximately $19 million in cash, net of cash acquired. The acquisitions of Aryeo and Spruce have been accounted for as business combinations, and assets acquired and liabilities assumed were recorded at their estimated fair values. Goodwill represents the expected synergies from combining the acquired assets and the operations of the acquirer as well as intangible assets that do not qualify for separate recognition. Goodwill recorded in connection with the acquisition of Aryeo is not deductible for tax purposes, and goodwill recorded in connection with the acquisition of Spruce is deductible for tax purposes. The total purchase prices have been allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the acquisition date, as follows (in millions): Aryeo Spruce Cash and cash equivalents $ 3 $ 5 Goodwill 26 16 Intangible assets 11 2 Other assets — 2 Liabilities (2) (1) Total purchase price $ 38 $ 24 The estimated fair value of the identifiable intangible assets acquired and associated useful lives consisted of the following (in millions): Aryeo Spruce Estimated Fair Value Estimated Useful Life (in years) Estimated Fair Value Estimated Useful Life (in years) Customer relationships $ 5 5 $ — — Purchased content 4 3 — — Developed technology 2 3 2 3 Total $ 11 $ 2 We used an income approach to measure the fair value of the customer relationships intangible asset acquired from Aryeo based on the excess earnings method, whereby the fair value is estimated based upon the present value of cash flows that the applicable asset is expected to generate. We used a cost approach to measure the fair value of purchased content acquired from Aryeo. We used an income approach to measure the fair value of the developed technology acquired from Aryeo and Spruce based on the relief-from-royalty method. These fair value measurements were based on Level 3 inputs under the fair value hierarchy. Aggregate acquisition-related costs for the acquisitions of Follow Up Boss, Aryeo, and Spruce were not material to our financial statements. Unaudited pro forma revenue and earnings information related to the acquisitions has not been presented as the aggregate effects of the acquisitions of Follow Up Boss, Aryeo and Spruce were not material to our condensed consolidated financial statements.

Intangible Assets, net

Intangible Assets, net	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 Cost Accumulated Amortization Net Customer relationships $ 98 $ (22) $ 76 Developed technology 104 (35) 69 Software 90 (32) 58 Trade names and trademarks 47 (21) 26 Purchased content 14 (11) 3 Total $ 353 $ (121) $ 232 December 31, 2023 Cost Accumulated Amortization Net Customer relationships $ 98 $ (19) $ 79 Developed technology 104 (30) 74 Software 84 (29) 55 Trade names and trademarks 47 (20) 27 Purchased content 17 (11) 6 Total $ 350 $ (109) $ 241

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in millions): March 31, 2024 December 31, 2023 Master repurchase agreements: JPMorgan Chase Bank, N.A. $ 65 $ 40 UBS AG 58 45 Atlas Securitized Products, L.P. (1) — 8 Total master repurchase agreements 123 93 Convertible senior notes 1.375% convertible senior notes due 2026 496 496 2.75% convertible senior notes due 2025 505 504 0.75% convertible senior notes due 2024 608 607 Total convertible senior notes 1,609 1,607 Total debt $ 1,732 $ 1,700 (1) Agreement expired on March 11, 2024 and was not renewed. Credit Facilities We utilize master repurchase agreements to provide capital for Zillow Home Loans. The following table summarizes certain details related to our outstanding master repurchase agreements as of March 31, 2024 (in millions, except interest rates): Lender Maturity Date Maximum Borrowing Capacity Borrowings Outstanding Available Borrowing Capacity Weighted-Average Interest Rate JPMorgan Chase Bank, N.A. May 30, 2024 $ 100 $ 65 $ 35 7.03 % UBS AG October 9, 2024 100 58 42 7.05 % Total $ 200 $ 123 $ 77 In accordance with the master repurchase agreements, the Lenders agreed to pay Zillow Home Loans a negotiated purchase price for eligible loans, and Zillow Home Loans simultaneously agreed to repurchase such loans from the Lenders under a specified timeframe at an agreed upon price that includes interest. The master repurchase agreements contain margin call provisions that provide the Lenders with certain rights in the event of a decline in the market value of the assets purchased under the master repurchase agreements. As of March 31, 2024 and December 31, 2023, $128 million and $99 million, respectively, in mortgage loans held for sale were pledged as collateral under the master repurchase agreements. Borrowings on the master repurchase agreements bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the governing agreements. The master repurchase agreements include customary representations and warranties, covenants and provisions regarding events of default. As of March 31, 2024, Zillow Home Loans was in compliance with all financial covenants and no event of default had occurred. The master repurchase agreements 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, see Note 11 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Convertible Senior Notes The following tables summarize certain details related to our outstanding Notes as of the dates presented or for the periods ended (in millions, except interest rates): March 31, 2024 December 31, 2023 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 $ 615 $ 3 $ 681 May 15, 2025 507 2.75 % 3.20 % May 15; November 15 2 535 3 560 September 1, 2024 608 0.75 % 1.02 % March 1; September 1 — 730 1 825 Total $ 1,614 $ 5 $ 1,880 $ 7 $ 2,066 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 $ — $ 2 $ 2 $ — $ 2 May 15, 2025 3 1 4 4 — 4 September 1, 2024 1 1 2 1 1 2 Total $ 6 $ 2 $ 8 $ 7 $ 1 $ 8 The Notes are senior unsecured obligations. The 2026 Notes and 2025 Notes are classified as long-term debt and the 2024 Notes are classified as current liabilities 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 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 dates, 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 % There were no conversions of the Notes during the three months ended March 31, 2024 or 2023. 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 March 31, 2024. Accordingly, each series of the Notes is not redeemable or convertible at the option of the holders during the three months ending June 30, 2024. For additional details related to our convertible senior notes, see Note 11 in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to income taxes in the United States (federal and state) and certain foreign jurisdictions. As of March 31, 2024 and December 31, 2023, 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 $1.4 billion as of December 31, 2023, which are available to reduce future taxable income. We have accumulated state tax losses of approximately $56 million (tax effected) as of December 31, 2023. 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. Our income tax expense (benefit) was not material for the three months ended March 31, 2024 and 2023.

Share Repurchase Authorizations

Share Repurchase Authorizations	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Share Repurchase Authorizations	Share Repurchase Authorizations The Board has authorized the repurchase of up to $2.5 billion of our Class A common stock, Class C capital stock, outstanding convertible senior notes or a combination thereof. For additional information on these authorizations, 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, 2023. 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 March 31, 2024, $761 million remained available for future repurchases pursuant to the Repurchase Authorizations. The following table summarizes 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 119 92 314 1,698 Weighted-average price per share $ 45.02 $ 45.42 $ 42.44 $ 42.96 Total purchase price $ 5 $ 4 $ 13 $ 73 In April 2024, we repurchased 0.3 million shares of Class A common stock for $15 million at a weighted average price per share of $43.01 and 1.8 million shares of Class C capital stock for $76 million at a weighted average price per share of $43.34. As of May 1, 2024, $670 million remained available for future repurchases pursuant to the Repurchase Authorizations.

Share-Based Awards

Share-Based Awards	3 Months Ended
	Mar. 31, 2024
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 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 14 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Option Awards The following table summarizes option award activity for the three months ended March 31, 2024: Number Weighted- Weighted- Aggregate Outstanding at January 1, 2024 32,524 $ 44.18 6.9 $ 495 Granted 2,744 55.69 Exercised (1,309) 38.24 Forfeited or canceled (197) 42.87 Outstanding at March 31, 2024 33,762 45.35 6.8 210 Vested and exercisable at March 31, 2024 20,961 44.49 5.7 148 The following assumptions were used to determine the fair value of option awards granted for the periods presented: Three Months Ended 2024 2023 Expected volatility 57% - 61% 55% - 61% Risk-free interest rate 4.14% - 4.28% 3.80% - 4.04% Weighted-average expected life 5.5 - 6.8 years 5.3 - 6.5 years Weighted-average fair value of options granted $32.28 $23.60 As of March 31, 2024, there was a total of $367 million in unrecognized compensation cost related to unvested option awards. Restricted Stock Units The following table summarizes activity for restricted stock units for the three months ended March 31, 2024: Restricted Weighted-Average Grant Date Fair Value Unvested outstanding at January 1, 2024 12,038 $ 45.42 Granted 5,748 55.71 Vested (1,724) 45.48 Forfeited (388) 47.17 Unvested outstanding at March 31, 2024 15,674 49.14 As of March 31, 2024, there was a total of $720 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 2024 2023 Cost of revenue $ 4 $ 4 Sales and marketing 18 16 Technology and development 42 39 General and administrative 44 44 Total share-based compensation $ 108 $ 103

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share For the periods presented, the following Class C capital stock equivalents were excluded from the calculations of diluted net loss per share because their effect would have been antidilutive (in thousands): Three Months Ended 2024 2023 Weighted-average Class C capital stock option awards outstanding 30,710 18,046 Weighted-average Class C capital stock restricted stock units outstanding 12,668 12,108 Class C capital stock issuable upon conversion of the Notes 32,998 33,855 Total Class C capital stock equivalents 76,376 64,009

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments During the three months ended March 31, 2024, there were no material changes to the commitments disclosed in Note 16 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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 March 31, 2024 or December 31, 2023. On September 17, 2019, International Business Machines Corporation (“IBM”) filed a complaint against us in the U.S. District Court for the Central District of California, alleging, among other things, that the Company has infringed and continues to willfully infringe seven patents held by IBM and seeks unspecified damages, including a request that the amount of compensatory damages be trebled, injunctive relief and costs and reasonable attorneys’ fees. On November 8, 2019, we filed a motion to transfer venue and/or to dismiss the complaint. On December 2, 2019, IBM filed an amended complaint, and on December 16, 2019 we filed a renewed motion to transfer venue and/or to dismiss the complaint. The Company’s motion to transfer venue to the U.S. District Court for the Western District of Washington was granted on May 28, 2020. On August 12, 2020, IBM filed its answer to our counterclaims. On September 18, 2020, we filed four Inter Partes Review (“IPR”) petitions before the U.S. Patent and Trial Appeal Board (“PTAB”) seeking the Board’s review of the patentability with respect to three of the patents asserted by IBM in the lawsuit. On March 15, 2021, the PTAB instituted IPR proceedings with respect to two of the three patents for which we filed petitions. On March 22, 2021, the PTAB denied institution with respect to the last of the three patents. On January 22, 2021, the court partially stayed the action with respect to all patents for which we filed an IPR and set forth a motion schedule. On March 8, 2021, IBM filed its second amended complaint. On March 25, 2021, we filed an amended motion for judgment on the pleadings. On July 15, 2021, the court rendered an order in connection with the motion for judgment on the pleadings finding in our favor on two of the four patents on which we filed our motion. On August 31, 2021, the Court 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. (“Rakuten IPR”), IPR2022-00646 concerning the final remaining patent in this action, which the court granted on April 20, 2023. On October 11, 2023, the PTAB ruled on the Rakuten IPR finding the claims of the patent asserted against Zillow unpatentable. IBM appealed the PTAB’s decision on November 21, 2023, and cross appeals were filed by Ebates Performance Marketing Inc. on November 21, 2023 and by us on December 15, 2023. On March 20, 2024, IBM voluntarily dismissed all claims filed in this action against Zillow with prejudice, with the exception of those pertaining to the patent asserted within the pending Rakuten IPR appeal. 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 August 1, 2022, IBM filed an appeal of the Court’s ruling with respect to two of the dismissed patents, which ruling was affirmed by the appeals court on January 9, 2024. On March 20, 2024, IBM voluntarily dismissed all claims filed in this action against Zillow with prejudice and the Clerk of Court was directed to close the case. 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. On March 14, 2024, plaintiffs filed a motion for class certification and we filed our opposition on April 26, 2024. 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 (“Federal Court”) 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, which stay was further continued by the Federal Court on September 6, 2023. 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, which expired on February 1, 2024. On August 23, 2023 a second shareholder derivative suit was filed in the Superior Court of the State of Washington, King County. 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 16 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Revenue and Contract Balances

Revenue and Contract Balances	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Contract Balances	Revenue 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. See Note 2 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for additional information on our revenue from contracts with customers and contract balances. Disaggregation of Revenue The following table presents our revenue disaggregated by category for the periods presented (in millions): Three Months Ended 2024 2023 Residential $ 393 $ 361 Rentals 97 74 Mortgages 31 26 Other 8 8 Total revenue $ 529 $ 469 Contract Balances Contract assets totaled $117 million and $90 million as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the average remaining recognition period for our contract asset related to our Premier Agent Flex offering is four months. For the three months ended March 31, 2024, the opening balance of deferred revenue was $52 million, of which $44 million was recognized as revenue during the period. For the three months ended March 31, 2023, the opening balance of deferred revenue was $44 million, of which $41 million was recognized as revenue during the period.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (23)	$ (22)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Erik Blachford [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 12, 2024, Erik Blachford, member of the Board of Zillow Group, Inc., entered into a 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. This 10b5-1 sales plan provides for the sale of an indeterminate number of shares of Class C capital stock related to future vesting of restricted stock units. This 10b5-1 sales plan will become effective on June 11, 2024 and will terminate on March 3, 2025, subject to earlier termination as provided in the 10b5-1 sales plan.
Name	Erik Blachford
Title	member of the Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2024
Arrangement Duration	265 days

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 GAAP and applicable rules and regulations of the 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, 2023. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. 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 March 31, 2024 and our results of operations, comprehensive loss, shareholders’ equity, and cash flows for the three month periods ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, for any interim period, or for any other future year.
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, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations, including the initial and subsequent fair value measurements of assets (primarily intangible assets), liabilities and contingent consideration, 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 housing market and broader economy have introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In June 2022, the FASB 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 adopted this guidance on January 1, 2024, which did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued guidance to improve existing disclosure requirements for segment reporting, primarily through enhanced disclosures about significant segment expenses and new disclosures requirements applicable to entities with a single reportable segment. This guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, on a retrospective basis. We expect to adopt this guidance for the annual period ending December 31, 2024 and have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements. In December 2023, the FASB issued guidance to enhance the income tax rate reconciliation disclosure requirements and to provide clarity on disclosure requirements for income taxes. This guidance is effective for annual periods beginning after December 15, 2024, and can be applied on a prospective or retrospective basis, with early adoption permitted. We expect to adopt this guidance for the annual period ending December 31, 2025 using the retrospective approach and have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements.
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 that 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). Contingent consideration — In December 2023, Zillow Group acquired Follow Up Boss, a customer relationship management system for real estate professionals, for $399 million in cash, net of cash acquired, and contingent consideration of up to $100 million, payable over a three-year period upon achievement of certain performance metrics. The fair value of the contingent consideration is estimated using a Monte Carlo simulation which considers the probabilities of the achievement of certain performance metrics (Level 3). The discount rates used in our valuation of contingent consideration are based on our estimated cost of debt and are directly related to the fair value of contingent consideration. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Conversely, a decrease in the discount rate, in isolation, would result in an increase in the fair value measurement. The probabilities of achieving the relevant performance metrics used in our valuation of contingent consideration are directly related to the fair value of contingent consideration, as an increase in the probability, in isolation, would result in an increase in the fair value measurement. Conversely, a decrease in the probability, in isolation, would result in a decrease in the fair value measurement. During the three months ended March 31, 2024, there were no material changes in the unobservable inputs used in determining the fair value of contingent consideration included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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 canceled 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: March 31, 2024 December 31, 2023 Range 61% - 100% 45% - 100% Weighted-average 87% 85%

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 Range 61% - 100% 45% - 100% Weighted-average 87% 85%
Notional Amounts	The following table presents the notional amounts of the economic hedging instruments related to our mortgage loans held for sale as of the dates presented (in millions): March 31, 2024 December 31, 2023 IRLCs $ 247 $ 167 Forward contracts (1) $ 309 $ 218 (1) Represents net notional amounts. We do not have the right to offset our forward contract derivative positions.
Summary of Balances of Cash Equivalents and Investments	The following table presents the amortized cost, as applicable, and estimated fair market value of assets and liabilities measured at fair value on a recurring basis and by category as of the dates presented (in millions): March 31, 2024 December 31, 2023 Amortized Estimated Amortized Estimated Assets Cash $ 52 $ 52 $ 50 $ 50 Cash equivalents: Money market funds 1,261 1,261 1,440 1,440 U.S. government treasury securities 124 124 2 2 Commercial paper 2 2 — — Short-term investments: U.S. government treasury securities (1) 1,273 1,263 1,149 1,143 Corporate bonds 195 195 160 161 U.S. government agency securities 14 14 14 14 Commercial paper 6 6 — — Mortgage origination-related: Mortgage loans held for sale — 132 — 100 IRLCs - other current assets — 5 — 3 Restricted cash 3 3 3 3 Total assets measured at fair value on a recurring basis $ 2,930 $ 3,057 $ 2,818 $ 2,916 Liabilities Mortgage origination-related: Forward contracts - accrued expenses and other current liabilities $ — $ 1 $ — $ 1 Contingent consideration: Contingent consideration - accrued expenses and other current liabilities — 30 — 30 Contingent consideration - other long-term liabilities — 54 — 51 Total liabilities measured at fair value on a recurring basis $ — $ 85 $ — $ 82 (1) The estimated fair market value includes $10 million and $6 million of gross unrealized losses as of March 31, 2024 and December 31, 2023, respectively.
Debt Securities, Available-for-sale	The following table presents available-for-sale investments by contractual maturity date as of March 31, 2024 (in millions): Amortized Cost Estimated Fair Due in one year or less $ 732 $ 730 Due after one year 756 748 Total $ 1,488 $ 1,478

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Website development costs $ 497 $ 452 Leasehold improvements 47 48 Computer equipment 19 19 Office equipment, furniture and fixtures 18 20 Property and equipment 581 539 Less: accumulated amortization and depreciation (238) (211) Property and equipment, net $ 343 $ 328

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Preliminary Purchase Price	The total preliminary purchase price has been allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their preliminarily estimated fair values at the acquisition date, as follows (in millions): Preliminary purchase price: Cash $ 403 Contingent consideration 81 Total preliminary purchase price $ 484 Identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 4 Goodwill 401 Intangible assets 86 Other assets 1 Deferred revenue (7) Other liabilities (1) Total preliminary purchase price $ 484 The total purchase prices have been allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the acquisition date, as follows (in millions): Aryeo Spruce Cash and cash equivalents $ 3 $ 5 Goodwill 26 16 Intangible assets 11 2 Other assets — 2 Liabilities (2) (1) Total purchase price $ 38 $ 24
Preliminary Estimated Fair Value and Useful Lives	The preliminary estimated fair value of the identifiable intangible assets acquired and associated useful lives consisted of the following (in millions): Preliminary Estimated Fair Value Estimated Weighted-Average Useful Life (in years) Developed technology $ 50 4 Customer relationships 34 7 Trade names and trademarks 2 7 Total $ 86 The estimated fair value of the identifiable intangible assets acquired and associated useful lives consisted of the following (in millions): Aryeo Spruce Estimated Fair Value Estimated Useful Life (in years) Estimated Fair Value Estimated Useful Life (in years) Customer relationships $ 5 5 $ — — Purchased content 4 3 — — Developed technology 2 3 2 3 Total $ 11 $ 2

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	The following tables present the detail of intangible assets as of the dates presented (in millions): March 31, 2024 Cost Accumulated Amortization Net Customer relationships $ 98 $ (22) $ 76 Developed technology 104 (35) 69 Software 90 (32) 58 Trade names and trademarks 47 (21) 26 Purchased content 14 (11) 3 Total $ 353 $ (121) $ 232 December 31, 2023 Cost Accumulated Amortization Net Customer relationships $ 98 $ (19) $ 79 Developed technology 104 (30) 74 Software 84 (29) 55 Trade names and trademarks 47 (20) 27 Purchased content 17 (11) 6 Total $ 350 $ (109) $ 241

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Master repurchase agreements: JPMorgan Chase Bank, N.A. $ 65 $ 40 UBS AG 58 45 Atlas Securitized Products, L.P. (1) — 8 Total master repurchase agreements 123 93 Convertible senior notes 1.375% convertible senior notes due 2026 496 496 2.75% convertible senior notes due 2025 505 504 0.75% convertible senior notes due 2024 608 607 Total convertible senior notes 1,609 1,607 Total debt $ 1,732 $ 1,700 (1) Agreement expired on March 11, 2024 and was not renewed.
Schedule of Revolving Credit Facilities and Lines of Credit	The following table summarizes certain details related to our outstanding master repurchase agreements as of March 31, 2024 (in millions, except interest rates): Lender Maturity Date Maximum Borrowing Capacity Borrowings Outstanding Available Borrowing Capacity Weighted-Average Interest Rate JPMorgan Chase Bank, N.A. May 30, 2024 $ 100 $ 65 $ 35 7.03 % UBS AG October 9, 2024 100 58 42 7.05 % Total $ 200 $ 123 $ 77
Schedule of Convertible Senior Notes	The following tables summarize certain details related to our outstanding Notes as of the dates presented or for the periods ended (in millions, except interest rates): March 31, 2024 December 31, 2023 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 $ 615 $ 3 $ 681 May 15, 2025 507 2.75 % 3.20 % May 15; November 15 2 535 3 560 September 1, 2024 608 0.75 % 1.02 % March 1; September 1 — 730 1 825 Total $ 1,614 $ 5 $ 1,880 $ 7 $ 2,066 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 $ — $ 2 $ 2 $ — $ 2 May 15, 2025 3 1 4 4 — 4 September 1, 2024 1 1 2 1 1 2 Total $ 6 $ 2 $ 8 $ 7 $ 1 $ 8 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 %

Share Repurchase Authorizatio_2

Share Repurchase Authorizations (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Repurchase Agreements	The following table summarizes 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 119 92 314 1,698 Weighted-average price per share $ 45.02 $ 45.42 $ 42.44 $ 42.96 Total purchase price $ 5 $ 4 $ 13 $ 73

Share-Based Awards (Tables)

Share-Based Awards (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Option Award Activity	The following table summarizes option award activity for the three months ended March 31, 2024: Number Weighted- Weighted- Aggregate Outstanding at January 1, 2024 32,524 $ 44.18 6.9 $ 495 Granted 2,744 55.69 Exercised (1,309) 38.24 Forfeited or canceled (197) 42.87 Outstanding at March 31, 2024 33,762 45.35 6.8 210 Vested and exercisable at March 31, 2024 20,961 44.49 5.7 148
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 option awards granted for the periods presented: Three Months Ended 2024 2023 Expected volatility 57% - 61% 55% - 61% Risk-free interest rate 4.14% - 4.28% 3.80% - 4.04% Weighted-average expected life 5.5 - 6.8 years 5.3 - 6.5 years Weighted-average fair value of options granted $32.28 $23.60
Summary of Restricted Stock Units Activity	The following table summarizes activity for restricted stock units for the three months ended March 31, 2024: Restricted Weighted-Average Grant Date Fair Value Unvested outstanding at January 1, 2024 12,038 $ 45.42 Granted 5,748 55.71 Vested (1,724) 45.48 Forfeited (388) 47.17 Unvested outstanding at March 31, 2024 15,674 49.14
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 2024 2023 Cost of revenue $ 4 $ 4 Sales and marketing 18 16 Technology and development 42 39 General and administrative 44 44 Total share-based compensation $ 108 $ 103

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share	For the periods presented, the following Class C capital stock equivalents were excluded from the calculations of diluted net loss per share because their effect would have been antidilutive (in thousands): Three Months Ended 2024 2023 Weighted-average Class C capital stock option awards outstanding 30,710 18,046 Weighted-average Class C capital stock restricted stock units outstanding 12,668 12,108 Class C capital stock issuable upon conversion of the Notes 32,998 33,855 Total Class C capital stock equivalents 76,376 64,009

Revenue and Contract Balances (

Revenue and Contract Balances (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Residential $ 393 $ 361 Rentals 97 74 Mortgages 31 26 Other 8 8 Total revenue $ 529 $ 469

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Follow Up Boss $ in Millions	Dec. 08, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire businesses, net of cash acquired	$ 399
Business combination, contingent consideration arrangements, range of outcomes, value, high	$ 100
Business combination, contingent consideration, payment period	3 years

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - IRLCs - other current assets - Not Designated as Hedging Instrument	Mar. 31, 2024	Dec. 31, 2023
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value rates, IRLCs	0.61	0.45
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value rates, IRLCs	1	1
Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value rates, IRLCs	0.87	0.85

Fair Value Measurements - Notio

Fair Value Measurements - Notional Amounts (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
IRLCs - other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 247	$ 167
Forward contracts - accrued expenses and other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 309	$ 218

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Balances of Cash Equivalents and Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Cash equivalents:
Amortized Cost	$ 1,439	$ 1,492
Short-term investments:
Amortized Cost	1,488
Estimated Fair Market Value	1,478
Mortgage origination-related:
Mortgage loans held for sale	132	100
Restricted cash	3	3
Total assets measured at fair value on a recurring basis, Amortized cost	2,930	2,818
Total assets measured at fair value on a recurring basis, Fair Value	3,057	2,916
Liabilities
Contingent consideration - accrued expenses and other current liabilities	30	30
Contingent consideration - other long-term liabilities	54	51
Liabilities measured at fair value	85	82
Cash
Cash equivalents:
Amortized Cost	52	50
Estimated Fair Market Value	52	50
Money market funds
Cash equivalents:
Amortized Cost	1,261	1,440
Estimated Fair Market Value	1,261	1,440
U.S. government treasury securities
Cash equivalents:
Amortized Cost	124	2
Estimated Fair Market Value	124	2
Commercial paper
Cash equivalents:
Amortized Cost	2	0
Estimated Fair Market Value	2	0
U.S. government treasury securities
Short-term investments:
Amortized Cost	1,273	1,149
Estimated Fair Market Value	1,263	1,143
Corporate bonds
Short-term investments:
Amortized Cost	195	160
Estimated Fair Market Value	195	161
U.S. government agency securities
Short-term investments:
Amortized Cost	14	14
Estimated Fair Market Value	14	14
Liabilities
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax	10	6
Commercial paper
Short-term investments:
Amortized Cost	6	0
Estimated Fair Market Value	6	0
IRLCs - other current assets | Not Designated as Hedging Instrument
Mortgage origination-related:
IRLCs - other current assets	5	3
Forward contracts - accrued expenses and other current liabilities | Not Designated as Hedging Instrument
Liabilities
Forward contracts - accrued expenses and other current liabilities	$ 1	$ 1

Fair Value Measurements - Debt-

Fair Value Measurements - Debt-securities, Available-for-sale (Details) $ in Millions	Mar. 31, 2024 USD ($)
Amortized Cost
Due in one year or less	$ 732
Due after one year	756
Amortized Cost	1,488
Estimated Fair Market Value
Due in one year or less	730
Due after one year	748
Estimated Fair Market Value	$ 1,478

Property and Equipment, net - D

Property and Equipment, net - Detail of Property and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 581	$ 539
Less: accumulated amortization and depreciation	(238)	(211)
Property and equipment, net	343	328
Website development costs
Property, Plant and Equipment [Line Items]
Property and equipment	497	452
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	47	48
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment	19	19
Office equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 18	$ 20

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Amortization and depreciation expense related to property and equipment other than website development costs	$ 4	$ 6
Capitalization of website development costs	52	45
Amortization of website development costs and intangible assets included in technology and development	19	12
Software Development
Property, Plant and Equipment [Line Items]
Amortization of website development costs and intangible assets included in technology and development	$ 33	$ 22

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions	Dec. 08, 2023	Sep. 11, 2023	Jul. 31, 2023
Follow Up Boss
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses, net of cash acquired	$ 399
Business combination, contingent consideration arrangements, range of outcomes, value, high	$ 100
Business combination, contingent consideration, payment period	3 years
Total preliminary purchase price	$ 484
Aryeo
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses, net of cash acquired			$ 15
Business acquisition, equity interest issued or issuable, number of shares (in shares)			380,259
Business combination, consideration transferred, equity interests issued and issuable			$ 20
Total preliminary purchase price			$ 35
Spruce
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses, net of cash acquired		$ 19

Acquisitions - Preliminary Purc

Acquisitions - Preliminary Purchase Price (Details) - USD ($) $ in Millions	Dec. 08, 2023	Jul. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Sep. 11, 2023
Identifiable assets acquired and liabilities assumed:
Goodwill			$ 2,817	$ 2,817
Follow Up Boss
Preliminary purchase price:
Cash	$ 403
Contingent consideration	81
Total preliminary purchase price	484
Identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	4
Goodwill	401
Intangible assets	86
Other assets	1
Deferred revenue	(7)
Other liabilities	(1)
Total purchase price	$ 484
Aryeo
Preliminary purchase price:
Total preliminary purchase price		$ 35
Identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		3
Goodwill		26
Intangible assets		11
Other assets		0
Liabilities		(2)
Total purchase price		$ 38
Spruce
Identifiable assets acquired and liabilities assumed:
Cash and cash equivalents					$ 5
Goodwill					16
Intangible assets					2
Other assets					2
Liabilities					(1)
Total purchase price					$ 24

Acquisitions - Preliminary Esti

Acquisitions - Preliminary Estimated Fair Value and Useful Lives (Details) - USD ($) $ in Millions	Dec. 08, 2023	Sep. 11, 2023	Jul. 31, 2023
Follow Up Boss
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value	$ 86
Follow Up Boss | Developed technology
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value	$ 50
Estimated Weighted-Average Useful Life (in years)	4 years
Follow Up Boss | Customer relationships
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value	$ 34
Estimated Weighted-Average Useful Life (in years)	7 years
Follow Up Boss | Trade names and trademarks
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value	$ 2
Estimated Weighted-Average Useful Life (in years)	7 years
Aryeo
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value			$ 11
Aryeo | Developed technology
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value			$ 2
Estimated Weighted-Average Useful Life (in years)			3 years
Aryeo | Customer relationships
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value			$ 5
Estimated Weighted-Average Useful Life (in years)			5 years
Aryeo | Purchased content
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value			$ 4
Estimated Weighted-Average Useful Life (in years)			3 years
Spruce
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value		$ 2
Spruce | Developed technology
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items]
Preliminary Estimated Fair Value		$ 2
Estimated Weighted-Average Useful Life (in years)		3 years

Intangible Assets, net - Intang

Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 353	$ 350
Accumulated Amortization	(121)	(109)
Net	232	241
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Cost	98	98
Accumulated Amortization	(22)	(19)
Net	76	79
Developed technology
Finite-Lived Intangible Assets [Line Items]
Cost	104	104
Accumulated Amortization	(35)	(30)
Net	69	74
Software
Finite-Lived Intangible Assets [Line Items]
Cost	90	84
Accumulated Amortization	(32)	(29)
Net	58	55
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	47	47
Accumulated Amortization	(21)	(20)
Net	26	27
Purchased content
Finite-Lived Intangible Assets [Line Items]
Cost	14	17
Accumulated Amortization	(11)	(11)
Net	$ 3	$ 6

Intangible Assets, net - Narrat

Intangible Assets, net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of website development costs and intangible assets included in technology and development	$ 19,000,000	$ 12,000,000
Impairment of intangible assets	$ 0	$ 0

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Value of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 1,732	$ 1,700
Convertible senior notes
Debt Instrument [Line Items]
Total convertible senior notes	1,609	1,607
Convertible senior notes | 1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Total convertible senior notes	$ 496	496
Stated Interest Rate	1.375%
Convertible senior notes | 2.75% convertible senior notes due 2025
Debt Instrument [Line Items]
Total convertible senior notes	$ 505	504
Stated Interest Rate	2.75%
Convertible senior notes | 0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Total convertible senior notes	$ 608	607
Stated Interest Rate	0.75%
Mortgages Segment
Debt Instrument [Line Items]
Repurchase agreements	$ 123	93
Line of Credit
Debt Instrument [Line Items]
Repurchase agreements	123
JPMorgan Chase Bank, N.A. | Line of Credit
Debt Instrument [Line Items]
Repurchase agreements	65
JPMorgan Chase Bank, N.A. | Line of Credit | Mortgages Segment
Debt Instrument [Line Items]
Repurchase agreements	65	40
UBS AG | Line of Credit
Debt Instrument [Line Items]
Repurchase agreements	58
UBS AG | Line of Credit | Mortgages Segment
Debt Instrument [Line Items]
Repurchase agreements	58	45
Atlas Securitized Products, L. P. | Line of Credit | Mortgages Segment
Debt Instrument [Line Items]
Repurchase agreements	$ 0	$ 8

Debt - Schedule of Revolving Cr

Debt - Schedule of Revolving Credit Facilities and Lines of Credit (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Mortgages Segment
Debt Instrument [Line Items]
Borrowings Outstanding	$ 123,000,000	$ 93,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	200,000,000
Borrowings Outstanding	123,000,000
Available Borrowing Capacity	77,000,000
Line of Credit | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum Borrowing Capacity	100,000,000
Borrowings Outstanding	65,000,000
Available Borrowing Capacity	$ 35,000,000
Weighted-Average Interest Rate	7.03%
Line of Credit | JPMorgan Chase Bank, N.A. | Mortgages Segment
Debt Instrument [Line Items]
Borrowings Outstanding	$ 65,000,000	40,000,000
Line of Credit | UBS AG
Debt Instrument [Line Items]
Maximum Borrowing Capacity	100,000,000
Borrowings Outstanding	58,000,000
Available Borrowing Capacity	$ 42,000,000
Weighted-Average Interest Rate	7.05%
Line of Credit | UBS AG | Mortgages Segment
Debt Instrument [Line Items]
Borrowings Outstanding	$ 58,000,000	$ 45,000,000

Debt - Credit Facilities - Narr

Debt - Credit Facilities - Narrative (Details) - Mortgages Segment - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowings Outstanding	$ 123	$ 93
Atlas Securitized Products, L.P., JPMorgan Chase Bank, N.A, Citibank, N.A.
Debt Instrument [Line Items]
Borrowings Outstanding	$ 128	$ 99

Debt - Schedule of Convertible

Debt - Schedule of Convertible Senior Notes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest Expense	$ 9,000,000	$ 9,000,000
Convertible senior notes
Debt Instrument [Line Items]
Aggregate Principal Amount	1,614,000,000
Unamortized Debt Issuance Costs	5,000,000		$ 7,000,000
Fair Value	1,880,000,000		2,066,000,000
Contractual Coupon Interest	6,000,000	7,000,000
Amortization of Debt Issuance Costs	2,000,000	1,000,000
Interest Expense	8,000,000	8,000,000
Convertible senior notes | 1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 499,000,000
Stated Interest Rate	1.375%
Effective Interest Rate	1.57%
Unamortized Debt Issuance Costs	$ 3,000,000		3,000,000
Fair Value	615,000,000		681,000,000
Contractual Coupon Interest	2,000,000	2,000,000
Amortization of Debt Issuance Costs	0	0
Interest Expense	2,000,000	2,000,000
Convertible senior notes | 2.75% convertible senior notes due 2025
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 507,000,000
Stated Interest Rate	2.75%
Effective Interest Rate	3.20%
Unamortized Debt Issuance Costs	$ 2,000,000		3,000,000
Fair Value	535,000,000		560,000,000
Contractual Coupon Interest	3,000,000	4,000,000
Amortization of Debt Issuance Costs	1,000,000	0
Interest Expense	4,000,000	4,000,000
Convertible senior notes | 0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 608,000,000
Stated Interest Rate	0.75%
Effective Interest Rate	1.02%
Unamortized Debt Issuance Costs	$ 0		1,000,000
Fair Value	730,000,000		$ 825,000,000
Contractual Coupon Interest	1,000,000	1,000,000
Amortization of Debt Issuance Costs	1,000,000	1,000,000
Interest Expense	$ 2,000,000	$ 2,000,000

Debt - Summary of Conversion an

Debt - Summary of Conversion and Redemption (Details) - Convertible senior notes	3 Months Ended
	Mar. 31, 2024 $ / shares
1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Conversion Rate	0.0229830
Conversion price per share (in dollars per share)	$ 43.51
2.75% convertible senior notes due 2025
Debt Instrument [Line Items]
Conversion Rate	0.0148810
Conversion price per share (in dollars per share)	$ 67.20
0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Conversion Rate	0.0229830
Conversion price per share (in dollars per share)	$ 43.51

Debt - Capped Call Confirmation

Debt - Capped Call Confirmations (Details) - Convertible senior notes	3 Months Ended
	Mar. 31, 2024 $ / shares
1.375% convertible senior notes due 2026
Debt Instrument [Line Items]
Initial cap price (in dollars per share)	$ 80.5750
Cap Price Premium	150%
0.75% convertible senior notes due 2024
Debt Instrument [Line Items]
Initial cap price (in dollars per share)	$ 72.5175
Cap Price Premium	125%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes Narrative (Details) - Convertible senior notes	3 Months Ended
	Mar. 31, 2024 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 (Details)

Income Taxes (Details) $ in Millions	Dec. 31, 2023 USD ($)
Federal
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards	$ 1,400
State
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards	$ 56

Share Repurchase Authorizatio_3

Share Repurchase Authorizations - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	May 01, 2024	Jul. 30, 2023
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 2,500
Stock repurchase program, remaining authorized repurchase amount		$ 761
Subsequent Event
Class of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount				$ 670
Class A common stock
Class of Stock [Line Items]
Shares repurchased (in shares)		119	314
Purchase price (in usd per share)		$ 5	$ 13
Weighted-average price per share (in dollars per share)		$ 45.02	$ 42.44
Class A common stock | Subsequent Event
Class of Stock [Line Items]
Shares repurchased (in shares)	300
Purchase price (in usd per share)	$ 15
Weighted-average price per share (in dollars per share)	$ 43.01
Class C capital stock
Class of Stock [Line Items]
Shares repurchased (in shares)		92	1,698
Purchase price (in usd per share)		$ 4	$ 73
Weighted-average price per share (in dollars per share)		$ 45.42	$ 42.96
Class C capital stock | Subsequent Event
Class of Stock [Line Items]
Shares repurchased (in shares)	1,800
Purchase price (in usd per share)	$ 76
Weighted-average price per share (in dollars per share)	$ 43.34

Share Repurchase Authorizatio_4

Share Repurchase Authorizations - Schedule of Repurchase Agreements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class A common stock
Class of Stock [Line Items]
Shares repurchased (in shares)	119	314
Total purchase price	$ 5	$ 13
Weighted-average price per share (in dollars per share)	$ 45.02	$ 42.44
Class C capital stock
Class of Stock [Line Items]
Shares repurchased (in shares)	92	1,698
Total purchase price	$ 4	$ 73
Weighted-average price per share (in dollars per share)	$ 45.42	$ 42.96

Share-Based Awards - Narrative

Share-Based Awards - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years	3 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized cost of unvested share-based compensation awards	$ 367
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 720

Share-Based Awards - Summary of

Share-Based Awards - Summary of Option Award Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Shares Subject to Existing Options (in thousands)
Beginning balance (in shares)	32,524
Granted (in shares)	2,744
Exercised (in shares)	(1,309)
Forfeited or cancelled (in shares)	(197)
Ending balance (in shares)	33,762	32,524
Vested and exercisable (in shares)	20,961
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 44.18
Granted (in dollars per share)	55.69
Exercised (in dollars per share)	38.24
Forfeited or cancelled (in dollars per share)	42.87
Ending balance (in dollars per share)	45.35	$ 44.18
Vested and exercisable (in dollars per share)	$ 44.49
Weighted- Average Remaining Contractual Life (Years)
Weighted-Average Remaining Contractual Life, Outstanding	6 years 9 months 18 days	6 years 10 months 24 days
Weighted-Average Remaining Contractual Life, Vested and exercisable	5 years 8 months 12 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding	$ 210	$ 495
Aggregate Intrinsic Value, Vested and exercisable	$ 148

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 (Details) - Employee Stock Option - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of options granted (in dollars per share)	$ 32.28	$ 23.60
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	57%	55%
Risk-free interest rate	4.14%	3.80%
Weighted-average expected life	5 years 6 months	5 years 3 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	61%	61%
Risk-free interest rate	4.28%	4.04%
Weighted-average expected life	6 years 9 months 18 days	6 years 6 months

Share-Based Awards - Summary _2

Share-Based Awards - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units (in thousands)
Beginning balance (in shares) | shares	12,038
Granted (in shares) | shares	5,748
Vested (in shares) | shares	(1,724)
Forfeited (in shares) | shares	(388)
Ending balance (in shares) | shares	15,674
Weighted-Average Grant Date Fair Value
Unvested outstanding, beginning balance (in dollars per share) | $ / shares	$ 45.42
Granted (in dollars per share) | $ / shares	55.71
Vested (in dollars per share) | $ / shares	45.48
Forfeited (in dollars per share) | $ / shares	47.17
Unvested outstanding, ending balance (in dollars per share) | $ / shares	$ 49.14

Share-Based Awards - Effects of

Share-Based Awards - Effects of Share Based Compensation in Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 108	$ 103
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	4	4
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	18	16
Technology and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	42	39
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 44	$ 44

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - Common Class C - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class C capital stock equivalents (in shares)	76,376	64,009
Class C capital stock issuable upon conversion of the Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class C capital stock equivalents (in shares)	32,998	33,855
Weighted Average | Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class C capital stock equivalents (in shares)	30,710	18,046
Weighted Average | Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Class C capital stock equivalents (in shares)	12,668	12,108

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)

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 petition patent

Jul. 21, 2020 patent

Sep. 17, 2019 patent

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

Shareholder Derivative Lawsuits

Other Commitments [Line Items]

Number of pending claims | claim

3

3

Revenue and Contract Balances -

Revenue and Contract Balances - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 529	$ 469
Residential
Disaggregation of Revenue [Line Items]
Total revenue	393	361
Rentals
Disaggregation of Revenue [Line Items]
Total revenue	97	74
Mortgages
Disaggregation of Revenue [Line Items]
Total revenue	31	26
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 8	$ 8

Revenue and Contract Balances_2

Revenue and Contract Balances - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset	$ 117		$ 90
Contract asset, remaining recognition period	4 months
Deferred revenue	$ 58	$ 44	$ 52
Revenue recognized, recorded in deferred revenue as of prior period	$ 44	$ 41